Copper Opportunity: Demand from New
Technologies to Surge while New Supply
 Faces Challenges: Historically Large Deficits and Record Copper Prices Forecast

The global Copper market is among the largest of any commodity, with global trade in 2023 exceeding US$300 billion. The global market is forecast grow during the coming decade at rates significantly higher than the historical average and to exceed US$500 billion by 2032.

“The global copper market size was estimated at USD 304.2 billion in 2022 and is anticipated to reach around USD 497.86 billion by 2032, registering a CAGR of 5.10% during the forecast period from 2023 to 2032.” – Precedence Research, Nov. 2023

In contrast to rapidly growing copper demand, copper supply is facing severe constraints. Dramatically lower rates of discovery, a historically low copper mine project pipeline, underinvestment in growth, and depleting mines, declining grades and deeper deposits, along with prolonged permitting processes and failures to gain social license are all limiting future copper supply.

Recognizing the important shifts in the commodity sector, and copper’s in central role, Goldman Sachs in a commodity research piece published in 2021 declared copper to be the “new oil.”

January 2024 Copper Market Research

Copper in the Media

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These historical resource estimate models are based upon historical resource estimates prepared by John Thornton in 2011. While, in the opinion of Dane A. Bridge, author of the revised NI 43-101 standard technical report, Geology, Mineralization and Exploration of the Santo Tomas Cu-(Mo-Au-Ag) Porphyry Deposit, Sinaloa, Mexico dated April 21, 2020 (the “Report”), reliable estimation practices were used, in order to upgrade or verify the historical estimations, resampling and assay of historical drill samples, twinning of historical drill holes, and a new program of regularly spaced drilling is required. No qualified person has undertaken sufficient work to classify the current mineral resources or mineral reserves upon which these models are based and the Company is not treating the estimates as current estimates of the mineral resources. The Company gives no assurance that either these models or the historical resource estimates upon which they are based are accurate, and does not undertake any obligation to update the models or to release publicly any update or revisions of the resource estimates except as required by applicable securities law. The reader is cautioned not to rely upon these models or the historical resource estimates upon which they are based.

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