Copper Supply Crunch Sends Prices Surging as Demand for Electrification Grows

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2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Giant Mining and Gladiator Metals.
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Copper continued to play a central role in global electrification and energy infrastructure. Market data showed that copper prices topped US$10,000 per metric ton in September, ending the month up 4.11% and closing at US$4.64 per pound.

Kitco reported on October 29 that year to date performance reached 18.18%, while copper miners gained 38.26% and junior copper miners advanced 72.46%. Analysts attributed the strength to a mix of tightening supply and continued policy support.

Supply Constraints Supported Higher Pricing

Benchmark Mineral Intelligence stated on September 26 that Freeport-McMoRan Inc.'s (FCX:NYSE) Grasberg mine in Indonesia experienced a significant disruption earlier that month. The company declared force majeure following an accident that resulted in 800 thousand tonnes of material entering the mine. Benchmark estimated that approximately 591 thousand tonnes of copper output would be lost between early September and the end of next year, including 278 thousand tonnes this year. The analysis indicated that the production loss shifted the global refined copper market outlook into deficit for next year.

Kitco's October 29 report noted that the Kamoa-Kakula complex reduced production following flooding, Teck Resources lowered guidance by about 60 thousand tonnes across multiple operations and Codelco reduced volumes at its El Teniente mine by 33 thousand tonnes. Analysts explained that this year became the weakest for mine supply growth since 2011, limiting the ability of refined scrap to fill the market gap. Kitco added that investment banks raised copper price targets as inventories remained low and sensitivity increased to new supply risks.

Government and Corporate Activity Shaped Industry Direction

Policy decisions, particularly in the United States, reinforced momentum across the copper value chain. Kitco's report cited that the U.S. government purchased a 10% equity stake in Trilogy Metals Inc. (TMQ:NYSEAmerican; TMQ:TSX) valued at US$35.6 million and issued an order allowing construction of the Ambler Access Road in Alaska. The article stated that these actions supported financing pathways and encouraged interest in domestic project development.

Corporate strategies also continued shifting toward copper. Goldinvest stated on October 24 that the planned US$53 billion merger between Anglo American Plc. (AAUK:OTCQX;  AAL:LSE) and Teck Resources Ltd. (TECK:TSX;  TECK:NYSE) signaled renewed emphasis on future demand areas tied to energy infrastructure. Simply Wall Street commentary published on October 24 discussed how analysts monitoring Anglo American viewed increased copper exposure as a response to evolving end-use requirements.

Major investment initiatives advanced in South America as well. BNamericas reported on October 29 that more than US$20.6 billion in copper projects sought to join Argentina's RIGI large investment incentive program. The Los Azules project by McEwen Mining Inc. (MUX:TSX; MUX:NYSE ) already secured admission to the regime, while Glencore Plc (GLEN:LSE; GLN:JSE; GLCNF:OTCMKTS) awaited decisions for the El Pachón and Mara projects. BNamericas stated that the program offered long-term fiscal stability and simplified permitting for eligible projects.

Analysts described the current period as one when copper pricing decoupled from other industrial commodities such as iron ore and oil. Kitco's coverage reported that investors focused on copper's role in electric grids, renewable energy systems, and defense technology. Sector consolidation and permitting activity remained key market drivers, as producers responded to low inventories, extended supply disruptions, and sustained consumption linked to global electrification.

Two companies in the copper sector could benefit from these conditions. Producers with ongoing operations and stable output may have been better positioned to meet demand. Developers advancing toward construction with infrastructure access could have also seen increased relevance as supply constraints persisted.

Giant Mining Corp

Giant Mining Corp. (CSE: BFG; OTC: BFGFF; FWB: YW5) is advancing its Majuba Hill copper-silver-gold project in Pershing County, Nevada. The company is incorporating over 5,400 feet of recent diamond core drilling into an updated 3D geological model, developed in collaboration with RESPEC Company LLC. The model aims to refine breccia geometry and define mineralization controls across key targets, including the Northern Breccia and Ball Park Breccia zones. Silver mineralization is also being integrated into the revised model.

The 9,684-acre Majuba Hill property is located approximately 110 kilometers from Winnemucca and has access to infrastructure, including roads, water, and electricity. Historical work includes more than 89,000 feet of drilling and past production totaling 2.8 million pounds of copper and 190,000 ounces of silver. Giant Mining reported that the historical drilling represents an estimated value of US$12.1 million in current costs.

Giant Mining is preparing for its next phase of drilling at Majuba Hill, supported by its updated exploration model. The company also holds a 20% interest in the Friday Gold Project in Idaho and is applying AI-assisted exploration methods to identify additional mineralized zones. Future studies are expected to evaluate the economic potential of areas that remain open at depth and along strike.

Giant Mining Corp. issued a statement on October 28 applauding the White House proclamation titled "Regulatory Relief for Certain Stationary Sources to Promote American Mineral Security." The policy grants temporary regulatory relief to designated U.S. copper smelting facilities, extending compliance timelines by two years to support domestic mineral supply under national security provisions. The company noted the move could strengthen U.S. copper processing capacity amid rising strategic demand. In the announcement, Giant Mining reiterated its commitment to responsible resource development at its Majuba Hill Copper-Silver-Gold Project in Nevada.

Giant Mining’s current share structure comprises 94,845,390 shares issued and outstanding, 48,980,558 warrants, 500,000 options, and 150,000 restricted share units (≈144.5 million fully diluted); as of October 2025, this implied a market capitalization of ~CA$16.8 million based on a CA$0.17 share price.

¹Approximately 15.1% of its shares are held by insiders. The remaining shares are held by retail investors.  Giant Mining Corp. has a market capitalization of approximately CA$16.8 million.  

The company's shares are traded on the Canadian Securities Exchange (CSE) under the ticker BFG, on the Deutsche Boerse AG (DB) under the ticker YW5, and on the OTC Pink Sheets in the U.S. under the ticker BFGFF, with these listings active since December 2017. 

The company's Warrants are traded on the Canadian Securities Exchange (CSE) under the ticker BFG.WT.A and BFG.WT.B.

Giant Mining's shares are listed on the Canadian Securities Exchange under the ticker BFG, the Deutsche Börse under YW5, and the OTC Pink Sheets in the United States under BFGFF. The company's warrants trade under BFG.WT.A and BFG.WT.B on the CSE.

Gladiator Metals Corp.

Gladiator Metals Corp. (GLAD:TSX; GDTRF:OTC) is advancing the high-grade Whitehorse Copper Project in Yukon, Canada. The project spans a 35-kilometer belt of skarn-style copper, molybdenum, silver, and gold mineralization across multiple near-surface prospects, including Cowley Park, the Chiefs Trend, and Arctic Chief. 

At Cowley Park, recent drilling has confirmed shallow, high-grade copper-gold-molybdenum mineralization across more than 400 meters of strike. Reported intercepts from the Phase 2 drill program include 14.0 meters at 2.36% Cu and 2.78 g/t Au from 33.0 meters depth, and 20.0 meters at 1.72% Cu from 136.0 meters. Results continue to demonstrate continuity along the Southern Limb, with mineralization open along strike and at depth. Over 300 holes have been drilled to date at Cowley Park, and drilling remains ongoing in preparation for a maiden mineral resource estimate.

Gladiator is operating under a Class 1 permit while progressing toward a Class 3 permit, which would allow for expanded drill density and additional testing across the system. A recommendation to proceed has been issued by the Yukon Environmental and Socio-economic Assessment Board. The company is also advancing exploration on other targets within the belt, including the Chiefs Trend and Arctic Chief Trend, where historical and recent drilling has returned intercepts such as 54.1 meters at 2.05% Cu and 46.3 meters at 1.01% Cu from near surface.

Gladiator reported that 35,000 meters of drilling had been completed as of the end of September, with 15,000 additional meters planned through year-end. The company is fully funded with approximately CA$27 million in cash and plans to complete a total of 50,000 meters in 2026 using four drill rigs. The Whitehorse Copper Project has access to infrastructure including roads, power, and rail, and is located near the city of Whitehorse. Historical production from the belt included 267.5 million pounds of copper, 225,000 ounces of gold, and 2.8 million ounces of silver from 10.5 million tonnes milled.

On October 29, Gladiator Metals Corp. reported additional high-grade copper and gold assay results from 16 drill holes totaling 4,837 meters at the Cowley Park target within its Whitehorse Copper Project in Yukon. Highlights from exploration drilling included 14 meters grading 2.36% copper, 2.78 grams per tonne (g/t) gold, 22.37 g/t silver, and 1,516 parts per million (ppm) molybdenum from 33 meters depth. Resource definition drilling returned intervals such as 14 meters at 2.21% copper from 138 meters and 5.2 meters at 1.88% copper from 157.2 meters. The mineralized zone at Cowley Park now extends over 800 meters in strike and more than 150 meters along the Southern Limb. According to the company, four drill rigs are active across the property and assay results from an additional 102 holes remain pending.

Analyst Jeff Clark, writing in The Gold Advisor on October 29, noted that the results continue to add strong grades and mineralization to the project ahead of its inaugural resource estimate.

On November 5, it was reported by The Globe and Mail that "that Stifel analyst Cole McGill commenced coverage of Goliath Resources with a "Buy" recommendation and CA$5 share target, exceeding the CA$3.80 average."

The report from Globe and Mail continued, "The Globe's David Leeder writes in the Eye On Equities column that Mr. McGill says in a note: "Goliath's rapidly emerging Surebet discovery (which sports two of the top five holes drilled on NA gold projects since 2020) has yielded assay results that support potential for the next multi-million ounce, high grade discovery in the Golden Triangle. Combined with a relative infrastructure advantage (less than 10km from tidewater, with power, road connections nearby), we see both a I) fully funded 2026, 40km program able to continue increasing confidence in the discovery, alongside potential for multiple expansion as the market continues to digest the high-grade, infrastructure proximal potential of the property."

¹10.54% of Gladiator Metals' stock is held by management and insiders. Howard Coyne owns the most with 6.37%.  Jason Bontempo has 1.53%. Shawn Khunkhun has 1.34%. 

Institutions hold approximately 30% of the stock.

The rest is held by retail and high-net-worth investors. 

Gladiator Metals Corp. carried a market capitalization of approximately CA$94 million and had 98.1 million common shares outstanding. The 52‑week range for the stock on the TSXV was CA$0.3350 to CA$1.29.