Record Copper Prices Highlight Supply Gap as Gelum Advances Copper-Gold Exploration

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1. Disclosure for the quote from the Stewart Thomson article published on July 6, 2026

1. For the quoted article (published on July 6, 2026), Gelum Resources Ltd. has paid Street Smart, an affiliate of Streetwise Reports, US$3,500.
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. 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.

Key Takeaways

• Copper prices have reached record levels amid constrained mine supply and demand from data centers, power grids, renewable energy infrastructure, and other electrification-related applications.
• Gelum Resources is exploring copper-gold targets at its 2,600-hectare Las Tinajas property in Chile, where recent sampling expanded copper and molybdenum anomalies associated with a potential porphyry system.
• Gelum's upcoming exploration work includes geophysical survey interpretation and drilling, with the company targeting a maiden NI 43-101 mineral resource estimate and further testing of potential gold and copper mineralization.

New Mines Could Take Years to Develop as Copper Demand Grows

Copper prices have climbed to record levels as the market contends with tight near-term supply and expectations for continued demand growth. On September 8, 2026, Bloomberg reported via Yahoo Finance that copper on the London Metal Exchange reached an all-time high of US$14,617 per tonne, with prices supported by constrained mine supply and demand from data centers, renewable energy infrastructure, and power grids. The report also noted that the potential for U.S. tariffs on refined copper has encouraged shipments into the country, drawing inventories away from other markets.

The supply outlook remains a key consideration for the sector. On September 7, 2026, Stockhead reported that mined copper production fell 1.1% year over year during the first half of 2026, citing International Copper Study Group data, while declining ore grades, rising capital costs, and difficulties at major mines are creating challenges for future supply.

Victor Smorgon Group fund manager Ben Salter told Stockhead that "the supply side just continuously [gets] tougher," adding that higher copper prices may be necessary to make lower-grade and deeper deposits economically viable.

The same supply challenge is also influencing how mining companies may secure future copper resources. Writing for Ahead of the Herd, Richard Mills noted that developing a new major copper deposit can take more than a decade, limiting the industry's ability to respond quickly to higher prices. Mills argued that the combination of constrained mine supply, growing electricity demand, and rising demand from artificial intelligence infrastructure could encourage major and mid-tier producers to acquire existing projects rather than wait for new greenfield mines to be developed.

Copper's price performance reflects these competing supply and demand pressures. Trading Economics showed copper at about US$6.78 per pound on September 9, 2026, up roughly 49% from a year earlier, while the metal's historical high stood at US$6.83 per pound. The market data provider also pointed to supply disruptions in major producing regions alongside demand from data centers, renewable energy projects, and electricity grids as factors shaping the current market.

Overall, the copper market is facing a combination of strong structural demand and limited flexibility on the supply side. While higher prices can encourage new production and investment, the lengthy development timelines for major deposits mean the sector may continue to rely on existing mines, expansions, exploration, and acquisitions to address future supply requirements.

Gelum Expands Las Tinajas Sampling to Answer Demand

As copper prices remain elevated amid concerns about future supply, explorers are increasingly evaluating projects that could host copper systems alongside precious metals. Gelum Resources Ltd. (GMR:CSE; GMRCF:OTCQB) is advancing exploration at its 2,600-hectare Las Tinajas property in Chile's Maricunga Gold Belt, where recent surface work has identified additional copper and molybdenum anomalies.

On August 11, 2026, Gelum announced the completion of 403 additional rock samples across the eastern half of Las Tinajas, with work focused on the northeast and southeast target areas. The company is also approximately halfway through a property-wide VIP-MT geophysical survey, which is intended to help identify mineralized structures beneath areas of limited surface exposure.

At the SE Anomaly, sampling extended previously identified copper and molybdenum anomalies. Gelum reported that copper values extended approximately 200 m (meters) farther south, while molybdenum anomalies extended another 90 m. The company stated: "The dacite porphyry plug that forms this ridge has returned highly anomalous copper and molybdenum values, suggestive of a porphyry copper system."

The copper indications are particularly relevant given the potential for porphyry systems to host large-scale deposits. Gelum's work at Las Tinajas is also being guided by historical drilling, including an 84 m interval grading 0.96 g/t Au (gold) at the NE Breccia. Surface sampling in the same area returned 70 m at 0.17 g/t Au, while the historical drilling returned higher grades, indicating that mineralization may strengthen at depth.

Gelum's CEO, Henk van Alphen, said that the company knew there was a serious zone of mineralization when it acquired Las Tinajas, based on past drill results.

"Gelum has a land package that is abundantly endowed with gold and copper targets," he said. "Historically, there has been a high correlation between soil anomalies and subsurface mineralization, and we look forward to testing this correlation with the newly identified anomalies at Las Tinajas."

Gelum Resources is a Canadian company focused on exploration and development in the Maricunga Belt of northern Chile.

Analyst Points to Bullish Technical Indicators

¹"Gelum is outperforming the underlying CDNX index," wrote Technical Analyst Stewart Thomson on July 6, 2026, calling it "a bullish sign that could attract momentum-oriented investment funds."

Thomson listed the following investor highlights:

• Gelum appears poised to burst out of a significant inverse H&S pattern.
• An enormous volume is present in the right shoulder zone; bullish.
• MFI (Money Flow Index) and OBV (On Balance Volume) are surging, suggesting an upside breakout from the H&S pattern is imminent.
• RSI (a momentum oscillator) is in a strong rising trend.

At the time of writing, Thomson gave the company a short-term price target of CA$1.25, a medium-term price target of CA$2.50, and a long-term price target of CA$4.00, rating Gelum a "Speculative Buy".

Drilling Could Support Resource Estimate

Gelum has completed additional surface sampling at Las Tinajas, while its property-wide geophysical survey is approximately 50% complete. Upcoming catalysts include completion and interpretation of the geophysical program, followed by drilling of the northwest and northeast extensions of the silicic, sulphide-bearing diatreme breccias and areas of potential blind mineralization in reactive sedimentary rocks.

The planned drilling is expected to contribute to a maiden NI 43-101 mineral resource estimate, with the company targeting 2–3 million ounces of gold in the Measured and Indicated categories and/or an underlying porphyry copper system. Preliminary metallurgical work is also planned to establish initial recovery parameters.

Ownership & Share Information²

Gelum Resources has a market cap of CA$27.17 million, with 33.62 million shares outstanding. The company's 52-week range is CA$0.10-CA$1.13.

Institutions own 14.84% of shares, while Management & Insiders own 21.62%. The remaining 63.54% of shares are Retail.

Frequently Asked Questions

Q: What is Gelum Resources?
A: Gelum Resources Ltd. is a Canadian mineral exploration company focused on properties in Chile's Maricunga Belt, including the 2,600-hectare Las Tinajas property.

Q: What is Gelum exploring at Las Tinajas?
A: Gelum is exploring for gold and copper mineralization at Las Tinajas. Recent surface sampling has identified copper and molybdenum anomalies that the company considers suggestive of a potential porphyry copper system.

Q: What are the latest exploration results from Las Tinajas?
A: Gelum completed 403 additional rock samples across the eastern portion of the property. At the SE Anomaly, copper anomalies extended approximately 200 meters farther south, while molybdenum anomalies extended approximately 90 meters.

Q: What historical drilling has been completed at Las Tinajas?
A: Historical drilling in 2025 at the NE Breccia returned an 84-meter interval grading 0.96 g/t gold. Gelum's surface sampling above this intercept returned 70 meters grading 0.17 g/t gold.

Q: What are Gelum's upcoming catalysts?
A: The company plans to complete and interpret its property-wide geophysical survey, followed by drilling of several target areas. The drilling is expected to contribute to a maiden NI 43-101 mineral resource estimate.

Q: Why is copper important to the mining sector?
A: Copper is widely used in electrical infrastructure, power grids, renewable energy systems, electronics, and data centers. The sector is also facing challenges in replacing declining mine supply, including lower ore grades and lengthy timelines for developing new deposits.

Q: What is the outlook for copper supply?
A: The copper market faces potential supply constraints as production growth has struggled to keep pace with projected demand. New mines can take many years to develop, while existing operations face declining grades, higher costs, and operational challenges.

Q: Could higher copper prices affect exploration and development?
A: Higher copper prices can improve the economics of developing deposits that may not be viable at lower prices. They can also provide an incentive for increased exploration, mine expansions, and acquisitions as producers seek to secure future supply.