Frank Giustra Highlights Copper Supply, Gold Demand, and Two Colombian Mining Plays

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1. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Copper Giant Resources.
2. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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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.

Key Takeaways

• Frank Giustra told Mining Network that he expects the current metals cycle to be larger than the 2001–2011 cycle, citing geopolitical competition, critical-mineral security, and rising demand for copper and gold.
• Giustra highlighted Copper Giant Resources Corp. and its Mocoa copper-molybdenum project in Colombia as an example of the large, high-grade copper deposits he believes could attract interest.
• He also pointed to Aris Mining Corp.'s Segovia operation and its broader Colombian portfolio as an example of a high-grade gold platform with potential for production growth.

Frank Giustra Links Geopolitics to Metals Demand

In a September 2026 interview with Mining Network, Frank Giustra, founder and CEO of the Fiore Group, discussed his outlook for the global metals market, arguing that geopolitical competition and increasing efforts to secure critical mineral supplies could support a prolonged commodities cycle.

The full interview, titled "This Metals Cycle Will Be Bigger Than 2001 to 2011," is available on YouTube.

Giustra's interview began by discussing geopolitics, including conflicts involving Russia, Ukraine, and NATO, tensions involving Iran and the Strait of Hormuz, and the broader strategic competition between the U.S. and China. He argued that the resulting increases in defense spending and efforts by countries to secure mineral supply chains could have significant implications for metals demand.

In particular, Giustra connected European defense spending with demand for metals used in tanks, aircraft, missiles, and other military equipment. He also cited AI infrastructure, electrical-grid investment, and broader electrification as reasons for higher copper demand.

His argument comes as the copper market faces a combination of supply constraints and growing demand from several copper-intensive industries. The International Institute for Strategic Studies has noted the same thing, stating that copper supply chains are under pressure from mine disruptions, strategic stockpiling, and rising demand from electricity grids, defense, and AI infrastructure. The organization expects the market to remain constrained in 2026 and beyond, although it also noted that recycling, efficiency gains, and technological changes could limit the severity of future shortages.

Copper Giant's Mocoa Project Fits Giustra's Copper Thesis

Against that backdrop, Giustra highlighted Copper Giant Resources Corp. (CGNT:TSXV; CGNRF:OTCQX; 29H0:FSE) and its Mocoa copper-molybdenum project in Putumayo, Colombia.

Giustra said he is a controlling shareholder of Copper Giant and described Mocoa as an example of the type of copper asset he believes could become strategically important as miners and governments seek new sources of supply.

According to Copper Giant, Mocoa hosts an Inferred Mineral Resource of 1.12 billion tonnes grading 0.51% copper equivalent, containing approximately 7.7 billion pounds of copper and 1.0 billion pounds of molybdenum. The company is advancing a Preliminary Economic Assessment, or PEA, targeted for the fourth quarter of 2026. Copper Giant's September 2026 update provides the company's latest resource and exploration details.

Giustra emphasized the project's scale, grade, location, and access to infrastructure during the interview. He also said he expects the resource to potentially grow as drilling continues.

Copper Giant's 2026 exploration program calls for approximately 23,000 meters of drilling, with objectives including expanding the resource footprint, testing district-scale targets, and potentially converting portions of the Inferred resource to the Indicated category. The company's February exploration plan said mineralization had been identified from surface to depths exceeding 1,000 vertical meters.

The exploration picture expanded further in September, when the company reported an independent geophysical modeling and predictive-targeting study by Mira Geoscience. The work identified 17 ranked target areas across an 81-square-kilometer area around Mocoa, including 13 targets outside the existing resource footprint. Copper Giant said drilling was continuing at La Estrella while the PEA remained on schedule for the fourth quarter. Copper Giant's September release also cautions that the new targets are conceptual and do not constitute mineral resources.

In another release on September 22, 2026, Copper Giant reported assay results from four more drill holes. Edwin Naranjo Sierra, VP of Exploration at the company, said: "We drilled the higher-grade core at tighter spacing, and it came back above the model, the material we most want confidence in before the PEA. Three of the four holes returned intersections over 1% copper equivalent, and the step-out holes ended in mineralization. The fourth rig is on site and starts on the western flank in October. The deposit is better defined every quarter, and we have not found the edge of the system." 

For Giustra, the broader significance of Mocoa lies in the difficulty of replacing large copper mines. He argued that major existing deposits are facing declining grades and that developing new mines can require years and substantial capital. That creates a potential strategic premium around projects that combine scale with relatively accessible development characteristics.

Analyst Stuart McDougall of Research Capital Corp. reiterated a "Speculative Buy" rating and CA$1.75 price target on August 27, 2026, after the company announced updated drill results.

¹Copper Giant Resources Corp. had a market capitalization of approximately CA$332.6 million, with 263.95 million shares outstanding. The company's 52-week range is CA$0.18-CA$1.48. Institutions own 0.70% of shares, while Strategic Investors own 15.15%. Management & Insiders own 13.10% of shares, and the remaining 71.05% of shares are held by Retail.

Aris Mining Builds a High-Grade Colombian Gold Platform

Giustra also highlighted Aris Mining Corp. (ARIS:TSX; ARIS:NYSE), the Colombian-focused gold producer he said he helped create.

The company operates the Segovia and Marmato underground gold mines in Colombia and is advancing expansion projects intended to increase production. According to Aris Mining's corporate overview, the two operations produced approximately 257,000 ounces of gold in 2025.

Giustra focused particularly on Segovia, describing it as a high-grade operation and using it to illustrate his preference for mining assets with scale, grade, and long mine lives.

The company's current figures provide additional context for that description. Aris reports that Segovia produced 227,762 ounces in 2025 and has 2026 production guidance of 265,000 to 300,000 ounces. The operation has a 3,000-tonne-per-day mill and reported Measured and Indicated Mineral Resources of 3.6 million ounces at an average grade of 15.3 grams per tonne, including Mineral Reserves. Aris Mining's Segovia overview provides the company's current operating figures.

Aris' first-half 2026 results also show the operation continuing to undergo development work intended to increase mining capacity. The company reported 131,000 ounces of Segovia production during the first six months of 2026, with 64,424 ounces produced in the second quarter. It was also investing in underground development and haulage infrastructure intended to support higher mining rates.

According to Aris' Q2 2026 results, the company held approximately US$425.6 million in cash and cash equivalents at June 30, 2026, while investing in growth and expansion projects.

Leonardo Correa of BTG Pactual rated the company on September 3, 2026, giving a "Buy" rating with a US$37 price target.

After a web session with Neil Woodyer, CEO and Chairman of Aris, Correa said that "our impressions were quite positive." Correa praised Woodyer's extensive mining experience and said: "On gold, despite holding a bullish view on the commodity, we liked his more conservative approach, with a strong focus on executing its strategy and preparing Aris to thrive across any gold price environment."

Analyst questions during the company's July 2026 earnings call also focused on the planned ramp-up at Segovia. Management said development of additional underground areas and the El Silencio ramp was expected to support higher production later in 2026 and into 2027. The earnings-call transcript provides additional discussion of the planned development work.

Marmato and Soto Norte Add to Aris' Growth Pipeline

Segovia is only part of the growth strategy Giustra referenced when discussing Aris.

The company is expanding Marmato through the construction of a new Carbon-in-Pulp, or CIP, processing plant. Aris expects its first gold from the new plant in the fourth quarter of 2026, with production expected to increase as the operation ramps up.

Aris' broader portfolio also includes the Soto Norte project in Santander, Colombia. The company currently owns 100% of Soto Norte and is advancing the project following completion of its September 2025 prefeasibility study, with environmental studies underway in preparation for the environmental licensing process. Its September 2025 PFS outlined a 3,500-tonne-per-day underground operation with average annual production of approximately 263,000 ounces of gold during years two through 10, based on the study's assumptions. Aris' Soto Norte project overview contains the company's current project details.

The combination of operating production and development projects gives Aris exposure to both current gold output and potential future production growth. Aris says its long-term objective is approximately 1 million ounces of annual gold production, although that figure includes potential production from projects that remain subject to further studies, permitting, and development.

On August 19, 2026, Ron Stewart, MD, of Red Cloud released a "Positive" impact report on Aris, raising the previous price target from CA$32.50 to CA$42.00. Stewart noted that Aris is considered to be Red Cloud's top pick among active precious metals producers.

Earlier, on July 31, 2026, Brian Quast of BMO Capital reiterated a "Buy" rating and raised the price target from CA$14.26 to CA$29.30.

¹Aris Mining Corp. has a market capitalization of CA$5.47 billion, with 206.42 million shares outstanding. The company's 52-week range is CA$12.25-CA$31.47. Institutions own 73.69% of shares, while Management & Insiders own 2.21%. The remaining 24.10% of shares are Retail.

Giustra Sees a Larger Metals Cycle Ahead

The two companies fit into a broader investment thesis Giustra outlined during the interview.

For copper, he pointed to what he described as a coming combination of supply and demand shocks. On the supply side, he cited years of limited investment in new mines, declining grades at established operations, and long development timelines. On the demand side, he pointed to AI data centers, defense spending, and electrical-grid investment.

The outside market evidence supports parts of that supply-side argument while also illustrating the uncertainty around the timing and severity of any deficit. IISS has said copper markets are likely to remain constrained through 2026 and beyond, while noting that a severe near-term shortfall is not inevitable. Its January 2026 analysis also identified recycling and efficiency improvements as potential responses to higher prices.

Giustra's outlook for the broader metals cycle is ultimately a forecast rather than a certainty. Near the end of the interview, he acknowledged that commodity cycles can last anywhere from roughly 18 months to a decade and said he could not know whether the current cycle would last three, five, or 10 years.

He nevertheless said he believes the current cycle could be larger than the 2001–2011 commodities cycle because of geopolitical competition, mineral stockpiling, and efforts to secure supplies.

Frequently Asked Questions

Q: What is Frank Giustra's outlook for the current metals cycle?
A: Frank Giustra said he believes the current metals cycle could be larger than the 2001–2011 commodities cycle, citing geopolitical competition, critical-mineral security, defense spending, electrification, and demand from AI infrastructure.

Q: Why does Giustra expect copper demand to increase?
A: Giustra pointed to copper demand from electrical grids, AI data centers, electrification, and defense infrastructure. He also cited potential supply constraints resulting from declining grades at established mines and the lengthy timelines required to develop new copper projects.

Q: What is Copper Giant Resources' Mocoa project?
A: Mocoa is a copper-molybdenum project in Putumayo, Colombia. Copper Giant reports an Inferred Mineral Resource of 1.12 billion tonnes grading 0.51% copper equivalent, containing approximately 7.7 billion pounds of copper and 1.0 billion pounds of molybdenum.

Q: What is Aris Mining's Segovia operation?
A: Segovia is an underground gold mining operation in Colombia operated by Aris Mining. The company reported 227,762 ounces of gold production from Segovia in 2025 and has set 2026 production guidance of 265,000 to 300,000 ounces.

Q: What is a copper-molybdenum project?
A: A copper-molybdenum project is a mineral property containing economically relevant concentrations of both copper and molybdenum. Copper is widely used in electrical and industrial applications, while molybdenum is used primarily in steel alloys and other industrial applications.

Q: Why is copper important to the energy transition?
A: Copper is an important electrical conductor and is used extensively in power grids, electrical equipment, renewable-energy infrastructure, electric vehicles, and other electrification applications. Growing electricity demand can therefore increase demand for copper.

Q: What is a mineral resource?
A: A mineral resource is a concentration of potentially economically valuable material that has been identified through exploration and geological analysis. Mineral resources are classified according to geological confidence, such as Inferred, Indicated, and Measured. A resource is not the same as a mineral reserve and does not necessarily demonstrate that extraction is economically viable.

Q: What is a Preliminary Economic Assessment (PEA)?
A: A PEA is an early-stage technical and economic study that evaluates the potential development of a mineral project. It is generally less detailed than a feasibility study and is subject to greater uncertainty regarding costs, production, engineering, and economic outcomes.

Q: What other growth projects does Aris Mining have?
A: In addition to Segovia, Aris Mining operates the Marmato mine and is advancing the Soto Norte project in Colombia. The company is constructing a new Carbon-in-Pulp processing plant at Marmato and advancing Soto Norte following completion of its prefeasibility study, with environmental studies underway in preparation for the environmental licensing process.