Expert Sees US$10,000 Gold and 10% Inflation as Copper-Gold Junior Drills BC

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1. Disclosure for the quote from the Stewart Thomson article published on August 20, 2026

1. Torr Metals Inc. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,000 for the preparation of an independent technical research report.
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. Mr. Thomson is not an investment advisor. He does not know the financial situation or risk tolerance of any reader. 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. Mr. Thomson owns no securities in Torr Metals Inc., and he has no direct financial relationship with the company.

2. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Torr Metals were compiled from the company's public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-03 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from 2026-05-04 through 2026-11-03 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• Vince Lanci of GoldFix sees gold at US$10,000 an ounce and inflation at 10% within two to five years. He expects cracks in credit and Treasury markets and a break in the AI bubble.
• Lanci said he is preparing to buy gold at US$3,500 to US$3,800 an ounce and silver at US$43 to US$48. He expects seasonal buying to pick up after mid-November.
• Gold is about 29% below its January record, but central banks bought 321 tonnes in the third quarter, the World Gold Council said.
• S&P Global sees copper demand rising 50% by 2040. Demand from AI and data centers, and from defense, is each set to roughly triple, contributing to a projected 10 million-tonne supply shortfall.
• Torr Metals Inc. is drilling a fully funded program of up to 6,000 meters at its Kolos copper-gold project in British Columbia, with assays pending.
• Technical analyst Stewart Thomson said Torr's chart formed an inverse head-and-shoulders bottom with a target of CA$0.28.¹

Gold could hit US$10,000 an ounce within the next two to five years, along with 10% inflation, according to Vince Lanci, publisher of the GoldFix newsletter and managing partner at Echo Bay Partners. Lanci laid out his case in a November 2 interview with host Michelle Makori on Miles Franklin Media.

"Something is breaking," Lanci said. "The credit markets will crack, which could crack the Treasury market. That's one. The AI bubble will break, and there's nothing that's going to replace it. That's two."

He doesn't think the Federal Reserve can hold the line on inflation for long. Governments on both sides of the Atlantic are spending heavily to rebuild their economies, on data centers in the U.S. and defense in Europe. "The Fed, which used to be the gas pedal, is now the brake," he said. "The question is, will Warsh put the brakes on enough to slow the economy? And he cannot afford to do that." Two to five years from now, he said, "we're talking about gold at US$10,000. We're talking about inflation at 10%. And we're talking about the need at that point for another Paul Volcker."

Paul Volcker took over as Fed chair in 1979, with inflation heading toward a peak of 11.6% in March 1980. He drove the federal funds rate up to 20% by late 1980, which helped trigger a severe recession but brought inflation down to 3.7% by 1983, according to Federal Reserve History.

Lanci said this year's selling has more to do with timing than fundamentals. Hedge funds and banks whose tax years end October 31 sell their winners and losers, and trend-following funds pile on. "Right now, they are all running off a cliff selling it short," he said. He expects the selling to last until about mid-November, when advisers begin putting out their recommendations for next year. "Eight times out of 10, the market goes up between Thanksgiving and February," he said.

He's preparing to buy. "I'm looking to deploy between 10% and 25% of my current dry powder to buy silver and gold," Lanci said. He named US$3,500 to US$3,800 an ounce for gold and US$43 to US$48 for silver. "You people out there, you should do what you want to do based on your own personal finances," he added.

Lanci sees the center of the gold market shifting toward Asia. He said China has grown frustrated with how slowly the BRICS group of nations is moving and is hedging its bets through Hong Kong. China is "moving tons and tons of gold to Hong Kong," he said, "and they're going to pursue their internationalization of the renminbi by piggybacking on gold's liquidity in Hong Kong."

He said the Hong Kong exchange plans to expand its bullion storage to about 2,000 tons, with refiners looking to open there as well. "The whole epicenter of gold, the gold supply chain, is moving east," he said.

Technical analyst Stewart Thomson rated Torr a Speculative Buy¹

He tied that shift to a plan by the London Metal Exchange (LME), owned by Hong Kong Exchanges and Clearing since 2012, to turn physical metal in its Hong Kong warehouses into digital tokens.

Tokenizing metal "is not unlike a title search for a house," Lanci said, because it shows whether the metal has been pledged elsewhere. That makes it harder for banks to lend out the same metal several times. As less metal is available for that, he said, "the price of the metal will go up because the optionality will accrue to the owners." He called the arrangement "a door opening from the LME to have all the metal sucked out and go into Asia."

Lanci said the biggest risk to his outlook is a turn toward global cooperation, which he doesn't expect. "The biggest risk to gold becoming a boring asset again ... is if the world starts getting along again. And I don't believe that the world will get along again," he said. For silver, he added that a return to US$120 an ounce could push manufacturers to use less silver or find substitutes, though "I don't see that happening."

Gold is well off its highs. The metal hit a record of about US$5,590 an ounce on January 28 and was trading near US$3,949 on November 3, roughly 29% lower, according to MetalCharts. That puts it about 4% above the top of Lanci's buying range.

The slide picked up in late October. Spot gold fell below US$4,000 for the first time since July and dropped as low as US$3,891.67 on October 30, as rising oil prices strengthened bets on another Federal Reserve rate hike, Mining.com reported.

The biggest buyers haven't backed off. Central banks bought 321 tonnes of gold in the third quarter, well above their recent quarterly pace, bringing purchases this year to 675 tonnes, up 6% from a year earlier, the World Gold Council said in a November 3 report. Gold-backed exchange-traded funds took in 211 tonnes in the quarter, which the council tied to worries about inflation and government finances. Total gold demand reached a record US$566 billion in value through the first nine months.

Some banks still see higher prices ahead. In September, Goldman Sachs held its target of US$5,400 an ounce for the end of 2027, saying tighter Fed policy changes when gold rallies, not where it ends up, investingLive reported.

Copper has had a strong year, despite a dip in October. Three-month copper on the London Metal Exchange (LME) traded at US$14,140 a tonne on October 30 and was headed for its first monthly loss since June, Mining.com reported. It set a record of US$14,875 a tonne in September. Worries that heavy spending on artificial intelligence (AI) might not pay off weighed on the market, while supply stayed tight: Chile's copper output fell 15% from a year earlier in September.

The longer-term case rests heavily on AI. Data centers need copper for power, wiring, and cooling. S&P Global expects worldwide data center capacity to reach about 550 gigawatts by 2040, more than five times its 2022 level, according to a January 8 study. It projects that copper demand from AI and data centers, and from defense, will each roughly triple, adding a combined 4 million tonnes.

S&P Global sees copper demand rising 50% by 2040. Demand from AI and data centers, and from defense, is each set to roughly triple, contributing to a projected 10 million-tonne supply shortfall. The gap is a "systemic risk for global industries, technological advancement and economic growth," said Daniel Yergin, S&P Global's vice chairman.

Earlier estimates from BloombergNEF showed data centers alone using about 400,000 tonnes of copper a year on average over the next decade, peaking at 572,000 tonnes in 2028, Mining.com reported.

One junior is hunting for both of the metals in this story. Torr Metals Inc. (TMET:TSX.V; TMTIF:OTC; 3UO0:FSE) is exploring its Kolos copper-gold project, which covers 332 square kilometers in southern British Columbia. The project sits near Highway 5, about 40 kilometers south of Kamloops and 30 kilometers southeast of the Highland Valley Copper mine, according to a September 23 release. Torr also holds the Filion Gold Project in northern Ontario.

Drilling at Torr Metals' Bertha North target continues to reveal signs of an extensive brand-new copper-gold porphyry system. On August 18, Torr reported widespread hydrothermal alteration, including potassically altered intrusive rocks, copper sulphides and native copper, providing important clues to the system's potential source.

By September 23, Torr had drilled approximately 3,500 meters, encountering extensive alteration and mineralized structures across successive holes. Hole 26-KO-04 intersected a 40.6-meter brecciated and mineralized interval, while geophysics identified a prospective intrusive feature extending more than 1,000 meters below surface. The company said these findings were helping refine its geological model and guide drilling toward the interpreted center.

With drilling now focused on testing the interpreted source, Torr is evaluating a geological model analogous to regional copper-gold porphyry systems such as the nearby New Afton copper-gold porphyry deposit.

"We believe Bertha North is at a very early stage with significant new discovery potential," said President and Chief Executive Officer Malcolm Dorsey.

Significant copper-gold mineralization at Bertha North could represent a potential major breakthrough for Torr, with three additional, equally compelling copper-gold porphyry targets remaining undrilled across the property, highlighting the project's broader discovery potential.

In an October 15 update, technical analyst Stewart Thomson said Torr's chart had formed an inverse head-and-shoulders bottom, a classic reversal pattern, with a target of CA$0.28. He said the pattern's right shoulder showed "bull wedge action" and that the stochastics oscillator was oversold, which he called bullish. That target sits just above the top of the CA$0.08 to CA$0.27 trading range Thomson flagged in an earlier review on August 20.¹

Torr "presents a compelling opportunity for investors seeking leveraged exposure to Tier-1 copper-gold discoveries," Thomson wrote. "The August 18, 2026, confirmation of potassic alteration and copper sulfides at Bertha North signals proximity to a high-grade porphyry core, significantly de-risking the district-scale potential of the Kolos Project."

At the time of his analysis, with the stock at CA$0.15, Thomson identified CA$0.19, CA$0.27, and CA$0.46 as short-, medium-, and long-term resistance levels and rated Torr a Speculative Buy. He listed exploration, financing, dilution, commodity prices, and permitting as key risks.

Why does Vince Lanci see gold reaching US$10,000?

Lanci expects strains in the financial system: cracks in credit and Treasury markets, and a break in the AI bubble. He also expects governments to keep spending heavily to rebuild their economies. He doesn't think the Fed can afford to slow the economy enough to tame inflation, and he sees gold at US$10,000 and inflation at 10% within two to five years.

Why has gold fallen this year?

Lanci said the selling has more to do with timing than fundamentals. Hedge funds and banks whose tax years end October 31 sell their winners and losers, and trend-following funds join in. Gold also dropped below US$4,000 in late October as rising oil prices strengthened bets on another Fed rate hike, Mining.com reported.

Where would Lanci buy?

He said he is looking to put 10% to 25% of his available cash to work, buying gold at US$3,500 to US$3,800 an ounce and silver at US$43 to US$48. He noted that investors should decide based on their own finances.

Are central banks still buying gold?

Yes. Central banks bought 321 tonnes in the third quarter, bringing purchases this year to 675 tonnes, up 6% from a year earlier, the World Gold Council said in its November 3 report.

How does AI affect copper demand?

Data centers need copper for power, wiring, and cooling. S&P Global expects data center capacity to reach about 550 gigawatts by 2040, more than five times its 2022 level. It also sees total copper demand rising 50% to 42 million tonnes, with mine production peaking in 2030.

What is Torr Metals exploring?

Torr is exploring its Kolos copper-gold project, which covers 332 square kilometers near Kamloops, British Columbia, and holds the Filion Gold Project in Ontario. Drilling at the Bertha North target has turned up signs of a copper-gold porphyry system, including copper sulfides and native copper. Assays are still pending.

What does the chart say about Torr?

Technical analyst Stewart Thomson said Torr's chart formed an inverse head-and-shoulders bottom, a classic reversal pattern, with a target of CA$0.28. He said the stochastics oscillator was oversold, which he called bullish.¹