Gold and Copper Markets Outlook Fuels Junior's Las Tinajas Catalyst Push

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1. Gelum Resources Ltd. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship. 
2. 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 Gelum Resources Ltd. 
3. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Disclosure for the quote from the Stewart Thomson article published on July 6, 2026

1. Gelum Resources Ltd. has paid Street Smart (an affiliate of Streetwise Reports) a fee of US$3,500 for the preparation of an independent technical research report, published on July 6, 2026.
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 Gelum Resources Ltd.,  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 Gelum were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-09 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 the prior six months through 2026-11-09 and excludes option exercises. These are public-source estimates and can differ from a later official register.

Gold and copper markets are entering 2027 with different but complementary supply-and-demand dynamics. Central bank purchases and investment demand continue to support gold, while electrification, renewable energy, and data center development underpin longer-term copper consumption. The World Bank's October 2026 Commodity Markets Outlook forecasts higher average prices for both metals by the end of 2026, followed by some moderation in 2027.

This market backdrop provides context for exploration companies such as Gelum Resources Ltd. (GMR:CSE; GMRCF:OTCQB), which is advancing its Las Tinajas Gold Project in Chile's Maricunga Belt. The company is completing geophysical surveys intended to identify additional gold and copper-gold targets before commencing its next drilling program.

Key Investor Takeaways

• The World Bank forecasts metals and minerals prices to increase 25% by the end of 2026, followed by a 3% decline in 2027. Its forecast tables project average gold prices of US$4,600 per ounce and copper prices of US$13,200 per tonne in 2026.
• Central banks added 321 tonnes of gold to reserves during the third quarter of 2026, while physically backed gold ETFs recorded 211 tonnes of inflows.
• The ICSG forecasts refined copper market surpluses in both 2026 and 2027, despite projected growth in consumption.
• Gelum's Las Tinajas project covers 2,600 hectares in Chile's Maricunga Gold Belt and is surrounded by the Rio Tinto-Codelco Nuevo Cobre joint venture.
• August 2026 sampling included 403 rock geochemical samples, identifying additional gold and copper-molybdenum exploration targets.
• The October geophysical survey resumption sets up completion, interpretation and drill-target selection as potential upcoming catalysts.
• Gelum raised approximately CA$4.29 million through its June 2026 private placement to support exploration and working capital.

Gold and Copper Market Outlook at the End of the Year

The World Bank's October 28, 2026, Commodity Markets Outlook forecasts metals prices to increase 25% in 2026, reaching a new high as aluminum, copper, and tin prices hit records. The report forecasts metals prices to decline 3% in 2027. The World Bank's accompanying October 2026 forecast tables project an average gold price of US$4,600 per ounce in 2026, declining to US$4,250 in 2027. Copper is forecast to average US$13,200 per tonne in 2026 and US$13,000 in 2027.

Central bank purchases remain an important component of gold demand. According to the World Gold Council's Q3 2026 Gold Demand Trends report, central banks and other official institutions added a net 321 tonnes of gold to reserves during the quarter, a 42% year-over-year increase and the highest quarterly total since Q4 2024. Year-to-date purchases reached 675 tonnes, 6% above the comparable period in 2025.

Technical analyst Stewart 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".¹

Physically backed gold exchange-traded funds also returned to inflows during the quarter, adding 211 tonnes. The World Gold Council reported that total gold demand, including over-the-counter investment, reached 1,369 tonnes during the quarter, while the average gold price was US$4,262 per ounce.

The World Gold Council described the gold outlook as finely balanced, identifying rising interest rates and mixed inflation expectations as potential headwinds. However, it also noted that geopolitical risks and financial-market stress could encourage investors to seek stability in gold.

Copper's outlook is tied to industrial demand and the availability of new supply. The International Copper Study Group's (ICSG) October 14, 2026, copper market forecast identifies continued demand from the energy transition, urbanization, and digitalization, including data centers and AI. The ICSG projects global refined copper production to increase 0.4% in 2026 and 3.4% in 2027, while refined copper usage is expected to grow 1.5% and 2.5%, respectively. It forecasts a refined copper surplus of approximately 104,000 tonnes in 2026, increasing to 368,000 tonnes in 2027.

The group attributed constrained primary refined production growth in 2026 partly to limited concentrate availability, although it expects production to increase as new smelting and refining capacity ramps up in 2027. Its forecast also identifies manufacturing activity and energy-transition investment as continuing sources of copper demand. Together, the forecasts suggest that gold and copper markets will continue to be influenced by investment demand, industrial consumption, and supply conditions. 

Gelum Resources and the Las Tinajas Project

Gelum Resources Ltd. (GMR:CSE; GMRCF:OTCQB) is an exploration company advancing gold and copper-gold opportunities in the Americas. Its flagship asset is the 2,600-hectare Las Tinajas Gold Project, located approximately 120 km (kilometers) northeast of Copiapó in Chile's Atacama Region, at the northern end of the Maricunga Gold Belt.

On April 30, 2026, Gelum announced that it had signed an option agreement to earn a 100% interest in Las Tinajas through staged cash payments totaling US$11.5 million. The agreement includes a contingent US$2.5 million payment triggered by specified milestones, including a qualifying project sale, commercial production, or the publication of a Mineral Resource Estimate (MRE) containing at least 2 million ounces of measured and indicated gold. The agreement also requires US$3 million in exploration expenditures and at least 4,000 m (meters) of drilling. It includes a 2.5% net smelter returns royalty, with an option to repurchase 1.25% of that royalty for US$3.5 million within five years of the final option payment.

The Las Tinajas project is situated in an epithermal gold-copper porphyry district. Its entire claim block is surrounded by the Nuevo Cobre project, a joint venture between Rio Tinto and Chilean state-owned copper producer Codelco. According to Gelum's October 21, 2026, announcement, the neighboring project is targeting porphyry copper mineralization beneath epithermal gold deposits. Several porphyry copper deposits are located within 10 km of Las Tinajas in the Potrerillos copper-gold district.

Historical exploration at Las Tinajas includes 64 drill holes totaling 10,990 m across three drilling campaigns dating back to 1986. The most recent campaign included 16 holes totaling 2,831 m in 2024 and 2025. Several historical drill holes returned significant gold intercepts, including end-of-hole intervals of 43 m grading 1.18 g/t Au, 35 m grading 1.23 g/t Au, 26 m grading 2.09 g/t Au, and 58 m grading 1.42 g/t Au. In August 2026, Gelum reported completing 403 rock geochemical samples across the eastern half of the property.

At the NE Breccia target, 5 m continuous rock sampling returned 70 m grading 0.17 g/t Au. The company reported that anomalous surface values continued approximately 200 m farther east and north of the previously identified sampling area. At the SE Anomaly, sampling identified highly anomalous copper and molybdenum values associated with a dacite porphyry plug. The new work extended anomalous copper values another 200 m south, and molybdenum values 90 m farther south.

Gelum stated that the results expanded exploration targets and identified additional areas where gold and copper mineralization may occur beneath thin post-mineral cover. The company also cautioned that surface sampling is intended primarily to guide future drilling and may not reliably indicate mineralization at depth.

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".

Upcoming Geophysical Survey and Drilling

Gelum's immediate exploration priority is completing its property-wide magnetotellurics (MT) and vector induced polarization (VIP) geophysical survey.

On October 21, 2026, the company announced that the survey had resumed on October 20 following weather-related interruptions. The program began in July and was approximately halfway complete when crews demobilized because of significant snowfalls in August and September. At the time of the announcement, Gelum expected the survey to take approximately three more weeks to complete. The MT survey is designed to characterize subsurface resistivity across the property, extending to nominal depths of 3,000 m or greater. The VIP survey will measure chargeability and resistivity parameters to approximately 800 m.

According to the company, the combined geophysical work is intended to establish specific porphyry drill targets using historical exploration information and new subsurface data.

Management has stated that it intends to use proceeds from the company's recent financing to begin drilling once targets are established. In June 2026, Gelum closed a non-brokered private placement that generated gross proceeds of approximately CA$4.29 million. The company issued 11,602,961 units at CA$0.37 per unit, with each unit consisting of one common share and half of one warrant. 

Common Questions From Investors

What is the gold and copper market outlook for 2027?

The World Bank's October 2026 forecast tables project average gold prices to decline from US$4,600 per ounce in 2026 to US$4,250 in 2027, while copper is forecast to decline from US$13,200 to US$13,000 per tonne. The ICSG separately projects a refined copper surplus of 368,000 tonnes in 2027.

What is Gelum Resources' flagship project?

Gelum's flagship asset is the 2,600-hectare Las Tinajas Gold Project in Chile's Maricunga Gold Belt. The company has signed an option agreement providing for a staged earn-in to a 100% interest.

What are Gelum's upcoming catalysts?

The company's anticipated milestones include completing its property-wide MT and VIP geophysical survey, interpreting the results, defining drill targets, and commencing drilling. Management intends to use proceeds from its June 2026 financing to support drilling once targets are established.

What exploration results has Gelum reported at Las Tinajas?

Gelum reported completing 403 rock geochemical samples in August 2026. Results included 70 m grading 0.17 g/t Au at the NE Breccia target, along with extensions of anomalous copper and molybdenum values at the SE Anomaly.