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FREE Master Class on Investing in Copper and Copper Stocks | Jimmy Connor

Jimmy Connor Jun 6, 2026 3:44:24

Summary

UBS projects a 520,000-ton copper deficit by 2027 and a $15,000/ton price, framing the supply-demand squeeze that drove this conference.

Chile produces roughly a quarter of global copper but output peaked in 2018, as falling ore grades and longer development timelines pressure new supply.

AI data centers, EVs (150 lbs vs 50 lbs in gas cars), and renewable build-out are reshaping demand — together already making up 32% of copper use.

Major supply disruptions at Cobre Panama, Grasberg, and Kamoa Kakula hit at the same time as demand acceleration, exposing the fragility of the supply base.

Eight copper-focused company conversations cover developers (ATEX, Faraday, Highland, Lumina), a tailings processor (Amerigo), a royalty platform (Evolve), and Sprott's physical and ETF vehicles.

Key points on ATEX Resources Inc

  • Chris Beer (interim CEO) calls the B2B breccia one of the largest copper discoveries in Chile in over a decade, noting the first hole hit 174 meters at 2.5% copper.
  • The Valeriano resource stands at 2 billion tons at 0.8% copper equivalent - twice the global average porphyry grade of 0.4% - with 65% of value in copper and the rest in gold and silver.
  • Step-out drilling extended the B2B breccia: hole 19A hit 70 meters of 1% copper 200 meters south, and hole 19B continued another 250 meters in porphyry mineralization.
  • Metallurgy shows 94-95% recoveries with 33% copper concentrate (vs. 24% global average) and 14 grams of gold per ton in concentrate.
  • ATEX holds $150 million in cash plus $140 million in potential warrants; Agnico owns 15% and Pierre Lassonde 10% of the company.

Chris Beer's takeaways

  • Top takeaway Chris Beer argues Valeriano's 0.8% copper equivalent grade is twice the global average porphyry grade of 0.4%.
  • He frames the B2B breccia as the most compelling target, noting the first hole hit 174 meters at 2.5% copper and recent drilling has extended the strike to 700 meters.
  • Beer describes how the team is testing the B2B mineralized corridor's eastern extension, with hole 34 hitting 1,100 meters of 0.72% CuEq indicating open potential.
  • He notes that clean metallurgy (94-95% recoveries, no deleterious elements) makes the project attractive to mining companies looking for new development assets.
  • Beer says ATEX plans to update the Valeriano resource in Fall 2027 and to drill-test the recently acquired Nuevo Horizonte property next year.

Jordan Pandoff's takeaways

  • Top takeaway Jordan Pandoff argues the Polish Kupferschiefer is a geological anomaly with 65 years of mining history, more silver in inventory than any country globally, and a 70:30 copper-to-silver ratio.
  • He notes Nova Sul would be the world's third-largest silver producer at full production alongside its primary copper output.
  • Pandoff frames Poland's copper tax reform (currently 70% effective rate) as the single most important factor for developing Nova Sul competitively.
  • He highlights that all-in sustaining costs swing from $1.17/lb copper at $37 silver to negative $1.12/lb at $90 silver, making silver price the project's biggest value driver.
  • Pandoff says Lumina's IPO was four times oversubscribed with a focus on highest-quality institutional investors; only 10% was allocated to retail.

Jimmy Connor's takeaways

  • Top takeaway Jimmy Connor frames the macro copper thesis, citing UBS's projection of a 520,000 ton copper deficit by 2027 and $15,000 per ton prices by March 2027.
  • Connor cites Goldman Sachs's estimate that AI CapEx will reach $1.6 trillion by 2031, driving significant new copper demand from data centers.

John Ciampaglia's takeaways

  • Top takeaway John Ciampaglia argues copper has decoupled from traditional industrial metals due to its critical role in electrification, AI data centers, EVs, and national security.
  • He describes the Sprott Physical Copper Trust as a structurally enhanced vehicle that, since adding monthly redemption options in May 2026, has traded much closer to its NAV.
  • John notes the trust holds 14,600 metric tons of copper worth just over $200 million and aims to grow for greater institutional investor participation.
  • He cites Robert Friedland's statistic that 700 million tons of copper has been mined since the beginning of time, with a similar amount needed in the next 18-22 years.
  • John argues that physical copper ownership avoids the negative roll yield embedded in contangoed copper futures markets.

Steve Schoffstall's takeaways

  • Top takeaway Steve Schoffstall argues copper demand drivers - data centers, AI, defense, electrification, and energy transition - currently make up 32% of demand and are expected to reach 45% by 2040.
  • He cites that these structural demand drivers had over $5.5 trillion in spending last year alone.
  • Steve describes how supply disruptions at Cobre Panama, Grasberg, and Kamoa Kakula have come at a time of accelerating demand, exposing the fragility of supply.
  • He notes that taking a copper mine from discovery to production can take 15 to 30 years depending on jurisdiction.
  • Steve highlights Sprott's COPP ETF as offering pure-play exposure to about 60 copper miners with no unintended commodity exposure.

Joseph de la Plante's takeaways

  • Top takeaway Joseph de la Plante argues copper royalties are uniquely compelling because copper mines typically have 25-75+ year mine lives, allowing exposure to many commodity cycles through one asset.
  • He describes the McIlvana Bay royalty acquisition as having played out quickly, with Eldorado now pursuing expansion studies that could potentially double plant throughput.
  • Joseph notes the Salar de los Angeles lithium royalty could pay $15 million per year at current prices, representing outsized value relative to Evolve's $120 million market cap.
  • He explains that Evolve's portfolio includes Highland Valley (copper), McIlvana Bay (copper-gold), Copper Mountain (copper), Wistin (tin), and Salar de los Angeles (lithium).
  • Joseph says Evolve is actively pursuing revolving credit facilities to fund acquisitions in the $25-50 million bracket.

Paul Harbidge's takeaways

  • Top takeaway Paul Harbidge argues that consolidating the Copper Creek and SAM Manuel districts under one infrastructure platform avoids duplication of capex, a common pitfall in the mining industry.
  • He describes the post-acquisition shareholder base as blue-chip, with both Lundin and BHP now on the register as strong sources of capital.
  • Paul notes that Copper Creek's 300+ mapped breccias with only 15% drilled to date represent substantial near-surface exploration upside.
  • He says the US government's Executive Permitting Council is bringing simultaneous federal and state permitting, accelerating project advancement.
  • Paul mentions Faraday's average daily trading has grown from 200,000 shares to $2 million, with one recent day reaching $17 million.

Barry O'Shea's takeaways

  • Top takeaway Barry O'Shea argues Copperwood is among the most near-dated corporate copper developers in the US, with the best-case production timeline of second-half 2029.
  • He describes the US EXIM letter of interest for $250 million as roughly 60% of the project's $400 million capex.
  • Barry notes that at $4 copper the project's NPV is $170 million, but at $6 copper the NPV rises to $850 million, showing significant leverage to copper prices.
  • He argues that the US currently prioritizes permitted, near-term-ready projects rather than early-stage exploration assets, putting Copperwood in a strong position.
  • Barry highlights that the company recently hired Peter Hengstad (formerly of Capstone Copper) as CFO and Trace Arlo (formerly of Resolution Copper) as Project Director, demonstrating commitment to construction.