Copper is now critical in the US… and these projects may hit the JACKPOT 📝

Hey hey – another week is upon us, so let’s dig in. Metals, stocks, and above all, opportunities.

It’s official. While copper has been enjoying bullish sentiment in the US for a while, it’s now ‘critical’. Overall, 10 new additions to the US critical mineral list, some relatively abundant in the earth’s crust, were only deemed strategic due to a lack of domestic supply. Love to see.

Indeed, there is no shortage of large copper deposits in the US, and these days, more companies are announcing new projects or JVs every month. But when you want to go big… these 3 are it and we’ve kept them in our rearview mirror:

1. Pebble $NDM.TO

Located in Alaska, and potentially a boon for US-based electrification efforts, this mammoth has faced strong community opposition due to environmental concerns & NIMBY.

• 56b lbs Cu (measured + indicated resources)
• Cu grade: 0.40%
• open pit

Politicians demand that the U.S. become more self-sufficient in crucial metals and minerals, but then they block domestic mining at every opportunity. Alaska’s Pebble Mine project is the latest example. https://t.co/Z5uDvSEndT via @WSJOpinion

— Tom Fitton (@TomFitton) May 31, 2022

2. Resolution Copper $RIO $BHP

In Arizona, a JV between Rio Tinto & BHP. Discovered over 2 decades ago, $2b spent, expected to be producing by now. Faces opposition from aboriginal communities. The permitting process can get long & painful…

• 40b lbs (reserves) Cu
• Cu grade: 1.5%
• underground

Wherever possible, we work with local suppliers and vendors to ensure that the benefits of the project are delivered directly to the community. Learn more: https://t.co/wuC1ozO1LO #WeAreCopperStrong pic.twitter.com/yl5UnreGGG

— Resolution Copper (@resolutioncu) June 7, 2022

3. Twin Metals $ANTO

In Minnesota, a copper-nickel-PGM deposit, acquired from JV partner Duluth for $96M in 2014. It is facing legal hurdles and deep uncertainty after more than a decade of work and investment. The Biden administration cancelled the mining rights, citing potential contamination, issues with licenses. Antofagasta has sued the government.

• 6+ billion lbs Cu (reserves)* plus other metals
• Grade: 0.59%*
• underground

Biden administration moves to block @AntofagastaPLC's @TwinMetalsMN copper mine project in Minnesotahttps://t.co/sM3ZkNMEE7#mining #copper $ANTO #minnesota #electricvehicles

— Ernest Scheyder (@ErnestScheyder) October 20, 2021

What’s ahead?

It’s still uncertain whether these projects will ever be built. There are no easy answers. However, from these 3, I think Resolution has the best chance of moving forward. As a child of BHP, and a regular shareholder, I could be biased, yet I can see a slightly smoother path for them (not easy by any stretch, just a bit easier) at least during the Trump administration.

But there’s a broader issue here.

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Let’s put a pin on it for a sec and talk about what we’re paying attention to this week:

Macro

• Copper holding: despite corrections across multiple commodities and stocks, copper is holding above $5/lb as output restrictions remain. With its addition to the US critical mineral list, we should we more announcements among copper hopefuls in the US.
• Economic calendar: Australia, employment. US shutdown continues, longest in history. China, FDI (previously dropped by 10.4%), and industrial production. EU, GDP.
• Regulatory: China-US trade truce on REEs and other minerals for 12 months may be a go, but it’s important to remember that it does not include defence applications, and due to the complex relationship these two countries have, things could change in a heartbeat. Closely monitoring.

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Meanwhile…

These companies are making bold moves.

Deals, capital raising and IPOs

• US backs Serra Verde’s Brazilian Rare-Earth project with $465M
• Coeur buys New Gold for $7B

Coeur Mining buys New Gold for $7B@CoeurMining (NYSE: $CDE) will acquire @NewGoldInc (TSX: $NGD) in an all-stock deal worth about $7B, forming a major North American #mining player as #gold prices surge and investor interest in precious metals rises.https://t.co/nccPEUHArN

— The Northern Miner (@northernminer) November 4, 2025

*If you’re viewing this via email, click on the date to view the full tweet and any available sources.

• Black Horse Mining $BHL is planning to be listed on ASX via an A$8M raise; their focus is on gold in Australia. Inyati Capital, Veritas Securities are Joint Lead Managers, and the price on listing is set at A$0.20/share.
• No new mining listings on TSX or TSX-V.

Typically, we expect a lift in targets and weakness in acquirers, and often, peers to targets get extra love. For IPOs, we keep an eye on listing day/week, as big swings may point to opportunities.

• On the mining tech side, we recently met with Founders Factory. They have partnered with Rio Tinto to incubate promising technologies.

News, rating updates and research reports

• Lithium Argentina $LAR to release PPG scoping study results with third quarter 2025 earnings >> read
• ST GEORGE MINING LIMITED $SGQ completes early $11 million payment to secure 100% ownership of Araxá project in Brazil >> read
• McEwen Mining Inc. $MUX to acquire 31% strategic interest in Paragon Geochemical, leader of PhotonAssay™ technology for the mining sector >> read

Commentary on X

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• NioCorp Developments $NB leaves us wanting more >> watch our review

Commentary on video

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This may be unpopular but…

What’s the point in supporting and investing in projects in ‘tier 1 jurisdictions’ when NIMBY and anti-mining sentiment can get you tied up in multi-decade-long processes without a clear solution and zero recourse, despite paying ‘tier 1 premium’ and expecting low risk? Millions and even billions in sunk capital, and no hope of recouping a single dollar.

As investors, we need to keep an open mind and have a certain degree of agnosticism when it comes to jurisdiction. Instead of pushing for tier 1 only -a phrase often cited by top funds-, let’s invest more in those countries and regions that allow mines to be permitted, approved and built within reasonable timeframes.

A little like that popular saying: progress, not perfection.

Where do you stand on this one? Would love to hear.

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What I’m reading

• When The Heavens Went On Sale by Ashlee Vance
• The War Below: Lithium, copper, and the global battle to power our lives by Ernest Scheyder

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If you enjoyed this…

• Invest more confidently with Mining Investing 101

Sources: Canaccord research, Bloomberg, Reuters, Mining.com, TradingView, ASX, TMX, NASDAQ, LSE and SRC research. Figures shown in US dollars unless clarified.

*may not be fully accurate, but the latest available data from the deposit, as given the current situation, Antofagasta doesn’t display much technical info on their corporate and project websites