Piche Resources (PR2:AU) has announced Board Changes
Download the PDF here.
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Investor Insights
Blackstone Minerals, through its subsidiary Crescent Mining and Development Corporation (CMDC) is focused on the Mankayan copper-gold project, an advanced exploration project in the Philippines. Mankayan is one of Southeast Asia’s largest undeveloped copper-gold porphyry, offering leveraged exposure to tightening global copper supply and increased copper demand.
Overview
Global decarbonization and electrification are driving sustained growth in copper demand, while new, large-scale copper discoveries remain scarce and development timelines lengthen. Long-life, high-quality copper projects with scale, grade, and infrastructure access are increasingly strategic and required to meet this future demand.
Historical Drilling Results at Mankayan
Blackstone Minerals (ASX:BSX), through CMDC, is advancing the Mankayan Copper-Gold Project in the Philippines following its merger with IDM International.
Mankayan stands out for its size, grade, and geological continuity, supported by extensive historical drilling and proximity to existing infrastructure. These attributes underpin a flexible development pathway and potential for long-life production.
As part of a strategic move, Blackstone has streamlined its asset base to prioritize Mankayan. A previously advanced nickel project in Vietnam is now subject to a binding strategic agreement with a local partner, materially reducing holding costs while allowing management and capital to be focused on the Company’s copper-gold strategy.
Company Highlights
- Flagship Copper-Gold Asset: Mankayan is a globally significant copper-gold porphyry system with a large 793 million tonne JORC-compliant resource.
- Indigenous Approval – The Mankayan Project holds a 25-year Mineral Production Sharing Agreement and has completed the social license with an FPIC finalized and a MoA in place.
- Scale and Development Optionality: A large, continuous mineral system supporting both staged, higher-grade development and long-life bulk mining scenarios.
- Established Mining District: Located in Northern Luzon, Philippines, near existing mining operations and infrastructure.
- 2026 Clear and focused roadmap: to derisk the Mankayan Project by advancing its Pre-Feasibility Study.
- Strengthened Leadership: Strong in-country team along with recent Board and management appointments enhance technical, operational, and regional capability.
- Strong Copper Leverage: Copper is a critical metal for electrification, renewable energy, and grid infrastructure, with long-term supply constraints supporting project optionality.
Key Project
Mankayan Copper-Gold Project – Philippines
The project is located in the prolific mineral belt of Northern Luzon, approximately 340 km north of Manila by road and around 2.5 km from the operating Lepanto gold mine and the Far Southeast project area.
Mankayan is one of the largest undeveloped copper-gold porphyry systems in Asia, extending over approximately 1,100 metres of strike and 600 metres of width, with mineralisation open along strike and at depth.
More than 56,000 metres of historical diamond drilling support a JORC compliant (2012) mineral resource estimate of 793 million tonnes at 0.35 percent copper and 0.38 grams per ton (g/t) gold, equivalent to 0.65 percent copper equivalent (CuEq*) at a 0.25% CuEq cut-off. Within this, a high-grade core of 170 million tonnes at 0.48 percent copper and 0.58 g/t gold, 0.93 percent (CuEq*) at a 0.8 percent cutoff provides potential for staged development scenarios.
Notable historical intercepts include:
- 911 m at 1.00 percent CuEq, including 253 m at 1.43 percent CuEq
- 543 m at 1.08 percent CuEq, including 277 m at 1.43 percent CuEq
- 1,119 m at 0.86 percent CuEq, including 352 m at 1.15 percent CuEq
- 754 m at 1.03 percent CuEq, including 430 m at 1.21 percent CuEq
Recent field activities have identified additional surface copper-gold mineralisation proximal to the main deposit, with rock-chip samples returning up to 6 g/t gold and 1.9 percent copper, highlighting further exploration upside across the broader project area.
CMDC is in the process of commencing a pre-feasibility study encompassing various mining scenarios and environmental studies.
Management Team
Geoff Gilmour – Executive Chairman
Appointed following Blackstone’s merger with IDM, Geoff Gilmour brings more than 30 years of distinguished leadership in the junior resources sector, with a proven track record of value creation. His career includes senior executive roles as Managing Director of Amex Resources, Brightstar, and Rift Valley Resources, and is highlighted by the successful creation of Andean Resources.
Gilmour has also served as chairman of IDM, where he played a pivotal role in advancing the Mankayan Project and leading the company through its merger with Blackstone Minerals. He currently serves as a director of Blackstone Minerals Ltd, continuing to drive strategic growth and development.
Oliver Cairns –Non-executive Director
Oliver Cairns brings key, hands-on experience to the company’s flagship Mankayan project in the Philippines and was part of the IDM International team that was responsible for the acquisition and management of the Mankayan project before the merger with
Blackstone in June 2025. He has deep familiarity with the Mankayan asset, including four years of actively working with the in-country team. In addition, Cairns offers more than 25 years of strategic corporate, IR and commercial experience.
Greg Cunnold – Non-executive Director
Greg Cunnold is a geologist with over 30 years of experience in the evaluation, exploration, and development of mineral deposits. Cunnold has worked on base and precious metals deposits, bulk commodities, rare earth elements, industrial minerals, and critical mineral projects. His assignments have spanned the globe, including Africa, Asia, Australia, Europe, and South America.
Over the years, Cunnold has played a pivotal role in numerous projects, contributing to the discovery, delineation, and development of valuable mineral deposits. His expertise ranges from grassroots exploration through to definitive feasibility studies. Cunnold is a Competent Person as defined by the JORC and NI 43-101 codes and has served corporately as a board member of private, public unlisted, and listed companies.
Mark Williams – Non-executive Director
Mark Williams’ career in the mining industry spans more than three decades and includes operational experience across a diverse range of assets in both mature and emerging global markets, with extensive in-country experience in the Philippines.
Most recently, Williams led mid-tier Australian gold producer Red 5 Limited (ASX: RED) for 10 years, overseeing an operational turnaround of its foundational asset in the Philippines, the Siana Gold Project, before initiating a transformational pivot to the West Australian goldfields through the acquisition, financing, development, construction and operation of the King of the Hills Gold Mine growing Red 5 to a $1.5 billion company in 2024 prior to its merger with Silver Lake Resources.
James Bahen – Company Secretary
James Bahen is a director and equity partner of SmallCap Corporate. He commenced his career in audit and assurance with an international chartered accounting firm. He is currently a non-executive director and company secretary to a number of ASX-listed companies and has a broad range of corporate governance and capital markets experience. Bahen is a member of the Governance Institute of Australia and holds a Graduate Diploma of Applied Finance and a Bachelor of Commerce degree majoring in accounting and finance.
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Investor Insight
Copper Quest Exploration controls more than 40,000 hectares of copper porphyry projects across tier one jurisdictions in Canada and the United States, offering investors diversified exposure to drill ready targets and multiple near term discovery catalysts.
Overview
Copper Quest Exploration (CSE:CQX,OTCQB:IMIMF,FRA:3MX) is a North American mineral exploration company focused on discovering and advancing copper porphyry systems in established mining jurisdictions. Its portfolio spans more than 40,000 hectares across projects in British Columbia and Idaho, including several district scale land packages within proven copper belts.
Copper Quest holds a diversified portfolio of exploration assets, including 100 percent interests in the Stars, Stellar, Thane, and Kitimat projects, and the option to earn up to 80 percent in the Rip project. The company has rapidly expanded its portfolio and identified multiple high-priority exploration targets through strategic acquisitions, targeted drilling, and geophysical surveys.
In late 2025 and early 2026, Copper Quest significantly extended its presence with the acquisition of two key gold assets: the past-producing Alpine Gold Property in British Columbia’s West Kootenay region—a 4,611-hectare project with historical high-grade gold resources and existing underground workings—and an option to acquire the drill-permitted Auxer Gold Property in Bonner County, Idaho, a road-accessible, high-grade orogenic gold asset.
Copper Quest is focused on advancing its assets through systematic exploration including induced polarization surveys, mapping, sampling and drilling. Its strategy is to build value through discovery while leveraging partnerships or joint ventures to accelerate development where appropriate.
Company Highlights
- Large Tier One Land Position: More than 40,000 hectares across British Columbia and Idaho, coveringmultiple porphyry belts.
- Flagship Discovery atStars: Drill interceptsincluding 0.466 percent copper over 195.07 m confirm a fertile coppermolybdenum system.
- District Scale Portfolio: Core projects Stars, Stellar, Rip and Thanecollectively span 19,853 hectares within the Bulkley porphyry district alone.
- US Expansion Strategy: Acquisition of the Nekash copper gold project inLemhi County adds exposure to the Idaho Montana porphyry belt.
- Strategic Acquisitionsin British Columbia: Agreements to acquirethe Kitimat Copper Gold Project and the Alpine Gold Property expand regionalfootprint.
- Multiple UntestedTargets: Large geophysicalanomalies and historic showings across several properties remain undrilled.
- Strong Technical Bench: Leadership and advisors include former seniorexecutives from major mining companies with global discovery and developmenttrack records.
- Clear ExplorationPipeline: Planned drilling,geophysics and target testing across multiple projects with multiple plannedexploration catalysts.
Key Projects
Stars Project — British Columbia
The Stars project is a 9,694 hectare road accessible copper molybdenum property in the Bulkley porphyry belt. The project hosts a 5 by 2.5-kilometre annular magnetic anomaly coincident with a mineralized monzonite intrusion. Historic and modern drilling has confirmed widespread mineralization, including 0.466 percent copper over 195.07 m from 23 m and 0.2 percent copper over 396.67 m from 28.37 m.
Drilling indicates a productive porphyry environment characterized by strong alteration, multi phase veining and elevated copper values ranging from 10 times to 400 times background levels. Only one location along the intrusion contact has been drill tested, suggesting significant discovery potential across more than 30 km of untested contacts. Planned work includes step out drilling at the Tana Zone, IP surveys and testing of additional targets such as the Big Dipper anomaly.
Rip Project — British Columbia
The Rip project covers 4,770 hectares located about 60 km south of Houston. A 2024 airborne magnetic survey and 3D DCIP program identified two concentric chargeability anomalies surrounding separate magnetic highs, classic signatures of porphyry systems.
Two diamond drill holes totaling 1,033 m completed in 2024 intersected multi phase porphyry intrusions with quartz, pyrite, chalcopyrite, molybdenite veining and long intervals of anomalous copper above 0.1 percent. The southern anomaly remains untested and represents the highest priority target. Copper Quest can earn up to 80 percent ownership by spending $1 million by the end of 2025.
Stellar Project — British Columbia
The 5,389-hectare Stellar property lies immediately north of Stars and consolidates multiple historic showings into a single geological framework. The project hosts several priority targets including the Cassiopeia anomaly, a 2.5-kilometre-diameter magnetic bullseye with an 800 m magnetic low core consistent with porphyry models.
The Jewelry Box area hosts eight documented showings across a 15 sq km zone with historical samples returning grades up to 36.7 percent copper, 31.2 percent copper, 22.6 percent copper with 4,860 g/t silver and gold values up to 42 g/t. Additional targets include the Galena Zone and Northwest showings. Planned work includes IP surveys, mapping, sampling and drill targeting across the property.
Thane Project — British Columbia
The 20,658 hectare Thane project is located in the Toodoggone District within the Quesnel Terrane. The property contains a 14 by 6 kilometre alteration footprint hosting at least ten mineralized centres including Cirque, Fairway, Bananas, Gail and Aten.
Historic exploration totaling more than $5 million identified strong copper and gold mineralization, with rock samples returning copper values exceeding 9,000 ppm and gold values up to 12.8 g/t. Only 12 short drill holes have been completed, all in one area, leaving much of the system untested. New high resolution geophysics is expected to help vector future drilling. Copper Quest is evaluating potential joint venture opportunities to advance the project.
Nekash Project — Idaho
The Nekash project consists of 70 unpatented federal lode claims covering about 585 hectares in Lemhi County along the Idaho Montana porphyry belt. Historic sampling confirmed high grade surface mineralization including up to 3.8 percent copper, 0.9 g/t gold and 25 g/t silver over 6.4 m, as well as porphyry style veins grading up to 6.6 percent copper.
The property is fully road accessible and was acquired for 4.25 million shares with no cash payment or royalties. The project adds US exposure and early stage discovery potential supported by geophysical, geochemical and drilling programs.
Kitimat Copper-Gold Project — British Columbia
Copper Quest has acquired a 100 percent interest in the Kitimat copper-gold project, located approximately 10 km northwest of the deep-water port of Kitimat. Covering nearly 2,954 hectares, the project offers year-round road access, proximity to rail, hydroelectric infrastructure, and is situated within a prolific copper-gold belt, strengthening the company’s strategic presence in western Canada.
Alpine Gold Property — British Columbia
The Alpine Gold Property is a road-accessible, 4,611.49-hectare project featuring a 2018 historical inferred resource of 142,000 ounces of gold (Au) from 268,000 tonnes at an average grade of 16.52 g/t Au, estimated using a 5.0 g/t gold cut-off grade. The current resource is based on only about 300 meters of the roughly two-kilometer-long vein system, indicating substantial potential to expand the resource along strike and to depth.
The property includes 1,650 meters of clean underground workings and a mineralized stockpile estimated at 24,000 tonnes on the surface, which could offer near-term cash flow. Additionally, the property hosts at least four other relatively unexplored vein systems—Black Prince, Cold Blow, Gold Crown, and past-producing King Solomon—all with historic high-grade gold values, suggesting multiple avenues for future exploration and resource growth.
Auxer Gold Project — Idaho
The Auxer Gold Property is a road-accessible, high-grade orogenic gold opportunity located in Bonner County, Idaho. Under an option agreement signed in 2026, Copper Quest has the right to earn up to 75 percent interest in the project by funding exploration, advancing a drill-ready gold target within a favorable mining jurisdiction. The property is strategically situated near existing infrastructure and historic gold workings, enhancing access and permitting potential.
Gold mineralization at Auxer has been identified through surface sampling and historic data, with notable results including significant gold in soils and rock samples, supporting multiple structural targets. The addition of Auxer diversifies Copper Quest’s portfolio beyond copper porphyries into a precious metals domain, providing near term exploration catalysts that complement its existing projects. Planned work includes systematic mapping, sampling and drill permitting to define high-priority targets for follow up drilling.
Management Team
Brian Thurston — President, CEO and Director
Brian Thurston is a professional geologist with over 32 years of experience specializing in porphyry deposits in British Columbia, the Yukon and Peru. Thurston has more than 20 years of corporate leadership experience and has founded several public companies, serving as director, officer and committee member across multiple resource ventures.
Dong Shim — Chief Financial Officer
Dong Shim is a chartered professional accountant with extensive experience in public company auditing and financial reporting in both the United States and Canada. Shim has helped numerous startups achieve listings on the TSX Venture Exchange, CSE and OTC Markets and is a CPA registered in Illinois and a member of the Chartered Professional Accountants of British Columbia.
Dr. Mark Cruise — Director
Dr. Mark Cruise has more than 25 years of experience in mine discovery, development and operations across Europe, South America, Canada and Africa. Cruise is the founder of Trevali Mining, which he built into a top ten global zinc producer, and previously worked as a senior geologist at Anglo American.
Jason Nickel — Director
Jason Nickel is a mining engineer with over 25 years of experience in operations, feasibility and development projects. Nickel has served as mine manager for major copper and gold producers and has led underground and open pit operations across British Columbia, Alaska and the Arctic.
Cameron MacDonald — Director
Cameron MacDonald has more than 18 years of capital markets experience as founder and CEO of the Macam Group of Companies. MacDonald has helped raise over $300 million in equity and more than $650 million in debt financings and has invested in startup companies since 2002.
Joshua White – Technical Advisor
Joshua White is an exploration geologist with more than 13 years of experience and is principal of Aqua Terra Geoscientists LLC. White previously worked for Kinross Gold as a project generation geologist supporting exploration programs across four continents.
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Democratic Rep. Jasmine Crockett of Texas said Tuesday that she would ‘boycott’ President Donald Trump’s State of the Union speech.
She blasted him as a ‘wannabe king’ and described the present state of the union as ‘grim.’
‘Tonight, I will boycott Donald Trump’s State of the Union address,’ she said in the statement. ‘The American people deserve better than a low-down, scamming wannabe king who plans to stand at that podium and spew more lies; and I refuse to legitimize the weaponization of the federal government, blatant lies and corruption, and the destruction of our Constitutional principles and democratic norms.’
Crockett, who is currently running in the Texas Democratic U.S. Senate primary, said she was not sent to D.C. ‘to coddle Donald Trump’s ego.’
‘Instead of wasting time listening to Donald Trump lie to the American people, I will be back in Texas talking with families about the true state of our union: cuts to SNAP and Medicaid, rogue ICE agents on our streets, the Epstein cover-up, attacks on the First Amendment, and the unlawful tariffs that have made life too expensive for Texans,’ she said in the statement.
She indicated that the president has an ‘authoritarian agenda.’
‘The current state of our union is grim, but it is not permanent. I will spend tonight continuing the fight to actually strengthen the State of the Union,’ she said in the statement.
Fox News Digital reached out to the White House for comment on Wednesday morning.
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Sen. Markwayne Mullin, R-Okla., on Tuesday urged spring breakers with plans to visit Mexico to cancel their trips due to violent clashes in the country triggered by the Mexican army’s killing of cartel leader Nemesio Rubén Oseguera Cervantes, known as ‘El Mencho,’ earlier this week.
Mullin made the comments during an appearance on CNBC’s ‘Squawk Box,’ in which he said his chiropractor was still planning to visit a popular tourist destination in Mexico.
‘Anybody that’s planning on going to Mexico for spring break … I mean, my chiropractor called me yesterday and said he’s still planning on going to Cancún, I said, ‘Are you crazy?” Mullin said.
‘No one should be going down there right now, it is very volatile and the United States is laser-focused on watching what’s taking place,’ he continued.
The senator’s comments come after Mexican troops conducted operations on Sunday in Tapalpa, Jalisco, targeting El Mencho, a former police officer who became the leader of the Cartel de Jalisco Nueva Generación, which U.S. authorities have identified as a major supplier of fentanyl to the United States.
El Mencho carried a $15 million U.S. bounty and rose to power following the arrest of Joaquín ‘El Chapo’ Guzmán, the former head of the Sinaloa Cartel. Over roughly the past 15 years, the Cartel de Jalisco Nueva Generación has expanded from a regional criminal group into a global trafficking organization operating from its stronghold in Jalisco.
The Mexican Defense Department said the operation was conducted as part of bilateral coordination and cooperation with the U.S., and that U.S. authorities provided complementary intelligence that contributed to El Mencho’s killing.
After El Mencho’s death, cartel members burned cars and blocked roads in several Mexican states. Violent clashes were also reported in parts of western Mexico.
Mexican authorities later said that the security situation had been ‘stabilized.’
‘The security situation has now stabilized following targeted operations in Jalisco,’ the Mexican Embassy in the U.S. said on Tuesday.
‘Federal and State authorities are proceeding to reopen transit corridors and restore public services smoothly,’ the embassy continued. ‘Airline operations are normal, and international carriers are resuming flights today. Puerto Vallarta International Airport has reopened to domestic traffic.’
The embassy added: ‘If traveling through Jalisco, some local security measures remain in place, while authorities are restoring airport operations to full capacity. We are working with international partners to ensure safety and stability at all transit hubs and tourist destinations.’
But the U.S. State Department’s travel advisory for Mexico remains in effect. The U.S. government earlier issued a shelter-in-place order for Americans in Mexico, but that order has since been lifted.
The Cartel de Jalisco Nueva Generación is considered the most powerful cartel in Mexico with an estimated 19,000 members and operations across 21 of the country’s 32 states.
The Trump administration designated the cartel as a foreign terrorist organization.
Mullin said on Tuesday that cartels splitting after Mexico’s operation is a ‘great opportunity for us, and Mexico, to take them all out.’
‘Now, are we going to eliminate all the drug trafficking in the world? Absolutely not. But can we get a handle on it again? Absolutely,’ he added.
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President Donald Trump called out insider trading on Capitol Hill during his address, urging Congress to ‘pass the Stop Insider Trading Act without delay’ while also taking a shot at Speaker Emerita Nancy Pelosi.
‘Let’s also ensure that members of Congress cannot corruptly profit from using insider information,’ Trump said, prompting members of both parties to stand.
Trump responded, ‘They stood up for that. I can’t believe it. I can’t believe it. Did Nancy Pelosi stand up — if she’s here? Doubt it.’
The Pelosi family’s financial disclosures have frequently been cited by critics calling for stricter limits on congressional stock trading.
The Stop Insider Trading Act, introduced by Rep. Bryan Steil, would ban members of Congress, their spouses and dependent children from purchasing publicly traded stocks and require advance public notice before any sale, aiming to go beyond the 2012 STOCK Act’s reporting requirements.
A source familiar told Fox News Digital that Pelosi was applauding until Trump called her out.
The moment captured attention on social media, including from Fox News contributor Guy Benson, who posted on X, ‘lol the Pelosi ad lib.’
‘LMAO at Trump’s callout of Pelosi on insider trading,’ columnist Josh Hammer posted on X.
‘LOL Trump is the funniest President of all time, zero debate,’ Newsbusters Managing Editor Curtis Houck posted on X.
Trump also announced a new retirement savings proposal for workers without access to employer matching, promising the federal government would match contributions up to $1,000 a year so more Americans can benefit from market gains.
Fox News Digital reached out to Pelosi’s office for comment.
Fox News Digital’s Morgan Phillips contributed to this report
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Many conservatives quickly took to social media to praise President Trump’s State of the Union speech, which lasted just under two hours, energizing Republicans and riling Democrats.
‘It’s not just an excellent speech, it’s mostly POTUS himself,’ conservative radio host Mark Levin posted on X. ‘ He’s a truly historic leader. I know it drives DC nuts. Who cares.’
‘Trump is a colossus; an amazingly patriotic speech,’ FOX Business Senior Correspondent Charles Gasparino posted on X.
‘This is the best State of the Union Address I’ve ever seen,’ conservative commentator Buck Sexton posted on X. ‘Not just by Trump. By any President.’
‘President Trump’s State of the Union put America’s greatness on full display—celebrating our war heroes, everyday heroes, and Olympic champions,’ former GOP House Speaker Kevin McCarthy posted on X.
‘The President delivered a home run State of the Union tonight,’ GOP Rep. Chip Roy posted on X.
Democrats on social media struck a different tone, with many prominent faces of the party bashing the president as the speech developed, including California Gov. Gavin Newsom who accused Trump of ‘destroying the country’ and posted ‘that was boring.’
‘That State of the Union speech by Trump was humiliating for both him and the Republican Party,’ liberal influencer Harry Sisson posted on X. ‘He rambled incoherently and Republicans clapped like seals the whole time no matter what was said. I’m glad military heroes were honored, but he lied the entire time.’
Trump’s speech, which was the longest State of the Union in history, focused on what he called a ‘turnaround for the ages’ in the United States during his second term.
Trump invited a swath of various guests to the speech, including everyday Americans, Turning Point USA co-founder Charlie Kirk’s widow, Erika Kirk, the U.S. men’s hockey team fresh off their gold medal win, military members who acted heroically in the time of crisis and families who have suffered tragedy at the hands of illegal immigrants.
Trump’s speech came as the GOP prepares to defend its majority in the House and Senate as the November midterms loom, and also as the nation prepares to celebrate its 250 years of independence.
‘This July 4th, we will mark two and a half centuries of liberty and triumph, progress and freedom in the most incredible and exceptional nation ever to exist on the face of the earth. And you’ve seen nothing yet,’ Trump said. ‘We’re going to do better and better and better. This is the golden age of America.’
Fox News Digital’s Emma Colton contributed to this report
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President Donald Trump used part of his State of the Union address on Tuesday to spotlight American military heroism, awarding U.S. Army Chief Warrant Officer Eric Slover and U.S. Navy Captain E. Royce Williams with the nation’s highest military honor.
Recounting what he described as a high-risk January raid targeting Venezuelan leader Nicolás Maduro, Trump detailed Slover’s role in leading the mission. He said Slover was piloting a Chinook helicopter transporting U.S. forces into heavily fortified enemy territory under the cover of darkness. As the aircraft approached the target, it came under intense machine gun fire from multiple directions.
‘There were many heroes on that January raid to capture Maduro. Really great heroes. It was very dangerous,’ Trump said, describing the perilous mission.
‘He absorbed four agonizing shots, shredding his leg into numerous pieces,’ the president continued, telling lawmakers that ‘the success of the entire mission and the lives of his fellow warriors hinge on Eric’s ability’ to keep flying as blood ‘pour[ed] down the aisle.’
Slover, still recovering from his wounds, attended the address with his wife, Amy, as he was presented with the nation’s highest military award.
Trump also presented the Medal of Honor to Williams, a 100-year-old Korean War veteran and retired Navy captain, for his extraordinary combat valor during a long-classified 1952 aerial dogfight over the Sea of Japan.
Flying a single F9F Panther jet from the USS Oriskany, Williams engaged and shot down four Soviet MiG-15 fighters during a 35-minute battle despite being heavily outnumbered and flying an aircraft considered inferior in speed and climb rate.
At the time, the U.S. government kept the encounter secret to avoid escalating tensions with the Soviet Union, which was not officially acknowledged as a combatant in the war. Decades later, after the details were declassified, Williams’ actions were formally recognized with the nation’s highest military honor.
The back-to-back Medal of Honor ceremonies underscored the administration’s emphasis on military service, drawing extended applause from lawmakers and guests in the chamber.
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Strong demand in the face of looming supply shortages has pushed copper to new heights in recent years.
With a wide range of applications in nearly every sector, copper is by far the most industrious of the base metals. In fact, for decades, the copper price has been a key indicator of global economic health, earning the red metal the moniker “Dr. Copper.” Rising prices tend to signal a strong global economy, while a significant longer-term drop in the price of copper is often a symptom of economic instability.
After bottoming out at US$2.17 per pound, or US$5,203.58 per metric ton (MT), in mid-March 2020, copper has largely been on an upward trajectory.
Why is copper so expensive in 2026? Higher copper prices over the past few years have largely been attributed to a widening supply/demand gap. Copper mining and refining activities simply haven’t kept up with the rebound in economic activity in recent years, and rising demand from AI infrastructure and electrification are raising demand even higher.
Now, global copper mine supply is tightening at a time when US President Donald Trump’s tariffs are placing further strains on copper supply. In response, copper prices hit multiple new records in 2025 and 2026.
In this article
What key factors drive the price of copper?
Robust demand has long been one of the strongest factors driving copper prices. The ever-growing number of copper uses in everyday life — from building construction and electrical grids to electronic products and home appliances — make it the world’s third most-consumed metal.
Copper’s anti-corrosive and highly conductive properties are why it’s the go-to metal for the construction industry, and it’s used in products such as copper pipes and copper wiring. In fact, construction is responsible for nearly half of global copper consumption. Rising demand for new homes and home renovations in both Asian and Western economies is expected to support copper prices in the long term.
In recent decades, copper price spikes have been strongly tied to rising demand from China as the economic powerhouse injects government-backed funding into new housing and infrastructure. Industrial production and construction activity in the Asian nation have been like rocket fuel for copper prices.
Additionally, copper’s conductive properties are increasingly being sought after for use in renewable energy applications, including thermal, hydro, wind and solar energy.
However, the biggest driver of copper consumption in the renewable energy sector is rising global demand for electric vehicles (EVs), EV charging infrastructure and energy storage applications. As governments push forward with transportation network electrification and energy storage initiatives as a means to combat climate change, copper demand from this segment is expected to surge.
New energy vehicles use significantly more copper than internal combustion engine vehicles, which only contain about 22 kilograms of copper. In comparison, hybrid EVs use an average of 40 kilograms, plug-in hybrid EVs use 55 kilograms, battery EVs use 80 kilograms and battery electric buses use 253 kilograms.
In 2025, EV sales worldwide increased by 20 percent over 2024 to come in at about 20.7 million units, and analysts at Rho Motion expect that trend to continue in the coming years despite some headwinds in the near-term.
On the supply side of the copper market, the world’s largest copper mines are facing depleting high-grade copper resources, while over the last decade or more new copper discoveries have become few and far between. This is a challenging problem considering it can take as many as 10 to 20 years to move a project from discovery to production.
There have also been ongoing production issues at copper mines over the past few years. In late 2023, First Quantum Minerals (TSX:FM,OTCPL:FQVLF) was forced to shut down its Cobre Panama mine by the government following wide-spread protests. Then, in 2025, accidents at Ivanhoe’s (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine in Mali and Freeport-McMoRan’s (NYSE:FCX) Grasberg mine in Indonesia wiped out hundreds of thousands of metric tons of production.
While all three mines are expected to return to production, it will take time before they reach full capacity and will continue to exacerbate supply deficits in the copper market.
The International Energy Agency (IEA) is forecasting a 30 percent shortfall in the amount of copper needed to meet demand by 2035. “This will be a major challenge. It’s time to sound the alarm,” IEA Executive Director Fatih Birol said.
This has increased the need for end users to turn to the copper scrap market to make up for the supply shortage. Sometimes referred to as “the world’s largest copper mine,” recycled copper scrap contributes significantly to supplying and balancing the copper market.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries,’ she said. ‘Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda.’
Joannides offered some examples of greenfield projects in the pipeline: Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources’ (TSX:TECK.A,TECK.B,NYSE:TECK) Zafranal in Peru.
How has the copper price moved historically?
Taking a look back at historical price action, the copper price has had a wild ride for more than two decades.
Sitting at US$1.38 per pound in late January 2005, the copper price followed global economic growth up to a high of US$3.91 in April 2008. Of course, the global economic crisis of 2008 soon led to a copper crash that left the metal at only US$1.29 by the end of year.
Once the global economy began to recover in 2011, copper prices posted a new record high of US$4.58 per pound at the start of the year. However, this high was short-lived as the copper price began a five year downward trend, bottoming out at around US$1.95 in early 2016.
Copper prices stayed fairly flat over the next four years, moving in a range of US$2.50 to US$3 per pound.
20 year COMEX copper price chart, 2006 to 2026.
Chart via Macrotrends.
The pandemic’s impact on mine supply and refined copper in 2020 pushed prices higher despite the economic slowdown. The copper price climbed from a low of US$2.17 in March to close out the year at US$3.52.
In 2021, signs of economic recovery and supercharged interest in EVs and renewable energy pushed the price of copper to rally higher and higher. Copper topped US$4.90 per pound for the first time ever on May 10, 2021, before falling back to close at US$4.76.
Also affecting the copper price at that time was expectations for higher copper demand amid supply concerns out of two of the world’s major copper producers: Chile and Peru. In late April 2021, port workers in Chile called for a strike, while in Peru presidential candidate Pedro Castillo proposed nationalizing mining and redrafting the country’s constitution.
In early May 2021, news broke that copper inventories were at their lowest point in 15 years. Expert market watchers such as Bank of America commodity strategist Michael Widmer warned that further inventory declines into 2022 could lead to a copper market deficit.
After climbing to start 2022 at US$4.52, the copper price continued to spike on economic recovery expectations and supply shortages to reach US$5.02 per pound on March 6. Throughout the first quarter, fears of supply chain disruptions and historically low stockpiles amid rising copper demand drove prices higher.
However, copper prices pulled back in mid-2022 on worries that further COVID-19 lockdowns in China, as well as a growing mortgage crisis, would slow down construction and infrastructure activity in the Asian nation. Rising inflation and interest hikes by the Fed also placed downward pressure on a wide basket of commodities, including copper. By late July 2022, copper prices were trading down at nearly a two year low of around US$3.30.
In the early months of 2023 the copper price was trading over the US$4 per pound level after receiving a helpful boost from continuing concerns about low copper inventories, signs of rebounding demand from China, and news about the closure of Peru’s Las Bambas mine, which accounts for 2 percent of global copper production.
However, that boost turned to a bust in the second half of 2023 as China continued to experience real estate sector issues, alongside the economic woes of the rest of the world. The price of copper dropped to a low for the year of US$3.56 per pound in mid October.
Elevated supply levels kept copper trading in the US$3.50 to US$3.80 range for much of Q1 2024 before experiencing strong gains that pushed the price of the red metal to US$4.12 on March 18.
Those gains were attributed to in part to tighter copper concentrate supply following the closure of First Quantum Minerals’ Cobre Panama mine, guidance cuts from Anglo American (LSE:AAL,OTCQX:AAUKF) and declining production at Chile’s Chuquicamata mine. In addition, China’s top copper smelters announced production cuts after limited supply led to lower profits from treatment and refining charges.
BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) attempted takeover of Anglo American also stoked fears of even tighter global copper mine supply. These supply-side challenges continued to juice copper prices in Q2 2024, causing a jump of nearly 29 percent from US$4.04 per pound on April 1 to a then all-time high of US$5.20 by May 20, 2024.
After starting 2025 at US$3.99 per pound, copper prices were lifted in Q1 by increasing demand from China’s economic stimulus measures, renewable energy and artificial intelligence (AI) technologies and stockpiling brought on by fear of US President Trump’s tariff threats.
At the time, Trump had said the US was considering placing tariffs of up to 25 percent on all copper imports in a bid to spark increased domestic production of the base metal.
In late February, he signed an executive order instructing the US Commerce Department to investigate whether imported copper poses a national security risk under Section 232 of the Trade Expansion Act of 1962. The price of copper reached a new high price of US$5.24 per pound on March 26 as tariff tensions escalated.
Trump’s tariff talk sparked yet another copper price rally in early July when he announced he plans to impose a 50 percent tariff on all imports of the red metal, and it moved higher towards the end of the month in anticipation of them entering effect. By the end of the month, the copper price had climbed to US$5.96 per pound.
However, copper’s price plummeted back toward the US$4 mark on July 31 following the reveal that tariffs would not be imposed on imports of raw or refined copper, instead targeting semi-finished copper products.
The price began to rebound once again in September following the accident at Freeport McMoRan’s Grasberg mine, ultimately tipping the market from a surplus position into a deficit.
The price crossed back above the US$5 mark by the end of October, and, with supply and demand fundamentals fueling its momentum, copper was trading at US$5.60 by the end of 2025.
What was the highest price for copper ever?
The highest ever copper price on the COMEX is US$6.61 per pound, while the highest LME copper price is US$14,572.54 per metric ton. Copper hit both of these new all-time highs on January 29, 2026. Read on to found out how the copper price reached those heights.
Why did the copper price hit an all-time high in 2026?
The new copper high on January 29, 2026, resulted from a buying spree driven by speculative trading, primarily out of China amid growing expectations of higher growth in the US economy and an increased global spending on data centers and power infrastructure projects.
That day, copper prices on the LME jumped 11 percent, although the gain had lessened to a 4 percent jump by the close of trading.
Looking at the bigger picture, copper’s rally in recent years has encouraged bullish sentiment on prices looking ahead. In the longer term, the fundamentals for copper are expected to get tighter as demand increases from sectors such as EVs and energy storage.
A May 2024 report from the International Energy Forum (IEF) projected that as many as 194 new copper mines may need to come online by 2050 to support massive demand from the global energy transition.
Additionally, a January 2026 report from S&P Global stated that the world will need 14 million more metric tons of copper annually to meet demand compared to 2025’s 27 million MT of copper. The firm reports that supply is expected to peak in 2030 without expansion.
Looking at renewable energy, according to the Copper Development Association, solar installations require about 5.5 MT of copper for every megawatt, while onshore wind turbines require 3.52 MT of copper and offshore wind turbines require 9.56 MT of copper.
The rise of AI technology is also bolstering the demand outlook for copper. Commodities trader Trafigura has said AI-driven data centers could add 1 million MT to copper demand by 2030, reports Reuters.
Where can investors look for copper opportunities?
Copper market fundamentals suggest a return to a bull market cycle for the red metal in the medium-term. The copper supply/demand imbalance also presents an investment opportunity for those interested in copper-mining stocks.
If you’re looking to diversify your portfolio with other investment options, check out copper ETFS and ETNs or copper futures contracts.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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