Copper’s record-breaking rally is often attributed to the prospect of U.S. tariffs, but Frank Holmes, chief investment officer of U.S. Global Investors (NASDAQ:GROW), argues the market is signaling a deeper structural problem. In this op-ed, Holmes examines weakening global mine output, a decades-long decline in major copper discoveries and the growing difficulty of bringing new deposits into production. With demand set to rise alongside the expansion of AI data centers and electricity infrastructure, he argues that copper’s supply constraints, rather than tariff speculation, may be the more important force behind the metal’s advance.
Copper set another record this week. Three-month metal on the London Metal Exchange (LME) touched $14,779 a ton on Tuesday, while New York futures crossed $3.74 a pound. The red metal is up roughly 24% this year and about 51% over the past 12 months, beating Magnificent 7 stocks.
Pinnacle Silver & Gold Corp (TSX-V:PINN, OTCQB:PSGCF, FRA:P9J) earlier this week provided an update on underground drilling at the Pinos Cuates mine, where the company has extended a high-grade gold zone and gathered further information about the continuity of mineralization.
CEO Robert Archer told Proactive that the underground drilling program, which began several months ago, had been generating detailed information on the deposit. He said the project had never previously been drilled and that the company had opted to start underground while it waited for permits for its planned surface program.
Domestic Metals Corp (TSX-V:DMCU, OTCQB:DMCUF, FRA:03E0) earlier this week provided an update on drilling at its Smart Creek project in Montana, with CEO Gordon Neal outlining a fully funded 9,000-metre program targeting copper and precious metals across two areas of focus.
Neal told Proactive that drilling had started at Smart Creek, where Rio Tinto previously completed 26 holes between 2017 and 2022.
Purepoint Uranium Group Inc (TSX-V:PTU, OTCQX:PTUUF, FRA:P5X0) earlier this week reported assay results from its winter drilling program at Dorado, with CEO Chris Frostad saying the work had confirmed a high-grade uranium system and provided important geological information for the company’s ongoing exploration.
Proactive: Really good news out today from the company and a news release that you’ve been able to expand your uranium discovery at Dorado. Tell me a little bit about what you’re seeing here in this news.
Ocean Power Technologies Inc (NYSE-A:OPTT) will carry out a 1-for-30 reverse stock split, with shares trading on a split-adjusted basis starting September 14, 2026.
The company said the split is meant to raise its per-share price and improve marketability and liquidity.
Renalytix PLC (AIM:RENX, OTC:RNLXY, FRA:2O9)) advanced to 6p, up 7%, alongside disclosures of a larger UBS holding and share purchases by chief executive James McCullough.
The kidney diagnostics company reported UBS voting rights of 6.62%, up from 5.17% in the previous notification, in a filing released on Friday.
Buccaneer Energy Plc (AIM:BUCE, FRA:LMU1) shares rose over 15% to 0.011p in early Friday trade after chief executive Paul Welch told the SmallCapPix platform that net production has more than doubled since mid-2024.
The AIM-listed oil and gas exploration and production company holds assets in Texas and is building a European onshore gas strategy.
KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF, FRA:KMSA), the AIM-listed explorer developing the Tulu Kapi gold project in Ethiopia, said all employees affected by last week's security incident have been accounted for, with no further casualties.
One employee was killed and Kefi suspended development at the site after the attack on 4 September.
Resolution Minerals Ltd (ASX:RML, OTCQB:RLMLF, FRA:NC3) has completed its major 2026 diamond drilling program at the Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho.
The drill program comprised 42 holes drilled for 12,236 metres across the Golden Gate North and South prospects.
Titan Minerals Ltd (ASX:TTM, OTC:TTTNF) earlier this week reported further extensional and infill drilling results from its Dynasty Gold Project in southern Ecuador as the company works towards an updated mineral resource and scoping study in the first quarter of next year.
CEO Melanie Leighton said the latest results continued to extend mineralisation at Dynasty, highlighting an intercept of 16 metres at 2.8 grams per tonne gold and 9.1 grams per tonne silver. She said the result represented an additional 30-metre step-out on one particular lode and sat outside the current resource.
