Olav Langelaar

Olav is bullish on Gladiator Metals because it controls a 35-km high-grade copper skarn belt near Whitehorse, Yukon, which was privately held for 40 years and is only now receiving meaningful exploration. Gladiator is hitting near-surface intervals of 7-10% copper over broad widths; its Cowi Park prospect is targeting a 40 million ton resource at greater than 1% copper plus silver, gold and molybdenum credits, with a 43-101 resource expected late Q1 or early Q2 2026. High grade, roughly double the world average, should lower mining and milling costs and capital intensity and make the project robust. Olav's screen found only 22 undeveloped >40Mt 1% copper projects globally, only four open-pittable, with two in conflict jurisdictions, so Gladiator could become a top-three asset. The company is fully funded with about $17M cash, plans 28,000-29,000 meters of drilling, and sees additional resource potential in the Chiefs and Arctic Chief trends, targeting 100Mt over time.

Olav is long-term bullish on copper because supply is structurally constrained while demand grows. He cites emerging-market per-capita catch-up, the energy transition, and digital/AI infrastructure as demand drivers. Supply is constrained by declining grades, deeper and more impure mines, permitting delays, capital costs around $44,000 per ton, and 17-year discovery-to-production timelines; only 10 of 34 major copper projects in the last decade reached production. He expects a production deficit around 2027-2028 and forecasts $5 copper by 2030, with about 50 million tons needed annually by 2050 versus 22 million today, requiring a higher incentive price. China's 53% control of global smelting and the risk of an export ban add upside risk.