Chokehold On This Asset Would Be 'Cataclysmic To The World' | Olav Langelaar

Summary

Olav Langelaar, VP of Corporate Development at Gladiator Metals, discusses copper's tariff-driven price volatility and long-term supply/demand outlook. He argues copper is structurally undersupplied due to declining grades, slow mine development, and China's 53% control of smelting capacity, while demand grows from emerging markets, electrification, and AI/data centers. He is bullish on copper and copper equities, noting major copper stocks have lagged the metal's recovery, and pitches Gladiator Metals' high-grade Yukon copper project.

• Copper fell after Liberation Day tariffs, then partially recovered as Chinese buyers purchased the dip; Dr. Copper remains cautious.
• Olav sees long-term copper demand growth from emerging markets, the energy transition, and AI/data centers.
• Supply is constrained by falling grades, permitting delays, high capital costs, and 17-year discovery-to-production timelines.
• China controls 53% of global copper smelting, and an export ban would be cataclysmic and hard to replace.
• A copper production deficit is expected around 2027-2028, with forecasts pointing to $5 copper by 2030.
• Olav is bullish on copper equities because major producers remain 25-30% below copper-implied levels.
• Gladiator Metals is exploring a high-grade Yukon copper skarn belt and targets a 40Mt >1% Cu resource at Cowi Park.
• Gladiator is fully funded, drilling 28,000-29,000 meters, with a resource expected late Q1 or early Q2 2026.