CSE: NRED | OTCQB: NREDF - UBS Just Raised Copper Price Forecasts Again As Supply Constraints Keep Tightening

Another major copper headline dropped today and honestly it keeps reinforcing the same bigger macro theme. UBS just raised its copper-price forecasts again, specifically pointing to ongoing supply constraints despite mixed short-term market signals. That matters because the copper market keeps getting pulled in two directions at once: Short term: • economic uncertainty • China demand concerns • market volatility Long term: • AI infrastructure expansion • electrification • transformer shortages • grid upgrades • robotics demand • strategic-minerals policy shifts • structural supply deficits And increasingly the long-term story seems to be winning. Over the last few weeks alone we’ve already seen: • copper prices near record highs around $6.69/lb • hedge funds increasing bullish copper positioning • governments discussing critical-mineral stockpiles • AI infrastructure forecasts pushing copper-demand estimates higher • humanoid robotics emerging as another possible copper-demand layer That broader setup honestly makes future copper supply increasingly valuable. Which brings me back to: • CSE: NRED • OTCQB: NREDF NovaRed Mining is still early-stage obviously, but the Wilmac story has become much more technically advanced over the past few months. Recent work now includes: • copper-in-soil support reportedly up to 1,125 ppm Cu • North Lamont highs up to 379 ppm Cu • western cluster averaging roughly 209 ppm copper • historical 3DIP/AMT interpretation • two interpreted intrusive centres • upward pipe-like porphyry features • deeper conductivity anomalies The project itself is also district-scale: • around 16,078 hectares • roughly 160 square kilometers • around 39.7k acres • roughly 30k football fields • about 2.7x Manhattan And importantly: Wilmac sits roughly 10 km west of Hudbay Minerals Inc.’s Copper Mountain Mine inside BC’s Quesnel porphyry belt. The AI side through MetalCore also feels increasingly relevant because exploration itself is moving toward: • AI-assisted targeting • integrated geophysical analysis • probabilistic geological modeling • data-driven exploration workflows NovaRed recently reported: • 249 onboarding applicants shortly after MetalCore launch The interesting part for me is that multiple narratives now appear to be converging simultaneously: • stronger copper-price outlooks • tighter future supply expectations • AI infrastructure demand • strategic critical-minerals policy • AI-enabled exploration Still speculative obviously. No resource estimate and no producing mine. But if large institutions like UBS continue raising copper-price expectations because supply growth cannot keep pace with future demand, then district-scale copper exploration projects in stable jurisdictions probably become increasingly important over time. NFA