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Market

Every Megawatt Of AI Runs On Copper

~9 Mt

Copper supply deficit by 2030 · BMO Capital Markets

US$100B+

Investment needed to build new supply · CRU Group

~50%

Global copper demand growth to 2040 · S&P Global

~30%

Projected supply shortfall by 2035 · IEA

Market Summary

Critical Minerals Technology lead the way as the Canadian Government notes the importance of these minerals as the EV revolution continues to grow.

BMO Capital Markets recently stated that a deficit of 9 Million metric tonnes of copper by 2030 is forecasted.
Earlier in 2021, CRU Group reported the global copper industry needs to spend more than US$100B to build copper mines to able to close what could be an annual supply deficit of 4.7M tonnes by 2030.
Annual demand for zinc in batteries was only 600 tonnes in 2020 but that figure is projected to rise to 77,500 tonnes in 2030 - International Zinc Association (IZA)

The Buildout Is Already Here

One AI campus now uses the power of 1.5 million homes

Elon Musk is building Colossus in Memphis — the world’s largest AI supercomputer site, roughly 2 GW, more than one million chips, over $20 billion.

Each campus of that scale locks in up to 50,000 tonnes of copper. Data-centre power demand is forecast to rise 165% by 2030.

Reuters, Dec 2025 · Copper Development Association · Goldman Sachs

THE GAP · DEMAND AGAINST SUPPLY TO 2040

“Copper is the great enabler of electrification — but the accelerating pace of electrification is an increasing challenge for copper. Supply is not on track to keep pace.”

— Daniel Yergin, Vice Chairman, S&P Global · Pulitzer Prize-winning energy historian

New Brunswick Is Open — And The Majors Are Arriving

THE POLICY SHIFT — 2026

New Mining Act

A 78-page bill tabled May 13, 2026 to replace the Mining Act of 1985. Streamlined approvals, one impact assessment.

Source: gnb.ca

Comprehensive Minerals Strategy

Released March 2026, one-stop permitting.

Source: gnb.ca

Lowest-cost drilling in Canada

The Majors Are Moving In

Agnico Eagle

Selected July 7, 2026 to negotiate an exclusive exploration agreement for the Lake George antimony mine, via subsidiary Avenir Minerals

Canadian Copper

C$96M committed capital, April 2026, for Murray Brook and the Caribou processing plant; first production targeted 2028–29

Kinross Gold

C$16.75M for Williams Brook, 2024–2030; first major gold producer to establish a presence in New Brunswick

“With our new Comprehensive Minerals Strategy and our new Mineral Resources Act, we are taking bold and decisive action to reimagine New Brunswick’s mineral sector.”

— John Herron, Minister of Natural Resources · Government of New Brunswick, 13 May 2026

MAJOR COMPANY PRESENCE — BMC PEDIGREE:

Copper Demand by Source

Electrical and Electronic Products: 38.7%
Building Construction: 30.7%
Transportation Equipment: 11.4%
Consumer and General Products: 9.8%
Industrial Machinery and Equipment: 9.4%

Source: GFMS Copper Survey 2015

There’s about 65 pounds (30 kilograms) of Copper in the average car, and more than 400 pounds go into a single-family home.
To put in perspective just how massive that shortage would be, consider that in 2021 the global deficit came in at 441,000 tons, equivalent to less than 2% of demand for the refined metal, according to the International Copper Study Group. That was enough to send prices jumping about 25% that year.

– BNN Bloomberg