The Copper Bottleneck That Rewrites Mining Valuations

Issued on behalf of Salazar Resources Ltd.

VANCOUVER, British Columbia, April 23, 2026 (GLOBE NEWSWIRE) -- USANewsGroup.com News Commentary — The world needs copper faster than it can find it. Latin America's mining sector is pulling in record investment as analysts project a 10 million metric ton supply gap by 2040, and the pipeline of new discoveries keeps falling short despite exploration budgets that have quadrupled since 2005. That gap is already showing up in prices and in boardrooms. Wood Mackenzie's head of copper research recently told Bloomberg that supply constraints remain the dominant force across the sector, with limited production growth keeping prices elevated even through periods of sharp volatility. Five companies span the full spectrum of this pivotal porphyry pipeline: Salazar Resources (TSXV: SRL) (OTCQB: SRLZF), Freeport-McMoRan (NYSE: FCX), Solaris Resources (NYSE-A: SLSR) (TSX: SLS), ATEX Resources (TSXV: ATX) (OTCQB: ATXRF), and Lundin Mining (TSX: LUN) (OTCPK: LUNMF).

Goldman Sachs forecasts copper averaging $12,650 per metric ton in 2026, with a long-term trajectory toward $15,000 by 2035 as electrification, AI infrastructure, and defense spending lock in structural demand growth. The bank also flagged a new risk: sulphuric acid supply chains are under strain, and 17% of global copper output depends on a single processing method now vulnerable to disruption. For copper-gold porphyry assets with permits and drill results in hand, the repricing window is already open.

Salazar Resources (TSXV: SRL) (OTCQB: SRLZF) has identified a high-priority copper-gold porphyry target at its wholly owned Monja Project in Ecuador. Surface mapping defined a two-kilometer by one-kilometer mineralized core within a metallogenic belt that already hosts multiple significant copper deposits in southern Ecuador. The 9,088-hectare concession benefits from year-round exploration access and sits near Sunstone Metals' Bramaderos porphyry project.

Rock chip sampling at Monja returned grades worth a closer look. The best sample came in at 4.77% copper, 1.12 g/t gold, 19.5 g/t silver, and 74 ppm molybdenum. Field crews also documented hydrothermal breccias with pyrite-chalcopyrite matrix, quartz-sulphide stockwork veining, and traces of bornite, all recognized indicators of porphyry fertility at depth.

"We are very pleased to be advancing our 100%-owned Monja concession," said Fredy Salazar, CEO of Salazar Resources. "The identification of a complete copper-gold porphyry system through our own fieldwork highlights the strength of Salazar's exploration team."

Monja is not the only project gaining ground. Salazar recently completed the acquisition of four copper-gold exploration properties from Silvercorp Metals (NYSE-A: SVM) (TSX: SVM), taking full ownership of the Santiago, Pijilí, Tarqui, and Quimi projects. Silvercorp transferred its subsidiary interests in exchange for a 1.5% net smelter return royalty on each property. At Santiago, historical drilling by Newmont intersected 323 metres grading 0.25% copper and 0.40 g/t gold. Tarqui and Quimi sit within the Zamora Metallogenic Belt alongside the producing Mirador Mine and Fruta del Norte Mine.

On the development side, Salazar holds a 25% carried interest in the El Domo copper-gold mine, where Silvercorp is funding construction on a US$284 million budget with production targeted for July 1, 2027. Over 2.6 million cubic metres of material have been moved, a 600-bed construction camp is now operational, and an improved flowsheet delivered a 5.4% increase in copper recovery and a 6.2% increase in gold recovery over the original feasibility design.

With Monja prioritized for mapping and geophysics, drilling planned at Santiago and Tarqui later this year, and El Domo less than sixteen months from production, Salazar is advancing on multiple fronts at once.

Read this and more news for Salazar Resources at: https://usanewsgroup.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/

Other industry developments and happenings in the market include:

Freeport-McMoRan (NYSE: FCX) announced a Memorandum of Understanding with the Indonesia government to extend operating rights for PT Freeport Indonesia across the Grasberg minerals district for the life of the resource, securing one of the world's largest copper and gold deposits well beyond its current 2041 horizon. Under the agreement, Freeport-McMoRan will maintain its 48.76% ownership in PT Freeport Indonesia through 2041 before transferring a 12% share to government interests at no cost, holding approximately 37% beginning in 2042.

"We value our long-standing partnership with the Indonesia government, the people of Indonesia and Papua, and the mutual trust that has been built over many years," said Kathleen Quirk, President and CEO of Freeport-McMoRan. "The Grasberg operations have provided substantial benefits to all stakeholders over its six-decade history, and this extension will provide opportunities to continue to build substantial value for all stakeholders in one of the world's most significant copper and gold deposits."

The agreement also commits PT Freeport Indonesia to increased exploration spending, expanded community investment in Papua including a new hospital and two medical educational facilities, and continued domestic downstreaming of refined copper, precious metals, and sulfuric acid, with positioning to broaden refined copper marketing to the U.S. as demand requires.

Solaris Resources (NYSE-A: SLSR) (TSX: SLS) recently received the technical approval of the Environmental Impact Assessment for the Warintza Project in southeastern Ecuador following a comprehensive multi-year review by the country's Ministry of Environment and Energy, a major permitting milestone that significantly de-risks the copper project. This milestone also triggers the second US$50 million tranche under Solaris Resources' existing US$200 million financing agreement with Royal Gold, further strengthening its balance sheet.

"This approval is a critical milestone for the Warintza Project and an important validation of the technical quality, environmental stewardship and responsible development approach undertaken by our team," said Matthew Rowlinson, President and CEO of Solaris Resources. "The EIA review involved rigorous technical evaluation and close collaboration with regulators over an extended period."

Following the EIA technical approval, the Warintza Project will advance through Ecuador's remaining environmental licensing steps including the government-led Free, Prior and Informed Consultation process, with final permits expected by year-end 2026. Solaris Resources is advancing permitting, infrastructure development, and district-scale exploration at Warintza, positioning it as a globally significant near-term copper development project.

ATEX Resources (TSXV: ATX) (OTCQB: ATXRF) reported drill results from its Phase VI program at the Valeriano Copper-Gold project in Chile's Atacama Region, significantly expanding the B2B mineralized footprint by at least 135 meters to the east. Hole ATXD34 returned 172 meters of 0.80% CuEq within a broader 834-meter interval grading 0.66% CuEq, while regional holes ATXD33 and ATXD30 confirmed porphyry-style mineralization extending southeast and north, establishing a mineralized corridor now spanning 1.8 km north to south.

"Today's drill results represent another important step forward in our understanding of the structural controls and orientation of the higher-grade breccia within a broader mineralized system that has now been significantly expanded to the east," said Chris Beer, Interim CEO of ATEX Resources. "This horizon lies above the high-grade Valeriano porphyry trend and remains open for further expansion into untested areas."

The Phase VI program has completed approximately 24,000 meters across six active diamond rigs and is now expected to exceed 30,000 meters by season's end. Valeriano hosts an Indicated Resource of 475 Mt at 0.88% CuEq and an Inferred Resource of 1,511 Mt at 0.75% CuEq, with multiple holes currently in progress targeting B2B extensions and new magnetic anomalies to the northeast.

Lundin Mining (TSX: LUN) (OTCPK: LUNMF) filed a technical report for its Vicuña Project in Argentina and Chile, confirming results from the February 2026 Preliminary Economic Assessment on what could become a top-five global copper, gold, and silver operation. The staged development plan outlines average annual production of 400,000 tonnes copper, 700,000 oz gold, and 22 Moz silver over the first 25 full years, with a 70-plus-year mine life and an after-tax NPV of $9.5 billion at base-case metal prices, rising to $28.8 billion at recent spot prices.

Stage 1 capital is estimated at $7.1 billion, with an after-tax IRR of 14.8% across all project stages and average annual free cash flow of $2.2 billion during the first 25 full years. The project's first-quartile cost profile includes a cash cost of negative $0.20 per pound of copper net of by-product credits. Lundin Mining holds a 50% interest in the Vicuña district through a joint arrangement with BHP, with a potential sanctioning decision targeted as early as year-end 2026, supported by ongoing detailed design and engineering work for Stage 1.

FURTHER READING: https://usanewsgroup.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/

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