Video News/PDAC 2026

Copper’s surge to a record $6.04 per pound is exposing what Frank Giustra calls the early stages of a structural supply crisis. Speaking with Kitco News at PDAC 2026, Giustra said, “We have not seen the craziness yet,” arguing that major producers have delayed acquisitions for too long and are now being forced to pay up for replacement reserves. The US$1.48 billion Hudbay acquisition of Arizona Sonoran at roughly 15 cents per pound in the ground, he said, highlights a widening valuation gap as Tier-1 assets remain scarce. Ian Harris, CEO of Copper Giant Resources (TSXV: CGNT), pointed to mounting geopolitical and infrastructure risks, including the recent bridge collapse affecting exports from the Democratic Republic of Congo, as evidence that supply chains remain fragile. With only a handful of billion-tonne, near-surface copper deposits left undeveloped globally, the executives argued that electrification, AI-driven power demand, and aging grid infrastructure are reinforcing what they see as a long-term deficit in physical copper markets.