News Release
Copper Surges to 14-Month High on Supply Risks and Economic Recovery Hopes
MarketJar
Copper just hit its highest level in 14 months, exceeding $9,300 per ton, driven by mounting supply risks and hopes for a global economic recovery. 1 This rally, which began in early February, was bolstered after Fed Chair Jerome Powell pumped the brakes on potential rate cuts. 2 At the same time, setbacks at key mining operations have forced smelters to pay unprecedentedly high prices for raw ore. In turn, China’s biggest copper smelters, which are responsible for over half of the global refined copper production, are planning to collectively cut output by 5-10% in response. Over the next two years, experts see copper prices soaring by more than 75%, driven by disruptions in mining supply and increased demand for the metal, especially in renewable energy. 3 Highly-anticipated interest rate cuts later this year are also contributing to the bullish outlook for copper, as a weaker dollar would make greenback-priced copper more attractive to foreign buyers. Market optimism is further fueled by the recent COP28 conference, where over 60 countries supported tripling global renewable energy capacity by 2030. Citibank views this as "extremely bullish for copper," with forecasts suggesting an additional 4.2 million tons of copper demand by 2030, potentially pushing prices to $15,000 a ton in 2025. Goldman Sachs predicts copper prices could reach $10,000 per ton within the year due to robust Chinese demand and ongoing supply-side shocks. 4 In the midst of surging demand and tightening supply, Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) is poised to make a substantial impact with a 400-million-pound (Combined: Ind & Inf) historical high-grade deposit in the heart of the Abitibi Greenstone Belt. Abitibi Metals just secured the funding to complete a 7-year option agreement in just four months to acquire an 80% stake in the B26 Polymetallic Copper Deposit, an advanced, high-grade development project that was initially funded by the Quebec government. The deposit currently boasts an historical indicated resource of 6.97 million tonnes at 2.94% copper equivalent (Cu Eq) and 4.41 Mt at 2.97% Cu Eq inferred, 5 with significant room for expansion. Abitibi Metals Corp. is currently conducting a fully funded 50,000 metres drill program to explore this potential further. Abitibi Metals Positioned for Growth in the Copper Market On April 15, Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF) announced the expansion of its maiden drill program at the B26 Deposit to approximately 13,500 metres. The company aims to complete this program by the end of April as part of a fully funded 30,000-metre 2024 field season. The decision to increase its drill plans follows the deployment of a third drill at the project earlier this month to explore the expansion potential down-dip and along strike and the discovery of some of the highest-grade intercepts in the project’s history. Last month, Abitibi Metals Corp. reported significant drill results at the B26 Deposit including 11.4% CuEq over 10.6 metres beginning at 135 metres depth and 6.3% CuEq over 10.6 metres beginning at 120 metres depth.Deluce noted that upon completion, the company will have a substantial exploration budget of $15.1 million for 2024-2025, effectively fulfilling their 7-year work commitments in just 2 years. This financing will support Abitibi Metals in drilling approximately 50,000 meters at the B26 Deposit, showcasing the company's commitment to advancing this project aggressively. Backed by heavyweight investors like the Deluce Family, Greg Chamandy, and Frank Giustra and an all-star advisory board with members who have held pivotal roles at major mining companies, including Hecla Mining, Eldorado Gold, Agnico Eagle, Kirkland Lake Gold, and Skeena Resources. As the competition for copper intensifies, Abitibi Metals Corp. is well-positioned to make significant strides in 2024 and beyond. The company also recently announced the closing of a non-brokered private placement raising gross proceeds of C$7.1 million. The offering involved the issuance of up to 10,702,627 common shares of the company bringing the total treasury to just over C$19 million today. Abitibi Metals CEO Jonathon Deluce highlighted that this funding, coupled with the success of their maiden drill program, will enable the company to pursue key strategic objectives and expedite its plan to acquire up to 80% of the B26 Deposit. Visit this website or explore their investor presentation to learn more about Abitibi Metals Corp. (CSE:AMQ) (OTCQB:AMQFF). Footnotes: [1] https://www.mining.com/web/copper-price-jumps-to-new-14-month-high-on-supply-risks-demand-hopes/ [2] https://abcnews.go.com/Business/fed-chair-jerome-powell-pumps-brakes-rate-cuts/story?id=108792470 [3] https://www.cnbc.com/2024/01/03/copper-appears-set-to-rally-more-than-75percent-by-2025-analysts-say.html [4] https://www.ft.com/content/c3c66359-6bdb-45cb-8ddd-663f10c1d3d9 [5] A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. The issuer is not treating the historical estimate as current mineral resources or mineral reserves. Rapport Technique NI 43-101 Estimation des Ressources Projet B26, Québec, For SOQUEM Inc., By SGS Canada Inc., Yann Camus, ing., Olivier Vadnais-Leblanc, géo., SGS Canada – Geostat., Effective Date: April 18, 2018, Date of Report: May 11, 2018 Disclaimer: 1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector. 2) The Article was issued on behalf of and sponsored by, Abitibi Metals Corp.. Market Jar Media Inc. was paid $1,500 for the production and publishing of this article by Abitibi Metals Corp.’s Digital Marketing Agency of Record (Native Ads Inc.). Additional details relating to Market Jar Media Inc.’s engagement by Abitibi Metals Corp.’s Digital Marketing Agency of Record (Native Ads Inc.) are set out in https://pressreach.com/disclaimer-amq. 3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. Market Jar has not independently verified or otherwise investigated all such information. None of Market Jar or any of their respective affiliates, guarantee the accuracy or completeness of any such information. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy. 4) The Article does not constitute investment advice. All investments carry risk and each reader is encouraged to consult with his or her individual financial professional. Any action a reader takes as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on pressreach.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on pressreach.com. 5) Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article. 6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Abitibi Metals Corp.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Abitibi Metals Corp.’s industry; (b) market opportunity; (c) Abitibi Metals Corp.’s business plans and strategies; (d) services that Abitibi Metals Corp. intends to offer; (e) Abitibi Metals Corp.’s milestone projections and targets; (f) Abitibi Metals Corp.’s expectations regarding receipt of approval for regulatory applications; (g) Abitibi Metals Corp.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Abitibi Metals Corp.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Abitibi Metals Corp.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Abitibi Metals Corp.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Abitibi Metals Corp.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Abitibi Metals Corp.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Abitibi Metals Corp. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Abitibi Metals Corp.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Abitibi Metals Corp.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Abitibi Metals Corp.’s business operations (e) Abitibi Metals Corp. may be unable to implement its growth strategy; and (f) increased competition.Except as required by law, Abitibi Metals Corp. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Abitibi Metals Corp. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Abitibi Metals Corp. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document. 7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Abitibi Metals Corp. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Abitibi Metals Corp. or such entities and are not necessarily indicative of future performance of Abitibi Metals Corp. or such entities. 8) Investing is risky. The information provided in this article should not be considered as a substitute for professional financial consultation. Users should be aware that investing in any form carries inherent risks, and as such, there is a possibility of losing some or all of their investment. The value of investments can fluctuate significantly within a short period, and investors must understand that past performance is not indicative of future results. Additionally, users should exercise caution as transactions involving investments may be irreversible, even in cases of fraud or accidental actions. It is crucial to acknowledge that rapidly evolving laws and technical issues can have adverse effects on the usability, transferability, exchangeability, and value of investments. Furthermore, users must be cognizant of potential security risks associated with their investment activities. Individuals are strongly encouraged to conduct thorough research, seek professional advice, and carefully evaluate their risk tolerance before engaging in any investment endeavors. Market Jar Media Inc. is neither an investment adviser nor a broker-dealer. The information presented on the website is provided for informative purposes only and is not to be treated as a recommendation to make any specific investment. No such information on PressReach.com constitutes advice or a recommendation. Contact Details James Young +1 800-340-9767 campaigns@pressreach.com Company Website https://pressreach.com
April 16, 2024 08:30 AM Eastern Daylight Time
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