over the next 10 years that silver at least for private transactions will allow silver to become uh both a medium of exchange and a store of value. I believe that we will see uh widespread utilization of physical redeemable silver. there wasn't enough copper. Like we were already concerned about where is the next generation of copper coming from um because there's been a total lack of investment [music] uh in the industry. We need more projects, right? So that's why we're so excited [music] because we know we can have the potential of a project of merit and there aren't very many. >> You're watching Silver News Daily. Subscribe for more. >> Silver isn't just shining, it's screaming. The US dollar, once the unshakable cornerstone of global finance, is quietly bleeding value beneath the surface, and almost no one is prepared for the consequences. But Rick Rule is his shocking forecast. A 75% collapse in the dollar's purchasing power over the next decade. If he's even half right, the price of silver won't just rise, it'll explode. We're talking 600% gains, not because of hype, but because of mathematical necessity. Picture a world where silver isn't just a store of value. It's used to buy your coffee, your groceries, your gas. And that's not even the whole story. While silver prepares for a monetary resurrection, copper is on a crash course with its own supply driven supernova. 20 new mega mines are needed just to keep up with demand, and they don't exist. AI, electric vehicles, and green energy are devouring copper at a pace the world cannot meet. This isn't a forecast. It's a fuse. The dollar is the match. The metals are the powder keg. And when it blows, 150 silver and 10 copper might look cheap in hindsight. Stay with me because the implosion is already underway. And by the end of this discussion, you'll see why both metals are about to redefine reality. >> Accounted for in the silver market. The claims that have always bothered me uh are the claims in the futures market. It is not uncommon for the daily volume of futures obligations in the silver market, the daily volume to exceed by a factor of 200 times, not 200% but rather 200 times the amount of physical silver available for good delivery. This is an extremely extremely leveraged market. Now, virtually all of those claims until very recently, cash settled, which is to say they weren't held for maturity. They were rolled over um you know, whatever happened. Very recently, uh because of location disparities, which is to say the London market not having enough gold, uh there was a location premium for gold in London. uh and what that meant was futures holders in the US would actually take delivery of the physical silver and ship it to London to take as much to take advantage of as much as a 4% disparity uh in the London quote and the Chicago quote that was contemporaneous um you know a one day 4% premium when that happened the gold lease rates in the United States skyrocketed because rather than leasing gold. Uh it was easy to make two or three or 4% si simply shipping that gold to London. What has always scared me was an imbalance between supply and demand between the physical gold uh and that paper gold if more people stood for delivery. Make no mistake, Michelle, if you have a real imbalance uh in the futures market, you are not going to engineer the massive short squeeze that the silver people hope for. What the exchange will do is that they will halt silver trading. They will set an arbitrary price between buyers and sellers and they will cash settle. That's what will happen. The exchanges run for the exchanges for the exchange membmber's benefit. that notwithstanding uh that sort of market turmoil, what is likely to be the agreed upon cash settlement price uh were that shortage to occur, I think would likely be dramatically higher in the circumstance that we see today. >> Now, while silver is the usual topic of this channel, I want to take a moment to talk about another industry that I think is about to go through a massive bull market, the copper market. Experts are predicting that 2026 could be a huge year for copper. And here's why I agree. China dominates copper refining, controlling over 57% of the market share. And here's where things get interesting. Trump and the US government know that they can't rely on China for copper. They need to produce it themselves. Copper is essential for the future. Trump even tweeted it himself saying, "Copper is the second most used material by the Department of Defense." And we are starting to see something we've never seen before. The US government has started to invest in copper companies. They've also been awarding billions in contracts to copper companies. These stocks are skyrocketing and I don't think people are grasping the opportunity here. It's just the beginning, which is why the sponsor of today's video is Copper Giant Resources. copper giant owns 100% of the Mooa project in Colombia. This is located in the Andian Belt, one of the richest copper districts in the world. This is exactly the type of setup Trump is looking for. And what's really interesting is that early interest has already shown as the company's CEO, Ian Harris, was invited to the US embassy in Bogota to discuss shipping concentrate to US refineries instead of China. This is the kind of setup you only see when policy, politics, and a bull market collide. This video is sponsored and is not financial advice, but you should seriously be looking at copper giant resources. >> I will be personally going to Boca Ratona and look forward to answering all those questions and I do Rick loves to say the more hate the more I like it. Right. I do believe that copper is going to be one of the ones that's the most obvious and everyone's going to say, "Yeah, of course." But it's it's hated right now, right? It might be hated now because precious metals are moving forward, etc., etc., but also the funny part is copper is one of the more well-known commodities out there. It's not it's not zebidium, right? You know, it's not I made that up. That's not a real metal, right? But some small little niche market, right? It's well known. It's sitting on the cover of of uh Economist. It's the new oil. Oh, we need more copper. Everybody's telling us we need more copper, etc., etc. Um, but the valuations and the the the equities right now are are a real real real opportunity. And when that switch goes, everybody's like, "Of course." Right. The other one that Copper Giant has is that um, you know, people had been negative on Colombia where our project is, but I think everybody is opening up their eyes to say, "Uhoh, there's elections coming up in 12 months. The whole dynamic is going to change. Wait a second. Why is Freeport there? Hey, why is Rioento there? Why are all these big companies showing up there? And you know, well, you know, 50% of the biggest copper mines in the world go from the bottom of Chile all the way up to to Panama. That's where this Andes Belt produces these big giant copper projects, right? So, it's like all all there's no mystery, right? And you know, if you look at it today, despite the the position, I think that that makes it such a logical choice based on our current valuation and the overall potential. It's uh it would be a very compelling case that I think that Rick would love, right? You know, that it's uh right now it's out. It's the crowd hasn't shown up, but it will make sense when the crowd does show up and it won't take that long hopefully to get there. When Rick Rule predicts the US dollar will lose 75% of its purchasing power. It's not a throwaway headline. It's a red flag for everything we think we know about money. That kind of devaluation doesn't just hurt savings accounts and retirement portfolios. It triggers a total repricing of everything tangible. In simple terms, as the dollar loses value, hard assets like gold, silver, and copper rise. Not because they become more valuable, but because the money used to measure them becomes worth less. Rules projection points to gold hitting 12,000 to $16,000 an ounce. But here's where things get even more explosive. Silver historically outpaces gold during bull markets, often doubling gold's percentage gains. If gold goes up 300%, silver doesn't follow. It leads. A 600% move is not just possible, it's the logical consequence. The purchasing power of fiat currency is evaporating. And silver, long considered the monetary metal in drag, is stepping back into the spotlight. This isn't just about investor sentiment or technical charts. It's about the dollar dying a slow, undeniable death. And when the world's most trusted currency begins to fail, people turn to anything real, anything with weight, and silver is sitting front and center. But this is only the beginning of the repricing storm. >> Silver decouples from gold. Perhaps we've seen that the last four weeks. And when that happens, for a time at least, the gold price seems to pardon me, the silver price seems to move twice as fast as the gold price. I I need to say that that's not how I invest or speculate anymore. uh I own physical precious metals to maintain my purchasing power rather than to speculate or to make money. But there's a whole different class of investors than I who could be expected to be attracted to the volatility and favor silver over gold. And if passed as prologue, one would expect from the period that breakout occurs for silver to outpace gold roughly 2 to1. Therefore, if you believe that the gold price for the balance of this bull market goes up 300%. It would not be uh out of line to speculate that the silver price could go up 600%. Precious metal. I very much believe it's a precious metal and I very much believe over the next 10 years that silver at least for private transactions will allow silver to become uh both a medium of exchange and a store of value. I believe that we will see uh widespread utilization of physical redeemable silver uh in the form of linked tokens, which is to say that silver increasingly I think will trade online. And when that happens uh when you can use your phone to buy a cup of coffee at Starbucks uh in uh fractions of a gram of silver, silver will become at once a store of value and a medium of exchange. And I think that'll happen easily in the next 10 years. With your previous remark, which is to say since the establishment of the Federal Reserve, the US dollar has lost 97% of its purchasing power. That means there's three to go a little bit at a time. Uh we had a dramatic downshift in the purchasing power of the dollar in the period 1970 to 1980. Uh a recovery uh a percentage recovery at least in the early part of the decade of the 1980s. And I think that we're headed back into a period where the downward trajectory in the real purchasing power of the US dollar gains momentum. >> Silver has always been gold's erratic twin. Quiet at first, then violently reactive. And if Rick Rule's prediction of 12,000 to 16,000 gold becomes reality, then silver isn't heading to 40 or 50, it's gunning for triple digits. Historically, when gold surges, silver doesn't just follow, it overcorrects. In the 1980 spike, gold tripled, but silver rose nearly 10fold. The same thing happened again in 2011. Why? Because silver starts cheap, gets overlooked, and then ignites once momentum takes hold. The gold silver ratio today is still hovering around 80 to1, far above its historical average of around 50 to1. And in moments of panic, that ratio collapses. If gold triples and the ratio drops to 30 to1 like we've seen before, silver shoots to $150 by pure math. That's not a pump. It's a formula. And behind it all, silver's role is evolving. It's no longer just a shiny asset. It's a misunderstood barometer of monetary fear. Every dollar that evaporates from real purchasing power pushes silver one step closer to the spotlight. This isn't silver playing catch-up. It's silver preparing to leap past gold, fueled by the very currency that's supposed to price it. Yeah, Rick always talks about what is the compelling question and uh what are you doing to answer that compelling question? If you're not doing that, then you're wasting our money, right? So, we have a couple compelling questions. Uh the big one for Makoa is I told you what a project of merit. What is the planet looking for? Right? And then I'll go into why. Right? But and so we have a resource. We've demonstrated a target. You add those things to get two things together. you're seeing that we're already defining how we're going to get over there and can can we do it. So really the compelling what we're trying to answer is demonstrating to market that we can get over those numbers that there's a pathway to get over those numbers and we're doing it right. So the the obviously we'd be looking at a future update to the resource to be able to to demonstrate that and so that's what we're doing and really MD48 is a big part of that because if we hit on that then the that pathway becomes a whole lot easier right it's a pretty significant step out that you could see okay this project is is is increasing not in small percentages but leaps and bounds but the reason why size and scale is so important I mean this project we've already done it we've put out multiple holes over a kilometer deep that showed mineralization from top to bottom. We're showing that they're highly disseminated mineralization, right? So, it's a it's a part of what makes big copper projects, right? And the reason scale is so important is because I just said we need to build the equivalent of the 20 largest copper mines on the planet. And we need to do that to meet expected uh demand. So, to do that, we really want to build 20 of the biggest copper projects in the world. we don't want to build 200 of them because we can't there's there's not companies to manage it, right? Um and so when companies are looking for things that can actually hit their balance sheet, things that can actually move it and deserves the management uh time of their company to be able to to build them, right? Um because it's too much trying to do 20 bills at the same time, right? uh they want big that can actually move the needle and can help fill this big ex expected gap and that's why but also scale is important because the majority of larger copper projects are copper pfries which is a more disseminated style of copper so therefore scale is really important to have uh the economics right I I I'm a mining engineer I talk a lot about the perfect project is one that starts off at 30,000 tons but sky's your limit you can go up to at least 150,000 tons per day because that would put it in the top 20 category. 30,000 tons per day, you're talking about a minable resource of at least 200 million tons. We've already checked that box. But when you talk about 150,000 over 20 years, you're talking 1.5. But you want also want to see that blue sky. How can this continue to grow that makes it worth my time to invest billions of dollars that it will cost to invest into these types of projects, right? So that is why scale and grade are so important. And I'll add a third one which has been a very tricky one for for the even some of the bigger discoveries and that's near surface right I mentioned in the beginning we put out multiple holes which are showing mineralization all the way from surface right some of the bigger more exciting projects out there right now are uh are quite deep right and deep means doing it underground or a lot of capital to move forward they're projects that are that are not going to happen in the next 10 years right so to to to bring something into production quickly, you need near surface. And that's another thing that Makoa brings to the table. >> Silver isn't just poised to rise, it's wired to erupt. Unlike gold, silver operates with a kind of violent asymmetry. When the market turns bullish, silver doesn't glide up, it slingshots. That's because silver trades in a much thinner market with fewer participants and tighter supply, making price swings far more dramatic. In past rallies, silver has multiplied returns at double or even triple the rate of gold. And today, all the signals are lining up again. The gold to silver ratio isn't just high, it's screaming undervaluation. Every time in history, this ratio has hit extremes like it has in recent years. Silver has responded with a breakout. Combine that with a structural supply deficit, growing industrial demand, and a deteriorating dollar, and you're looking at one of the most explosive setups in financial history. What makes it more dangerous, more urgent, is how quiet it's been. Silver isn't trending on the front pages. It's not being hyped by Wall Street. But underneath, the pressure is building. And when the breakout happens, it won't be orderly. It will be chaotic, fast, and impossible to catch once it starts. Those are much larger markets than the silver market. And in a market where the futures volume is so large relative to the amount of available for good delivery, uh near-term market manipulation, albeit expensive, is really ludicrously uh easy. Uh if you were going to do it on the short side, you construct a short ladder in the futures market. 3 months, 6 months, 12 months, 18 months, something like that. uh you develop a goodsized short position for fun, we'll call it a billion dollars. Uh you borrow a bunch of physical silver and you sell that physical silver as aggressively as you can during the most illquid part of the trading day, attempting, as an example, to drive down the silver price 3%, 4%, 5%. And have that precipitous decline in the physical market impact the quotes in the futures market. cover your shorts on lock limit down days, pay back the silver that you owned and walk away with a profit. I remember in the decade of the 70s where there was allegations that exactly that same type of manipulation happened on the long side. Manipulators generally do what's easiest. If there's a negative bias, they try to manipulate on the downside. If there's a positive bias, they try to manipulate on the upside. >> Silver's breakout won't happen in a vacuum because copper is heading for detonation at the same time. What we're witnessing is the setup for a dual metals meltdown, triggered by two completely different crises converging on the same timeline. On one side, silver is being dragged out of the vaults and back into people's hands as both a monetary hedge and industrial necessity. On the other side, copper is being devoured by a global electrification agenda that has no plan B. These are two metals with completely different roles, but the same trajectory, up fast, and violently. As the dollar's purchasing power implodes, silver becomes the escape valve. As supply chains choke on copper scarcity, copper becomes the bottleneck. And in a financial system built on just in time everything, there is no buffer, no delay, no substitute. Once these markets break, they break hard. And what comes next isn't a price rally. It's a total repricing of metals the world took for granted. >> Um, I do talk uh that copper really and it was called the new oil. It's about the energy transition. It was about It's not just electric vehicles is a big part, but it's also sustainable electricity. They're more uh decentralized, so it means much more infrastructure, but then also, you know, it's the the copper and the electric motors of our electric vehicle, plus how do you charge them, etc., etc. But I'm a lot like um um Rick, right? I I I have a feeling that that sounds good, but it's one of those uh well, it's how much is it going to cost us? Let's just slow that down a little bit. It's something that people can put their brakes on. That sounds great politically, but it might take a little bit longer despite seeing, you know, uh a lot more electric vehicles on the road today, right? Or or, you know, you're seeing Spain losing it its its uh entire power grid. But I I like there's a fundamental behind get rid of that entire story, right? And just the amount of the planet that still doesn't have access to electricity, right? If you look at um the chart, right? you look at you know about a quarter of the world's population is India or near India and today you would say United States is using uh China is using about I got the numbers right here 7.1 kilogram of copper um per person okay United States or Germany is 13.7 and India is less than one right so just knowing moving that whole population and towards uh you know middle class or more more modernization or having electricity we need more copper uh the world's new economies require more copper they require more electricity and there's the third part that I really like the number isn't that big but it is an undeniable hit your pedal to the metal we need to go as fast as they can is AI and data centers right because for many companies and countries it's a battle you can't lose. So if you can find a way to make it faster, you're going to go faster, right? And that means copper. Like another one that a very high techch level country, right? Taiwan is at 18.7, right? They're also one of the biggest chip makers in the world, right? So they require a lot of energy and therefore they require a lot of of copper. And I think those are the drivers. And even if you eliminated those pieces, there wasn't enough copper. like we were already concerned about where is the next generation of copper coming from um because there's been a total lack of investment uh in the industry to make those discoveries and the discoveries that have been made are deeper right so uh-oh and and I think there's a third component we've really taken copper um the majority of new copper like oh man this building new mines is really hard let's just see what we can get more out of the ones we already got right so there was a huge emphasis on Brownfield's expansion, but there's a real limit to to the number of brownfield expansions that are available. And number two, it's the cost for new pound has now significantly passed the anticipation of a cost of a new green fields project. So we need new project. When I say green fields, I mean just new project, not green fields expiration, but green fields projects. We need more projects, right? >> The silver market we see on the charts isn't the real market. It's a paper illusion. Every day over 400 million ounces of silver trade hands on the comics. Yet less than 10% of that volume is backed by actual physical metal. Only about 35 million ounces are registered for delivery. That means the market is leveraged more than 10:1 and all it takes is a small fraction of contract holders demanding real delivery to ignite a supply shock that breaks the system. This is the Achilles heel of the silver market. an invisible fracture point that mainstream analysts refuse to acknowledge. Price is being manipulated by a mountain of synthetic supply. But it's all smoke. When even a small portion of investors stop playing the paper game and demand physical ounces, the entire pricing structure could collapse overnight. It's not a theory, it's a math problem. You can't deliver what doesn't exist. And when that moment arrives, silver won't just rise. It'll repric violently and permanently as the world wakes up to the difference between paper promises and physical reality. >> Volatile, but will also be within a sec secular bull market cyclical. Uh I remember very well, Michelle, uh the decade of the 1970s when the gold price went from $35 an ounce to a high of $850 an ounce. A 30fold bull market. In the middle of that amazing move, 1975, the gold price fell by half. The quote slipped from about a hundred, from about $200, pardon me, to about $100. A whole bunch of people who had been gold faithful at 200, lost the faith at 100. They got shaken out just in time to miss a move from 100 to $850. The point of all this is that for reasons we'll discuss later, I think the gold price is going higher, but it will not be a smooth ride higher. They never are. I believe we'll do that because of onbalance sheet and offbalance sheet deficits in the US government relative both to gross government income, but also relative to the size of the GDP. I don't think that we have the political will to have a default uh in terms of offbalance sheet obligations. So I think we'll have a stealth default, a default where we inflate away the net present value of the obligations. I believe further uh Michelle that uh the decline in the real purchasing power of the US dollar, the absolute decline in the abs in the purchasing power of the US dollar will generate a nominal, which is to say US dollar gold quote that mirrors the decline in purchasing power. So a 10-year long three-fold increase in the gold price or even a full four-fold increase in the gold price is something that a reasonable statistician could imagine with a 75% decline in the purchasing power of the US dollar. >> The pressure building beneath the surface is already leaking into the retail market and it's screaming one thing. The squeeze has begun. Even as silver prices fluctuate on the comics, retail premiums refuse to drop. Whether it's American Eagles, Canadian Maples, or silver bars, buyers are paying steep markups just to get their hands on real metal. Why? Because physical silver is disappearing from shelves faster than it can be restocked. Wholesalers are struggling. Dealers are rationing. And when silver dips, the buying intensifies, not slows. This isn't just strong demand. It's a symptom of structural scarcity. Comics may flash a $26 price tag, but good luck finding a 1oz coin for under $35. The dislocation between paper and physical silver is widening. And that gap tells the real story. While the world watches charts, those who understand the mechanics are draining supply. It's not a frenzy yet, but it's starting to look like one. And once the crowd catches on, that supply won't just be tight, it'll be gone. >> That metal was stored in the Royal Canadian Mint. Uh the second was the audit procedures. Um we may have a we may have invented uh good delivery audit at SPR. It's not that tough to do but you have to do it and as demand for those audit and storage services grow as they become uh more uh more demanded they'll become more available. Uh I think you'll see all that. The third part of trust will have to do with the balance sheet. At SPAT, we had a big advantage as fiduciaries relative to private fiduciaries because serious investors could look uh at SPAT's quarterly and annually and annual reports and they could see that the fiduciary, if you will, uh the institution that guaranteed the availability availability of goods and of gold and silver uh was both solvent and liquid. uh with a lot of the offerings online now the balance sheet and the income statement of the guarantor are not matters of public record. Uh and the internal audits uh are on a quarterly basis rather than on a daily basis which is what they would need to be in order for you to have a coin that was simultaneously a store of value and a medium of exchange. >> Got it? Here's step seven. For centuries, silver has carried the weight of money. But in the modern world, it's been cast aside, relegated to an industrial afterthought. That's about to change. As fiat currencies crumble under the weight of debt and inflation, silver is preparing for its reintroduction, not just as a store of value, but as actual usable money. And it's already starting. States like Texas and Nevada are exploring laws to reclassify gold and silver as legal tender. Meanwhile, blockchain platforms like Kinesis and Load are building tokenized silver products physically redeemable, tradable in real time. Think about it. In a world where the dollar loses 75% of its purchasing power, what do you trust to buy a cup of coffee? Not a CBDC, not a digital dollar. You trust something real, something tangible, something with intrinsic value. Silver is that something. It's divisible, portable, and already minted into coins around the world. All it needs is demand. And that demand is building. Slowly, quietly, silver is stepping back into its ancient role. Not a speculative asset, not an industrial commodity, but money. Real money. >> I'm going to answer this in a in a couple different ways. The first is we are in a momentum market. We have to recognize we're in a momentum market, right? And there's really we track this very closely. I like understanding the under underlying valuation for my company and where it should be valuated based on uh where things sit. And right now we're seeing you know for a decent project that's not moving forward right you there's a valuation between 0.1 and 2 cents per pound in the ground. um where there's a second set of project copper projects that are moving forward still in that resource stage like us I'm comparing apples to apples that is minimum as around 1 cent per pound in the ground right so we are now moving forward we are now demonstrating we're now doing all the things to show market that this project is moving forward and it's a project of merit okay we with a high level of confidence know that when that all gets figured out we should transition and do the graduation from a non-moving forward project to a moving forward project. And so there there's a 5x at a minimum sitting just from market understand this project is moving forward. Now, as you get further down the line, it goes to 6 7 8 cents per pound in the ground. As you get a project that goes into more of a project development stage and and really probably isn't valued truly for its pounds per the ground, but what is its NPV, right? Uh it starts it continues to grow and it's managing it that Lan curve, right? I like I'm a mining engineer. I love it. post discovery, it's in that little lull, and now take it from here and move it up the next curve of value, which is moving it towards a production uh decision. And you can see it because there's not that many projects out there, we can put them, and we know what those those values are. And so that's the other thing that we're very excited about. We know when Copper Giant begins to move and graduate um that there's a compelling reason to do it. The fundamentals are there. We've got all the pieces together. It's more about just getting that and telling that story. And that's why we're getting excited about July because all the pieces are coming together to really get this story out and start that graduation to a new valuation. Copper is walking into a storm and almost no one sees it coming. While silver gets the headlines, copper is facing a crisis so big it could rip through the global economy. The world is electrifying fast. AI data centers, electric vehicles, solar grids, and the massive green infrastructure push are all copper hungry giants. And yet, here's the catch. The world needs at least 20 new massive copper mines to meet projected demand by the early 2030s. But those mines don't exist. They're not funded. They're not permitted. They're not even discovered. This isn't just a bottleneck. It's a brick wall. The copper pipeline is dry and new supply takes over a decade to come online. As demand soarses, supply stays flat or worse, declines. That's the perfect setup for a price eruption. And it's not a theory. It's already showing. Inventories are shrinking. Spot premiums are climbing. And copper is quietly positioning itself to become the most critical and scarce industrial metal on the planet. While everyone's distracted by gold and silver, copper is preparing to make its move. RC, right? And so, uh, that's it, right? You know, and we're talking about big copper mines. Uh in my experience in the past was at Coriente which had the Miridor project. We took it. It sold for 690 million. I think made um you know Rick and a lot of his followers a significant amount of money in that process through Coriente. Um and that it finally went on to be the first industrial scale mine in the history of of uh Ecuador. And so that was the attraction to Makoa in Colombia for myself. right? Um, same Jurassic Belt and I knew the potential and our chance here to lock up a district, right? Cuz nobody was really looking yet at Colombia, but geology doesn't respect um country boundaries, right? So this big Jurassic, we've locked up amount of land that would be equivalent if it was in Ecuador that would have covered Fut Norte, Miridor, Miridor, Norte, Panza, St. Carlos, and Warrena. Right? So it's a significant amount of ground. We cover the entire Jurassic. And we have this gemstone which is called uh Makoa which already has a 600 million ton resource but the problem in market has been people thought that was it. Normally people do a resource as everything's been drilled out but in this case it was an inherited resource because it was went from B2 gold uh into another company and that resource was done but it was open in all directions. So, the exciting news that we we just put out is um that we we've had a really rough little rain season here and now we've got both drills turning. They're both turning, but the big one is the whole MD48 is a significant step out based on this expiration target work that we've done going after basically a potentially a new a new center or showing a big extension of the existing deposit to really show and demonstrate this project could potentially getting a lot bigger. Plus an update on where we're at. We're almost done with MD47. So, basically, we're back in business. We've been kind of quiet recently as we dealing with a lot of mud, but things now are the drills are all turning. So, a lot went over and just, you know, a lot of different tidbits right there just from the beginning, but obviously we're seeing some significant inertia building uh and looking forward to, you know, over the next few months. Um, some significant news coming out of the company. >> Silver may be stealing the spotlight, but Copper's crisis runs even deeper and more dangerously hidden. The world has underinvested in copper for over a decade. Why? Because mining copper isn't just expensive, it's political. New projects face endless delays from environmental regulations, permitting hurdles and local opposition. And the few mines that do get approved, they're often lowrade, high cost, and nowhere near the scale we need. Meanwhile, existing mines are aging with oreg grades declining year after year. Chile, once the copper king, is seeing production drop while national policy grows more hostile to foreign miners. The result, a massive mismatch between what the future demands and what the market can deliver. And here's the kicker. Investors still aren't pricing this in. The market is sleepwalking toward a copper cliff. And when the realization hits, it won't be gradual. Prices will spike. Projects will scramble for funding. And by then, it'll be too late. Copper isn't just in a shortage. It's trapped in a systemic supply failure that no amount of demand destruction can solve. >> Two little Pandora's boxes that are very exciting. And the first is um you know there's not a lot of good copper stories out there despite seeing such uh you know being on the front cover of the economist. The copper is the new oil. there's some expectations but we've gone through a lot of noise in in market re recently but there's still that expectation that um you know we need a lot of copper and it's not just energy transition it's AI data centers or that India is developing and we need it for electrification it's so much pent up um demand at a time where we were already concerned about supply and so the term copper giant really comes from the concept that there are true projects of merit. There's just the list is very short. Um, you know, there are estimates that in the next 20 years, we need to build the equivalent of the 20 largest copper mines in the world, right? And those and so I keep telling everybody cuz I'm a mining engineer that our biggest issue, you know, with a lot of other industries, it's a it's a production problem. It's a it's getting that production to market in time. But in copper, we have a deposit problem. there are not enough deposits. So, in conversations with majors, um it it always comes up a project of of merit. They're looking for 2 billion tons at a 0.5% copper copper equivalent, which is about 20 million tons of copper equivalent. And that's a big that's a giant, right? Those are big projects, right? Uh so there's excitement behind that. um and that we've demonstrated that we're showing a pathway to be able to hit those numbers and that maka our project has that potential. We put out recently an expiration target demonstrating that which is leading up to a little bit of the news. The other part of the story is there's been very few large scale copper mines built in the last 10 years. And this is the where Rick and I have crossed paths, right? Um there's really very few. There's a there one or two depending on which date you want to put in Peru, but the rest were it was Ecuador with Miridor, Panama, Pan, Cobra, Panama, and then you also have Congo or the >> silver may be stealing the spotlight, but copper's crisis runs even deeper and more dangerously hidden. The world has underinvested in copper for over a decade. Why? Because mining copper isn't just expensive, it's political. New projects face endless delays from environmental regulations, permitting hurdles and local opposition. And the few mines that do get approved, they're often low-grade, high cost, and nowhere near the scale we need. Meanwhile, existing mines are aging with oreg grades declining year after year. Chile, once the copper king, is seeing production drop while national policy grows more hostile to foreign miners. The result, a massive mismatch between what the future demands and what the market can deliver. And here's the kicker. Investors still aren't pricing this in. The market is sleepwalking toward a copper cliff. And when the realization hits, it won't be gradual. Prices will spike. Projects will scramble for funding. And by then, it'll be too late. Copper isn't just in a shortage. It's trapped in a systemic supply failure that no amount of demand destruction can solve. The financial system is asleep at the wheel and most investors are still playing by rules that no longer apply. Central banks are distracted by interest rate narratives. Equity markets are chasing tech bubbles and institutional analysts are clinging to outdated models that can't account for real world shortages or currency decay. They're missing the signals. Signals that are flashing red in the physical silver and copper markets. Physical premiums, supply deficits, tokenization, legal tender legislation, and mine delays. They're not anomalies, they're warnings. Meanwhile, the smart money is already repositioning. They understand that we're not heading into a metals bull run. We're entering a global repricing event. It's happening quietly in retail shortages, in falling comics inventories, in mining exploration budgets that can't keep pace with demand. But when the curtain is pulled back, there won't be time to react. Silver will already be climbing past $100, copper past $6, and the window to act will have slammed shut.