Sub 64c, page-36

Roger that Sarg,

Don't forget our high copper projects.

https://investingnews.com/daily/res...er-investing/copper-prices-during-this-cycle/

"Copper is currently just over $3 per pound, but Leigh Goehring of research firm Goehring & Rozencwajg believes prices could rise as high as $10 during this cycle. "

US$10/lb = US$21,000 per ton

"Goehring added, “I wouldn’t be surprised if something along that magnitude happens in this bull market. We started to hit the bottom a little below $2 back in the first quarter of 2016, so … a target price would be anywhere between $7 to $10 in this cycle.”"

"One of the interesting things is that … when I mention depletion, one of the easiest ways to measure that is the drop of the head grade. That is the amount of copper that’s contained in the ore that’s actually mined and then put through the mill. What we’re seeing is, we’re seeing about a 2-percent drop in head grades per year over the last five to seven years. That’s accelerated from about a 1-percent drop that we saw from 2005 all the way to 2012. And literally back in 2012 we were mining on a global basis, we calculate, copper with about a 0.9-percent head grade. Today we calculate you’re down to about 0.67 [percent] or something like that. It’s been a significant drop and that head grade drop is dropping by 2 percent per year."

"And as Leigh was mentioning earlier, renewable power sources could be 30 to 40 times as copper intensive as a traditional gas or coal plant. So as we begin to make a push — and we clearly have a strong government and societal desire to move towards a certain amount of EV penetration backed by renewables — that’s really going to drive the impact on copper."