Morning Briefing: Copper Maintains Momentum, Ivanhoe Electric

Copper's rally toward $6.73/lb amid Chilean supply cuts frames a wave of junior gold and copper drill news, led by Ivanhoe Electric's price-sensitive Santa Cruz study.

• Copper rallying: Copper hovers near $6.73/lb, up 40%+ year-over-year, driven partly by Chile's second consecutive quarterly production cut and tariff effects; gold slipped 0.78% to $4,342, off 7% for the month.
• Ivanhoe Electric's Santa Cruz PFS: A $1.43 billion underground copper-cathode mine in Arizona targets first cathode in 2029, ~75,000 tons/year over 15 years, with after-tax NPV of $3.5 billion/30% IRR at spot $6.79/lb copper, or $1.5 billion NPV/19% IRR at a $4.75 base case.

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