Third-Party Recommendation (Art. 8 DelVO 2016/958): Unaltered reproduction of a promotional article created by a third party · Original author: SRC swiss resource capital AG · Initial publication (original): October 18, 2026, 8:30 p.m. Berlin/Zurich · Link to the original publication ·
Advertisement – On behalf of Mogotes Metals Inc. and U.S. GoldMining Inc. SRC swiss resource capital AG has paid investor relations consulting agreements with both companies. Prepared by: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: October 18, 2026, 8:30 p.m. Berlin/Zurich.
++ Copper: Supply and Demand in Tension ++
Dear Readers,
In the copper market, production risks are clashing with growing structural demand. Power grids, electric mobility, and data centers all require the metal; at the same time, mine outages and extended project timelines can disrupt supply. Short-term demand, however, remains dependent on economic conditions and industrial production. Inventory movements and uncertainty regarding trade barriers can also trigger significant price fluctuations.
On August 21, J.P. Morgan Global Research forecast a price of $14,800 per metric ton of copper for the fourth quarter of 2026. The bank cited, among other factors, tight mine supply, sulfur shortages, and looming U.S. tariffs as drivers. The forecast does not constitute a guaranteed price trend.
Sulfur is needed to produce sulfuric acid, which is used in certain copper extraction processes. Labor disputes in Chile and the continued shutdown of the Cobre Panamá mine also highlight supply risks. New production capacity is not available in the short term; at the same time, a weaker economy and increased production could put downward pressure on prices.
Mogotes Metals Plans Extensive Drilling
Mogotes Metals - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - is exploring the Filo Sur copper-gold-silver project in the Vicuña District, which straddles the Argentina-Chile border. At the Albor target area, drill hole FS_DDH_016 returned 180 meters of 0.98 percent copper equivalent starting at a depth of 108 meters, according to a July 9 announcement. This refers to the drill hole length, not confirmed true thickness.
For Filo Sur, Mogotes plans to drill up to 20,000 meters during the 2026–27 season, subject to weather and access conditions. At Beskauga in Kazakhstan, up to 50,000 meters are planned; the project is subject to an acquisition option. At Copper Cliff in Montana, 8,000 to 9,000 planned meters are still pending permits.
U.S. GoldMining Completes Drilling Program
U.S. GoldMining - https://www.commodity-tv.com/ondemand/companies/profil/mogotes-metals-inc/ - holds full ownership of the Whistler Gold-Copper Project in Alaska, according to the company’s own information. The project area covers approximately 217.5 square kilometers. A preliminary economic assessment (PEA) outlines a potential development scenario; mineral resources are not reserves, and their economic viability has therefore not been proven.
On September 22, the company announced the completion of 7,493 meters of drilling in 17 core holes at ten target areas. The program was completed on schedule and within budget. Laboratory results were expected in the coming weeks and by the end of the year; further technical work remains necessary. It is currently unclear whether additional economically viable deposits can be proven.
Conclusion: Mogotes Metals and U.S. GoldMining Approach Milestones
Long-term demand for copper provides a favorable market environment for both exploration companies. For Mogotes, the focus is on upcoming drilling and permits; for U.S. GoldMining, it is on new assay results and the further development of Whistler. Financing and successful execution remain critical.
Current company information and press releases: Mogotes Metals www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ U.S. GoldMining https://www.resource-capital.ch/de/unternehmen/us-goldmining-inc/
For further information, see our Battery Metals Report: www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/
Best of luck and warm regards from Switzerland,
Marc Ollinger
Swiss Resource Capital AG
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Sources: J.P. Morgan, August 21, 2026 www.jpmorgan.com/insights/global-research/commodities/aluminum-steel-copper-prices Mogotes Drilling, July 9, 2026 www.mogotesmetals.com/news/mogotes-metals-drills-180-m-at-0-98-copper-equivalent-expanding-the-albor-copper-gold-silver-molybdenum-discovery-at-filo-sur-vicuna-district Mogotes Planning, September 22, 2026 www.mogotesmetals.com/news/mogotes-update-on-exploration-plans-in-2026-2027 U.S. GoldMining Program, September 22, 2026 https://www.usgoldmining.us/news/us-goldmining-completes-2026-drill-program-targeting-high-priority-porphyry-centers-at-its-100-owned-whistler-gold-copper-project-alaska
Intro Image: Mogotes Metals
Transparency and Conflicts of Interest
Author and Publisher: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible person within the meaning of Section 18(2) of the German Media Services State Treaty (MStV), where applicable: Marc Ollinger. Issuers: Mogotes Metals Inc. (TSXV: MOG) and U.S. GoldMining Inc. (NASDAQ: USGO). The paid IR contracts give rise to a financial interest in a positive portrayal. As of October 14, 2026: Neither the author nor SRC holds shares, options, certificates, derivatives, or other long/short positions in securities of the aforementioned issuers. Future purchases or sales are possible. None of the issuers holds a 5 percent or greater stake in SRC swiss resource capital AG. Preliminary review: The issuers did not receive the article for review or approval.
Methodology and Risks
Date of publication: October 14, 2026. Public sources have been cross-checked; company data has not been independently verified from a technical standpoint. No independent review of drilling data, resource estimates, feasibility studies, or company valuations was conducted. Consequently, this article has not been approved. Studies and timelines are contingent upon, among other things, financing, permits, access to the projects, and successful technical investigations. Exploration, geological, metallurgical, construction, environmental, country, dilution, copper price, and currency risks can significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.
Disclosures and Liability
Paid marketing communication; not an independent financial analysis, individual investment advice, or solicitation to buy; not an offer of securities. Personal investment circumstances are not reviewed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; exceptions include willful misconduct, gross negligence, injury to life, limb, or health, mandatory liability, and breaches of material obligations. In the event of a breach of material contractual obligations due to slight negligence, liability is limited to foreseeable damages typical for this type of contract. The operators of external websites are responsible for their content; their own legal liability remains unaffected. AI was used for research and processing. Editorial responsibility and final human review remain with SRC. © 2026 SRC. Redistribution requires consent or legal authorization.