Energy Transition Metals: Copper Gap Not Closed in the Long Term

​

​

Third-Party Recommendation (Art. 8 DelVO 2016/958): Unmodified reproduction of a promotional article created by a third party · Original Author: SRC swiss resource capital AG · Initial Publication (Original): November 4, 2026, 5:31 a.m. Berlin/Zurich · Link to the original publication ·

Advertisement — On behalf of Mogotes Metals Inc. and Canada Nickel Company Inc., with which SRC swiss resource capital AG maintains paid IR consulting agreements. Prepared by: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: November 4, 2026, 5:31 a.m. Zurich/Berlin time

Dear Readers,

In the “Transition Metals Outlook 2026,” BloombergNEF (BNEF) expects sufficient supply capacity for nine out of ten metals through 2050, provided that mines continue to be developed and depleted deposits are replaced. Copper remains the exception: the modeled deficit grows by 2050 to 20 million metric tons — 44 percent of projected demand in 2050. Required mining investment: US$332 billion.

A look at the nickel market shows that the cuts in nickel production announced by the key producing country Indonesia have not been as pronounced as expected. Around 60 percent of the world’s nickel comes from Indonesia. Rapid price increases are therefore probably not desired, although the Indonesian government continues to keep an eye on a price increase. Nickel production will, however, decline, which should provide additional support for the nickel price.

Mogotes Metals Plans More Drilling at Filo Sur

Mogotes Metals - https://www.rohstoff-tv.com/mediathek/unternehmen/profile/mogotes-metals-inc/ - completed the acquisition of a 100% interest in Filo Sur in the Argentine-Chilean Vicuña district in 2025. On September 4, it reported from FS_DDH_016 180 meters at 0.98 percent CuEq from 108 meters downhole, including 58 meters at 1.77 percent CuEq. The true width is undetermined; CuEq is not a copper grade. ^{³³ ⁵}

For 2026/27, Mogotes is planning at Filo Sur up to 20,000 meters of drilling, more than triple the 6,208 meters of 2025/26. ^⁶

Canada Nickel: Resources and Pending Permits

Canada Nickel - https://www.rohstoff-tv.com/mediathek/unternehmen/profile/canada-nickel-company-inc/ - reported on July 23, near Timmins (Ontario), for Nesbitt 24.5 million metric tons of indicated and 152.1 million metric tons of inferred resources, each at 0.23 percent nickel, and for Deloro 118.7 and 498.2 million metric tons, each at 0.25 percent. ^{⁷ ⁸}

On August 6, in hole REI26-92A, drilled on Reid, the company intersected 0.29 percent nickel over 576.6 meters starting at 26.4 meters downhole.^{³⁴ ⁹ ¹⁰}

Conclusion: Mogotes Metals and Canada Nickel Ahead of Milestones

Long-term copper demand remains a topic; for nickel, supply and the battery mix shape the outlook. At Mogotes, further drilling and a confirmed start to the season are what matter; at Canada Nickel, resource development and permits. ^{¹ ⁶ ⁷ ⁹ ¹⁰ ³⁴}

Current company information and press releases: https://www.resource-capital.ch/de/unternehmen/mogotes-metals-inc/ and https://www.resource-capital.ch/de/unternehmen/canada-nickel-company-inc/.

Further information is available in our Battery Metals Report: https://www.resource-capital.ch/de/reports/ansicht/batteriemetall-report-2026-03/

Glück auf and warm regards from Switzerland,
Yours, Marc Ollinger
Swiss Resource Capital AG

Swiss Resource Capital AG at a Glance:

Our website: https://www.resource-capital.ch/de/

Interesting and exclusive videos and interviews: https://www.rohstoff-tv.com/, https://www.commodity-tv.com/ and https://www.youtube.com/@SwissResourceCapitalAG

All free commodity reports: https://www.rohstoff-reports.com/

Register for our roadshows: https://www.european-roadshows.com/de/

Sources: [4] USGS: MCS 2026 Nickel, February 2026 · [3] ICSG: Copper forecast 2026–2027, October 14, 2026 · [1] BNEF: TMO 2026, October 20, 2026 · [2] Finanzen.net/UBS, October 25, 2026 (secondary) · [33] Mogotes: Filo Sur acquisition completed, October 20, 2025 · [5] Mogotes: Filo Sur drilling, September 4, 2026 · [6] Mogotes: Drill plans 2026/27, September 22, 2026 · [7] Canada Nickel: Nesbitt/Deloro, July 23, 2026 · [9] IAAC: Crawford decision, July 31, 2026 · [34] Canada Nickel: Reid drill results, August 6, 2026 · [8] Canada Nickel: NI 43-101 reports, September 9, 2026 · [10] ECCC: Crawford consultation, September 29–November 29, 2026

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible within the meaning of Section 18(2) of the German Interstate Media Treaty (MStV): Marc Ollinger. Issuers: Mogotes Metals Inc. (TSXV: MOG) and Canada Nickel Company Inc. (TSXV: CNC). They maintain paid IR consulting agreements that are not contingent on success. The paid IR relationship gives rise to an economic interest in a positive presentation. As of November 3, 2026: Neither the author nor SRC holds long or short positions, options, warrants, certificates, or derivatives. Future purchases are possible. Holdings of 5% or more in SRC by the issuers: NO. Market-making and investment banking relationships: NO. The article was not sent to the companies in advance for review or approval.

Methodology and Risks

Editorial cut-off date: November 3, 2026. Public sources were cross-checked; company information is not independent. No proprietary drill data verification, resource estimate, feasibility study, or company valuation. QPs of the original releases: Mogotes Metals—Carl Schnell, MAIG, Head of Geology, internal Qualified Person; Canada Nickel—Dr. Scott Jobin-Bevans, P.Geo., independent Qualified Person for the resource reports; Stephen J. Balch, P.Geo., reviewed the company release. This does not constitute approval of this article. Studies and timelines require, among other things, financing, permits, weather, site access, and successful execution. Exploration, geological, metallurgical, permitting, financing, dilution, construction, environmental, infrastructure, contractual, country, commodity price, and currency risks may materially change results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Notices and Liability

Paid marketing communication; not independent financial analysis, individual investment advice, or a solicitation to buy; not an offer of securities. Personal investment circumstances are not assessed. No guarantee of accuracy, completeness, or timeliness. Liability is excluded only to the extent permitted by law; excepted are intent, gross negligence, damage to life, body, or health, mandatory liability, and breaches of material obligations. In the event of a slightly negligent breach of material contractual obligations, liability is limited to foreseeable damage typical for this type of contract. The respective operators are responsible for external sites; SRC’s own statutory responsibility remains unaffected. AI was used for research and editing. Editorial responsibility and the final human review remain with SRC. © 2026 SRC. Redistribution with consent or statutory permission.

​