Record Margins, Shrinking Supply: Why Capital Is Chasing Copper Right Now

Issued on behalf of Salazar Resources Ltd.

VANCOUVER, British Columbia, April 23, 2026 (GLOBE NEWSWIRE) -- Equity-Insider.com News Commentary — The International Energy Agency confirmed in March that copper prices have blown past $13,000 per metric ton^[1]. That alone would be notable, but the real story is what happened on the supply side: smelter processing fees fell to zero, meaning refiners are now working for free just to keep the lights on. ING Group puts the 2026 refined copper deficit at 600,000 tons, the widest gap in two decades, as mine disruptions and tariff-driven stockpiling continue to drain inventories outside the United States^[2]. In that environment, capital is rotating toward producers who can actually deliver pounds into a tight market, and five names sit at the center of that rotation: Salazar Resources (TSXV:SRL) (OTCQB:SRLZF), Ero Copper (NYSE:ERO) (TSX:ERO), Capstone Copper (TSX:CS) (OTCPK: CSCCF), Taseko Mines (NYSE-A: TGB) (TSX:TKO), and Hudbay Minerals (NYSE:HBM) (TSX:HBM).

Fastmarkets analysts warn that the concentrate squeeze is not easing; negative treatment charges are forcing further smelter cuts, which only tightens refined supply into a market that is already short^[3]. Skillings Mining Intelligence calls this the deepest structural deficit in a generation, with AI data center buildouts and rising global defense budgets creating a demand floor that rewards producers with near-term production catalysts over speculative exploration stories^[4].

Salazar Resources (TSXV:SRL) (OTCQB:SRLZF) has identified a high-priority copper-gold porphyry target at its wholly owned Monja Project in Ecuador. Surface mapping defined a two-kilometer by one-kilometer mineralized core within a metallogenic belt that already hosts multiple significant copper deposits in southern Ecuador. The 9,088-hectare concession benefits from year-round exploration access and sits near Sunstone Metals' Bramaderos porphyry project.

Rock chip sampling at Monja returned grades worth a closer look. The best sample came in at 4.77% copper, 1.12 g/t gold, 19.5 g/t silver, and 74 ppm molybdenum. Field crews also documented hydrothermal breccias with pyrite-chalcopyrite matrix, quartz-sulphide stockwork veining, and traces of bornite, all recognized indicators of porphyry fertility at depth.

"We are very pleased to be advancing our 100%-owned Monja concession," said Fredy Salazar, CEO of Salazar Resources. "The identification of a complete copper-gold porphyry system through our own fieldwork highlights the strength of Salazar's exploration team."

Monja is not the only project gaining ground. Salazar recently completed the acquisition of four copper-gold exploration properties from Silvercorp Metals (NYSE-A: SVM) (TSX:SVM), taking full ownership of the Santiago, Pijilí, Tarqui, and Quimi projects. Silvercorp transferred its subsidiary interests in exchange for a 1.5% net smelter return royalty on each property. At Santiago, historical drilling by Newmont intersected 323 metres grading 0.25% copper and 0.40 g/t gold. Tarqui and Quimi sit within the Zamora Metallogenic Belt alongside the producing Mirador Mine and Fruta del Norte Mine.

On the development side, Salazar holds a 25% carried interest in the El Domo copper-gold mine, where Silvercorp is funding construction on a US$284 million budget with production targeted for July 1, 2027. Over 2.6 million cubic metres of material have been moved, a 600-bed construction camp is now operational, and an improved flowsheet delivered a 5.4% increase in copper recovery and a 6.2% increase in gold recovery over the original feasibility design.

With Monja prioritized for mapping and geophysics, drilling planned at Santiago and Tarqui later this year, and El Domo less than sixteen months from production, Salazar is advancing on multiple fronts at once.

Read this and more news for Salazar Resources at: https://equity-insider.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/

Other industry developments and happenings in the market include:

Ero Copper (NYSE:ERO) (TSX:ERO) reported record Q4 2025 copper production of 19,706 tonnes in concentrate, bringing full-year 2025 production to 64,307 tonnes at a C1 cash cost of $2.06 per pound produced. Full-year adjusted EBITDA increased nearly 90% year-on-year to $409.7 million, with cash flow from operations rising 171.7% to $395.1 million and net income attributable to owners reaching $263.7 million, or $2.53 per diluted share.

"We are pleased with our operating trajectory and performance in the fourth quarter, which delivered record quarterly copper production as well as the first tangible benefits of record quarterly gold from the Xavantina Operations following the commencement of our gold concentrate program in Q4," said Makko DeFilippo, President and CEO of Ero Copper. "The investments we made across our operations in 2025 translated into higher copper and gold production, stronger cash generation and an improved balance sheet through year-end."

Available liquidity at year-end was $150.4 million, with net debt leverage strengthening to 1.2x from 2.6x at the end of 2024 on the back of a $193.5 million year-on-year improvement in adjusted EBITDA. Ero Copper is reaffirming its 2026 guidance with consolidated copper production weighted toward the second half driven by mine sequencing and higher expected throughput at its Caraíba and Tucumã operations.

Capstone Copper (TSX:CS) (OTCPK: CSCCF) reported Q4 2025 copper production of 58,273 tonnes at a C1 cash cost of $2.31/lb, with full-year 2025 production of 224,764 tonnes at $2.44/lb, representing a 22% increase over 2024. Q4 adjusted EBITDA set a quarterly record at $308 million and revenue reached a new all-time high, reflecting completed project ramp-ups at Mantoverde and Cozamin.

"2025 was an inflection point for Capstone, representing tangible delivery on peer leading growth with our copper production up 22%," said Cashel Meagher, President and CEO of Capstone Copper. "Operationally, we met our consolidated production and cost guidance, driving record EBITDA generation. As we began to realize the benefits from completed projects, we also advanced our future phases of growth by sanctioning and beginning construction on Mantoverde Optimized, forming a partnership for our Santo Domingo Project, and initiating a new exploration program in the Mantoverde-Santo Domingo district."

Capstone Copper is advancing the Mantoverde Optimized expansion in Chile and the Santo Domingo partnership toward a sanctioning decision, with 2026 operational focus on delivering dependable results as the company progresses its district growth strategy through exploration.

Taseko Mines (NYSE-A: TGB) (TSX:TKO) recently harvested its first copper cathodes from its Florence Copper operation in Arizona, marking the first new copper production from a greenfield facility in the United States since 2008. Once Florence Copper reaches its nameplate capacity of 85 million pounds of LME Grade A copper per year, Taseko Mines will rank as the third largest copper cathode producer in America, with the operation expected to deliver a minimum of 1.5 billion pounds of copper over 22 years.

"The production of first copper in Arizona represents a landmark achievement for the Florence Copper team and a major milestone for Taseko Mines, as we continue our journey to become a leading North American copper producer," said Stuart McDonald, President & CEO of Taseko Mines. "Producing LME Grade A copper cathode for America's manufacturing sector, including automotive, semiconductor, defense/aerospace and AI data centers, will meaningfully strengthen US manufacturing and supply chain security."

Florence Copper is the first greenfield site globally to employ ISCR, a low-cost production method with compelling environmental advantages over conventional mining. With U.S. copper supply essentially flat in recent years and global demand rising, the operation strengthens America's critical minerals strategy while keeping all produced copper within the United States.

Hudbay Minerals (NYSE:HBM) (TSX:HBM) released updated mineral reserve estimates and a three-year production outlook projecting a 24% increase in consolidated copper production through 2028, driven by mine life extensions at three operations: Constancia extended to 2040, Snow Lake to 2041, and Copper Mountain to 2045. The company is also advancing Copper World toward a sanctioning decision in 2026 and integrating the Cactus project through the strategic acquisition of Arizona Sonoran.

"Our updated mineral reserve estimates and three-year production outlook demonstrate Hudbay's continued success from our exploration initiatives and an improved copper and gold production profile from our three long life operations in tier one mining jurisdictions in the Americas," said Peter Kukielski, President and CEO of Hudbay Minerals. "With our newly released guidance through 2028, consolidated copper production is expected to increase by 24%, complemented by continued strong gold exposure."

Hudbay Minerals operates copper and gold mines in Peru, Canada, and the United States, with the updated reserves and production outlook reflecting the company's strategy of brownfield exploration, mine life extension, and organic growth across its three long-life asset base.

FURTHER READING: https://equity-insider.com/2026/03/18/a-3-billion-partner-is-building-this-copper-gold-mine-salazar-keeps-25/

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SOURCES:

1. https://www.iea.org/commentaries/copper-prices-have-hit-record-highs-but-smelters-face-mounting-strategic-pressures
2. https://www.cnbc.com/2026/03/10/copper-shortage-tariff-fears-mine-disruptions-prices-tightness.html
3. https://www.fastmarkets.com/insights/tougher-challenges-facing-global-copper-smelting-industry/
4. https://skillings.net/copper-price-forecast-2026-deficits-smelting-caps-and-market-explosions-april-11th-2026/