I have been following the development of the copper price since...

I have been following the development of the copper price since 2006 and am therefore cautious when whoever makes such forecasts. I have my great doubts that the copper price can increase tenfold. Maybe it will double - but tenfold is just wishful thinking from my point of view (or I won't live to see it).

But there are some basic fundamental trends that we can all observe and that are always mentioned in connection with copper. First of all, no really large deposits have been found in the last 30-40 years. Average grades have also been falling for decades. Many environmental (and other) constraints make it increasingly difficult to develop or mine deposits. Climate change is leading to water scarcity - which in certain areas is causing tensions between mine operators and the people living there (drinking water, agriculture). All this does not make it easy to mine copper profitably. It is actually like a perpetum mobile - the more the climate changes (for whatever reason), the more difficult the situation becomes.

Then there are geopolitical trends. In Africa, for example, one putsch follows another. South America is halfway bankrupt. Whether China is still a reliable partner in the future is an open question. Russia is effectively out of the game for the next 10 years. They can't get anything done in Europe - it's illusory to believe that anything could be mined here - the environmental groups are simply too strong and the areas too densely populated for that. So there are relatively few areas where you can still mine copper (and other important metals) in a halfway decent way.

The topic of energy transition is of course very interesting. You can play around with any model here. The really central question is how strong the climatic changes are so that the pain for many countries increases so much that they actually get away from fossil energy. My personal opinion is quite different: The drive for massive change is not climate protection - the drive is profit. It is always interesting to see "who" invests in such technologies and at the same time finances circles that advocate (even in unusual ways) for the climate. It's all about big money.

Which, simply put, means that as soon as you can make money with anything, someone will get the idea to make money with it. Which in turn means that if it turns out that you can start making massive profits with the electrification of industry, transport, etc. - that will happen. As sure as eggs is eggs. Politics will of course play its part here - especially in the western and developed economies - Biden-nomics already shows a little bit where the direction is going.

Finally, some of it will be purely ideologically driven and certain countries (e.g. Germany) will spend huge amounts of money on something that will have almost no impact on the global climate. However.

From our point of view, it would of course be very pleasing if Hammer were to increase tenfold in the next 6 months. This is not theoretically impossible, but rather unlikely. It is more likely that HMX will continue to find copper (and hopefully lithium) and add it to its inventory - until the moment when metal prices simply reach a level that makes a re-rating necessary or because a big boy steps in and wants to bring e.g. Kalman into production.

What I have also learned: The market can simply ignore something for months or even years - until the moment when it can no longer be ignored. Sometimes all it takes is a " kick-start" - in whatever form - and "suddenly" people remember all the good developments and progress of the last few years and also all the positive things that were said (but nobody was interested in).

From my point of view, it is clear that the downside in terms of the copper price is simply very limited. One cannot close one's eyes to the obvious developments. So it is all a question of time until "reality" prevails. My assumption is that this will also be the case in the context of the future of HMX. DYOR