Ann: Exploration Update, page-11

I have to agree, another solid update !

Xanadu, operating in Mongolia, give investors exposure to globally significant, large scale copper-gold discoveries and low-cost inventory growth.
Xanadu maintains a portfolio of exploration projects and remains one of the few junior explorers on the ASX or TSX who control an emerging Tier 1 copper-gold deposit in our flagship Kharmagtai project.
See our plan view (looks good imho) :

The 2020s are expected to be the strongest phase of volume growth in global copper demand in history, as per Goldman Sachs last statement.
Goldman Sachs has argued that the critical role copper will play in achieving the Paris climate goals cannot be understated.
"Leveraging our equity analysts' carbonomics analysis across EVs, wind, solar, and battery technology, we quantify this demand in a bottom-up model, estimating that by 2030, copper demand from the transition will grow nearly 600 per cent to 5.4Mt in our base case and 900 per cent to 8.7Mt in the case of hyper adoption of green technologies", Goldman Sachs said.
The copper market as it currently stands is not prepared for this demand environment !

“That February high will be tested sooner or later,” Saxo Bank analyst Ole Hansen told Reuters.
Goldman Sachs sees prices average $11,000 per tonne over the next 12 months, according to the Business Insider. By 2025, the metal could be priced at $15,000 a tonne, a rise of 66%,
Goldman said in a report titled “Copper is the new oil”.

So Goldman is not the lonely one to have this view, also Citi recommended clients take on bullish copper exposure over the next few weeks.
https://www.mining.com/copper-price-rallies-toward-nine-year-highs-amid-increased-demand/
By the way have a look at our chart in a 3 months view:

My humble view is, we climb the ladder step by step. To remember
“Copper is the new oil” suggests the metal will be the most cost-effective option in the move towards capturing, storing and transporting renewable sources of energy.
search title for s*caps >> copper-underpin-renewable-energy-revolution-price-hit-19000-t-2025/
So my conclusion for the chart above, time is due to climb the next step on that ladder !