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- The outlook for copper through 2026 reflects a market in transition, driven by long-term structural growth rather than simple cyclical price swings.
- This context of rising demand and constrained supply brings renewed focus to copper-rich regions that have historically lain dormant or been underdeveloped.
- Numa Numa Resources’ strategy encompasses reconstructing the Panguna Mine while pursuing exploration in other areas.
Global copper demand is accelerating toward 2026 as electrification, infrastructure expansion and critical technological developments strain existing supplies, setting the stage for renewed interest in major copper projects such as those being advanced by Numa Numa Resources in Bougainville. As analysts forecast persistent deficits and structural demand growth for copper, the company’s focus on the Panguna Mine and adjacent prospects places it at the heart of discussions about future supply.
The outlook for copper through 2026 reflects a market in transition, driven by long-term structural growth rather than simple cyclical price swings. According to research from UBS, copper prices are forecast to rise throughout 2026, with expectations of average values climbing toward $11,000 per metric ton as demand continues to outpace constrained mine supply. J.P. Morgan’s analysis similarly sees copper prices potentially reaching average levels above $12,000 per metric ton in parts of 2026 amid a tightening global market and significant supply disruptions at major producers. These forecasts reflect deeper imbalances between demand and supply that many analysts believe will persist into the middle of the decade.
One of the key drivers underpinning this demand trajectory is the energy transition itself. Copper’s excellent electrical conductivity makes it essential in renewable energy systems such as solar panels and wind turbines, which require significantly more copper per unit of installed capacity than conventional energy generation. As countries invest more heavily in decarbonizing power systems and modernizing grid infrastructure, copper use continues to expand. BloombergNEF’s transition metals outlook highlights that copper demand is being propelled by electric vehicles, battery storage, grid expansion and data centers, contributing to structural market imbalances.
Electric vehicles alone are reshaping copper consumption patterns. Some research suggests that substantial additional copper supply will be required to meet the needs of expanding EV fleets and associated charging infrastructure, with millions of tonnes of additional copper expected to enter use as demand grows. Beyond transport electrification and renewables, global infrastructure programs also contribute to rising copper demand. Nations including the United States, China, India and many in Europe are investing in power grids, transmission lines and digital infrastructure, each of which depends heavily on copper wiring and components.
Compounding the demand side pressures are persistent concerns about copper supply. A refined copper deficit has been widely forecast for 2026, with some models showing a tightened balance as mine production struggles to keep up amid aging operations, logistical setbacks and limited pipeline development. Industry observers also point to the concentration of reserves in a handful of countries and the long lead times required for permitting and mine construction as structural constraints on supply growth. With global demand estimates suggesting a significant increase over the next decade, the pressure to find new sources of copper is mounting.
This context of rising demand and constrained supply brings renewed focus to copper-rich regions that have historically lain dormant or been underdeveloped. One such opportunity is the Panguna Mine on Bougainville Island in the South Pacific, a long-recognized copper and gold deposit that Numa Numa Resources is working to advance. The Panguna Mine has known reserves of approximately 5.3 million metric tons of copper, a concentration of copper that, on its own, represents a meaningful share of global identified reserves. That scale of endowment places the project among the larger undeveloped copper resources at a time when new production is increasingly essential to balance market fundamentals.
Numa Numa Resources’ strategy encompasses reconstructing the Panguna Mine while pursuing exploration in other areas such as Mainoki and Karato, where historical work by predecessors identified strong copper mineralization consistent with porphyry systems. The company has also undertaken work on infrastructure projects such as the Manetai Limestone and Lime project, which historically supplied lime to the Panguna operation, reflecting an integrated approach to resource development in Bougainville. Through these activities, Numa Numa aims not merely to leverage existing resources but to build the foundational infrastructure and partnerships required to support large-scale mining activities in a region that has long sought to balance development with social and environmental stewardship.
Importantly, Numa Numa’s efforts are rooted in collaborative arrangements with local landowners, reflecting Bougainville’s constitutional framework in which landowners retain ownership of subsurface resources. These partnerships are central to the company’s development model and position it to pursue formal exploration and mining licenses in cooperation with landowner communities. By aligning interests and working toward regulatory approvals, Numa Numa is positioning itself to play a substantive role in bringing new copper supply online at a time when global markets are grappling with sustained demand growth.
The convergence of strong demand forecasts for 2026 and beyond with the need for new, responsible mining development highlights the strategic importance of projects such as Panguna and the broader copper exploration undertaken by Numa Numa Resources. As electrification and infrastructure investments accelerate worldwide, the role of copper as a critical industrial metal will only deepen, underscoring the potential impact of unlocking significant copper resources in underexplored regions.
For more information, visit www.NumaNumaResources.com.
NOTE TO INVESTORS: The latest news and updates relating to Numa Numa are available in the company’s newsroom at https://ibn.fm/NUMA
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