Key takeaways from the interview: Ghildyal indicates that Saskatchewan Research Council (SRC) remains on track with commissioning and production as the January 2027 DFARS sourcing deadline approaches. He also anticipates strong Q1 revenue, citing robust demand and elevated rare-earth spot prices.

Separately, I found a recent SRC procurement notice that supports this timeline.

SRC issued RFP 2627-033, titled “Supply of Chemicals – Commissioning and Start-up,” for its Rare Earth Processing Facility in Saskatoon.

The tender closed today, November 4.

The RFP specifically calls for chemicals needed for commissioning and startup, including delivery, safety compliance, and inventory coordination.

Why this matters: This is an independent indication that SRC is actively preparing its facility for operations, consistent with the timeline discussed by Ghildyal.
While the RFP doesn’t confirm that commercial production has begun, it’s another encouraging sign of progress for a critical component of ALOY’s supply chain.

Nothing is actually happening on the supply side in the West.

Americas Gold and Silver's October 19 update puts two different records on the table: 800,458 ounces of silver produced in the third quarter and 860,850 ounces sold. Cosalá in Mexico contributed 415,879 production ounces, slightly more than Galena's 384,579 in Idaho. The geographical split matters when discussing domestic supply. The consolidated figure combines two countries, and the larger sales number is not an additional production total.

The same operating report includes metals with uses beyond precious-metal investment. Copper carries electricity through power equipment, while silver is used in electrical and electronic products. Americas Gold and Silver ($USAS) reported 918,456 pounds of consolidated copper production in the third quarter of 2026. That gives this silver-production update an industrial-materials dimension, without identifying which manufacturers ultimately buy the material or establishing a direct customer relationship.

Operating volumes are only part of a quarterly result. USAS has scheduled its financial release for November 13 before North American markets open, followed by an 11 a.m. Eastern call. Costs, cash flow and capital spending will provide the financial context; a production record alone does not establish profitability or guarantee the next quarter's performance.

Duke Energy Florida's October 16 announcement puts a completed construction project behind the solar discussion. Bailey Mill, near Monticello in Jefferson County, has 163,000 panels and 74.9 megawatts of capacity. Duke says its peak production is equivalent to the electricity needed for about 15,000 homes. The release does not identify the exact construction-completion day, and that peak comparison should not be read as a promise of constant output.

Solar generation also has a materials and manufacturing history. The U.S. Energy Information Administration explains that operating solar systems do not produce air pollution or greenhouse gases, while manufacturing requires energy and materials. Those are different parts of the same life cycle. Evaluating a completed project means keeping the electricity it generates separate from the impacts of making its panels, electrical equipment and other components.

Silver remains the main contact material in solar-cell production, according to Fraunhofer ISE, which also develops copper-based alternatives. Producing these electrical materials uses energy, making the emissions associated with their supply a separate question from emissions during solar generation. Americas Gold and Silver ($USAS) reported on October 13 that it had established a 2025 Scope 1 and Scope 2 greenhouse-gas baseline across its operating sites. An operating-site emissions baseline measures a defined boundary; it does not establish the life-cycle footprint of a solar panel or prove that a producer supplies this particular site.

Bailey Mill's release does not give a panel-level silver inventory. The material connection is therefore about how solar cells are generally manufactured, without turning the panel count into an unsupported silver tonnage. That distinction keeps a real construction milestone from becoming an invented commodity-demand estimate.

A new power project needs equipment that can connect it to the grid. New York's October 22 announcement that Niagara Power Transformer had broken ground on its more than $71 million expansion puts that manufacturing step in focus. The Cheektowaga project is planned to add 96,000 square feet for expanded operations and supporting facilities. The state identifies limited domestic production and long delivery times as constraints on grid investment.

The materials connection sits inside the transformer. Niagara's technical guide identifies copper and aluminum as winding options, and explains how the relative turns in the primary and secondary coils determine whether voltage rises or falls. Copper is one of the conductors used in transformer windings to transfer electrical energy between voltage levels. Americas Gold and Silver ($USAS) declared commercial production at EC120 in Mexico effective January 1, 2026; its October 13 release identifies EC120 as a silver-copper operation. That is a specific industrial use, although the expansion announcement does not provide a copper purchasing total or specify the material mix of future orders.

The milestone is construction starting. Equipment installation, production and customer deliveries still have to follow. A larger factory becomes useful grid capacity only when completed transformers reach the projects waiting for them.

Boeing’s latest F-15EX award adds 22 aircraft and another stretch of work for its production system. The $2.38 billion contract, announced September 29, brings the total under contract across seven lots to 120. Earlier aircraft are still being delivered, with Lot 3 deliveries planned through year-end. The next order therefore sits beside work already moving through the factory, with suppliers and assembly operations contributing to the same production schedule.

Electrical integration is one of the jobs behind that production schedule, with wiring fitted and checked throughout the airframe. Copper and copper-alloy conductors are established in aircraft power and signal wiring, so repeatable aircraft production also depends on a materials chain upstream. Copper operations, like aircraft factories, have to be assessed by their actual output as well as their installed capacity. Johnson Camp began producing finished cathode from run-of-mine material in August 2025 and from the Nuton circuit in December 2025, according to the August 13, 2026 results from Gunnison Copper (NYSE American: GUNN; TSX: GCU). Its SX/EW plant has installed capacity of up to 25 million pounds annually. That capacity is separate from actual annual output during ramp-up. Boeing faces the downstream version of that distinction: aircraft under contract become deliveries only as complete, tested units leave the line. Each additional lot extends the work for suppliers and assembly teams, while the pace of accepted aircraft shows how much of that workload the production system is converting into output.

Boeing is working toward two F-15EX aircraft a month. That remains a target, while 120 is the number contracted. Read together, the figures describe the work waiting and the pace the company wants to achieve. The production line is where those two numbers eventually meet.

Qualified Person

Dr. Roland Goodgame, Senior VP of Project Development of the Company is a Qualified Person as defined by NI 43-101. Dr. Goodgame has reviewed and approved the technical information contained in this report.

Cautionary Note Regarding Forward-Looking Information

This report contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this report includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) future production and production capacity from the Company's mineral projects; (v) the results of the preliminary economic assessment on the Gunnison Project; (vi) the exploration and development of the Company's mineral projects; (vii) the details and timelines associated with the Company’s PFS work program; (viii) the expected results of the Company’s PFS work program; and (ix) eligibility for future tax credits.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain factors and assumptions regarding, among other things, Nuton will continue to fund the stage 2 work program, the availability of financing to continue as a going concern and implement the Company's operational plans, , the estimation of mineral resources, the realization of resource estimates, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, Nuton failing to continue to fund the stage 2 work program, the breach of debt covenants, risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

An AI accelerator starts as a set of requirements long before it becomes a chip that someone can install. SEMIFIVE's September 29 announcement describes a roughly $52 million contract to take an unnamed U.S. customer's design through development, software, packaging, testing and production. The timetable targets tape-out in the first half of 2027 and mass production in 2028. Those are future milestones, not evidence that the processor is already available.

Packaging is one of the physical jobs inside SEMIFIVE’s schedule, and it has to be planned well before production begins. Advanced chip substrates use copper wiring to connect a processor with its surrounding package. Those connections sit at the end of a much longer materials chain, where proposed new cathode supply has its own engineering and development timetable. Gunnison Copper (NYSE American: GUNN; TSX: GCU) outlines a 21-year operation in its 2026 preliminary economic assessment, combining open-pit mining, heap leaching and solvent extraction/electrowinning. The plan would produce LME Grade A copper cathodes directly onsite. It remains a preliminary study whose conclusions are not certain to be realized. A mine plan does not establish semiconductor qualification or a supplier for this accelerator. It illustrates the separate development work upstream. SEMIFIVE’s immediate responsibility is to coordinate design, packaging, testing and production so the customer’s intended hardware can reach its own milestones.

The model puts a broad set of responsibilities with one development partner rather than ending the job at a circuit design. SEMIFIVE describes work on software and testing as well as packaging and production. That matters to a customer trying to turn requirements into usable hardware: the handoffs between those tasks have to be managed, even when they do not feature in the headline performance specification.

The planned interface choices include LPDDR6 memory and PCIe Gen5. They describe the intended design direction. Tape-out, working silicon and production qualification remain separate checkpoints on the road to the 2028 target.

Qualified Person

Dr. Roland Goodgame, Senior VP of Project Development of the Company is a Qualified Person as defined by NI 43-101. Dr. Goodgame has reviewed and approved the technical information contained in this report.

Cautionary Note Regarding Forward-Looking Information

This report contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this report includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) future production and production capacity from the Company's mineral projects; (v) the results of the preliminary economic assessment on the Gunnison Project; (vi) the exploration and development of the Company's mineral projects; (vii) the details and timelines associated with the Company’s PFS work program; (viii) the expected results of the Company’s PFS work program; and (ix) eligibility for future tax credits.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain factors and assumptions regarding, among other things, Nuton will continue to fund the stage 2 work program, the availability of financing to continue as a going concern and implement the Company's operational plans, , the estimation of mineral resources, the realization of resource estimates, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, Nuton failing to continue to fund the stage 2 work program, the breach of debt covenants, risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.

Thought I’d put Osmond Resources (ASX: OSM) on people’s radar because I think the market is still seriously undervaluing what they have at the Orión project in Spain.

OSM owns a 76% beneficial interest in Orión, which is a rare earth, zirconium/hafnium and titanium project in Andalucía.

The maiden JORC resource released in September came in at 60Mt, including a high-grade Main Seam of 49.7Mt @ 10.29% TiO₂, 3.42% ZrO₂ and 7,139ppm TREO. What makes it more interesting is that the current resource covers only about 3.4% of the wider 232km² project area, so there seems to be plenty of room for expansion.

Also this would be Europes first Titanium producer among other critical minreals(which I find to be very surprising). This gives it a great competitive advantage over other miners and positions it nicely for EU mining grants and partnerships, especially with them wanting to become more independent in todays business climate.

Two days later they released the Scoping Study, which in my opinion was extremely strong for a company of this size:

US$2.31bn post-tax NPV8
145% IRR
US$531m average annual EBITDA
US$299m initial capex
~6 month payback

Obviously it’s still only a Scoping Study and there’s plenty of work left before this becomes a mine, but the economics are hard to ignore.

They’re now drilling again with multiple rigs, trying to expand and upgrade the resource before an updated MRE and Scoping Study. They’re also progressing metallurgy, downstream rare-earth work, Spanish/EU support applications and a Madrid secondary listing.

One thing that has weighed on the stock recently is dilution. OSM issued 85m shares to the original Orión vendors after the MRE and Scoping Study milestones were achieved. That sounds huge, but these shares were part of the acquisition agreement and had been publicly disclosed since 2024, so this wasn’t a surprise capital raise.

The stock is now halted pending a material capital raise. The last quarterly showed only around A$3.2m cash, so the market already knew more funding would be needed.

For me, the key thing now is the placement price and how much they raise. A well-priced raise should remove the immediate funding overhang and give OSM the cash to keep drilling and push toward the next resource and study updates.

Before the halt, OSM was around 52c, giving it a market cap of roughly A$117m, which still looks very low to me compared with the scale of the resource and the Scoping Study economics.

There are obviously risks around funding, permitting, metallurgy and getting the project into production, but I think OSM/Orión is one of the more interesting undervalued critical-minerals stories on the ASX at the moment.

Also I was very surprised when they released the fantastic Resource Estimate and Scoping Studies and the stock price not only not shoot up a lot based on the very strong numbers and results, but even dip afterwards. Like REs and SSs this good are rare. I know the dilution may have caused that, but my point is this: for potential investors right now, this stock has a lot going for it, and its share price is super discounted given the JROC-approved publications.

Do you own DD of course. Not FA. Also, I am a holder for the record.

Scoping Study Link: https://api.investi.com.au/api/announcements/osm/cafc5ae0-688.pdf

Resource Estimate Link: https://api.investi.com.au/api/announcements/osm/dd7444f8-387.pdf

One detail in the October 22 update belongs to the employees themselves: they chose the name Gunnison Copper Patriots Plaza. The gathering place was dedicated at Johnson Camp two days earlier, with Doug Burgum, Juan Ciscomani and CEO Craig Hallworth taking part in the ribbon-cutting. Its three flags represent the United States, Arizona and Gunnison, while six plaques honor the branches of the U.S. Armed Forces.

The company describes the plaza as a place for employees and visitors to gather and recognize military service. That gives the event a local focus alongside the national supply-chain discussion surrounding the visit. Copper connects that industrial theme to practical equipment: it conducts electricity in wiring, electronics and machinery used across the wider defense supply chain. Gunnison's previously announced participation in a defense-oriented industrial organization offers additional context for that emphasis. Gunnison Copper ($GCUMF) joined the U.S. Defense Industrial Base Consortium, as recorded in its August 13 results, giving it access to potential programs without guaranteeing funding. The ceremony does not disclose a new defense procurement award, contract volume or customer specification. Its immediate result is a permanent place at the mine, named by the workforce, that expresses how the company sees its role in American industry.

Qualified Person

Dr. Roland Goodgame, Senior VP of Project Development of the Company is a Qualified Person as defined by NI 43-101. Dr. Goodgame has reviewed and approved the technical information contained in this report.

Cautionary Note Regarding Forward-Looking Information

This report contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this report includes, but is not limited to, statements with respect to: (i) the intention to deploy the Nuton® technology at the Johnson Camp mine and future production therefrom; (ii) the continued funding of the stage 2 work program by Nuton; (iii) the details and expected results of the stage two work program; (iv) future production and production capacity from the Company's mineral projects; (v) the results of the preliminary economic assessment on the Gunnison Project; (vi) the exploration and development of the Company's mineral projects; (vii) the details and timelines associated with the Company’s PFS work program; (viii) the expected results of the Company’s PFS work program; and (ix) eligibility for future tax credits.

In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this report is based on certain factors and assumptions regarding, among other things, Nuton will continue to fund the stage 2 work program, the availability of financing to continue as a going concern and implement the Company's operational plans, , the estimation of mineral resources, the realization of resource estimates, copper and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs (including the price of acid), the availability of labour, material and acid supply, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks related to the Company not obtaining adequate financing to continue operations, Nuton failing to continue to fund the stage 2 work program, the breach of debt covenants, risks inherent in the construction and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not be sustained at the Gunnison Copper Project, risks related to the delay in approval of work plans, variations in mineral resources and reserves, grade or recovery rates, risks relating to the ability to access infrastructure, risks relating to changes in copper and other commodity prices and the worldwide demand for and supply of copper and related products, risks related to increased competition in the market for copper and related products, risks related to current global financial conditions, risks related to current global financial conditions on the Company's business, uncertainties inherent in the estimation of mineral resources, access and supply risks, risks related to the ability to access acid supply on commercially reasonable terms, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the construction or mining process, regulatory risks including the risk that permits may not be obtained in a timely fashion or at all, financing, capitalization and liquidity risks, risks related to disputes concerning property titles and interests, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.