Kuya Silver (KUYA) Fireside chat summary

Introduction and agenda

• Panel featured executives from four mining companies discussing metals prices and their impact on mining securities, with a focus on gold, silver, copper, and tungsten.

• The event was structured as a loose conversation to explore the metals crisis and allowed each company to present their projects.

Current industry trends

• Gold and silver have experienced significant price volatility, with gold up 20% and silver up 50% over the past year, but recent corrections are seen as normal within a bull market.

• Copper prices remain near all-time highs due to structural supply deficits and increased demand from electrification and AI infrastructure.

• Tungsten prices have surged dramatically following China's export restrictions and new Western import bans, highlighting supply chain vulnerabilities.

• Defense and military demand for metals like silver and tungsten is accelerating, with global military expenditure reaching $2.8 trillion and critical minerals now a national security priority.

Challenges and overcoming obstacles

• The U.S. faces a complete lack of domestic tungsten production, with new projects needing to rebuild supply chains from scratch.

• Copper project development is hindered by long permitting timelines, community relations, and technical challenges, with many large projects shelved for decades.

• Silver's dual identity as both a monetary and industrial metal creates market dislocations, with defense demand largely invisible in public data.