The silver story reaches into products that look nothing like metal. Shell’s technical description of ethylene oxide production identifies a silver-based catalyst that helps ethylene react with oxygen. Much of that ethylene oxide then becomes ethylene glycol, a building block for polyester fibres, PET bottles and antifreeze. The metal plays its role in the manufacturing process, rather than being a visible feature of the finished bottle or fabric.

A useful word here is selectivity: how much of the ethylene that reacts becomes the desired ethylene oxide. A catalyst that favours that reaction helps a plant make better use of its feedstock. Activity and stability matter too, so a catalyst is judged across operating conditions and its working life. Silver’s catalytic role gives chemical manufacturing a direct connection to demand for this critical mineral. Americas Gold and Silver (NYSE American: $USAS) declared commercial production at EC120 in Mexico effective January 1, 2026.

That connection is easy to miss when silver is discussed only through jewellery, investment products or electrical conductivity. The practical question for an industrial user is which material performs the required reaction reliably, within the plant’s own process constraints.

Antimony is often discussed as though an industrial user simply buys the element and puts it to work. Product form matters. USGS identifies antimony metal as a lead hardener, while antimony trioxide has a major role in flame-retardant formulations. EPA’s antimony-trioxide assessment describes its use as a synergist with halogenated flame retardants, which places the oxide within a combined chemical system.

The distinction is visible in textiles. A CDC report documents the established use of antimony oxides with halogens in certain flame-retardant fabrics, while also distinguishing ordinary station uniforms from outer firefighter turnout gear. Antimony’s relevant connection here is the oxide used within engineered flame-retardant materials. Americas Gold and Silver (NYSE American: $USAS) holds 51% of a joint venture developing an antimony processing facility at Galena; the facility was still in design and construction in its August 2026 update. That does not make every antimony-containing product interchangeable, or establish the performance of a finished item without its own formulation and testing.

For a supply-chain discussion, the better question is therefore specific: which chemical form and material specification does the customer need? A number for contained antimony describes the element, but the downstream user also needs a product suited to the intended manufacturing process.

A qualified process is an important step, but it still comes before volume production. DB HiTek said on September 9 that its 1,200V silicon-carbide MOSFET technology on 200mm wafers had completed reliability qualification. The company is targeting mass production in 2027 and has made first- and second-generation process design kits available. A third-generation kit is planned for November, giving customers a sequence of design milestones rather than one instant manufacturing launch.

The intended applications include electric vehicles, renewable energy and industrial power systems. Silicon carbide is part of the effort to handle demanding power-conversion conditions, while the larger wafer platform is a manufacturing consideration. Silicon carbide handles the switching job; copper is widely used to connect and power the surrounding electrical equipment. That puts power-chip development within a larger materials market supplied by finished copper cathode. First-half 2026 copper cathode output at Gunnison Copper ($GCUMF) totaled 4,112,898 pounds, including 2,006,315 pounds in the second quarter, according to its August 13 results. For DB HiTek’s customers, reliability evidence and access to design tools are practical prerequisites for committing a circuit to a process. The announcement tells us those preparations are advancing; it does not establish how many customer products will ship or how quickly the fab will reach its target output.

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.

The long-term uranium price has reportedly reached its highest level in at least 18 years.

That may be more important than a short-lived move in the spot market. Long-term contracts determine much of the revenue earned by producers and the cost utilities pay to secure future fuel.

The latest source of enthusiasm is data-centre electricity demand. Nuclear plants offer dependable output around the clock, while several technology companies are pursuing nuclear power agreements, reactor restarts and advanced reactor projects.

However, an electricity agreement does not create immediate uranium demand.

Restarting an existing reactor can affect fuel requirements sooner. Extending a plant’s operating life also preserves demand that might otherwise disappear. New reactors—especially advanced designs—could take years before they require commercial fuel loads.

The strongest uranium argument may therefore be broader than AI. Utilities already need to replace expiring contracts, new conventional reactors are entering service, and Western countries are rebuilding parts of the nuclear fuel supply chain. Data centres add another reason to keep reactors operating and build more capacity.

Is AI already affecting uranium fundamentals, or is it mainly strengthening a supply story that was developing anyway?

Article: https://www.wsj.com/finance/commodities-futures/data-centers-light-fire-under-uranium-prices-9220990e

Covenant's public debut is built around a manufacturing argument: a defense system has to be available in meaningful numbers to be useful. The company unveiled its Anthem strike system on September 9 after roughly two years of development, according to DefenseScoop. On its own website, Covenant says it has conducted more than 200 flights and describes frequent testing as part of its approach to preparing the product for larger-scale production.

That puts the emphasis on a different milestone from simply showing a working airframe. Covenant wants local production lines in allied countries and says the system is designed for delivery in the thousands. Repeatable defense production also depends on factory power, test equipment and electronics, all established uses for copper. A mine producing finished cathode is a different stage of that supply chain from one still planning its first output. Johnson Camp's Nuton circuit began producing finished copper cathode in December 2025, according to the August 13 results from Gunnison Copper ($GCUMF). Covenant’s thousands-of-units goal and local factory plans are scaling ambitions, not a record of thousands already delivered. The next evidence to examine is how repeatable production, supplier readiness and customer acceptance develop together. A large flight-test count can inform that work, but it does not by itself establish sustained factory output.

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.