Capella Minerals (TSX-V:CMIL) has secured drill permits for the Hessjøgruva copper-cobalt-zinc massive sulphide (VMS) project in central Norway, signalling a shift in the copper supply story as traditional sources face production headwinds.
Hessjøgruva remains part of Capella’s earn-in joint venture (JV) with Tümad, although Tümad has elected not to proceed to the second phase of the agreement for the northern Finland projects.
Hessjøgruva is an advanced stage exploration project with 12,035m of historical drilling. The proposed initial program comprises 4,400m of drilling from about 10 platforms. It aims to deliver a maiden mineral resource estimate (MRE) compliant with National Instrument 43-101. The permits allow diamond drilling between 15 July and 1 November in 2027 and 2028.
Capella’s focus on Norway and Finland is part of a broader geographic realignment in global copper supply. While Peru and Chile traditionally dominate the market, political risk, water scarcity, and labour issues are affecting output, as previously reported.
Major miners remain constrained
Robert Friedland took to the stage on 28 September at Denver Gold’s Mining Forum Americas to discuss copper supply and the factors driving demand.
Friedland repeats the well-known fact that 700 million tonnes (Mt) of copper had been mined throughout history, while another 700Mt would be needed over the next 18 years to meet expected demand. He warns that the industry faces challenges in delivering enough new supply.
Friedland’s companies have been behind major recent copper discoveries since the early 2000s. These include Oyu Tolgoi, now jointly owned by Rio Tinto (ASX:RIO) and the Government of Mongolia; Kamoa and Kakula, owned by Ivanhoe Mines (TSX:IVN), Zijin Mining (HKEX:2899), Crystal River, and the Government of the Democratic Republic of the Congo; and Makoko, within Ivanhoe’s Western Forelands project.
Friedland does note, however, that the 2020s has seen relatively few big discoveries.
The growth in demand is critical when considering the long timelines for developing new mines. Friedland has highlighted AI data centres as one of the sources of additional copper demand. He says that just one gigawatt data centre can consume up to 50,000 tonnes of copper, with data centres and defence adding over 2Mt of new copper demand in the coming years.
Earlier in 2026, at the BMO Global Mining, Metals & Critical Minerals Conference, Friedland highlighted concern about the concentration of critical mineral supply chains in China and the need for greater diversification.
As majors wrestle with a lack of new big discoveries and persistent geopolitical, environmental, and social headwinds, a new generation of juniors is moving to help meet the looming demand.
Their drilling campaigns and resource-building strategies are positioning them to contribute to supply, with projects around the world.
Arizona’s porphyry push
Buxton Resources (ASX:BUX) is advancing a diverse pipeline of projects across Western Australia and Arizona, US, with a focus on discovery and project generation.
In Arizona, Buxton is advancing to become the state’s leading ASX-listed copper explorer and developer, focused on the Laramide porphyry belt.
Buxton holds about 30km² around the Copper Wolf Project, including Wolverine and Sun Devil prospects, where it has identified porphyry targets. Earlier drilling at Copper Wolf, on adjacent joint venture ground, intersected 405.38m @ 0.35% copper and 0.05% molybdenum.
Buxton has identified Arizona as a major copper opportunity. Copper’s inclusion on the US critical minerals list adds a policy tailwind for explorers, backed by levies on imports, US$100 billion ($143.35 billion) in loans for critical minerals production, and the FAST-41 program streamlining permitting.
Buxton’s strategy highlights how juniors can align with policy priorities to deliver new copper tonnes in a market increasingly strained by geopolitical risk and declining grades.
Paterson Province potential
CGN Resources (ASX:CGR) is chasing copper giants at the Broadhurst Project in the Paterson Province of Western Australia.
Broadhurst is a district-scale opportunity, with a 715km² footprint beside other multi-million tonne copper deposits.
The project is exploration-ready, and already showcasing mult-metal drill results, highlighting additional targets for discovery.
By targeting ground adjacent to multi-million-tonne deposits, CGN Resources is positioning itself as part of the new wave of juniors aiming to plug the supply gap left by the scarcity of major new discoveries.
Gilmore scale drill campaign
Moving east into New South Wales, LinQ Minerals (ASX:LNQ) is advancing its Gilmore Gold Copper Project, which has a global JORC MRE at 516Mt @ 3.7 million ounces of gold and 1.2Mt of copper.
Gilmore remains open along strike and at depth. A fully funded 30,000m drill campaign has commenced, targeting resource growth and new discoveries across 40km of strike in the Macquarie Arc, with a focus on multiple areas of copper and gold, as previously reported.
LinQ’s Gilmore Project demonstrates scale and its fully funded drill campaign reflects how juniors are building resources to help meet the copper demand driven by electrification and AI data centres.
Chilean copper-gold drive
Southern Hemisphere Mining (ASX:SUH) is exploring for copper-gold at scale, with the Llahuin Copper-Gold Porphyry Deposit in Chile, a region dominated by a number of majors.
Southern Hemisphere’s 2025 MRE totals 218Mt with an average grade of 0.38% copper equivalent (CuEQ) across the measured, indicated, and inferred categories.
As reported, diamond drilling has commenced at the project’s Ferro South zone. About 2,000m planned the initial 10-week program, with the option to extend it depending on geological observations and results. Initial assay results are expected toward the end of November.
Southern Hemisphere’s drilling in Chile reinforces the role of juniors in regions traditionally dominated by the majors, illustrating how smaller players can contribute to copper supply as global demand accelerates.
As copper demand accelerates on the back of electrification and AI data centre growth, juniors from Norway to Chile are stepping into the fold.
Their drill campaigns, resource growth strategies, and geographic diversification underscore how smaller players are becoming pivotal in reshaping the copper supply chain.
With majors constrained by declining grades and geopolitics, the next wave of discoveries may well come from these emerging explorers, positioning them as contributors to narrowing the looming supply gap.
Write to Amy Rotman at Mining.com.au
Main image: Unsplash
