If you can’t grow it, you have to mine it.

In this episode of the Critical Minerals Intelligence Podcast, host Joe Webb sits down with Carlos Cruz, Principal Analyst at Benchmark Mineral Intelligence, to dissect the "Resource Intelligence" behind the world's most essential industrial metal: Copper.

Recorded live at PDAC 2026, the conversation moves beyond the usual headlines to explore the structural reality of the copper market. From the 17-year journey between discovery and production to the "engineering problem" of metal substitution, Carlos explains why copper is the fundamental substrate of the energy transition — and why the market is heading toward a structural deficit that only price can solve.

Key Discussion Points:

• The reputation pivot: How the mining industry is moving from "flying under the radar" to becoming the hero of the green transition and AI revolution.
• The 17-year lag: A breakdown of the multi-decade timeline for new copper supply and why permitting remains the industry's greatest bottleneck.
• Substitution vs. Ingenuity: Why high prices don't just lead to scarcity — they trigger human innovation and the "engineering solutions" of the future.
• Chile in focus: An on-the-ground look at the world’s largest copper producer, from the risks of merging government ministries to the $15 billion cost of pumping seawater up the Andes.
• The $25k question: At what point does the price of copper stop being an incentive and start destroying demand?

Chapters:

(00:00) The Importance of Mining in Modern Society

(02:28) Copper Market Dynamics and Future Outlook

(05:01) Challenges in Copper Production and Supply

(07:41) Chile's Mining Industry and Recent Reforms

(10:16) Community Perspectives on Mining in Chile

(12:39) Forecasting Copper Deficits and Market Implications

Featured Guest:

Carlos Cruz is the Principal Analyst for Benchmark Mineral Intelligence, specialising in the global copper market and the evolving dynamics of the lithium-ion battery supply chain.

In this episode of the Critical Minerals Intelligence Podcast, recorded live at PDAC 2026, host Joe Webb sits down with industry veteran Joe Mazumdar of Exploration Insights.

Together, they explore the structural disconnect between Western short-term capital cycles and the decades-long planning required for resource security.

Mazumdar breaks down China’s "soup to nuts" strategic dominance, the reality of Chinese M&A—where cash is king—and why the best intellectual property in mining has migrated from major producers to the junior sector.

Key Discussion Points:

• The Education Gap: Why even the "1% of the 1%" are often ignorant of the technical realities behind the minerals powering their lives.
• China’s 50-Year Horizon: A look at how China systematically allocates capital toward 10, 20, and 50-year mine plans, contrasting with the Western "bean counter" approach.
• The Capital Wavelength: Why a 7-year exploration cycle cannot survive on a 1-year funding cycle.
• Jurisdictional & Security Shifts: The evolution of "Critical Minerals" into "Security Minerals" and the necessity of reshoring processing capacity.
• Investment Directives: Why sophisticated investors are looking at the NYSE for liquidity and how government intervention is shifting the allocation of capital.

Featured Guest: Joe Mazumdar is a geologist, analyst, and investor who has worn nearly every hat in the industry. As the principal of Exploration Insights, he provides technical and financial due diligence for the mining sector. Chapters:

• (00:00) Introduction: The Global Mining Industry at PDAC 2026
• (00:57) Why Should the Public Care About Mining?
• (02:36) Critical Minerals and the Green Transition
• (03:56) China's Long-Term Planning in Mining
• (04:48) Demand and Supply of Critical Metals
• (06:13) Disconnect Between Short-Term and Long-Term Planning
• (07:38) Chinese Investment and Capital Flows
• (08:32) Exploration Wavelengths and Capital Access
• (09:23) Historical Success of Major Mining Companies
• (10:31) Discovery and Exploration Strategies
• (12:25) Management Biases and Decision-Making in Mining
• (13:40) The Evolution of Exploration Models
• (15:10) Funding Challenges for Grassroots Exploration
• (16:14) Future Supply Chain Challenges and Segmentation
• (17:09) Processing Capacity and Geopolitical Risks
• (18:41) Government Intervention and Supply Chain Security
• (20:45) Building a Resilient Supply Chain Model
• (22:30) Funding and Listing Strategies for Mining Companies
• (25:00) Capital Allocation and Investment Trends
• (25:13) Uncertainty and Geopolitical Risks in 2024
• (25:58) Closing Remarks and Future Outlook

"If it’s not grown, it’s mined." ⛏️

In this episode of the Critical Minerals Intelligence Podcast, host Joe Webb sits down with seasoned investor Adrian Day, Founder of Adrian Day Asset Management, live from the floor of PDAC 2026 in Toronto.

With decades of experience navigating global markets, Adrian provides a masterclass in separating "market propaganda" from economic reality.Adrian addresses the "Avatar Effect"—the cultural disconnect where society demands high-tech digitalisation and green energy while remaining ideologically opposed to the extraction required to build it. From his famous "wastepaper basket" lesson on the ubiquity of minerals to the hidden impact of Tether on the gold market, Day offers a "market-literate" perspective on why the resource sector is the backbone of modern civilisation.

In this episode, we discuss:The Education Gap: Why younger generations demand a green future while opposing the mines required to build it.The Shovel-Ready Myth: Why "shovel-ready" projects still take five years to produce and why new supply is often 15 years away.

The Tether Factor in Gold: How the world’s largest stablecoin is quietly resetting the gold market by out-buying central banks.

The "Gucci Loafer" Metric: Why Adrian ignores technical reports in favour of observing how a CEO interacts with their camp cook to determine "local licence."

Substitution vs. Efficiency: How human ingenuity and technology might bridge the looming copper supply gap.

Key Timestamps:

• [01:10] The "Wastepaper Basket" Test: Challenging anti-mining sentiment.
• [03:23] The Avatar Effect: Net-zero goals vs. industry reputation.
• [07:50] ESG & The New Audience: Attracting non-traditional mining investors.
• [10:32] The 15-Year Lead Time: The reality of copper production cycles.
• [18:42] Building from Scratch: Why people are the number one investment metric.
• [24:50] The Tether Factor: Why gold remains attractive at all-time highs.

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In this wide-ranging discussion from the floor of PDAC 2026, Rick Rule joins Joe Webb to dissect the "resource intelligence" required to survive and thrive in today’s volatile commodity markets.

Rule reflects on the formative lessons of his 50-year career — from the "hubris-ridden" gold bull market of the 1970s to his high-stakes contrarian bets in the Democratic Republic of the Congo.

The conversation moves beyond simple ticker symbols to address the structural crises facing the industry, including a US$250 billion funding gap in the copper sector and the shifting cost curves of Chinese rare earths.

Rule also introduces a critical distinction for the modern era: why mining companies must pivot from performative "social licence" to genuine, partner-based "local licence" to protect their valuations.

Key Timestamps & Strategic Insights

• (02:50) The mentor effect: Rick Rule discusses learning the "delta between price and value" from legendary investor Peter Cundill.
• (03:55) Lessons in hubris: Why a negative net worth in the early 1980s was the best thing that ever happened to Rule’s investment discipline.
• (05:20) The uranium parallel: Applying the "either the price goes up or the lights go out" thesis to today’s critical minerals.
• (08:30) Chinese rare earths: How rising environmental standards in China have increased production costs by 30%, resetting the global floor price.
• (10:34) Redefining political risk: A candid comparison between the "People's Republic of California" and the DRC.
• (16:11) The "local licence" revolution: Why indigenous communities like the Tahltan Nation are now the industry’s most sophisticated regulators and partners.
• (21:24) ESG vs reality: A comparison of the economic and environmental footprint of mining versus agriculture and golf courses.
• (23:42) The 1996 Congo bet: The logic behind buying the world’s best copper deposit for 19 cents while a civil war raged.
• (27:24) The copper supply crux: Why 30 years of underinvestment makes a supply crunch "inescapable" regardless of short-term economic shifts.

Notable Quotes

"Money is made on the delta between price and value. Price is what you pay, value is what you get.""The most dangerous government on the planet to you is the one closest to you."

"The cure for high prices is always high prices. The cure for low prices is always low prices."

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Follow the Critical Minerals Intelligence Podcast for exclusive insights from the people, projects, and ideas shaping the future of the essential industry. https://criticalmineralspodcast.com/