The AI race has investors watching NVIDIA, Google and the next generation of chipmakers. But every new data centre also needs electricity and the copper to deliver it. That physical requirement is bringing mining into a conversation long dominated by technology stocks.
In this Thanksgiving AGORACOM interview, Power Metallic CEO Terry Lynch explores the copper supercycle thesis and where the company’s Nisk Project in Quebec fits. With BMO’s $8.75 per pound projection and Deutsche Bank’s $10 call framing the discussion, the central question is straightforward: Who has the copper supply necessary to support the AI infrastructure the world wants to build?
WHAT YOU NEED TO KNOW
- Copper connects AI to the real world: Power delivery, high speed cabling and cooling components all require copper. Terry argues that the materials supporting the buildout deserve attention alongside the technology companies competing to win it.
- Supply cannot respond overnight: Terry points to years of underinvestment, challenges at existing producers and lengthy mine development timelines. Higher prices can attract capital, but turning a discovery into production still takes time.
- Broader funds are starting to look: Following meetings in New York, Terry says major funds are exploring smaller mining companies for additional sector exposure. He sees interest beginning to extend beyond specialist resource investors.
- Power Metallic is preparing for a wider audience: Terry outlines plans for a Nasdaq listing through an American depositary receipt structure, targeting mid November to mid December, subject to required filings and approvals.
WHERE POWER METALLIC FITS
Power Metallic brings a defined resource to that broader discussion. Its September 8 maiden resource estimate at Lion includes approximately 4.15 million tonnes of Indicated resources grading 3.86% copper equivalent, plus 601,000 tonnes of Inferred resources grading 4.01% copper equivalent. More than 85% of the resource tonnage is classified as Indicated. Copper equivalent accounts for copper alongside the deposit’s other metals. With mineralization beginning at surface and exploration continuing across approximately 330 square kilometres in Quebec, the company has an established starting point while it tests the potential for further growth.
Terry’s focus is on the combination of what has already been identified and what further exploration could establish. Alongside deeper drilling, the company is using underground imaging technology to help identify future drill targets and conducting processing tests to assess how material from Lion and Nisk Main could work together. These programs will help evaluate the project’s potential; future growth and economics remain to be demonstrated.
INVESTOR TAKEAWAY
The interview connects the AI investment story to the physical materials needed to support it. Terry explains why he believes copper is entering a new chapter, what he is hearing from institutional investors and how Power Metallic is advancing Nisk while seeking broader market access.
Watch the full Thanksgiving AGORACOM interview for the big picture on copper, AI and Power Metallic’s place in the supercycle discussion.
Last modified: October 9, 2026
