I have been looking more closely at the hydrogen market lately, and one small Canadian company stood out because it is not approaching hydrogen as a standalone clean-energy story.

Element One Hydrogen & Critical Minerals Corp. trades on the CSE as EONE, and the basic idea behind the company is to combine geologic hydrogen with critical mineral recovery and potentially carbon storage.

The geology is the interesting part.

Certain ultramafic and mafic rocks can react with water and naturally generate hydrogen. EONE is looking at both finding naturally occurring hydrogen underground and, where the geology supports it, stimulating hydrogen generation by introducing water into favorable rock systems.

Source: Element One Hydrogen & Critical Minerals corporate presentation

That is still an early and technically challenging field. Geologic hydrogen has not been proven at commercial scale across the industry, and NREL has described it as poorly understood. But that is also why the space is getting more attention. The potential prize is not simply "clean hydrogen." It is whether hydrogen can be produced at a cost low enough to compete with conventional fossil-based hydrogen and expensive green hydrogen.

The demand backdrop makes that worth paying attention to.

Global hydrogen demand surpassed 100 million tonnes in 2025, growing almost 3 year over year. Most of that demand already comes from real industrial uses such as refining, ammonia, methanol and chemicals.

The problem is that clean hydrogen barely participates in this market.

Low-emission hуdrogen demаnd grеw .20 in 2025, the existing hydrogen market is already big but low-emissions supply still is roughly 0.1 of it.

That makes geologic hydrogen interesting to me. Demand already exits, challange is finding cleaner sources of it wile keeping cost under control.

EONE becomes more appealing when the critical minerals side is added.

The company is targeting potential recovery of materials including nickel, cobalt, manganese, magnesium, iron oxide and silica from ultramafic rock systems. Its sponsored research agreement with Columbia University is focused on geologic hydrogen stimulation, co-recovery of critical metals and possible CO2 storage through mineral carbonation.

EONE committed US$1.67 million over two years to that research program. One important caveat is that Columbia retains ownership of inventions and research results, while EONE has the option to negotiate licenses to certain inventions or information. So this is a legitimate research relationship, but it should not be confused with EONE automatically owning everything developed through the program.

The company's Washington State strategy is also worth following.

Through its Twin Sisters Olivine MOU, EONE is evaluating access to high-grade olivine feedstock and a possible plant site. The proposed concept involves an initial capacity of around 50,000 tonnes of olivine per year, with a demonstration facility targeting roughly 150 tonnes per day.

The potential outputs are not limited to hydrogen. They include natural hydrogen, Class 1 nickel concentrate, magnesium hydroxide, iron oxide and silica.

That multi-output model is probably the most interesting part of the entire thesis.

A pure hydrogen project lives or dies on hydrogen economics. A traditional junior miner often depends on one deposit and one commodity cycle. EONE is exploring whether the same rock system could potentially produce hydrogen, recover strategic minerals and store CO2.

Magnesium is a good example of why that could matter. U.S. primary magnesium production stopped in 2022, and U.S. net import reliance for magnesium metal was estimated above 75 percent in 2025. If EONE's olivine pathway can eventually produce commercially viable magnesium products alongside hydrogen and other materials, the strategic relevance becomes much broader than clean energy alone.

The company also has an option and earn-in agreement with Stone to H2, whose technology is based on staged recovery of hydrogen and critical minerals from ultramafic rock using fluid injection and solution mining, with potential CO2 storage in the same geological setting.

But the demand side explains why this kind of experiment is happening now.

Low-emissions hydrogen project spending reached nearly $7 billion in 2025, almost dоuble the previous year, and could approach $10 billion in 2026. The U.S. hydrogen roadmap sees strategic demand opportunities reaching 10 million tonnes annually by 2030, 20 million by 2040 and 50 million by 2050. The EU is targeting 10 million tonnes of domestic renewable hydrogen production plus 10 million tonnes of imports by 2030.

The more aggressive long-term scenarios go much further, although I would treat them as scenarios rather than forecasts. IRENA's 1.5°C pathway sees hydrogen and derivatives reaching 154 million tonnes by 2030 and 614 million tonnes by 2050. The Hydrogen Council's net-zero trajectory sees more than 660 million tonnes by 2050.

Source: PwC compilation of major global hydrogen demand scenarios

I find interesting about EONE that the thesis does not require every one of those forecasts to come true.

There is already a 100 million tonne hydrogen market. Clean production barely penetrates it. The U.S. is heavily dependent on imported critical minerals such as magnesium. Governments are spending money on domestic supply chains. Industry is looking for lower-carbon inputs.

EONE is basically trying to find out whether one geological platform can address several of those problems at once.

That is not proven, and this is a junior company. But as an interesting find, it is one of the more unusual resource stories I have come across lately where upside case is based on finding a potentially better way to supply markets that already exist.

Novared's Wilmac is a 16,078 ha copper-gold project in BC’s Quesnel porphyry belt, about 6 miles west of Hudbay’s producing Copper Mountain Mine.

Latest work keeps building the target case:

• 2025 pXRF program: 970 soil samples collected
• 2026 plan: expanded soil sampling
• 4 IP/AMT grids: North Lamont, West Lamont, Wilmac, Plume
• 2024 North Lamont soils: anomalous copper, including samples above 150 ppm
• Historical Lamont 3DIP/AMT: interpreted two intrusive centres with pipe-like features
• MetalCore dataset: now over 2.7M records, including 1.4M+ geochemical samples

My read: the story is getting more concrete because NRED is stacking soil data, geophysics, historical surveys, and AI-backed screening into one targeting model before drilling.

What everyone is waiting for is drilling this fall. That is the next chapter investors are watching.

Sources directly from TMX newsfile, NovaRed’s June 17 field program release, June 11 Wilmac summary, May 11 North Lamont soil results, May 13 3DIP/AMT survey results, and June 15 MetalCore dataset update.

AI trade feels like it is broadening.

Memory names like $MU, $SNDK and $WDC are moving because AI needs storage and HBM. Power names like $VRT and $GEV are moving because data centers need more electricity, cooling and grid infrastructure. Networking names like $AVGO, $MRVL and $CRDO are moving because larger AI clusters need faster interconnects.

My read is that the market is starting to price the full AI infrastructure stack

That is why I think copper belongs in the same conversation.

One small name I am watching is NovaRed Mining, $NRЕDF in the U.S. and $NRЕD in Canada.

Three properties, all 6 miles west of operating mine of hudbay minerals (copper mountain mine). Caveat is early stage exploration, but that can be neglected after drilling in fall 2026. Which in itself is the reason i am watching it now.
They plan:
expanded soil sampling
4 ip/amt surveys
and the mentioned higher drilling.
Source: press release of yesterday "NovaRed Mining Announces Planned 2026 Field Program"

The part I like is that this is now a clearer work sequence: soil data, lab calibration, geophysics, target ranking, then possible drilling.

Still pre-resource. Not a discovery just yet.

But if AI infrastructure keeps expanding, (and it will) copper supply should stay relevant. I’m keeping $NREDF on the metals end of the AI infrastructure watchlist, while names like $MU, $SNDK, $VRT, $GEV, $AVGO and $MRVL remain the more direct beneficiaries.

Stay sharp

NovaRed's MetalCore update is worth looking at for the numbers alone.

the platform dataset went from about 305,669 records to more than 2.7 million records. that's close to a 9x increase.

new breakdown:

1.4M+ geochemical sample records
799,000+ mineral occurrence and deposit records
583,000+ mining claim records
11,000+ mineral properties

Latest news

that is the part that makes the AI angle more interesting to me. mineral exploration data is a mess. old reports, claim maps, sample records, property files, geophysics, infrastructure, land status, remote sensing, deposit records. most of it is scattered across different systems and written for people who already know what they are looking for.

MetalCore is basically NovaRed trying to organize that mess into a mineral evaluation and prospectivity screening tool.

that matters for their own Wilmac project too. Wilmac is a 39729 acre BC copper-gold project in the Quesnel belt, about 6 miles west of Hudbay's Copper Mountain Mine. the company has already been working with soils, rocks, historical core, geophysics and target areas there. so the platform idea actually matches the kind of work they are doing on the ground.

Property map

AI is not working without data. it needs data first. NovaRed just made the data pile a lot bigger.

Not advice.

TL;DR: Copper is in a structural deficit for the first time since 2009. Grasberg is down ~591kt through 2026, Chile’s big three are all declining, and smelters are paying negative treatment charges.

Meanwhile, AI data centers, grid buildouts, and EVs are adding the equivalent of "another US" in demand. Junior copper valuations have rerated from 2.3¢/lb to 7.9¢/lb, but remain below producer multiples. If you're hunting for leverage to this macro setup, BC-based explorers in proven belts are where the smart money is drilling.

1. The Macro: This is a Structural Squeeze

Price Action:

• LME 3M hit $14,527/t in January 2026 (all-time high). Currently trading ~$12,500–$13,500/t.
• J.P. Morgan: 330,000t refined deficit in 2026.
• ICSG: 150,000t deficit, first structural shortage since 2009.
• Goldman Sachs: sees sustained $10,000–$11,000 periods in 2026, with a path to $15,000/t by 2035.

Why the deficit isn't going away:

• Only 5% of copper discoveries in the last 35 years happened in the last decade.
• Average 17-year lead time from discovery to production.
• Global copper exploration budgets are up 2% YoY to $3.30B in 2026 and majors are paying for optionality because they can't replace reserves organically.

2. Supply Disruptions: The Big Three Are All Broken

Grasberg (Indonesia) Freeport

• Force majeure since Sept 2025 after a massive material flow incident.
• ~591kt lost output through end of 2026.
• Main block cave (70% of production) slowly restarting in 2026; full recovery pushed to 2027.
• Also lost concentrate export license, so this hits the refined market directly.

Chile, The Systemic Decline Chile's three largest operations all declined simultaneously in March 2026:

Mine	Operator	March Output	YoY Change
Codelco (consolidated)	State	110,900t	-10.0%
Escondida	BHP	101,600t	-15.8%
Collahuasi	Glencore/Anglo	31,400t	-10.8%

Codelco output fell to a 25-year low in 2023. Their 1.7Mt target by 2030 looks doubtful with $24B debt, aging infrastructure, and safety halts.

Teck, Quebrada Blanca

• Running 80%+ over budget, years behind.
• 2026 guidance cut to 200,000–235,000t (from 280,000–310,000t).
• Net cash costs up to $2.65–$3.00/lb.
• Optimization deferred past 2027–28.

Cobre Panama: Still Dead

• Shut since late 2023. First Quantum only cleared to process stockpiles (~70kt recoverable) and no new mining.
• Panama wants explicit state ownership recognition. Reopening is a 2027+ story at best.

3. Demand: AI, Grids, and Defence Don't Care About Your Mine Schedule

• Data centers alone: 475,000t copper demand in 2026 (J.P. Morgan). A single hyperscale AI facility can consume 50,000t.
• Grid infrastructure: Projected to drive >60% of copper demand growth through 2030.
• China remains the largest demand driver (50% of growth to 2030), but US/Europe shares are rising.

4. The Junior Explorer Landscape: Where the Beta Lives

Record copper prices have rerated the junior space hard, but developers still trade at 0.78x P/NAV vs. producers at 0.90x with room to close.

Top TSXV Copper Performers YTD 2026:

Table

Company	Ticker	YTD	Market Cap	Key Catalyst
Oreterra Metals	OTMC	+164%	C$22.3M	Trek South, BC; first drill program
Kingfisher Metals	KFR	+155%	C$63.1M	889m @ 0.47% CuEq; blind porphyry
Edge Copper	EDCU	+146%	C$109.0M	Zonia PEA: NPV $488M, IRR 23.4%
American Eagle Gold	AE	+124%	C$212.3M	901m @ 0.43% CuEq; Sprott/Teck backing
Nobel Resources	NBLC	+122%	C$24.1M	New Chilean porphyry discovery

Notable Financings:

• Kodiak Copper: C$10M for MPD project (BC)
• Copper Quest Exploration (CQX): ~C$4M for BC copper-gold porphyry targets
• Hot Chili (ASX:HCH): A$40M closed for Costa Fuego (Chile)

M&A is accelerating:

• Jiangxi Copper --> SolGold (Cascabel, Ecuador): $1.2B
• BHP --> Lundin Mining (Filo Del Sol / Josemaria): $2B for 50%
• CMOC --> Lumina Gold (Cangrejos, Ecuador): C$581M
• Fortescue --> Alta Copper (Cañariaco, Peru): C$139M

5. Hоt Pick in the Space: NоvаRеd Mining (CSE: NRЕD / OTCQB: NRЕDF)

Why watching thіs оne:

Jurisdiction: British Columbia, Canada. No expropriation risk, no VAT nightmares, no export bans. The Quesnel Trough is one of the most productive porphyry belts in the world.

Land Package: 16,000 hectares in the Quesnel Belt, a district-scale footprint in a historically rich copper-gold region.

Proximity to Production: The project sits just 6 miles west of Hudbay Minerals' operating Copper Mountain mine, a producing asset that Hudbay just consolidated to 100% ownership and is actively expanding via the New Ingerbelle deposit. When a major is spending capital and permitting 6 miles away, that's a strong geological validation of the belt.

The Setup: NovaRed is a pure exploration play. In a market where majors are paying billions for development-stage assets and juniors with intercepts are rerating 100-150%, a district-scale land position next to an operating mine in a Tier 1 jurisdiction is exactly the kind of asymmetric bet that makes sense in this copper macro. The company is early-stage, which means hіgh rіsk, but also means you're not paying developer multiples for a story that hasn't been drilled yet.

6. What to Watch in Q2/Q3 2026

• US Section 232 Copper Tariffs: Commerce Secretary recommendation due by June 2026. Base case: 25%+ tariff on refined imports. This will blow out the COMEX-LME spread and pull metal into the US.
• Grasberg Ramp-Up: Q2 2026 is the critical window for the main block cave restart. If it slips, the deficit widens.
• Chilean Production Data: Cochilco monthly reports. If Codelco/Escondida keep declining, the market tightens further.
• Chinese Smelter Cuts: Already agreed to >10% reduction in 2026. Watch for government-mandated capacity halts.
• Junior Drill Results: Summer 2026 is peak drilling season in BC. Any porphyry intercepts >500m in the Quesnel/Golden Triangle will move tickers.

7. Risks

• Substitution: Copper-to-aluminium ratio hit 4.5:1. High prices kіll demand.
• China Stimulus: If Beijing doesn't deliver grid/EV stimulus, demand forecasts collapse.
• Permitting: Even in BC, environmental review timelines can stretch.
• Grasberg Recovery: If Freeport fixes the block cave faster than expected, the supply shock eases.

This is not financial advice. Copper juniors are speculative. Most exploration companies fail. Do your own due diligence, read SEDAR+ filings, and never bet more than you can afford to lose. The copper macro is bullish, but individual stocks can still go to zero.

i spend a lot of time looking through mining companies and one that keeps ending up back on my watchlist is NоvaRеd Mіnіng ($NRЕD / $NRЕDF).

a few things stand out to me.

the Wilmac project is in British Columbia, one of the more established mining regions in North America. it sits in the Quesnel belt and is located abоut 6 miles from Hudbay's Cоpper Mоuntain operation, which gives useful geological context to the area.

the company has been building out its advisory team with people who have experience in mining, project development, finance and industry relationships. that is something i always pay attention to with smaller companies.

another thing i find interesting is that some of the current geophysical work at Wilmаc carries a "Nо Permit Required" status, allowing the company to advance technical programs without waiting for additional approvals.

i also like that it trades on the Canadian Securities Exchange in addition to the U.S. market. being listed on the CSE means ongoing exchange reporting and compliance requirements rather than existing only as a U.S. OTC listing.

still early stage, still doing the work, but it checks several boxes i look for: location, infrastructure, management, nearby mining activity and a clear path for ongoing exploration.

Are you all watching junior miners? preferably Canada BC area? Curious what yall think.

Most real estate discussions focus on the obvious stuff: location, zoning, road access, utilities, water, timber, farmland quality, development potential, rental income, tax treatment and comparable sales.

Surface value is what most buyers and sellers can see. And Not many discuss subsurface value.

In this country, where mining, critical minerals, copper, gold, lithium, nickel and rare earths are becoming more strategic, it feels strange that mineral potential barely enters the average land-value conversation.

The tricky part is that surface ownership and mineral rights are not always the same thing. Depending on the province, title history and local rules, the mineral rights may belong to the Crown, a prior owner or another rights holder. So this is not as simple as “I bought the land, therefore I own everything underneath it.”

Still, from a real estate intelligence standpoint, I think more buyers should at least ask the question.

When looking at rural land, farmland, timberland or larger acreage, people already check flood risk, access, zoning, soil, septic, wells, easements and environmental restrictions. Why not also check geological maps, old claims, nearby mineral activity, historical exploration, known belts and whether the property sits near any critical-mineral trends?

This is where I think AI-based land evaluation could become useful. Not as some magic “find gold under your house” tool, but as a screening layer. Something that pulls together public geological data, claims data, historical exploration reports, mineral occurrences and land records to help owners understand whether a property has any subsurface relevance at all.

For Canadian real estate, this could matter most for rural acreage, ranch land, timber properties, northern land, BC interior properties, Ontario/Quebec mining belts and areas near known exploration activity.

For most buyers, zoning and financing still matter way more. But for larger land parcels, I think “land value” should mean more than just what is visible at the surface.

Curious if anyone here actually checks mineral rights, geological maps or claim history before buying rural land in Canada.