Deutsche Bank: Copper Outpaces Gold in Terms of Price Potential

Scarcity Supports Copper, Provides Support for Gold

Demand for copper is growing alongside electrification, renewable energy, electric mobility, and data centers. Supply is barely keeping pace, and production outages are exacerbating the situation: Following an accident in late September, the Escondida mine in Chile was shut down, as was the Las Bambas mine in Peru in August.

Deutsche Bank sees the greatest short- to medium-term price potential in copper. According to metals analyst Daniel Ghali, freely available above-ground stocks are at their lowest level since records began in the 1980s, primarily due to stockpiling in China and the U.S.

Gold comes in second place. Despite 10-year U.S. yields exceeding five percent, the metal has not hit a new low since July. It is being supported by central banks and institutional investors, whose numbers have risen by an estimated 70 percent since 2021.

OR Royalties Keeps Deliveries Steady

OR Royalties – https://www.commodity-tv.com/ondemand/companies/profil/or-royalties-inc/ – holds over 200 royalties, streams, and similar interests, primarily in gold, silver, and copper in Canada, the U.S., and Australia. The centerpiece is a 3- to 5-percent royalty on the Canadian-Malartic complex. The company pays a quarterly dividend.

According to preliminary figures, OR Royalties generated 20,237 attributable gold-equivalent ounces in the third quarter of 2026. Revenue rose 26 percent to $90.2 million. The figures are unaudited; the full quarterly report has not yet been released.

Gold Royalty Posts Record Half-Year

Gold Royalty – https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ – focuses on gold royalties in North and South America and also holds copper streams. In the first half of 2026, revenue more than doubled to $17.3 million, including land agreements and interest.

Gold-equivalent ounces rose by 42 percent to 3,677. In August, the company confirmed its forecast of 7,500 to 9,300 ounces for 2026. To meet this target, the second half of the year must be significantly stronger than the first.

Conclusion: OR Royalties and Gold Royalty on Track for Milestones

Tight copper supplies and gold’s role as a reserve asset are creating a positive market environment. For OR Royalties, the final quarterly figures are key; for Gold Royalty, it’s about meeting the annual forecast. Metal prices and partner mines remain crucial.

Latest company news and press releases: OR Royalties https://www.resource-capital.ch/de/unternehmen/or-royalties-inc/ and Gold Royalty https://www.resource-capital.ch/de/unternehmen/gold-royalty-corp/.

For further information, please see our Precious Metals Report: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2026-03/

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Sources: Börse Online/Deutsche Bank, October 5, 2026 · Escondida, September 23, 2026 · Las Bambas, August 20, 2026 · OR Royalties Q3 2025, October 7, 2025 · OR Royalties Q3 2026, October 7, 2026 · Gold Royalty H1 2026, August 5, 2026, Intro Image: OR Royalties

Transparency and Conflicts of Interest

Prepared and published by: SRC swiss resource capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Responsible under Section 18(2) of the Media Services Act (MStV): Marc Ollinger, CEO of Swiss Resource Capital AG, Poststrasse 1, 9100 Herisau, Switzerland. Issuers: OR Royalties Inc. (TSX/NYSE: OR) and Gold Royalty Corp. (NYSE American: GROY). The paid IR contracts give rise to a financial interest in positive coverage. As of October 8, 2026: Neither the author nor SRC swiss resource capital AG nor any of its affiliates hold shares, options, warrants, certificates, derivatives, or other long/short positions in securities of the aforementioned issuers. Future purchases or sales are possible. None of the issuers holds a 5% or greater stake in SRC swiss resource capital AG. The issuers did not receive this article prior to publication.

Methodology and Risks

Date of publication: October 8, 2026. Public sources have been cross-checked; company information has not been independently verified. The assessments regarding copper and gold represent the external opinions of Deutsche Bank and do not constitute our own forecasts. We have not conducted our own valuation of royalties, streams, or companies. OR Royalties’ quarterly figures are preliminary and unaudited; forecasts are based on the companies’ assumptions, including those regarding metal prices. Dependence on operators and partner mines, concentration on individual assets, as well as metal price, currency, country, financing, and dilution risks can significantly alter results and lead to a total loss. No routine updates are planned; statutory obligations remain unaffected.

Disclosures and Liability

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