The Globe and Mail reports in its Wednesday edition that Stifel analysts Ralph Profiti and Cole McGill think global copper supplies are "becoming increasingly inelastic against a supply base that continues to be constrained by rising capital intensity." The Globe's David Leeder writes that Mr. Profiti and Mr. McGill say in a note: "Average mined copper grades are down approximately 40 per cent since 1991, LatAm brownfield capital intensity has risen 65 per cent since 2010, with a similar rise for greenfield since 2020. The greenfield incentive price is now more than $5/ lb (we share a similar view), and permitting routinely exceeds 10 years and total development from discovery to first production takes over 20 years. We estimate that to justify a 15-per-cent return on investment on our greenfield copper project database, the copper price needs to be approximately $5.05/lb after adjusting baseline PEA/PFS/FS and development assumptions with our risk-adjusted estimates for capital intensity, operating costs, sustaining costs and royalties and taxation." The Stifel stockpickers rate Capstone Copper "buy." They boosted their share target to $21 from $20. Analysts on average target the shares at $17.22.