Table of Contents

Copper Price Forecast: Top Trends for Copper in 2025

Copper Price Update: Q1 2025 in Review

Top 5 Copper Stocks on the TSX in 2025

Top 5 Junior Copper Stocks on the TSXV in 2025

Sponsored Profile: Empire Metals

Copper Price Forecast: Top Trends for Copper in 2025

Copper prices saw impressive gains in 2024, even breaking the US$5 per pound mark in May. However, the red metal's gains didn't last, and by the end of the year copper had retreated back to the US$4 range.

The start of 2025 could be eventful, with Donald Trump returning to the Oval Office, a new stimulus package coming into effect in China and a continued push for greener technologies around the world.

What will these factors mean for copper prices in the new year? Will they rise, or can investors expect the base metal to remain rangebound? Here's a look at what experts see coming for the important commodity.

How will Trump's presidency impact US copper projects?

Trump will be sworn in for his second term as US president on January 20.

During his campaign, he made bold promises that could shake up the American resource sector, pushing a "drill, baby, drill" mantra and committing to increasing oil production in the country.

When it comes to copper, Trump's proposed changes to environmental regulations could have key implications. While the Biden administration has sought to toughen these rules, Trump will look to relax them.

In an email to the Investing News Network (INN), Eleni Joannides, Wood Mackenzie's research director for copper, said changes to environmental regulations are likely to benefit the mining sector overall.

“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting" — Eleni Joannides, Wood Mackenzie

“The former president has already pledged to overturn a 20 year moratorium on mining in Northern Minnesota. This pro-mining approach means more mines could be permitted and put into production,” she said.

One project that was being planned before the Biden administration restricted access to federal lands in the Superior National Forest belongs to Twin Metals Minnesota, a subsidiary of Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The company has been working to advance its underground copper, nickel, cobalt and platinum-metals group project since 2006, and has submitted plans to state and federal regulatory agencies.

Another copper-focused project that may benefit from the incoming Trump administration is Northern Dynasty Minerals' (TSX:NDM,NYSEAMERICAN:NAK) controversial Pebble project in Alaska.

The company has been exploring the Bristol Bay region since acquiring the property in 2001, but the US Army Corps of Engineers denied approval in 2020; the Environmental Protection Agency did the same in 2021.

Northern Dynasty has been fighting these decisions at both the state and federal level. It reached the Supreme Court in January 2024, but was denied a hearing until the dispute is examined at the state level.

On December 20, Alaska Governor Mike Dunleavy added his support for the project when he petitioned the incoming president to issue an Alaska-specific executive order on his first day in office. The order would effectively reverse decisions made by the Biden administration, including the permitting of the Pebble project.

In addition to Pebble, projects like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World, both of which are in Arizona, may benefit from Trump’s plan to reduce permitting times on projects worth over US$1 billion.

Currently, large-scale operations like these can take up to 20 years to move from exploration to production in the US. Copper is considered a critical mineral for the energy transition, and is increasingly becoming a security concern as the US is largely dependent on China for its supply of copper.

Copper price volatility expected under Trump tariff turmoil

As tensions continue to grow between the west and eastern nations like China and Russia, it may not take much to threaten markets for critical materials, including copper.

Trump has already promised to impose a 60 percent tariff on all goods coming from China.

A tariff on copper imports could upend the president-elect's plans for the resource sector. It would increase the prices of copper imports and disrupt the overall economy.

“The risk is that the president-elect’s threatened tariffs, including 60 percent on China and 20 percent on all other nations, could derail global economic growth, lead to higher inflation and, with that, tighten monetary policy and also lead to a change in trade flows. Copper will suffer if demand takes a hit," Joannides said.

"In addition, there is likely to be continued volatility in prices,” she added.

In its recent analysis of Trump’s policies, ING sees an overall negative impact on global metals demand.

The firm believes that many of his plans, including tariffs, will cause the US Federal Reserve take a longer-term approach to reducing interest rates, which could affect investment in large-scale copper projects.

S&P Global expressed a similar view after Trump's win. Immediately after the election, copper prices sank 4 percent to fall under US$4.30, with the firm suggesting that is likely just the beginning. The organization notes that while the market may have already priced in Trump’s tariffs, a larger trade war could impact prices even further.

Economic recovery in China could further boost copper prices

China's faltering economy has been a major headwind for copper over the past several years.

The country's housing market accounts for roughly 30 percent of global demand for the red metal, meaning that any shifts could have significant implications for the copper market.

The sector has been struggling for the past few years as the country deals with economic issues, including fallout from the COVID-19 pandemic, which caused disruptions to supply chains and a spike in unemployment.

Ultimately, economic factors struck China's real estate sector, an important driver of the country’s gross domestic product; this caused the collapse of the nation's top two developers, China Evergrande Group and Country Garden.

So far, the government’s attempts to stimulate the economy and jumpstart the beleaguered real estate sector have largely failed. In September, it announced measures aimed at property buyers, such as reducing interest rates for existing mortgages by 50 points and cutting the minimum downpayment requirement for homes to 15 percent.

Other changes introduced at the time include more help from the People’s Bank of China, which will provide a lending facility for state-owned firms to acquire unsold flats for affordable housing.

China followed this up with an announcement in November that it will provide additional support for local governments by increasing their debt-raising capacity by 6 trillion yuan over the next six years.

While these measures may not be felt for some time, kickstarting the Asian nation's real estate sector could be a boon for copper producers and investors.

“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting,” said Joannides.

Copper industry needs more investment dollars

With copper demand projected to grow long term, supply-side concerns are rising. According to Joannides, there is already recognition that copper exploration has been underinvested over the past few years.

“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she explained to INN.

"Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."

Joannides pointed to greenfield projects already in the pipeline, including Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zarfanal in Peru.

There's also Northmet, a Teck and Glencore (LSE:GLEN,OTC Pink:GLCNF) joint venture in Minnesota.

Rising copper prices could also increase the flow of money from the major companies into the junior space, where most of the exploration is currently occurring.

“Copper has become the standout strategic preference for the major mining companies. The risk-adjusted cost of developing organic copper assets is higher than the cost of acquiring them,” Joannides said.

This kind of acquisition activity could help reduce the development time of assets compared to companies starting exploration from scratch.

Investor takeaway

While copper supply and demand conditions are expected to remain tight in 2025, competing forces are at play.

One of the biggest factors is Trump’s return to the White House. If the president-elect takes action as quickly as he has promised, investors could soon gain insight on the long-term implications of his policies.

In terms of China, it will take time to get the property sector back to where it was before the pandemic; however, there may be sparks early in the year as new measures start to work their way through the market.

During 2025 it may be even more prudent than usual for investors to do their due diligence on copper and keep an eye on the forces that may affect the market.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.

Editorial Disclosure: Los Andes Copper, Osisko Metals and Quetzal Copper are clients of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Copper Price Update: Q1 2025 in Review

The copper price began 2025 on a rebound, spending time above US$5 per pound during Q1 after trading within the US$4 to US$4.50 range for most of 2024's second half.

Starting strong, the red metal climbed from US$3.99 on January 2 to reach US$4.40 by mid-month.

It then eased slightly, ending January at US$4.25. February once again brought momentum as copper climbed steadily to US$4.76 on February 13. However, the price retreated and ended the month at US$4.53.

Copper price, January 2 to April 9, 2025.

Chart via Trading Economics.

The copper price saw significant gains throughout March, breaking through the US$5 mark on March 19. It set a new all-time high of US$5.22 on March 26 before falling to US$5.04 on March 31.

Since then, copper has been under pressure, and the price of the metal plunged to US$4.26 on April 7.

Copper market facing tariff uncertainty

The first quarter of the year was dynamic for copper, but few factors have influenced the market for the base metal more than the threat of tariffs from the US. This possibility has created a wider price gap between London Metal Exchange (LME) copper and Chicago Mercantile Exchange (CME) copper.

According to an ING article published in mid-February, the CME price was more than 10 percent higher than the LME price at the time, prompting traders to begin shifting copper inventories from overseas warehouses into the US.

This movement elevated stockpiles at CME warehouses to over 100,000 metric tons, the highest level since they peaked at 250,000 metric tons during Donald Trump’s first presidency.

Overall, the US relies on copper imports, which account for 45 percent of its domestic consumption. Chile constitutes 35 percent of incoming supply, while Canada contributes 26 percent.

The majority of copper inflows are in the form of refined copper products, which make up 60 percent of US imports.

On February 25, Trump signed an executive order invoking Section 232 of the Trade Expansion Act to initiate an investigation into the impact of copper imports on all forms on national security.

In the order, Trump noted that while the US has ample copper reserves, its smelting and refining capacity has declined. China has become the world’s leading supplier of refined copper, commanding a 50 percent market share.

During a mid-March CRU Group webinar focused on copper, Erik Heimlich, head of base metals at the firm, discussed why Trump may have announced the start of the investigation.

“The big question here is whether US dependencies on copper imports are supposedly compromising national security. That’s the legal rationale behind the investigation" — Bryan Billie, Benchmark Mineral Intelligence

“Their reliance on imports has been growing systematically, and with the closure not so long ago of the Hayden smelter and the Amarillo refinery, that has increased even more,” he said.

Heimlich further explained that Trump may want to use copper tariffs to encourage a resurgence of copper processing in the US based on national security concerns. This point was reiterated by Bryan Billie, policy and geopolitical principal at Benchmark Mineral Intelligence, during a virtual panel held at the beginning of April.

“The big question here is whether US dependencies on copper imports are supposedly compromising national security. That’s the legal rationale behind the investigation,” Billie said.

He also discussed the timeline, noting that Section 232 investigations typically take 270 days to complete, although they can be shorter. While it remains uncertain whether the investigation will lead to tariffs, it could also result in export controls, which might pose additional challenges in global copper markets.

Michael Finch, Benchmark’s head of strategic initiatives, suggested that the review is likely to take weeks rather than months, and could actually bring some relief to the market.

“I think, given that the market now expects the announcement on Section 232 to arrive a bit sooner than previously anticipated, I don’t believe as much copper will be trapped in the US as we progress through the coming quarters ... I think it's part of that trend that we’re witnessing a softening in the copper price,” he said.

Supply chain disruptions and copper fundamentals

Other factors that have affected the copper price include a major power outage in Chile at the end of February.

Chile declared a state of emergency to address the outage, which left more than 8 million homes and a significant portion of the country’s mining operations without power.

The outage resulted from a transmission line failure in the northern part of the country, causing BHP (NYSE:BHP,ASX:BHP,LSE:BHP) to shut down operations at Escondida, the world’s largest copper mine.

Although power was restored in a few days, COMEX copper futures for March rose by 0.9 percent.

An additional supply disruption occurred in March, when Glencore (LSE:GLEN,OTC Pink:GLCNF) declared force majeure and halted copper shipments from its Altonorte operation in Chile. The refinery produces 350,000 metric tons of copper anode annually, and a prolonged shutdown could impact an already tight copper market.

On a fundamental level, the International Copper Study Group provided preliminary data for January’s supply and demand conditions on March 21. In its release, the group outlines an apparent deficit of 19,000 metric tons of refined copper in the first month of the year, down from the 24,000 metric ton deficit reported in January 2024.

Supply and demand for refined copper maintained a balance at the start of the year, with each growing by 1 percent. Supply-side growth was largely constrained by a 14 percent drop in Chilean output.

Mine production experienced a 2 percent increase in January, with 7 percent year-on-year growth from Peru. The ramp up of production at Anglo American’s (LSE: AAL,OTCQX:AAUFK) Quellaveco mine was a key factor.

Additionally, supply increased by 6 percent in the Democratic Republic of Congo due to the expansion of Ivanhoe Mines' (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula mine. A 3 percent increase in Asian production was offset by a 2 percent decline in North America. Chile also saw a fall of 2.7 percent compared to the same period last year.

Copper price forecast for 2025

Copper is tied closely to the global economy, making this a key factor to watch.

“CRU economists continue to expect global GDP to grow by 2.6 percent in 2025, and refined copper demand to grow by around 2.9 percent in both this and next year, which is actually an increase compared to our previous forecast. So despite the dramatic macro and geopolitical events that we have witnessed over the last few months, the base-case demand narrative for copper remains robust,” Heimlich said in mid-March.

However, he also noted that this base-case scenario is surrounded by uncertainty.

That uncertainty has come to the forefront at the start of Q2. Copper prices fell nearly 20 percent at the beginning of April as the Trump administration announced a new round of base-level and reciprocal tariffs.

Investors experienced a significant selloff as the prospect of a recession became more pronounced.

A recession would substantially impact base metals, including copper, as consumers turn away from big-ticket items like new homes and cars, which require large quantities of these materials

For investors, uncertainty will likely remain for some time. A Section 232 outcome could help stabilize copper, or it could escalate other aspects of a trade war between the US and the rest of the world.

It also remains unclear how long Trump’s tariffs will be in place.

This situation could provide opportunities for investors with an appetite for risk who are looking to make bets. Others may prefer to remain on the sidelines and wait for more clarity on the global trade front.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Top 5 Copper Stocks on the TSX in 2025

Over the past year, copper prices have reached record highs on two occasions, with the most recent instance being on March 26, when the metal soared to US$5.26 per pound.

These high prices stem from an increasingly tight copper market, driven by rising demand from population growth and migration in the global south, as well as growing pressures from the energy transition.

This situation is compounded by a limited number of greenfield projects that would introduce new deposits, as opposed to brownfield projects that merely extend the life of existing mines.

The first quarter of the year also witnessed some panic buying, as traders moved inventories into the US in anticipation of tariff-related price increases. Interest in companies developing US copper mines has increased as well as new US President Donald Trump looks to expedite critical metals projects.

Against that backdrop, how have TSX-listed copper companies performed? Learn about the top five best-performing copper stocks in 2025 by year-to-date gains below. Data for this article was retrieved on April 7, 2025, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.

1. Northern Dynasty Minerals (TSX:NDM)

Year-to-date gain: 44.71 percent
Market cap: C$689.38 million
Share price: C$1.23

Northern Dynasty Minerals is an exploration and development company focused on the Pebble project, a copper-molybdenum-gold-silver project located 200 miles southwest of Anchorage in the Bristol Bay region of Alaska, US.

Northern Dynasty says the site is “one of the greatest stores of mineral wealth ever discovered.”

It hosts a measured and indicated copper resource of 6.5 billion metric tons (MT) and an inferred copper resource of 4.5 billion MT. The Pebble property's measured and indicated resources for molybdenum, gold and silver total 1.26 million MT, 53.82 million ounces and 249.3 million ounces, respectively.

The project stalled in 2020 during the permitting phase following a US Environmental Protection Agency (EPA) veto that suggested the proposed mine would damage the Bristol Bay watershed. However, company shares surged following the July 2023 announcement that Alaska had appealed to the US Supreme Court to reverse the veto.

Early in 2024, the Supreme Court declined to hear the matter on procedural grounds, sending it back to the federal district court and federal circuit of appeals before the Supreme Court would hear it.

Northern Dynasty spent the rest of 2024 advancing its case in Alaska's state court. On March 15, it announced the filing of actions to vacate the EPA’s veto. The State of Alaska and two Alaskan Native village corporations followed by filing their own separate suits to vacate. In August, the federal district court granted Northern Dynasty’s motion to modify the complaint by adding the US Army Corps of Engineers (USACE) as a defendant. The company contended that the EPA's decision was based on the original USACE permit denial and asserted that it was politically motivated.

The latest news from the case came on February 18, when Northern Dynasty announced it would not object to an EPA and USACE motion to halt proceedings for 90 days to allow the Trump administration more time to review the case.

Shares of Northern Dynasty surged following Trump’s March 20 executive order, which calls for expedited approvals for domestic mineral production and identifies copper as a critical mineral.

In the order, Trump said dependence on mineral production from hostile powers is jeopardizing national and economic security, and urged the US to take immediate steps to boost domestic production.

Northern Dynasty reached a year-to-date high of C$1.69 on March 25.

2. Arizona Sonoran Copper Company (TSX:ASCU)

Year-to-date gain: 33.79 percent
Market cap: C$268.43 million
Share price: C$1.94

Arizona Sonoran Copper is a developer and explorer dedicated to advancing the Cactus project in Arizona, US, toward production. The brownfield asset, situated near Phoenix, operated from 1972 to 1984.

Since then, Arizona Sonoran has made substantial investments in the project, including a US$20 million reclamation program aimed at remediating the property. The site features the past-producing Sacaton mine and one historic stockpile, as well as the Cactus East, Cactus West and Parks/Salyer deposits, which span a 5.5 kilometer trend.

According to an August 2024 preliminary economic assessment, at a copper price of US$3.90 the project has an after-tax net present value of US$2.03 billion, an internal rate of return of 24 percent and a payback period of 4.9 years.

Once operational, in the first 20 years the mine is expected to yield an average of 232 million pounds of copper cathode per year. Over its full 31 year mine life, the company anticipates total copper cathode production of 5.34 billion pounds.

The most recent update from the project was on February 25, when the company released assay results from an exploration program at the Parks/Salyer deposit. The release includes notable drill core results, with one 391 meter interval showing continuous mineralization at an average grade of 0.74 percent total copper. In that section, a 242 meter interval has an average grade of 0.98 percent total copper and 0.75 percent soluble copper.

Shares of Arizona Sonoran reached a year-to-date high of C$2.44 on March 26.

3. Imperial Metals (TSX:III)

Year-to-date gain: 29.35 percent
Market cap: C$385.25 million
Share price: C$2.38

Imperial Metals is a mine development and production company with operations in BC, Canada.

Its operations include a 30 percent interest in the Red Chris mine in BC’s Golden Triangle, with the remainder owned by Newmont (TSX:NGT,NYSE:NEM,ASX:NEM). Imperial also fully owns the Mount Polley copper-gold mine, which reopened in June 2022, and the Huckleberry mine, which has been under care and maintenance since 2016.

On January 29, the company announced that the Mount Polley mine had met its 2024 guidance, producing 35.7 million pounds of copper and 39,108 ounces of gold during the period.

It also provided an update on its Phase 2 exploration program at Mount Polley, which comprised 6,748 meters across 27 drill holes with both near-pit drilling and drilling of high-priority targets outside the active pit area. The company highlighted one assay result of 0.72 percent copper and 1.43 grams per metric ton (g/t) gold over 127 meters, which includes an intersection of 21.5 meters with 1.34 percent copper and 2.65 g/t gold.

Imperial followed this report with updates on 2024 production from Red Chris on February 20. In that statement, it indicated that its share of production was 25.6 million pounds of copper and 17,943 ounces of gold, a significant increase over the 17.12 million pounds of copper and 13,814 ounces of gold produced in 2023. Newmont's 100 percent 2025 guidance for Red Chris is 88 million pounds of copper and 86,000 ounces of gold.

The release also reports 2025 guidance for Mount Polley. While gold production is anticipated to be in line with 2024, Imperial expects lower copper production in the range of 25 million to 27 million pounds.

According to the company's release, "Phase 4 Springer Pit ore, which has a higher recoverable copper grade is targeted to be fully mined by the third quarter of 2025, with the lower copper grade from the Phase 5 pushback in the Springer pit delivering process ore in the fourth quarter of 2025."

Shares of Imperial reached a year-to-date high of C$2.80 on April 1.

4. Gunnison Copper (TSX:GCU)

Year-to-date gain: 21.43 percent
Market cap: C$74.12 million
Share price: C$0.255

Gunnison Copper is a copper development company working to advance its Gunnison and Johnson Camp projects, both of which are located in Arizona, into production.

Gunnison was originally scheduled to begin operating in 2020 as an in-situ recovery (ISR) project, but startup was delayed due to low flow rates. Gunnison has been evaluating different alternatives to overcome the challenges and has obtained permits to begin well simulation using small-scale, shallow-level hydraulic fracking.

The company has determined that an open-pit operation has "substantially improved viability" compared to the ISR operation at this time, and is now advancing the permitting process for the open pit. Gunnison intends to maintain the option of its fully permitted ISR operation and well stimulation. Once the open-pit mine is in operation, Gunnison estimates average annual output of 167 million pounds of copper cathode.

The probable mineral reserve for the in-situ operation as of 2016 is 4.5 billion pounds of copper from 782.2 million MT of ore with an average grade of 0.29 percent. The open pit's 2024 resource estimate shows a measured and indicated resource of 5.1 billion pounds of copper from 831.6 million MT of ore with an average copper grade of 0.31 percent.

The company is also working on restarting the Johnson Camp mine in Cochise County, Arizona. Funding will come from Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) subsidiary Nuton, which will also utilize its proprietary heap leach technology. Once mining operations commence, Nuton will have the option to form a joint venture with Gunnison.

In a project update on March 21, the company stated that construction at the Johnson Camp mine is on track to begin first cathode production in Q3 2025. It also notes that the mining of mineralized material began in January; it is being stockpiled in anticipation of the completion of the leach pad.

Shares of Gunnison reached a year-to-date high of C$0.40 on March 24.

5. St. Augustine Gold and Copper (TSX:SAU)

Year-to-date gain: 12.5 percent
Market cap: C$91.03 million
Share price: C$0.09

St. Augustine Gold and Copper is a development company focused on its King-King project in the Philippines' Mindanao province. The project consists of 184 mining claims. According to the most recent preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years at a copper price of US$3 and a gold price of US$1,250 per ounce.

The latest news from the company came on March 31, when it released its management discussion and analysis for the year ended on December 31, 2024. In the release, it outlines the current state of the project, which has faced prolonged legal delays. The most significant occurred in 2017, when the Philippine Department of Environment and Natural Resources ordered a moratorium on open-pit mining for copper, gold, silver and complex ores.

The company states that to date, there has been no resolution regarding the overturning of the moratorium.

Shares of St. Augustine Gold and Copper reached a year-to-date high of C$0.10 on April 1.

Article by Dean Belder; FAQs by Lauren Kelly.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, own shares of Northern Dynasty Minerals.

Top 5 Junior Copper Stocks on the TSXV in 2025

Copper prices moved significantly during the first quarter of the year, with strong momentum carrying the base metal to an all-time high on the COMEX of US$5.26 per pound on March 26.

The rally in prices was driven by uncertainty in global financial markets due to the threat of tariffs from the US.

This resulted in increased tightness and panic as more copper shipments were diverted into US warehouses to preempt potential price hikes. However, prices eased at the beginning of April as concerns about a global recession began to outweigh fears of commodity shortages, causing the price of copper to drop below US$4.50.

How has this affected small-cap copper-focused companies on the TSX Venture Exchange? Read on to learn about the the five best-performing junior copper stocks since the start of 2025.

Data for this article was gathered on April 7, 2025, using TradingView's stock screener, and copper companies with market caps of over C$10 million at that time were considered.

1. Camino Minerals (TSXV:COR)

Year-to-date gain: 477.78 percent
Market cap: C$10.47 million
Share price: C$0.26

Camino Minerals is a copper exploration company focused on advancing assets in Peru.

Its flagship Los Chapitos project, located near the coastal town of Chala, covers approximately 22,000 hectares and hosts near-surface mineralization. The company has been completing exploration work on the property since 2016.

Shares of Camino gained significantly the company started a discovery exploration program at Los Chapitos on January 22. The company said the program would consist of 11 holes and 1,200 meters of drilling along the La Estancia fault, focusing on newly identified copper breccias and mantos to determine their extension at depth.

Camino has not provided further updates from its work at Los Chapitos. Another significant update since the start of the year was announced on March 17, when it filed a prefeasibility study for the Puquois copper project. The project was originally acquired as part of an October 2024 definitive agreement to create a 50/50 joint venture between Camino and Nittetsu Mining (TSE:1515) for the construction-ready project.

The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28.

It also outlines all-in sustaining costs of US$2 per pound for the 14.2 year mine life.

In addition to the economic details, the included mineral resource estimate shows measured and indicated amounts of 149,000 metric tons of copper grading 0.46 percent from 32.16 million metric tons of ore.

Shares of Camino reached a year-to-date high of C$0.31 on January 29.

2. King Copper Discovery (TSXV:KCP)

Year-to-date gain: 240 percent
Market cap: C$36.64 million
Share price: C$0.17

King Copper Discovery is a copper, silver and gold explorer that is developing a portfolio of projects in South America. The company changed its name from Turmalina Metals in March.

Its primary focus is the Colquemayo project in Moquegua, Peru. In July 2024, King Copper entered into an option agreement with Compania de Minas Buenaventura (NYSE:BVM) to wholly acquire the property.

The 6,600 hectare site has seen more than 20,000 meters of historic core drilling and hosts multiple porphyry targets that have been identified but have gone untested. Highlighted drill samples show results of 2.4 percent copper and 10 grams per metric ton (g/t) silver over 237.3 meters, including 14.8 percent copper and 47 g/t silver over 31.3 meters.

In news released on February 12, the company said it was intensifying its focus on the project and would be relogging historic cores. Additionally, King Copper hired Insideo, a Lima-based environmental consulting firm, to help advance baseline studies and the drill permit process. The release also indicates that the company was in the process of rebranding from Turmalina Metals to King Copper. As part of the restructuring, CEO Roger James stepped down, maintaining a seat on the board, and was replaced by Jonathan Richards as interim CEO.

On March 11, the company began trading under its new name and ticker. Shares of King Copper reached a year-to-date high of C$0.225 on March 25.

3. BCM Resources (TSXV:B)

Year-to-date gain: 211.11 percent
Market cap: C$25.05 million
Share price: C$0.14

BCM Resources is an exploration company working to advance its flagship Thompson Knolls project in Utah, US. The greenfield copper, molybdenum, gold and silver project in Utah's Great Basin consists of 225 federal unpatented lode mining claims and two state section leases covering an area of 2,242 hectares.

Exploration of the project area began in the 1970s, when a US Geological Survey aerial survey identified a prominent magnetic anomaly. In the 1990s, follow-up work was conducted at the target.

BCM carried out its last drill program at the property in H1 2023, saying one drill hole encountered a significant mineral intercept of 0.66 percent copper, 0.12 g/t gold and 7.4 g/t silver over 155.4 meters starting at a depth of 621.8 meters. The sample also contained eight intervals with greater than 1 percent copper over 24.3 meters.

In July 2023, the company received approval from the Bureau of Land Management for a plan of operation to continue drilling at the project. In a July 2024 update, the company released data from a Colorado School of Mines analysis of the project’s porphyry-skarn system, which it plans to use to prepare for the drilling at the site.

Shares of BCM reached a year-to-date high of C$0.15 on April 9.

4. DLP Resources (TSXV:DLP)

Year-to-date gain: 152.94 percent
Market cap: C$55.99 million
Share price: C$0.43

DLP Resources is an explorer focused on advancing its flagship Aurora copper-molybdenum project in Peru.

The 8,500 hectare site is located in the Central Andes. Exploration work has been performed at the site since the early 2000s, with DLP conducting drill programs in 2023 and 2024.

Shares of DLP have been rising since the release of a technical report for Aurora on February 27, which includes a maiden resource estimate with significant copper and molybdenum spread over two zones.

The inferred resource totals 1.05 billion metric tons of ore containing 4.65 billion pounds of copper, 1.1 billion pounds of molybdenum and 80 million ounces of silver. The resource has average grades of 0.2 percent copper, 0.05 percent molybdenum and 2.4 g/t silver. The company said it is pleased with the size and results of the report, and will continue drilling at the site to upgrade the resource ahead of a preliminary economic assessment.

DLP shares also got a boost on April 1 after it released its management’s discussion and analysis for the nine months ended on January 31. The release covers the firm's activities for the period, highlighting its recent resource estimate, as well as the completion of a non-brokered private placement in January for proceeds of C$1.36 million.

Shares of DLP reached a year-to-date high of C$0.48 on April 3.

5. C3 Metals (TSXV:CCCM)

Year-to-date gain: 150 percent
Market cap: C$52.28 million
Share price: C$0.60

C3 Metals is an exploration company working to advance its assets in Jamaica and Peru.

C3's primary Jamaican asset is the Bellas Gate project, a 13,020 hectare site featuring 14 porphyry and over 30 epithermal prospects along an 18 kilometer strike. To date, drilling at the site has concentrated on a 4 kilometer zone encompassing the Provost, Geo Hill, Camel Hill and Connors prospects.

Shares of C3 experienced significant gains after it announced on February 11 that it had signed an earn-in agreement with a Freeport-McMoRan (NYSE:FCX) subsidiary, which can gain up to a 75 percent interest in the project. Under the agreement, Freeport must contribute US$25 million in exploration and project expenditures over five years to earn the initial 51 percent interest, and an additional US$50 million over the following four years for the remaining 24 percent.

In Peru, C3 has focused on advancing its Jasperoide copper-gold project. The site in Southern Peru spans 30,000 hectares and hosts two porphyry and more than 15 skarn prospects across two 28 kilometer belts.

According to a July 2023 technical report, a resource estimate outlines a measured and indicated resource of 51.94 million metric tons of ore with an average grade of 0.5 percent copper and 0.2 g/t gold for contained metal totaling 569.1 million pounds of copper and 326,800 ounces of gold.

C3 released an exploration update from its Khaleesi copper-gold project area in Jasperoide on February 19, reporting that a soil sampling campaign defined a copper-molybdenum anomaly extending 1,900 meters by up 650 meters. Two zones contain average concentrations of 950 parts per million copper and 650 ppm of copper.

The company said it is working to complete geophysical surveys by the end of March and will use the data to implement a maiden diamond drill program at the target. It closed a US$11.5 million bought-deal private placement on March 19 that will be used in part for exploration and development at the Khaleesi target.

Shares of C3 reached a year-to-date high of C$0.69 on April 1.

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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Empire Metals

Investor Insight

Empire Metals (OTCQB:EPMLF, AIM:EEE) is unlocking one of the world’s largest and purest titanium deposits at its flagship Pitfield project in Western Australia. With growing global demand, a looming supply deficit, and near-term development milestones, Empire offers a compelling investment opportunity in the critical minerals space.

Company Highlights

• The flagship Pitfield project is the world’s largest known titanium discovery. It’s a district-scale “giant” titanium mineral system, characterised by high-grade, high-purity titanium mineralisation exhibiting exceptional continuity.
• Titanium is in a global supply deficit and recognized as a critical mineral by the EU and US.
• Drill intercepts at Pitfield include up to 202 meters at 6.32 percent titanium dioxide (TiO2) from surface, confirming vast scale and grade.
• Empire Metals operates in one of the world’s most secure, mining-friendly jurisdictions: Western Australia.
• The company is led by an experienced, agile team, with proven expertise in exploration, mine development, and value creation across multiple commodities.
• With a number of key development catalysts planned for 2025, including a maiden resource estimate, bulk sampling for scale-up of metallurgical testwork, and product optimisation, Empire remains significantly undervalued relative to its peers.

Overview

Empire Metals (OTCQB:EPMLF, AIM:EEE) is an Australian focused exploration and resource development company rapidly gaining international attention for its discovery and rapid development of what is believed to be the world’s largest titanium deposit.

The company is focused on advancing its flagship asset, the Pitfield project, located in Western Australia, a tier 1 mining jurisdiction. With a dominant landholding of more than 1,000 sq km, and a titanium mineral system that spans 40 km in strike length, Pitfield is emerging as a district-scale “giant” discovery with the potential to reshape the global titanium supply landscape.

Empire’s strategic focus on titanium comes at a pivotal time. Titanium is officially recognized as a critical mineral by both the European Union and the United States, owing to its essential role in aerospace, defense, medical technologies, clean energy and high-performance industrial applications. Global demand for titanium dioxide — the most widely used form of titanium — is surging due to its unmatched properties as a pigment and as a feedstock for titanium metal. Titanium supply chains are also increasingly being constrained by geopolitical risks, mine depletion and environmental challenges associated with traditional production. More than 60 percent of the global supply chain is currently concentrated in a handful of countries, notably China and Russia, creating significant vulnerabilities for Western markets.

Titanium has been designated as a critical mineral in both the EU and the US.

Against this backdrop, Empire Metals offers investors a compelling opportunity to gain exposure to a strategically vital metal through a large-scale, high-grade and clean titanium discovery. Unlike many traditional titanium sources, Pitfield's mineralization is exceptionally pure — free from detrimental amounts of uranium, thorium, chromium and other contaminants — making it ideally suited for premium, high-purity end markets. Furthermore, the mineralized zone is near-surface and laterally extensive, allowing for low-strip and scalable bulk mining with conventional processing technologies.

With more than 22,000 meters of drilling already completed and only a fraction of the mineral system tested, Empire is aggressively advancing Pitfield towards a maiden JORC-compliant mineral resource estimate, targeted for H2-2025. Alongside this work, the company is also undertaking bulk sampling and metallurgical processing to advance flowsheet design and optimize product specifications. It is also engaging with industry players to assess product suitability for premium pigment and titanium sponge markets. Empire is planning to finalize, during the current calendar year, a mining study to evaluate the potential for a low-cost strip mining approach, utilizing continuous mining techniques.

The company is supported by a seasoned leadership team with deep expertise in exploration, resource development, mining, metallurgy and capital markets — ensuring that strategic decisions are guided by both technical excellence and a strong track record of value creation.

Key Projects

Pitfield Project – A World-Class Titanium Discovery

Located in Western Australia, the Pitfield project is Empire Metals’ flagship asset and represents one of the most exciting titanium discoveries globally. Spanning an area of approximately 1,042 sq km, the project has revealed a colossal mineral system measuring 40 km in length and up to 8 km in width, with geophysical indications of mineralization extending to at least a depth of 5 km.

Pitfield’s prime location in Western Australia

Extensive drilling across the project has intercepted thick, laterally continuous zones of high-grade titanium dioxide mineralization, highlighting the system’s enormous scale and consistency.

The titanium at Pitfield occurs predominantly in the minerals anatase and rutile within a weathered, in-situ cap that begins at surface. These minerals are exceptionally pure, often exceeding 90 percent titanium dioxide. They are free from harmful amounts of contaminants like uranium, thorium, chromium and phosphorus — qualities that are likely to make the deposit uniquely suitable for premium, high-purity titanium applications in aerospace, defense and clean technologies.

Pitfield is strategically located near the town of Three Springs, approximately 150 km southeast of the port city of Geraldton. The project benefits from direct access to essential infrastructure, including sealed highways, rail lines and an available water supply. This connectivity significantly enhances development potential by reducing logistics costs and simplifying future project build-out. Moreover, the Western Australian government actively supports critical mineral development, and Empire is operating within a stable, mining-friendly jurisdiction known for streamlined permitting and investment security.

Empire has completed more than 22,000 meters of drilling, confirming standout titanium dioxide (TiO2) results such as 154 meters at 6.76 percent TiO2, 148 meters at 6.49 percent TiO2, and 150 meters at 6.44 percent TiO2. Notably, mineralization remains open at depth in all tested zones, and to date, only around 5 percent of the interpreted system has been drilled. This underscores the immense upside potential for resource expansion.

The project’s development advantages are equally compelling: the mineralization is near-surface and amenable to simple, bulk mining methods with conventional processing. Its location in a tier-one mining jurisdiction offers access to infrastructure, a skilled workforce and strong regulatory support.

The Pitfield project presents a scalable processing pathway. Photo shows a gravity flotation test in process (left) and a close-up of a flotation test (right)

Pitfield is advancing toward a maiden JORC-compliant mineral resource estimate, expected by H2-2025. The project is already being recognized as a potential cornerstone asset in the global titanium supply chain.

Other Projects

In addition to Pitfield, Empire Metals maintains a portfolio of early-stage exploration assets offering optionality and exposure to other strategic and precious metals. Empire holds interests in two Western Australian projects — the Walton and Eclipse gold projects — both situated in historically productive mineral belts. While these assets are not the current focus, they contribute exploration upside and optionality within the company’s broader strategy.

Board and Management Team

Neil O’Brien - Non-executive Chairman

Neil O’Brien is the former SVP exploration and new business development at Lundin

Mining, until he retired in 2018. He has an extensive global mining career as a PhD economic geologist, exploration leader and board executive.

Shaun Bunn - Managing Director

Shaun Bunn is a metallurgist based in Perth, Western Australia, with expertise in international exploration, mining, processing and development. He has a successful track record managing mining projects through all stages of development.

Greg Kuenzel - Finance Director

Based in London, Greg Kuenzel is a chartered accountant, and corporate finance and financial management expert. He has extensive experience working with resources-focused AIM listed companies.

Peter Damouni - Non-executive Director

With more than 20 years of corporate and finance experience focused in the natural resources sector, Peter Damouni holds executive and director roles in TSXV and LSE listed companies where he has played key roles in significantly enhancing shareholder value.

Phil Brumit - Non-executive Director

Phil Brumit is a veteran mining engineer and operations expert, delivering major global operations. His previous roles include international leadership positions at Freeport-McMoRan, Lundin Mining and Newmont Corporation.

Narelle Marriott - Process Development Manager

Narelle Marriott is a former BHP senior process engineer. Most recently, she was the general manager for process development for Hastings Technology Metals.

Andrew Faragher - Exploration Manager

Andrew Faragher is a former Rio Tinto exploration manager with more than 25 years of experience working across multiple commodities.

Arabella Burwell - Corporate Development

Arabella Burwell is a former Senior Director Corporate Development at NASDAQ-listed GoDaddy and a Partner, Capital Raising and Strategic Partnerships, at Hannam & Partners in London and South Africa.

*Disclaimer: This profile is sponsored by Empire Metals ( OTCQB:EPMLF ). This profile provides information which was sourced by the Investing News Network (INN) and approved by Empire Metals in order to help investors learn more about the company. Empire Metals is a client of INN. The company's campaign fees pay for INN to create and update this profile.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Empire Metals and seek advice from a qualified investment advisor.