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Top 5 ASX Copper Stocks (Updated July 2023)
Copper prices hit record a record high in 2022, and some companies continue to ride that wave this year. Here are the best-performing copper stocks on the ASX so far in 2023.
Copper prices hit a record high in 2022, and although the red metal is facing strong headwinds in 2023, experts have positive expectations for the market in the years ahead.
Prices for the base metal pulled back in the second quarter of the year, dampened by recessionary concerns in countries across the globe. However, in the long term, market watchers see tight supply and higher consumption from sectors like the electric vehicle industry creating a robust outlook for copper.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances. The list below outlines the top gainers, and was generated on July 17, 2023, using TradingView’s stock screener; all copper stocks listed had market caps above AU$50 million at that time. Read on to learn more about them.
1. Xanadu Mines
Year-to-date gain: 176.67 percent; market cap: AU$137.57 million; current share price: AU$0.085
Xanadu Mines (ASX:XAM) is a copper and gold exploration company with several advanced exploration projects in Mongolia. The company’s flagship project is the Kharmagtai copper-gold project.
In 2023, the company is performing an 18,000 metre discovery exploration drilling program at Kharmagtai with the goal of upgrading the current open-pit mineral resource areas to at least an indicated classification. The information gained from the program will also inform the geometallurgical and geotechnical models needed to complete a prefeasibility study( PFS) and maiden ore reserve estimate for the project.
2. Encounter Resources
Year-to-date gain: 136.11 percent; market cap: AU$164.14 million; current share price: AU$0.41
Encounter Resources (ASX:ENR) is targeting major copper projects in Australia. The company holds a 100 percent interest in a large portfolio of copper projects located in Western Australia and the Northern Territory. Encounter is also advancing numerous large-scale copper projects in partnership and funded through farm-in agreements with BHP (ASX:BHP,NYSE:BHP,LSE:BHP), South32 (ASX:S32,LSE:S32,OTC Pink:SHTLF) and IGO (ASX:IGO,OTC Pink:IPGDF).
In July, the company announced the commencement of exploration efforts at the Jessica copper project in the Northern Territory under a farm-in agreement with South32 . The work will include a 3,500 metre drill program geared at testing targets identified through seismic reprocessing and gravity surveys.
3. Hot Chili
Year-to-date gain: 66.48 percent; market cap: AU$174.39 million; current share price: AU$1.45
Hot Chili (ASX:HCH) is a copper developer focused on advancing its Costa Fuego copper-gold project in the Atacama region of Chile. Costa Fuego has an indicated resource of 2.8 million tonnes of copper, 2.6 million ounces of gold and 67,000 tonnes of molybdenum; its inferred resource stands at 0.6 million tonnes of copper, 1.2 million ounces of gold and 13,000 tonnes of molybdenum.
In June, Hot Chili published a preliminary economic assessment( PEA) for Costa Fuego showcasing strong economics with a low startup capital requirement and a projected 16 year mine life. "The Costa Fuego PEA cements Hot Chili’s position as the largest copper developer listed on the ASX by both resource size and potential scale of copper production," commented Managing Director Christian Easterday.
4. Caravel Minerals
Year-to-date gain: 42.11 percent; market cap: AU$131.77 million; current share price: AU$0.275
Caravel Minerals (ASX:CVV) is developing a large-scale, long-life copper porphyry project in a previously unexplored region in the southwest of Western Australia’s Yilgarn Craton. The company's cornerstone asset is the Caravel copper project.
Work on a definitive feasibility study (DFS) for Caravel is currently underway and is slated for completion in the first half of 2024. Recently, the company shared that PFS processing work has confirmed the suitability of the process flowsheet ahead of the start of engineering for the DFS.
5. Celsius Resources
Year-to-date gain: 35.29 percent; market cap: AU$50.91 million; current share price: AU$0.023
Exploration and development company Celsius Resources (ASX:CLA)has a portfolio of copper and gold assets located in the Philippines, Namibia and Australia. The company's flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project is held under its Philippine subsidiary Makilala Mining Company.
In May, Silvercorp Metals (TSX:SVM,NYSE:SVM) proposed an acquisition of Celsius Resources, and the two companies entered into a non-binding agreement while they complete due diligence.
"Together, we have the potential to demonstrate and realise our commitments to all our shareholders and stakeholders to see the development of Celsius’ mineral assets, particularly our flagship MCB Copper-Gold Project with the Balatoc Indigenous Community in Kalinga, Philippines, through fruition," Celsius Executive Chair Julito Sarmiento commented.
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Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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Melissa Pistilli has been reporting on the markets and educating investors since 2006. She has covered a wide variety of industries in the investment space including mining, cannabis, tech and pharmaceuticals. She helps to educate investors about opportunities in a variety of growth markets. Melissa holds a bachelor's degree in English education as well as a master's degree in the teaching of writing, both from Humboldt State University, California.
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