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5 Best-performing ASX Copper Stocks of 2024
Copper prices have pulled back since hitting all-time highs earlier this year. But these Australian copper companies continue to put on strong performances.
Copper has performed well in the last four years. Most recently, after setbacks at the start of the year, its fortune began to turn and it reached record highs in May.
Prices hit an all-time high on the COMEX of US$5.20 per pound, or US$11,464 per tonne, on May 20 on tightening supply and increasing demand from the transition to renewable energy. In the longer term, many market watchers see low supply and higher usage from sectors like the electric vehicle industry creating a robust outlook.
Although prices for the red metal slid back to the US$4 per pound, or US$8,800 per tonne, level by early August, copper is once again on the rise. There is hope on the horizon of a boost to the global economic economy after the US Federal Reserve cut interest rates for the first time in more than four years, and China has put forth a series of economic support measures.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances.
The list below outlines the best-performing copper stocks on the ASX, and was generated on September 26, 2024, using TradingView’s stock screener; all copper stocks listed had market caps above AU$50 million at that time.
1. Waratah Minerals (ASX:WTM)
Year-to-date gain: 154.17 percent
Market cap: AU$56.65 million
Share price: AU$0.305
Exploration-stage Waratah Minerals has built a portfolio of metals projects in Australia. The company’s focus in 2024 has been on its New South Wales-based Spur project, located 5 kilometres west from Newmont’s (TSX:NGT,NYSE:NEM) Cadia Valley Project in a known gold-copper porphyry district.
Waratah began drilling on the property in late May of this year. Excellent drill results released in early July — including a highlight of 57 meters grading 2.5 grams per tonne gold and 0.11 percent copper from 115 meters — boosted the company’s share price by more than 160 percent to AU$0.34 on July 8. Ongoing drill work at Spur has in turn spurred Waratah’s stock, which hit a year-to-date high of AU$0.46 on September 23.
2. Aeris Resources (ASX:AIS)
Year-to-date gain: 58.62 percent
Market cap: AU$227.37 million
Share price: AU$0.23
Aeris Resources has three primary copper assets in Australia, with two currently in production: the Tritton operations and the North Queensland operations. The company recently placed its Jaguar zinc-copper operation on care and maintenance. Its portfolio also contains the producing Cracow gold mine in Queensland.
In its June quarter activities report, Aeris reported copper production of 5,400 tonnes. The company’s 2024 copper production guidance stands at 19,000 to 24,000 tonnes, and its 2025 guidance is 21,000 to 25,000 tonnes.
Aeris' pipeline includes the Stockman copper-zinc-gold-silver project in Victoria. The company expects to complete a feasibility study at Stockman in the second half of 2024.
It also holds a 30 percent interest in the Canbelego copper joint venture project in New South Wales alongside Helix Resources (ASX:HLX), Aeris' joint venture partner. Helix intersected a large new structural zone with associated copper mineralisation at Canbelego during testing of an induced polarisation geophysics anomaly.
Aeris’ share price traded with the rising copper price to hit a year-to-date high of AU$0.34 on May 20.
3. Encounter Resources (ASX:ENR)
Year-to-date gain: 55.17 percent
Market cap: AU$196.55 million
Share price: AU$0.45
Exploration-stage Encounter Resources controls a portfolio of wholly owned copper and niobium/rare earths projects in Australia's Northern Territory and Western Australia. It is also advancing large-scale copper projects via partnership and farm-in agreements with South32 (ASX:S32,OTC Pink:SHTLF) and IGO (ASX:IGO,OTC Pink:IPGDF).
The company's partners have released multiple news items so far this year. In March, IGO announced a significant copper anomaly discovery at the Yeneena project in Western Australia.
The following month brought news out of the Jessica copper project in the Northern Territory, where a South32 subsidiary completed assays on drill cores, confirming "the presence of copper sulphide bearing veins and alteration signatures associated with iron oxide copper gold (IOCG) style mineralisation."
As for Encounter's wholly owned projects, the company reported the discovery of significant copper mineralisation during drilling at its Sandover copper project in the Northern Territory in mid-May.
In July, the company shared that its partner IGO had begun drilling on copper targets at the Yeneena project, with results expected this fall. That same month, Encounter initiated a new drill program at Sandover to continue exploring the new discovery zone.
Encounter's share price climbed to a year-to-date high of AU$0.92 on July 8.
4. Aurelia Metals (ASX:AMI)
Year-to-date gain: 54.55 percent
Market cap: AU$186.28 million
Share price: AU$0.17
Aurelia Metals operates three mines in New South Wales: the Peak mine in the Cobar Basin, which produces copper, lead and zinc concentrates; the Dargues gold mine; and the newly opened polymetallic Federation mine.
Now that the Federation mine is up and running as of September 24 of this year, Aurelia will switch gears to developing its Great Cobar copper deposit, which is also located in New South Wales. The project is accessible to the north of the New Cobar mining complex at the company’s Peak mine.
The prefeasibility study for Great Cobar shows that the brownfield development project can economically provide feed to the Peak process plant for at least five years, delivering a total of 47,000 tonnes of copper and 61,000 ounces of gold.
Aurelia’s share price saw its highest year-to-date value on July 11, coming in at AU$0.23 per share.
5. Bougainville Copper (ASX:BOC)
Year-to-date gain: 31.43 percent
Market cap: AU$182.48 million
Share price: AU$0.46
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989.
Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for Bougainville, which is an autonomous region in Papua New Guinea. The country's government holds a 36.5 percent stake in the company.
In early February, after much deliberation, Bougainville Copper was granted a five year extension to its Panguna mining licence, which it hoped would open the door for advanced-stage prefeasibility and feasibility exploration activities.
The news sent shares of the company spiking to their best year-to-date close of 2024 — AU$0.80 on February 2 — more than double Bougainville Copper's close of AU$0.35 the previous day.
However, in late May, the company was served with notice of a class action lawsuit on behalf of Bougainville residents seeking compensation for claimed environmental and social harm due to Panguna's previous operations.
"The company will fully consider the matters raised in the claim and intends to vigorously defend its position," Bougainville Copper states in a press release.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
- Copper Stocks in Western Australia ›
- Copper Stocks in Queensland ›
- Copper Stocks in South Australia ›
- Top 10 Copper-producing Companies (Updated 2024) ›
- ASX Copper Stocks: 5 Biggest Companies ›
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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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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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