5 Best-performing Junior Copper Stocks on the TSXV in 2024

Year-to-date gain: 317.78 percent
Market cap: C$66.49 million
Share price: C$0.94

Koryx Copper is focused on the advancement of copper exploration projects in Namibia and Zambia. Its flagship asset is the Haib copper-molybdenum project located in Southern Namibia near the border with South Africa.

In an amended preliminary economic assessment (PEA) released on January 8, the company indicated 20 million metric tons (MT) per year of ore processing with 85 percent copper recovery for a yearly production of 38,337 metric tons of LME copper metal and an additional 51,081 metric tons of copper sulfate. The company is currently working towards releasing an enhanced PEA in mid-2025.

Since the start of 2024, Koryx has published several assay results from exploration at Haib, including on August 8 when the company provided final results from its 2024 Phase 1 drill program. In the announcement, the company highlighted near-surface grades of 0.3 percent copper over 44 meters, including an intersection of 0.5 percent copper over 8 meters.

Company President and CEO Pierre Léveillé said the program demonstrates that the deposit can deliver grades over 0.3 percent copper for substantial width in the project area. He also said the results indicate above average grades in the outer limits of the deposit.

Following the final results, Koryx released an updated mineral resource estimate from Haib on September 10. The announcement reported Haib hosts indicated resources of 1.46 million MT contained copper from 414 million MT of ore at an average grade of 0.35 percent along with additional inferred resources of 1.14 million MT of copper from 345 million MT of ore at 0.33 percent.

On November 15, Koryx reported closing the third and final tranche of a non-brokered private placement, raising C$18 million in proceeds. In the release, the company also noted it had started its 8,200 meter Phase 2 drilling program at Haib. The program will follow up on the Phase 1 drilling during the first half of 2024.

Additionally, it has commenced Phase 2 metallurgical testwork as it works to de-risk its metallurgical processing plan in its enhanced PEA next year.

Shares of Koryx reached a year-to-date high of C$1.24 on September 24.

Year-to-date gain: 305.56 percent
Market cap: C$92.75 million
Share price: C$0.73

Explorer Hannan Metals is focused on advancing gold, silver and copper deposits in Latin America.

The San Martin project is a joint venture with the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency established in 2004 to secure stable resources and fuel supplies. Under the terms of the agreement, JOGMEC can earn up to a 75 percent stake in the project if all its funding goals are met.

The site is located northeast of Tarapoto, Peru, and hosts a copper and silver system with 120 kilometers of combined strike. Exploration has shown grades at the Tabalosos target of 4.9 percent copper and 62 grams per metric ton (g/t) silver over 2 meters.

In addition to the JOGMEC joint venture, Hannan wholly owns the Valiente project, which hosts a previously unknown porphyry and epithermal mineralized belt within a 140 kilometer by 50 kilometer area containing copper, gold, molybdenum and silver.

Results from two channel samples were reported in early August confirming extensive leached copper mineralization at the Previsto Central prospect. The two channels, separated by 700 meters, had grades of 0.22 percent copper over 126 meters and 0.16 percent copper over 192 meters.

Hannah said the results continue to further their understanding of the mineralization system, with gold-rich areas at higher elevations that transition into copper-rich areas at lower elevations.

This was followed by news on October 8 that the company completed the first stage of an induced polarization (IP) geophysical survey at the Previsto prospect. Combined with its other data, the results confirm a 6 kilometer by 6 kilometer copper-gold porphyry epithermal mineralization system and identified seven high-priority targets.

In the most recent update of the analysis of the IP survey on December 5, the company singled out two significant types of anomalies. There was a high chargeability, low resistivity zone covering 2.4 kilometers of strike up to a depth of 500 meters, with soil containing up to 0.23 parts per million gold, as well as high chargeability, high resistivity zones along 1 kilometer of strike that host boulders containing up to 1.98 g/t gold and 29 g/t silver.

Hannan announced on November 25 that it had received approval from the Peruvian government for a maiden drill program at Valiente’s Belen permit area. The approval allows 40 drill platforms over 702 hectares across three prospects: Ricardo Herrera, Vista Alegre and Sortilegio.

Before drilling commences in the second quarter of 2025, the company said its next steps are to reapply for a certificate of non-existence of archaeological remains, which it expects before the end of 2024. It must also submit a permit application to initiate activities, which is expected in Q1 2025.

Shares in Hannan reached a year-to-date high of C$0.87 on December 9.

Year-to-date gain: 227.78 percent
Market cap: C$301.89 million
Share price: C$0.295

Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company's mine operating permit for Black Butte, halting construction activities of the underground mine.

Sandfire describes the project as one of the highest grade undeveloped copper deposits in the world; a resource estimate for the project's Johnny Lee deposit completed in 2020 reported measured and indicated resources of 10.9 million metric tons grading 2.9 percent copper for a total of 311,000 MT contained copper.

Shares of Sandfire soared following a February 26 decision by the Montana Supreme Court to reinstate the company's mine operating permit. The win is a crucial step for it to continue the construction of its mine.

In the company’s Q1 2025 management discussion and analysis, the company said its ongoing 2024 drill program at the site had completed 10,000 meters of the planned 20,000 meters between December 2023 and September 30. Additionally, the company said its main focus on the site was expanding the resource at the Johnny Lee lower copper zone. The latest measured and indicated estimations put grading at the zone at 6.8 percent copper from 1.2 million metric tons.

Sandfire is focused on improving Black Butte's economics as it works towards a final investment decision. The most recent update from the project came on December 18, when the company released an exploration update highlighting a high-grade copper intercept of 19.46 percent copper over 3.19 meters from a depth of 471.86 meters.

Although much of Sandfire’s focus in 2024 has been on the exploration and development of Black Butte, the company’s parent company Sandfire Resources (ASX:SFR) also has two copper-producing assets: Motheo in the Kalahari Copper Belt in Botswana and MATSA in the Iberian Pyrite Belt in Spain.

Shares of Sandfire reached a year-to-date high of C$0.395 on May 13.

Year-to-date gain: 203.57 percent
Market cap: C$36.89 million
Share price: C$0.425

Awalé Resources is a copper and gold explorer focused on its Odienné project in Côte D’Ivoire.

The site, located in the West African country’s northwest region, covers an area of 2,462 square kilometers across two granted permits and five under application; two are being advanced as part of an earn-in joint venture with Newmont (TSX:NGT,NYSE:NEM). Newmont has the chance to earn up to 65 percent ownership of the permits via exploration expenditures of US$15 million.

On May 15, Awalé announced it had advanced to the second phase of its earn-in agreement. The completion of phase 1 of the agreement comes after it had carried out drilling at the Charger and BBM targets during early 2024 exploration programs.

To earn the final 14 percent of the earn-in agreement, Newmont is required to fund an additional US$10 million toward exploration of the project. Company CEO Andrew Chubb said that Awalé is on good footing to deliver exploration success between the funding from Newmont and Awalé's C$11.5 million bought-deal equity financing closed on May 8.

Awalé has actively explored the project area throughout 2025. On December 5, it announced it had commenced its 4,000-meter diamond drilling program at Odienné, which will focus on the BBM and Charger zones.

In the first update from the program on December 18, the company reported that it had expanded the trend at BBM to over 15 kilometers from the Fremen target in the south to the newly defined targets Boba and Fett in the north.

It plans to complete a large IP survey in January on the entire BBM trend to help Awalé refine targets for a 7,000 meter reverse circulation campaign set to begin in February.

Shares in Awalé reached a year-to-date high of C$0.98 on March 26.