5 Best-performing Copper Stocks on the TSX in 2024

Year-to-date gain: 189.29 percent
Market cap: C$259.05 million
Share price: C$1.62

Trilogy Metals is a polymetallic exploration and development company working to advance its Upper Kobuk mineral projects in Northern Alaska, US, which it owns in a 50/50 joint venture with South32 (ASX:S32,OTC Pink:SHTLF).

Its most advanced asset is the Arctic copper, zinc, lead, gold and silver project.

In an updated feasibility study released in February 2023, the company reported projected annual payable production volumes of 148.68 million pounds of copper, 172.6 million pounds of zinc, 25.75 million pounds of lead, 32,538 ounces of gold and 2.77 million ounces of silver. After tax, the net present value for Arctic is pegged at US$1.11 billion, with an internal rate of return of 22.8 percent and a payback period of 3.1 years. The mine life is set at 13 years.

Trilogy’s other key asset is the Bornite copper-cobalt project, located 25 kilometers southwest of its Arctic project. It has seen historic exploration dating back to the 1950s. A January 2023 technical report estimates the inferred resource at 6.51 billion pounds of copper from 202.7 million metric tons (MT) of ore with an average grade of 1.46 percent copper.

The company has spent much of this year advancing roadwork to provide access to its projects, but has faced some headwinds while working with the US Bureau of Land Management (BLM).

In an April 22 update, Trilogy said the BLM had filed a final supplemental environmental impact statement, which identified “no action” as the preferred alternative. This move effectively blocked the construction of the access road.

Trilogy said it would review the final supplemental environmental impact statement, consider its options and determine its next steps. For its part, the BLM formally rejected the proposed access route in a June record of decision, but presented several alternatives that outline lessened impact on BLM-managed lands.

The company’s most recent news came on October 8, when it released its Q3 results.

Shares of Trilogy reached a year-to-date high of C$1.89 on November 22.

Year-to-date gain: 75.9 percent
Market cap: C$387.16 million
Share price: C$0.73

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 MT and an inferred copper resource of 4.5 billion MT. 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, shares of the company surged following Northern Dynasty's July 2023 announcement that Alaska had appealed to the US Supreme Court to reverse the veto.

Earlier in 2024, the US 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.

In a release on January 16, Northern Dynasty said it was still working its way through state court.

Further updates on the case came on March 15, when the company said it had filed two separate actions to vacate the EPA’s veto, and on April 15, when Alaska filed its own suit to vacate it. On June 26, the company reported that two Alaska native village corporations had also filed suits to overturn the EPA ruling.

The most recent news came on August 19, when the Federal District Court in Alaska granted Northern Dynasty’s motion to modify the complaint against the EPA by adding the US Army Corps of Engineers (USACE) as a defendant. This request was made because Northern Dynasty said the EPA decision was based on the original USACE permit denial and should be linked. The company believes the actions taken by the EPA and USACE were wrongful and politically motivated.

Shares of Northern Dynasty reached a year-to-date high of C$0.76 on December 11.

Year-to-date gain: 74.45 percent
Market cap: C$2.64 billion
Share price: C$12.63

NGEx Minerals, part of the Lundin Group, is a copper and gold explorer focused on projects in Argentina and Chile. Its primary focus is the Los Helados and Lunahuasi (formerly Potro Cliffs) projects, both located within the Vicuña copper-gold district on the border of Argentina and Chile. The district is controlled by companies within the Lundin Group.

In December 2023, the company released an updated resource estimate for Los Helados, reporting a high-grade core resource of 510 million tonnes at 0.72 percent copper equivalent at a cut-off grade of 0.6 copper equivalent.

NGEx shares have traded alongside rising copper and precious metal prices throughout the year, but several events have also significantly supported movement for the company.

On February 20, the company received approval to begin trading on the TSX. President Wojtek Wodzicki said the graduation was a milestone for NGEx and would provide greater visibility and access to fundraising opportunities.

The company's Q2 results further supported its shares. The company said it had completed a successful drill program at Lunahuasi, drilling 15 holes totaling 12,952 meters and noting that the system remained open in all directions. It also indicated that the program returned several high-grade intersections, with one highlight of 2.31 percent copper equivalent over 429.4 meters, including an intersection of 4.26 percent copper equivalent over 102.7 meters.

The company said the results demonstrate significant size potential with high-grade mineralization occurring over an area of 900 meters by 400 meters and to depths of 960 meters. The most recent news came on November 12, when NGEx released its Q3 results. The company said it had started a Phase 3 drill program at Lunahuasi, with six rigs in operation and 20,000 meters planned. The program aims to grow the deposit via step-out drilling.

Year-to-date gain: 71.9 percent
Market cap: C$16.18 billion
Share price: C$18.60

First Quantum Minerals is a copper mining and development company with a global portfolio of assets.

Its primary asset is the Cobre Panama mine, located west of Panama City, Panama. The mine boasts 3 billion MT of proven and probable reserves and represents 1 percent of the world’s copper supply. The mine was ordered to close down in November 2023 after the Panamanian Supreme Court invalidated an extension to the mine's license.

In a December 2023 release, the company said it was working on developing a closure plan for the mine; however, it also noted that it was pursuing all appropriate legal avenues to protect its investment and rights.

In its Q1 results, released on April 24, First Quantum said it was continuing to work on a preservation and safe management plan for Cobre Panama and was also working to deliver the 121,000 MT of concentrate that remain on site.

Due to the ongoing situation in Panama, the company noted that it had undergone a refinancing program to improve its balance sheet and liquidity. This program included working out a prepayment agreement with Jiangxi Copper (SHA:600362,HKEX:0358) for US$500 million, the completion of a US$1.6 billion senior secured second lien at 9.38 percent due in 2029 and the issuance of 139.93 million common shares to raise US$1.15 billion.

The company also operates several mines in Zambia, including its Kansanshi copper-gold mine, Sentinel copper mine and Enterprise nickel mine. Earlier in the year, First Quantum warned that production might be impacted in 2024 due to severe drought conditions caused by El Nino, which has reduced water levels in the Kafue and Zambezi rivers. The government declared a national emergency in March, and power generation in the country has been impacted.

First Quantum said it had minimized power disruptions due to offtake agreements with third-party traders for power sourced from the Southern African Power Pool. Due to increased power curtailments since the Q1 release, the firm has had to increase the amount of power sourced from regional sources to 193 megawatts from the original 80 megawatts.

In the company’s third quarter results, First Quantum reported the production of 116,088 MT of copper, 11 percent higher than in Q2, but down from 221,550 MT produced in Q3 2023. The production drop was largely attributed to the closure of Cobre Panama, which contributed 112,734 MT during the quarter last year. Cash costs came in at US$1.57 per pound during Q3, US$0.16 lower than the previous quarter. While the power deals pushed cash costs higher, the company mitigated costs through gold by-product credits during Q3, as well as higher copper production and lower fuel costs.

Both Kansanshi and Sentinel reported increased copper production during Q3. Kansanshi saw its highest levels since Q4 2021 with 49,810 MT, while Sentinel recorded copper production of 58,412 MT, an increase of 4,817 MT over Q2.

Shares of First Quantum reached a year-to-date high of C$20.70 on December 5.

Year-to-date gain: 68.46 percent
Market cap: C$4.86 billion
Share price: C$12.23

Hudbay Minerals is a copper production and development company with operational mines in Peru and Canada. It also has projects in Peru and in the US. According to the company's Q3 results, the Constancia copper mine and neighboring Pampacancha satellite pit in Peru produced a combined 21,220 MT of copper in the three months ended on September 30, an increase over the 19,217 MT produced in the previous quarter.

In Canada, Hudbay’s 75 percent owned Copper Mountain mine in BC produced 6,736 MT of copper, and its wholly owned Snow Lake operations in Manitoba achieved record results in the quarter.

The operation produced 3,398 MT of copper, a 29 percent increase over Q2, when wildfires in the region impacted production. Both mines also produce gold and silver, and Snow Lake also produces zinc.

In addition to its mining assets, the company is advancing its Copper World project in Arizona, US. In its report for the first quarter, the company indicates that it is continuing to work on getting final state permits for the site and expects to receive them sometime in 2024. When complete, Copper World is expected to have a 20 year life.

According to a March 28 annual reserve and resource update, Copper World holds proven and probable average reserves of 385 million MT of ore grading 0.54 percent copper.

In an August 29 release, Hudbay announced it had received an aquifer protection permit from the Arizona Department of Environmental Quality. The company said the permit brings the project a step closer to being fully permitted.

The company is also working on its Mason project in Nevada, US. Hudbay is developing Mason as a long-term future asset with a 27 year mine life. A resource estimate shows a measured and indicated resource of 2.22 billion MT at an average grade of 0.29 percent copper, and an inferred resource of 237 million MT averaging 0.24 percent copper.

On May 24, Hudbay completed an upsized bought-deal offering, generating aggregate gross proceeds of US$402.5 million. The funds will be used for near-term growth initiatives, such as mill optimization at Copper Mountain.

Shares of Hudbay reached a year-to-date high of C$14.15 on May 20.