Copper prices are down more than 8 percent since January. A stronger US dollar, political uncertainty and the US Federal Reserve interest rate hike impacted prices during the quarter.
However, many analysts remain bullish on copper for the rest of the year, despite expecting the price to pull back from high levels seen in the last quarter of 2017.
The best TSXV-listed copper stocks in Q1 2018 have achieved gains of as much as 80 percent year-to-date. Here’s a brief overview of the five top junior copper stocks.
The list below was generated using The Globe and Mail’s market data filter, and shows the TSXV-listed copper companies with the biggest share price gains from January 1 to March 27. Only companies with market caps above $10 million are included.
1. Deep South Resources (TSXV:DSM)
Current price: C$0.32; year-to-date gain: 80.56 percent
Deep South Resources is involved in the acquisition, exploration and development of major mineral properties in Africa. The company currently holds 100 percent of the Haib copper project in Namibia, one of the largest copper porphyries in Africa.
In January, Deep South released an independent resource estimate for Haib. In February, the company published a preliminary economic assessment for the project, which shows an indicated resource of 3.12 billion pounds of contained copper and an inferred resource of 2.19 billion pounds of contained copper, both at a cut-off grade of 0.25 percent copper.
2. NorthIsle Copper and Gold (TSXV:NCX)
Current price: C$0.15; year-to-date gain: 55 percent
NorthIsle Copper and Gold is committed to the development of the North Island project on Northern Vancouver Island. North Island contains the Hushamu and Red Dog deposits, and five other partially explored copper-gold porphyry occurrences, including the Pemberton Hills target.
In February, the company formed a joint venture with top copper producer Freeport-McMoRan (NYSE:FCX). Under the agreement, Freeport may earn up to a 65-percent interest in Pemberton Hills by spending C$24 million over seven years.
3. Carube Copper (TSXV:CUC)
Current price: C$0.08; year-to-date gain: 33.33 percent
Carube Copper is focused on the exploration and development of copper and gold projects in Jamaica and Canada. Carube is currently focused on its Bellas Gate project in Jamaica.
In February, the company announced the closing of a first tranche of a non-brokered private placement. In March, the company extended the offering to $3 million and announced closing a second tranche of a private placement for a total of $1,789,400.
4. Foran Mining (TSXV:FOM)
Current price: C$0.53; year-to-date gain: 27.1 percent
Foran Mining is a copper-zinc exploration and development company with projects in the Flin Flon Greenstone Belt. The McIlvenna Bay project, Foran’s flagship asset, is located in Saskatchewan.
It’s been a busy quarter for Foran Mining. In January, the company provided an update on its drilling program at McIlvenna Bay. In February, Foran announced results for the first two holes from the Phase I program. In March, Foran reported its annual financial results for 2017.
5. Midnight Sun Mining (TSXV:MMA)
Current price: C$0.36; year-to-date gain: 18.03 percent
Midnight Sun Mining is a mineral exploration company that is focused on Africa. It controls a land package that is directly adjacent to Africa’s largest copper mine, and is also interested in cobalt.
In January, the company provided a corporate update and shared its exploration plans for the year. In February, Midnight Sun signed a binding letter of intent and term sheet to acquire the remaining 40 percent of a set of Zambian exploration licences.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Deep South Resources, NorthIsle Copper and Gold and Carube Copper are clients of the Investing News Network. This article is not paid-for content.