What are the best copper stocks on the TSX so far this year? These five companies have seen the biggest gains year-to-date.
While the copper price has spent the last quarter simmering down, companies focused on the base metal were still able to make progress on their assets.
With Q2 2019 now being wrapped up, the Investing News Network has gathered the best copper stocks on the TSX by share price performance so far this year. Many maintained a focus on exploration drilling, but others got major financial boosts from friends in the right places.
All year-to-date and share price information was obtained on July 4, 2019, from TradingView‘s stock screener. All companies listed had market caps above C$50 million at that time.
1. Ero Copper (TSX:ERO)
Year-to-date gain: 127.22 percent; share price: C$22.29
Referring to itself as the “next mid-tier copper producer,” Ero Copper is a base metals miner that uses its 99.6 percent stake in Mineração Caraíba (MCSA), a Brazilian copper company, to help achieve production growth. MCSA’s two primary assets are its Boa Esperança development project in Pará State, Brazil, and its MCSA Mining Complex, which houses a fully integrated mining and processing operation.
The company has had a fairly quiet second quarter this year with the exception of exploration drilling done at its Vermelhos and Pilar mines. The work done at Pilar uncovered a new mineralized zone dubbed Baraúna, which was located below the southern area of the open pit. Ero’s stock price jumped 9.35 percent over two days after the June announcement, growing to C$22.82.
2. Coro Mining (TSX:COP)
Year-to-date gain: 100 percent; share price: C$0.10
A Chile-based copper company, Coro Mining’s primary focus revolves around exploring and developing new sources of the base metal to help supply global demand. Coro’s flagship asset is its Marimaca project in Chile, which the company boasts could become one of the “most significant” copper oxide discoveries in years.
Coro has had a busy few months working to expand and explore its Marimaca asset, which has included drilling at various parts of the project, such as the Atahualpa area. While the company’s share price zigzagged through the quarter, Coro stocks have managed to ride a recent boost gained after releasing an announcement about high grade zones being identified at Atahualpa.
3. Ivanhoe Mines (TSX:IVN)
Year-to-date gain: 85.65 percent; share price: C$4.40
A Canadian mining company headquartered in Vancouver, British Columbia, Ivanhoe Mines’ current focus is on advancing its three primary joint venture assets throughout South Africa and the Democratic Republic of Congo (DRC). This includes the Kipushi zinc-copper mine and the Kamoa-Kakula copper discovery, both in the DRC.
The last quarter has been monumental for Ivanhoe, with shareholder CITIC Metal (OTC Pink:CTPCY,HKEX:0267) making a C$612 million investment in the company in April, a contribution that would help fund both Kipushi’s and Kamoa-Kakula’s development to commercial production. Ivanhoe shares jumped 12.2 percent the day it was announced.
4. Trilogy Metals (TSX:TMQ)
Year-to-date gain: 69.92 percent, share price: C$4.01
Once a subsidiary of NovaGold Resources (TSX:NG,NYSE:NG) and named NovaCopper during its 2011 incorporation, Trilogy Metals has since emerged as an explorer with a focus on assets in Alaska. The company has two projects in the state’s Ambler mining district, Arctic and Bornite. Collectively referred to as the Upper Kobuk mineral projects, Bornite is made up of copper and cobalt, while Arctic features copper, zinc, lead, gold and silver.
Another company with a fairly quiet Q2 under its belt, most releases from Trilogy over the last few months featured financial results, shifts in the company board and shareholder meetings. However, Trilogy stocks managed to make some waves in June; after taking a small hit mid-month, the company rallied to share price highs not seen since 2012 at C$4.07.
5. Imperial Metals (TSX:III)
Year-to-date gain: 66.45 percent; share price: C$2.58
Touted as a British Columbia explorer, developer and mining operator, Imperial Metals has an extensive history in the mining scene that dates back to 1959. It owns three key assets: the Red Chris copper-gold mine, the Mount Polley copper-gold mine and the Huckleberry open pit copper mine.
Laying low this past quarter, most of Imperial’s news presence in the markets entailed first quarter production and financial results. The company’s share price saw its highest point in April when it jumped 11.3 percent on April 10 to C$2.99.
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Securities Disclosure: I, Olivia Da Silva, hold no direct investment interest in any company mentioned in this article.