First Quantum Minerals Reports First Quarter 2023 Results

First Quantum Minerals Ltd. ("First Quantum" or "the Company") (TSX: FM) today reports results for the three months ended March 31, 2023 ("Q1 2023" or the "first quarter") of net earnings attributable to shareholders of the Company of $75 million ($0.11 earnings per share) and adjusted earnings 1 of $76 million ($0.11 adjusted earnings per share 2 ).

"The first quarter was difficult with production impacted at our three largest operations. At Cobre Panamá, production was interrupted by a temporary suspension of exports but returned to full production rates once the suspension was lifted. Our Zambian operations experienced a seasonal impact, however, the rainy season is nearing an end. We are focused on improving operational performance and expect production to recover over the course of the year and, as such, we remain committed to our guidance for 2023," commented Tristan Pascall, Chief Executive Officer. "The first quarter also had important milestones, including a refreshed contract with the Government of Panamá and a new partnership with Rio Tinto to progress the La Granja project in northern Peru. The Company also successfully executed on two of our brownfield projects. Commissioning of the CP100 Expansion was completed ahead of schedule and remains on track to achieve 100 million tonnes of throughput per annum by the end of this year and we introduced first ore through the Enterprise nickel plant. Both of these projects will increase our copper and nickel production, two metals that are critical to the global transition to cleaner energy."

Q1 2023 SUMMARY

In Q1 2023, First Quantum reported gross profit of $280 million, EBITDA ¹ of $518 million, net earnings attributable to shareholders of $0.11 per share, and adjusted earnings of $0.11 per share ² . Relative to the fourth quarter of last year ("Q4 2022"), first quarter financial results were impacted by lower sales volumes as a result of lower production that was partially mitigated by lower input costs and stronger realized copper and gold prices.

Total copper production for the first quarter was 138,753 tonnes, a 33% decrease from Q4 2022. The quarter-over-quarter decrease in production was attributable to a 15-day temporary suspension of production at Cobre Panamá and the rainy season in Zambia, with Sentinel receiving its highest rainfall in 25 years. Kansanshi continued to experience lower feed grades across all three circuits.

Copper C1 cash cost ² of $2.24 per lb for Q1 2023 was $0.38 per lb higher than Q4 2022. While market rates for fuel and freight were, on average, lower in the first quarter of 2023, these benefits were more than offset by lower production levels.

2023 guidance on production, C1 cash costs ² , all-in sustaining cost ("AISC") ² and capital expenditures that was previously disclosed on January 16, 2023 remains unchanged. For 2023, copper production is forecast to be 770,000 to 840,000 tonnes. Production is expected to recover for each of the next three quarters, particularly in the second half of the year. Copper C1 cash costs ¹ are guided to be $1.65 to $1.85 per lb. Capital cost guidance for 2023 is $1,600 million.

¹ EBITDA and adjusted earnings are non-GAAP financial measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
² Adjusted earnings per share, copper C1 cash cost (copper C1), and all-in sustaining costs (AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".

Q1 2023 OPERATIONAL HIGHLIGHTS

Total copper production for Q1 2023 was 138,753 tonnes, down from the 206,007 tonnes reported in Q4 2022 as each of the Company's three largest operations had negative production impacts during the period. Copper sales volumes in Q1 2023 totalled 150,287 tonnes, 11,534 tonnes higher than production.

Cobre Panamá produced 65,427 tonnes of copper in Q1 2023, a decrease of 24,225 tonnes from the previous quarter as production was interrupted on February 23, 2023 for 15 days as a result of export restrictions imposed by the Maritime Port Authority ("AMP"). Following a resolution issued by the AMP, concentrate loading recommenced on March 9, 2023 with a record number of vessels loaded in March. Throughput returned to full capacity on March 10, 2023, two days after the restart of operations. Copper C1 cash cost ¹ of $1.65 per lb was $0.02 per lb higher than the previous quarter mainly attributable to lower production levels. The commissioning of the CP100 Expansion was completed in the first quarter and the annualized throughput rate of 100 million tonnes per annum ("Mtpa") remains on schedule for the end of the year. 2023 Production guidance for Cobre Panamá remains unchanged at 350,000 to 380,000 tonnes of copper and 140,000 to 160,000 ounces of gold. For the full year 2023, grades and recoveries are expected to be broadly consistent with 2022 regardless of the increased processing throughput, with some fluctuation from quarter to quarter. Construction of the molybdenum plant is progressing well, with completion of construction and commencement of commissioning expected by the end of 2023 with first production expected in Q1 2024.
Kansanshi's copper production of 28,683 tonnes in Q1 2023 was 6,119 tonnes lower than the previous quarter due to the seasonal impact of the rainy season and lower feed grades across all three circuits, particularly from the M11 area at lower elevations in the main pit. Variability of grades in ore stockpiles and lower grades from narrow-veined regions were the main drivers behind the lower grades. Copper C1 cash cost ¹ of $2.88 per lb was $0.07 higher than Q4 2022 mainly due to lower production volumes despite an improvement in input costs. Production in 2023 is expected to be 130,000 to 150,000 tonnes of copper and 95,000 to 105,000 ounces of gold. Mining fleet deployment changes over the past six months have enabled the operation to open up mining areas, placing less reliance on variable grade ore stockpiles, as well as mining cutbacks M15 and M17 at upper elevations in the main pit with historically higher grades, which will benefit production through the rest of 2023. An extensive drilling campaign is ongoing in areas associated with vein mineralization prior to mining.
Sentinel reported copper production of 36,232 tonnes in Q1 2023, 37,177 tonnes lower than the previous quarter due to the intense rainy season, resulting in the accumulation of water in the Stage 1 pit. Saturated ground conditions significantly impacted mining rates due to poor road conditions and water in the pit prevented access to working faces, particularly in the lower benches of Stage 1. Copper C1 cash cost ¹ of $2.70 per lb was $1.15 per lb higher than the preceding quarter reflecting the lower production volumes. Despite the challenges encountered during the first quarter, copper production for 2023 remains unchanged at 260,000 to 280,000 tonnes as higher feed grades are expected in the second half of the year, with grades showing improvement already in April. The current focus on deploying additional dewatering capacity in Stage 1 to regain access to the high-grade ore is already yielding results early in the second quarter. The mine plan has been rescheduled, even if total volumes remain substantively the same and higher grade zones will be dispatched across the remaining three quarters of the year. This is to be complemented by a change in location of the in-pit ramps to liberate high-grade ore by mining the saddle zones between Stage 1 and Stage 2. There will also be a redistribution of loading equipment to better suit working areas and truck fleet capacity is planned to increase in the second quarter with the commissioning of an additional Liebherr T284, followed by two more in the second half of the year.
Ravensthorpe payable nickel production of 4,344 tonnes was 106 tonnes lower than the fourth quarter. A major two week High Pressure Acid Leach train shutdown was performed during February. The shutdown ran according to schedule with all works being completed on time. Nickel C1 cash cost ¹ was $9.34 per lb relatively unchanged from the preceding quarter. Production guidance for 2023 remains at 23,000 to 28,000 contained tonnes of nickel.

¹ C1 cash costs (C1) is a non-GAAP ratio which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".

COBRE PANAMÁ UPDATE

During the quarter, the Company continued to engage in good faith discussions with the Government of Panamá ("GOP") and, on March 8, 2023, the Company and the GOP issued a press release announcing that an agreement was reached on the terms and conditions of the draft of a concession contract (the "Refreshed Concession Contract"). The Refreshed Contract will have an initial 20-year term with a 20-year extension option and additional extensions for life of mine. The Refreshed Concession Contract is expected to be presented before the National Assembly of Panamá in the legislative term that commences on July 1, 2023, after having gone through a public consultation process and receipt of all required prior governmental approvals.

Once the agreement is signed and passed into law, payments to cover taxes and royalties up to the year-end 2022 of approximately $395 million are expected to be made within 30 days of the Refreshed Concession Contract being enacted into law. In addition, past due amounts payable for 2023 corporate tax instalments, withholding taxes and quarterly royalty payments will also be due 30 days after being enacted, without penalty or interest. It is intended that the charge relating to taxes and royalties up to the year-end 2022 be excluded from 2023 adjusted earnings. The expected taxes and royalties to the GOP relating to 2023 is $375 million. Any non-profit based top-up tax to meet the proposed minimum contribution is expected to be recognized within operating profit and impact AISC ¹ . The AISC ¹ guidance range is unchanged and is able to accommodate the expected impact of between $0.00 per lb to $0.05 per lb. At current consensus pricing, the adjusted effective tax rate for the Group for the full year 2023 is expected to be between 35% and 40%.

¹ All-in sustaining costs (AISC) is a non-GAAP ratio which does not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".

KANSANSHI – CONVERSION OF ZCCM DIVIDEND RIGHTS TO ROYALTY RIGHTS

During the fourth quarter of 2022, an agreement was entered into between KMP and ZCCM-IH to convert ZCCM-IH's dividend rights in KMP into royalty rights. The transaction was completed on April 4, 2023.

LA GRANJA

On March 30, 2023, the Company entered into an agreement with Rio Tinto to progress the next phase of the La Granja copper project in northern Peru. La Granja is one of the largest undeveloped copper resources in the world with a published Inferred mineral resource of 4.32 billion tonnes at 0.51% copper, and has potential for substantial expansion.

Under the terms of the agreement, the Company will acquire a 55% interest in La Granja for a consideration of $105 million and will become the operator of the project. The Company will then be responsible for the next $546 million of initial funding. Part of the initial funding will be used to complete a feasibility study, following which the remaining majority of the initial funding is expected to be spent on construction of the project following a positive investment decision. The transaction is expected to close before the end of the third quarter.

Work over the initial years is planned to continue to progress community engagement and the feasibility study. The feasibility study will focus on developing an updated geological resource and reserve model, which will require additional infill drilling to upgrade Inferred resources to Measured and Indicated categories. Additional metallurgical studies to establish optimal processing configurations are expected to be carried out in parallel, together with a high-level project layout and configuration of associated infrastructure requirements and logistical routes.

Further to the agreement on La Granja, First Quantum and Rio Tinto have also entered into a memorandum of understanding to support co-operation in relation to base metals development opportunities and the sharing of technology and know-how on certain mining methods, such as the application of trolley-assist and autonomous mining fleets.

BROWNFIELD PROJECTS

Construction for the CP100 Expansion project was completed seven weeks ahead of schedule and commissioning was completed in the first quarter. With these facilities now in daily operation, focus has moved onto ramping up these facilities over the course of the year to achieve a throughput rate of 100 Mtpa by the end of 2023. Significant progress has been made on the pre-strip work for the Colina pit and earthworks for the associated overland conveyor and in-pit crushing facility. The first crusher at Colina is expected to be commissioned in 2024.

At the S3 Expansion, detail design is progressing well. Long-lead mining fleet and long-lead process plant equipment have been ordered with deliveries commencing in the second half of 2023. Overall project procurement is approximately 25% committed as at the end of the quarter. The majority of the capital spend on the S3 Expansion is expected in late-2023 and 2024.

First ore through the Enterprise nickel plant was achieved on schedule in February 2023. Plant refurbishment, completion and commissioning activities were completed on schedule. First production of nickel is expected in the second quarter of 2023 and ramp up to commercial production will continue over the course of 2023, with ramp up to full plant throughput in 2024. 2023 production guidance for Enterprise is 5,000 to 10,000 contained tonnes of nickel.

At the Las Cruces Underground Project, the water concession license was granted in March 2023 and all permits are in place for project approval. The technical and study work on the polymetallic refinery project are expected to continue with all permits required to carry out the project now granted. The Las Cruces Underground Project is awaiting Board approval, which is not expected before the end of 2023 and will take into consideration prevailing economic conditions and the Company's debt reduction objectives.

FINANCIAL HIGHLIGHTS

Gross profit of $280 million and EBITDA ¹ of $518 million for the first quarter were 22% and 20% lower, respectively, than the fourth quarter of last year due to lower metal sales volumes.
Cash flows from operating activities of $299 million ($0.43 per share ² ) for the quarter were $62 million higher than the fourth quarter of last year due mainly to working capital movements related to trade and other receivables.
Net debt ¹ increased by $88 million during the quarter, taking the net debt ¹ balance to $5,780 million as at March 31, 2023. As at March 31, 2023, total debt was $6,878 million (December 31, 2022, total debt was $7,380 million). The increase in net debt ¹ and total debt ¹ was attributable to timing of working capital cash flow and continued investment in the business. The Company continues to target a further $1 billion reduction in debt in the medium term.
In the first quarter of 2023, the Company redeemed at par an aggregate principal amount of $850 million of the senior unsecured notes due 2024. $450 million was redeemed on February 25, 2023 and the remaining $400 million was redeemed on March 28, 2023. Following the redemptions, there are no outstanding senior unsecured notes due in 2024.

¹ EBITDA is a non-GAAP financial measures and net debt is a supplementary financial measure. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures"
² Cash flows from operating activities per share, copper C1 cash cost (copper C1), and copper all-in sustaining cost (copper AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".

ENVIRONMENT, SOCIAL AND GOVERNANCE ("ESG")

Reporting - The Company will publish its primary sustainability report, the 2022 ESG Report, in May 2023. The latest reports can be found in the ESG Analyst Centre on the Company's website: https://www.first-quantum.com/English/sustainability/esg-analyst-centre/default.aspx . These include the TCFD-aligned Climate Change Reports, ESG Reports, Tax Transparency and Contributions to Government Reports, as well as Company's sustainability policies.

Innovation driving sustainability - On March 1, 2023, Hitachi Construction Machinery Co. Ltd ("Hitachi") and the Company announced a technology partnership for the development of Hitachi Construction Machinery's first battery mining trucks at the Kansanshi mine. As First Quantum seeks to lower the greenhouse gas ("GHG") intensity of copper produced, this initiative represents an important milestone towards future commercialization of battery technology to further decarbonize mining operations, consistent with the Company's 2025 30% and 2030 50% GHG emissions reduction targets. It is expected that these battery dump trucks will be supplied to Kansanshi by December 2023 for feasibility trials as part of the commissioning of the Kansanshi S3 Expansion.

Health & Safety - The health and safety of the Company's employees and contractors is a top priority and the Company is focused on the continuous strengthening and improvement of the safety culture at all of its operations. Tragically, on February 1, 2023, there was a fatal road traffic accident in the Sentinel pit involving a dump truck and a light vehicle. The site emergency response team attended immediately and the relevant local authorities were notified. This tragic incident is subject to internal and external investigation, as well as a Board review, and the Company is committed to improve practices from this incident.

CONSOLIDATED OPERATING HIGHLIGHTS

	QUARTERLY
	Q1 2023		Q4 2022		Q1 2022
Copper production (tonnes) ¹		138,753		206,007		182,210
Cobre Panamá		65,427		89,652		78,337
Kansanshi		28,683		34,802		41,899
Sentinel		36,232		73,409		52,475
Other Sites		8,411		8,144		9,499
Copper sales (tonnes)		150,287		198,912		196,702
Cobre Panamá		70,028		85,330		74,885
Kansanshi ²		31,538		32,496		53,240
Sentinel		40,313		71,642		58,550
Other Sites		8,408		9,444		10,027
Gold production (ounces)		47,874		70,493		70,357
Cobre Panamá		23,878		38,302		29,947
Kansanshi		15,960		24,479		32,640
Guelb Moghrein		7,585		7,434		6,912
Other sites		451		278		858
Gold sales (ounces) ³		51,941		59,568		76,195
Cobre Panamá		28,853		34,208		30,168
Kansanshi		17,244		16,156		38,828
Guelb Moghrein		5,482		8,601		5,523
Other sites		362		603		1,676
Nickel production (contained tonnes)		5,917		5,705		5,122
Nickel sales (contained tonnes)		5,846		6,840		4,350
Cash cost of copper production (C1) (per lb) ^4,5	$ 2.24		$ 1.86		$ 1.61
Total cost of copper production (C3) (per lb) ^4,5	$ 3.30		$ 2.79		$ 2.65
Copper all-in sustaining cost (AISC) (per lb) ^4,5	$ 2.87		$ 2.42		$ 2.27

¹ Production is presented on a contained basis, and is presented prior to processing through the Kansanshi smelter.
² Sales include third-party sales of concentrate, cathode and anode attributable to Kansanshi (excluding copper anode sales attributable to Trident). Sales exclude the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third party concentrate purchases were 9,120 tonnes for the three months ended March 31, 2023 (nil tonnes for the three months ended March 31, 2022).
³ Excludes refinery-backed gold credits purchased and delivered under the precious metal streaming arrangement (see "Precious Metal Stream Arrangement").
⁴ Copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1), and total cost of copper (copper C3) are non-GAAP ratios, which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
⁵ Excludes the sale of copper anode produced from third-party concentrate purchased at Kansanshi. Sales of copper anode attributable to third-party concentrate purchases were 9,120 tonnes for the three months ended March 31, 2023 (nil for the three months ended March 31, 2022).

REALIZED METAL PRICES ¹

	QUARTERLY
	Q1 2023		Q4 2022		Q1 2022
Average LME copper cash price (per lb)	$4.05		$3.63		$4.53
Realized copper price (per lb)	$3.95		$3.56		$4.45
Treatment/refining charges ("TC/RC") (per lb)	($0.14	)	($0.12	)	($0.12	)
Freight charges (per lb)	($0.02	)	($0.04	)	($0.04	)
Net realized copper price ¹ (per lb)	$3.79		$3.40		$4.29
Average LBMA cash price (per oz)	$1,890		$1,728		$1,877
Net realized gold price^1,2 (per oz)	$1,766		$1,574		$1,772
Average LME nickel cash price	$11.79		$11.47		$11.97
Net realized nickel price ^1,3	$10.25		$13.67		$13.52

1	Realized metal prices are a non-GAAP ratio, do not have standardized meanings under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures" for further information.
2	Excludes gold revenues recognized under the precious metal stream arrangement.
3	The premium to the average LME cash price arose from the timings of sales across the periods, their respective quotation pricing periods and the impact from the Company's decision to temporarily suspend its nickel hedging program following the failure of the LME nickel platform in March 2023.

CONSOLIDATED FINANCIAL HIGHLIGHTS

	QUARTERLY
	Q1 2023		Q4 2022		Q1 2022
Sales revenues	1,558		1,832		2,163
Gross profit	280		361		908
Net earnings attributable to shareholders of the Company	75		117		385
Basic earnings per share	$0.11		$0.17		$0.56
Diluted earnings per share	$0.11		$0.17		$0.56
Cash flows from operating activities	299		237		666
Net debt ¹	5,780		5,692		5,815
EBITDA ^2,3	518		647		1,180
Adjusted earnings ³	76		151		480
Adjusted earnings per share ⁴	$ 0.11		$ 0.22		$ 0.70
Realized copper price (per lb) ⁴	$ 3.95		$ 3.56		$ 4.45
Net earnings attributable to shareholders of the Company	75		117		385
Adjustments attributable to shareholders of the Company:
Adjustment for expected phasing of Zambian value-added tax ("VAT") receipts	(23	)	56		22
Loss on redemption of debt	–		–		–
Total adjustments to EBITDA ² excluding depreciation ³	22		6		103
Tax and minority interest adjustments	2		(28	)	(30	)
Adjusted earnings ⁴	76		151		480

¹ Net debt is a supplementary financial measure which does not have a standardized meaning under IFRS, and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures.
² EBITDA and adjusted earnings are non-GAAP financial measures, which do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Adjusted earnings have been adjusted to exclude items from the corresponding IFRS measure, net earnings attributable to shareholders of the Company, which are not considered by management to be reflective of underlying performance. The Company has disclosed these measures to assist with the understanding of results and to provide further financial information about the results to investors and may not be comparable to similar financial measures disclosed by other issuers. The use of adjusted earnings and EBITDA represents the Company's adjusted earnings metrics. See "Regulatory Disclosures".
³ Adjustments to EBITDA in 2023 relate principally to foreign exchange revaluations (2022 - foreign exchange revaluations and non-recurring costs relating to previously sold assets).
⁴ Adjusted earnings per share, realized metal prices, copper all-in sustaining cost (copper AISC), copper C1 cash cost (copper C1), and total cost of copper (copper C3) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".

COMPLETE FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS

The complete Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2023 are available at www.first-quantum.com and at www.sedar.com and should be read in conjunction with this news release.

CONFERENCE CALL DETAILS

The Company will host a conference call and webcast to discuss the results on Wednesday, April 26, 2023 at 9:00 am (ET).

Conference call and webcast details:
Toll-free North America: 1-800-319-4610
Toll-free International: +1-604-638-5340
Webcast: Direct link or on our website

A replay of the webcast will be available on the First Quantum website.

For further information, visit our website at www.first-quantum.com or contact:

Bonita To, Director, Investor Relations
(416) 361-6400 Toll-free: 1 (888) 688-6577
E-Mail: info@fqml.com

REGULATORY DISCLOSURES

Non-GAAP and Other Financial Measures

EBITDA, ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE

EBITDA, adjusted earnings and adjusted earnings per share exclude certain impacts which the Company believes are not reflective of the Company's underlying performance for the reporting period. These include impairment and related charges, foreign exchange revaluation gains and losses, gains and losses on disposal of assets and liabilities, one-time costs related to acquisitions, dispositions, restructuring and other transactions, revisions in estimates of restoration provisions at closed sites, debt extinguishment and modification gains and losses, the tax effect on unrealized movements in the fair value of derivatives designated as hedged instruments, and adjustments for expected phasing of Zambian VAT receipts.

	QUARTERLY
	Q1 2023	Q4 2022		Q1 2022
Operating profit	225	314		782
Depreciation	271	327		295
Other adjustments:
Foreign exchange loss	16	25		56
Impairment expense	–	–		–
Other expense (income) ¹	6	(5	)	46
Revisions in estimates of restoration provisions at closed sites	–	(14	)	1
Total adjustments excluding depreciation	22	6		103
EBITDA	518	647		1,180

¹ Other expenses includes a charge of $40 million for non-recurring costs in connection with previously sold assets for the quarter ended March 31, 2022.

	QUARTERLY
	Q1 2023		Q4 2022		Q1 2022
Net earnings attributable to shareholders of the Company	75		117		385
Adjustments attributable to shareholders of the Company:
Adjustment for expected phasing of Zambian VAT	(23	)	56		22
Total adjustments to EBITDA excluding depreciation	22		6		103
Tax and minority interest adjustments	2		(28	)	(30	)
Adjusted earnings	76		151		480
Basic earnings per share as reported	$ 0.11		$ 0.17		$ 0.56
Adjusted earnings per share	$ 0.11		$ 0.22		$ 0.70

REALIZED METAL PRICES

Realized metal prices are used by the Company to enable management to better evaluate sales revenues in each reporting period. Realized metal prices are calculated as gross metal sales revenues divided by the volume of metal sold in lbs. Net realized metal price is inclusive of the treatment and refining charges (TC/RC) and freight charges per lb.

OPERATING CASHFLOW PER SHARE

In calculating the operating cash flow per share, the operating cash flow calculated for IFRS purposes is divided by the basic weighted average common shares outstanding for the respective period.

NET DEBT

Net debt is comprised of bank overdrafts and total debt less unrestricted cash and cash equivalents.

CASH COST, ALL-IN SUSTAINING COST, TOTAL COST

The consolidated cash cost (C1), all-in sustaining cost (AISC) and total cost (C3) presented by the Company are measures that are prepared on a basis consistent with the industry standard definitions by the World Gold Council and Brook Hunt cost guidelines but are not measures recognized under IFRS. In calculating the C1 cash cost, AISC and C3, total cost for each segment, the costs are measured on the same basis as the segmented financial information that is contained in the financial statements.

C1 cash cost includes all mining and processing costs less any profits from by-products such as gold, silver, zinc, pyrite, cobalt, sulphuric acid, or iron magnetite and is used by management to evaluate operating performance. TC/RC and freight deductions on metal sales, which are typically recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of finished metal.

AISC is defined as cash cost (C1) plus general and administrative expenses, sustaining capital expenditure, deferred stripping, royalties and lease payments and is used by management to evaluate performance inclusive of sustaining expenditure required to maintain current production levels.

C3 total cost is defined as AISC less sustaining capital expenditure, deferred stripping and general and administrative expenses net of insurance, plus depreciation and exploration. This metric is used by management to evaluate the operating performance inclusive of costs not classified as sustaining in nature such as exploration and depreciation.

For the three months ended March 31, 2023	Cobre Panamá			Kansanshi			Sentinel			Guelb Moghrein			Las Cruces			Çayeli			Pyhäsalmi			Copper			Corporate & other			Ravensthorpe			Total
Cost of sales ¹		(425	)		(365	)		(263	)		(56	)		(24	)		(17	)		(6	)		(1,156	)		(8	)		(114	)	(1,278	)
Adjustments:
Depreciation		133			54			60			3			–			4			1			255			1			15		271
By-product credits		44			33			–			33			–			2			4			116			–			3		119
Royalties		12			21			23			2			–			2			–			60			–			5		65
Treatment and refining charges		(36	)		(6	)		(8	)		(2	)		–			(1	)		–			(53	)		–			–		(53	)
Freight costs		–			–			(2	)		–			–			(1	)		–			(3	)		–			–		(3	)
Finished goods		10			4			(26	)		3			–			–			–			(9	)		–			1		(8	)
Other ⁴		27			81			4			1			5			(1	)		–			117			7			1		125
Cash cost (C1) ²		(235	)		(178	)		(212	)		(16	)		(19	)		(12	)		(1	)		(673	)		–			(89	)	(762	)
Adjustments:
Depreciation (excluding depreciation in finished goods)		(129	)		(52	)		(64	)		(2	)		–			(4	)		(1	)		(252	)		–			(14	)	(266	)
Royalties		(12	)		(21	)		(23	)		(2	)		–			(2	)		–			(60	)		–			(5	)	(65	)
Other		(3	)		(3	)		(2	)		(1	)		–			–			–			(9	)		–			(2	)	(11	)
Total cost (C3) ²		(379	)		(254	)		(301	)		(21	)		(19	)		(18	)		(2	)		(994	)		–			(110	)	(1,104	)
Cash cost (C1) ²		(235	)		(178	)		(212	)		(16	)		(19	)		(12	)		(1	)		(673	)		–			(89	)	(762	)
Adjustments:
General and administrative expenses		(11	)		(7	)		(9	)		–			(1	)		(1	)		–			(29	)		–			(4	)	(33	)
Sustaining capital expenditure and deferred stripping ³		(39	)		(30	)		(30	)		(1	)		–			(1	)		–			(101	)		–			(6	)	(107	)
Royalties		(12	)		(21	)		(23	)		(2	)		–			(2	)		–			(60	)		–			(5	)	(65	)
Lease payments		(1	)		–			–			–			–			–			–			(1	)		–			–		(1	)
AISC ^2,4		(298	)		(236	)		(274	)		(19	)		(20	)		(16	)		(1	)		(864	)		–			(104	)	(968	)
AISC (per lb) ^2,4	$2.09			$3.80			$3.47			$2.62			$4.42			$2.55			$–			$2.87			$–			$10.97
Cash cost – (C1) (per lb) ^2,4	$1.65			$2.88			$2.70			$2.20			$4.09			$1.92			$–			$2.24			$–			$9.34
Total cost – (C3) (per lb) ^2,4	$2.66			$4.08			$3.82			$2.88			$4.19			$2.96			$–			$3.30			$–			$11.54

¹ Total cost of sales per the Consolidated Statement of Earnings in the Company's unaudited condensed interim consolidated financial statements.
² C1 cash cost (C1), total costs (C3), and all-in sustaining costs (AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
³ Sustaining capital and deferred stripping are non-GAAP financial measures which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
⁴ Excludes purchases of copper concentrate from third parties treated through the Kansanshi Smelter.

For the three months ended March 31, 2022	Cobre Panamá			Kansanshi			Sentinel			Guelb Moghrein			Las Cruces			Çayeli			Pyhäsalmi			Copper			Corporate & other			Ravensthorpe			Total
Cost of sales ¹		(440	)		(318	)		(314	)		(36	)		(24	)		(22	)		(7	)		(1,161	)		(15	)		(79	)	(1,255	)
Adjustments:
Depreciation		142			59			77			2			–			6			1			287			–			8		295
By-product credits		44			72			–			26			–			10			6			158			–			10		168
Royalties		15			54			56			1			–			2			–			128			–			5		133
Treatment and refining charges		(28	)		(7	)		(13	)		(1	)		–			(3	)		(1	)		(53	)		–			–		(53	)
Freight costs		–			(1	)		(10	)		–			–			(4	)		–			(15	)		–			–		(15	)
Finished goods		(10	)		14			15			(8	)		(3	)		5			(1	)		12			–			(16	)	(4	)
Other		6			3			4			2			5			1			–			21			15			–		36
Cash cost (C1) ²		(271	)		(124	)		(185	)		(14	)		(22	)		(5	)		(2	)		(623	)		–			(72	)	(695	)
Adjustments:
Depreciation (excluding depreciation in finished goods)		(146	)		(54	)		(67	)		(3	)		–			(5	)		(1	)		(276	)		–			(11	)	(287	)
Royalties		(15	)		(54	)		(56	)		(1	)		–			(2	)		–			(128	)		–			(5	)	(133	)
Other		(4	)		(2	)		(2	)		–			(1	)		–			–			(9	)		–			(1	)	(10	)
Total cost (C3) ²		(436	)		(234	)		(310	)		(18	)		(23	)		(12	)		(3	)		(1,036	)		–			(89	)	(1,125	)
Cash cost (C1) ²		(271	)		(124	)		(185	)		(14	)		(22	)		(5	)		(2	)		(623	)		–			(72	)	(695	)
Adjustments:																															–
General and administrative expenses		(12	)		(6	)		(8	)		(1	)		(1	)		–			–			(28	)		–			(4	)	(32	)
Sustaining capital expenditure and deferred stripping ³		(30	)		(43	)		(32	)		(1	)		–			(1	)		–			(107	)		–			(9	)	(116	)
Royalties		(15	)		(54	)		(56	)		(1	)		–			(2	)		–			(128	)		–			(5	)	(133	)
Lease payments		(1	)		–			–			–			(1	)		–			–			(2	)		–			–		(2	)
AISC ²		(329	)		(227	)		(281	)		(17	)		(24	)		(8	)		(2	)		(888	)		–			(90	)	(978	)
AISC (per lb) ²	$2.00			$2.47			$2.41			$1.58			$4.73			$1.40			$0.68			$2.27			$0.00			$8.55
Cash cost – (C1) (per lb) ²	$1.65			$1.46			$1.61			$1.13			$4.38			$0.99			$0.54			$1.61			$0.00			$6.78
Total cost – (C3) (per lb) ²	$2.66			$2.55			$2.67			$1.85			$4.49			$1.92			$1.07			$2.65			$0.00			$8.45

¹ Total cost of sales per the Consolidated Statement of Earnings in the Company's unaudited condensed interim consolidated financial statements.
² C1 cash cost (C1), total costs (C3) and all-in sustaining costs (AISC) are non-GAAP ratios which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".
³ Sustaining capital and deferred stripping are non-GAAP financial measures which do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Regulatory Disclosures".

CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. The forward-looking statements include estimates, forecasts and statements as to the Company's expectations of production and sales volumes, the public consultation process with respect to the Company's agreement with the Government of Panamá regarding the long term future of Cobre Panamá and approval of the same by the National Assembly of Panamá, expected timing of completion of project development at Enterprise and post-completion construction activity at Cobre Panamá and are subject to the impact of ore grades on future production, the potential of production disruptions, potential production, operational, labour or marketing disruptions as a result of the COVID-19 global pandemic, capital expenditure and mine production costs, the outcome of mine permitting, other required permitting, the outcome of legal proceedings which involve the Company, information with respect to the future price of copper, gold, nickel, silver, iron, cobalt, pyrite, zinc and sulphuric acid, estimated mineral reserves and mineral resources, First Quantum's exploration and development program, estimated future expenses, exploration and development capital requirements, the Company's hedging policy, and goals and strategies; plans, targets and commitments regarding climate change-related physical and transition risks and opportunities (including intended actions to address such risks and opportunities), greenhouse gas emissions, energy efficiency and carbon intensity, use of renewable energy sources, design, development and operation of the Company's projects and future reporting regarding climate change and environmental matters; the Company's expectations regarding increased demand for copper; the Company's project pipeline and development and growth plans. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about continuing production at all operating facilities, the price of copper, gold, nickel, silver, iron, cobalt, pyrite, zinc and sulphuric acid, anticipated costs and expenditures, the success of Company's actions and plans to reduce greenhouse gas emissions and carbon intensity of its operations, and the ability to achieve the Company's goals. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to, future production volumes and costs, the temporary or permanent closure of uneconomic operations, costs for inputs such as oil, power and sulphur, political stability in Panamá, Zambia, Peru, Mauritania, Finland, Spain, Turkey, Argentina and Australia, adverse weather conditions in Panamá, Zambia, Finland, Spain, Turkey, Mauritania, and Australia, labour disruptions, potential social and environmental challenges (including the impact of climate change), power supply, mechanical failures, water supply, procurement and delivery of parts and supplies to the operations, the production of off-spec material and events generally impacting global economic, political and social stability. For mineral resource and mineral reserve figures appearing or referred to herein, varying cut-off grades have been used depending on the mine, method of extraction and type of ore contained in the orebody.

See the Company's Annual Information Form for additional information on risks, uncertainties and other factors relating to the forward-looking statements and information. Although the Company has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements or information, there may be other factors that cause actual results, performances, achievements or events not as anticipated, estimated or intended. Also, many of these factors are beyond First Quantum's control. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to reissue or update forward-looking statements or information as a result of new information or events after the date hereof except as may be required by law. All forward-looking statements made and information contained herein are qualified by this cautionary statement.

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FM:CC

First Quantum Minerals Announces Voting Results for the Election of Directors

First Quantum Minerals Ltd. ("First Quantum" or "the Company") (TSX: FM) announced that the nominees listed in the Management Information Circular for the 2023 Annual Meeting of Shareholders were elected as directors of First Quantum. In total, 592,646,424 shares were voted at the meeting, representing 85.58% of the issued and outstanding shares of the Company. Detailed results of the vote for the election of directors held at the Annual Meeting on May 4, 2023 are set out below. The below results have also been filed on www.SEDAR.com.

NAME	NUMBER OF SHARES		% OF VOTES CAST
NAME	FOR	WITHHELD	FOR		WITHHELD
Andrew B. Adams	547,120,746	44,468,483	92.48	%	7.52	%
Alison C. Beckett	583,994,843	7,594,386	98.72	%	1.28	%
Robert J. Harding	522,664,840	68,924,389	88.35	%	11.65	%
Kathleen A. Hogenson	588,416,966	3,172,263	99.46	%	0.54	%
C. Kevin McArthur	587,095,068	4,494,161	99.24	%	0.76	%
Philip K. R. Pascall	551,184,304	40,404,925	93.17	%	6.83	%
A. Tristan Pascall	585,779,989	5,809,240	99.02	%	0.98	%
Simon J. Scott	590,383,265	1,205,964	99.80	%	0.20	%
Dr. Joanne K. Warner	587,704,593	3,884,636	99.34	%	0.66	%
Geoff Chater	590,650,007	939,222	99.84	%	0.16	%

For further information, visit our website at www.first-quantum.com or contact:

News Provided by GlobeNewswire via QuoteMedia

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World Copper Provides Update

World Copper Ltd. ("World Copper" or the "Company"; TSXV: WCU, OTCQB: WCUFF, FSE:7LY0) is pleased to provide an update on the proposed sale of its Zonia Copper project in Arizona ("Zonia" or the "Project") to an arms length third party (the "Purchaser") for CAD $26M in cash (the "Purchase Price"), payable in tranches, as previously announced on February 19, 2025 (the "Proposed Transaction").

The Purchaser is a metals and mining investment manager with two decades of leadership in investing in and developing mining projects. Pursuant to the terms of the binding letter agreement among the Purchaser, World Copper and World Copper's Arizona subsidiary ("Subco"), the Purchaser has approximately 35 days remaining in the 90-day due diligence period, and the Company continues to work diligently with the Purchaser to assist with the completion of the Purchaser's due diligence on the Project.

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Celsius Hits Regulatory Milestone at Philippine Copper-Gold Project, Plans Next Steps

Celsius Resources (ASX:CLA) announced that the Philippine Department of Environment and Natural Resources (DENR) has confirmed the financial capability of its local affiliate, Makilala Mining Company.

The confirmation comes with the approval of a binding term sheet between Makilala and Maharlika Investment. It includes a US$76.4 million bridge loan facility to fund the Maalinao-Caigutan-Biyog (MCB) copper-gold project.

The mineral production sharing agreement for MCB is now locked in for 25 years and is renewable for another 25.

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Strategic Partnership secures long-term future for the Storm Copper Project, Canada

Major offtake and funding deal to advance development and exploration activities

American West Metals Limited (American West or the Company) ( ASX: AW1) is pleased to announce that the Company has entered into a binding agreement with global metal trading and advisory group Ocean Partners Holding Ltd (OP or Ocean Partners) which will comprise an equity investment in American West as well as project development funding and copper-silver offtake to OP for the Storm Copper Project.

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Copper Outlook 2025

Copper Price 2024 Year-End Review

Copper Price Forecast: Top Trends for Copper in 2025

Top 5 Copper Stocks on the TSX

Top 5 Junior Copper Stocks on the TSXV

Copper Price 2024 Year-End Review

Copper was trading on the COMEX at under US$4 per pound at the beginning of 2024, but by May 21, the red metal's price had surged to a record high of US$5.11 per pound.

Price momentum at the start of the year was owed to several factors, including increasing demand from energy transition sectors, bottlenecks at Chinese refiners and near-zero copper treatment charges.

The price was volatile through the second and third quarters, slipping back below US$4 per pound before soaring above US$4.50 at the end of Q3. Read on for more on how copper performed in 2024, from prices to supply and demand.

Copper price in Q4

Copper started the fourth quarter of the year on a strong note. On October 2, the metal reached its quarterly high of US$4.60 before starting a month-long slide to US$4.31 on October 31.

Volatility was the story at the start of November. Copper soared to US$4.45 on November 5 before dropping to US$4.22 on November 6, then spiked to US$4.41 on November 7; finally, it crashed to US$4.05 on November 15.

Copper price, Q4 2024.

Copper price, Q4 2024.

Chart via Trading Economics.

While copper did see a couple of rallies as the year ended, it only briefly broke through resistance of US$4.20 from December 9 to 11 before settling toward the US$4 mark at the end of the month.

As of December 23, the copper price was sitting at US$4.02.

Copper concentrate market to stay tight

In an October report, Fastmarkets predicts that the concentrate market will remain tight in 2025.

This tightness will continue to impact refiner treatment charges. Though they are expected to rebound to around US$20 to US$30 per metric ton (MT), they will still be short of the US$80 mark reached in 2023.

The situation has become more challenging as new operations, particularly in China, expand capacity in 2024. Fastmarkets anticipates no change in the situation in 2025, as new smelters are set to come online in China, Indonesia and India. The additional capacity will see more refiners fighting for the available supply.

The research firm says several other factors are contributing to copper concentrate shortages, including the loss of material from First Quantum Minerals' (TSX:FM,NYSE:FM) Cobre Panama mine after it was ordered shut down in November 2023. Other miners that have cut their production forecasts are also adding to supply woes.

For example, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) revised its copper production guidance when it released its third quarter results on October 23. In its release, Teck indicates that the updated range now stands at 420,000 to 455,000 MT, down from the 435,000 to 500,000 MT estimated at the start of the year.

The company said the reduction was due to challenges with labor availability and problems with autonomous systems in its new haul trucks at its Highland Valley mine in BC, Canada.

China’s economy dragging on copper

A significant headwind for copper at the end of 2024 has been the continued challenges posed by China’s faltering economy. Although the country has introduced stimulus measures, they have made little difference.

The most recent stimulus announcement came on December 24, when the Chinese government announced it would issue US$411 billion worth of special treasury bonds in 2025. This package would be the highest on record, and would represent an increase over the US$137 billion issued in the past year.

The move follows President Xi Jinping’s keynote address at the country’s annual economic policy meeting on December 11 and 12. Xi said at the time that the economy was stable, and that the government would be working to boost consumption through looser monetary policy and more active fiscal policy. Few details were given on how the country would achieve its goals, and the US$411 billion debt injection could be the first sign of that policy.

In addition, in September, the Chinese government announced measures to increase credit, support cities in purchasing unsold homes and restructure debt. These efforts have failed to turn around the world’s second largest economy.

China is the world’s largest copper consumer, and any shift in the strength of the nation's economy will have implications for the price trajectory of base metal.

How did copper perform for the rest of the year?

Copper price in Q1

Copper supply was in focus in Q1 as First Quantum provided an update on its Cobre Panama mine.

The mine was forced to close at the end of 2023 after the Panamanian Supreme Court walked back a company-friendly deal initially approved in October 2023.

At the beginning of 2024, First Quantum pursued several avenues to resolve the issue and reopen the mine, including arbitration. It also waited for the results of Panama’s May election in hopes of more mining-friendly leadership.

Copper price in Q2

The second quarter was dominated by news of output curtailments at Chinese smelting operations.

The cuts came as lower production levels from copper miners began to stress treatment charges at refiners as they competed for the limited availability of copper concentrate.

Speaking to the Investing News Network at the time, Joe Mazumdar, editor of Exploration Insights, said that 50 percent of the world’s smelting capacity is in China. For that reason, the end price is dictated by treatment and refining charges, which nearly turned negative due to the lack of available concentrate.

In turn, this pushed the price of copper prices higher at major exchanges.

“So there’s the cathode price. That’s stated in the LME, and Shanghai and the COMEX in the states. But if the market is tight in any of those regions locally, you will see a cathode premium … over the price of the copper,” he said. “People are willing to pay more to incentivize people that have copper inventory to release it into the market."

Copper price in Q3

Copper supply and demand both saw growth during Q3.

The International Copper Study Group reported in an October 21 release that mined production of copper had increased by 2 percent year-on-year to 14.86 million MT during the first eight months of 2024.

Much was owed to 3 percent growth from Chile, with increases at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, as well as the Collahausi mine, which is a joint venture between Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Mitsui (OTC Pink:MITSF,TSE:8031).

Output from the Democratic Republic of Congo increased 11 percent, while Indonesia's production rose 22 percent.

At the same time, demand increased slightly by 2.5 percent. Much of the additional demand came from 2.7 percent growth in Asian markets, which includes a 0.5 percent increase in Chinese refined copper imports.

Investor takeaway

The copper market has been tight all year, with new demand accelerating beyond new mine supply.

This demand growth is expected to continue as the world transitions from fossil fuels to renewable technologies that require more copper, like wind and solar. However, copper demand is still constrained by weakness in the Chinese economy, particularly in its housing sector, which is an important driver of global demand for the metal.

Ultimately, in the longer term, copper supply will be lacking from new projects and expanded production to meet demand. The base metal is expected enter a supply deficit over the next few years.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Copper Price Forecast: Top Trends for Copper in 2025

Copper prices saw impressive gains in 2024, even breaking the US$5 per pound mark in May. However, the red metal's gains didn't last, and by the end of the year copper had retreated back to the US$4 range.

The start of 2025 could be eventful, with Donald Trump returning to the Oval Office, a new stimulus package coming into effect in China and a continued push for greener technologies around the world.

What will these factors mean for copper prices in the new year? Will they rise, or can investors expect the base metal to remain rangebound? Here's a look at what experts see coming for the important commodity.

How will Trump's presidency impact US copper projects?

Trump will be sworn in for his second term as US president on January 20.

During his campaign, he made bold promises that could shake up the American resource sector, pushing a "drill, baby, drill" mantra and committing to increasing oil production in the country.

When it comes to copper, Trump's proposed changes to environmental regulations could have key implications. While the Biden administration has sought to toughen these rules, Trump will look to relax them.

In an email to the Investing News Network (INN), Eleni Joannides, Wood Mackenzie's research director for copper, said changes to environmental regulations are likely to benefit the mining sector overall.

“The former president has already pledged to overturn a 20 year moratorium on mining in Northern Minnesota. This pro-mining approach means more mines could be permitted and put into production,” she said.

One project that was being planned before the Biden administration restricted access to federal lands in the Superior National Forest belongs to Twin Metals Minnesota, a subsidiary of Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The company has been working to advance its underground copper, nickel, cobalt and platinum-metals group project since 2006, and has submitted plans to state and federal regulatory agencies.

Another copper-focused project that may benefit from the incoming Trump administration is Northern Dynasty Minerals' (TSX:NDM,NYSEAMERICAN:NAK) controversial Pebble project in Alaska.

The company has been exploring the Bristol Bay region since acquiring the property in 2001, but the US Army Corps of Engineers denied approval in 2020; the Environmental Protection Agency did the same in 2021.

Northern Dynasty has been fighting these decisions at both the state and federal level. It reached the Supreme Court in January 2024, but was denied a hearing until the dispute is examined at the state level.

On December 20, Alaska Governor Mike Dunleavy added his support for the project when he petitioned the incoming president to issue an Alaska-specific executive order on his first day in office. The order would effectively reverse decisions made by the Biden administration, including the permitting of the Pebble project.

In addition to Pebble, projects like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World, both of which are in Arizona, may benefit from Trump’s plan to reduce permitting times on projects worth over US$1 billion.

Currently, large-scale operations like these can take up to 20 years to move from exploration to production in the US. Copper is considered a critical mineral for the energy transition, and is increasingly becoming a security concern as the US is largely dependent on China for its supply of copper.

Copper price volatility expected under Trump tariff turmoil

As tensions continue to grow between the west and eastern nations like China and Russia, it may not take much to threaten markets for critical materials, including copper.

Trump has already promised to impose a 60 percent tariff on all goods coming from China.

A tariff on copper imports could upend the president-elect's plans for the resource sector. It would increase the prices of copper imports and disrupt the overall economy.

“The risk is that the president-elect’s threatened tariffs, including 60 percent on China and 20 percent on all other nations, could derail global economic growth, lead to higher inflation and, with that, tighten monetary policy and also lead to a change in trade flows. Copper will suffer if demand takes a hit," Joannides said.

"In addition, there is likely to be continued volatility in prices,” she added.

In its recent analysis of Trump’s policies, ING sees an overall negative impact on global metals demand.

The firm believes that many of his plans, including tariffs, will cause the US Federal Reserve take a longer-term approach to reducing interest rates, which could affect investment in large-scale copper projects.

S&P Global expressed a similar view after Trump's win. Immediately after the election, copper prices sank 4 percent to fall under US$4.30, with the firm suggesting that is likely just the beginning. The organization notes that while the market may have already priced in Trump’s tariffs, a larger trade war could impact prices even further.

Economic recovery in China could further boost copper prices

China's faltering economy has been a major headwind for copper over the past several years.

The country's housing market accounts for roughly 30 percent of global demand for the red metal, meaning that any shifts could have significant implications for the copper market.

The sector has been struggling for the past few years as the country deals with economic issues, including fallout from the COVID-19 pandemic, which caused disruptions to supply chains and a spike in unemployment.

Ultimately, economic factors struck China's real estate sector, an important driver of the country’s gross domestic product; this caused the collapse of the nation's top two developers, China Evergrande Group and Country Garden.

So far, the government’s attempts to stimulate the economy and jumpstart the beleaguered real estate sector have largely failed. In September, it announced measures aimed at property buyers, such as reducing interest rates for existing mortgages by 50 points and cutting the minimum downpayment requirement for homes to 15 percent.

Other changes introduced at the time include more help from the People’s Bank of China, which will provide a lending facility for state-owned firms to acquire unsold flats for affordable housing.

China followed this up with an announcement in November that it will provide additional support for local governments by increasing their debt-raising capacity by 6 trillion yuan over the next six years.

While these measures may not be felt for some time, kickstarting the Asian nation's real estate sector could be a boon for copper producers and investors.

“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting,” said Joannides.

Copper industry needs more investment dollars

With copper demand projected to grow long term, supply-side concerns are rising. According to Joannides, there is already recognition that copper exploration has been underinvested over the past few years.

“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she explained to INN.

"Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."

Joannides pointed to greenfield projects already in the pipeline, including Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zarfanal in Peru.

There's also Northmet, a Teck and Glencore (LSE:GLEN,OTC Pink:GLCNF) joint venture in Minnesota.

Rising copper prices could also increase the flow of money from the major companies into the junior space, where most of the exploration is currently occurring.

“Copper has become the standout strategic preference for the major mining companies. The risk-adjusted cost of developing organic copper assets is higher than the cost of acquiring them,” Joannides said.

This kind of acquisition activity could help reduce the development time of assets compared to companies starting exploration from scratch.

Investor takeaway

While copper supply and demand conditions are expected to remain tight in 2025, competing forces are at play.

One of the biggest factors is Trump’s return to the White House. If the president-elect takes action as quickly as he has promised, investors could soon gain insight on the long-term implications of his policies.

In terms of China, it will take time to get the property sector back to where it was before the pandemic; however, there may be sparks early in the year as new measures start to work their way through the market.

During 2025 it may be even more prudent than usual for investors to do their due diligence on copper and keep an eye on the forces that may affect the market.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.

Editorial Disclosure: Los Andes Copper, Osisko Metals and Quetzal Copper are clients of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

5 Best-performing Copper Stocks on the TSX in 2024

Copper prices surged in 2024, breaking the US$5 per pound barrier for the first time.

Prices have since retreated, but have largely traded above US$4, as well as above the average 2023 price of US$3.83.

Copper demand remains high in energy transition sectors, but supply has been affected by bottlenecks at Chinese smelters, which cut production during the first half of the year due to low treatment charges.

Against that backdrop, how have TSX-listed copper companies performed? Learn about the top five best-performing copper stocks in 2024 by year-to-date gains below. Data for this article was retrieved on December 16, 2024, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.

1. Trilogy Metals (TSX:TMQ)

Company Profile

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.

2. Northern Dynasty Minerals (TSX:NDM)

Company Profile

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.

3. NGEX Minerals (TSX:NGEX)

Company Profile

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.

4. First Quantum Minerals (TSX:FM)

Company Profile

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.

5. Hudbay Minerals (TSX:HBM)

Company Profile

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.

Article by Dean Belder; FAQs by Lauren Kelly.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, own shares of Northern Dynasty Minerals.

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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

Copper supply and demand have tightened in recent years, creating price volatility.

In 2024, copper prices reached record levels, breaking through the US$5 per pound mark for the first time.

Copper is one of the most important metals for the emerging green economy. It is essential for transmitting electricity, and is needed to produce wind turbines, electric cars and a wide array of electronic devices.

Even though demand continues to increase yearly, supply is failing to keep up. This has been a primary factor in copper’s record-breaking 2024, but what does that mean for small-cap mining companies on the TSX Venture Exchange?

Below are the five best-performing junior copper stocks since the start of 2024. Data for this article was gathered on December 18, using TradingView's stock screener, and all companies had market caps of over C$10 million at that time.

1. Koryx Copper (TSXV:KRY)

Company Profile

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) filed 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 rate of 38,337 MT of London Metal Exchange copper metal and an additional 51,081 MT of copper sulfate.

The company is currently working toward releasing an enhanced PEA in mid-2025.

Since the start of 2024, Koryx has published various assay results from exploration at Haib, including on August 8, when the company provided final results from a Phase 1 drill program. 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.

President and CEO Pierre Léveillé said the program shows the deposit can deliver grades of over 0.3 percent copper for substantial widths in the project area, as well as above-average grades in the outer limits of the deposit.

Following the final results, Koryx released an updated resource estimate for Haib on September 10. Haib hosts an indicated resource of 1.46 million MT of contained copper from 414 million MT of ore at an average grade of 0.35 percent copper, plus an inferred resource of 1.14 million MT of copper from 345 million MT of ore at 0.33 percent copper.

On November 15, Koryx closed the third and final tranche of a non-brokered private placement, raising C$18 million. In the release, the company also noted it had begun an 8,200 meter Phase 2 drilling program at Haib. Additionally, it reported the start of Phase 2 metallurgical testwork as it works to de-risk its metallurgical processing plan.

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

2. Hannan Metals (TSXV:HAN)

Company Profile

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. The Tabalosos target has shown grades of 4.9 percent copper and 62 grams per MT (g/t) silver over 2 meters.

Hannan also 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, and they confirmed 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.

Hannan said the results continue to further the company's 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 confirmed a 6 kilometer by 6 kilometer copper-gold porphyry epithermal mineralization system and identified seven high-priority targets.

In the most recent update on the analysis of the IP survey on December 5, the company singled out two significant types of anomalies. There is 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.

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 the first quarter of 2025.

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

3. Sandfire Resources America (TSXV:SFR)

Company Profile

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, which is 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 for the underground mine.

Sandfire describes the property as one of the highest-grade undeveloped copper deposits in the world. According to a 2020 resource estimate, the project's Johnny Lee deposit holds measured and indicated resources of 10.9 million MT grading 2.9 percent copper for a total of 311,000 MT of 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 was a crucial step for construction of the mine to continue.

In its management discussion and analysis for the quarter ended on September 30, the company said that since December 2023 it had completed 10,000 meters of a planned 20,000 meters of drilling. Additionally, Sandfire said its main focus at 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 MT.

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.

4. Awalé Resources (TSXV:ARIC)

Press Releases Company Profile

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 major gold miner 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 and the delivery of a minimum 2 million ounce gold resource.

On May 15, Newmont advanced to the second phase of its earn-in agreement. The completion of Phase 1 of the agreement came after drilling at the Charger and BBM targets during early 2024 exploration.

For 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 2024. On December 5, it announced it had commenced a 4,000 meter diamond drill 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.

Awalé plans to complete a large IP survey in January 2025 on the entire BBM trend to help refine targets for a 7,000 meter reverse-circulation drill campaign set to begin in February.

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

Investor Kit

5. Lara Exploration (TSXV:LRA)

Year-to-date gain: 180 percent
Market cap: C$67.73 million
Share price: C$1.40

Lara Exploration is a copper miner, explorer and royalty generator focused on South America.

For 2024, its primary asset has been the Planalto copper project in the Carajas Mineral Province in Pará, Brazil. The property comprises five mineral tenements covering a total area of 3,867 hectares. More than 23,000 meters of drilling have been conducted, and three primary deposits — Homestead, Cupuzeiro and Planalto — have been identified.

The most recent news from the project came on October 17, when Lara filed the technical report for its maiden resource estimate, which outlines a total indicated resource of 252,800 MT of copper from 47.7 million MT of ore with an average grade of 0.53 percent copper. The report also outlines an inferred resource for Planalto of 548,900 MT of copper from 154 million MT of ore with an average grade of 0.36 percent copper.

Lara also owns a 5 percent net profit interest, along with a 2 percent net smelter return royalty, in the Celesta copper mine in Brazil. Its partners are private companies Tessarema Resources and North Extração de Minério.

On November 12, Lara announced that operations had restarted at the mine after it had been placed on care and maintenance while Tessarema worked to reinstate permits to the property. In the release, Lara said that mining and ore processing from stockpiles began in October and is expected to ramp up gradually over the coming months.

Shares of Lara reached a year-to-date high of C$1.60 on October 24.

Don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Awalé Resources is a client of the Investing News Network. This article is not paid-for content.

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In this article

What key factors drive the price of copper?

How has the copper price moved historically?

What was the highest price for copper ever?

Why did the copper price hit an all-time high in 2025?

Where can investors look for copper opportunities?

2025 Base Metals Outlook Report

Who We Are

Copper Outlook 2025

Table of Contents

Copper Price 2024 Year-End Review

Copper price in Q4

Copper concentrate market to stay tight

China’s economy dragging on copper

How did copper perform for the rest of the year?

Investor takeaway

Copper Price Forecast: Top Trends for Copper in 2025

How will Trump's presidency impact US copper projects?

Copper price volatility expected under Trump tariff turmoil

Economic recovery in China could further boost copper prices

Copper industry needs more investment dollars

Investor takeaway

5 Best-performing Copper Stocks on the TSX in 2024

1. Trilogy Metals (TSX:TMQ)

2. Northern Dynasty Minerals (TSX:NDM)

3. NGEX Minerals (TSX:NGEX)

4. First Quantum Minerals (TSX:FM)

5. Hudbay Minerals (TSX:HBM)

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

1. Koryx Copper (TSXV:KRY)

2. Hannan Metals (TSXV:HAN)

3. Sandfire Resources America (TSXV:SFR)

4. Awalé Resources (TSXV:ARIC)

5. Lara Exploration (TSXV:LRA)

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