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January 30, 2024
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it has executed binding agreements and obtained Nebari Investment Committee clearance for a four year, USD28 million (A$42 million1 AUD equivalent) USD-denominated senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari).
TNC and Nebari have executed formal loan documentation for the Loan Facility to provide up to USD28 million in two tranches, with USD18 million to be drawn at closing (Tranche 1) and USD10 million available to be drawn (Tranche 2), subject to certain conditions precedent including (for Tranche 2) commencement of commercial production of sulphide ore at TNC’s Cloncurry Copper Project (CCP).
HIGHLIGHTS
The key terms of the Loan Facility are as follows:
- Funded amount: up to USD28 million (in two tranches), net of the original issue discount (OID).
- Nebari has completed its due diligence and notified True North that the transaction has been approved by its Investment Committee.
- Tranche 1 and Tranche 2 closing remain subject to conditions precedent referred to in Appendix 1.
- Facility term: Four years.
- Coupon: three-month term Secured Overnight Financing Rate (SOFR) (subject to a minimum of 4%) + a margin of 6.9% p.a payable quarterly (for Tranche 1) and 6.6% p.a. payable quarterly (for Tranche 2).
- OID: 7.0% on both Tranches.
- Amortisation: 8% commencing on the fourth quarterly interest payment date, bullet repayment of the outstanding principal amount on maturity.
- Warrants: the Company has agreed to issue Nebari (or its nominee/s) warrants convertible into TNC shares as outlined below.
- Security: over the assets of TNC and its projects.
COMMENT
True North Copper Managing Director, Marty Costello said:
We are very pleased to have secured the support of Nebari Natural Resources Fund following a rigorous due diligence and funding process. Nebari Natural Resources Fund are a highly respected and experienced financier of mining projects globally. We are thrilled to announce we have secured this financing with Nebari and its marks a significant milestone for our company. These funds will be used to refinance the environmental bond, as the key next step in our mining restart at the Cloncurry Copper Project, as well as provide working and restart capital. TNC will soon announce the approved Cloncurry Copper Project mine plan. We’re incredibly excited about restarting mining and bringing the Cloncurry Copper Project into production, at a time where the world’s copper supply is really tightening up and the metal price is rising.
Nebari Managing Director, Juan Alvarez said:
We are excited to partner with True North Copper as it develops its Cloncurry Copper Project and Mt Oxide Project and we look forward to being a long term partner and supporting True North Copper in their future growth strategy.
The Loan Facility will be used:
(a) to repay in full the short-term working capital loan advanced to the Company by Dyda Property Management Pty Ltd pursuant to a loan agreement dated 5 September 2023 (Existing DPM Loan) (A$5,314,529.23 of principal and interest outstanding as at the date of this announcement);
(b) to refinance the rehabilitation bond for the CCP, being A$13,468,875.40 (Cloncurry Rehabilitation Bond), in full by way of cash collateral lodged with the scheme fund maintained under the Mineral and Energy Resources (Financial Provisioning) Act 2018 (Qld); and
(c) for working capital purposes in relation to the CCP in accordance with a mine plan for the CCP to be approved by the Company and Nebari.
The Loan Facility contains other terms and conditions that are customary for an agreement of this nature. Refer to Appendix 1 for a full summary of the material terms of the Loan Facility.
In connection with the Loan Facility, the Company has agreed to issue to Nebari (or its nominee/s):
- 46,383,038 warrants exercisable at A$0.1177, to be issued on closing using TNC’s available placement capacity under ASX Listing Rule 7.1 (Tranche 1 Warrants); and
- subject to TNC shareholder approval under Listing Rule 7.1, additional warrants to be issued on first drawdown for the Tranche 2 loan amount (Tranche 2 Warrants) (refer to Appendix 1 for details of how the number and exercise price for the Tranche 2 Warrants will be determined).
The Warrants will have a 48-month exercise period and, on exercise, will convert into TNC shares on a 1 for 1 basis.
Click here for the full ASX Release
This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
TNC:AU
31 March
What's the Next US Copper Mine? 26 Copper Projects to Watch
Companies with upcoming copper mines in the US could be poised to benefit from tailwinds in the sector, including the new administration promising to cut "red tape" for critical minerals projects.
Copper demand is climbing quickly in recent years because of the rapid urbanization of the global south as well as the developing energy transition sectors. However, current copper mines are increasing in age and there is a lack of new copper mines to replace them, both due to limited greenfield exploration and long permitting times.
This has put the world's copper supply in a difficult situation, and experts expect to see deficits begin to emerge in 2025.
Resource nationalism is also increasing in recent times, with countries heavily focused on building their own critical minerals supply chains. This caused the Biden administration to list copper as a critical mineral in late 2024, which would allow projects accelerated permits, investment incentives and national security enhancements.
Additionally, after new US President Donald Trump took office in January 2025, Trump issued an executive order that would slash red tape to increase domestic critical mineral production, including copper. The move has caused significant environmental concerns, but it could support US copper companies that have previously struggled to receive permits.
In this article we dive into more than 25 US copper projects in the construction, restarting or permitting phase, based on data from mine database Mining Data Online (MDO). MDO's database focuses on publicly traded mining companies, so there may be US copper mines being developed by private companies that are not in this list.
This article is based on data provided by MDO as of March 2025.
In this article
Next US copper mine: Copper mines under construction
Black Butte project
Ownership: 87% – Sandfire Resources (TSXV:SFR)
Mine type: Underground
Deposit type: SEDEX, Stratabound
Once it enters production, the Black Butte copper project in Montana is expected to produce 120,000 metric tons (MT) of copper concentrate annually. The site’s Johnny Lee deposit hosts proven and probable reserves of 8.8 million MT, containing 226,100 MT of copper at a grade of 2.6 percent.
Sandfire had previously begun Phase I construction to mine the Johnny Lee deposit, but a Montana district court ruling overturned the prior Record of Decision in 2022 halted it. However, the Montana Supreme Court ruled in Sandfire’s favor in Q1 2024. With its mining permit reinstated, the company is now assessing Black Butte’s economics as it moves toward a final investment decision.
Florence project
Ownership: Taseko Mines (TSX:TKO,NYSE:TGB)
Mine type: In-Situ
Deposit type: Porphyry
Located in Central Arizona, the Florence project is expected to produce 85 million pounds of copper annually. According to MDO, Florence will be one of the world's most efficient copper producers, and copper produced on site will meet the London Metal Exchange grade A standard.
Overall, the site's proven and probable mineral reserves are 2.32 billion pounds of contained copper from 320 million MT of ore with an average grade of 0.36 percent copper. Construction at the site reached the 56 percent mark in December of 2024 and is on track for its first production by the end of 2025.
Idaho Cobalt Operation
Ownership: Jervois Global (ASX:JRV,OTC Pink:JRVMQ)
Mine type: Underground
Deposit type: Vein / narrow vein, sediment-hosted
The Idaho Cobalt Operation (ICO) is located in Northern Idaho near the border with Montana. Even though the project is focused on cobalt production, over the seven-year life of the mine, it is planned to produce more than 15,000 MT of copper.
While the ICO is still listed as under construction, Jervois Global halted development of the mine in March 2023 due to falling cobalt prices. As of Q4 2024, construction activities remain suspended and the company is focused on maintenance and environmental compliance.
Next US copper mine: Mines being restarted
Gunnison mine
Ownership: Gunnison Copper (TSX:GCU,OTCQB:GCUMF)
Mine type: In-Situ Recovery, Open Pit
Deposit type: Skarn
Gunnison Copper, previously named Excelsior Mining, is currently developing its Gunnison mine in Arizona as an open pit mining operation. Gunnison was originally scheduled to begin operating in 2020 as an in-situ recovery project, but startup was delayed due to low flow rates. Gunnison Copper has been evaluating different alternatives to overcome the challenges and obtained permits to begin well simulation using small-scale, shallow-level hydraulic fracking.
However, the company determined that an open-pit operation has "substantially improved viability" compared to the ISR operation at this time, and is now advancing the permitting process for the open pit. Gunnison intends to maintain the option of its fully permitted ISR operation and well stimulation.
Once the open-pit mine is in operation, Gunnison estimates an average annual production of 167 million pounds of copper cathode. The probable mineral reserve for the in-situ operation as of 2016 is 4.5 billion pounds of copper from 782.2 million MT of ore with an average grade of 0.29 percent. The open pit's 2024 mineral resource estimate showed a measured and indicated resource of 5.1 billion pounds of copper from 831.6 million MT of ore with an average copper grade of 0.31 percent.
Sunshine mine
Ownership: Sunshine Silver Mining and Refining
Mine type: Underground
Deposit type: Vein / narrow vein, mesothermal
The Sunshine mine has seen production dating back to 1904, with the most recent being in 2008. The site sits within one of the most prolific mining areas of the Coeur d’Alene district in Idaho, United States. Since acquiring the project in 2010, Sunshine Silver Mining and Refining has spent more than US$100 million on-site upgrades and developments with the intent of restarting production before the end of the decade.
According to MDO, the Sunshine property hosts “one of the highest-grade, large primary silver deposits in the world.” Once restarted, it will also produce copper and several other metals as byproducts, with planned average annual copper production of 1.12 million pounds.
Next US copper mine: Copper mines in the permitting stage
Antler project
Ownership: New World Resources (ASX:NWC,OTC Pink:NWCBF)
State: Arizona
Mine type: Underground
Deposit type: Volcanogenic massive sulfide (VMS)
Commodities: Copper, zinc, lead, silver, gold
As of February 2025, New World Resource’s Antler project is on track to begin construction activities in H2 2025 and complete the permitting process by early 2026. Federally, the only permit remaining is the Mine Plan of Operations, which the Bureau of Land Management stated will be evaluated under an Environmental Assessment. If things proceed as planned, the company will begin shipping concentrate by 2027.
The site hosts numerous targets and a probable copper reserve of 180,000 MT from 11 million MT of ore with an average grade of 1.6 percent copper. The company anticipates a mine life of 12.2 years with an average annual copper production of 36 million pounds and copper equivalent production of 30,100 MT.
Arctic project
Ownership:
50% – Trilogy Metals (NYSE:TMQ)
50% – South32 (ASX:S32,OTC Pink:SHTLF)
State: Alaska
Mine type: Open pit
Deposit type: VMS
Commodities: Copper, zinc, lead, silver, gold
The Arctic project is currently in the feasibility stage. Due to its location, the only significant federal permit required is the 404 wetlands permit from the US Army Corps of Engineers. The remaining permits are issued at the state level.
The site's indicated copper resource is 2.35 billion pounds from 35.7 million MT of ore with an average grade of 2.98 percent copper. An additional 189 million pounds are inferred from 4.5 million MT of ore with an average grade of 1.92 percent. Once complete, the mine is expected to produce 234,000 MT of copper annually.
Back Forty project
Ownership: Gold Resource (NYSEAMERICAN:GORO)
State: Michigan
Mine type: Open pit and underground
Deposit type: VMS, breccia pipe/stockwork
Commodities: Gold, silver, copper, zinc
Back Forty is planned as two open pits, an underground mine and a processing plant. Once fully permitted, Gold Resource plans for a 21 month construction period before mining commences at its Pinwheel open pit. In 2021, a judge denied a wetlands permit for Back Forty due to its impact on the surrounding area. MDO reports that Gold Resource's revised mine plan avoids impact on the region's wetlands, which should support the mine permitting process.
Back Forty will have the capacity to produce 6.8 million pounds of copper concentrate annually. The project hosts an open pit indicated copper resource of 74 million pounds from 9.36 million MT of ore with an average grade of 0.36 percent copper, and an underground indicated copper resource of 47 million pounds from 5.1 million MT with an average grade of 0.41 percent.
Cactus Mine project
Ownership: Arizona Sonoran Copper (TSX:ASCU,OTCQX:ASCUF)
State: Arizona
Mine type: Open pit and underground
Deposit type: Porphyry
Commodities: Copper
Cactus is a brownfield development project in Central Arizona with a 5.5 kilometer mine trend. The site hosts the past-producing Sacaton mine, a mining stockpile and three primary deposits: Cactus East, Cactus West and Parks/Salyer. Arizona Sonoran Copper is working to complete a pre-feasibility study for the second half of 2025.
A Q3 2024 preliminary economic assessment( PEA) outlined a 31 year mine life with on-site production of 86,000 short tons of LME Grade A copper cathode per year. In total, the site has a measured and indicated resource of 7.29 billion pounds from 632.7 million MT of ore at an average grade of 0.576 percent copper.
CK Gold project
Ownership: US Gold (NASDAQ:USAU)
State: Wyoming
Mine type: Open pit
Deposit type: Porphyry, breccia pipe/stockwork
Commodities: Copper, gold, silver
In 2024, the CK Gold project achieved several permitting milestones. In April, US Gold received its mine operating permit, and in November, its subsidiary, Gold King, received its final permit approval from the air quality division of the Wyoming Department of Environmental Quality. These permits were the final hurdles needed before the company began developing the project.
The company plans to produce a copper concentrate that contains gold, copper and silver. CK has a significant copper resource with proven and probable reserves totaling 248 million pounds from 70.4 million MT at an average grade of 0.18 percent copper. US Gold is working towards a feasibility study, and aims to begin construction in late-2025 or 2026 with first concentrate production in 2027 or 2028.
Copper Flat project
Ownership: THEMAC Resources (TSXV:MAC,OTC Pink:MACQF)
State: New Mexico
Mine type: Open pit
Deposit type: Porphyry, breccia pipe/stockwork, hydrothermal
Commodities: Copper, molybdenum, gold, silver
Copper Flat is a brownfield project built on a site that has seen mining dating back to the 1890s, with various companies working to bring the site back online since the 1980s. To date, THEMAC has completed its definitive feasibility and environmental studies and has received several key Federal and State permits. The state mining permit is in the advanced stage.
The site hosts a proven and probable copper reserve of 579.21 million pounds from 113.08 million MT of ore at an average grade of 0.3 percent copper.
Copperwood project
Ownership: Highland Copper (TSXV:HI,OTCQB:HDRSF)
State: Michigan
Mine type: Underground
Deposit type: Sediment-hosted
Commodities: Copper, silver
Copperwood is a fully permitted project and is in active development. Highland spent much of 2024 working to fulfill its obligations to prepare the site as required under the terms of the wetlands and streams permit. Its next development steps are metallurgic testing using ultra-fine flotation technology and community engagement as it moves towards a construction decision.
Copperwood hosts proven and probable reserves of 25.7 million MT of ore at an average grade of 1.45 percent copper for 820 million pounds of contained copper. Highland expects to produce 65 million pounds of saleable copper per year for a total of 675 million pounds over the mine’s 10.3 year life.
Copper World Complex
Ownership: Hudbay Minerals (TSX:HBM,NYSE:HBM)
State: Arizona
Mine type: Open pit
Deposit type: Porphyry, skarn
Commodities: Copper, molybdenum, silver, gold
Copper World is one of the largest copper projects in development in the United States, according to Hudbay. The company is currently in the permitting stage for Phase 1 at Copper World, which will consist of four open pits with an expected mine life of 20 years. The second phase will expand the operation and extend the life of the mine further.
The site has received all necessary state permits to begin construction and operation after it received its air quality permit in January 2025. Hudbay is expecting annual average copper production of 92,000 MT during the first 10 years and 85,000 MT over the 20 year mine life. In year five, it plans to begin copper cathode production to supply the US market.
CuMo project
Ownership: Idaho Copper (OTC Pink:COPR)
State: Idaho
Mine type: Open pit
Deposit type: Porphyry, vein/narrow vein, breccia pipe/stockwork
Commodities: Molybdenum, copper, silver, tungsten, rhenium, sulfuric acid
While Idaho Copper's focus with CuMo is developing one of the world’s largest molybdenum mines, the company also plans to produce an average of 84 million pounds of copper metal in concentrate per year. CuMo hosts a significant measured and indicated copper resource of 3.81 million pounds.
Idaho Copper is working towards releasing an updated PEA during the first half of 2025. Additionally, the company expects to begin environmental work for its environmental impact statement sometime this year.
Empire project
Ownership:
80% – Phoenix Copper (LSE:PXC,OTCQB:PXCLF)
20% – ExGen Resources (TSXV:EXG,OTC Pink:BXXRF)
State: Idaho
Mine type: Open pit
Deposit type: Skarn, vein/narrow vein, breccia pipe/stockwork
Commodities: Copper, gold, silver
Empire is a brownfield project planned as an open-pit mine atop historic underground workings. Phoenix Copper is developing its mine plan for the Idaho Department of Lands and for federal review by the National Environmental Policy Act. The company is aiming to complete the permitting project in 2025 and begin production in 2026 using on-site, pre-owned milling equipment it purchased in 2024.
Empire's proven and probable copper reserves are 109.45 million pounds from 10.1 million MT of ore with an average grade of 0.49 percent copper. The mill will produce a copper-gold-silver concentrate and cement copper stream, combining for 89.1 million pounds of payable copper over the nine-year life of mine.
Mason project
Ownership: Hudbay Minerals
State: Nevada
Mine type: Open pit
Deposit type: Porphyry, vein/narrow vein
Commodities: Copper, molybdenum, gold, silver
Planned for a mine life of 27 years, Mason is a significant greenfield copper deposit and one of the largest undeveloped porphyry copper deposits in North America, according to MDO. Hudbay considers Mason a "long-term future development asset" and is working on enhancing project economics through metallurgical studies.
Based on its 2021 PEA, Hudbay expects the mine to produce an average of 112,000 MT of copper concentrate per year and deliver more than 10 million MT over its lifetime.
NorthMet project
Ownership:
50% – Teck (TSX:TECK.A,TECK.B,NYSE:TECK)
50% – Glencore (LSE:GLEN,OTC Pink:GLCNF)
State: Minnesota
Mine type: Open pit
Deposit type: Magmatic
Commodities: Copper, nickel, palladium, gold, platinum, cobalt, silver
The Teck and Glencore NewRange joint venture consists of two deposits: NorthMet and Mesaba. Permitting for NewRange is stalled in part due to concerns with the mine's tailings plan. In 2025, the companies plan to advance engineering studies at NorthMet and secure updated development permits.
The Trump administration's executive order to speed approvals of critical minerals projects could potentially help the project clear regulatory hurdles. If it is fully permitted, NorthMet is expected to deliver an average of 60 million pounds of copper concentrate per year over a 20 year mine life.
Palmer project
Ownership: American Pacific Mining (CSE:USGD,OTCQX:USGDF)
State: Alaska
Mine type: Underground
Deposit type: VMS
Commodities: Copper, zinc, silver, gold, barite, lead
American Pacific Mining is assessing its Palmer project through its five-year plan that ends in 2028. In 2024, work included environmental and permitting activities, a variety of studies in preparation for future feasibility plans and drilling to expand the mineral resource.
As of 2018, the site hosts an indicated copper resource of 154 million pounds from 4.68 million MT of ore at an average copper grade of 1.49 percent, and an inferred copper resource of 124 million pounds from 9.6 million MT of ore at an average grade of 0.59 percent.
Pebble project
Ownership: Northern Dynasty Minerals (TSX:NDM,NYSE:NAK)
State: Alaska
Mine type: Open pit
Deposit type: Porphyry
Commodities: Copper, molybdenum, gold, silver, rhenium
According to MDO, Pebble is the world's largest known undeveloped resource of copper as well as gold. The project has been stalled since November 2020, when the US Army Corps of Engineers (USACE) rejected its permit applications due to environmental concerns. Since then, Northern Dynasty has been suing to overturn the rejection.
In February 2025, court proceedings were suspended for 90 days at the request of the Environmental Protection Agency (EPA) and the USACE. This followed the confirmation of a new EPA administrator and Trump's executive order supporting critical mineral projects. However, it still remains to be seen whether the Trump administration will support Pebble this time around, as the previous rejection was made during his first term.
Pebble is planned to produce an estimated average of 320 million pounds of copper concentrate annually, from a measured and indicated resource base of 52.99 billion pounds of copper.
Pumpkin Hollow
Ownership: Kinterra Capital
State: Nevada
Mine type: Open pit
Deposit type: Skarn, breccia pipe/stockwork, iron oxide copper-gold (IOCG)
Commodities: Copper, gold, silver
The Pumpkin Hollow project hosts a fully permitted open pit project and a fully permitted and constructed underground mine. Production and development were suspended at the operations after its previous owner Nevada Copper filed for Chapter 11 bankruptcy in June 2024. That October, Pumpkin Hollow was acquired for US$128 million by an affiliate company of private equity firm Kinterra Capital, which plans to advance the assets.
Proven and probable copper reserves at Pumpkin Hollow's open pit project total 3.59 billion pounds from 385.7 million MT of ore with an average grade of 0.47 percent copper. The open pit is expected to produce an annual average of 163 million pounds of payable copper. Additionally, the underground mine is projected to produce 50 million pounds of payable copper annually once it is restarted.
Resolution project
Ownership:
55% – Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)
45% – BHP Group (ASX:BHP,NYSE:BHP,LSE:BHP)
State: Arizona
Mine type: Underground
Deposit type: Porphyry
Commodities: Copper, molybdenum, silver
The Resolution project has the potential to supply 25 percent of the total US copper demand, with planned production of 40 billion pounds of copper over its 40 year mine life.
Permitting for the project has been underway for over a decade, and the US Forest Service published and then rescinded the project's final environmental impact statement in early 2021. The local Apache Tribe has taken legal action to stop the proposed mine as the deposit sits under a site of religious importance.
According to BHP's 2024 annual report, the Resolution joint venture and the US Forest Service are focused on further consultation with Native American Tribes to mitigate harm to the region. The agency has said there is currently no timeline for republication of the final environmental impact statement. After Trump took office in January, Rio Tinto's CEO said he is optimistic the president will grant Resolution's final permits.
Tamarack North project
Ownership:
51% – Talon Metals (TSX:TLO,OTC Pink:TLOFF)
49% – Rio Tinto
State: Minnesota
Mine type: Underground
Deposit type: Porphyry
Commodities: Nickel, copper, cobalt, platinum, palladium, gold
Tamarack is one of only three high-grade nickel sulfide deposits discovered in this century. Due to its significance, the US Department of Energy has selected it to receive a US$114.8 million grant for the construction of a battery mineral processing facility.
Despite its nickel primary status, the project will produce 24,000 MT of copper concentrate annually as a by-product material from an indicated resource of 8.56 million MT of ore grading 0.92 percent copper. Talon currently plans to begin construction in 2026, with production beginning in late 2027.
Twin Metals Minnesota project
Ownership: Antofagasta (LSE:ANTO,OTC Pink:ANFGF)
State: Minnesota
Mine type: Underground
Deposit type: Magmatic
Commodities: Copper, nickel, platinum, palladium, gold, silver, cobalt, lead
Twin Metals Minnesota's development is currently on hold after hitting multiple roadblocks, including the rejection of its mine plan and cancelling of two federal mining leases due to concerns tailings from the mine will impact the Superior National Forest and Boundary Waters Canoe Area.
In 2022, Antofagasta's subsidiary Twin Metals engaged in litigation against the US government over the actions, and in September 2023, the district court dismissed the company's claims, siding with the government. Twin Metals filed an appeal in November of that year.
If approved, the mine is expected to produce 158,000 MT of copper annually. The company said it is studying the possible impact of Trump's executive order.
Van Dyke project
Ownership: Copper Fox Metals (TSXV:CUU,OTCQX:CPFXF)
State: Arizona
Mine type: In-situ
Deposit type: Porphyry, breccia pipe/stockwork, vein/narrow vein
Commodities: Copper
The Van Dyke project covers a project area of 531.5 hectares and hosts historical mine workings, which produced 11.5 million pounds of copper between 1929 and 1945 and an additional 5 million pounds between 1988 and 1989.
In a 2020 PEA, Copper Fox reported an after-tax net present value of US$644.7 million, an internal rate of return of 43.4 percent and a payback period of 2.1 years. The company forecasts a mine life of 17 years and annual average copper production of 85 million pounds. Copper Fox is currently advancing the project towards a pre-feasibility study.
White Pine North project
Ownership:
66% – Kinterra Capital
34% – Highland Copper
State: Michigan
Mine type: Underground
Deposit type: Sediment-hosted
Commodities: Copper, silver
Kinterra Capital is the operator of White Pine North as of 2023, when Highland sold it 66 percent of the project. In June 2024, the company initiated an environmental baseline study for White Pine North that would be key to supporting its ongoing permitting operations. Using room-and-pillar mining, the partners plan to use begin production at the first panel in 2027 and expect a four-year ramp-up to full plant throughput.
The project hosts a measured and indicated copper resource of 3.5 billion pounds from 133.4 MT of ore with an average grade of 1.05 percent copper and an additional inferred copper resource of 2.18 billion pounds from 97.2 MT of ore with an average grade of 1.03 percent. Average annual payable copper metal production is projected at 94 million pounds.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, own shares of Northern Dynasty.
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28 March
Top 5 Canadian Mining Stocks This Week: Euro Sun Gains 54 Percent as Copper Hits New High
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
The US Bureau of Economic Analysis released February personal consumption expenditures (PCE) index data on Friday (March 28). The figures show inflation increased 2.5 percent on an annualized basis in February, aligning with analyst expectations and reflecting no change from the 2.5 percent recorded in January. On a monthly basis, inflation rose by 0.3 percent, also matching January’s increase.
However, core PCE, which excludes the volatile food and energy prices, increased 2.8 percent year-over-year and 0.4 percent month-over-month. Both came in above analyst expectations of 2.7 and 0.3 percent, respectively.
The PCE is the Federal Reserve's preferred measure for tracking inflation and will be significant when it meets next in May. Combined with recent consumer price index figures, the data indicates progress has stalled in bringing inflation to the Federal Reserve's 2 percent target rate.
To the north, Statistics Canada released January gross domestic product (GDP) numbers on Friday. The report shows that GDP grew by 0.4 percent in January, up from a 0.3 percent increase in December.
The largest gain was observed in goods-producing industries, which rose 1.1 percent, marking the highest increase since October 2021. As for Canada’s resources, the mining, quarrying and oil and gas extraction sector increased by 1.8 percent during the first month of the year. This increase was driven by a 2.6 percent rise in the oil and gas extraction subsector. However, metal ore mining declined by 1.2 percent.
The agency also provided a brief estimate of February’s GDP numbers, as well as a look at Canada and the US’s metal manufacturing trade. Tariff threats from the United States appear to have kept numbers flat, as preliminary real GDP data is “essentially unchanged in February.” Official data for February will be released on April 30.
Markets and commodities react
In Canada, markets were in the red this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell 1.2 percent during the week to close at 24,759.15 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) decreased 1.04 percent to 633.63 and the CSE Composite Index (CSE:CSECOMP) dropped 2.43 percent to 121.13.
US equity markets fell even further this week. The S&P 500 (INDEXSP:INX) lost 2.4 percent to close at 5,5680.95, the Nasdaq 100 (INDEXNASDAQ:NDX) dropped 3.79 percent to 19,281.40 and the Dow Jones Industrial Average (INDEXDJX:.DJI) shed 1.41 percent to 41,583.91.
The gold price climbed to fresh all time highs this week gaining 2.02 percent to US$3,084.48 per ounce at 5:00 p.m. EDT Friday. The silver price rose higher with a 3.29 percent increase during the period to US$34.10.
In base metals, the copper price set an all time high of US$5.32 per pound on Wednesday before finishing the week flat to close out Friday at US$5.13 per pound on the COMEX. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was up 0.41 percent to close at 560.50.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop? We break down this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 2:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. Euro Sun Mining (TSX:ESM)
Weekly gain: 53.85 percent
Market cap: C$30.94 million
Share price: C$0.10
Euro Sun Mining is a copper and gold development company focused on advancing its Rovina Valley project in Romania.
The project’s mining license received full approval for 20 years in 2018, with the option to renew it in five-year increments.
An updated feasibility study from March 2022 demonstrated the project's economics, showing a post-tax net present value of US$512 million and an internal rate of return of 20.5 percent, assuming a base case gold price of US$1,675 per ounce and a copper price of US$3.75 per pound.
Proven and probable mineral reserve estimates for the site show contained quantities of 197,522 metric tons of copper with an average grade of 0.16 percent, along with 1.84 million ounces of gold with an average grade of 0.47 grams per metric ton (g/t) from 123.3 million metric tons of ore.
Although Euro Sun did not release news this week, shares increased alongside a rising copper price.
2. Rackla Metals (TSXV:RAK)
Weekly gain: 50 percent
Market cap: C$22.58 million
Share price: C$0.225
Rackla Metals is a gold exploration company with a significant land package covering 59,000 hectares in the Eastern Yukon and Western Northwest Territories, Canada. The firm is specifically targeting properties within the Tombstone Gold Belt, which hosts a gold system that tends to produce deposits in clusters.
Among its key projects is the Astro plutonic complex in the Northwest Territories, which is in close proximity to significant discoveries at Snowline Gold’s (TSXV:SGD,OTCQB:SNWGF) Rogue plutonic complex and Fireweed Metals’ (TSXV:FWZ,OTCQX:FWEDF) Macmillan Pass project.
Besides Astro, Rackla has been exploring its Grad property, which it initially staked in August 2024. Work at the 4,000 hectare site has focused on anomalies identified in a government regional geochemical survey. In October 2024, the company reported that grab samples from the BiTe zone yielded grades of up to 92 g/t gold in its season-end exploration update.
The company's latest release came on Tuesday (March 24), when it announced a non-brokered private placement to raise total gross proceeds of C$2.45 million. The company intends to use proceeds to advance work at its Tombstone gold belt properties.
3. Tidewater Renewables (TSX:LCFS)
Weekly gain: 49.55 percent
Market cap: C$112.45 million
Share price: C$3.35
Tidewater Resources is focused on the production of low-carbon fuels from facilities in British Columbia, Canada.
Its sole operation is a renewable diesel and hydrogen complex located near Prince George. The project has a nameplate capacity of 3,000 barrels per day of renewable diesel and 23.7 metric tons per day of hydrogen. The plant began production during Q4 2023 using feedstock that included soybean and canola oil.
The company is expanding the site to produce sustainable aviation fuel, which it plans to start producing in 2028.
On March 6, Tidewater announced that it had advised the Canadian Border Services Agency (CBSA) to initiate an anti-subsidy and anti-dumping duty investigation into imports of renewable diesel from the US. The release indicated that the CBSA confirmed that Tidewater had provided sufficient evidence to support the allegations.
Tidewater expects that additional duties of between C$0.50 and C$0.80 will be applied to renewable diesel imports originating from the US, which would provide increased market stability for Tidewater products.
The company released its financial results for 2024 on Thursday, March 27. In the announcement, the company stated that its renewable diesel and hydrogen complex achieved an average daily throughput of 2,677 barrels per day in the fourth quarter, marking a significant increase from the 1,700 barrels per day throughput in Q4 2023.
4. Titan Mining (TSX:TI)
Weekly gain: 48.28 percent
Market cap: C$57.27 million
Share price: C$0.43
Titan Mining is a critical mineral mining and development company focused on advancing and exploring its zinc and graphite assets in New York, US.
Its Empire State Mines (ESM) zinc operations include ESM 4, which restarted production in January 2018, along with six past-producing mines capable of supplying additional feedstock for its onsite mill.
On January 7, Titan released an updated life of mine plan for its ESM properties, which projected a 35 percent increase in production compared to its previous plan released in 2021. The new plan extends the mine's operational life to nine years, up from seven, and anticipates the production of 636 million pounds of zinc, increased from 470 million pounds in the prior plan.
In addition to zinc, the company also owns the Kilbourne graphite deposit located 4,000 feet from the existing mill at its Empire Mines operation.
A December 2024 maiden mineral resource estimate demonstrated an open pit inferred resource of 653,000 short tons of contained graphite from 22.42 million short tons of ore with an average grade of 2.91 percent copper.
Titan’s most recent news came on March 20, when it released its full-year 2024 results. In the announcement, the company stated it had achieved the upper end of production guidance with 59.5 million pounds of payable zinc. It also reported C1 cash costs of US$0.91 per payable pound sold, which was below the guidance range of US$0.98 to US$1.02.
5. Supernova Metals (CSE:SUPR)
Weekly gain: 39.71 percent
Market cap: C$14.1 million
Share price: C$0.475
Supernova Metals is an exploration company with rare earth mineral claims in Newfoundland and Labrador, Canada, as well as petroleum interests in Namibia.
Its TT rare earth claims comprise two licenses spanning 825 hectares in central Labrador and are adjacent to Canada Rare Earth’s (TSXV:LL,OTC Pink:RAREF) Two Tom project. The company shared plans to begin exploration in February.
In addition to its TT Claims, the company announced on January 31 that it had successfully completed its acquisition of NamLith Resources. The purchase provides Supernova with an 8.75 percent indirect ownership interest in Block 2712A and petroleum exploration license 107 in Namibia’s offshore Orange Basin.
In a follow-up on February 6, Supernova reported that a NI51-101 technical report is being prepared for the block. The company has since added two senior strategic advisors with experience in the energy industry.
The company has not released any project updates in the past week.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
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.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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27 March
Successful Completion of the Renounceable Rights Issue
Impact Minerals Limited (IPT:AU) has announced Successful Completion of the Renounceable Rights Issue
21 March
Copper Prices Surpass US$10,000 as US Tariff Fears Shake Global Markets
Copper prices surged past US$10,000 per metric ton on Thursday (March 20), hitting a five month high as traders scrambled to secure supply ahead of potential US tariffs on the base metal.
London Metal Exchange (LME) copper futures climbed sharply in early trading, reflecting a combination of supply constraints, rising demand and uncertainty surrounding trade policy.
US President Donald Trump has ordered a probe into the national security implications of copper imports, raising concerns that a 25 percent tariff could be imposed, similar to levies already placed on aluminum and steel.
The potential for such tariffs has triggered a wave of preemptive buying, particularly in the US, where traders are paying record premiums to acquire copper before any duties take effect. The spread between New York Comex futures and LME prices widened to more than US$1,254 this week, exceeding February’s high of US$1,149.
Tariff threat complicating copper trade
If the US imposes a 25 percent tariff on copper imports, analysts say the price gap between Comex and LME copper could widen even further, potentially surpassing US$2,000.
StoneX analyst Natalie Scott-Gray told the Financial Times that this would further distort global copper trade, creating strong incentives for suppliers to shift even more metal to the US market.
Wei Lai, deputy trading head at Zijin Mining Investment Shanghai, told Bloomberg that “a round of cross-regional repricing triggered by potential US tariffs" is unfolding. The rush to divert supply to the US is leaving other regions short of the metal, while also boosting investor confidence in copper as a lucrative commodity.
Beyond tariffs, the copper market is facing broader supply-side challenges. Processing fees for copper smelters have reached historic lows, raising concerns about the long-term viability of some refining operations. An oversupply of smelting capacity — particularly in China — has made it difficult for copper smelters to maintain profitability.
Commodities trading giant Glencore (LSE:GLEN,OTC Pink:GLCNF) recently announced it would halt operations at its Philippine copper smelter, citing “increasingly challenging market conditions” as processing fees collapsed.
More smelters could shut down if the situation persists, further tightening copper supply and boosting prices.
While trade policy is a key factor driving copper’s price surge, broader macroeconomic trends are also playing a role. Expectations of rising demand from Germany’s major infrastructure and military spending initiatives, as well as stimulus measures in China, are supporting bullish sentiment for the metal. Furthermore, some investors are diversifying away from US tech stocks, shifting funds into gold and industrial metals as a hedge against economic volatility.
During the recent Prospectors & Developers Association of Canada convention, Adrian Day, president of Adrian Day Asset Management, explained why US tariffs on copper imports would be a bad idea.
"Logically, if you're worried that we need a lot of copper in the US and we're not producing enough, the last thing you want to do is put tariffs on shipments from abroad," Day explained. "I suspect that the people making a recommendation will recommend no tariffs, and they'll recommend encouraging domestic production, and so on."
Rising copper prices boost China's Zijin
The positive impact of higher copper prices is already being felt across the mining sector.
Zijin Mining Group (OTC Pink:ZIJMF,SHA:601899), China’s largest metals producer, reported a 52 percent jump in profit last year, driven by increased output and soaring prices for copper and gold. The company posted net income of 32.1 billion yuan (US$4.4 billion), with revenue climbing 3.5 percent to 303.6 billion yuan.
Despite these gains, Zijin recently lowered its copper output target for 2025 by about 6 percent to 1.15 million metric tons, citing regulatory hurdles and geopolitical challenges that have slowed its overseas expansion. Resistance to Chinese acquisitions in western markets has also played a role in the company’s revised projections.
Market waits for copper probe results
For now, the outlook for copper is uncertain as traders await the results of the US tariff investigation.
While final recommendations are unlikely to come until later this year, major investment banks, including Goldman Sachs (NYSE:GS) and Citigroup (NYSE:C), expect 25 percent import duties on copper by the end of 2025.
In the meantime, copper prices are likely to remain volatile.
As of midday on Thursday (March 20), LME copper was trading just below US$10,000, with other base metals showing mixed performance. Aluminum remained slightly higher, while nickel was steady.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, 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.
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20 March
Hillgrove Accelerates Nugent Copper Deposit Development, Raises AU$16 Million
Hillgrove Resources (ASX:HGO,OTC Pink:HLGVF) said on Monday (March 17) that it is accelerating development of the Nugent deposit at its Kanmantoo copper mine after raising AU$16 million.
The company secured AU$13 million through a placement to institutional and sophisticated investors, and raised AU$3 million via a share purchase plan that was open to existing shareholders.
"Following the success of the recent excellent Nugent drilling results, our technical team have identified a path to accelerate the Nugent production profile,” said CEO and Managing Director Bob Fulker in a March 5 release.
Fulker was referring to results from a recent drilling program at the South Australia-based operation, including 18.55 metres at 5.69 percent copper and 1.02 grams per tonne gold — significantly higher than the resource grade.
“This acceleration will allow the Kanmantoo underground mine to increase production up to 1.8Mtpa, with increased production of copper units and a material consequential decrease in our unit costs," he added.
The company said the target expansion for the mining and processing rate is approximately 25 percent, noting that it expects to see changes within the first six months of 2026.
Hillgrove also said it has entered into relevant key contracts to start work on the decline to access ore.
Its existing contractor, PJL, will supply and maintain the requisite mining equipment, while construction engineering company Redpath will provide labour for the project. Both contractors are scheduled to start work in April.
Located approximately 55 kilometres from Adelaide, Kanmantoo operated as a series of open pits from 2010 to 2020. Hillgrove began underground mining at the site in May 2023, declaring commercial production in July 2024.
The project has three production areas: Kavanagh, Spitfire and Nugent. The first two are currently in operation.
“Having three active mining areas will increase the efficiency and flexibility of underground mining operations at Kanmantoo as well as providing a more diversified base of feed to our plant,” Fulker added.
Hillgrove successfully restarted the 3.6 million tonne per year processing plant at the site in 2018.
First ore processing from Nugent is anticipated in the fourth quarter of 2025, while ore from the deposit is expected to be delivered to the plant in the first half of 2026. It plans to complete 60,000 metres of drilling at the site this year.
Copper attracting attention in Australia
In an interview with the Investing News Network, Guy Le Page, director at RM Corporate Finance, said that copper, uranium and select critical minerals are currently gaining attention in Australia.
The red metal is a strategic element in the country's road to net zero, as it is often used for renewable energy innovations such as electric vehicles, wind turbines and solar panels.
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is projecting a 70 percent increase in copper demand by 2050, giving Hillgrove and other companies more reasons to boost their output of the key commodity.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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20 March
Kiribati Explores Deep-Sea Mining Deal with China Amid Global Regulatory Talks
Kiribati is reportedly in discussions with China to explore deep-sea mining opportunities, signaling a potential shift in its approach to tapping into its vast offshore mineral resources.
The Pacific island nation holds the exploration rights to a 75,000 square kilometer area in the Pacific Ocean, a region believed to contain valuable deposits of cobalt, nickel, and copper — key materials for the global battery industry.
The talks between Kiribati and Chinese officials come after the collapse of a previous agreement with the Metals Company (TMC) (NASDAQ:TMC), a Canada-based deep-sea mining outfit.
TMC confirmed that the contract was terminated "mutually" at the end of 2024, stating that Kiribati's mining rights were "less commercially favourable than (its) other projects" with Nauru and Tonga.
In a Monday (March 17) statement, the Kiribati government described discussions with Chinese Ambassador Zhou Limin as "an exciting opportunity" to explore ways to potentially collaborate on exploring Kiribati's deep-ocean resources.
A fisheries official confirmed the government is seeking new foreign partners to advance its deep-sea mining ambitions.
Kiribati's engagement with China aligns with Beijing's broader push to secure access to critical minerals in the Pacific.
In February, China struck a five year deal with the Cook Islands to cooperate on seabed exploration, although the agreement does not include any mining or exploration licenses.
For its part, Kiribati has taken steps to deepen its ties with China in recent years, severing diplomatic relations with Taiwan in 2019. Since then, Chinese companies have gained rights to exploit Kiribati's profitable fisheries, and Chinese police personnel have visited Tarawa, the country's capital, to train local security forces.
Opposition leader Tessie Lambourne has expressed concerns about China's growing influence on Kiribati, stating, "I always say that our government is bending over backwards to please China."
While Kiribati and other Pacific island nations, such as Nauru, view deep-sea mining as a potential economic boon, opposition remains strong among some regional neighbors.
Palau, Fiji and Samoa have called for a moratorium on the industry, citing significant environmental concerns.
Global regulatory talks underway on deep-sea mining
Companies looking to exploit the seabed are targeting polymetallic nodules — rock-like formations rich in manganese, cobalt, copper and nickel. However, scientists warn that large-scale mining could have irreversible consequences for marine ecosystems, potentially disrupting poorly understood habitats.
The future of deep-sea mining is currently under debate at the International Seabed Authority (ISA), a United Nations-affiliated body responsible for regulating seabed resources beyond national jurisdictions.
The Council of the ISA convened on Monday in Kingston, Jamaica, for two weeks of intensive negotiations aimed at finalizing regulations that would govern seabed mineral exploitation.
One key agenda item involves determining regulatory scenarios in case a country submits an application for seabed exploitation before formal rules are established. Delegations from Nauru and Chile were given additional time to agree on this issue, with discussions scheduled for March 28.
The Council of the ISA is also reviewing a revised draft of the exploitation regulations, focusing on environmental standards and benefit-sharing mechanisms.
A high-level discussion on the draft standards and guidelines is set for March 27. It will help determine which documents are ready for finalization, and which require further updates from the Legal and Technical Commission.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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