The Conversation (0)
January 22, 2024
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to announce it has signed binding offtake and toll-milling agreements with one of the world’s largest natural resource companies, Glencore International AG (Glencore) for its Cloncurry Copper Project (CCP) in Queensland (see Figure 1).
HIGHLIGHTS
- Binding offtake agreement with Glencore for 100% of copper concentrate from TNC’s CCP.
- Toll-milling services, up to 1 million tonnes of ore per year for the CCP’s Life of Mine (LoM).
Key terms include:
- Mutually agreed ore delivery and processing schedules.
- Agreement in place ahead of mining and processing of sulphide ores.
- Offtake agreement sales price for the metals contained in the copper concentrate in line with the market commercial terms for copper concentrate, including adjustments for penalties, treatment and refining charges and a freight credit.
- Toll-milling agreement contains customary terms and conditions for a contract of this nature, including:
- agreed tolling charge, which reflects current market rates for copper ore processing in Cloncurry, Queensland; and
- agreed process for assaying, weighing, sampling and moisture determination in relation to copper concentrate produced.
Key benefits to TNC and the Cloncurry Copper Project:
- Concentrate processed at the nearby Mt Isa Smelter (approx. 120km by major arterial road network), providing greater freight certainty and economic and logistics value (see Figure 2).
- TNC will be entitled to claim 20% Queensland State Royalty discount for all material processed through the Mt Isa Smelter.
- Provides certainty of concentrate sales for the CCP.
COMMENT
True North Copper Managing Director, Marty Costello said:
“Executing binding offtake and toll-milling agreements with an industry major such as Glencore is a significant milestone for TNC and our Cloncurry Copper Project. Glencore has agreed to purchase 100% of the copper metal produced at CCP and we can process up to one million tonnes of ore, each year, through the nearby Processing Plant near Cloncurry.
CCP is fully permitted and TNC is on track to soon be in production for copper with CCP located in a Tier One jurisdiction. TNC’s investment thesis since listing last year has only improved, and we are excited to demonstrate this in the weeks and months to come. We’re thrilled to partner with Glencore, recognising our substantial synergies and potential for future collaborations. We are also incredibly proud this partnership will deliver economic benefits to north-west Queensland. We aim to create as many jobs and opportunities as possible for the people, businesses and communities of north-west Queensland.”
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
07 August
Codelco Seeks Partial Restart at El Teniente Mine After Fatal Collapse
Chile’s state-owned copper giant Codelco is seeking approval to restart parts of its flagship El Teniente mine less than a week after a deadly collapse killed six workers and forced a full suspension of operations, according to sources familiar with the matter.
The accident, triggered by a 4.2-magnitude seismic event last Thursday (July 31), halted production at the world’s largest underground copper mine.
Codelco has formally requested Chile’s National Geology and Mining Service (Sernageomin) to allow a partial reopening of the mine, pending approval of safety and technical evaluations, two sources told Reuters.
The cave-in, which was triggered by the earthquake, occurred more than 900 meters underground and initially trapped five miners.
Their bodies were recovered over several days by a rescue team of more than 100 people, including veterans of Chile’s 2010 San José mine rescue. The body of a sixth miner, who was killed at the time of the collapse, was recovered earlier.
“We deeply regret this outcome,” said O’Higgins Region Prosecutor Aquiles Cubillo on Sunday, confirming the final recovery. He offered no additional details on the cause of the collapse, which remains under investigation.
Operations at El Teniente were formally suspended by Sernageomin, Chile’s geology and mining agency, shortly after the incident.
It also instructed Codelco to submit four comprehensive technical reports before any restart can be authorized. The reports must include: an analysis of the collapse’s cause, a recovery plan, an assessment of current fortification systems, and a wider structural evaluation.
While underground mining has stopped, Codelco has maintained limited activity at El Teniente. The company is conducting ongoing maintenance at the processing plant and smelter, including operations at the smelter’s anode furnaces every two hours to keep critical equipment in operable condition.
Codelco said it had responded to three separate information requests from Sernageomin and Chile’s Labor Inspectorate, but added that it could not yet estimate the financial or operational impact of the suspension.
Scrutiny on safety standards
Mining Minister Aurora Williams ordered the temporary cessation of activities at the mine over the weekend. Meanwhile, Energy and Mining Minister Diego Pacheco said on Sunday that Codelco would commission an international audit to understand what went wrong.
“We’re going to commission an international audit to determine what we did wrong,” Pacheco said. While no formal complaints had been received about the safety conditions of the site, he pledged that a full investigation and appropriate corrective measures are underway.
El Teniente, located about 100 kilometers south of Santiago in the Andes mountains, is a cornerstone of Codelco’s operations and Chile’s mining economy.
It produced 356,000 metric tons of copper in 2024, nearly 7 percent of the country’s total output. The mine has operated for over a century and contains a labyrinth of more than 4,500 kilometers (2,800 miles) of tunnels.
The seismic event that triggered the collapse, while relatively mild by global standards. has raised questions about the structural integrity of older sections of the mine and the adequacy of current fortification systems.
A blow to expansion efforts
The accident is a significant setback for Codelco as it seeks to modernize its aging infrastructure and boost production after years of underinvestment.
The collapsed area is believed to be part of the Andesita section of the mine, a relatively small but strategically important component of El Teniente’s broader expansion, which includes the Andes Norte and Diamante projects.
The Andesita development is intended to help offset declines in older zones and maintain output levels through the next decade. Its disruption will likely ripple through Codelco’s project pipeline, which is already under pressure due to rising costs.
Though Chile boasts one of the world’s safest mining sectors – a fatality rate of just 0.02 percent in 2024 – the string of incidents at Codelco sites has drawn concern from unions and regulators alike.
The industry’s worst accident remains the 1945 fire at El Teniente, which killed 355 miners and stands as one of the deadliest mining disasters in history.
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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01 August
Anglo American’s Losses Widen with Diamond Slump, Trade Tensions Mounting
Anglo American (LSE:AAL,OTC Pink:AAUKF) reported a sharp US$1.9 billion net loss for the first half of 2025, deepening from US$672 million a year earlier, as the global miner pushed forward with a sweeping corporate overhaul aimed at focusing on copper and iron ore.
The London-based group’s latest results saw revenue dropping by 7 percent year-on-year to US$8.95 billion, falling short of analyst expectations, while underlying EBITDA fell 20 percent to US$3 billion.
“By focusing on our exceptional copper, premium iron ore and crop nutrients resource endowments, each with significant value-accretive growth options, we are unlocking material value for our shareholders,” Chief Executive Duncan Wanblad assured in the company’s recent performance report.
Anglo American’s portfolio shakeup continued at pace in the first half. Following the May demerger of its platinum unit, now listed as Valterra on the Johannesburg Stock Exchange, the company has now designated its steelmaking coal and nickel operations as discontinued. Sales for both are agreed but not yet finalized.
A major piece of the puzzle remains De Beers, the iconic diamond brand in which Anglo holds an 85 percent stake. The miner confirmed it is pursuing both a trade sale and an IPO option, depending on market conditions and buyer appetite.
Wanblad said that while the company is prioritizing a trade sale for De Beers, it is also preparing the business for a potential IPO should market conditions warrant it.
The diamond market has been a major drag on performance. De Beers posted a US$189 million loss in the half-year period in the midst of a prolonged downturn in global rough-diamond demand and competition from synthetic stones.
Anglo American said it has already recorded US$3.5 billion in impairments related to De Beers over the past two years, valuing the unit at US$4.9 billion. Despite the gloom, Wanblad maintained that De Beers has long-term potential.
“With some of the best diamond mine resources and best marketing capabilities in the world, De Beers, I believe, is well positioned to emerge and thrive as the market recovers.”
Trade frictions causing market volatility
The company’s revenue decline was partly attributed to global trade disruptions.
The US government’s shifting tariff strategy has been particularly impactful. A recent announcement from President Donald Trump spared refined copper imports from sweeping new tariffs, but left semi-processed products exposed, which triggered a sharp 18 percent drop in copper prices and dislocating demand patterns.
Anglo American noted that while it benefited from a 127 percent year-on-year increase in U.S. refined copper imports in the first five months of 2025, this redirected metal away from traditional markets in Asia and Europe.
Copper remains at the center of Anglo’s growth strategy. Post-restructuring, the metal is expected to account for over 60 percent of group EBITDA, according to internal forecasts.
In line with its weaker performance, Anglo American slashed its interim dividend to US$0.07 per share, down from US$0.42 last year. The company cited negative earnings contributions from its platinum and coal divisions and no contribution from De Beers.
De Beers exit timeline and options
The divestment of De Beers is progressing, with Anglo confirming it is now in the second round of its formal sale process, involving what it described as “a credible set of interested parties.”
The company is also in discussions with the government of Botswana, which holds a 15 percent stake and may seek to increase its ownership. If a trade sale fails to materialize, Anglo is preparing for a public listing. Wanblad said exchanges in London, Johannesburg, and New York are all under consideration.
A trade sale could be finalized within six to nine months, he added, while an IPO would likely be delayed until early or mid-2026 depending on a recovery in diamond prices.
De Beers’ Venetia mine in South Africa, one of the country’s largest diamond operations, is undergoing a costly underground expansion aimed at extending its life beyond 2040.
Wanblad said Anglo remains engaged with stakeholders on the mine’s future, regardless of the group’s eventual exit from the diamond sector.
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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28 July
Peter Grandich: Copper, Uranium in "Perfect Storm," My Strategy Now
Peter Grandich of Peter Grandich & Co. underscored the fundamentals of the uranium market and his expectations for equities.
"I don't think uranium has to go to US$200 in order to make money,” Grandich said. "I just think it needs to go back to where it was a couple years ago, a little above US$100, and these stocks will quadruple."
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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28 July
Top 5 Junior Copper Stocks on the TSXV in 2025
The copper price climbed to a record high of US$5.64 per pound on the COMEX during Q2.
The rise came on the back of escalating trade tensions and economic chaos caused by US tariffs.
While copper was initially spared from tariffs at the start of the year, US President Donald Trump announced the country would be imposing a 50 percent tariff on all copper products entering the US. The news sparked speculative buying by US metals traders, who sought to position themselves ahead of the yet-to-be-announced tariff deadline.
How has this affected small-cap copper-focused companies on the TSX Venture Exchange? Read on to learn about the five best-performing junior copper stocks since the start of 2025.
Data for this article was gathered on July 17, 2025, using TradingView's stock screener, and copper companies with market caps of over C$10 million at that time were considered.
1. Camino Minerals (TSXV:COR)
Year-to-date gain: 655.56 percent
Market cap: C$13.5 million
Share price: C$0.34
Camino Minerals is a copper explorer and developer with a portfolio of projects in South America.
Among its primary focuses since the start of the year is the construction-ready Puquois copper project in Chile, a 50/50 joint venture with Nittetsu Mining (TSE:1515). The partners jointly acquired Cuprum Resources, the project's owner, via a October 2024 definitive agreement that was completed on April 17, and are now focused on project financing.
Prior to the closing of the acquisition, the partners completed a prefeasibility study for the project in Chile on March 17.
The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28.
It also outlines all-in sustaining costs of US$2 per pound for the 14.2 year mine life.
In addition to the economic details, the included mineral resource estimate shows a measured and indicated resource of 149,000 metric tons of copper from 32.16 million metric tons of ore grading 0.46 percent copper.
Camino also owns the Los Chapitos project, located near the coastal town of Chala, Peru, which covers approximately 22,000 hectares and hosts near-surface mineralization. Nittetsu Mining has an earn-in agreement for the project through which it can earn a 35 percent interest in the project for a total investment of C$10 million over three years.
Camino announced on January 22 that it had initiated a discovery exploration program at Los Chapitos, with work funded by Nittetsu. The company said the program would consist of 11 holes and 1,200 meters of drilling along the La Estancia fault, focusing on newly identified copper breccias and mantos to determine their extension at depth.
Camino released results from the program on May 6, reporting continuity of mineralization at depth at the Pampero prospect, with a 0.5 meter interval found 157.6 meters downhole grading an average of 0.5 percent copper and 3.15 grams per metric ton (g/t) silver. Rock chip samples at the prospect graded up to 3.8 percent copper and 4 g/t silver.
The company has continued its exploration efforts at Los Chapitos, with another fully funded campaign running from June 1 to November 30. On July 16, it reported trench results from the newly identified Mirador zone, including 1.07 percent copper over 90 meters, with a 4 meter section grading 3.05 percent copper.
Shares of Camino reached a year-to-date high of C$0.34 on July 16.
2. Finlay Minerals (TSXV:FYL)
Year-to-date gain: 425 percent
Market cap: C$15.84 million
Share price: C$0.105
Finlay Minerals is an exploration company with a portfolio of five projects in BC, Canada. In 2025, it has largely focused on its ATTY and PIL projects, which cover 3,875 hectares and 13,374 hectares respectively in BC’s Toodoggone mining district. The region is known for copper-molybdenum-gold porphyry deposits and gold-silver epithermal deposits.
Finlay’s shares rose sharply early in the year after Amarc Resources announced the AuRORA discovery at its JOY property, located just south of the PIL project in the same porphyry corridor as PIL and ATTY.
On January 20, shortly after the discovery, Finlay announced it would be renewing its focus on its PIL project’s PIL South target, which lies approximately 750 meters from AuRORA.
One month later, Finlay outlined numerous copper targets at both the PIL and ATTY properties after reviewing geological data, and was planning its 2025 exploration program at PIL to delineate drill targets.
Shares surged in Q2 after Finlay announced on April 17 that it had entered into an earn-in agreement with Freeport-McMoRan (NYSE:FCX) for PIL and ATTY. Freeport can earn an 80 percent stake in the properties through a total of C$35 million in exploration expenditures and C$4.1 million in cash payments over the next six years.
In an update on June 18, Finlay reported that it had begun exploration programs at both properties, fully funded by Freeport. At both properties, exploration will include property-wide airborne magnetic surveys, and induced polarization geophysical surveys. It will also include detailed geological and alteration mapping, along with rock and soil sampling, on up to eight targets at PIL and three targets at ATTY.
The most recent news came on July 17, when Finlay announced it had increased the exploration program budget for PIL to C$2.6 million from C$750,000 and the budget for ATTY to C$1 million from C$500,000. The company stated that the additional funding will be utilized to identify and prioritize as many targets as possible for drilling in 2026.
3. King Copper Discovery (TSXV:KCP)
Year-to-date gain: 420 percent
Market cap: C$52.92 million
Share price: C$0.26
King Copper Discovery is a copper, silver and gold explorer that is developing a portfolio of projects in South America. The company changed its name from Turmalina Metals in March.
Its primary focus is the Colquemayo project in Moquegua, Peru. In July 2024, King Copper entered into an option agreement with Compania de Minas Buenaventura (NYSE:BVN) to wholly acquire the property.
The company has been relogging the historic drill core from the site. The 6,600 hectare site has seen more than 20,000 meters of historic core drilling and hosts multiple porphyry targets that have been identified but had gone untested. Highlighted drill samples show results of 2.4 percent copper and 10 grams per metric ton (g/t) silver over 237.3 meters, including 14.8 percent copper and 47 g/t silver over 31.3 meters.
In a broad corporate update on February 12, the company said it was intensifying its focus on the project and rebranding from Turmalina to reflect that. Additionally, it hired Insideo, a Lima-based environmental consulting firm, to help advance baseline studies and the drill permit process. Additionally, CEO Roger James stepped down, maintaining a seat on the board, and was replaced by Jonathan Richards as interim CEO.
On March 11, the company began trading under its new name and ticker.
The company has not provided any updates from its projects in the second quarter of the year, but shares have traded higher alongside a rising copper price. On July 15, it released an updated corporate presentation with plans for a 15,000 meter drill program in Q4 testing porphyry systems at the site with holes over 1,000 meters deep.
Shares of King Copper reached a year-to-date high of C$0.26 on July 16.
4. Amarc Resources (TSXV:AHR)
Year-to-date gain: 251.22 percent
Market cap: C$166 million
Share price: C$0.72
Amarc Resources is a copper explorer primarily focused on advancing its JOY district in Northern BC.
The 495 square kilometer property lies within the Toodoggone region and hosts the AuRORA prospect.
Shares of Amarc surged early in the year after it announced the discovery of AuRORA on January 17. In the release, it outlines the high-grade potential of the deposit, highlighting an assay of 0.63 percent copper over 162 meters, including an 81 meter intersection grading 0.92 percent copper, from near surface depths.
The exploration program was funded as part of a May 2021 earn-in agreement with Freeport McMoran that could see Freeport earn a 70 percent stake in the project once funding milestones are met.
Amarc provided more drill assays from its 2024 program on February 28. One assay graded 0.63 percent copper over 132 meters, including 0.81 percent over a 90 meter segment.
On February 11, Amarc agreed to acquire the Brenda property, which lies directly to the east of the AuRORA discovery, from Canasil Resources. Under the terms of the deal, Amarc has the option to acquire a 100 percent interest in Brenda over five years. Canasil will retain a 2 percent net smelter return.
The most recent news from JOY came on July 16, when the company announced it had commenced drilling at targets including the AuRORA and PINE deposits and the Twins and Canyon discoveries. The announcement also reported the expansion of the JOY district through Freeport’s options on Finlay’s PIL property.
In addition to exploration at JOY, Amarc also released assay results from its 2024 exploration at its IKE copper-gold project in Southern BC on May 14. The company reported copper grades of 0.29 percent copper over 181 meters, including an intersection with 0.56 percent copper over 60 meters.
Shares of Armac reached a year-to-date high of C$0.77 on July 4.
5. C3 Metals (TSXV:CCCM)
Year-to-date gain: 233.33 percent
Market cap: C$74.91 million
Share price: C$0.80
C3 Metals is an exploration firm working to advance its assets in Jamaica and Peru.
The company's primary Jamaican asset is the Bellas Gate project, a 13,020 hectare site featuring 14 porphyry and over 30 epithermal prospects along an 18 kilometer strike. To date, drilling at the site has concentrated on a 4 kilometer zone encompassing the Provost, Geo Hill, Camel Hill and Connors prospects.
Shares of C3 experienced significant gains after it announced on February 11 that it had signed an earn-in agreement with a Freeport-McMoRan subsidiary, which can gain up to a 75 percent interest in the project. Under the agreement, Freeport must contribute US$25 million in exploration and project expenditures over five years to earn the initial 51 percent interest, and an additional US$50 million over the following four years for the remaining 24 percent.
In Peru, C3 has focused on advancing its Jasperoide copper-gold project. The site in Southern Peru spans 30,000 hectares and hosts two porphyry and more than 15 skarn prospects across two 28 kilometer belts.
According to a July 2023 technical report, a resource estimate outlines a measured and indicated resource of 51.94 million metric tons of ore with an average grade of 0.5 percent copper and 0.2 g/t gold for contained metal totaling 569.1 million pounds of copper and 326,800 ounces of gold.
C3 released an exploration update from its Khaleesi copper-gold project area in Jasperoide on February 19, reporting that a soil sampling campaign defined a copper-molybdenum anomaly extending 1,900 meters by up 650 meters. Two zones contain average concentrations of 950 parts per million copper and 650 ppm of copper.
The company said it is working to complete geophysical surveys by the end of March and will use the data to implement a maiden diamond drill program at the target. It closed a US$11.5 million bought-deal private placement on March 19 that will be used in part for exploration and development at the Khaleesi target.
The company has not provided further updates on the project.
Shares of C3 reached a year-to-date high of C$0.80 on July 17.
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: Finlay Minerals is a client of the Investing News Network. This article is not paid-for content.
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28 July
Barrick Backs Hercules in Leviathan-Linked Copper Expansion
Hercules Metals (TSXV:BIG,OTCQB:BADEF) has entered into a transformative agreement with Barrick Mining (TSX:ABX,NYSE:B) to acquire a vast package of unpatented copper claims surrounding its Leviathan discovery in western Idaho.
Hercules will have the option to acquire a 100 percent interest in more than 74,000 acres of claims, collectively known as the Olympus belt, that flank both sides of the company’s existing Hercules property.
If exercised, the deal would expand Hercules’ total land position from 26,000 acres to over 100,000 acres, granting it control over a 73 kilometer stretch of highly prospective terrain.
The transaction is structured as an option agreement through Hercules’ US subsidiary, Anglo-Bomarc, with Barrick Gold Exploration, a wholly owned subsidiary of Barrick Mining.
In exchange for the land package, Barrick will increase its equity stake in Hercules and retain a 1 percent net smelter return (NSR) royalty on the Olympus claims. That royalty can be reduced to 0.25 percent through a US$7.5 million buyback.
Hercules will pay a total of C$8 million (around US$5.8 million) over three years — either in cash or shares, at its discretion — to complete the earn-in.
Hercules CEO Chris Paul said the consolidation of the Olympus belt marked a “once-in-a-lifetime opportunity” for the company’s shareholders and underscored Barrick’s confidence in the team’s exploration strategy.
“The Leviathan system hosts evidence of a rare and exceptional copper-silver enrichment event formed during a regional tectonic episode that potentially affected the entire Olympus belt,” Paul said in the company press release. “This makes it one of the most compelling new copper projects in the United States today.”
The Olympus claims are understood to contain multiple porphyry targets extending along the same trend as Leviathan. Hercules intends to apply its proprietary geological mapping and deep-penetrating geophysics to accelerate identification and testing of new drill targets across the expanded land package.
The deal continues the company’s aggressive 2025 exploration campaign at Leviathan. As of mid-July, the company had completed seven drill holes and had five more in progress, totaling over 5,500 meters of drilling so far this season.
Initial results have continued to validate a new 3D geological model announced in April, prompting the company to increase its drill rig count from three to five.
The consolidation also comes during a paradigm shift in US federal policy toward domestic mining. Streamlined permitting processes and efforts to secure critical mineral supply chains have bolstered interest in American copper projects, which are increasingly seen as strategically vital.
In that context, the company says that the Hercules project is well-positioned to deliver long-term value given declining reserves, rising prices, and possible trade restrictions on foreign copper.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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25 July
Top 5 Canadian Mining Stocks This Week: St. Augustine Gains 67 Percent
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.
Statistics Canada released its monthly mineral production report for May 2025 on Monday (July 21). The data shows that the production of both copper and silver increased from April.
Copper output rose to 36.3 million kilograms from 35.85 million in April, and silver increased to 26,502 kilograms from 25,412. Meanwhile, gold production decreased marginally to 16,518 kilograms from 16,640 the previous month.
However, shipments were up across the board. Copper shipments rose to 34.34 million kilograms compared to 30.01 million kilograms in April. Silver increased to 26,376 kilograms, up considerably from 22,106 kilograms a month earlier. Gold shipments saw a slighter gain, rising to 14,858 kilograms from 14,660 kilograms in April.
The report comes amid heightened uncertainty due to tariff threats from the US.
On Friday (July 25), President Donald Trump stated that the US and Canada may not reach a new trade deal, implying that there may not be further negotiations, and suggested that Canada may “just pay tariffs.”
Earlier in the month, the White House sent letters to several nations, informing them that tariffs would take effect on August 1 if no deal was reached before that time. The US threatened Canada with a 35 percent tariff on all goods not covered under the current Canada-US-Mexico Agreement, which was negotiated during Trump’s first term in office.
The president’s remarks come after Canadian Trade Minister Dominic LeBlanc said that he felt encouraged following meetings earlier in the week with US representatives, including Commerce Secretary Howard Lutnick.
Markets and commodities react
In Canada, equities markets were positive this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.29 percent to close at 27,494.35 on Friday, setting a new all-time high, while the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.55 percent to 801.13. The CSE Composite Index (CSE:CSECOMP) was the largest gainer, jumping 3.87 percent to 132.89.
As for US equity markets, the S&P 500 (INDEXSP:INX) gained 1.18 percent to 6,388.65 and the Nasdaq 100 (INDEXNASDAQ:NDX) climbed 0.62 percent to 23,285.57, with both closing the week setting new all-time highs.
Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) rose 0.74 percent to 44,901.93, closing in on its record of 45,014 set on December 4, 2024.
In precious metals, the gold price was flat, ending the week down slightly at US$3,337.31 per ounce by Friday at 4:00 p.m. EDT. Meanwhile, silver traded near 11 year highs mid-week, but finished flat at US$38.15 per ounce.
In base metals, copper posted a 3.93 percent gain, trading near all-time highs at US$5.82 per pound. The S&P GSCI (INDEXSP:SPGSCI) registered a 0.75 percent loss to finish the week at 545.08
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. St. Augustine Gold and Copper (TSX:SAU)
Weekly gain: 66.67 percent
Market cap: C$414.68 million
Share price: C$0.5
St. Augustine Gold and Copper is a development company focused on its King-king copper-gold project in the Philippines' Davao de Oro province. The project consists of 184 mining claims.
According to the latest preliminary economic assessment from 2013, the company projects an after-tax net present value of US$1.78 billion, with an internal rate of return of 24 percent and a payback period of 2.4 years using a base case scenario of a copper price of US$3.00 per pound and a gold price of US$1,250 per ounce.
The company is currently working toward an update to the study.
On May 30, St. Augustine entered into an agreement with the National Development Corporation (Nadecor) to acquire a 100 percent interest in Nadecor's wholly owned subsidiary Kingking Milling, which holds the development rights to King-king. Under the terms of the deal, Nadecor will receive C$9.02 million convertible into 185 million shares.
The project's exploration and development permits are held by Kingking Mining, which remains a 40/40/20 joint venture between St. Augustine, Nadecor and Queensberry Mining and Development. The release also includes details of new ore sales and royalty agreements between Kingking Milling and Kingking Mining.
The company announced its latest news on Friday, closing a private placement for gross proceeds of C$24.9 million. St. Augustine said it intends to use the funds to advance development at King-king.
Additionally, the company reported on Thursday (July 24) that Nicolaos Paraskevas and Andrew J. Russell have joined its board of directors. Paraskevas has experience in supervising business development activities in the copper industry, while Russell is one of the original founders of St. Augustine and brings two decades of experience in mining management.
Love D. Manigsaca has been appointed as St. Augustine’s new CFO.
2. Kapa Gold (TSXV:KAPA)
Weekly gain: 62.12 percent
Market cap: C$19.66 million
Share price: C$0.30
Kapa Gold is an explorer advancing the past-producing Blackhawk gold mine in San Bernardino County, California.
The project site is composed of seven patented and 178 contiguous federal lode claims covering 1,496.2 hectares. The property hosts multiple mineralized zones and has deposits with high grade gold, silver, lead and zinc. Historic production from ramps and underground mines has graded an average 10 grams per metric ton (g/t) gold.
Kapa’s most recent news from the project was reported on March 5, when it announced it had initiated biological surveys in advance of exploration activities on the site and submitted the requested bonding to San Bernardino County, allowing for drilling on patented claims at Blackhawk.
3. North Peak Resources (TSXV:NPR)
Weekly gain: 47.3 percent
Market cap: C$47.28 million
Share price: C$1.09
North Peak Resources is an exploration company working to advance its Prospect Mountain mine complex in Central Nevada, US. The property comprises 221.9 acres of patented claims and 1,905 acres of unpatented claims, consolidating several historical mines that have hosted operations dating back to the 1870s.
Despite the extensive history of the property, limited modern exploration work has been conducted, and a technical report from April 2023 notes that no mineral resource estimate has been produced.
Part of the property is currently covered by a plan of operation that entitles North Peak to carry out surface exploration, infrastructural works and underground mining of up to 331,000 metric tons per year.
The most recent exploration update from the property was released on May 27, when North Peak announced results from samples collected from underground and surface historical occurrences.
Highlights included grades of 45.6 g/t gold, 569 g/t silver, 4.09 percent lead and 3.12 percent zinc over 15 cm from channel samples of in-situ material from the Dean Cave area; and 5.3 g/t gold, 39 g/t silver, 7.03 percent lead and 1.92 percent zinc from dump grab samples collected from the Kit Carson mine.
The latest news from the company came on Monday, when North Peak announced it had acquired the remaining 20 percent stake in the property from Solarljos in exchange for 3 million common shares. North Peak purchased its original 80 percent interest in the property in August 2023.
4. NextSource Materials (TSX:NEXT)
Weekly gain: 46.15 percent
Market cap: C$92.46 million
Share price: C$0.475
NextSource Materials is a mining and exploration company focused on advancing its Molo graphite mine to Phase 2 production. The mine is located in Southern Madagascar and has a nameplate capacity of 11,000 metric tons per year, with a fixed carbon content between 94 percent and 97 percent.
NextSource is advancing plans for a Phase 2 expansion at its Molo graphite mine to address projected demand growth beyond its current Phase 1 capacity. In 2024, the company completed a Feasibility Study outlining a 150,000 metric ton per annum operation and expects to release an updated version by the third quarter of 2025.
The forthcoming study will reflect operational insights from Phase 1 and outline a revised timeline and phased development strategy. NextSource is also progressing development of battery anode facilities in several regions, with modular designs aimed at scaling production in response to automotive sector demand.
The most recent announcement from NextSource came on June 2, when it announced its withdrawal from its battery anode facility option in Mauritius, instead planning to develop a larger-scale facility in the Middle East, which would help streamline permitting and increase access to EV manufacturers.
The company stated it is advancing discussions with EV manufacturers for potential offtake agreements.
The US government’s 160 percent tariff on Chinese graphite and anode materials has heightened the focus on alternative supply sources, giving rise to increased interest in projects like NextSource’s Molo mine in Madagascar.
5. BeMetals (TSXV:BMET)
Weekly gain: 44.44 percent
Market cap: C$10.3 million
Share price: C$0.065
Bemetals is a gold and copper explorer advancing its Pangeni copper project in Zambia.
The project is located in Northwestern Zambia along the western edge of the Central African Copperbelt. BeMetals has been actively exploring the property since 2020 and identified several areas with copper mineralization.
The most recent uupdate from the property came on March 25 when the company reported that it had commenced a new 2,000 meter to 2,500 meter drilling program to identify additional zones of copper mineralization and expand the existing footprint within the D-Prospect area.
Previous exploration at the site has yielded highlighted assays with up to 0.74 percent copper and 533 parts per million (ppm) cobalt over 16.16 meters, including an intersection of 0.93 percent copper and 701 ppm cobalt over 5.5 meters.
On July 10, BeMetals entered into a non-binding letter of intent with Prospector Metals (TSXV:PPP,OTCQB:PMCOF) to acquire up to a 100 percent stake in the Savant gold project in Northwestern Ontario, Canada. The property covers an area of 232 square kilometers and hosts numerous gold occurrences. Under the terms of the agreement, BeMetals has agreed to meet certain milestones, including the production of a mineral resource estimate.
Final ownership share will be determined by the size of the reported resource. If the reported resource is under 500,000 ounces of contained gold, Prospector will retain full ownership.
If it is between 500,000 and 1 million ounces, Prospector and BeMetals will form a 50/50 joint venture. Lastly, if the resource is over 1 million ounces, with at least 500,000 ounces in the indicated category, BeMetals will earn the full 100 percent interest, with Prospector holding a 0.5 percent net smelter royalty.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: NextSource Materials is a client of the Investing News Network. This article is not paid-for content.
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