Copper prices saw significant momentum in the first half of the year, surging above the US$10,000 per metric ton mark on the London Metals Exchange.
Although prices have retraced to around the US$9,400 mark, they remain elevated in comparison to prices in 2023.
Support for the metal has come from a combination of factors including increasing demand from energy transition sectors that is coming alongside strained supply due to underdevelopment and geopolitical issues.
How have these dynamics affected small-cap copper explorers on the TSXV? Below are the five best-performing junior copper stocks since the start of 2024. Data for this article was gathered on October 16, using TradingView’s stock screener, and all companies had market caps of over C$10 million at that time.
1. Koryx Copper (TSXV:KRY)
Year-to-date gain: 388.89 percent
Market cap: C$62.28 million
Share price: C$1.10
Koryx Copper is focused on the advancement of copper exploration projects in Namibia and Zambia. Its flagship asset is the Haib copper project located in Southern Namibia near the border with South Africa.
In an amended preliminary economic assessment released on January 8, the company indicated 20 million metric tons per year of ore processing with 85 percent copper recovery for a yearly production of 38,337 metric tons of copper and an additional 51,081 metric tons of copper sulfate.
Since the start of 2024, Koryx has published several assay results from exploration at Haib, the most recent came on August 8 when the company provided final results from its 2024 drill program. In the announcement, the company highlighted near-surface grades of 0.30 percent copper over 44 meters, including an intersection of 0.5 percent copper over 8 meters.
Company President and CEO Pierre Léveillé said the program demonstrates that the deposit can deliver grades over 0.3 percent copper for substantial width in the project area. He also said the results indicate above average grades in the outer limits of the deposit.
Following the final results, Koryx released an updated mineral resource estimate from Haib on September 10. The announcement reported indicated resources of 1.46 million metric tons (MT) contained copper from 414 million MT of ore at an average grade of 0.35 percent along with additional inferred resources of 1.14 million MT of copper from 345 million MT of ore at 0.33 percent.
The most recent news from Koryx came on October 15 when it announced it had closed an oversubscribed first tranche of its non-brokered private placement. The company said it had raised C$9.67 million in funding for the sale of 8.79 million common shares and would be increasing the size of the offering up to C$17 million. Koryx noted that the second tranche was fully subscribed and would be closing shortly.
Funds raised will be used to advance the Haib copper project and the Luanshya West copper-cobalt project in Zambia as well as general working capital purposes.
Shares of Koryx reached a year-to-date high of C$1.24 on September 24.
2. Sandfire Resources America (TSXV:SFR)
Year-to-date gain: 244.44 percent
Market cap: C$317.24 million
Share price: C$0.31
Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company’s mine operating permit for Black Butte, halting construction activities of the underground mine.
Sandfire describes the project as one of the highest grade undeveloped copper deposits in the world; a resource estimate for the project’s Johnny Lee deposit completed in 2020 reported measured and indicated resources of 10.9 million metric tons grading 2.9 percent copper for a total of 311,000 MT contained copper.
Shares of Sandfire soared following a February 26 decision by the Montana Supreme Court to reinstate the company’s mine operating permit. The win is a crucial step for it to continue the construction of its mine.
Sandfire is working to improve Black Butte’s economics as it works towards a final investment decision. The most recent update from the project came on July 25, when the company released an exploration update that highlighted high-grade copper intercepts of 12.8 percent copper over 13.2 meters.
Although, much of Sandfire’s focus in 2024 has been on the exploration and development of Black Butte, the company also has two copper-producing assets: Motheo in the Kalahari Copper Belt in Botswana and MATSA in the Iberian Pyrite Belt in Spain. In the company’s FY24 report released on August 29, Sandfire reported that it produced 109,000 MT of copper equivalent during the fiscal year, an increase of 47 percent over FY23.
Shares of Sandfire reached a year-to-date high of C$0.395 on May 12.
3. T2 Metals (TSXV:TWO)
Year-to-date gain: 234.78 percent
Market cap: C$15.93 million
Share price: C$0.385
T2 Metals is a copper exploration company that has spent 2024 focusing on advancing its Sherridon copper, gold and zinc project near Flin Flon, Manitoba, Canada.
The property consists of 28 mining claims and one mineral lease over 4968 hectares, with T2 holding an option agreement with Halo Resources for a 90 percent earn-in stake. The site was home to the Sherridon/Sherritt Gordon mine, which was in operation until 1955 and milled 7.55 million MT of ore with an average grade of 2.46 percent copper.
Today, Sherridon hosts several inferred resources with near-surface targets having been identified with limited drilling activity.
T2 has been exploring Sherridon in 2024, with the latest update coming on October 3 when it announced it had completed the summer/fall phase of its core drilling program, consisting of 2,180 meters across eight holes. The remaining 1,800 meters will be carried out in the first quarter of 2025 after the ground freezes.
The completion of summer drilling marked an expenditure milestone for T2 in its option agreement. The company now owns an 80 percent stake in Sherridon.
In addition to its work at Sherridon, T2 reported on September 18 that it had completed a follow up sampling and mapping at its early stage Copper Eagle project located in Douglas County, Nevada, US, and is awaiting results. Its past samples from the site indicated high sulfidation with elevated tellurium, selenium, antimony, copper and gold.
Share prices in T2 reached a year-to-date high of C$0.395 on October 14.
4. Hannan Metals (TSXV:HAN)
Year-to-date gain: 211.11 percent
Market cap: C$68.65 million
Share price: C$0.56
Explorer Hannan Metals is focused on advancing gold, silver and copper deposits in Latin America.
The San Martin project is a joint venture with the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency established in 2004 to secure stable resources and fuel supplies. Under the terms of the agreement, JOGMEC can earn up to a 75 percent stake in the project if all its funding goals are met.
The site is located northeast of Tarapoto, Peru, and hosts a copper and silver system with 120 kilometers of combined strike. Exploration has shown grades at the Tabalosos target of 4.9 percent copper and 62 grams per metric ton (g/t) silver over 2 meters.
In addition to the JOGMEC joint venture, Hannan wholly owns the Valiente project, which hosts a previously unknown porphyry and epithermal mineralized belt within a 140 kilometer by 50 kilometer area containing copper, gold, molybdenum and silver.
Results from two channel samples were reported in early August confirming extensive leached copper mineralization at the Previsto Central prospect. The two channels, separated by 700 meters, had grades of 0.22 percent copper over 126 meters and 0.16 percent copper over 192 meters. Hannah said the results continue to further their understanding of the mineralization system, with gold-rich areas at higher elevations that transition into copper-rich areas at lower elevations.
This was followed by news on October 8 that the company completed the first stage of an induced polarization geophysical survey at the Previsto prospect. Combined with its other data, the results confirm a 6 kilometer by 6 kilometer copper and gold porphyry epithermal mineralization system. Hannan said the survey identified seven high priority targets that the company is now evaluating for drilling.
Shares in Hannan reached a year-to-date high of C$0.63 on July 22.
5. Awalé Resources (TSXV:ARIC)
Year-to-date gain: 207.14 percent
Market cap: C$39.06 million
Share price: C$0.43
Awalé Resources is a copper and gold explorer focused on its Odienné project in Côte D’Ivoire.
The site, located in the country’s northwest, covers an area of 2,462 square kilometers across two granted permits and five under application; two are being advanced as part of an earn-in joint venture with Newmont (TSX:NGT,NYSE:NEM). Newmont has the chance to earn up to 65 percent ownership of the permits via exploration expenditures of US$15 million.
On May 15, Awalé announced it had advanced to the second phase of its earn-in agreement. The completion of phase 1 of the agreement comes after it had carried out drilling at the Charger and BBM targets during early 2024 exploration programs.
To earn the final 14 percent of the earn-in agreement requires Newmont to fund an additional US$10 million toward exploration of the project. Company CEO Andrew Chubb said that Awalé is on good footing to deliver exploration success between the funding from Newmont and Awalé’s C$11.5 million bought-deal equity financing closed on May 8.
Awalé has delivered several exploration announcements in 2024, the latest coming on September 9, when it reported highlighted assays of 0.48 percent copper over 35 meters, including an intersection of 0.6 percent copper over 23 meters at the BBM zone.
Shares in Awalé reached a year-to-date high of C$0.98 on March 25.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.