How TSX-Listed Copper Stocks Soared in 2025: Five Companies Leading Market Rally

The copper market navigated a tumultuous 2025, characterized by conflicting pressures from recessionary headwinds and tariff uncertainties. However, as the year progressed, supply-demand dynamics shifted decisively, with analysts projecting a significant supply tightness in 2026. Major operational disruptions intensified these conditions—notably, two of the globe’s largest copper mines encountered forced shutdowns. Ivanhoe Mines’ Kamoa-Kakula ceased operations following seismic activity, while Freeport-McMoRan’s Grasberg halted due to moisture ingress. This backdrop of constrained supply coincided with exploding demand driven by artificial intelligence infrastructure buildouts and the accelerating energy transition, creating an extraordinary environment for copper stocks Canada-based investors could access through the TSX.

Against this landscape, five Canadian copper companies on the Toronto Stock Exchange delivered exceptional returns. Using TradingView data compiled on December 9, 2025, and filtering for companies exceeding C$50 million market capitalization, here’s how the sector’s top performers fared.

Imperial Metals: The Triple-Digit Winner

Year-to-date return: 333.7%
Current market valuation: C$1.4 billion
Stock price: C$7.98

Imperial Metals operates copper mining assets across British Columbia, holding a strategic 30% stake in the Red Chris project—with industry leader Newmont controlling the remainder. The company also maintains full ownership of Mount Polley (a copper-gold operation that restarted in mid-2022) and Huckleberry (currently in care-and-maintenance mode since 2016).

The year brought regulatory milestones for Imperial. Provincial authorities greenlit a 4-meter embankment raise at Mount Polley’s tailings facility, though the Xatśūll First Nation challenged this decision through the courts. Following a four-day hearing in June, BC Supreme Court sided with Imperial, dismissing the injunction application in August. While the First Nation subsequently filed an appeal of the judicial review in September, they notably declined to appeal the injunction itself—enabling the company to proceed with the embankment work.

By late August, Imperial secured a crucial permit amendment authorizing expanded Mount Polley operations and extended mine life, including pit development and storage area expansion. Production metrics underscore operational momentum: third-quarter 2025 copper output from Red Chris jumped 10% year-over-year to 20.9 million pounds versus 18.98 million pounds in Q3 2024. Across the first nine months, production surged 20% to 67.51 million pounds from 56.37 million pounds in the comparable 2024 period.

Exploration activity continued into year-end, with an updated Huckleberry drilling campaign completed in late November. Notable intercepts included a 0.5% copper grade spanning 52.7 meters, with a subset showing 0.81% copper and 0.23 g/t gold over 22.6 meters. The stock peaked at C$7.95 in early December.

Meridian Mining: Development Stage Surge

Year-to-date return: 313.33%
Market cap: C$656.72 million
Trading price: C$1.55

Meridian Mining is advancing the flagship Cabaçal copper-gold project in Brazil’s Mato Grosso state. The 50 square-kilometer concession encompasses an 11-kilometer volcanogenic massive sulfide corridor rich in gold, copper, and silver mineralization.

A March prefeasibility study painted an attractive picture: an after-tax NPV of US$984 million, IRR of 61%, and 17-month payback. The project envisions 10.6 years of mine life with 169,647 metric tons of total copper production. Resource estimates identify 204,470 metric tons of contained copper from 51.43 million metric tons of ore grading 0.4% average copper, complemented by substantial gold and silver resources.

Engineering work accelerated when Meridian retained Ausenco Brazil in May as lead engineer for a definitive feasibility study, with completion targeted for the first half of 2026. The October drilling program concluded with robust results, including 1.4% copper equivalent over 27.5 meters, within which sat 6.1% copper equivalent spanning 6.4 meters. These grades are expected to support resource and reserve upgrades in the final feasibility study.

A significant licensing win arrived in November when Mato Grosso state formally approved Cabaçal’s preliminary license—the first of three required for operations. Meridian now focuses on securing the installation license, which would permit construction commencement. The share price climbed to C$1.65 by early December.

St. Augustine Gold and Copper: Transformation Play

Year-to-date return: 300%
Market value: C$331.75 million
Share value: C$0.32

St. Augustine is developing the King-king copper-gold project in the Philippines’ Davao de Oro province. The property comprises 184 mining claims positioned in a tier-1 jurisdiction for major copper discoveries.

Structural changes materialized throughout 2025. In May, St. Augustine executed an agreement with the National Development Corporation (Nadecor) to acquire 100% of Nadecor’s subsidiary Kingking Milling, which holds development rights. Under the transaction, Nadecor receives C$9.02 million convertible into 185 million shares. The joint venture structure—splitting ownership 40/40/20 among St. Augustine, Nadecor, and Queensberry—remains in place for the operating entity.

June brought a debt-to-equity conversion with Queensberry Mining, converting C$1.67 million owed into 25.31 million common shares at C$0.066 each. This transaction elevated Queensberry’s holdings to 52% of outstanding shares.

An updated July feasibility study (assuming US$4.30/lb copper and US$2,150/oz gold) revealed after-tax NPV of US$4.18 billion, IRR of 34.2%, and 1.9-year payback. The project forecasts a 31-year mine life with average annual payable copper production of 96,411 metric tons and 185,828 ounces of gold. Early production (years 1-5) will average 129,000 metric tons of copper and 330,000 ounces of gold annually across six development phases.

October marked the engagement of Stantec Consulting and Independent Mining Consultants to produce a definitive feasibility study, optimizing prior recommendations including a chloride leach process for low-grade sulfide recovery. The stock reached C$0.58 in late July before pulling back.

Trilogy Metals: Alaska’s Strategic Asset

Year-to-date return: 269.23%
Capitalization: C$1.07 billion
Price point: C$6.24

Trilogy Metals is developing polymetallic projects in Northern Alaska through a 50/50 partnership with South32. The flagship Arctic project—containing copper, zinc, lead, gold, and silver—advanced to feasibility stage. A February 2023 feasibility study projected annual production of 148.68 million pounds of copper, 172.6 million pounds of zinc, 25.75 million pounds of lead, 32,538 ounces of gold, and 2.77 million ounces of silver. After-tax NPV reached US$1.11 billion (IRR 22.8%, 3.1-year payback).

The Bornite copper-cobalt project, situated 25 kilometers southwest of Arctic, hosts widespread mineralization tracing back to 1950s exploration. A January 2025 preliminary economic assessment calculated US$393.9 million after-tax NPV (20% IRR, 4.4-year payback) with 6.53 billion pounds of inferred copper resources at 1.42% grade.

Both projects hinge on the Ambler Access Road—a proposed 211-kilometer industrial corridor through Alaska. October proved transformative when the US Senate reversed a land management restriction that had blocked road construction on environmental grounds. Additionally, the US Department of Defense committed US$17.8 million (acquiring 10% equity plus 7.5% warrant coverage) on October 6, earmarking capital for exploration and development while pledging to facilitate financing and expedite permitting through the FAST-41 process.

By October 24, the Alaska Industrial Development and Export Authority executed right-of-way permits with federal agencies, reestablishing authorizations to advance the access road. Trilogy’s stock surged to C$14.70 in mid-October before retreating somewhat by year-end.

Northern Dynasty Minerals: Regulatory Reset

Year-to-date return: 234.12%
Market capitalization: C$1.53 billion
Stock level: C$2.84

Northern Dynasty is pursuing the Pebble project, a copper-molybdenum-gold-silver deposit in Alaska’s Bristol Bay region, 200 miles southwest of Anchorage. Measured and indicated copper resources total 6.5 billion metric tons; inferred resources add 4.5 billion metric tons. Molybdenum, gold, and silver measured/indicated resources sum to 1.26 million metric tons, 53.82 million ounces, and 249.3 million ounces respectively.

Pebble stalled in 2020 when the US Environmental Protection Agency imposed a veto during permitting, citing potential Bristol Bay watershed damage. After the Supreme Court declined to hear the matter on procedural grounds in early 2024, the case returned to lower courts. Northern Dynasty pursued state-level litigation through 2024.

The narrative shifted dramatically in 2025. President Trump’s March executive order prioritized expedited domestic mineral production approvals, explicitly naming copper as strategically important. This catalyzed share appreciation throughout the spring and summer. Northern Dynasty negotiated three EPA deadline extensions—90 days (February 18), an additional 30 days (May 14), and 20 more days (June 12)—attempting settlement discussions.

When early-July settlement hopes evaporated, Northern Dynasty filed a summary judgment motion on July 17. October brought a court filing with arguments supporting veto removal, with company leadership expressing confidence. November revealed timeline adjustments: the Department of Justice must file opening briefs by February 16, 2026, with plaintiff responses due April 15, 2026—delays attributed to the federal government shutdown.

Most notably, December brought amicus briefs from the National Mining Association, American Exploration and Mining Association, Alaska Mining Association, and US Chamber of Commerce, arguing the veto was unlawful and emphasizing copper’s importance for construction, transportation, electronics, and defense. The stock peaked at C$3.89 in mid-October.

Investing in Copper: Essential Context

Why copper matters in 2025

Long-term copper demand fundamentals remain robust among market participants. The metal’s strategic role in electrification, battery technology, and renewable energy infrastructure supports bullish outlooks. Copper’s all-time highs in 2025 have lifted many equities alongside price appreciation. However, market volatility and economic uncertainty warrant thorough due diligence before committing capital.

Copper’s industrial footprint

Beyond traditional construction and manufacturing applications, copper consumption spans electronics, medical devices, and industrial machinery. In 2022, equipment manufacturing consumed 32% of global copper supply while building construction accounted for 26%. Electric vehicles and green energy represent rapidly expanding demand vectors, as each EV incorporates substantial copper content.

Market access for copper exposure

Investors pursuing copper exposure enjoy multiple avenues. Physical copper ownership is possible but demands significant storage infrastructure for material positions. Equity investors can explore pure-play copper miners and developers listed on the TSX, TSXV, and ASX exchanges. Exchange-traded funds provide diversification—Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP), launched in May 2022 targeting pure-play and diversified copper miners. US-listed alternatives include the Global X Copper Miners ETF (ARCA:COPX) and the United States Copper Index Fund (ARCA:CPER), which tracks copper futures rather than equities.

Price discovery and trading venues

Two primary exchanges establish copper pricing: COMEX (New York-based, priced per pound) and the London Metal Exchange (London-based, priced per metric ton). Both operate options and futures markets facilitating price discovery.

From ore to refined metal

Copper ore undergoes multi-stage processing. Initial grinding separates rock from copper (which typically comprises 1% of mined ore). The resulting material is slurried with water and chemical reagents, then floated using air to separate copper concentrate (typically 24-40% pure). Final refining at smelters or refineries employs either pyrometallurgical (sulfide-rich ores) or hydrometallurgical (oxide-rich ores) techniques, achieving 99.99% purity.

Global production hierarchy

Copper mining occurs on every continent except Antarctica. Chile led 2024 production at 5.3 million metric tons, followed by the Democratic Republic of Congo (3.3 million metric tons), Peru (2.6 million metric tons), and China (1.8 million metric tons). Indonesia and the US tied at 1.1 million metric tons each.

The convergence of supply constraints, robust structural demand, and favorable regulatory developments positioned copper stocks Canada investors accessed through the TSX as standout performers throughout 2025.