Copper Mining Stocks on TSX Rally Hard in 2025: Here Are the Top 5 Performers

The copper market experienced significant swings throughout 2025, shaped by competing economic narratives and supply disruptions. Concerns about global economic slowdown and tariff policies created uncertainty early on, yet prices stabilized toward year-end as market participants recognized a projected copper shortage emerging in 2026. The situation was aggravated when two major mining operations—Ivanhoe Mines’ Kamoa-Kakula complex and Freeport-McMoRan’s Grasberg mine—were forced offline due to geological and operational challenges, tightening supply further.

Against this backdrop, artificial intelligence infrastructure buildout and the energy transition have intensified copper demand. This convergence of supply tightness and surging demand has translated into exceptional returns for investors holding TSX-listed copper exploration and development companies. Below is an analysis of five standout performers in the copper stocks category, ranked by year-to-date appreciation. Data sourced from December 9, 2025, using market screening tools; only companies exceeding C$50 million in market capitalization were considered.

Imperial Metals Leads the Rally with 333.7% Gain

Imperial Metals stands at the top of the heap among copper stocks this year, delivering a staggering 333.7 percent year-to-date return. Trading at C$7.98 per share, the company carries a market valuation of C$1.4 billion.

As a mining operator with properties across British Columbia, Imperial holds a 30 percent stake in the Red Chris copper project, with Newmont owning the remainder. The company also operates the Mount Polley copper-gold mine (which resumed output in June 2022) and maintains the Huckleberry mine under care and maintenance protocols.

A significant milestone occurred in August when Imperial secured permitting to expand Mount Polley’s operational footprint and mining horizon. This clearance followed a legal battle with the Xatśūll First Nation over tailings facility modifications. Though the First Nation filed an appeal in September, the approval to proceed with operations remains intact, positioning Imperial to scale production.

Production metrics underscore the company’s momentum. Q3 copper output at Red Chris reached 20.9 million pounds, representing a 10 percent year-on-year jump from 18.98 million pounds in the prior-year quarter. Year-to-date production through September climbed 20 percent to 67.51 million pounds versus 56.37 million pounds during the same 2024 interval. Late-year drilling at Huckleberry returned encouraging assay results, including 0.5 percent copper mineralization over 52.7 meters, bolstering the case for renewed mine development.

Meridian Mining’s Brazil Project Generates 313% Returns

Meridian Mining rounds out the second position in copper stocks performance, posting a 313.33 percent year-to-date climb. With a market cap of C$656.72 million and a share price of C$1.55, the company has attracted significant investor interest.

Meridian’s value driver is the Cabaçal copper-gold project situated in Brazil’s Mato Grosso region. A prefeasibility study released in March quantified the project economics: a post-tax net present value of US$984 million, an internal rate of return of 61 percent, and a payback window of just 17 months. The resource base includes 204,470 metric tons of contained copper from 51.43 million metric tons of ore grading 0.4 percent copper, alongside substantial gold and silver mineralization. The mine is projected to operate for 10.6 years with total life-of-mine copper production of 169,647 metric tons.

In May, Meridian appointed Ausenco Brazil to lead the definitive feasibility study, targeting completion in H1 2026. Concurrent exploration drilling yielded robust mineralization intercepts in October, with peak intervals showing 1.4 percent copper equivalent over 27.5 meters. A critical regulatory win arrived in November when the State of Mato Grosso formally approved the preliminary operating license—the first of three required to commence mining. Meridian now pursues the installation license, which would unlock construction activities.

St. Augustine Gold and Copper Posts 300% Gain on King-King Momentum

St. Augustine Gold and Copper occupies the third spot among copper stocks with a 300 percent year-to-date advance. Trading at C$0.32 per share, the company commands a market cap of C$331.75 million.

The company’s flagship asset is the King-king copper-gold deposit in the Philippines’ Davao de Oro region. A significant transaction in May saw St. Augustine acquire full development rights through a C$9.02 million arrangement with the National Development Corporation. The updated feasibility study released in July painted an attractive picture: an after-tax net present value of US$4.18 billion, an internal rate of return of 34.2 percent, and a payback span of 1.9 years. Assuming a copper price of US$4.30 per pound and gold at US$2,150 per ounce, the project envisions a 31-year mine life with average annual production of 96,411 metric tons of payable copper and 185,828 ounces of gold. Production is front-loaded, with years one through five averaging 129,000 metric tons of copper and 330,000 ounces of gold annually.

In June, St. Augustine converted C$1.67 million of debt owed to joint venture partner Queensberry Mining into 25.31 million shares. By October, the company had contracted Stantec Consulting and Independent Mining Consultants to optimize the definitive feasibility study, focusing on process improvements and throughput expansion. The stock touched a 2025 high of C$0.58 in late July.

Trilogy Metals’ Alaska Projects Climb 269% on Infrastructure Approval

Trilogy Metals stands fourth in copper stocks performance with a 269.23 percent year-to-date return. The company’s share price sits at C$6.24, backing a market capitalization of C$1.07 billion.

Trilogy operates two polymetallic projects in Northern Alaska via a 50-50 joint venture with South32. The Arctic project, its flagship, progressed into feasibility phase based on a February 2023 study. The project is slated to produce 148.68 million pounds of annual payable 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. Project economics include an after-tax net present value of US$1.11 billion, a 22.8 percent internal rate of return, and a 3.1-year payback horizon.

The secondary Bornite copper-cobalt asset, positioned 25 kilometers southwest, hosts an inferred resource of 6.53 billion pounds of copper averaging 1.42 percent grade. A January 2025 preliminary economic assessment conveyed an after-tax NPV of US$393.9 million, a 20 percent IRR, and a 4.4-year payback.

A game-changing development arrived in October when the US Senate rescinded a land management restriction blocking the Ambler Access Road—a planned 211-kilometer industrial corridor essential to mine viability. Separately, on October 6, the US Department of Defense committed US$17.8 million for a 10 percent equity stake in Trilogy, plus warrants for an additional 7.5 percent post-construction. DoD funds are earmarked for exploration and development, and the Pentagon pledged to facilitate road financing and streamline permitting. By late October, critical right-of-way permits from the Army Corps of Engineers, National Parks Service, and Bureau of Land Management were executed, re-establishing the permitting pathway. Trilogy’s stock peaked at C$14.70 on October 14.

Northern Dynasty Minerals Surges 234% as Pebble Project Gains Political Traction

Northern Dynasty Minerals completes the top five copper stocks list with a 234.12 percent year-to-date gain, trading at C$2.84 per share and carrying a C$1.53 billion market cap.

The company’s anchor asset is the Pebble copper-molybdenum-gold-silver deposit in Alaska’s Bristol Bay region, 200 miles southwest of Anchorage. Pebble hosts a measured and indicated copper resource of 6.5 billion metric tons, plus an inferred resource of 4.5 billion metric tons. In-situ molybdenum, gold, and silver resources total 1.26 million metric tons, 53.82 million ounces, and 249.3 million ounces, respectively.

The project faced a regulatory impasse after the US Environmental Protection Agency issued a veto in 2020 citing watershed protection concerns. Litigation progressed through 2024, with the Supreme Court declining to hear the case on procedural grounds, returning it to lower courts.

The narrative shifted dramatically in 2025 after a March 20 executive order classified copper as a strategically important mineral and called for expedited permitting of domestic mineral projects. Northern Dynasty initiated settlement discussions with the EPA under the new administration, securing multiple review extensions (90 days in February, 30 days in May, and 20 days in June). When settlement talks stalled, the company filed a motion for summary judgment in mid-July. By October, Northern Dynasty had submitted court briefs outlining its case for veto removal. The company provided an updated litigation timeline in November, noting that the Department of Justice must file its opening brief by February 16, 2026, with plaintiff responses due April 15, 2026.

Momentum intensified on December 1 when four major industry associations—the National Mining Association, American Exploration and Mining Association, Alaska Mining Association, and US Chamber of Commerce—filed supporting briefs in Northern Dynasty’s case. Their argument emphasized that Pebble represents a critical domestic copper source for construction, defense, and industrial applications. The stock crested at C$3.89 on October 14.

Understanding Copper’s Investment Appeal

Why is copper drawing investor attention?

Copper has emerged as a critical commodity for the energy transition and digital infrastructure. Market analysts maintain a constructive outlook given supply constraints and expanding end-use demand. Copper prices hit fresh all-time highs in 2025, lifting the valuations of related equities. Prospective investors should conduct thorough due diligence, as market and economic volatility remain pronounced, and outcomes are never assured.

What drives copper demand?

Copper applications span construction, electronics, medical equipment, and manufacturing. In 2022, equipment manufacturing consumed 32 percent of global copper supply, while building construction accounted for 26 percent. Electric vehicles and renewable energy infrastructure represent accelerating demand vectors, as each EV requires substantial copper content.

How can investors gain copper exposure?

Investors may acquire direct physical copper, though storage logistics prove impractical for substantial holdings. Equity investors can pursue copper mining stocks listed on various exchanges, including the TSX and ASX. Alternatively, copper-focused exchange-traded funds offer diversified exposure. The Horizons Copper Producers Index ETF (launched May 2022 on the TSX under ticker COPP) concentrates solely on pure-play and diversified copper miners. US-listed options include the Global X Copper Miners ETF tracking the Solactive Global Copper Miners Index, as well as the United States Copper Index Fund, which provides futures-backed exposure through the SummerHaven Copper Index.

How is copper priced and refined?

Copper trading occurs on two principal venues: COMEX (New York-based, priced per pound) and the London Metal Exchange (LME, priced per metric ton). Post-extraction, ore undergoes grinding to separate copper from rock, followed by flotation processing with water and chemical reagents to concentrate the metal to 24-40 percent purity. Final refining at smelters employs pyrometallurgy for sulfide ores and hydrometallurgy for oxide ores, achieving up to 99.99 percent purity.

Which regions lead copper production?

Chile dominated 2024 output 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 United States each produced 1.1 million metric tons in 2024.

The convergence of supply tightness, geopolitical support for domestic mineral development, and surging technology-driven demand has positioned copper and copper stocks at an inflection point. The five performers highlighted above demonstrate how project advancement, permitting clarity, and operational scale-up can translate into outsized shareholder returns in this commodity cycle.