Which Copper Stocks Dominated the TSX in 2025? Top 5 Performers Revealed

The copper market in 2025 proved to be a rollercoaster for investors. While economic uncertainty and trade tensions created volatility in the early months, the year ultimately delivered a powerful narrative shift: a deepening supply deficit looming for 2026. Two of the world’s largest mining operations—Ivanhoe Mines’ Kamoa-Kakula and Freeport-McMoRan’s Grasberg—went offline due to seismic activity and material ingress respectively, further tightening an already constrained market. Simultaneously, demand from artificial intelligence infrastructure and the energy transition created a supportive floor for prices.

Against this backdrop, TSX-listed copper stocks delivered remarkable returns. We’ve identified five copper stocks that led the charge in 2025, based on year-to-date performance through December 9. Only companies with market capitalizations exceeding C$50 million were included.

The Top Performer: Imperial Metals Surges 333.7%

Imperial Metals (TSX:III) posted the most impressive gains among copper stocks analyzed, with shares climbing 333.7 percent year-to-date. The company trades at C$7.98 with a C$1.4 billion market capitalization.

Operating across British Columbia, Imperial holds a 30 percent stake in the Red Chris mine—a joint venture with Newmont—while fully owning the Mount Polley and Huckleberry operations. The real catalyst for Imperial’s stellar performance came from operational momentum at Red Chris. In Q3, the mine delivered 20.9 million pounds of copper, representing a 10 percent year-on-year increase. Through the first nine months, production jumped 20 percent to 67.51 million pounds compared to the same 2024 period.

Regulatory tailwinds also supported the stock. August brought a permit amendment greenlighting the expansion of Mount Polley’s operations and extending its mine life. While the Xatśūll First Nation pursued legal challenges throughout the year, the BC Supreme Court dismissed their injunction application in August, clearing the path for continued operations. An appeal was subsequently filed, but critically, the injunction was not appealed, allowing Imperial to proceed.

In late November, Imperial released exploration results from Huckleberry that included a 0.5 percent copper grade intersection spanning 52.7 meters, reinforcing the project’s upside potential.

Second Highest Gainer: Meridian Mining Rises 313.33%

Meridian Mining (TSX:MNO) claimed the second spot with 313.33 percent gains, trading at C$1.55 with a C$656.72 million valuation. The company is developing the Cabaçal copper-gold project in Mato Grosso, Brazil—a flagship asset sitting on an 11 kilometer volcanogenic massive sulfide corridor.

Meridian’s pre-feasibility study highlighted compelling economics: a US$984 million post-tax NPV with a 61 percent IRR and a 17-month payback period. The project is expected to produce 169,647 metric tons of copper over a 10.6-year mine life, with measured and indicated resources of 204,470 metric tons of contained copper at 0.4 percent average grade.

The year saw significant momentum building toward production. Meridian engaged Ausenco Brazil as lead engineer for a definitive feasibility study targeting completion in H1 2026. October drill results showcased strong mineralization, including intersections at 6.1 percent copper equivalent over 6.4 meters. Most importantly, in November, Mato Grosso formally approved the preliminary license for Cabaçal—the first of three required licenses. The installation license is next, which would unlock construction approval.

Third Position: St. Augustine Gold and Copper Posts 300% Return

St. Augustine Gold and Copper (TSX:SAU) delivered 300 percent gains with shares at C$0.32, representing a C$331.75 million market cap. The company’s King-king copper-gold project in the Philippines’ Davao de Oro province is the development engine driving returns.

A critical milestone arrived in May when St. Augustine acquired a 100 percent interest in the milling subsidiary from the National Development Corporation for C$9.02 million (convertible into 185 million shares). This consolidated control of development rights while maintaining a 40/40/20 joint venture structure for mining operations.

The July feasibility study painted an attractive picture for copper stocks in the development stage. Based on US$4.30/lb copper and US$2,150/oz gold assumptions, King-king delivered an after-tax NPV of US$4.18 billion with a 34.2 percent IRR and 1.9-year payback. The project will produce an average of 96,411 metric tons of annual copper and 185,828 ounces of gold across 31 years, with the first five years generating 129,000 metric tons of copper and 330,000 ounces of gold.

Recent developments included engagement with Stantec Consulting to produce a definitive feasibility study incorporating chloride leaching technology and increased throughput capacity—optimizations expected to further enhance project returns.

Fourth Performer: Trilogy Metals Gains 269.23%

Trilogy Metals (TSX:TMQ) captured a 269.23 percent increase, trading at C$6.24 with a C$1.07 billion market cap. The polymetallic developer operates the Upper Kobuk mineral projects in Northern Alaska as a 50/50 joint venture with South32.

The Arctic project, Trilogy’s most advanced asset, features measured resources of 148.68 million pounds of annual copper, alongside 172.6 million pounds of zinc and 25.75 million pounds of lead. The 2023 feasibility study pegged the project at US$1.11 billion post-tax NPV with a 22.8 percent IRR.

October proved transformative for Trilogy’s copper stocks valuation. The US Senate repealed the land management restriction that had blocked the Ambler Access Road—a critical 211-kilometer industrial corridor necessary to develop Upper Kobuk assets. Simultaneously, the US Department of Defense announced a binding letter of intent to invest US$17.8 million for 10 percent equity in Trilogy, with additional warrant coverage for another 7.5 percent exercisable post-construction. DoD funds will support exploration and development, while the Pentagon commits to facilitating road financing and expediting mine permitting.

By late October, Trilogy secured right-of-way permits from the Army Corps of Engineers, National Parks Service and Bureau of Land Management, re-establishing federal authorizations to advance the project.

Fifth: Northern Dynasty Minerals Surges 234.12%

Northern Dynasty Minerals (TSX:NDM) rounded out the top five copper stocks with 234.12 percent gains at C$2.84, valuing the company at C$1.53 billion. The company’s Pebble project in Alaska’s Bristol Bay region hosts one of the world’s largest undeveloped copper deposits: 6.5 billion metric tons of measured and indicated copper resources plus 4.5 billion metric tons inferred.

For years, Pebble remained mired in permitting limbo following an EPA veto in 2020 citing watershed concerns. The story shifted dramatically in March 2025 when the Trump administration issued an executive order expediting approvals for domestic mineral production, specifically naming copper as strategically important.

Northern Dynasty entered into a series of extensions with the EPA: 90 days granted in February, another 30 days in May, and 20 days in June. When settlement talks stalled in July, the company filed for summary judgment. October brought a court filing detailing arguments for veto removal, and November provided an updated timeline: the Department of Justice must file its opening brief by February 16, 2026, with plaintiff responses due April 15, 2026.

Significantly, in December, the National Mining Association, American Exploration and Mining Association, Alaska Mining Association and US Chamber of Commerce all filed amicus briefs supporting Northern Dynasty’s case, underscoring the project’s strategic importance to the mining industry and broader economy.

Why Did Copper Stocks Outperform in 2025?

The explosive returns among these copper stocks reflect three converging factors. First, AI infrastructure expansion and renewable energy deployment are driving structural copper demand growth. Second, major mine disruptions have created a supply deficit narrative that’s expected to deepen into 2026. Third, for Alaska-based projects, favorable shifts in federal policy under the Trump administration have suddenly repositioned previously troubled permitting processes as workable timelines.

Investors considering copper stocks should conduct thorough due diligence, as market volatility and economic uncertainty remain present. The supply-demand fundamentals look supportive, but individual project and company risks vary considerably.

Investment Considerations for Copper Exposure

Copper Fundamentals in 2025

Copper prices reached new all-time highs during 2025, driven by long-term supply concerns and accelerating demand from the energy transition. Major industry analysts maintain a positive long-term outlook for the metal, though near-term volatility persists given macroeconomic uncertainty.

Diversification Through Copper ETFs

Rather than selecting individual copper stocks, investors can gain diversified exposure through exchange-traded funds. Canada’s Horizons Copper Producers Index ETF (TSX:COPP) focuses exclusively on pure-play and diversified copper miners. In the US market, the Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, while the United States Copper Index Fund (ARCA:CPER) provides futures-based exposure through the SummerHaven Copper Index.

How Copper Prices Are Determined

Copper pricing occurs through two primary exchanges: COMEX (New York-based, priced per pound) and the London Metal Exchange (London-based, priced per metric ton). Both operate as futures and options exchanges, with COMEX copper being the predominant benchmark for North American markets.

Global Copper Supply

The world’s copper mining is geographically distributed, with Chile leading production at 5.3 million metric tons annually as of 2024. The Democratic Republic of Congo follows with 3.3 million metric tons, Peru with 2.6 million, China with 1.8 million, and Indonesia and the US each at 1.1 million metric tons. This geographic diversity creates both opportunity and risk for copper stocks, as geopolitical factors can impact supply.

Industrial Applications Driving Demand

Copper consumption spans construction (26 percent of global use in 2022), equipment manufacturing (32 percent), and rapidly growing sectors including electric vehicles and renewable energy infrastructure. Each EV requires significantly more copper than traditional vehicles, positioning the metal as a critical component of the energy transition narrative that’s supporting copper stocks valuations in 2025.