Canadian Copper Stocks That Skyrocketed in 2025: Here's What Drove the Rally

The copper market experienced a wild ride throughout 2025, caught between recession worries and bullish structural demand. However, as the year wound down, a clearer picture emerged: supply tightness and soaring industrial demand—particularly from AI infrastructure and the green energy transition—sent copper prices to record highs. Two major mining disruptions amplified this supply squeeze when Kamoa-Kakula from Ivanhoe Mines and Grasberg from Freeport-McMoRan went offline due to natural disasters and operational issues.

Against this backdrop, Canadian copper stocks on the TSX delivered exceptional returns. Here’s a breakdown of the five top-performing copper companies that rode this wave, analyzed by their year-to-date gains.

The Explosive Gainers in 2025

Data sourced on December 9, 2025, includes only TSX-listed companies with market caps exceeding C$50 million.

Imperial Metals Leads the Pack with 333.7% Gain

Imperial Metals claimed the top spot with a staggering 333.7% year-to-date return, reaching a market cap of C$1.4 billion at a share price of C$7.98.

The company operates three key assets across British Columbia: a 30% stake in the Red Chris mine (partnered with Newmont), the Mount Polley copper-gold operation that restarted in mid-2022, and the Huckleberry mine currently under care and maintenance. Mount Polley faced legal challenges from the Xatśūll First Nation regarding a planned embankment raise, but the BC Supreme Court ultimately sided with Imperial on August 6, clearing the way for operations to continue. By August 29, Imperial secured a permit amendment for pit expansion and mine-life extension.

Production metrics tell the story: Red Chris delivered 20.9 million pounds of copper in Q3 2025, up 10% year-on-year, with nine-month production climbing 20% to 67.51 million pounds. An exploration update from Huckleberry in late November revealed promising drill results, including a 0.5% copper grade over 52.7 meters with a 0.81% copper intersection spanning 22.6 meters.

Meridian Mining’s Cabaçal Project Surges 313.33%

Meridian Mining rocketed up 313.33% year-to-date, commanding a C$656.72 million market cap at C$1.55 per share.

The company is advancing its flagship Cabaçal copper-gold project in Brazil’s Mato Grosso state, a 50 square-kilometer property hosting an 11-kilometer volcanogenic massive sulfide corridor. A prefeasibility study from March showed an after-tax NPV of US$984 million with a 61% IRR and 17-month payback—projecting 10.6 years of mine life with 169,647 metric tons of total copper production. Resource estimates pin 204,470 metric tons of contained copper across 51.43 million metric tons of ore grading 0.4%.

Development momentum accelerated when Meridian hired Ausenco Brazil as lead engineer for the definitive feasibility study, targeting completion in H1 2026. October drill results showcased robust mineralization with 1.4% copper equivalent over 27.5 meters and a 6.1% copper equivalent intersection spanning 6.4 meters. The game-changer arrived on November 3: Mato Grosso formally approved the preliminary license for Cabaçal, marking the first of three required permits to begin operations. The installation license—which would unlock construction—is next.

St. Augustine Gold and Copper Climbs 300%

St. Augustine Gold and Copper tripled with a 300% gain, achieving a C$331.75 million market cap at C$0.32 per share.

The company’s focus is the King-king copper-gold project in the Philippines’ Davao de Oro province, comprising 184 mining claims. A major milestone occurred on May 30 when St. Augustine agreed to acquire a 100% interest in Nadecor’s Kingking Milling subsidiary, gaining full development rights while Nadecor receives a C$9.02 million convertible position into 185 million shares. The project architecture remains a 40/40/20 joint venture among St. Augustine, Nadecor, and Queensberry Mining.

The updated feasibility study released in July painted an attractive picture: assuming a US$4.30/lb copper price and US$2,150/oz gold price, King-king would generate US$4.18 billion after-tax NPV with a 34.2% IRR and 1.9-year payback over 31 years. Early-stage production targets 129,000 metric tons of copper and 330,000 ounces of gold annually during the first five years, with full life-of-mine averaging 96,411 metric tons of copper and 185,828 ounces of gold per year.

In October, St. Augustine engaged Stantec Consulting and Independent Mining Consultants to produce a definitive feasibility study, focusing on optimization including a chloride leach process for low-grade sulfides and increased throughput capacity.

Trilogy Metals Gains 269.23% on Alaska Success

Trilogy Metals surged 269.23% year-to-date, holding a C$1.07 billion market cap at C$6.24 per share.

The polymetallic explorer operates the Upper Kobuk mineral projects in Northern Alaska through a 50/50 joint venture with South32. Its flagship Arctic project—a copper-zinc-lead-gold-silver deposit in feasibility stage—shows annual production potential 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. Financials project US$1.11 billion after-tax NPV, 22.8% IRR, and 3.1-year payback.

The secondary Bornite copper-cobalt project, located 25 kilometers southwest, hosts 6.53 billion pounds of inferred copper at 1.42% average grade. A January 2025 preliminary assessment valued Bornite at US$393.9 million after-tax NPV with 20% IRR and 4.4-year payback.

A pivotal catalyst emerged in October when the US Senate repealed a land management plan that had blocked construction of the Ambler Access Road—a 211-kilometer industrial corridor essential for these projects. On October 6, Trilogy locked in a binding letter of intent with the US Department of Defense for a US$17.8 million investment (8.22 million shares, 10% stake), with the DoD also holding warrants for an additional 7.5%. The DoD committed to facilitating road financing and expediting mine permitting. By October 24, the Alaska Industrial Development and Export Authority executed right-of-way permits with federal agencies, re-establishing authorizations to advance the project.

Northern Dynasty Minerals Surges 234.12% on Political Tailwinds

Northern Dynasty Minerals climbed 234.12% year-to-date, commanding a C$1.53 billion market cap at C$2.84 per share.

The company’s cornerstone asset is the Pebble project in Alaska’s Bristol Bay region, 200 miles southwest of Anchorage—a copper-molybdenum-gold-silver deposit hosting 6.5 billion metric tons of measured and indicated copper and 4.5 billion metric tons of inferred copper. Molybdenum, gold, and silver resources total 1.26 million metric tons, 53.82 million ounces, and 249.3 million ounces, respectively.

The project languished following a 2020 EPA veto citing watershed concerns. A turning point came in March 2025 when Trump issued an executive order calling for expedited domestic mineral approvals, explicitly listing copper as strategically critical. Since then, Northern Dynasty has negotiated extensions with the EPA—first a 90-day window in February, extended 30 days in May, then 20 more days in June. Rather than reaching a settlement by early July, the company filed for summary judgment on July 17.

October brought new momentum when Northern Dynasty filed court briefs arguing the veto’s legal weakness. November provided an updated litigation timeline: the Department of Justice must file its opening brief by February 16, 2026, with plaintiff responses due April 15, 2026. Most recently, on December 1, four industry associations—the National Mining Association, American Exploration and Mining Association, Alaska Mining Association, and US Chamber of Commerce—filed supporting amicus briefs, emphasizing copper’s critical importance for construction, transportation, electrical systems, and defense.

Why Canadian Copper Stocks Exploded in 2025

These five stocks didn’t surge in isolation. Several converging forces powered the rally:

Supply Disruptions: Major mine closures at Ivanhoe’s Kamoa-Kakula and Freeport’s Grasberg created a supply crunch, tightening an already-tight market and pointing to a potential deficit in 2026.

Structural Demand: AI infrastructure buildout and the global energy transition—particularly electric vehicles and renewable installations—are voracious copper consumers. This structural support underpinned price recovery despite recession concerns.

Project Milestones: Each of these five companies reached critical development checkpoints—feasibility studies, license approvals, permit amendments, and government partnerships—de-risking their pathways to production.

Political Tailwinds: Particularly for US-based projects like Pebble and the Ambler Access Road, favorable regulatory shifts and strategic mineral designations reignited investor interest.

The Outlook for Canadian Copper Stocks Going Forward

The fundamentals suggest copper’s bull case remains intact. Supply constraints, rising EV adoption, and grid electrification should sustain demand. However, investors should note that these companies operate in exploration, development, or early production phases—meaning execution risk remains. Market volatility and geopolitical uncertainty also warrant caution.

For those considering exposure to copper, these five TSX-listed companies represent the clearest 2025 beneficiaries of the metal’s structural tailwinds. Whether they can sustain momentum through 2026 hinges on delivering on development promises and navigating operational challenges.

Key Takeaway: 2025 was a pivotal year for Canadian copper stocks, rewarding investors who backed the structural demand thesis and bet on near-term supply deficits. The real test begins now—can project developers turn approvals and rising prices into profitable mining operations?