5 Canadian Copper Stocks to Watch in 2023

By Kirsteen Mackay


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Copper, a highly versatile and widely used metal, has been a focus for investors seeking to capitalize on the growing demand in various industries, including renewable energy, electric vehicles, and infrastructure development.

Here we discuss five Canadian copper stocks gathering search momentum. These stocks include Alpha Copper Corp (CNSX: ALCU), Nevada Copper Corp (TSE: NCU), Copper Mountain Mining Corp (TSE: CMMC), Western Copper and Gold Corp (TSE: WRN), and Copper Fox Metals Inc (CVE: CUU).

Alpha Copper Corp (CNSX: ALCU)

  • Market Cap: 7.27M

  • 52-week high: 0.89

  • 52-week low: 0.13

Alpha Copper Corp is a relatively small copper mining company focusing on developing and exploring properties in Canada. Despite its small market capitalization, Alpha Copper has shown potential for growth, with its 52-week high reaching 0.90. The company's operations remain in the exploration stage, making it a speculative play for investors seeking long-term growth opportunities.

At the end of March, Alpha Copper Corp announced the introduction of the Star Project in northwestern BC, with an option to acquire 100% of the project, located in Tahltan Central Government (TCG) territory. The company has also signed a Communications and Engagement Agreement with the TCG, providing a framework for transparent communication and information sharing about the project. CEO Darryl Jones emphasizes the importance of a respectful and constructive collaboration with TCG as Alpha explores for copper and gold in the region, with the first drilling program expected later this year.

Nevada Copper Corp (TSE: NCU)

  • Market Cap: 271.95M

  • 52-week high: 0.65

  • 52-week low: 0.20

As a small-cap mining company, Nevada Copper Corp operates primarily in the United States, with its flagship asset being the Pumpkin Hollow project in Nevada. Here it has two fully permitted projects, including a high-grade underground mine and a large-scale open pit project in the PFS stage.

In March, Nevada Copper's CEO, Randy Buffington, announced progress on construction projects at Pumpkin Hollow, with mining and development activities advancing as expected.

The company aims to achieve nameplate milling capacity by the end of 2023. The 2023 outlook involves having the Underground Mine operating at a milling capacity of 5,000 tons per day, with infrastructure and development to support sustained operations. Mill restart is set for late Q3 2023, initially at 3,500 tpd and ramping up to 5,000 tpd by year-end.

Although the company has not posted a positive P/E ratio, its market capitalization and stock price growth indicate a promising future. Investors who believe in the potential of copper's demand may wish to consider Nevada Copper Corp as an investment opportunity.

Copper Mountain Mining Corporation (TSE: CMMC)

  • Market Cap: 566.68M

  • 52-week high: 3.74

  • 52-week low: 1.23

Hudbay Minerals and Copper Mountain Mining have entered into a definitive agreement to combine, creating a premier Americas-focused copper producer with a 150,000 tonnes-per-year capacity. The combined company will be the third largest copper producer in Canada, with potential to unlock US$30m per year in operating efficiencies and corporate synergies.

The new entity will consist of long-life mines and a pipeline of organic copper growth projects in mining-friendly jurisdictions of Canada, Peru, and the United States. The transaction is expected to generate robust cash flows and achieve attractive returns by efficiently allocating capital to high-risk-adjusted return opportunities.

The transaction is anticipated to conclude either late in Q2 or early in Q3 of 2023. After its completion, Copper Mountain's shares will be delisted from both the Toronto Stock Exchange and the Australian Securities Exchange.

Western Copper and Gold Corp (TSE: WRN)

  • Market Cap: 405.61M

  • 52-week high: 2.35

  • 52-week low: 1.16

Western Copper and Gold Corp is a mineral exploration company with a primary focus on the Casino project in the Yukon Territory. This project has the potential to produce significant quantities of copper and gold, offering investors exposure to two highly sought-after metals. The Casino Project is one of the most economic greenfield copper-gold mining projects globally, and the company is committed to working collaboratively with First Nations and local communities, employing responsible mining technologies and practices.

In April, Western Copper and Gold Corporation confirmed completion of a CA$21.3m strategic equity investment by Mitsubishi Materials Corporation to advance the copper-gold Casino Project in the Yukon. Mitsubishi Materials acquired over 8 million common shares at CA$2.63 per share, resulting in a 5% ownership of Western's issued and outstanding shares.

Rio Tinto Canada will also subscribe to approximately 879,000 shares at the same price, maintaining its 7.84% interest. The Rio Tinto subscription is expected to be completed by May 1, 2023.

Although Western Copper and Gold Corp has not yet reached the production stage, its market capitalization and stock price movement show promise for investors seeking long-term growth opportunities.

Copper Fox Metals Inc. (CVE: CUU)

  • Market Cap: 139.25M

  • 52-week high: 0.29

  • 52-week low: 0.12

Copper Fox Metals Inc., a Canadian-based resource company, is engaged in the exploration and development of copper mining properties in Canada and the United States. The company's diverse portfolio of assets includes advanced-stage projects with significant resources, offering investors exposure to copper's growing demand.

Copper Fox Metals Inc. has provided an update on its Van Dyke in-situ copper recovery project in Arizona. The project has an after-tax net present value of $644.7m, and the company plans to proceed with Phase I of a Hydrogeologic Monitoring and Testing Program along with other activities such as mineralogical, solubility, and geotechnical studies. Copper Fox has also contributed to the restoration of a historic landmark in Miami, Arizona. 

The company's CEO, Elmer B. Stewart, expressed optimism about the rehabilitation work completed to date on selected drill holes and noted that the company is honored to work with the Town of Miami to preserve a piece of mining history in the area.

Copper Fox Metals Inc.'s stock has experienced considerable growth year-to-date, making it a stock to watch for investors looking for exposure to the copper industry.

Ready to Invest in Copper?

Investing in copper stocks can provide a unique opportunity for investors to capitalize on the growing demand for the metal. The five Canadian copper stocks highlighted here, Alpha Copper Corp, Nevada Copper Corp, Copper Mountain Mining Corp, Western Copper and Gold Corp, and Copper Fox Metals Inc, are all enjoying investor scrutiny in 2023. Investors should do their own due diligence and consider their risk tolerance before making any investment decisions.

Check out our recent analysis on Ero Copper Corp and Southern Copper Corp.

What's Next for Your Investment Portfolio?

Diversifying it with oil and gas stocks could be a strategic move. The industry faces the challenge of finding high-quality oil and gas reserves, which makes investing in exploration and production (E&P) stocks particularly intriguing. To deepen your understanding and expand your investment strategies, consider exploring our investing guides on topics such as buying OTC and TSX stocks, finding investment opportunities, and the benefits of investing in gold.


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Author: Kirsteen Mackay

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Kirsteen Mackay does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Kirsteen Mackay has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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