Top TSX Copper Stocks That Surged in 2025: A Year of Recovery and Expansion

As 2025 progressed, copper stocks delivered remarkable returns on the TSX, with several companies posting triple-digit gains. The year showcased how copper stock investments responded to a complex market environment shaped by supply disruptions, surging demand from artificial intelligence and renewable energy initiatives, and shifting regulatory landscapes. Five standout performers demonstrated both operational execution and strategic positioning in an industry increasingly central to global economic transitions.

The Market Landscape: Why Copper Found Its Footing

Throughout 2025, copper price movements reflected competing forces. Early concerns about global recession and trade tariffs created uncertainty, yet by year-end, market fundamentals revealed a compelling story: a tightening supply-demand balance projected to deepen into 2026. Two critical disruptions highlighted this dynamic—Ivanhoe Mines’ Kamoa-Kakula mine in the Democratic Republic of Congo faced closure following a seismic event, while Freeport-McMoRan’s Grasberg operation in Indonesia halted due to material inflow. These stoppages at world-class producers underscored how vulnerable the market remained to operational shocks.

Against this backdrop, the demand picture accelerated. Artificial intelligence infrastructure buildouts and accelerating energy transition projects drove consumption of the red metal to new heights. For investors tracking copper stocks on the TSX, this created an environment where operational excellence and development progress translated directly into shareholder returns.

Imperial Metals (TSX:III): 333.7% Ascent on Production Growth

Imperial Metals emerged as the year’s top performer among copper stocks listed on the TSX, with shares climbing 333.7 percent. The company operates a balanced portfolio spanning development and production assets across British Columbia, including a 30 percent stake in the Red Chris mine (with Newmont holding the remainder) and full ownership of Mount Polley and Huckleberry operations.

The standout achievement came from Red Chris production metrics. In the third quarter, copper output rose 10 percent year-over-year to 20.9 million pounds, accelerating to a 20 percent increase through the first nine months—reaching 67.51 million pounds compared to 56.37 million pounds in the equivalent 2024 period. This production trajectory attracted capital to the stock, which peaked at C$7.95 on December 10.

Operationally, Imperial navigated complex regulatory terrain. Provincial approvals for a Mount Polley tailings storage facility embankment raised significant legal challenges from the Xatśūll First Nation throughout the spring and summer. However, the British Columbia Supreme Court dismissed the nation’s injunction challenge on August 6, subsequently rejecting a judicial review appeal filed in September—though not the injunction appeal itself, clearing the path for the operation’s expansion. In late August, the company secured permits to expand Mount Polley operations and extend mine life through pit development and expanded storage capacity.

Late-year exploration updates from Huckleberry reinforced the investment thesis, with drill results returning 0.5 percent copper over 52.7 meters, including a higher-grade intersection of 0.81 percent copper and 0.23 grams per metric ton gold over 22.6 meters.

Meridian Mining (TSX:MNO): 313.33% Rally on Feasibility Progress

Meridian Mining’s stock surged 313.33 percent, the second-best performer, as the company advanced its flagship Cabaçal copper-gold project in Brazil toward production readiness. The prefeasibility study released in March established a compelling economics profile: a post-tax net present value of US$984 million, an internal rate of return of 61 percent, and a payback period of just 17 months. The project’s 10.6-year mine life projects 169,647 metric tons of contained copper extraction.

Exploration and drilling campaigns intensified through 2025. The final phase results announced in October highlighted an interval of 1.4 percent copper equivalent over 27.5 meters, including a 6.1 percent copper equivalent zone over 6.4 meters—grades that will feed into the definitive feasibility study targeted for completion in the first half of 2026. Ausenco Brazil was engaged as lead engineer for this critical milestone.

Regulatory momentum accelerated dramatically in November when the State of Mato Grosso formally approved the preliminary operating license, the first of three required approvals for project commencement. Meridian announced it would now pursue installation licensing, which would green-light construction phases. Shares of Meridian peaked at C$1.65 on December 4.

St. Augustine Gold and Copper (TSX:SAU): 300% Appreciation on King-King Development

St. Augustine Gold and Copper’s 300 percent year-to-date gain reflected investor confidence in the King-King copper-gold project in the Philippines’ Davao de Oro province. The development story accelerated in May with an acquisition agreement granting the company 100 percent interest in Kingking Milling (previously held by the National Development Corporation), securing development rights to the asset. The deal included a C$9.02 million convertible investment and realigned the underlying mining joint venture structure.

The July feasibility study elevated project economics significantly. Assuming copper at US$4.30 per pound and gold at US$2,150 per ounce, the after-tax net present value reached US$4.18 billion with an internal rate of return of 34.2 percent and a payback period of just 1.9 years. The six-phase development plan targets average annual production of 96,411 metric tons of payable copper and 185,828 ounces of gold, with higher throughput in the first five years (129,000 metric tons of copper and 330,000 ounces of gold annually) across the projected 31-year mine life.

Engineering advancement proceeded through Q4 when the company engaged Stantec Consulting and Independent Mining Consultants to produce a definitive feasibility study optimizing key recommendations, including chloride leach processes for improved recovery from low-grade stockpiles and enhanced throughput capacity. St. Augustine shares reached a high of C$0.58 on July 29.

Trilogy Metals (TSX:TMQ): 269.23% Surge Amid Arctic Infrastructure Progress

Trilogy Metals appreciated 269.23 percent as the polymetallic exploration company advanced its Upper Kobuk mineral projects in Alaska through a transformative 50/50 joint venture with South32. The Arctic copper-zinc-lead-gold-silver project, in feasibility stage, projects annual payable production of 148.68 million pounds of copper, 172.6 million pounds of zinc, and significant precious metals. The updated feasibility study pegged after-tax net present value at US$1.11 billion with a 22.8 percent internal rate of return and 3.1-year payback.

The defining catalyst arrived in October when political shifts cleared the way for the Ambler Access Road, a 211-kilometer industrial corridor long blocked by environmental concerns. Trilogy’s share price surged following the US Senate’s repeal of land management restrictions, climbing to C$14.70 on October 14.

This momentum translated into a strategic partnership: on October 6, Trilogy announced a binding letter of intent with the US Department of Defense committing US$17.8 million in exchange for 8.22 million Trilogy shares (10 percent equity). The DoD will also hold 7.5 percent additional warrants exercisable post-construction, with funds earmarked for exploration and development. The Department committed to facilitating road construction financing and expediting mine permitting via the FAST-41 process. By late October, the Alaska Industrial Development and Export Authority had executed the necessary right-of-way permits with the US Army Corps of Engineers, National Parks Service, and Bureau of Land Management, re-establishing federal authorizations to advance the project.

Northern Dynasty Minerals (TSX:NDM): 234.12% Climb Amid Regulatory Reopening

Northern Dynasty Minerals closed the year up 234.12 percent, benefiting from a dramatic regulatory shift for the Pebble copper-molybdenum-gold-silver project in Alaska’s Bristol Bay region. The project hosts 6.5 billion metric tons of measured and indicated copper resources alongside substantial molybdenum, gold, and silver endowments.

The project had languished since 2020 when the EPA issued a veto suggesting environmental concerns about Bristol Bay watershed impacts. This determination persisted through multiple legal challenges into 2024. The pivotal inflection point arrived in March 2025 when the incoming federal administration issued an executive order prioritizing expedited approvals for domestic mineral production, specifically naming copper as strategically important.

Northern Dynasty responded by engaging with the EPA on reconsideration, with the agency requesting successive review extensions: 90 days in February, an additional 30 days in May, and a further 20 days in June. When early July settlement discussions stalled, the company filed a motion for summary judgment on July 17 to compel EPA veto removal. October saw the company file court briefs detailing its case for veto reversal, with leadership expressing confidence in the company’s legal position.

The legal timeline extended into 2026 due to US government shutdown delays. Northern Dynasty reported in November that the Department of Justice must file opening briefs by February 16, 2026, with plaintiff responses due April 15, 2026. As of early December, major industry associations—the National Mining Association, American Exploration and Mining Association, Alaska Mining Association, and US Chamber of Commerce—had filed amicus briefs supporting the company’s position, emphasizing Pebble’s strategic importance to copper supply chains essential for defense, construction, transportation, and electronics applications.

Shares reached a year high of C$3.89 on October 14, reflecting market recognition that regulatory momentum had shifted decisively toward project advancement.

Key Takeaways: What Drove These Copper Stocks Higher

The five standout copper stocks on the TSX in 2025 shared common themes: strong operational execution (Imperial Metals’ production growth), advanced development milestones (feasibility study completions across Meridian, St. Augustine, and Trilogy), and transformative regulatory developments (Trilogy’s Ambler Road clearance, Northern Dynasty’s political tailwinds). These factors coalesced at a moment when global copper demand accelerated due to AI infrastructure requirements and renewable energy deployment, creating a favorable supply-demand dynamic that extended into 2026.

For investors evaluating copper stock opportunities, the 2025 cohort demonstrated that a combination of operational discipline, project advancement, and structural demand tailwinds can drive substantial capital appreciation. However, as with all equity investments, thorough due diligence remains essential given market volatility and macroeconomic uncertainty.

The outperformance of these copper stocks reflected not speculative enthusiasm but fundamental improvements in project economics, permitting progress, and supply-market rebalancing—factors likely to remain relevant as the copper industry navigates ongoing demand growth from the energy transition and digital infrastructure buildout.