Coming off a volatile 2023, copper started the new year trading in the US$8,000 to US$8,500 range in January and February.
The results of the cuts pushed the price of copper on the London Metal Exchange to a quarterly high of US$8,973 per metric ton (MT) on March 20. The price has continued to see gains and reached a two-year high of US$9,814 on April 24.
Year-to-date gain: 211.11 percent; market cap: C$266.07 million; current share price: C$0.28
Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company’s mine operating permit for Black Butte, halting construction activities of the underground mine.
Sandfire describes the project as one of the highest grade undeveloped copper deposits in the world; a resource estimate for the project’s Johnny Lee deposit completed in 2020 reported measured and indicated resources of 10.9 million MT grading 2.9 percent copper for a total of 311,000 MT contained copper.
The company has not released any further updates about the project. Shares of Sandfire reached a quarterly high of C$0.29 on March 4.
Year-to-date gain: 171.7 percent; market cap: C$67.31 million; current share price: C$0.72
American Eagle Gold is a copper and precious metals exploration company working to advance its NAK property in Central BC, Canada.
Shares of American Eagle reached a quarterly peak of C$0.71 on March 28.
Year-to-date gain: 160 percent; market cap: C$24.24 million; current share price: C$0.52
Libero Copper is an exploration company focused on its flagship Mocoa project located in Putumayo, Colombia.
Shares of Libero reached a quarterly high of C$0.80 on March 13.
Year-to-date gain: 155.56 percent; market cap: C$21.21 million; current share price: C$0.115
Formerly Deep-South Resources, the company announced in November 2023 that it would be changing its name to Koryx Copper to better represent its core values.
The company is focused on the advancement of copper exploration projects in Namibia and Zambia.
The company said it was pleased with the results and they are demonstrating the average grade could be higher than previous resource estimates indicate. Koryx also said there were nine holes from the drill program that have yet to be reported.
Shares of Koryx reached a quarterly high of C$0.80 on March 28.
Year-to-date gain: 133.33 percent; market cap: C$26.44 million; current share price: C$0.105
Chakana Copper is a copper exploration company focused on developing its Soledad project in the Ancash region of Peru.
Shares of Chakana reached a quarterly high of C$0.10 on March 28.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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