Copper prices saw significant momentum in the first half of the year, surging above the US$10,000 per metric ton mark on the London Metals Exchange.
Although prices have retraced to around the US$9,400 mark, they remain elevated in comparison to prices in 2023.
Support for the metal has come from a combination of factors including increasing demand from energy transition sectors that is coming alongside strained supply due to underdevelopment and geopolitical issues.
How have these dynamics affected small-cap copper explorers on the TSXV? Below are the five best-performing junior copper stocks since the start of 2024. Data for this article was gathered on October 16, using TradingView’s stock screener, and all companies had market caps of over C$10 million at that time.
Year-to-date gain: 388.89 percent
Market cap: C$62.28 million
Share price: C$1.10
Koryx Copper is focused on the advancement of copper exploration projects in Namibia and Zambia. Its flagship asset is the Haib copper project located in Southern Namibia near the border with South Africa.
In an amended preliminary economic assessment released on January 8, the company indicated 20 million metric tons per year of ore processing with 85 percent copper recovery for a yearly production of 38,337 metric tons of copper and an additional 51,081 metric tons of copper sulfate.
Since the start of 2024, Koryx has published several assay results from exploration at Haib, the most recent came on August 8 when the company provided final results from its 2024 drill program. In the announcement, the company highlighted near-surface grades of 0.30 percent copper over 44 meters, including an intersection of 0.5 percent copper over 8 meters.
Company President and CEO Pierre Léveillé said the program demonstrates that the deposit can deliver grades over 0.3 percent copper for substantial width in the project area. He also said the results indicate above average grades in the outer limits of the deposit.
Following the final results, Koryx released an updated mineral resource estimate from Haib on September 10. The announcement reported indicated resources of 1.46 million metric tons (MT) contained copper from 414 million MT of ore at an average grade of 0.35 percent along with additional inferred resources of 1.14 million MT of copper from 345 million MT of ore at 0.33 percent.
The most recent news from Koryx came on October 15 when it announced it had closed an oversubscribed first tranche of its non-brokered private placement. The company said it had raised C$9.67 million in funding for the sale of 8.79 million common shares and would be increasing the size of the offering up to C$17 million. Koryx noted that the second tranche was fully subscribed and would be closing shortly.
Funds raised will be used to advance the Haib copper project and the Luanshya West copper-cobalt project in Zambia as well as general working capital purposes.
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Read More: 5 Best-performing Junior Copper Stocks on the TSXV in 2024