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- 5 Best-performing Copper Stocks on the TSX in 2026 (2026-03-24)
Copper stocks are being supported by an increasingly constrained supply environment in 2026.
Structural demand drivers, including electrification, digital infrastructure and industrial expansion are underpinning long-term growth, particularly in emerging markets. On the supply side, however, pipeline constraints persist due to limited new projects, declining ore quality and extended development timelines.
Against that backdrop, how have TSX-listed copper companies performed?
Learn about the top five best-performing copper stocks in 2026 by year-to-date gains below.
Data for this article was retrieved on March 16, 2026, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.
1. Faraday Copper (TSX:FDY)
Year-to-date gain: 63.93 percent
Market cap: C$1.18 billion
Share price: C$4.59Explorer Faraday Copper is focused on its Copper Creek project in Arizona, US. The 78 square kilometer property is located in a region that is home to several current and past-producing copper mines. The project hosts a 3 kilometer long resource area that has seen more than 200,000 meters of drilling across over 560 drill holes.
In 2023, Faraday released a preliminary economic assessment (PEA) for the project.
The report demonstrated an after-tax net present value of US$713 million, an internal rate of return of 15.6 percent and a payback period of 4.1 years, using a base-case copper price of US$3.80 per pound.
According to the PEA, Copper Creek hosts a combined measured and indicated resource of 4.2 billion pounds of copper from 421.9 million metric tons of ore grading 0.45 percent copper. It also holds molybdenum and silver resources.
Exploration at the site has been ongoing, and Faraday reported the most recent results from its Phase 4 drill program on January 22. Five of eight drill holes at the American Eagle area intersected near-surface mineralization, with one highlighted hole returning 17.58 meters grading 0.44 percent copper from a depth of 109.42 meters.
On February 20, Faraday entered into a non-binding letter of intent to wholly acquire BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) San Manuel property, which sits adjacent to Copper Creek and contains a historic copper mine and a closed tailings facility. Upon closing of the deal, Faraday will assume control of San Manuel, as well as all environmental and closure liabilities. The company said the acquisition will consolidate the assets into what could potentially become a multi-generational copper district.
Additionally, on March 11, Faraday closed a non-brokered private placement for gross proceeds of C$100 million from investors that included the Lundin Family Trust and a BHP subsidiary. The company said the funds will be used to advance its copper projects in Arizona and to support the San Manuel acquisition and integration into its operations.
Shares of Faraday reached a year-to-date high of C$5.42 on March 2.
2. Osisko Metals (TSX:OM)
Year-to-date gain: 56.41 percent
Market cap: C$895.04 million
Share price: C$1.22Osisko Metals is an explorer and developer working to restart operations at the past-producing Gaspé copper mine in Québec, Canada. Located in the Gaspé Peninsula, the mine was in operation from 1955 until its closure in 1999, during which time it delivered 150 million metric tons of ore with an average grade of 0.87 percent copper.
Osisko’s initial focus was on testing the remnant mineralization at the existing pit, before stepping out to higher-grade targets it believes exist at greater depth. A November 2024 resource estimate shows an indicated contained copper resource of 4.91 million pounds from 824 million metric tons of ore with an average grade of 0.27 percent copper, as well as an inferred resource of 4.39 million pounds from 670 million metric tons at 0.3 percent copper.
The company has continued to explore the site through early 2026, and announced the most recent exploration results on February 25. Osisko reported that infill drilling encountered a broad mineralized interval of 694 meters at a grade of 0.31 percent copper. The same drill hole also encountered 201 meters of mineralization grading 0.19 percent located below the current resource area. Additionally, the company encountered 1.24 percent copper over 51 meters from the southern extension below the resource, noting that the deposit remains open to the south.
Osisko has also made significant fundraising announcements. The first came at the end of December 2025, when the company closed a private placement for C$32.5 million from four strategic investors: Hudbay Minerals (TSX:HBM,NYSE:HBM), Agnico Eagle Mines (TSX:AEM,NYSE:AEM), Franco-Nevada (TSX:FNV,NYSE:FNV) and La Caisse.
More recently, the company closed another private placement on February 4 for C$15 million, with the majority of the proceeds coming from Agnico Eagle, Hudbay and Rosseau Asset Management.
Funds from both placements will be used to advance activities at Gaspé.
Shares of Osisko reached a year-to-date high of C$1.55 on February 27.
3. Arizona Sonoran Copper Company (TSX:ASCU)
Year-to-date gain: 43.69 percent
Market cap: C$1.43 billion
Share price: C$6.94Arizona Sonoran Copper Company is an explorer and developer dedicated to advancing the Cactus project in Arizona, US, towards production. The brownfield asset, near Phoenix, was operational from 1972 to 1984.
Since then, Arizona has made substantial investments in the project, including a US$20 million reclamation program aimed at remediating the property. The site features one historic stockpile from the past-producing Sacaton mine, as well as the Cactus East, Cactus West and Parks/Alyer deposits. A prefeasibility study released in November 2025 highlights the project's base-case economics: an after-tax net present value of US$2.3 billion, an internal rate of return of 22.8 percent and a payback period of 5.3 years at a copper price of US$4.25 per pound.
The mine is expected to yield an average of 99,000 metric tons of copper per year, totaling 3.99 billion pounds over a 22 year lifespan. Initial mining for the first two to two and a half years is planned from a starter pit at Parks/Alyer.
The most recent update from the project was on February 11, when the company released partial results from the first phase of infill drilling at the Parks/Salyer deposit. The program is being used to define a proven mineral reserve for the deposit, which will be included in a feasibility study.
On March 2, Arizona Sonoran entered a definitive agreement to be acquired by Hudbay, under which Hudbay will acquire all issued and outstanding shares at C$9.35 per share, a 30 percent premium to the TSX price on February 27.
Once complete, the combined companies will hold the third largest copper district in North America.
Shares of Arizona Sonoran reached a year-to-date high of C$8.81 on March 2.
4. Taseko Mines (TSX:TKO)
Year-to-date gain: 17.92 percent
Market cap: C$3.3 billion
Share price: C$9.28Taseko is a mining and development company that owns Canada’s second largest copper mine, Gibraltar, in British Columbia, as well as the Florence Copper mine in Arizona, US.
On January 13, Taseko released its 2025 results from Gibraltar. During the year, the mine produced 98 million pounds of copper and 1.9 million pounds of molybdenum.
Output rose to 31 million pounds of copper and 830,000 pounds of molybdenum in Q4 alone, which the company said was a significant gain over the previous quarters last year. Additionally, its SX/EW plant, which re-entered production in May, produced 919,000 pounds of copper cathode during Q4. According to the company, the higher levels came despite unscheduled downtime at the mill and a serious accident, which temporarily halted operations in November. On the other hand, head grades increased to 0.26 percent during the quarter, while recoveries were 81 percent.
Taseko has also made significant progress at Florence Copper in 2026.
In its 2025 results, the company reported that construction was complete, and it had shifted its focus to wellfield operations and the commissioning of the SX/EW plant. By February 18, the plant was fully operational and Florence had begun producing copper cathodes, Taseko shared in its fourth quarter financial results.
Then, on March 2, the company announced the first harvest of Florence's copper cathodes, marking “the first new copper production from a greenfield facility in the US since 2008.”
Once Florence is fully operational, it will have a nameplate capacity of 85 million pounds of copper cathode per year and is expected to produce at least 1.5 billion pounds over the next 22 years.
Shares of Taseko reached a year-to-date high of C$12.15 on February 27.
5. Amerigo Resources (TSX:ARG)
Year-to-date gain: 16.48 percent
Market cap: C$853.31 million
Share price: C$5.30Amerigo Resources is a mining waste processing company focused on recovering copper from mine tailings using its Minera Valle Central treatment plant. The tailings come from Codelco’s El Teniente copper mine in Chile, which is one of the world's largest copper mines. The company has been operating since 1992 and has produced 1.08 billion pounds of copper from waste products over that timeframe.
On January 13, Amerigo reported record fourth quarter copper production of 18.9 million pounds and annual copper production of 62.2 million pounds. Its annual production was down slightly from 65 million pounds in 2024, due to an earthquake collapsing part of the El Teniente mine in July of last year.
Amerigo released its 2025 operating results on February 25, reporting net income of US$35.4 million compared to US$19.2 million the prior year. The company ended the year debt-free after repaying US$11.5 million in October.
Additionally, during 2025 it returned US$20.4 million to shareholders through buybacks and dividends, including a performance dividend. Its latest quarterly dividend of US$0.04 was paid on March 20.
Shares of Amerigo reached a year-to-date high of C$6.43 on February 25.
FAQs for investing in copper
Is copper a good investment in 2026?
Many experts have a positive long-term outlook for the red metal based on supply concerns and its growing role in the energy transition. Copper's price has climbed to new all time highs in 2026, bringing many copper stocks with it.
Investors who are interested in copper should make sure to perform their due diligence, as the volatility and unpredictability of markets and economies at the moment means that nothing is guaranteed.
What is copper used for?
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2022, 32 percent of copper globally was used in equipment manufacturing and 26 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
Check out our article on the topic for more copper uses.
How to invest in copper?
Investors can invest in copper in a variety of ways. Holding physical copper is possible, but plenty of storage would be required to hold any significant value of the metal.
For investors looking to invest in the metal without physically holding it, there are a few options. Copper stocks such as those on the TSX, TSXV and ASX are worth looking at. Additionally, there are copper exchange-traded funds and the copper options and futures markets on the London Metal Exchange.
How to invest in a copper ETF?
Copper exchange-traded funds (ETFs) focused on mining companies can be a good way to diversify an investment portfolio, and they can be a more stable option compared to individual copper miners or explorers.
There are multiple options available on the market, and they can usually be purchased in the same way one could purchase stocks through a broker or trading platform.
In May 2022, Horizons launched Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP). This Canadian copper ETF is focused solely on pure-play and diversified copper-mining companies.
There are multiple ETFs available on the US ARCA exchange as well. The Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, which includes copper miners, as well as copper explorers and developers. The other option is the United States Copper Index Fund (ARCA:CPER), which gives investors exposure to copper futures contracts by tracking the SummerHaven Copper Index Total Return.
How is copper priced?
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per metric ton.
How is copper processed?
Once copper is mined, the ore goes through multiple steps to reach a market-ready state. First, the ore is ground to roughly separate the rock from the copper, as copper typically only makes up 1 percent of the mined rock.
The resultant copper is then slurried with water and chemical reagents, after which air is used to float the copper to the top of the mixture. After the copper is removed from this, it is typically at 24 to 40 percent purity.
Lastly, the copper is refined at a refining plant or smelter using one of two methods, pyrometallurgy and hydrometallurgy. Pyrometallurgy is employed for copper ore that is sulfide rich, while hydrometallurgy is used when the ore is oxide rich. The Investing News Network's guide on copper refining goes into further detail about how those processes work. Once these processes are complete, the copper is concentrated to up to 99.99 percent purity.
Where is copper mined?
Copper is mined throughout the world, with significant production found on every continent besides Antarctica. Chile was the top producer in 2025, putting out 5.3 million metric tons of the metal. Other major top copper producers are the Democratic Republic of Congo with 3.2 million metric tons, Peru with 2.7 million metric tons and China with 1.8 million metric tons.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, own shares of Northern Dynasty Minerals.
- Top 5 Junior Copper Stocks on the TSXV in 2026 (2026-03-24)
Junior copper stocks are seeing significant support from the copper supply and demand story in 2026 as companies look to make the next big discovery of the red metal.
Copper prices soared at the start of the year amid an increasingly tight supply situation.
The expectation is that copper demand will continue to rise over the coming years as more sectors, including the energy transition and artificial intelligence, compete for limited supply. Copper demand is also expected to see sustained growth driven by modernization and rapid urbanization, particularly in the global south.
Meanwhile, there are few new discoveries and mines on the horizon, and grades at existing mines are declining.
How has the shifting copper market affected small-cap copper companies on the TSX Venture Exchange? Read on to learn about the five best-performing junior copper stocks since the start of 2026.
Data for this article was gathered on March 16, 2026, using TradingView's stock screener, and copper companies with market caps of over C$10 million at that time were considered.
1. Oreterra Metals (TSXV:OTMC)
Year-to-date gain: 164 percent
Market cap: C$22.31 million
Share price: C$0.66Oreterra Metals, formerly known as Romios Gold Resources, is an exploration company advancing its flagship Trek South copper-gold porphyry project in Northwest BC, Canada. Its copper portfolio also includes the Kinkaid and Lundmark projects in Nevada, US, and Ontario, Canada, respectively.
The company officially changed its name at the start of February following a half-year restructuring.
Its Trek South prospect is located on its 6,379 hectare Trek property in BC’s Golden Triangle. Exploration efforts since 2021 have identified a 1.6 kilometer by 1 kilometer zone of "intense porphyry-style alteration" with mineralized veins and wallrock containing visible copper throughout the area.
On January 22, the company reported it completed a technical report for the Trek South property that recommended a two phase, widely spaced approach for the company’s first-ever drilling program at the site.
Phase 1 of the program will consist of 4,650 meters across eight holes, which it says will target a prominent magnetic anomaly. This will be quickly followed by a second phase consisting of 4,600 meters across a further eight holes, aimed at expanding the Phase 1 area through step-back and step-out drilling. To fund the drill program, Oreterra raised C$9.7 million through an oversubscribed, two tranche non-brokered private placement it closed on March 2.
Oreterra has also been carrying out exploration work at its Kinkaid copper-gold project in Nevada. The property consists of 131 claims covering 1,101 hectares in the Walker Lane Trend.
On March 17, Oreterra announced assay results from recent fieldwork at Kinkaid that outlined epithermal gold mineralization above copper-gold porphyry intrusive centers.
Shares of Oreterra reached a year-to-date high of C$0.70 on February 3 in the days following its name change and copper's new all-time high price.
2. Kingfisher Metals (TSXV:KFR)
Year-to-date gain: 155.36 percent
Market cap: C$63.14 million
Share price: C$0.72Kingfisher Metals is an exploration company focused on its HWY 37 project in BC, Canada. The property, located in BC’s Golden Triangle, covers 933 square kilometers and hosts several epithermal and porphyry copper and precious metals deposits, including Hank and Williams, which were identified during historical exploration of the site.
On January 13, the company announced additional results from its 2025 exploration and drill program at HWY 37, releasing assays for three drill holes at the Williams deposit, two of which held some of Williams’ longest copper intercepts yet. Kingfisher highlighted one hole with a mineralized intercept of 889.35 meters grading an average of 0.47 percent copper equivalent starting 3.65 meters from surface.
Then, on January 22, Kingfisher received final results from the program, this time in the form of a deep drill hole at the Hank epithermal gold-silver system. While the hole intersected Hank’s typical mineralization in the upper half, starting at a depth of 534 meters it encountered a 425 meter interval grading 0.4 percent copper equivalent. The company said this was a blind discovery, with no previous porphyry copper and gold mineralization being reported at Hank.
"The final hole of the 2025 program validates our long-standing belief that the shallow Hank Au-Ag epithermal mineralization is driven by a large porphyry Cu-Au system," Kingfisher CEO Dustin Perry said.
Since that time, the company has focused on fundraising. On March 3, Kingfisher closed a bought deal private placement for gross proceeds of C$30 million through a mix of flow-through and hard dollar shares.
The company said it will use the flow-through proceeds for qualifying exploration expenditures at its properties in BC, with the hard dollar funding planned for exploration and corporate expenses.
After spiking in mid-January on the Williams news, Kingfisher hit a year-to-date high of C$0.85 on February 8.
3. Edge Copper (TSXV:EDCU)
Year-to-date gain: 145.95 percent
Market cap: C$109.04 million
Share price: C$0.91Edge Copper is an exploration company working to advance its Zonia project in Arizona, US.
In July 2025, the company entered into a definitive agreement to acquire the project from World Copper (TSXV:WCU,OTCQB:WCUFF). The past-producing mine sits on 900 hectares of land south of Prescott, Arizona. It hosts existing infrastructure and benefits from a streamlined permitting process, requiring only state permits for Phase 1.
Under the terms of the deal, which closed on October 30, World Copper received C$10.5 million in cash, along with a 31.3 percent ownership stake in Edge Copper, for a total aggregate value of C$22 million.
The company changed its name from Plata Latina to Edge Copper at that time.
On January 22, Edge reported it had mobilized two drill rigs to the site and started a 53,000 foot, 78 hole drill program expected to take six months. The primary focus of the program is increasing the indicated and inferred mineral resources to higher confidence categories. It will also include step-out drilling to expand the known resource area.
Then, on March 12, the company released a preliminary economic assessment (PEA) for Zonia. The PEA evaluates the project as an open pit mine with heap leach solvent extraction electrowinning (SX-EW) processing that would average 76 million pounds of copper cathode production annually over a 10 year life of mine.
According to the report, the base case economics for Zonia indicate an after-tax net present value of US$488 million and an internal rate of return of 23.4 percent.
Shares of Edge reached a year-to-date high of C$1.03 on January 29.
4. American Eagle Gold (TSXV:AE)
Year-to-date gain: 123.64 percent
Market cap: C$212.3 million
Share price: C$1.23American Eagle Gold is a copper and precious metals explorer advancing its NAK property in Central BC. Hosted within the Babine copper-gold district, the property has a history of exploration dating back to the 1960s. Since American Eagle completed the acquisition of NAK in December 2021 it has carried out extensive exploration efforts at the site.
As for recent results, American Eagle reported on February 25 that results from a breakthrough drill hole at a previously untested Babine porphyry stock effectively quadrupled the mineralized footprint at NAK to span an area of 1.7 by 1.5 kilometers. The trend's boundaries remain open in all directions except west.
The hole intersected 901 meters grading 0.43 percent copper equivalent from 9 meters deep, including one interval with 0.76 percent copper equivalent over 126 meters starting at a depth of 254 meters.
American Eagle CEO Anthony Moreau said:
"These results fundamentally change how we view NAK. What was previously interpreted as barren Babine stock has now demonstrated continuous copper-gold mineralization from surface over very large distances."
On February 27, American Eagle reported assays from the South zone further extended mineralization over 500 meters to the south. The company highlighted a drill hole with mineralization over 618 meters from 41 meters of depth, with average grades of 0.77 percent copper equivalent including 0.22 percent copper and 0.42 g/t gold.
That same day, American Eagle announced plans for a non-brokered private placement for gross proceeds of C$34.54 million, which includes a C$23 million in charity flow-through shares backed by investor Eric Sprott. Proceeds from the fundraising will be used for qualified exploration expenditures.
The company followed up on March 11, stating that existing investors South32 (ASX:S32,OTCPL:SOUHY) and Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) would be participating in the placement to maintain their respective 19.9 percent and 12.9 percent equity ownership. South32, Teck and Sprott are the sole participants in the private placement.
Shares of American Eagle reached a year-to-date high of C$1.32 on March 2.
5. Nobel Resources (TSXV:NBLC)
Year-to-date gain: 122.22 percent
Market cap: C$24.05 million
Share price: C$0.10Nobel Resources is an exploration company focused on its flagship Cuprita project in Chile's Antofagasta region.
The 1,000 hectare property is located in the Paleocene porphyry copper belt, in a region known for significant mineral deposits. The property has been explored since 2008 and hosts three priority target zones.
Nobel acquired the option on Cuprita in April 2025 along with three other properties: Janett, Pampa Austral and Anais. Under the terms of the deal, Nobel has the opportunity to earn a 100 percent interest in Cuprita in exchange for total cash considerations of US$1.24 million, a 2 percent net smelter royalty and 5 million shares of Nobel.
On January 17, Nobel began the first diamond drill campaign at Cuprita. The company is focused on a lithocap identified through its 2025 field work it believes is above a porphyry-related hydrothermal system.
In fhe program's first update on March 9, the company reported the discovery of a new copper porphyry system at the site after one drill hole intersected copper-bearing mineralized porphyry over a length of more than 100 meters.
"It is very rare to find such an extensive new lithocap with associated mineralization and geophysical anomalies, that has never been drilled," Nobel Chief Operating Officer Vernon Arsenau stated in the announcement.
In addition to starting exploration, Nobel has also been raising funds in 2026. On January 29, the company closed a non-brokered private placement for gross proceeds of C$250,000. The company said the net proceeds would be used in part for its exploration efforts in Chile.
Shares of Nobel reached a year-to-date high of C$0.165 on January 23.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Oreterra Metals is a client of the Investing News Network. This article is not paid-for content.
- Liberty Gold Gains FAST-41 Status for Idaho Project (2026-03-24)
Liberty Gold (TSX:LGD,OTCQX:LGDTF) has moved a step closer to advancing its flagship US asset after securing entry into the US Federal Permitting Improvement Steering Council’s FAST-41 program.
The company announced that its Black Pine oxide gold project in Idaho has been accepted into the program as a “covered project,” giving it access to a coordinated federal review schedule and enhanced interagency oversight.
Shares of the company rose 7.7 percent to C$1.05 following the announcement, reaching their highest point since March 2022, and have since held steady at that level.
For developers, the clarity brought about by the program is often as important as speed.
Created under the 2015 Fixing America’s Surface Transportation Act, FAST-41 was designed to address one of the mining sector’s most persistent challenges: unpredictable permitting timelines.
Projects admitted into the program are assigned a lead agency, a defined schedule and a publicly tracked timeline through a federal dashboard. While the framework does not override environmental laws or guarantee faster approvals, it aims to reduce delays tied to fragmented reviews and shifting regulatory requirements.
Liberty Gold said it expects to enter a structured coordination phase within 60 days, after which an updated permitting schedule for Black Pine will be published.
FAST-41 projects gain momentum
FAST-41 has expanded rapidly this year as US policymakers push to accelerate resource development.
According to the Permitting Council, the program’s portfolio grew to 76 active projects in 2025, with 13 completing federal permitting during the year. Mining projects have become an increasingly prominent part of that pipeline, reflecting broader efforts to secure domestic supply chains for critical materials.
“This has been an exciting year for the Permitting Council, as our agency has taken on a prominent role in bringing real, measurable improvements to federal permitting and getting more projects to the finish line,” said Executive Director Emily Domenech in a January press release.
The agency has also introduced new tools, including expanded use of a transparency dashboard and coordination agreements with state governments, aimed at tightening timelines and improving accountability across agencies.
Liberty Gold is just one of a growing list of companies turning to FAST-41 as a way to de-risk large-scale projects. Uranium Energy's (NYSEAMERICAN:UEC) Sweetwater project in Wyoming was designated under the framework in August 2025, part of a broader push to strengthen domestic uranium production.
The designation allows the company to advance modifications to existing permits and expand operations using in-situ recovery methods. Shares of Uranium Energy rose to a 52 week high of US$9.91 following the announcement and have since climbed to US$12.51, a gain of roughly 26 percent in over 7 months.
Meanwhile, Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) saw a similar re-rating after its Castle Mountain Phase 2 project in California was accepted into FAST-41 the same month. The company pointed to improved regulatory certainty and a defined permitting schedule, with federal approvals expected by late 2026.
Its shares have risen from US$6.65 at the time of the announcement to US$12.64, an increase of about 90 percent, supported by both project-specific developments and a stronger gold price environment.
Enhancing permitting timelines
For mining companies, permitting remains one of the longest and least predictable phases of project development. Even well-defined assets can face delays tied to environmental reviews, interagency coordination or legal challenges.
While FAST-41 does not eliminate those risks, it nonetheless introduces structure.
By setting timelines and making them public, the framework reduces uncertainty around the process, potentially changing how investors react and value a project.
In development-stage mining, valuation often hinges on perceived risk as much as underlying resource size or economics. A project with a clearer path to approval can command a higher valuation multiple, particularly in jurisdictions where permitting has historically been a bottleneck.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
- Final Assay Results Confirm High-Grade, Near-Surface Fluorspar and Gallium Mineralisation at Monte Muambe (2026-03-24)
Altona (LSE: REE), a resource exploration and development company focused on critical raw materials in Africa, is pleased to announce the receipt of all outstanding assay results from its 2025 drilling campaign at Monte Muambe.
Highlights
- All assays received: Final results from the 2025 drilling programme are now in hand, clearing the path for the delivery of the Mineral Resource Estimate ("MRE").
- Record fluorspar intercept: Hole MM156 returned 30 metres at 42.5% CaF₂ from surface, representing the highest grade × intercept length recorded to date at the Monte Muambe project.
- Consistent, commercial-grade fluorspar: The weighted average grade of all significant fluorspar intercepts is 30% CaF₂, aligning with industry benchmarks for commercially viable open-pit mining operations (typically 20-40% CaF₂).
- Gallium results exceed expectations: Gallium mineralisation was encountered over wide, consistent intercepts up to 50 metres (averaging 18 metres), with a weighted average grade of 63 g/t Ga₂O₃. These results surpassed internal pre-drilling expectations.
- Gallium metallurgical testing underway: A gallium metallurgical testing programme was initiated last week to assess recovery potential from fluorspar tailings, an essential step toward evaluating commercial viability.
Received results correspond to samples from diamond drilling and reverse circulation drilling holes at the Fluorite Zone, Southern Extension, Kudu and Python.
It is noteworthy that the 2025 drilling campaign covered only about 40% surface area of soil gallium and fluorspar anomalies. The remaining 60% has not been drilled yet, leaving significant scope for new mineralized zones identification and definition through additional drilling.
Individual sample grades reach up to 93.11% CaF2 and up to 149 g/t Ga2O3.
Significant intercepts for fluorspar and gallium are detailed in the tables below.
Fluorspar Results Meet Expectations
The weighted average of the fluorspar intercepts reported in this RNS which cover 2,842 reverse circulation drilling samples is 30% CaF2, with numerous surface or near-surface intercepts, confirming a favourable geometry for open-pit mining. This is consistent with the Company's pre-drill expectations for this project as well as with grades at which fluorspar is commercially mined, typically ranging from 20% to 40% CaF2.
Results include a record fluorspar intercept (in terms of grade x intercept length) for hole MM156, with 30m at 42.5% CaF2.
Gallium Results Exceed Expectations
Gallium results show consistent mineralisation with grades above 55 g/t Ga2O3 across wide intercepts (up to 50m, average 18m). The weighted average grade of the gallum intercepts is 63 g/t Ga2O3.
Gallium results strongly exceed the Company's pre-drilling expectations. Gallium grades extend into the host rock of fluorspar mineralisation, meaning that gallium may be recovered not only from fluorspar ore but also from fluorspar waste. These results underpin the importance of specific gallium metallurgical testing workstreams initiated by the Company as announced on 19 March 2026.
Next steps
All assay results have now been incorporated in the project database and work towards the preparation of the MRE is on-going. The Company will provide further updates as this work progresses, alongside results from the gallium metallurgical testing programme.
Cedric Simonet, CEO, commented: "These final assay results give us a complete picture of the 2025 resource drilling campaign and have confirmed the high-grade nature of fluorspar mineralization at Monte Muambe aligned with our expectations.
"Gallium results, however, show an exceptional consistency and exceeded our expectations. While gallium associated to carbonatites and fluorspar is a new type of deposit, and much work remains to be done to establish its ultimate commercial viability, these results clearly strengthen the case for investing further in gallium studies. The initiation of gallium metallurgical testing announced last week is a essential part of these studies.
"With all assays now in hand, we are focused entirely on delivering the MRE. That will be the next major milestone in building a comprehensive understanding of Monte Muambe's value."
Significant fluorspar intercepts (over 18% CaF2):
Hole Number
From (m)
Length (m)
CaF2 %
MM127
12
8
56.6%
MM127
25
8
34.7%
MM128
29
7
19.6%
MM130
1
6
32.1%
MM130
28
15
46.7%
MM131
3
3
21.1%
MM131
27
14
27.3%
MM134
Surface
25
19.5%
Including
1
5
36.6%
Including
12
3
42.2%
MM135
9
16
34.2%
MM136
Surface
13
42.0%
MM136
24
5
19.1%
MM136
38
7
21.5%
MM138
Surface
10
23.9%
Including
Surface
5
37%
MM138
31
4
21.1%
MM138
48
2*
62.6%
MM139
Surface
14
29.4%
MM139
23
10
18.1%
MM143
1
4
25.4%
MM143
17
5
26.8%
MM144
Surface
3
18.7%
MM146
3
24
30.6%
Including
15
12
40.7%
MM148
Surface
26
32.0%
MM150
1
4
30.4%
MM151
19
11
32.8%
MM152
31
8
30.3%
MM153
18
4
24.5%
MM156
Surface
30
42.5%
Including
6
12
54.7%
MM160
23
4
18.9%
MM161
8
11
18.1%
MM162
6
3
26.5%
MM162
25
4
21.4%
MM163
1
5
53.9%
MM168
58
8
23.3%
MM169
73
2*
28.8%
MM170
21
6
22.2%
MM170
34
8
20.2%
MM170
59
7
28.5%
MM173
38
12
26.8%
MM175
27
4
27.7%
MM179
8
6
23.9%
MM182
15
11
27.6%
MM182
29
5
21.5%
MM182
59
4*
19.3%
MM183
20
24
32.2%
Including
24
7
41.8%
Including
36
4
42.7%
MM183
49
9
31.6%
MM184
2
17
28.4%
* Hole ended in mineralisation, open at depth.
Significant gallium intercepts (over 54g/t Ga2O3):
Hole Number
From (m)
Length (m)
Ga2O3 g/t
MM125
28
11
63
MM127
10
3
68
MM128
Surface
5
62
MM128
15
13
58
MM129
28
6
64
MM131
Surface
21
63
MM131
27
19
62
Including
38
8
78
MM132
1
23
67
MM137
Surface
19
60
MM138
5
33
71
Including
27
11
84
MM139
2
38
64
Including
32
8
78
MM140
Surface
28
59
MM148
2
28
52
MM150
28
22
65
MM152
3
15
64
MM154
9
18
55
MM155
1
24
61
MM157
1
24
67
Including
19
5
111
MM158
21
8
79
MM159
23
15
73
MM160
1
22
59
MM161
1
15
52
MM162
2
37
58
MM166
Surface
21
67
MM167
2
10
69
MM168
21
22
62
MM168
54
8
56
MM168
73
9
62
MM169
20
5
58
MM169
36
19
58
Including
51
4
100
MM169
65
9
63
MM170
Surface
8
78
MM170
15
4
65
MM170
35
11
67
MM170
52
26
67
MM171
13
20
58
MM171
54
14
56
MM172
29
25
57
MM173
8
18
63
MM173
43
14
84
MM173
64
6
65
MM174
Surface
21
80
MM174
64
16
62
MM175
Surface
8
58
MM175
14
12
55
MM175
33
23
54
MM176
1
20
58
MM176
26
24
65
MM177
17
43
61
MM178
28
27
67
MM179
Surface
50
59
MM180
25
3
97
MM180
34
6
79
MM181
46
5
55
MM182
43
18
56
MM183
6
20
70
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.
-ends-
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Altona Rare Earths Plc
Cédric Simonet, CEO +44 (0) 7778 866 108 (cs@altonare.com)Louise Adrian, CFO +44 (0) 7721 492 922 (la@altonare.com)
Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494
Christopher Raggett
Imogen Ellis
Zeus Capital (Corporate Broker) +44 (0) 20 3829 5000
Simon Johnson
James Hornigold
About Altona Rare Earths Plc
Altona Rare Earths Plc (ticker: REE) is a London Main Market-listed exploration and development company focused on unlocking the value of critical raw materials across Africa. The Company is pursuing a diversified strategy, targeting assets with potential for near-term monetisation alongside long-term growth.
The multi-commodity Monte Muambe Project in northwest Mozambique is a highly prospective tenement hosting rare earths, fluorspar, and gallium mineralisation. Since acquiring the project in June 2021, Altona has drilled over 7,800 metres, delivering a maiden JORC Mineral Resource Estimate of 13.6Mt at 2.42% TREO, secured a 25-year mining licence (granted December 2024), and published a Competent Person Report and scoping study for the rare earths component of the project (October 2023). The Company has received a US$ 1.875 million grant from USTDA to advance the rare earths project through the prefeasibility stage.
In parallel, Altona is progressing plans to fast-track the development of high-grade fluorspar veins identified along the western and southern margins of Monte Muambe, with a targeted production of 50,000 tonnes per annum of acid-grade fluorspar over a minimum 12-year mine life. Acid-grade fluorspar is a key input in a wide range of applications, including hydrofluoric acid, lithium battery electrolyte production, and nuclear fuel refining, placing Altona in a strong position to supply this critical material.
The discovery of gallium mineralisation, with grades up to 550 g/t identified to date, adds further value to Monte Muambe. The Company has established that gallium will be concentrated in fluorspar production tailings and is assessing its possible recovery as a by-product of fluorspar.
Altona's diversified portfolio also includes the Sesana Copper-Silver Project in Botswana, strategically located just 25 km from MMG's Khoemacau Zone 5 copper-silver mine. Situated on a recognised regional contact zone for copper deposits, Sesana represents a compelling exploration opportunity aligned with Altona's growth strategy.
With a unique combination of critical raw materials projects, Altona is well positioned to contribute to the global supply of highly sought commodities essential for clean energy, high technology, defence and industrial applications.
The Company and the Board remain actively focused on identifying and evaluating additional projects that align with our investment profile and strategic objectives, leveraging our extensive network and combined industry experience to uncover compelling opportunities that can drive long-term growth.
Competent Person Statement
The information in this RNS that relates to geology and exploration results is based on information compiled and/or reviewed by Cédric Simonet, who is a Member of European Geologist Federation (Eur. Geol. #739). Cédric Simonet is the Chief Executive Officer and a Director of the Company. He has sufficient experience which is relevant to the styles of mineralisation and type of deposit under consideration and the activity which he is undertaking to qualify as a Competent Person in terms of the 2012 Edition of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves. Cédric Simonet consents to the inclusion in the RNS of the matters based on his information in the form and contest in which it appears.
- Ucore and Vulcan Forge US Rare Earth Magnet Supply Chain (2026-03-24)
Ucore Rare Metals (TSXV:UCU,OTCQX:UURAF) has taken another step toward building a North American rare earth magnet supply chain, signing a memorandum of understanding with Vulcan Elements aimed at securing domestic production for both defense and commercial applications.
Under the agreement, Ucore will supply neodymium-praseodymium (NdPr) and dysprosium (Dy) oxides to Vulcan, beginning with initial samples in 2026 and progressing toward a full commercial supply arrangement by 2027.
The deal links Ucore’s planned Louisiana Strategic Metals Complex with Vulcan’s expanding manufacturing footprint in North Carolina, effectively creating an integrated, mine-to-magnet supply chain within the US.
The move comes amid intensifying efforts by western governments to reduce reliance on China, which currently dominates both rare earths processing and magnet manufacturing. Rare earth magnets are essential components in a range of strategic technologies, including electric vehicles, wind turbines and advanced defense systems.
Vulcan is scaling its capabilities rapidly, backed by a US$1.4 billion partnership with the US government to develop what it describes as the largest rare earth magnet facility outside China.
The planned site in North Carolina is expected to deliver up to 10,000 metric tons of annual magnet manufacturing capacity, positioning the company as a key player in reshoring critical supply chains.
For Ucore, the agreement builds on recent momentum tied to its separation technology and government support.
The company received an US$18.4 million award from the US Department of Defense in 2025 to advance processing capabilities at its Louisiana facility, while continuing to operate a commercial demonstration plant in Kingston, Ontario.
The collaboration with Vulcan provides a clear downstream pathway for Ucore's refined materials, bridging demonstration-scale output with commercial production.
“Vulcan is building exactly the kind of downstream magnet platform that the United States needs,” said Ucore CEO Pat Ryan, adding that the partnership “anchors a resilient allied rare earth magnet supply chain.”
Vulcan CEO John Maslin described the agreement as a milestone, emphasizing its role in rebuilding a domestic industry that is critical to both economic growth and national security.
Beyond the immediate supply arrangement, the companies plan to work through technical specifications, purity standards and production protocols over the coming year — key steps in establishing a reliable, scalable supply chain.
The partnership reflects a broader trend across North America, where governments and industry are increasingly prioritizing domestic production of critical minerals and advanced materials.
With both upstream processing and downstream manufacturing now being developed in tandem, the Ucore-Vulcan collaboration highlights how integrated approaches may accelerate the region’s push to compete in the global rare earths market.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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