Crux' Top 1% Copper Developers Poised to Benefit as Industry Heavyweights Compete for Scarce Supply

Surging copper prices and a tightening global supply are fueling a new wave of acquisitions, with advanced copper development projects firmly in the spotlight. As major miners scramble to secure high-quality assets, companies with strong fundamentals and promising near-term catalysts are standing out from the crowd.

Among these, those earning top ratings in the Crux Investor Index (CII) from the Crux Investor team are especially noteworthy. These companies not only boast high-quality projects in attractive jurisdictions but also score 8 or higher on the Crux Investor Index—placing them in the top 1% of the sector and signaling strong potential to benefit from the ongoing copper rally. High-grade discoveries that support smaller, more profitable operations are in particularly high demand due to their faster path to production. For investors, this segment of the market offers one of the most attractive risk-reward profiles in today’s maturing bull cycle. The companies featured in this article represent precisely the kind of coveted copper assets drawing competitive interest from industry giants.

M&A Driven By Search for Scale and Jurisdiction

For copper, that means focusing on well-funded developers with quality assets and multiple pathways to value creation in the near to medium-term. As M&A accelerates alongside rising prices, companies that can deliver scale, jurisdiction and growth should be poised to outperform.

The most compelling evidence of a progressing bull market is the marked uptick in mergers and acquisitions among mining companies. Derek Mcpherson and Samuel Pelaez, industry veterans and executives at Olive Resource Capital, have observed a flurry of recent deals notably in the gold and copper sector including Calibre-Equinox, Gold Fields' offer for Gold Road (which was rejected), Spartan being acquired by Ramelius, and Northern Star taking out De Grey.

This activity is driven by major mining companies' need to replenish reserves and boost production to meet rising demand. With few new discoveries and declining grades at existing deposits, buying growth is often the only option. Pelaez notes that producers flush with cash from higher commodity prices are increasingly looking externally for their next mining districts.

As producers seek to secure their long-term production pipelines, single-asset developers with quality projects in attractive jurisdictions are becoming prime acquisition targets. McPherson highlights,

"Now is the time to be positioning yourself in those developers and explorers that you like."

Best-Performing Copper Miners

The Crux Investor Index (CII) is a proprietary rating system developed by Crux Investor's team of expert industry analysts to provide a comprehensive overview of the natural resource market and identify promising investment opportunities. The index, which is public, serves as a valuable short-hand tool for readers of the Crux Investor website to navigate the vast array of mining companies and investment prospects within the natural resource sector.

Crux analysts consider various factors when determining the Crux Investor Index, including commodity price risk, community relations, jurisdictional risk, geological risk, financial demands, technical risk, operational risk, and management track record, which encompasses both delivery to plan and returns to shareholders, as well as effective communication of their execution to the market.

Among the companies best positioned to capitalize on the copper bull market, some companies stand out for their exceptional assets, attractive jurisdictions, and near-term catalysts. Below are copper mining companies which are a part of the top 1% of companies which been awarded a CII of 8 or more as of March 2024.

1. ATEX Resources (9/10 Crux Investor Index)

ATEX's Valeriano copper-gold project in Chile is rapidly emerging as a globally significant discovery. The company recently identified high-grade breccia zones above a large porphyry copper system that could represent $6-10 billion in in-situ value. sees substantial exploration upside, agressively drill out these targets.

The district focus aligns with an industry trend toward consortium-based development of large copper projects. CEO Ben Pullinger noted on a recent interview with Crux:

"When you look forward and you look at how copper development projects go forward in the future, it's now a consortium, it's a partner basis."

An updated resource estimate is planned for later this year which should demonstrate the scalability of the high-grade mineralization. Located in an emerging world-class copper district alongside major producers, Valeriano has the potential to support a long-life, low-cost mining operation.

Watch our recent interview with ATEX, filmed in March 2025

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2. Marimaca Copper (9/10 Crux Investor Index)

Marimaca is advancing the Marimaca oxide deposit in Chile's prime copper producing region. With the completion of a positive definitive feasibility study, the project has entered the permitting phase with approval anticipated by year-end. As one of the only sizeable, low-strip shovel-ready copper projects in the world, Marimaca presents an attractive acquisition opportunity for major producers seeking near-term growth.

The company recently announced that following its submission of the Environmental Impact Declaration (DIA) in December 2024, it received the consolidated request for clarifications (ICSARA) in February 2025, a key milestone in the Chilean permitting process.

Watch our recent interview with Marimaca, filmed February 2025

3. Faraday Copper (8/10 Crux Investor Index)

Faraday's Copper Creek Project in Arizona represents one of the largest undeveloped copper resources in the US. The recent discovery of extensive high-grade breccia zones is rapidly transforming the project's development thesis. Highlight intercepts of 163m at 0.85% copper and 117m at 1.01% copper suggest these breccias could support a high-margin starter operation while the deeper porphyry resource is further delineated.

Exploration success has been matched by strong metallurgical results showing copper recoveries over 95% at coarse grinds sizes. With permitting approved, Faraday is currently conducting a Phase III drill program ahead of a resource update planned for H2 2025. The company is well-capitalized, with $17 million in working capital as of December 2024.

4. Taseko Mines (8/10 Crux Investor Index)

Taseko Mines is building a multi-asset copper production base in North America. Its flagship Gibraltar mine in British Columbia is a large-scale operation with proven sustainability through the commodity price cycle. The Florence Copper project in Arizona is now under construction, with first production expected in Q4 2025. Florence is expected to produce 85 million pounds of copper annually at an exceptionally low operating cost of US$1.11/lb, placing it in the lowest quartile of the global cost curve.

As the restart of the SX/EW plant adds additional capacity, this sets to boost Taseko's total copper production in 2025 to increase to 120 to 130 million pounds.The company is positioned to become a significant North American copper producer.

5. Regulus Resources (8/10 Crux Investor Index)

Regulus Resources recently consolidated 100% ownership of the Colquirrumi claims, part of its AntaKori copper-gold project in Peru. The transaction gives Regulus control over a strategic land package in a prolific mining district.

CEO John Black stated in a news release:

"There is also significant strategic value given that any large mining operation in the district would need to incorporate the Colquirrumi claims to expand resources and layback an open pit."

This acquisition expands Regulus' footprint in an emerging copper-gold district and paves the way for AntaKori to develop into a major mining operation. With the project already hosting an indicated resource of 250 million tonnes grading 0.48% copper, 0.29 g/t gold and 7.5 g/t silver, Regulus is well-positioned to advance AntaKori up the value chain.

6. NGEx Minerals (8/10 Crux Investor Index)

NGEx Minerals' Lunahuasi copper-gold project in Chile is rapidly emerging as a globally significant discovery. Recent drilling has extended high-grade mineralization over a kilometer in all directions, highlighting the potential for Lunahuasi to support a long-life, low-cost mining operation. Drill results have also revealed substantial gold grades that are comparable to high-grade gold-only deposits.

Lunahuasi is in an emerging copper-gold district where major mining companies are also active.

CEO Wojtek Wodzicki stated in the news release, "We look forward to a strong conclusion to our Phase 3 program, planned for late Q2 2025, a subsequent steady flow of assay results into mid-year leading into the release of an initial Exploration Target in the second half of the year."

With over C$150 million in working capital, NGEx is well-funded to aggressively grow the Lunahuasi resource.

7. Hudbay Minerals (8/10 Crux Investor Index)

Hudbay Minerals recently announced a transaction to acquire full ownership of the Copper Mountain mine in BC from Mitsubishi Materials for total consideration of US$148 million. The mine is expected to produce over 60,000 tonnes of copper in 2027, a 200% increase from 2024 levels.

CEO Peter Kukielski noted: "The transaction is aligned with our strategy of growing copper production in mining-friendly jurisdictions and further strengthens Hudbay's position as a North American copper champion."

With several other large-scale copper growth projects in its pipeline, Hudbay is positioning to be a major supplier of North American copper in the coming years. Hudbay intends to further invest in Canada's copper and critical minerals sector through the ongoing optimization program at Copper Mountain and the advancement of the nearby New Ingerbelle expansion project.

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Things to Consider for Investors

For investors, the opportunity lies in identifying the companies with the best projects, people and upside potential ahead of broader market recognition. The combination of exceptional discovery potential and scarcity of new copper supply suggests that rewards could be substantial for those who position wisely. Using the Crux Investor Index as one part of your assessment criteria could help.

• Copper market is experiencing a structural supply deficit with prices at all-time highs
• M&A activity is accelerating as producers acquire developers to secure future growth
• High-grade discoveries are attracting interest by enabling profitable smaller-scale mining
• Jurisdiction and permitting are critical considerations for project selection
• Developers offer the most attractive risk-reward for investors in a maturing bull market
• Look for well-funded companies with quality assets, upcoming catalysts and strategic appeal
• Companies with higher Crux Investor Index scores have generally shown better 1-year and 5-year share price performance. However, this doesn’t guarantee future gains, nor does it rule out the potential of lower-scoring, more speculative stocks that might experience short-term jumps.

In a market where copper projects of meaningful scale are scarce, companies with advanced, well-defined assets are rising to the top of acquirer lists. Focusing on developers with quality projects, experienced management teams, and near-term news flow provides the best avenue to gain exposure to copper's strengthening fundamentals. The companies profiled above are excellent examples of the type of high-caliber copper assets that are in demand by both major miners and institutional investors.

The Crux Investor Index is just one tool designed to highlight a company's risk/reward balance and long-term potential. While its past performance and distribution show promise as a directional guide, it should be used alongside your own research and personal risk assessment.

Use the Index as part of a broader decision-making process—keeping in mind that sudden changes in company fundamentals or market behavior can always lead to unexpected outcomes. Find out more about the broad return profile's for companies with a high Crux Investor Index (CII)