The first half of 2026 has seen Australian copper-mining and exploration companies benefit from sustained high copper prices, fueled by persistent global supply chain disruptions. The most significant factor contributing to this market environment has been the US-led war against Iran, which has effectively halted shipping through the Strait of Hormuz. This geopolitical event has not only driven up global energy prices but has also severely impacted the supply of sulfur, a critical component in the refining process for base metals, including copper.
On May 13, the price of copper reached a new record on the London Metals Exchange, hitting US$14,097 per tonne. While the price has since retreated, it has remained rangebound between US$13,500 and US$14,000. Similarly, the COMEX recorded its own high of US$6.68 per pound on the same day, maintaining higher trading levels. These market dynamics have provided substantial tailwinds for ASX-listed copper entities.
A recent analysis, generated on June 9, 2026, using TradingView’s stock screener, identified several top-performing copper stocks on the ASX. The screening considered companies with market capitalizations exceeding AU$10 million. The following details four key players that have demonstrated notable year-to-date gains.
Cobre (ASX:CBE) Leads with Substantial Gains
Cobre (ASX:CBE), a copper-focused entity, has recorded an impressive year-to-date gain of 210 percent. With a market capitalization of AU$308.85 million and a share price of AU$0.31, Cobre holds a diverse portfolio of assets spanning Chile, Botswana, and Western Australia. The company’s shares reached a year-to-date high of AU$0.35 on June 3.
A significant development for Cobre occurred on February 12, when it raised AU$60 million and entered a binding agreement with Minera Salar Blanco. This agreement facilitates the acquisition of up to a 51 percent stake in the Sierra Atacama copper project in Chile’s Antofagasta region. The 40,000-hectare property already hosts an operational underground mine, producing approximately 400 tonnes of copper cathode monthly. By March 26, Cobre amended this agreement to acquire up to a 56 percent interest through a staged pathway, earning its initial 45 percent stake for US$28 million and holding a call option for an additional US$10 million, exercisable by December 31, 2026.
Cobre’s strategic plans for Sierra Atacama include optimizing current operations to expand production to around 1,000 tonnes per month and developing an open-pit mine. The company notes that the surrounding grounds are largely unexplored and are adjacent to significant discoveries, such as Capstone Copper’s Mantos Blancos project. On April 15, Cobre mobilized for a 40,000-meter drill program aimed at converting the project’s resource to a JORC-compliant resource and reserve, as well as testing mineralization to potentially increase open-pit operations.
In Botswana, Cobre was active at its Ngami copper project in 2025. In August of that year, it produced a maiden resource estimate, identifying a combined indicated and inferred resource of 11.5 million tonnes of ore, containing 60,300 tonnes of copper and 4.3 million ounces of silver, at average grades of 0.52 percent copper and 11.6 g/t silver. Bench-scale test work in September 2025 successfully produced copper cathode from Ngami drill core using solvent extraction electrowinning (SX-EW).
Alma Metals (ASX:ALM) Advances Briggs Project
Alma Metals (ASX:ALM) has seen its shares gain 133.33 percent year-to-date, with a market capitalization of AU$33.52 million and a share price of AU$0.014. The company, which reached a year-to-date high of AU$0.20 on February 17, is primarily focused on its flagship Briggs copper project in Eastern Queensland, where it holds a 51 percent share as part of an earn-in joint venture with Canterbury Resources, with an option to increase ownership to 70 percent by June 2031.
An updated resource estimate from April 2025 for the Briggs central deposit indicates total indicated and inferred resources of 1.1 million tonnes of copper, 34 million pounds of molybdenum, and 9.2 million ounces of silver. This metal is contained within 439 million tonnes of ore, with average grades of 0.25 percent copper, 36 parts per million (ppm) molybdenum, and 0.7 grams per tonne (g/t) silver. Metallurgical test work completed in April 2025 demonstrated potential copper recoveries of up to 95 percent. These data informed a scoping study in November 2025, leading the joint venture partners to commit to further drilling for resource enhancement and a prefeasibility study (PFS).
Recent activities include the release of assays from 2025 exploration work on January 27, reporting a broad interval of 620 meters from near surface grading 0.25 percent copper, 30 ppm molybdenum, and 0.7 ppm silver, including a 30-meter interval of 0.35 percent copper. On April 28, Alma commenced an infill drilling program at Briggs to support resource growth and the PFS. The company also completed an oversubscribed share placement on May 6, raising AU$4 million to fund drilling, metallurgical test work, and environmental baseline studies.
Anax Metals (ASX:ANX) Progresses Whim Creek
Anax Metals (ASX:ANX) has posted an 88.89 percent year-to-date gain, with a market capitalization of AU$57.92 million and a share price of AU$0.034. Shares in Anax reached a year-to-date high of AU$0.39 on May 13. The company is focused on advancing its Whim Creek copper-zinc project in Western Australia’s Central Pilbara region towards production. This asset, which includes a processing hub, is an 80/20 joint venture between Anax and Develop Global.
In its strategic outlook for the first half of 2026, announced on February 5, Anax detailed plans to complete an updated definitive feasibility study (DFS) that incorporates higher commodity prices and current costs. The previous 2023 DFS was based on a copper price of US$9,223 per tonne. The updated DFS, released on February 24, demonstrated robust project economics, including a pre-tax net present value of US$501 million, an internal rate of return of 98 percent, and a payback period of 14 months, based on a copper price of US$11,500 per tonne. The 2023 mineral resource estimated total contained copper of 112,000 tonnes within 9.24 million tonnes of ore at an average grade of 1.22 percent. Anax plans to update this resource using the same economic parameters as the DFS.
Since then, Anax has been actively raising capital, securing commitments of AU$10 million on March 18 and an additional AU$6 million on June 3, to fund exploration and business activities. The company also fully repaid a AU$3.5 million loan from major shareholder Jetosea on March 27, avoiding its conversion to a 2.5 percent net smelter return royalty at Whim Creek. Additionally, Anax announced the appointment of Nick Jolly as a non-executive director on June 3, noting his prior experience as general manager of geology at Spartan Resources and leadership roles with Northern Star Resources.
Raptor Metals (ASX:RAP) Shifts Focus to Canadian Copper
Raptor Metals (ASX:RAP), formerly known as Eastern Metals, has achieved a 52 percent year-to-date gain. With a market capitalization of AU$27.41 million and a share price of AU$0.038, the company has undergone a significant transformation. On January 22, Eastern Metals completed the acquisition of unlisted company Raptor Resources, along with its Chester and Turgeon copper-zinc projects in Canada’s Bathurst Mining Camp, New Brunswick. This acquisition led to the company’s rebranding as Raptor Metals and a change in its ticker symbol to RAP later that month.
Since the acquisition, Raptor Metals has primarily focused on its Chester project, which encompasses 281 mineral claims over 6,176 hectares and hosts a volcanogenic massive sulfide deposit across three zones: Stringer, Central, and East. The project boasts a JORC-compliant indicated resource of 4.87 million tonnes of ore grading 1.13 percent copper and an inferred resource of 1.82 million tonnes at 1.01 percent copper.
On February 3, Raptor commenced a 2,200-meter diamond drill program at Chester, aiming to enhance resource confidence and extend the mineralized zone. The company reported encountering visual copper in the first two holes drilled. Initial results from five of the program’s 16 drill holes were released on May 25, highlighting one hole that returned multiple mineralized intercepts, combining for 25.05 meters.
The robust performance of these ASX copper stocks in the first half of 2026 underscores the significant impact of global commodity price strength and strategic project advancements. With ongoing geopolitical tensions and supply chain constraints continuing to influence the red metal market, these companies are actively pursuing resource expansion, operational optimization, and capital raising to capitalize on the favorable market conditions.
