ASX Copper Stocks Surge After Supply Strains

Australian copper stocks are surging high after Freeport warning of not meeting customer contracts. The disaster at Grasberg Block Cave Mine has compounded the disruption in global copper supplies coming after floods happened in the Democratic Republic of Congo and a deadly tunnel collapse in Chile in July.

29Metals Limited (ASX: 29M)

pushed forward its growth plans in September 2025 with strong copper drilling results at Golden Grove, showing extensions at Tryall, Oizon, Europa and Cervantes. This could help increase mine life and also give more flexibility in the future. The company is also working on Gossan Valley surface works and expanding the tailings facility to support long term operations. In 1H25 its revenue went up by 11.5% to A$271.0 million and net profit after tax bounced back to A$35.3 million from a big loss of A$109.2 million in 1H24. EBITDA also lifted to A$112.6 million which was supported by more zinc production. Operating cash flow stood at A$26.5 million and by June the company had A$187.1 million in cash and total liquidity of A$202.3 million. Going forward, 29Metals is focused on growing Golden Grove orebodies with the next update on resources and reserves due in Q1 2026.

MAC Copper Limited (ASX: MAC)

in 1H25 made 19,231 tonnes of copper with an average grade of 4.3% and even hit a record daily output of 385 tonnes in June. Copper sales went down 16% year on year to 17,375 tonnes, so revenue also dropped 10% to about US$163.2 million. The statutory NPAT came at a loss of US$76.7 million which is still better than the US$102.2 million loss in 1H24. On the other hand operating cash flow got better by 19% to US$65.5 million and free cash flow increased 42% to US$53.7 million. Balance sheet showed US$102 million cash with total liquidity at US$196 million which was helped by refinancing that reduced debt cost by 30%. Moving forward key growth projects are Merrin Mine where first ore is expected Q4 2025 and the Ventilation Project due Q3 2026. Both are important to reach the goal of producing more than 50,000 tpa copper from CSA Mine by 2026.

Capstone Copper Corporation (ASX: CSC)

posted record results in Q2 2025 mainly because of strong operations and higher sulphide output. Its copper production went up 40% from last year to 57,416 tonnes. Revenue increased to US$543.2 million from US$393.1 million while adjusted EBITDA jumped to an all time high of US$215.6 million. Net income for shareholders came at US$24 million . Operating cash flow more than doubled to US$212.4 million and the company had liquidity of US$1.1 billion which includes US$311.6 million in cash. Net debt came down to US$691.9 million after refinancing and repaying the Mantoverde project loan. For the future Capstone kept its 2025 guidance the same at 220–255kt copper at US$2.20–2.50/lb cash costs with higher production expected in the second half of the year. 

IGO Limited (ASX: IGO)

Went through a tough FY25 mainly because of weak lithium and nickel markets and also portfolio impairments. Its group revenue dropped by to A$528 million. The company reported a underlying EBITDA loss of A$43 million and a statutory NPAT loss of A$955 million,this big loss was mainly from the full impairment of the Kwinana refinery worth A$605 million and also some write downs on exploration assets. Cash flow from operations was A$43 million. At the end of the year cash stood at A$280 million. Nova delivered 16,371t nickel and 7,324t copper which gave A$140 million free cash flow. Greenbushes produced 1.48Mt spodumene at strong margins. For FY26, guidance is Nova production between 8.25–9.25kt copper and Greenbushes spodumene output of 1.5–1.65Mt. The company is staying focused on disciplined exploration along with  portfolio optimisation and building partnerships.

(Source: Company Announcements)