As the global economy races toward a greener future, the hunt for critical minerals is intensifying—putting copper and gold back in the spotlight. For investors, 2025–2026 could be a rare window to tap into metals that are the backbone of clean energy and infrastructure. But success won’t just come from what you invest in—it comes down to choosing the right opportunity at the right stage.
👉 Seeking diversified growth with a global copper leader?
👉 Eyeing early-stage copper-gold projects with strong industry backing?
👉 Ready to take a high-reward gamble on breakthrough gold discoveries?
In this edition, we break down three Canadian mining companies poised to capitalize on these trends. Let’s get started.
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Teck Resources (NYSE:TECK)
Teck Resources is a diversified Canadian mining company supplying essential materials for the global economy and energy transition. Its operations span Canada, the U.S., Peru, and Chile, with a portfolio focused on steelmaking coal, copper, zinc, and energy products—critical inputs for infrastructure, manufacturing, and clean energy technologies.
Business Model and Revenue Streams
Teck’s business model centers on the responsible development and production of natural resources. Its diversified revenue streams help reduce risk from commodity price volatility:
- Steelmaking Coal – Major revenue driver, sold via spot and long-term contracts; key for global steel production, especially in Asia.
- Copper – Core growth area due to high demand in electric vehicles, wiring, and renewable energy infrastructure.
- Zinc – Vital for galvanizing steel in construction and manufacturing.
- Energy – Smaller segment, includes oil sands interests.
Recent Performance and Corporate Developments
Strategic Initiatives and Mergers: 🤝
- Merger Announcement (Sept 9, 2025): Teck Resources and Anglo American (UK-listed) announced a $53 billion merger.
- Strategic Goal: To become one of the world’s largest copper producers, targeting rising demand from the global energy transition Expected to generate significant annual cost savings.
Q2 2025 Financial Highlights: 💰
- Total Revenue: Teck reported revenue of $2.02 billion (CAD), missing analyst expectations of $2.17 billion.
- Net Earnings & Adjusted EBITDA: Adjusted earnings per share were $0.38, beating the consensus estimate of $0.23. Adjusted EBITDA was $722 million, a 3% increase year-over-year.
- Operational Highlights: The company maintained robust performance in its zinc segment and sanctioned the Highland Valley Copper Mine Life Extension project.
- Shareholder Returns: Teck returned $1.1 billion to shareholders year-to-date through dividends and share buybacks.
Path to Profitability and Fair Value
Teck’s future profitability and long-term value hinge on its strategic focus on copper. The proposed $53B merger with Anglo American is a transformative move, positioning Teck as a global copper leader and helping to de-risk its growth outlook.
While the stock has surged on merger news, some analysts still see it as undervalued compared to global peers. Its forward P/E ratio of ~26.06 suggests the market anticipates strong future earnings growth.
Analyst Estimates and Ratings
- Consensus Rating: The consensus rating from analysts is a "Buy", with a significant portion recommending a "Strong Buy."
- Price Target: The average 12-month price target is approximately $63.12, with a high estimate of $75.60.
- Credit Ratings: S&P Global placed Anglo American's outlook on a "CreditWatch positive" list following the merger announcement, signaling a potential credit upgrade for the combined entity.
Investor-Focused Takeaway: Is TECK Right for Your Portfolio?
Teck offers strong exposure to key energy transition metals, especially copper. The $53B merger with Anglo American could transform it into a global copper leader and unlock long-term value. However, risks remain—commodity price volatility, operational challenges at the QB mine, and regulatory approval for the merger. Investors bullish on copper and long-term growth may find TECK an attractive, though moderately risky, opportunity.
What to Watch in the Near Term: 📈
- Merger Progress: Keep a close eye on the regulatory approval process and shareholder votes for the Anglo American deal.
- Copper Prices: Global demand and supply trends for copper will be the primary driver of the stock's performance.
- Operational Execution: Monitor the company's progress in resolving the ramp-up issues at the QB mine.
- Q3 2025 Earnings: The upcoming earnings report, expected on October 23, will provide the first look at the company's performance and guidance following the merger announcement.
Recommendations:
With a "Buy" consensus and a favorable price target, Teck Resources (TECK) offers a compelling opportunity—especially following its transformative $53B merger with Anglo American, which positions the company as a global copper powerhouse. However, risks remain. TECK's performance is highly sensitive to commodity prices, macroeconomic conditions, and FX movements. A strong U.S. dollar supports revenue (priced in USD), but economic slowdowns, rising interest rates, and inflation can squeeze margins. Additionally, operational challenges at the QB mine and regulatory hurdles for the merger could create near-term uncertainty.
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Western Copper and Gold (AMEX:WRN)
Western Copper and Gold (WRN) is a Canadian exploration and development company focused on the Casino Project, a major copper-gold-molybdenum-silver deposit in Yukon. As a pre-production company, WRN’s value lies in advancing this asset toward future production, making it a high-leverage bet on long-term demand for critical minerals.
Business Model and Revenue Streams:
WRN doesn’t generate mining revenue yet. Its strategy centers on:
- Exploration & Permitting: Advancing the Casino Project through technical studies and regulatory approvals.
- Strategic Partnerships: In 2025, WRN renewed agreements with Rio Tinto and Mitsubishi, maintaining strong industry backing.
- Future Revenue: Expected from mineral sales once production begins (targeted for the late 2020s).
- Financing: Raised over C$50M recently via private and public offerings to fund ongoing development.
Recent Performance and Corporate Developments
WRN's performance is not measured by traditional revenue or earnings. Instead, key indicators are project milestones, financing, and technical advancements.
Strategic Initiatives and Partnerships: 🤝
- Extended Partnerships: In 2025, Western Copper and Gold extended its Investor Rights Agreements with both Mitsubishi Materials and Rio Tinto.
- Leadership Transition: The company announced a change in its leadership team in early 2025, with a new President and CEO taking the helm, which is a common corporate development for a company at this stage of its lifecycle.
Q2 2025 Financial Highlights: 💰
As an exploration company, Western Copper and Gold reports losses as it expends capital on its development. For the quarter ending June 30, 2025, the company reported an operating loss. Key financial data includes:
- Operating Loss: An operating loss of approximately C$3.54 million was reported, as expected for a company in the pre-production phase.
- Balance Sheet: The company maintains a healthy cash position from its recent financings, with a strong current ratio, which is crucial for funding ongoing development activities without needing immediate new capital raises.
Path to Profitability and Fair Value
WRN’s future depends on successfully developing the Casino Project, with production expected around 2030. Its current value lies in the Net Asset Value (NAV) of the project, typically calculated using Discounted Cash Flow (DCF) models.
- Copper & Gold Price Sensitivity: Profitability is highly dependent on long-term metal prices.
- Valuation Approach: With no current earnings, analysts focus on projected NPV and peer comparisons, rather than P/E ratios.
Fair Value: Since the company has no earnings, traditional metrics like the Price-to-Earnings (P/E) ratio are not applicable (as the P/E ratio would be negative). Analysts, therefore, focus on the project's NPV and peer comparisons.
Analyst Estimates and Ratings
Analyst ratings on exploration companies reflect a view on the project's technical viability and the company's ability to finance and build it.
- Consensus Rating: The consensus rating from analysts is a "Buy" or "Strong Buy."
- Price Target: The average 12-month price target is approximately $4.01,with a high forecast of $5.78, suggesting significant upside potential from the current stock price.
Investor-Focused Takeaway: Is WRN Right for Your Portfolio?
Western Copper and Gold is a high-risk, high-reward investment. It is not a stock for investors seeking current income or profitability, but rather for those who are bullish on the long-term outlook for copper and gold and are comfortable with the risks associated with project development.
The stock is an excellent vehicle for gaining exposure to the potential of Canada's mining sector and the global energy transition. It offers a unique opportunity to invest in a potential Tier 1 asset before it is in production.
What to Watch in the Near Term: 📈
- Permitting Progress: The key near-term catalyst is the formal submission and review of the Casino Project's Environmental and Socio-economic Assessment.
- Financing Updates: Monitor for any further financing announcements or partnerships that will help fund the project through its final stages before construction.
- Macroeconomic Factors: The price of copper and gold will remain the primary external driver of the stock price, as it directly impacts the project's valuation. Rising interest rates may make future financing more expensive.
Recommendations:
Western Copper and Gold (WRN) is a compelling stock for investors with a high-risk tolerance and a long-term investment horizon. While the "Buy" consensus and favorable price targets are encouraging, investors should be aware of the inherent risks, including permitting delays, capital expenditure overruns, and volatility in commodity prices. The stock's performance is highly sensitive to fluctuations in the prices of copper and gold. Positive progress on the project's permitting and strategic financing updates will be key drivers for the stock in the coming months.
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Fury Gold Mines (AMEX:FURY)
Fury Gold Mines is a Canadian exploration company focused on advancing gold projects in top mining regions like Quebec’s James Bay, British Columbia’s Golden Triangle, and Nunavut’s Kitikmeot region. Rather than operating mines, Fury aims to develop assets for potential sale or partnership with larger producers.
Business Model & Revenue
Fury doesn’t generate revenue from mining. Instead, it adds value through exploration and drilling, with key projects including:
- Eau Claire (Quebec): Most advanced project with significant resources.
- Committee Bay (Nunavut): Large land package with multiple gold targets.
- Sakami & Eleonore South (Quebec): High-potential exploration assets.
Funding comes from capital markets—private placements, equity financing, and partnerships.
Recent Performance and Corporate Developments
Fury Gold Mines' performance is measured by its exploration success and corporate milestones.
Strategic Initiatives and Mergers: 🤝
- Acquisition: In April 2025, Fury acquired Quebec Precious Metals, expanding its portfolio with key assets like Sakami and Elmer East.
- Exploration Results: Strong drill results from Sakami and promising lithium tests at Ninaaskumuwin.
- Financing: Raised C$4.3M in 2025, boosting its cash position for ongoing exploration.
Q2 2025 Financial Highlights: 💰
For the quarter ending June 30, 2025, the company reported an operating loss as it continues to advance its projects.
- Net Loss: A net loss of approximately C$2.0 million was reported, a decrease from the prior quarter, reflecting a typical financial profile for an exploration company.
- Balance Sheet: The company has a solid cash position and a low debt-to-equity ratio, which is critical for a junior miner as it indicates financial stability to fund operations without heavy dilution.
Path to Profitability and Fair Value
The path to profitability for Fury Gold Mines is long-term and dependent on a significant discovery or a strategic acquisition by a major gold producer. The company’s fair value is not based on earnings but on the value of its mineral assets. This value is determined by the size and grade of its gold resources, a process known as mineral resource estimation.
- Value-Driven Model: The company's goal is to increase the value of its assets and attract a larger partner or an outright acquisition. Its valuation is typically assessed by analysts using a Net Asset Value (NAV) approach, which estimates the future cash flow from a potential mine and discounts it back to the present.
Analyst Estimates and Ratings
, reflecting optimism about the company's exploration potential and its management team's ability to create value.
- Consensus Rating: Analyst ratings for Fury Gold Mines are highly favorable with the consensus of a "Strong Buy."
- Price Target: The average 12-month price target is C$1.04 and a high of C$1.50, suggesting a significant upside from current levels. This confidence is rooted in the company's high-quality exploration assets and recent successful drill programs.
Investor-Focused Takeaway: Is FURY Right for Your Portfolio?
Fury Gold Mines offers a high-risk, high-reward opportunity for investors bullish on gold. Its recent acquisition of Quebec Precious Metals and strong drill results have boosted its project portfolio and acquisition appeal. While exploration doesn’t guarantee a viable mine and gold prices remain volatile, Fury’s well-managed, high-potential assets make it a compelling speculative play for long-term gold believers.
What to Watch in the Near Term: 📈
- Drilling Results: Keep an eye on any new drill results from the Eau Claire and Committee Bay projects, as these will be the key drivers of future resource estimates.
- Technical Reports: A new Preliminary Economic Assessment (PEA) or resource update on its key projects could provide a major catalyst.
- Commodity Prices: The price of gold remains the most significant external factor influencing the stock's performance.
Recommendations:
With a "Strong Buy" consensus and significant upside potential from analyst price targets, Fury Gold Mines (FURY) presents a compelling, albeit risky, opportunity for investors. Its strategic acquisition and ongoing exploration success are positioning it as a key player in Canada’s gold exploration space. However, as an exploration company with no current revenue, its value is highly dependent on exploration results and gold price movements. A strong gold market and positive drill results are the most important factors to monitor for potential future gains.
A Final Word on Your Investment Decision
Teck Resources (TECK), Western Copper and Gold (WRN), and Fury Gold Mines (FURY) offer three distinct ways to gain exposure to Canada’s resource-rich mining sector and the global shift toward critical minerals and gold. Each company caters to different risk appetites, time horizons, and investment strategies.
- Teck Resources (TECK) – Diversified major with transformative copper growth
✔ Broad commodity exposure across steelmaking coal, copper, zinc, and energy
✔ $53B merger with Anglo American positions it as a global copper leader
✔ Strong financials, steady shareholder returns, and solid analyst support
➤ Best for: Investors seeking large-cap stability and long-term copper exposure with lower relative risk
- Western Copper and Gold (WRN) – High-upside play on a Tier 1 copper-gold asset
✔ 100% ownership of the Casino Project with major backing (Rio Tinto, Mitsubishi)
✔ Strong balance sheet and clear path to development milestones
✔ Significant upside potential based on NAV and project scalability
➤ Best for: Long-term investors comfortable with development risk looking to capitalize on copper and gold demand
- Fury Gold Mines (FURY) – Speculative bet on high-potential gold discoveries
✔ Strong project portfolio in Canada’s top gold belts
✔ Recent acquisition and exploration success add to acquisition appeal
✔ Well-managed finances and a "Strong Buy" analyst consensus
➤ Best for: Risk-tolerant investors bullish on gold and seeking leveraged exposure to exploration success
Investor Insight:
🔹 Seeking diversified growth and copper leadership? → Teck Resources (TECK)
🔹 Looking for early-stage copper-gold potential with strong backing? → Western Copper and Gold (WRN)
🔹 Ready to speculate on high-impact gold discoveries? → Fury Gold Mines (FURY)
Your investment decision should align with your risk tolerance, market view on commodities, and time horizon. These companies represent different stages of the mining lifecycle—choose the one that best fits your portfolio strategy.
We’ll be back with our next report soon, bringing you fresh insights on the market and new opportunities to watch. In the meantime, we’d love to hear from you—let us know how you found this report, what niche sectors you’d like us to cover next, and don’t forget to share your top stock holdings with us. Your feedback helps us deliver reports that matter most to your investing journey.
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