Copper outlook for 2026

Market watchers expect many of the forces that drove copper through 2025 to persist.

Supply constraints are expected to remain acute this year as aging mines and capacity shortfalls weigh on availability. New projects such as Arizona Sonoran Copper Company’s (TSX:ASCU,OTCQX:ASCUF) Cactus project and the long‑anticipated Resolution mine in the US are still years from significant output.

Copper demand is projected to grow as the global energy transition accelerates.

“A huge amount of this tightness has to do with US tariff concerns,” she said.

China, the world’s largest copper consumer, is also shaping the outlook. Despite weakness in its property sector, the country posted economic growth and is expected to prioritize copper‑intensive sectors under its new five year plan.

Longer‑term projections from industry groups suggest structural demand growth will outpace supply additions.

A UN report estimates that copper demand could rise 40 percent by 2040, requiring substantial investment and new mines just to keep pace. Likewise, Wood Mackenzie forecasts that copper demand will increase 24 percent by 2035, while the International Copper Study Group predicts a refined copper deficit of 150,000 metric tons in 2026 alone.

1. Avidity Biosciences (NASDAQ:RNA)

Year-over-year gain: 143.8 percent
Market cap: US$10.87 billion
Share price: US$72.14

Avidity Bioscience is a biopharma firm developing a new form of RNA therapy called antibody oligonucleotide conjugates (AOC) that target the genes causing rare muscle diseases.

Through its proprietary AOC platform, Avidity developed programs for three rare muscle diseases: AOC 1001 for myotonic dystrophy type 1, AOC 1044 for Duchenne muscular dystrophy and AOC 1020 for facioscapulohumeral muscular dystrophy. The company is also working to expand its pipeline into cardiology and immunology.

In October 2025, Avidity entered into a definitive agreement to be acquired by Novartis (NYSE:NVS), which will include the company’s late-stage neuromuscular programs (AOC 1001, 1020, 1044) and the AOC platform, for US$12 billion.

Avidity’s early-stage precision cardiology programs will spin off into a new public company prior to closing in H1 2026. The spin-off will also have rights to use and develop the AOC platform for cardiology applications.

2. Wave Life Sciences (NASDAQ:WVE)

Year-over-year gain: 36.52 percent
Market cap: US$3.13 billion
Share price: US$17.12

Wave Life Sciences is another clinical-stage firm focused on unlocking insights from human genetics to deliver RNA-based medicines. The company’s PRISM platform is targeting both rare and prevalent disorders. Its pipeline includes clinical programs for Duchenne muscular dystrophy, alpha-1 antitrypsin deficiency and Huntington’s disease, as well as a preclinical program for WVE-007 in obesity.

Wave Life Sciences advanced its PRISM RNA platform across multiple programs in 2025. It is also performing a Phase 1 trial testing its WVE-007 obesity candidate, which is an investigational INHBE GalNAc-siRNA using Wave’s proprietary SpiNA design.

In December, the company reported positive interim data from the WVE-007 trial, which showed that a single dose resulted in sustained Activin E reduction, supporting infrequent dosing. Target engagement updates and body composition readouts are planned for Q1 2026.

3. UniQure (NASDAQ:QURE)

Year-over-year gain: 33.15 percent
Market cap: US$1.47 billion
Share price: US$23.86

UniQure is a gene therapy company focused on patients with severe medical needs. In November 2022, the US Food and Drug Administration (FDA) approved the company’s gene therapy Hemgenix (etranacogene dezaparvovec), which is the world’s first gene therapy for hemophilia B.

Today, uniQure’s proprietary gene therapy pipeline includes treatments for patients with Huntington’s disease, refractory temporal lobe epilepsy, ALS and Fabry disease.

Its gene therapy pipeline advanced in 2025, with positive Phase I/II topline data for Huntington’s disease candidate AMT-130 showing 75 percent slowing of disease progression at three years via cUHDRS, alongside 60 percent functional capacity preservation.

While data from the Phase I/II study led the FDA to grant AMT-130 breakthrough therapy designation in April, in December the agency told UniQure it believes the data may not be adequate to support a pre-biologics license application under the accelerated approval pathway. The company is pursuing a follow-up meeting.

4. Stoke Therapeutics (NASDAQ:STOK)

Year-over-year gain: 186.96 percent
Market cap: US$1.81 billion
Share price: US$31.74

Stoke Therapeutics is another biotech company with a focus on developing RNA medicine. With its proprietary research platform TANGO, which stands for targeted augmentation of nuclear gene output, the company is developing antisense oligonucleotides to selectively restore protein levels.

Stoke’s first product candidate, zorevunersen (STK-001), is in clinical testing for the treatment of Dravet syndrome, a severe form of genetic epilepsy. The company is also developing STK-002 for the treatment of autosomal dominant optic atrophy, an inherited optic nerve disorder.

Both candidates advanced in 2025, with STK-001 enrolling patients in Phase 3 after positive long-term data showed seizure reductions and cognitive gains. Likewise, STK-002’s clinical development program is being informed by results, presented in October, of a Phase 1 two year natural history study on the disease progression of autosomal dominant optic atrophy.

Investor Insight

With its combination of robust resources, permitted infrastructure and significant exploration potential – both for critical minerals and gold – Nuvau Minerals offers exposure to a world-class, highly defined mining district with top-tier infrastructure and a long history of base-metal mining, now complemented by the discovery of gold and a substantial upside still to be realized.

Overview

Nuvau Minerals (TSXV:NMC) is a Canadian metals exploration company dedicated to revitalizing production in Quebec’s Abitibi Greenstone Belt, one of the world’s most prolific mining regions. The company’s flagship Matagami Mining Camp offers an exceptional combination of historical production, district-scale exploration potential and existing infrastructure. Historically, the camp has produced nearly 60 million tons (Mt) of ore over 60 years, primarily zinc and copper, and was last operated by Glencore until June 2022.

Company Highlights

• Flagship Asset: Matagami Mining Camp – Agreement to acquire 100 percent of the property from Glencore after completing a three-year, $30 million earn-in. The camp has a 60-year operating history with nearly 60 million tons mined across 12 past mines.
• District Scale with Established Infrastructure – Covers over 1,300 sq km with more than 2,400 claims, a fully permitted 3,000-ton-per-day processing facility, rail and road access, and power.
• Exploration Upside – Multiple high-grade base metal zones (Renaissance, McLeod Extension) and gold anomalies remain open in all directions.

Key Asset

Matagami Mining Camp (Flagship)

The Matagami Mining Camp is Nuvau Minerals’ cornerstone asset, representing a unique combination of large-scale land position, prolific production history and exceptional potential for both base and precious metals. Located in Quebec’s Abitibi Greenstone Belt, one of the most productive mining regions in the world, the camp has produced nearly 60 Mt of ore from 12 past mines over six decades, making it a proven mineral district with established infrastructure and skilled local labor.

Project Highlights

District Scale and Strategic Location

• Covers more than 1,300 sq km and more than 2,500 mineral claims, giving Nuvau a dominant landholding in a Tier 1 mining jurisdiction.
• Excellent year-round access via road, rail and air, with nearby hydroelectric power and water supply.
• Situated near other significant mining operations in the Abitibi, providing opportunities for synergies and potential district-scale consolidation.

World-class Infrastructure

• Fully permitted 3,000 tpd concentrator with two float circuits, maintained in excellent condition by Glencore until its closure in June 2022.
• Existing rail loading facility, core processing facility, administration offices and alternative tailings storage options with no inherited liabilities.
• The Bracemac McLeod mine infrastructure remains in place, with underground development to 1,400-meter depth.

Established Resource Base & Robust Economics

• Caber Complex (Caber, Caber Nord, PD1):
  • Measured and Indicated: 3.36 Mt @ 5.18 percent zinc 1.10 percent copper, 14.3 grams per ton (g/t) silver, 0.16 g/t gold
  • Inferred: 7.32 Mt @ 2.43 percent zinc, 1.28 percent copper, 11.5 g/t silver, 0.09 g/t gold
  • PEA (July 2023): 9.5-year mine life, base-case after-tax NPV (8 percent) C$115.9 million, IRR 20 percent (base case), low initial CAPEX of C$172.3 million due to existing infrastructure.
• Bracemac McLeod Mine:
  • Past production: 8.1 Mt @ 6.1 percent zinc, 0.9 percent copper, 24 g/t silver, 0.5 g/t gold
  • Remaining resources in McLeod Deeps and new high-grade McLeod Extension discovery (2023: 16.4 m @ 14.22 percent zinc, 2.72 percent copper).
  • Low-cost restart potential with metallurgy and mine plan well understood.

Exploration Upside

• Over 80 geophysical targets identified in the Northern Domain alone.
• Multiple high-grade volcanogenic massive sulphide (VMS) systems, including the Renaissance Zone discovery – the first VTEM anomaly drilled by Nuvau, hosting massive and semi-massive sulphides with high-grade precious metals.
• Significant gold potential, including:
  • Visible gold intercept in the first-ever gold-focused drill hole at Matagami, near Bracemac McLeod.
  • Regionally significant gold till anomaly with over 2,000 gold grains per 10 kg sample – potentially the highest recorded in the Abitibi – indicating a nearby source.
• Additional underexplored zones adjacent to historical mines, where lower historical metal prices left mineralized extensions untouched.

Management Team

Steven Bowles – Chair of the Board

Steven Bowles has extensive experience in the mining and metals sector, encompassing private equity investment, project management and operations management. He currently serves as managing director at Nebari Partners. Prior to this role, he was the senior director of investment in natural resources and energy within Investment Quebec’s private equity group. Throughout his career, Bowles has led development teams on numerous large-scale mining projects, guiding them from study phases to construction and commissioning in various regions, including the Canadian Arctic, the Middle East and Latin America. He has been recognized for his outstanding leadership and was awarded the Bedford Canadian Young Mining Leaders Awards.

Peter van Alphen – President, CEO and Director

Peter van Alphen has over 25 years of experience in leadership roles within the mining industry, encompassing all aspects from construction projects to production. Most recently, he served as the chief operating officer at Premier Gold Mines, managing the company’s mining and development endeavors. Prior roles include country manager for Canada at Pan American Silver, vice-president of operations at Tahoe Resources and Lake Shore Gold, and various management positions at FNX Mining in Sudbury, Ontario. Van Alphen holds a Bachelor of Science in mining engineering from the University of the Witwatersrand.

Steve Filipovic – Chief Financial Officer

Steve Filipovic is a chartered professional accountant with more than 23 years of financial management and oversight experience. He was a founding executive team member and chief financial officer at Premier Gold Mines, playing an integral role in transitioning the company from explorer to producer until its acquisition by Equinox Gold in 2021. Prior to that, he served as chief financial officer of Zinifex Canada and was vice-president, finance of Wolfden Resources, until its acquisition by Zinifex in 2007. Filipovic holds an Honours Bachelor of Commerce Degree from Lakehead University and is an ICD.D designated member of the Institute of Corporate Directors.

Gilles Roy – Director of Exploration

Gilles Roy is a highly skilled geologist with over 30 years of experience in mineral exploration across various countries, including Canada, Peru, Chile, Kazakhstan, Australia and Burkina Faso. Specializing in base metal deposits in volcanic host rocks, he spent much of his career at Glencore, leading exploration programs that resulted in the discovery of the McLeod deposit in 2004 and the Bracemac deposit in 2006. Roy holds a Bachelor of Science in geology from Université du Québec à Montréal and is a member of the Ordre des géologues du Québec.

Bastien Fresia – Technical Services Director

Bastien Fresia brings over 15 years of international experience in geology, mine planning, and resource development to Nuvau Minerals, where he serves as technical services director. He previously held senior technical roles at Glencore Zinc, leading multidisciplinary teams and delivering strategic studies across Canada, Burkina Faso, Peru, Bolivia and Kazakhstan. His accomplishments include the discovery of satellite deposit extensions in Matagami and Perkoa, as well as the implementation of technical frameworks that significantly improved business performance in Peru and Kazakhstan.

At Nuvau, Fresia leads the company’s technical planning, integration, and execution. He holds two M.Sc. degrees in Geosciences and an MBA in Strategy and Risk Management, and is a registered professional geologist with the Ordre des Géologues du Québec and a chartered professional (Mining) with the Australasian Institute of Mining and Metallurgy.

Philippe Rio Roberge – Director of Project Development

Philippe Rio Roberge is a project management professional with 19 years of experience in the mining sector. With a strong background from the consultation world, he is specialized in geotechnics, tailings and water management, as well as in project management and construction. He has been involved in multiple feasibility studies for greenfield and brownfield projects and has overseen heavy earthwork construction projects. Roberge has been involved in the full life cycle of mine waste management facilities, from design through permitting and construction to closure and reclamation. While doing so, he has ensured the strategic development and integration of projects in a sensitive environmental and economic context. Philippe holds a degree in civil engineering from Université de Sherbrooke

Christina McCarthy – Director

Christina McCarthy is a geologist with over 15 years of experience in the resource capital markets. She is the former president and CEO of Paycore Minerals, which was acquired by i-80 Gold Corp for a $90 million valuation. Previously, she was vice-president of corporate development for New Oroperu Resources, acquired by Anacortes Mining in 2021. McCarthy also served as director of corporate development for McEwen Mining from 2014 to 2019. She has held various management and board roles, including positions in equity research at Euro Pacific and institutional sales at Haywood Securities. Prior to entering the resource capital markets, she managed exploration programs in Scandinavia for a junior exploration company. McCarthy holds a Bachelor of Science in geology.

Ewan Downie – Director

Ewan Downie is a successful company builder and entrepreneur with over 25 years of experience in the mining industry. He currently serves as the chief executive officer of i-80 Gold. Previously, he was the president and CEO of Premier Gold Mines, and is now serving as non-executive chairman and director of Wolfden Resources, as well as a director of Clean Air Metals. Throughout his career, Downie has been part of several gold and base metal discoveries, earning recognition for his achievements, including being awarded the 2003 Prospectors and Developers Association of Canada’s “Bill Dennis Prospector of The Year.”

Michael Vitton – Director

Michael Vitton served as the executive managing director and head of US equity at BMO Capital Markets, where he was instrumental in originating and executing over US$200 billion worth of public and secondary offerings and M&A transactions across all sectors. In the metals and mining sector, he has been involved in numerous significant deals as a seed investor, lead/co-lead underwriter, or in an M&A capacity. Vitton holds a degree from the University of Michigan Business School and has served as a seat holder on the NYSE, and president of the New York Society of Metals Analysts.

Fariah Mir – Director

Fariah Mir is currently the senior manager, accounting policy & advisory at TD Bank Group. Prior to that, Mir worked as a senior accountant, assurance advisory at Deloitte LLP, and as a senior financial analyst at IAMGOLD Corporation. Mir holds a Bachelor of Commerce, Honours Accounting from York University. She is also a member in good standing with the Chartered Professional Accountants of Ontario.