Investor Insight

Charbone Corporation offers investors exposure to the rapidly expanding clean ultra high purity (UHP) hydrogen and specialty gases market through a modular, capital-efficient strategy that accelerates deployment and revenue generation. With first helium and UHP hydrogen deliveries, successful financings, and a growing network of long-term supply agreements, the company is entering a pivotal commercial phase supported by robust industry and policy tailwinds.

Overview

Charbone Corporation (TSXV:CH,OTCQB:CHHYF,FWB:K47) is an integrated company specialized in clean UHP hydrogen and the strategic distribution of industrial gases in North America and the Asia-Pacific region. It is developing a modular network of clean UHP hydrogen production while partnering with industry players to supply helium and other specialty gases without the need to build costly new plants. This disciplined strategy diversifies revenue streams, reduces risks and increases flexibility.

Charbone has accelerated its growth trajectory, negotiating a US$50 million financing, as one of possibilities in its toolbox, to expand across North America, executing a US$1 million collaboration agreement to advance a clean UHP hydrogen project in Malaysia, and achieving multiple milestones at its flagship Sorel-Tracy facility in Quebec. In 2025, the company completed the construction and equipment installation at Sorel-Tracy and began commissioning, after acquiring from Harnois Énergies and relocating the operating hydrogen production and refueling equipment to the site to enable faster commissioning and earlier hydrogen sales.

Charbone also launched its Industrial Gases Distribution Division and made its first helium delivery of 161,000 cubic feet of helium to an independent distributor in the Greater Toronto Area, underpinned by a three-year supply agreement. The company also signed a five-year clean UHP hydrogen supply contract with an Ontario-based distributor, with first deliveries scheduled to begin in December 2025. These agreements mark the company’s entry into the Ontario market and its integration into the North American specialty gases supply chain.

With its exclusive focus on clean UHP hydrogen, Charbone is positioning itself as a first mover in a multi-billion-dollar market. Leveraging Canada’s hydroelectric power and expanding nuclear capacity, Charbone plans to deliver sustainable hydrogen solutions that meet rising demand from both governments and global industries.

Company Highlights

• Canada’s only publicly listed clean UHP hydrogen company: Charbone Corporation offers investors unique exposure to the fast-growing hydrogen economy as a company focused on clean UHP hydrogen production and distribution.
• Building a North American clean UHP hydrogen pipeline: Advancing multiple projects, anchored by its flagship Sorel-Tracy facility in Quebec, to establish a scalable production and distribution network.
• Well-financed for growth and expansion: Charbone negotiated US$50 million financing, facilitated by US Capital Global, as one of its possibilities in its toolbox to accelerate funding of modular build-out and expand its footprint across North America.
• Expanding into international markets: Through a US$1 million master collaboration agreement, Charbone is supporting the deployment of a clean UHP hydrogen project in Malaysia, highlighting its global reach.
• Aligned with strong policy and market tailwinds: For years, Canada leaned on centralized, fossil-based reformers. That playbook is obsolete. Now, Quebec’s hydropower can supply electrolyzers that split H₂O into H₂ and O₂ with zero carbon footprint. Charbone’s plug-and-play approach repurposes proven gear, slashing lead times and trimming capex. Charbone is well-placed for long-term growth.
• Focus on clean UHP hydrogen production: Charbone is dedicated to producing hydrogen using baseload renewable energy, such as hydroelectric and nuclear energy — a critical pathway to decarbonization with a reliable and efficient production capacity.
• New Industrial Gases Distribution Division: Achieved its first helium delivery and signed a three-year supply agreement, establishing a new revenue stream in specialty gases.

Project Pipeline and Key Partnerships

Charbone forged strong partnerships to execute its business model. Here’s where it gets cool: renewable hydroelectricity powers electrolyzers that split water into hydrogen and oxygen. Purification skids then crank it up to 99.999% purity – true industrial grade. This hydrogen production model serves everything from fuel-cell fleets and semiconductor fabs to specialty metal processing and next-gen refueling stations.

Charbone isn’t flying solo. The company has built a network of strategic partners across production, infrastructure and commercial distribution, including:

• Energy and technology partners such as Hydro-Québec and ABB, supporting clean power supply and the development of modular hydrogen facilities across North America.
• Equipment and construction partners responsible for the delivery, relocation and installation of Charbone’s operating hydrogen production assets and the completion of civil works at Sorel-Tracy.
• A US Tier-One industrial gas producer, with whom Charbone recently formed a strategic alliance to expand access to helium and specialty gases and strengthen North American market penetration.
• Commercial distributors in Ontario and the Greater Toronto Area under multi-year agreements for clean UHP hydrogen and UHP helium, marking Charbone’s entry into these fast-growing specialty gas markets.
• Public listings on the TSX Venture Exchange, OTCQB, and Frankfurt Stock Exchange, supporting access to global capital.

Charbone’s memorandum of understanding (MOU) with ABB includes the development of up to 16 modular and scalable green hydrogen production facilities across North America over the next five years. Under the MOU, ABB will support Charbone in standardizing basic engineering for systems and components across its project portfolio to increase energy efficiency and reliability.

Among the sites covered by the collaboration is Charbone’s flagship Sorel-Tracy facility near Montreal in Quebec, Canada. In 2025, the project reached several major milestones: the safe reception and transfer of all major hydrogen production components, the launch and completion of civil works, and the equipment installation and the start of Phase 1a commissioning on schedule in November 2025. These advances were enabled by Charbone’s acquisition from Harnois Énergies and relocation of operating hydrogen production assets, accelerating deployment and reducing capital requirements.

The construction of its Sorel-Tracy facility is being done with the participation of EBC, one of the largest construction companies in Quebec. EBC has a proven track record of designing and building facilities in Canada and the US. The partnership agreement gives EBC the right of first refusal to construct additional Sorel-Tracy phases, as well as one or all of Charbone’s facilities within the North American market.

In addition, Charbone has entered into several other strategic partnerships, all aimed at expanding its footprint in North America. The company entered into a special consultancy agreement with Enki GéoSolutions for potential partnership proposals as a co-operator and distributor of an emerging form of clean and renewable hydrogen, known as white or natural hydrogen.

In June 2024, Charbone executed a supply agreement for a complete containerized electrolyzer system ready for shipment to its flagship clean UHP hydrogen site in the City of Sorel-Tracy, Quebec. Since then, the company has completed grid and water connections, obtained its first hydrogen tube trailer for bulk transport, and introduced a dedicated helium tube trailer to support new commercial activity in Ontario. These logistics capabilities now support both hydrogen and helium deliveries under multi-year supply agreements.

Charbone also signed commercial supply agreements (CSAs) with a top-tier US industrial gas producer and distributor. The first CSA secures hydrogen supply ahead of Charbone’s own production, while the second expands its product offerings to include helium and other industrial gases. In 2025, this relationship expanded into a broad strategic alliance, strengthening Charbone’s access to high-value gases and enhancing its commercial footprint across North America.

Superior Plus

This partnership allows Charbone to sell hydrogen produced at the Sorel-Tracy facility to Certarus, a subsidiary of Superior Plus. Such supply agreements ensure that Charbone can generate cash flow immediately following the commencement of production.

NEK Community Broadband

The agreement with NEK Community Broadband ensures the supply of green hydrogen in the Northeast Kingdom of the state of Vermont, USA. NEK Broadband is building a high-speed broadband infrastructure and plans to install a hydrogen fuel cell backup system for a reliable power supply.

Oakland County Economic Development Department, Michigan

Further advancing its goal of US expansion, Charbone signed a memorandum of understanding in December 2023 with Michigan’s Oakland County Economic Development Department to set up Charbone’s first clean UHP hydrogen facility in the US. Oakland County is home to major automakers, and a clean UHP hydrogen facility in their proximity will support the effort of producing environmentally friendly mobility options.

Being the only publicly listed clean UHP hydrogen player in Canada, Charbone offers investors a unique opportunity to participate in the rise of Clean UHP hydrogen as a potential low-emitting alternative to fossil fuels.

Management Team

Dave Gagnon – Chairman and CEO

Dave Gagnon has been chairman and chief executive officer of Charbone Corporation since April 21, 2022. With over 20 years of executive leadership experience in Cleantech, Wind Power, Hydropower, Lithium Resources, and Industrial Gases, he has built a career focused on scaling innovative infrastructure, accelerating sustainable energy solutions, and leading cross-border growth initiatives in high-impact sectors.

Benoit Veilleux – Chief Financial Officer

Benoit Veilleux was appointed as the CFO of Charbone on August 15, 2022. Veilleux has over 15 years of experience in corporate accounting and finance. He began his professional career at KPMG in 2003, where he managed and coordinated audit teams for public companies until 2010. Since then, he has worked with a number of companies including Air Liquide Canada and the Hypertec Group.

Daniell Charette – Chief Operating Officer

Daniell Charette has been the chief operating officer of Charbone since February 2019. He brings over 25 years of experience in running and managing renewable energy companies. He has worked in senior leadership roles with several renewable companies including NEG Micon A/S, Vestas and Brookfield Power. He has served on various association boards and councils, including the Canadian Wind Energy Association, Association Québécoise des Producteurs d’Énergie Renouvelable, and Latin Wind Energy Association.

Francois Vitez – Director

Francois Vitez is a hydropower and energy storage expert with more than 24 years of experience in development, engineering and construction management as well as operations and maintenance of hydropower and energy storage projects in North America and internationally. He is a board member and chair of the Value of Hydropower committee at Waterpower Canada, vice-chair of the Energy Storage Association of Canada, board member of the California Energy Storage Association, and member of the International Hydropower Association.

Patrick Cuddihy – Industrial Gases Operations Team

Patrick Cuddihy is a seasoned operations leader with over 20 years of experience at Air Liquide Canada, to its hydrogen operations team. Patrick brings a wealth of expertise in managing industrial gas production and distribution, having held senior roles including network sales director for Quebec Region, general manager for Pacific Region, director of procurement services, and director of logistics and assets for the Eastern Region.

Jean Watelle – Hydrogen Production

Jean Watelle is an engineer with more than 25 years of experience in technical and manufacturing management, including 11 years as director, hydrogen and site operations, large industries – Eastern Region at Air Liquide Canada, five years in Lean Manufacturing and as a Tier 1 specialist for Chrysler and Ford. Known for his dynamism, creativity and excellent knowledge of continuous improvement tools, Watelle enjoys successfully completing stimulating challenges with a committed team.

Venezuela condemns US “colonialist threat”

A far more dramatic source of volatility also emerged from Washington over the weekend.

On Saturday (November 29), US President Donald Trump declared that “the airspace above and surrounding Venezuela” should be considered closed, posting a warning on social media.

To all Airlines, Pilots, Drug Dealers, and Human Traffickers, please consider THE AIRSPACE ABOVE AND SURROUNDING VENEZUELA TO BE CLOSED IN ITS ENTIRETY. Thank you for your attention to this matter! PRESIDENT DONALD J. TRUMP

— Donald J. Trump (@realDonaldTrump) November 29, 2025

Trump also told service members last week that US forces would “very soon” begin land-based operations targeting Venezuelan drug-trafficking networks. Further, reports surfaced that the White House and Caracas had held a tense, last-ditch phone call aimed at defusing a worsening standoff.

According to sources cited by the Miami Herald, Washington told President Nicolás Maduro he could secure safe passage for himself, his wife Cilia Flores and his son only if he stepped down immediately. The conversation stalled as Venezuela refused to surrender control of its armed forces or agree to Maduro’s resignation.

Washington has been increasingly aggressive toward what it describes as Venezuela’s Cartel de los Soles, which US officials accuse Maduro and senior leaders of operating.

Last month, the Department of State’s decision to designate the cartel a foreign terrorist organization placed Maduro, Diosdado Cabello and Vladimir Padrino López in the same legal category as al-Qaeda and ISIS.

Caracas condemned the aggression, labeling it as a “colonialist threat” seeking support from its allies.

On Sunday (November 30), Maduro issued an appeal to fellow OPEC members, urging the bloc to help counter what he described as “growing and illegal threats” from the United States.

In a letter published by state broadcaster TeleSUR, he accused Washington of trying to “seize” Venezuela’s oil reserves and warned that US military pressure could disrupt the global energy market.

“I hope to count on your best efforts to help stop this aggression, which is growing stronger and seriously threatens the balance of the international energy market, both for producing and consuming countries,” Maduro wrote.

Venezuela exported just US$4.05 billion worth of crude oil in 2023, far below other major producers, due largely to US sanctions imposed during Trump’s first term.

Brent crude stood at US$62.76 per barrel on Tuesday (December 2) morning, while WTI was trading at US$58.93.

Bitcoin and Ether price update

Bitcoin (BTC) was priced at US$85,482.46, down by 6.4 percent over 24 hours.

Bitcoin price performance, December 1, 2025.

Chart via TradingView.

Bitcoin marked its largest single-day decline in a month, continuing a sell-off that started in November.

This sharp downturn was influenced largely by rising expectations of a Bank of Japan rate hike at its December meeting, which triggered a surge in Japanese bond yields, strengthening the yen and prompting global investors to pull capital from risk assets like Bitcoin. This caused liquidations of speculative long positions and created downward price pressure.

However, significant technical support levels lie around US$86,000 to US$79,600, with further downside possible to US$67,700 and major support between US$45,000 and US$70,000 if bearish momentum persists. Holding above roughly US$85,200 is critical to avoid deeper bearish territory.

Farzam Ehsani, CEO of cryptocurrency exchange VALR, added that concerns about MSCI potentially excluding major crypto-holding companies such as Strategy from global indices are adding pressure through expected forced sell-offs, further weakening market structure and liquidity.

“The recovery of the cryptocurrency market, and Bitcoin in particular, after the decline of the last month and a half, will take some time. The main questions at the moment are how the market will close out this year and whether Bitcoin will recover above $100,000 in December.”

Ether (ETH) also experienced a steep decline, priced at US$2,757.79, down by 8.9 percent over 24 hours.

Derivatives data

Derivatives data showed US$10.93 million liquidated in BTC shorts positions over the final four hours of trading, indicating short sellers getting squeezed out as price stabilized rather than accelerating lower.

Open interest edged up 0.50 percent to US$57.63 billion, showing fresh positions entering despite the dip, which often signals sustained trader interest and potential stabilization or rebound setup.

A funding rate of -0.001 percent reflects mild bearish sentiment, common in corrections but not extreme enough to indicate panic selling. BTC’s RSI at 32.58 marks deeply oversold territory, suggesting selling may be nearing a climax and creating conditions for a short-term bounce if support holds.

Altcoin price update

• XRP (XRP) was priced at US$2.02, down by eight percent over 24 hours.

• Solana (SOL) was trading at US$124.54, down by 9.3 percent over 24 hours.

Today’s crypto news to know

Bitcoin’s weekend slide wipes out US$637 million in leveraged positions

Bitcoin’s latest downturn over the weekend triggered a wave of liquidations that erased roughly US$637 million across futures markets.

The selloff pushed Bitcoin to an intraday low near US$85,700, extending its monthly decline past 21 percent and dragging Ethereum, XRP, and other majors sharply lower. The slump began as momentum-driven selling forced heavily leveraged longs to unwind, turning a routine correction into a fast, disorderly slide.

Comments from Strategy CEO Phong Le about potentially selling part of the company’s sizable Bitcoin holdings added to jitters, even though prediction markets continue to see a low probability of actual disposals this year.

“We can sell Bitcoin, and we would sell Bitcoin if needed to fund our dividend payments below 1x mNAV,” Le said in a podcast.

The company currently controls 649,870 BTC, which valued at about US$56.26 billion at current prices.

Further, China’s central bank reiterating its hard line against crypto activity further weighed on sentiment heading into the final month of the year.

Goldman Sachs boosts ETF offerings with Innovator Capital acquisition

Goldman Sachs (NYSE:GS) has agreed to buy Innovator Capital Management, a company specializing in defined outcome ETFs, in a deal worth about US$2 billion in cash and stock, according to a Monday announcement.

Defined outcome ETFs are special funds that limit losses or cap gains for investors using options contracts.

Innovator’s US$28 billion in assets and 159 ETFs will significantly enhance Goldman Sachs Asset Management’s ETF portfolio, increasing that bank’s total ETF lineup from US$51 billion to US$79 billion.

The acquisition payment partly depends on Innovator meeting certain performance targets after the deal closes, which were not publicly disclosed. The deal is expected to close in Q2 2026, subject to regulatory approval and other usual conditions.

Goldman Sachs will fully own the Innovator business, integrating its 60-plus employees into Goldman’s teams. However, Innovator’s investment managers and services will remain unchanged.

Tether blasts S&P after fresh downgrade

Tether pushed back forcefully this week after S&P Global cut its assessment of USDT’s peg stability, assigning the stablecoin the lowest score on the agency’s scale.

S&P pointed to weaker reserve quality, shrinking cash-equivalent holdings, and rising exposure to secured loans and Bitcoin as reasons for the downgrade.

The report noted that Tether’s Bitcoin holdings now exceed the cushion meant to absorb volatility, increasing the risk that a sharp price drop could leave the token undercollateralized.

Tether’s leadership dismissed the rating as biased and politically motivated.

‘Some influencers are either bad at math or have the incentive to push our competitors,’ Tether CEO Paolo Ardoino said in a recent post on X.

After the downgrade last week, Ardoino also maintained that ‘the traditional finance propaganda machine is growing worried when any company tries to defy the force of gravity of the broken financial system.’

The downgrade also comes as Tether’s mining affiliate winds down operations in Uruguay after months of unpaid power bills and stalled expansion plans.

Japan prepares 20 percent flat tax on crypto gains

Japan is moving toward a flat 20 percent tax on cryptocurrency gains, a change that would replace the current progressive regime that can push rates above 50 percent for active traders.

Nikkei Asia reported that under the proposal, crypto income would be placed into a separate category similar to equities, with the goal of reducing distortions that discourage trading or push users offshore.

Lawmakers backing the plan say aligning digital assets with other investment products could draw liquidity back to domestic exchanges and boost overall tax receipts.

The reform is expected to be finalized as part of the country’s 2026 tax framework, with revenue split between the national and local governments.

Goldgroup Mining (TSXV:GGA, OTC:GGAZF) is a Canadian gold company advancing a portfolio of high-quality producing and development assets in Mexico. With 100 percent ownership of Cerro Prieto, Pinos and the newly acquired San Francisco mine, the company is positioned for disciplined, near-term production growth.

Goldgroup’s strategy is clear: optimize and expand production at its flagship Cerro Prieto mine, advance Pinos toward a production decision, and restart the large-scale San Francisco mine. Together, these projects target over 100,000 ounces of annual production, with additional upside from exploration, resource growth, and future acquisitions.

The company is led by an experienced team with deep expertise in developing and optimizing Mexican mines. Backed by strong financial support from the Calu Group and Luca Mining founders, Goldgroup benefits from a proven track record in value creation through mine development, operational turnarounds, and strategic M&A.

Company Highlights

• Two operating or near-term production gold assets in Mexico, 100-percent-owned and fully permitted.
• Cerro Prieto expansion completed, increasing from ~12,500 oz/year to 30,000+ oz/year during 2026 and beyond, including tailings re-processing.
• Its second asset, Pinos, is a fully permitted high-grade underground development project with historical resources and +90 percent metallurgical recoveries.
• San Francisco acquisition in progress, a past producer capable of ~40,000 oz/year with significant exploration upside.
• Aggressive M&A strategy aimed at fast-tracking Goldgroup into the mid-tier producer category with advanced due diligence nearing completion. .
• Backed by the Calu Group and the founders of Luca Mining, bringing extensive operational and financing expertise in Mexico.

This GoldGroup Mining profile is part of a paid investor education campaign.*

Click here to connect with GoldGroup Mining (TSXV:GGA) to receive an Investor Presentation

1. BHP (ASX:BHP,NYSE:BHP,LSE:BHP)

Copper production: 1.5 million metric tons

BHP is one of the world’s largest mining companies, and its global portfolio of assets includes significant copper mining operations in Chile, Australia and Peru.

According to the company’s quarterly operational review data, the mining giant’s attributable copper production totaled 1.5 million metric tons across the calendar year 2024.

Its most significant copper asset is the Escondida mine, the world’s largest copper mine. BHP holds a 57.5 percent stake in the Chilean operation, which produced 1.24 million metric tons of copper in 2024, of which 713,805 was attributable to BHP. Its other Chilean copper operation is its wholly owned Pampa Norte mine, which produced 313,600 metric tons of copper in 2024.

BHP also owns the Olympic Dam polymetallic mine, the largest mine in Australia. The South Australian mine hosts one of the world’s largest copper deposits as well as the largest uranium deposit. In 2023, BHP expanded its portfolio in the state with its acquisition of OZ Minerals and its Prominent Hill and Carrapateena copper operations.

In January, BHP announced its acquisition of Filo Mining and its Filo del Sol project located Argentina. As part of the announcement, BHP said it had formed a joint venture company with Lundin Mining Corporation (TSX:LUN,OTC Pink:LUNMF) to combine Filo del Sol with Lundin’s Josemaria project in the Vicuna mining district, with each company owning a 50 percent stake.

2. Codelco

Copper production: 1.44 million metric tons

The Chilean state-owned Codelco is the world’s third-largest producer with copper production of 1.44 million metric tons in 2024. According to its 2024 annual report, its copper output increased 1.2 percent from 1.42 million metric tons in 2023.

Its largest asset is the Chuquicamata mine located in Northern Chile, between 2017 and 2021 annual production was in the 700 million to 850 million pound range. However, lower grades in recent years have led to production falling below 600 million pounds. In 2024, Chuquicamata increased slightly to 637 million pounds.

The mine transitioned from an open pit to an underground mine beginning in 2019. In its operational report for the quarter ending September 30, the company stated that Phase 1 of its continuity infrastructure project had reached 85 percent completion. It added that feasibility studies were underway for potential expansion of the current mine level, as were prefeasibility studies assessing ‘the development of a potential deeper mine level.’

The company’s other significant Chilean mines include El Teniente, Quebrada Blanca and Andina.

3. Freeport-McMoRan (NYSE:FCX)

Copper production: 1.26 million metric tons

Freeport-McMoRan is consistently ranked among the world’s top copper producers, and its share of copper production from its mines totaled 1.26 million metric tons of copper in 2024. The company reported producing 4.21 billion pounds, or 1.9 million metric tons, of the red metal, calculated on a 100 percent basis for all operations except its Morenci joint venture.

The largest contributor to its output is the Grasberg copper-gold mine in Indonesia. The mine itself is a joint venture between Freeport and state-owned Indonesia Asahan Aluminum, with the entities holding interests of 48.76 percent and 51.24 percent respectively. According to MDO, copper output for the mine in 2024 totaled 1.8 billion pounds.

Grasberg has undergone a transition from an open pit to an underground block cave, and expansion work continues at the site. As of the close of 2024, the mine had 469 open drawbells.

In September, the main Grasberg Block Cave suffered an ingress of wet material that killed seven workers and forced the closure of the operation. While Freeport stated that unaffected portions of Grasberg would open by the end of 2025, the Grasberg Block Cave would see a phased restart beginning in the second quarter of 2026, and increasing through the end of the year and into 2027.

Additionally, Freeport holds a 55 percent stake in the Cerro Verde copper-molybdenum complex in Peru. The mine routinely produces between 800 million and 1 billion pounds of copper and is expected to be in operation until 2052.

Its largest US based operation is its 72 percent owned Morenci mine in Arizona, which produced 700 million pounds in 2024. It also owns the Safford and Sierrita mines in the same state.

4. Glencore (LSE:GLEN,OTC Pink:GLCNF)

Copper production: 951,600 metric tons

Mining major Glencore copper production dipped by 6 percent in 2024 to 951,600 metric tons from the 1.01 million metric tons produced in 2023. The company’s 2024 annual report attributed the decline to lower planned production at its Antapaccay and Collahuasi mines due to factors including lower grades, water constraints and geotechnical challenges.

Located along Chile’s coast, Collahuasi is the company’s largest operation, a 44/44/12 joint operation between Glencore, Anglo American (LSE:AAL,OTCQX:NGLOY) and Japan’s Mitsui & Co. (OTC Pink:MITSF,TSE:8031). The mine produced 558,600 metric tons of copper in 2024.

The partners are working to build a large-scale desalination plant designed to help overcome water shortage issues. In Glencore’s third-quarter production report, it indicated that water restrictions at Collahuasi have eased since the staged commissioning started, with further improvements through Q4. Once open, it will provide 1,050 liters of desalinated water per second to the mine via a 194 kilometer pipeline.

Other significant copper-producing assets in the company’s portfolio include Antamina in Peru, Mount Isa in Australia and the Katanga Complex in the Democratic Republic of the Congo.

5. Southern Copper (NYSE:SCCO)

Copper production: 883,462 metric tons

A majority-owned, indirect subsidiary of Grupo Mexico (OTC Pink:GMBXF), Southern Copper recorded 883,462 metric tons of total copper production for 2024, a 6.9 percent increase over 2023. In the company’s 2024 results, the company attributed the increase to higher production across all operations, with a 10.7 percent increase from its Peruvian assets and a 4.3 percent increase from Mexican production.

The company operates major copper mines in Peru and Mexico and has exploration projects in Argentina, Chile, Ecuador, Mexico and Peru.

Its largest copper-producing asset is the Buenavista mine in Northern Mexico, which sits atop one of the world’s largest porphyry copper deposits. According to MDO, the site produces approximately 700 billion to 750 billion pounds of copper per year.

Its other copper operations include the Cuajone and Toquepala mines in Peru and the La Caridad mine in Mexico.

6. Anglo American (LSE:AAL,OTCQX:NGLOY)

Copper production: 772,700 metric tons

British miner Anglo American reported a 6.5 percent decrease in copper production to 772,700 metric tons from 826,200 metric tons in 2023.

The company attributed the decline to lower recovery and grades at the Collahuasi and Los Bronces operations in Chile, noting that the planned closure of the Los Bronces processing plant also impacted production. The company holds a 44 percent stake in Collahuasi and 50 percent in Los Bronces.

In addition to Collahuasi, the company also owns a 60 percent stake in the Quellaveco mine in Peru, with Mitsubishi owning the remaining 40 percent. The open pit mine started operating in 2022 and, according to MDO, produced 675 million pounds of copper in 2024.

It also owns a 50 percent stake in the El Soldado mine in Chile, which it operates in partnership with Mitsui, which holds a 30 percent stake, and Mitsubishi Materials (OTC Pink:MIMTF), which holds the remaining 20 percent. Data from MDO shows that the mine produced 48,200 metric tons of copper in 2024.

On September 9, Anglo American announced plans to combine with Canadian mining giant Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) in a ‘merger of equals’ to form Anglo Teck, which would be headquartered in Canada. The merged company would focus on critical minerals and become a top-five global copper producer.

7. KGHM Polska Miedz (FWB:KGHA.F)

Copper production: 729,700 metric tons

Poland’s KGHM Polska Miedz has operations in Europe, North America and South America, and says that it controls over 40 million metric tons of copper ore resources worldwide. In 2024, KGHM produced 729,700 metric tons of copper, a slight increase from the 710,900 metric tons of copper produced in 2023.

According to MDO, KGHM’s largest operation is the Polkowice-Sieroszowice mine in Western Poland. The mine has been in operation since 1968 and produces approximately 430 million to 440 million pounds of copper annually.

The company’s Polish operations also include the Rudna mine, which produced 338 million pounds of copper last year, and the Lubin mine, which produced 156 million pounds.

Other options under the KGHM banner include the Robinson mine in Nevada, United States, and the 55 percent owned Sierra Gorda mine in Chile.

8. CMOC Group (OTC Pink:CMCLF,HKEX:3993)

Copper production: ~502,600 metric tons

CMOC Group is a new addition to the top 10 after its copper production jumped significantly in 2024, with its share of production from its joint venture copper-cobalt mines in the Democratic Republic of the Congo totaling approximately 502,600 metric tons. On a 100 percent basis, the company reported annual copper production of 650,161 metric tons.

The majority of CMOC’s copper production came from its Tenke Fungurume copper-cobalt mine, an 80/20 joint venture with the state-owned mining firm Gecamines. According to MDO data, the mine has experienced significant growth over the past few years, ramping up from 400 million pounds of copper in 2020 to 618 million pounds in 2023. In 2024, Tenke Fungurume’s copper production soared to 992 million pounds, or 450,138 metric tons.

Its other DRC mine is Kisanfu, a 71/24/5 joint venture with Chinese battery manufacturer Contemporary Amperex Technology (SZSE:300750) and the DRC government. The mine produced 200,013 metric tons of copper cathode in 2024, up substantially from 114,000 in 2023.

9. Antofagasta (LSE:ANTO,OTC Pink:ANFGF)

Copper production: 448,800 metric tons

Antofagasta’s share of copper production from its four joint venture operations in Chile totaled 448,800 metric tons in 2024.

The company’s largest operation is its 60 percent owned Los Pelambres mine, a joint venture with Mitsubishi. According to MDO, Los Pelambres’ copper production totaled 320,000 metric tons in 2024, up from 300,000 the previous year.

Its Centinela mine is another significant producer, with 224,000 metric tons of copper mined in 2024. The company is constructing a second concentrator at Centinela that, once it comes online in 2027, should add 144,000 metric tons of copper production annually and extend Centinela’s mine life by 15 years to 2051.

The company’s other Chilean joint ventures are the Antucoya and Zaldivar mines.

10. Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK)

Copper production: 358,910 metric tons

Rounding out the top 10 is Canada’s Teck Resources, which increased consolidated copper production by 50 percent in 2024, reaching 446,000 metric tons. On an attributable basis, the copper company’s production totaled 358,910 metric tons in 2024.

Much of the gain came from the ramp-up of the Quebrada Blanca mine in Chile. The mine started production in 2023 and produced just 122 million pounds of copper that year. 2024 saw a significant advancement, with the mine producing 458 million pounds of the red metal.

Teck holds a 60 percent ownership stake in the mine, while Japan’s Sumitomo (OTC Pink:SSUMF,TSE:8053) controls a 30 percent stake and Chile’s state-run Codelco owns the final 10 percent.

Teck also owns the Highland Valley mine in British Columbia, Canada. The mine is one of the largest open pit mines in Canada and produced 226 million pounds of copper in 2024.

Other copper operations in the Teck portfolio include Antamina in Peru and Carmen de Andacollo in Chile.

On September 8, Teck announced a planned merger of equals with Anglo American to focus on critical minerals and copper production. The combined company is set to be called Anglo Teck and will be headquartered in Canada. The merger is expected to take 12 to 18 months to be completed.