High Voltage: How will copper shape up under Trump’s tariffs?

Trump’s tariffs could shake up copper and iron ore, and investors need to watch out for risks ahead.

Trump’s tariffs stir up copper while iron ore stays defensive, but risks rise. Pic: Getty Images

• Trump’s tariffs put copper market in the hot seat

• Iron ore still a defensive play, but risks loom

• How all this could impact investors

Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, and vanadium.

As global trade tensions rise, copper has found itself in the firing line.

Analysts at Benchmark and Panmure Liberum are tracking the impact of new tariffs on these markets, and what it means for investors.

Copper: the Trump tariff impact

It's been a rocky ride for copper lately.

The London Metal Exchange saw copper prices drop by 2.9% week-on-week last Friday.

Why? Well, a mix of bad news: tech stock sell-offs, Trump’s tariffs, weak manufacturing in China, and some hawkish remarks from the US Fed.

But things took a turn on Monday, with prices bouncing back after Trump delayed tariffs on Mexico and Canada, and some whispers came out of China about possible concessions to avoid a full-blown trade war.

Now, let’s dig into the impact of those tariffs.

Trump slapped 25% tariffs on imports from Canada and Mexico, and 10% on China.

On the macro level, this has a lot of people worried about inflation, a stronger USD, and slower global growth.

What will it mean for copper?

Analysts at Benchmark put it bluntly: “The most severe impact is expected to stem from tariffs on Canada, which exports nearly 400,000t of copper to the US in raw materials and semi-fabricated products.”

Canada is a huge player in the copper market, providing 15% of US refined copper imports and a massive 82% of US wire rod imports. So, if that copper flow gets choked off, the US could be in trouble.

However, there’s a silver lining, and it comes from the US’ ability to offset this shortfall.

“The lost copper import volume from Canada could be mitigated by a curtailment of refined copper and copper wire rod exports from the US to Mexico, supplemented by imports from tariff-exempt countries like Chile,” Benchmark's analysts wrote.

In other words, expect some shifts in trade routes, but the copper market could stay stable for now.

As for China, the US doesn’t really import much copper from China (less than 10,000t), but China is a major player in copper scrap.

Last year, the US exported over 300,000t of copper scrap to China.

But let’s be real, Trump’s goal is to boost domestic copper production. And while it might take some time to build new smelting capacity (we’re talking 2-4 years), it could eventually offset some of the imports.

“Many uncertainties still surround the current tariff situation,” said the analysts.

Will copper be hit with its own tariffs? Will Canada, Mexico, and China be subject to different tariff rules under their "critical mineral" status?

And which other countries might be next in line? Only time will tell.

Read later: Stocking stuffers: 10 copper stocks valued under $15m

Iron Ore: a defensive play or risky bet?

Meanwhile, things are a bit different for iron ore.

The US’s latest tariff strategy is starting to look like a repeat of 2018-19’s tariff war, and for iron ore, that could mean some big moves ahead.

Panmure Liberum analysts have pointed out that, with tariffs in play, gold and iron ore are the only two commodities that offer a kind of 'protection.’

Gold has already soared past $2,800/oz, as investors seek a safe haven. But is iron ore still that China-backed defensive play it was in 2018?

“We think Trump’s 2018-19 tariff strategy = useful playbook for resources investors. There’s price upside in Gold (started) + Iron Ore (possibly),” wrote Panmure's analysts.

But before you get too excited, there are risks.

Sure, China’s steel-driven economy is still a massive force, and their demand for iron ore isn’t going anywhere anytime soon.

However, analysts are now cautious about overplaying the iron ore bull case. China’s economy is maturing, and the country might not ramp up steel production in the same way it did back in the day.

“China can still drive steel-intensive growth at home and abroad,  but is that smart for this ageing economy?” Panmure Liberum asked.

And then there’s the US-China tension.

Trump’s tariffs could boost the price of iron ore if China steps up its steel production to offset tariffs. But that also means more uncertainty.

“The most likely, lower-risk tariff-offsetting strategy China would pursue – if Trump’s tariff war balloons –  is to expand exports of goods + services and materials,” Panmure Liberum's analysts said.

This could lead to even more trade conflicts, but for now, China will do what it can to protect its economy.

In the grand scheme of things, iron ore is still a solid play for investors, but don’t get too carried away.

“Iron ore’s price upside is linked to China’s ability to balance steel production without exacerbating inventory issues."

Battery Metals Winners and Losers

Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese and vanadium is performing >>>

CODE	COMPANY	PRICE	WEEK %	MONTH %	6 MONTH %	YEAR %	YTD %	MARKET CAP
PVW	PVW Res Ltd	0.013	0%	-13%	-50%	-71%	-13%	$ 2,585,762.11
A8G	Australasian Metals	0.068	-11%	-9%	-26%	-32%	-14%	$ 3,936,501.30
INF	Infinity Lithium	0.027	0%	-10%	-48%	-65%	-4%	$ 14,340,354.88
PSC	Prospect Res Ltd	0.099	2%	10%	9%	25%	13%	$ 54,885,480.00
FLG	Flagship Min Ltd	0.039	-17%	-29%	-58%	-76%	-32%	$ 7,940,174.39
CXO	Core Lithium	0.09	1%	-3%	-1%	-51%	1%	$ 197,157,430.05
LOT	Lotus Resources Ltd	0.24	7%	2%	9%	-32%	20%	$ 578,849,726.04
AGY	Argosy Minerals Ltd	0.027	-4%	-13%	-29%	-74%	-5%	$ 37,853,944.28
NWC	New World Resources	0.017	-6%	-6%	-6%	-58%	-6%	$ 51,125,071.01
QXR	Qx Resources Limited	0.0035	17%	-13%	-50%	-75%	-13%	$ 4,585,272.49
CAE	Cannindah Resources	0.046	15%	12%	-12%	-42%	18%	$ 28,395,118.17
AZL	Arizona Lithium Ltd	0.01	-9%	-23%	-38%	-52%	-20%	$ 45,618,145.28
RIL	Redivium Limited	0.004	0%	0%	100%	-20%	0%	$ 13,609,421.85
COB	Cobalt Blue Ltd	0.057	-10%	-15%	-22%	-64%	-16%	$ 24,018,253.77
LPD	Lepidico Ltd	0.002	0%	0%	0%	-65%	0%	$ 17,178,370.80
MRD	Mount Ridley Mines	0.0025	-17%	-17%	-75%	-83%	-17%	$ 1,946,222.53
CZN	Corazon Ltd	0.002	0%	0%	-50%	-83%	0%	$ 2,369,144.51
LKE	Lake Resources	0.039	-5%	-13%	18%	-58%	-7%	$ 68,138,841.77
DEV	Devex Resources Ltd	0.079	-8%	-15%	-64%	-70%	-16%	$ 35,776,944.35
INR	Ioneer Ltd	0.17	-3%	3%	36%	36%	6%	$ 424,021,052.88
MAN	Mandrake Res Ltd	0.022	0%	-8%	-27%	-42%	0%	$ 13,799,718.24
RLC	Reedy Lagoon Corp.	0.002	0%	-33%	-50%	-50%	0%	$ 1,553,413.35
GBR	Greatbould Resources	0.055	17%	28%	15%	-7%	28%	$ 37,955,016.70
FRS	Forrestaniaresources	0.009	0%	-31%	-67%	-61%	-36%	$ 2,195,671.13
STK	Strickland Metals	0.073	-9%	-15%	-26%	-20%	-14%	$ 158,933,861.42
MLX	Metals X Limited	0.485	1%	18%	31%	67%	17%	$ 412,172,065.17
CLA	Celsius Resource Ltd	0.0095	-14%	-10%	-14%	-21%	-14%	$ 26,692,384.52
FGR	First Graphene Ltd	0.07	30%	126%	40%	13%	159%	$ 44,099,338.63
NH3	Nh3Cleanenergyltd	0.02	11%	5%	54%	67%	11%	$ 10,992,095.70
TLG	Talga Group Ltd	0.51	-2%	16%	26%	-13%	16%	$ 223,318,846.92
MNS	Magnis Energy Tech	0.042	0%	0%	0%	0%	0%	$ 50,378,922.34
PLL	Piedmont Lithium Inc	0.13	-7%	-10%	0%	-35%	-10%	$ 81,478,514.00
EUR	European Lithium Ltd	0.062	2%	55%	35%	-28%	48%	$ 92,491,613.70
BKT	Black Rock Mining	0.03	-12%	-9%	-47%	-54%	-12%	$ 36,309,408.97
QEM	QEM Limited	0.065	-4%	33%	-51%	-62%	25%	$ 12,785,857.10
LYC	Lynas Rare Earths	6.53	3%	-1%	10%	15%	2%	$ 6,019,585,111.40
ESR	Estrella Res Ltd	0.032	14%	60%	540%	700%	60%	$ 57,031,156.05
ARL	Ardea Resources Ltd	0.39	3%	20%	-19%	-5%	18%	$ 77,876,336.85
GLN	Galan Lithium Ltd	0.12	-4%	-14%	-18%	-63%	-14%	$ 98,406,360.72
JLL	Jindalee Lithium Ltd	0.21	0%	-5%	-25%	-76%	-5%	$ 15,454,288.29
VUL	Vulcan Energy	4.14	-15%	-24%	8%	106%	-23%	$ 913,814,244.00
SBR	Sabre Resources	0.009	13%	-10%	-31%	-57%	-10%	$ 3,536,657.40
CHN	Chalice Mining Ltd	1.23	11%	10%	18%	39%	11%	$ 480,448,083.18
VRC	Volt Resources Ltd	0.003	-14%	0%	-25%	-40%	0%	$ 13,224,718.57
NMT	Neometals Ltd	0.08	3%	-6%	15%	-40%	7%	$ 60,784,581.64
AXN	Alliance Nickel Ltd	0.035	-13%	3%	-3%	6%	0%	$ 25,404,386.53
PNN	Power Minerals Ltd	0.087	-3%	-4%	5%	-46%	-5%	$ 9,905,373.95
IGO	IGO Limited	4.98	-3%	2%	-1%	-28%	4%	$ 3,748,475,674.35
GED	Golden Deeps	0.023	2%	-15%	-23%	-38%	-8%	$ 3,542,514.03
ADV	Ardiden Ltd	0.14	4%	0%	8%	-22%	4%	$ 9,065,038.37
SRI	Sipa Resources Ltd	0.012	-8%	-14%	-33%	-43%	0%	$ 3,418,597.67
NTU	Northern Min Ltd	0.018	-10%	-10%	-42%	-31%	-14%	$ 157,675,235.63
AXE	Archer Materials	0.38	-5%	-23%	46%	10%	-34%	$ 98,116,100.01
PGM	Platina Resources	0.0195	-3%	8%	-22%	8%	15%	$ 12,152,016.45
AAJ	Aruma Resources Ltd	0.009	0%	-25%	-25%	-55%	-25%	$ 2,220,581.72
IXR	Ionic Rare Earths	0.006	0%	0%	-40%	-70%	-14%	$ 31,430,570.06
NIC	Nickel Industries	0.765	-4%	-7%	-2%	9%	-7%	$ 3,195,908,360.60
EVG	Evion Group NL	0.025	4%	4%	-4%	-19%	-7%	$ 8,674,079.68
CWX	Carawine Resources	0.1	-5%	0%	11%	-13%	0%	$ 23,612,544.90
PLS	Pilbara Min Ltd	2.33	-1%	7%	-18%	-32%	6%	$ 7,497,776,913.98
HAS	Hastings Tech Met	0.32	0%	-3%	19%	-40%	-2%	$ 57,136,632.21
BUX	Buxton Resources Ltd	0.038	-5%	-5%	-46%	-71%	-7%	$ 7,779,886.24
ARR	American Rare Earths	0.29	4%	-2%	16%	123%	9%	$ 139,266,407.23
SGQ	St George Min Ltd	0.03	20%	20%	-12%	25%	20%	$ 35,917,672.53
TKL	Traka Resources	0.001	0%	-50%	0%	-50%	0%	$ 2,125,790.24
PRL	Province Resources	0.041	0%	0%	0%	0%	0%	$ 48,441,218.86
IPT	Impact Minerals	0.01	-9%	0%	-29%	-17%	0%	$ 30,594,337.18
LIT	Livium Ltd	0.014	-13%	-22%	-36%	-48%	-13%	$ 20,207,351.78
ARN	Aldoro Resources	0.365	33%	4%	387%	306%	-4%	$ 55,006,479.05
JRV	Jervois Global Ltd	0.011	0%	0%	-21%	-61%	0%	$ 29,730,401.64
SYR	Syrah Resources	0.235	2%	12%	-2%	-42%	15%	$ 243,199,565.01
FBM	Future Battery	0.022	-12%	29%	22%	-57%	22%	$ 14,637,830.42
ADD	Adavale Resource Ltd	0.002	-20%	-33%	-33%	-67%	-33%	$ 4,546,558.44
LTR	Liontown Resources	0.685	1%	20%	-21%	-23%	30%	$ 1,638,541,394.78
CTM	Centaurus Metals Ltd	0.395	-1%	8%	20%	36%	11%	$ 198,680,485.20
VML	Vital Metals Limited	0.003	50%	50%	0%	-40%	50%	$ 17,685,200.85
BSX	Blackstone Ltd	0.032	10%	10%	-1%	-40%	14%	$ 17,254,912.74
POS	Poseidon Nick Ltd	0.004	0%	0%	33%	-38%	0%	$ 16,815,566.56
CHR	Charger Metals	0.058	-9%	-12%	-2%	-54%	-15%	$ 4,645,215.00
AVL	Aust Vanadium Ltd	0.013	-7%	0%	-13%	-28%	-7%	$ 112,250,554.99
AUZ	Australian Mines Ltd	0.011	0%	10%	38%	22%	22%	$ 16,082,889.43
RXL	Rox Resources	0.23	10%	15%	67%	32%	15%	$ 136,773,753.30
RNU	Renascor Res Ltd	0.053	-7%	-18%	-36%	-33%	-15%	$ 137,269,736.37
GL1	Globallith	0.205	-7%	11%	-20%	-53%	14%	$ 53,655,085.22
ASN	Anson Resources Ltd	0.061	-2%	-10%	-34%	-24%	-13%	$ 83,204,192.34
SYA	Sayona Mining Ltd	0.025	14%	-7%	-11%	-36%	-7%	$ 277,039,104.34
EGR	Ecograf Limited	0.099	6%	10%	1%	-29%	13%	$ 43,142,522.81
ATM	Aneka Tambang	0.9	0%	0%	-13%	-18%	0%	$ 1,173,284.10
TVN	Tivan Limited	0.11	0%	0%	112%	96%	10%	$ 221,028,232.45
ALY	Alchemy Resource Ltd	0.006	-14%	-14%	-14%	-25%	-14%	$ 7,068,457.54
GAL	Galileo Mining Ltd	0.135	-7%	0%	-16%	-36%	8%	$ 27,667,489.78
BHP	BHP Group Limited	40.26	3%	1%	-2%	-13%	2%	$ 203,615,654,674.44
LEL	Lithenergy	0.37	0%	0%	10%	6%	0%	$ 41,440,580.53
ASL	Andean Silver	1.21	14%	37%	88%	404%	49%	$ 187,353,030.90
RMX	Red Mount Min Ltd	0.008	0%	-20%	-47%	-63%	-11%	$ 4,184,620.16
GW1	Greenwing Resources	0.04	0%	-26%	14%	-54%	-2%	$ 9,626,059.28
AQD	Ausquest Limited	0.057	39%	533%	435%	435%	613%	$ 53,475,786.90
LML	Lincoln Minerals	0.006	20%	0%	9%	20%	0%	$ 12,337,557.12
1MC	Morella Corporation	0.024	4%	-17%	-29%	-76%	-17%	$ 7,926,372.07
REE	Rarex Limited	0.01	11%	11%	-29%	-47%	11%	$ 7,207,612.52
MRC	Mineral Commodities	0.026	0%	0%	0%	4%	0%	$ 25,596,287.57
PUR	Pursuit Minerals	0.085	5%	-11%	-43%	-58%	-11%	$ 6,605,383.60
QPM	QPM Energy Limited	0.061	-19%	7%	91%	56%	9%	$ 146,233,992.51
EMH	European Metals Hldg	0.145	-6%	2%	-33%	-52%	-6%	$ 28,005,035.18
BMM	Bayanminingandmin	0.045	-13%	-10%	-13%	-38%	-4%	$ 4,043,904.11
PEK	Peak Rare Earths Ltd	0.15	11%	25%	-25%	-30%	25%	$ 50,992,498.15
LEG	Legend Mining	0.009	-10%	-18%	-25%	-47%	-25%	$ 26,185,294.67
MOH	Moho Resources	0.004	-20%	0%	-11%	-50%	-20%	$ 2,865,898.30
AML	Aeon Metals Ltd.	0.005	0%	0%	0%	-50%	0%	$ 5,482,003.11
G88	Golden Mile Res Ltd	0.008	-11%	-11%	-20%	-27%	-11%	$ 3,969,782.84
WKT	Walkabout Resources	0.095	0%	0%	-10%	-24%	0%	$ 63,769,837.85
TON	Triton Min Ltd	0.007	-13%	-22%	-30%	-59%	-22%	$ 12,547,109.87
AR3	Austrare	0.081	-12%	-19%	16%	-26%	-23%	$ 13,196,147.34
ARU	Arafura Rare Earths	0.14	4%	17%	-10%	12%	22%	$ 332,684,373.29
MIN	Mineral Resources.	35.34	-3%	3%	-32%	-37%	3%	$ 6,775,961,465.92
VMC	Venus Metals Cor Ltd	0.073	12%	9%	4%	-34%	9%	$ 13,532,879.13
S2R	S2 Resources	0.064	-7%	-6%	-42%	-56%	-4%	$ 31,247,201.52
CNJ	Conico Ltd	0.008	-20%	-20%	-60%	-73%	-11%	$ 1,899,898.41
VR8	Vanadium Resources	0.029	4%	-6%	-40%	-15%	-6%	$ 16,316,130.92
PVT	Pivotal Metals Ltd	0.006	0%	-14%	-65%	-67%	-14%	$ 5,443,355.25
BOA	BOA Resources Ltd	0.022	0%	10%	10%	-15%	16%	$ 2,713,762.63
IPX	Iperionx Limited	4.24	8%	-23%	105%	137%	-23%	$ 1,358,138,866.40
SLZ	Sultan Resources Ltd	0.006	-14%	0%	0%	-53%	0%	$ 1,388,819.46
SMX	Strata Minerals	0.034	-11%	79%	70%	-13%	70%	$ 5,915,270.24
NVA	Nova Minerals Ltd	0.32	0%	-18%	146%	2%	-14%	$ 93,373,450.93
MLS	Metals Australia	0.0225	0%	-2%	25%	-27%	-2%	$ 16,031,829.53
MQR	Marquee Resource Ltd	0.013	18%	-7%	30%	-35%	-7%	$ 4,854,804.77
MRR	Minrex Resources Ltd	0.008	0%	7%	-11%	-36%	14%	$ 7,594,072.52
EVR	Ev Resources Ltd	0.003	-25%	20%	-18%	-67%	20%	$ 5,797,510.03
EFE	Eastern Resources	0.027	0%	-4%	-33%	-61%	-4%	$ 3,404,428.57
CNB	Carnaby Resource Ltd	0.345	3%	0%	-26%	-46%	0%	$ 78,446,367.94
BNR	Bulletin Res Ltd	0.04	11%	5%	-13%	-51%	3%	$ 10,863,692.95
AX8	Accelerate Resources	0.011	-15%	57%	10%	-50%	57%	$ 7,461,047.18
AM7	Arcadia Minerals	0.02	0%	-5%	-50%	-70%	5%	$ 2,347,668.66
AS2	Askarimetalslimited	0.01	-5%	-17%	-64%	-89%	-17%	$ 2,662,304.42
BYH	Bryah Resources Ltd	0.004	33%	33%	-11%	-60%	33%	$ 1,509,860.57
DTM	Dart Mining NL	0.007	-22%	-22%	-55%	-41%	-22%	$ 4,186,389.04
EMS	Eastern Metals	0.013	0%	-19%	-32%	-61%	-7%	$ 1,477,791.19
FG1	Flynngold	0.024	4%	-8%	4%	-50%	-4%	$ 6,532,911.75
GSM	Golden State Mining	0.008	0%	0%	-27%	-27%	0%	$ 2,234,965.04
IMI	Infinitymining	0.01	-9%	-17%	-9%	-91%	-9%	$ 4,210,157.77
LRV	Larvottoresources	0.72	13%	25%	500%	991%	45%	$ 282,306,838.74
LSR	Lodestar Minerals	0.011	-21%	-21%	-45%	-66%	-21%	$ 2,129,787.23
RAG	Ragnar Metals Ltd	0.018	-8%	-10%	-5%	-18%	-8%	$ 8,057,761.63
CTN	Catalina Resources	0.003	0%	0%	20%	-40%	-25%	$ 3,948,785.68
TMB	Tambourahmetals	0.026	-4%	13%	-40%	-68%	24%	$ 3,207,111.33
TEM	Tempest Minerals	0.005	0%	0%	-44%	-25%	0%	$ 2,855,384.27
EMC	Everest Metals Corp	0.16	14%	19%	45%	111%	19%	$ 34,686,494.58
OB1	Orbminco Limited	0.002	0%	0%	-33%	-60%	0%	$ 3,249,885.12
KZR	Kalamazoo Resources	0.075	-1%	1%	17%	-19%	1%	$ 15,416,721.75
LMG	Latrobe Magnesium	0.014	-13%	-30%	-63%	-75%	-30%	$ 35,228,060.63
KOR	Korab Resources	0.008	0%	0%	0%	0%	0%	$ 2,936,400.00
CMX	Chemxmaterials	0.026	0%	0%	-35%	-67%	0%	$ 3,354,580.35
NC1	Nicoresourceslimited	0.084	-8%	-11%	-16%	-63%	-20%	$ 9,193,848.30
GRE	Greentechmetals	0.07	3%	-1%	-44%	-67%	0%	$ 7,625,688.30
CMO	Cosmometalslimited	0.017	0%	-23%	-53%	-63%	-23%	$ 2,226,878.86
FRB	Firebird Metals	0.09	-9%	-14%	-18%	-22%	-10%	$ 12,812,526.09
S32	South32 Limited	3.47	5%	0%	22%	7%	2%	$ 15,585,084,447.90
OMH	OM Holdings Limited	0.34	0%	-8%	-21%	-28%	-7%	$ 260,527,312.34
JMS	Jupiter Mines.	0.155	7%	11%	-34%	-14%	7%	$ 303,961,472.96
E25	Element 25 Ltd	0.265	-4%	6%	18%	-4%	4%	$ 59,439,224.26
EMN	Euromanganese	0.054	38%	64%	15%	-35%	86%	$ 10,039,248.00
KGD	Kula Gold Limited	0.005	11%	-12%	-47%	-19%	-12%	$ 3,548,268.43
LRS	Latin Resources Ltd	0.165	0%	12%	35%	25%	5%	$ 477,661,711.40
CRR	Critical Resources	0.005	0%	-17%	-17%	-62%	-17%	$ 12,159,815.92
ENT	Enterprise Metals	0.003	0%	0%	-25%	-25%	-25%	$ 3,534,951.75
SCN	Scorpion Minerals	0.015	-32%	0%	-6%	-40%	0%	$ 6,141,842.88
GCM	Green Critical Min	0.02	-5%	11%	700%	300%	43%	$ 38,543,565.98
ENV	Enova Mining Limited	0.008	33%	33%	0%	-64%	60%	$ 8,614,505.44
RBX	Resource B	0.03	-3%	-17%	-19%	-45%	-17%	$ 3,455,534.55
AKN	Auking Mining Ltd	0.004	0%	0%	-71%	-86%	-11%	$ 2,573,893.84
RR1	Reach Resources Ltd	0.007	0%	-7%	-30%	-49%	-13%	$ 6,121,019.44
EMT	Emetals Limited	0.004	0%	0%	0%	-33%	0%	$ 3,400,000.00
PNT	Panthermetalsltd	0.009	0%	-10%	-64%	-68%	-18%	$ 2,481,707.63
WIN	WIN Metals	0.0195	-11%	15%	-22%	-64%	8%	$ 10,726,132.81
WMG	Western Mines	0.135	-4%	-7%	-39%	-25%	-10%	$ 11,294,168.00
AVW	Avira Resources Ltd	0.001	0%	0%	0%	-50%	0%	$ 2,938,790.00
CAI	Calidus Resources	0	-100%	-100%	-100%	-100%	-100%	$ 93,678,205.58
GT1	Greentechnology	0.065	8%	-8%	18%	-52%	-6%	$ 25,657,638.40
KAI	Kairos Minerals Ltd	0.016	23%	14%	45%	19%	33%	$ 42,094,595.02
MTM	MTM Critical Metals	0.22	-8%	-10%	746%	238%	-15%	$ 98,541,576.51
NWM	Norwest Minerals	0.014	8%	-13%	-39%	-46%	0%	$ 6,791,673.14
PGD	Peregrine Gold	0.14	-7%	-3%	-32%	-52%	0%	$ 11,124,955.80
RAS	Ragusa Minerals Ltd	0.013	0%	8%	-19%	-55%	18%	$ 1,853,784.22
RGL	Riversgold	0.003	0%	-25%	-40%	-67%	-25%	$ 5,051,137.78
SRZ	Stellar Resources	0.015	15%	0%	-6%	114%	-6%	$ 31,196,258.52
STM	Sunstone Metals Ltd	0.007	17%	17%	-13%	-30%	0%	$ 36,050,025.45
ZNC	Zenith Minerals Ltd	0.043	0%	8%	-10%	-66%	8%	$ 17,519,981.15
WC8	Wildcat Resources	0.255	6%	-9%	19%	-39%	-7%	$ 341,471,676.06
ASO	Aston Minerals Ltd	0.012	-14%	9%	33%	-33%	33%	$ 16,835,835.50
THR	Thor Energy PLC	0.011	-8%	-15%	-27%	-67%	-15%	$ 2,817,048.58
YAR	Yari Minerals Ltd	0.004	0%	33%	33%	-56%	33%	$ 2,411,789.07
IG6	Internationalgraphit	0.061	-10%	22%	-24%	-55%	22%	$ 11,807,058.13
LPM	Lithium Plus	0.059	-23%	-30%	-44%	-71%	-32%	$ 7,704,720.00
ODE	Odessa Minerals Ltd	0.006	0%	-14%	100%	0%	0%	$ 9,597,195.22
KOB	Kobaresourceslimited	0.073	4%	-3%	-42%	-57%	0%	$ 11,574,997.82
AZI	Altamin Limited	0.023	-15%	0%	-26%	-51%	5%	$ 14,362,572.30
FTL	Firetail Resources	0.064	-9%	12%	-14%	16%	-19%	$ 22,875,430.28
LNR	Lanthanein Resources	0.0035	17%	40%	0%	-30%	17%	$ 7,330,908.38
CLZ	Classic Min Ltd	0.001	0%	0%	0%	-98%	0%	$ 1,544,025.56
NVX	Novonix Limited	0.585	2%	-25%	-6%	5%	-20%	$ 362,175,592.89
OCN	Oceanalithiumlimited	0.027	0%	-4%	-22%	-51%	4%	$ 3,712,402.31
SUM	Summitminerals	0.135	8%	-10%	-18%	93%	-10%	$ 10,890,998.50
DVP	Develop Global Ltd	2.45	4%	5%	18%	11%	5%	$ 654,569,628.55
XTC	XTC Lithium Limited	0.2	19900%	19900%	19900%	19900%	19900%	$ 17,528,272.20
OD6	Od6Metalsltd	0.047	-22%	-10%	24%	-65%	-2%	$ 5,791,677.44
HRE	Heavy Rare Earths	0.03	7%	0%	-2%	-35%	-3%	$ 6,241,016.46
LIN	Lindian Resources	0.1	-9%	25%	-5%	-26%	28%	$ 121,083,084.78
PEK	Peak Rare Earths Ltd	0.15	11%	25%	-25%	-30%	25%	$ 50,992,498.15
ILU	Iluka Resources	4.58	1%	-10%	-17%	-34%	-9%	$ 1,939,969,487.55
ASM	Ausstratmaterials	0.485	2%	-12%	-12%	-52%	-8%	$ 87,033,425.28
ETM	Energy Transition	0.074	12%	54%	252%	111%	90%	$ 122,150,485.56
CRI	Criticalim	0.017	-6%	42%	6%	113%	42%	$ 43,015,177.65
IDA	Indiana Resources	0.075	12%	21%	58%	68%	23%	$ 46,276,736.98
VTM	Victory Metals Ltd	0.365	-3%	-8%	11%	78%	-10%	$ 36,348,409.19
M2R	Miramar	0.004	0%	0%	-33%	-81%	33%	$ 1,587,293.14
WCN	White Cliff Min Ltd	0.019	0%	15%	27%	19%	19%	$ 36,013,944.21
TAR	Taruga Minerals	0.01	-17%	0%	43%	11%	0%	$ 7,060,267.85
ABX	ABX Group Limited	0.04	-9%	0%	-18%	-43%	-2%	$ 10,262,031.00
MEK	Meeka Metals Limited	0.105	-5%	24%	156%	176%	36%	$ 249,344,017.60
RR1	Reach Resources Ltd	0.007	0%	-7%	-30%	-49%	-13%	$ 6,121,019.44
DRE	Dreadnought Resources Ltd	0.011	-8%	-8%	-35%	-39%	-8%	$ 37,711,333.33
KFM	Kingfisher Mining	0.037	6%	3%	-41%	-65%	-8%	$ 1,880,025.04
AOA	Ausmon Resorces	0.002	0%	0%	-33%	0%	33%	$ 2,179,454.62
WC1	Westcobarmetals	0.016	-11%	-6%	-48%	-71%	-11%	$ 2,638,686.20
GRL	Godolphin Resources	0.014	0%	8%	17%	-64%	-3%	$ 4,668,282.45
DM1	Desert Metals	0.024	4%	-17%	9%	-23%	9%	$ 6,150,790.94
PTR	Petratherm Ltd	0.3	-30%	-18%	1204%	1054%	-2%	$ 122,132,652.66
ITM	Itech Minerals Ltd	0.05	-4%	-7%	-26%	-38%	-9%	$ 8,541,769.40
KTA	Krakatoa Resources	0.009	-10%	0%	-10%	-53%	-5%	$ 5,311,206.23
M24	Mamba Exploration	0.0165	-3%	38%	83%	-69%	38%	$ 3,759,316.42
LNR	Lanthanein Resources	0.0035	17%	40%	0%	-30%	17%	$ 7,330,908.38
TKM	Trek Metals Ltd	0.027	4%	17%	-39%	-25%	29%	$ 14,043,317.27
BCA	Black Canyon Limited	0.066	-1%	2%	-15%	-37%	2%	$ 7,001,545.85
CDT	Castle Minerals	0.002	0%	-20%	-50%	-75%	0%	$ 3,793,628.21
DLI	Delta Lithium	0.175	3%	3%	-17%	-38%	3%	$ 121,812,104.64
A11	Atlantic Lithium	0.21	-9%	-28%	-35%	-44%	-37%	$ 138,629,462.60
KNI	Kunikolimited	0.165	-8%	-13%	0%	-21%	-3%	$ 14,316,929.22
CY5	Cygnus Metals Ltd	0.12	-14%	0%	111%	79%	20%	$ 101,798,358.00
WR1	Winsome Resources	0.46	0%	7%	-4%	-14%	6%	$ 98,739,124.49
LLI	Loyal Lithium Ltd	0.088	-9%	-12%	-18%	-60%	-20%	$ 8,965,242.61
BC8	Black Cat Syndicate	0.715	6%	23%	113%	211%	27%	$ 430,855,736.40
BUR	Burleyminerals	0.057	-5%	-30%	-54%	-37%	-22%	$ 8,571,143.81
PBL	Parabellumresources	0.055	0%	2%	45%	-35%	2%	$ 3,426,500.06
L1M	Lightning Minerals	0.083	11%	11%	66%	12%	15%	$ 7,852,952.24
WA1	Wa1Resourcesltd	16.48	27%	23%	26%	73%	24%	$ 1,045,531,581.44
EV1	Evolutionenergy	0.017	-6%	-19%	-35%	-84%	-23%	$ 6,527,708.57
1AE	Auroraenergymetals	0.048	-16%	-24%	-20%	-66%	7%	$ 8,236,931.90
RVT	Richmond Vanadium	0.14	-20%	-33%	-49%	-63%	-40%	$ 32,165,833.14
PMT	Patriotbatterymetals	0.34	1%	-16%	-25%	-49%	-16%	$ 188,476,028.40
PAT	Patriot Lithium	0.047	9%	4%	-6%	-65%	4%	$ 5,941,644.36
BM8	Battery Age Minerals	0.08	-18%	-20%	-24%	-45%	-24%	$ 8,158,657.06
OM1	Omnia Metals Group	0.078	0%	0%	0%	0%	0%	$ 4,550,567.66
VHM	Vhmlimited	0.3	-10%	-21%	-29%	-50%	-27%	$ 66,020,390.59
LLL	Leolithiumlimited	0.332997	0%	0%	0%	0%	0%	$ 401,057,169.59
SRN	Surefire Rescs NL	0.004	0%	14%	-33%	-62%	14%	$ 8,457,077.35
SRL	Sunrise	0.225	-13%	-4%	-44%	-36%	-4%	$ 20,301,187.05
SYR	Syrah Resources	0.235	2%	12%	-2%	-42%	15%	$ 243,199,565.01
EG1	Evergreenlithium	0.079	-9%	36%	65%	-37%	32%	$ 4,723,320.00
WSR	Westar Resources	0.009	13%	29%	13%	-47%	13%	$ 3,189,798.50
LU7	Lithium Universe Ltd	0.0075	-17%	-6%	-44%	-67%	-6%	$ 6,680,826.79
MEI	Meteoric Resources	0.082	4%	-11%	-13%	-49%	-4%	$ 188,834,748.12
REC	Rechargemetals	0.019	12%	-5%	-30%	-70%	6%	$ 5,129,799.34
SLM	Solismineralsltd	0.063	-2%	-11%	-40%	-48%	-10%	$ 4,850,926.54
DYM	Dynamicmetalslimited	0.29	2%	4%	71%	81%	5%	$ 13,225,950.27
TOR	Torque Met	0.067	-4%	31%	-39%	-67%	26%	$ 16,977,146.97
ICL	Iceni Gold	0.076	6%	-4%	77%	90%	7%	$ 24,322,952.84
TMX	Terrain Minerals	0.0045	13%	13%	50%	0%	50%	$ 9,016,004.70
MHC	Manhattan Corp Ltd	0.022	-8%	0%	10%	-56%	16%	$ 5,167,775.76
MHK	Metalhawk.	0.315	3%	0%	320%	271%	13%	$ 35,183,450.62
ANX	Anax Metals Ltd	0.01	0%	-17%	-47%	-57%	-17%	$ 8,764,517.42
FIN	FIN Resources Ltd	0.005	25%	25%	-17%	-71%	25%	$ 3,246,343.50
LM1	Leeuwin Metals Ltd	0.125	4%	9%	71%	32%	-11%	$ 7,209,494.44
HAW	Hawthorn Resources	0.042	0%	2%	-42%	-49%	2%	$ 14,740,686.97
LCY	Legacy Iron Ore	0.009	0%	0%	-45%	-44%	-10%	$ 87,858,383.26
RON	Roninresourcesltd	0.195	11%	-11%	70%	63%	-11%	$ 7,873,126.95
ASR	Asra Minerals Ltd	0.003	0%	0%	-45%	-45%	0%	$ 4,625,260.25
PFE	Pantera Lithium	0.019	0%	6%	-23%	-64%	6%	$ 9,001,890.07
KM1	Kalimetalslimited	0.11	-8%	-15%	-21%	-74%	-8%	$ 8,451,038.64
LTM	Arcadium Lithium PLC	9.14	0%	10%	122%	31%	11%	$ 2,087,745,599.70
KNG	Kingsland Minerals	0.135	17%	-4%	-21%	-40%	-10%	$ 9,795,722.99

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Originally published as High Voltage: How will copper shape up under Trump’s tariffs?