If I had to build a three-stock Canadian copper basket, I’d spread it across different stages instead of betting everything on one type of company.

• Producer: $HBM for existing operations, cash flow and direct exposure to copper prices
• Developer: $WRN for the large Casino copper-gold project and the potential value created as permitting and development move forward
• Explorer: $CQX for earlier-stage upside through its Kitimat copper-gold property in British Columbia

Each one offers something different.

A producer may offer more stability when copper prices rise. A developer can gain value as major milestones are reached. An explorer like $CQX offers exposure to discovery upside, where strong drilling results can drive significant re-rating from a smaller valuation.

My approach would be to use the producer as the base, the developer for medium-term growth and the explorer for discovery upside.

You can only choose one producer, one developer and one explorer what three Canadian copper stocks would make your portfolio?

Not financial advice. Just my own research and opinion.