Why Are These 3 ASX Copper Stocks Trading Lower Today? TNC, SLS and CBE

Sonal Goyal

23 October 2026 02:46 PM AEDT

Why Are These 3 ASX Copper Stocks Trading Lower Today? TNC, SLS and CBE

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

True North Copper (ASX:TNC), Solstice Minerals (ASX:SLS) and Cobre (ASX:CBE) were down 16.67%, 12.56% and 10.42% respectively during the 23 October 2026 trading session.
The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT on 23 October 2026.
The companies' latest updates, dated 20, 13 and 21 October 2026, covered a Cloncurry PFS, Nanadie drilling and Sierra Atacama feed respectively.

Three ASX-listed copper companies were trading lower during the 23 October 2026 trading session: True North Copper Ltd (ASX:TNC) was trading at A$0.20, down 16.67%, Solstice Minerals Ltd (ASX:SLS) at A$1.74, down 12.56%, and Cobre Ltd (ASX:CBE) at A$0.215, down 10.42%. All three fell by far more than the S&P/ASX 200 (XJO), which was at 8,760.50, down 0.37% (32.70 points) at 1:16 pm AEDT. Each company has issued a copper-related update in recent days, covering a pre-feasibility study in Queensland, drilling in Western Australia and processing feed in Chile.

True North Copper Ltd (ASX:TNC)

True North Copper shares were trading at A$0.20, down 16.67%, during the 23 October 2026 trading session. The company is advancing the Cloncurry Copper Project in north-west Queensland, a brownfield copper-gold project that it says benefits from existing Mining Leases and proximity to regional processing facilities.

On 20 October 2026, the company released an update on the project's Pre-Feasibility Study (PFS). It said Wallace North flotation tests averaged about 89% copper recovery at a concentrate grade of about 20% copper, and that contained copper-equivalent Mineral Resources rose 62% during 2026, from 126 kt to 204 kt. The company said mine planning is well advanced and that the PFS, together with a potential maiden Ore Reserve, remains on schedule for late 2026. It also said further resource extension drilling is planned from late 2026 into 2027.

Solstice Minerals Ltd (ASX:SLS)

Solstice Minerals shares were trading at A$1.74, down 12.56%, during the 23 October 2026 trading session. The company is an explorer focused on the 100%-owned Nanadie Copper-Gold Project, about 100km northwest of Sandstone in Western Australia, which has an existing Inferred Mineral Resource Estimate of 40.4 million tonnes at 0.4% copper and 0.1g/t gold, according to the company.

On 13 October 2026, Solstice reported results from five diamond tails that extend earlier drillholes beyond the current resource boundary. Highlights included 54.8m at 0.83% copper and 0.30g/t gold from 453m in NANRCD014, and 7m at 1,019g/t silver from 499m in NANRCD017. The company said three drill rigs are operating at Nanadie, with the program expected to continue through the rest of 2026 and assays pending from 13 diamond holes and over 30 RC holes. It also reported A$45 million in cash and no Debt as at 30 June 2026.

Cobre Ltd (ASX:CBE)

Cobre shares were trading at A$0.215, down 10.42%, during the 23 October 2026 trading session. The company is focused on the Sierra Atacama Copper Project in Chile's Antofagasta Region, where it operates existing leach and solvent extraction-electrowinning (SX-EW) infrastructure and is pursuing what it calls a regional copper processing hub strategy.

On 21 October 2026, Cobre said it agreed to purchase approximately 150,000 tonnes of crushed-leached copper oxide material grading about 0.65% copper from Empresa Nacional de Minería (ENAMI), at a purchase and delivery cost of about US$9 per tonne. The company plans to transport about 30,000 tonnes per month to site. It also said an on-site recovery programme has commenced, including re-leaching trials on historical leach pads that generated pregnant leach solution grading 2 g/L copper, and reprocessing of material in historical ponds, with first copper from the ponds targeted by the end of the quarter.

Related Sector Context

The three companies operate at different stages within the copper and copper-gold part of the ASX mining sector. True North Copper is at the pre-feasibility study stage, Solstice Minerals is conducting resource-extension drilling, and Cobre has an operating processing circuit in Chile that it is seeking to Supply with additional feed. Their updates relate to metallurgy, drilling and processing inputs respectively. The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT on 23 October 2026, so the declines in all three stocks were considerably larger than that of the benchmark. None of the three company announcements discussed here is dated 23 October 2026.

Risks to Weigh In

True North Copper has not yet declared an Ore Reserve, and its Mongoose area is subject to a Mining Lease Application, according to the company.
Solstice Minerals' existing resource is classified as Inferred, and assays from more than 40 drillholes remain pending.
Cobre's historical leach pad estimates are not a JORC Mineral Resource, and its re-leaching work is at the trial stage.
Cobre applies a planning recovery assumption of about 50% for the ENAMI material, below the 58% laboratory result it reported.
All three companies are exposed to the stage-specific execution, permitting, funding and processing factors described in their own disclosures.

Catalysts on Watch

True North Copper: completion of the Cloncurry PFS and a potential maiden Ore Reserve, targeted by the company for late 2026.
True North Copper: resource extension drilling at Wallace North and Mongoose-Taipan from late 2026 into 2027.
Solstice Minerals: assay results from 13 diamond holes and over 30 RC holes, and continued multi-rig drilling through 2026.
Cobre: first copper from the historical pond programme by the end of the quarter, and ENAMI deliveries of about 30,000 tonnes per month.
Cobre: assessment of injection leaching and other recovery techniques during the December 2026 quarter.

Where Things Stand

True North Copper, Solstice Minerals and Cobre were all trading lower during the 23 October 2026 trading session, by 16.67%, 12.56% and 10.42% respectively, against a 0.37% decline in the S&P/ASX 200 at 1:16 pm AEDT. Their most recent announcements were released on 20, 13 and 21 October 2026 respectively, and each company has indicated that further updates will follow as its programs progress.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.