How I Split My Copper-Gold Watchlist Across Discovery, Resource, and Early Stage Names

Three copper-gold juniors. Three different stages. One way to build a watchlist that actually makes sense.

I like building a junior mining watchlist around stage instead of theme. Copper-gold stories can look similar on the surface, but the companies behave very differently depending on whether they are drilling a discovery, expanding a resource, or still building targets.

Right now I’m watching three names that sit in different parts of that curve.

First is Hercules Metals Hercules Metals ($BIG / $BADEF). This is the U.S. discovery side of the equation, focused on the Leviathan porphyry system in Idaho. The 2026 plan includes a Phase I drill program of about 12,500 metres across five new target areas along trend from Leviathan, with room to scale toward 20,000–30,000 metres depending on early results. That kind of multi-target drilling program is what keeps the name active on my radar, since each hole can materially shift the geological model.

Second is Cascadia Minerals Cascadia Minerals ($CAM / $CAMNF). This one sits closer to a resource and expansion story. The Carmacks project already has a defined resource base with 651 million pounds of copper and 302,000 ounces of gold in the measured and indicated category, plus additional inferred material. The 2026 plan calls for a 15,000 metre drill program, the largest at Carmacks since 2007, aimed at expanding sulphide zones and testing targets around known mineralization. This is the type of setup where drilling is less about proving the existence of a system and more about extending what’s already there.

Third is NovaRed Mining NovaRed Mining ($NRED / $NREDF). This is earlier on the curve and still in the target-building phase. The Wilmac project covers 16,078 hectares in British Columbia’s Quesnel porphyry belt, roughly 10 km west of Hudbay’s Copper Mountain Mine. The 2026 work plan is focused on soil sampling, four IP and AMT geophysical surveys across North Lamont, West Lamont, Wilmac, and Plume, followed by potential initial drilling later in the year if permits are secured. Each step is aimed at narrowing down where drilling actually makes sense, instead of rushing straight into holes.

I keep them separate because they behave differently. Hercules moves with drill results and discovery potential. Cascadia tracks more like a resource expansion story with defined mineralization already in place. NovaRed is still in the stage where surveys and targeting matter more than drilling itself.

Different stages, different catalysts, same broader theme: copper-gold exploration only works if new systems keep getting found and existing ones keep getting bigger.

Discovery drilling, resource expansion, and target-building - each one follows a different rhythm. Which stage fits your risk tolerance?