Blackstone Minerals (BSX:AU) has announced Blackstone Secures New Diamond Drill Rig to Advance Mankayan
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The copper price climbed to a record high of US$5.64 per pound on the COMEX during the second quarter of 2025.
The price rise comes on the back of escalating trade tensions and economic chaos from the United States’ new tariff policy.
While copper was initially spared from tariffs at the start of the year, US President Donald Trump announced the US would be imposing a 50 percent tariff on all copper products entering the US. The announcement sparked speculative buying by US metals traders, who sought to position themselves ahead of the yet-to-be-announced tariff deadline.
How has this affected small-cap copper-focused companies on the TSX Venture Exchange? Read on to learn about the five best-performing junior copper stocks since the start of 2025.
Data for this article was gathered on July 17, 2025, using TradingView’s stock screener, and copper companies with market caps of over C$10 million at that time were considered.
1. Camino Minerals (TSXV:COR)
Year-to-date gain: 655.56 percent
Market cap: C$13.5 million
Share price: C$0.34
Camino Minerals is a copper exploration and development company with a portfolio of projects in South America.
Among its primary focuses since the start of the year is the construction-ready Puquois copper project in Chile, a 50/50 joint venture with Nittetsu Mining (TSE:1515). The partners jointly acquired Cuprum Resources, the project’s owner, through a October 2024 definitive agreement that was completed on April 17, and are now focused on project financing.
Prior to the closing of the acquisition, the partners completed a prefeasibility study for the project in Chile on March 17.
The study results demonstrate a post-tax net present value of US$118 million, with an internal rate of return of 23.4 percent and a payback period of 3.1 years at a fixed copper price of US$4.28. It also outlines all-in sustaining costs of US$2.00 per pound for the 14.2 year mine life.
In addition to the economic details, the included mineral resource estimate shows a measured and indicated resource of 149,000 metric tons of copper from 32.16 million metric tons of ore grading 0.46 percent copper.
Camino also owns the Los Chapitos project, located near the coastal town of Chala, Peru, which covers approximately 22,000 hectares and hosts near-surface mineralization. Nittetsu Mining has an earn-in agreement for the project through which it can earn a 35 percent interest in the project for a total investment of C$10 million over three years.
Camino announced on January 22 that it had initiated a discovery exploration program at Los Chapitos, with work funded by Nittetsu. The company said the program would consist of 11 holes and 1,200 meters of drilling along the La Estancia fault, focusing on newly identified copper breccias and mantos to determine their extension at depth.
Camino released results from the program on May 6, reporting continuity of mineralization at depth at the Pampero prospect, with a 0.5 meter interval found 157.6 meters downhole grading an average of 0.5 percent copper and 3.15 grams per metric ton (g/t) silver. The company also reported that rock chip samples at the prospect graded up to 3.8 percent copper and 4 g/t silver.
The company has continued its exploration efforts at Los Chapitos, with another fully funded campaign running from June 1 to November 30. On July 16, it reported trench results from the newly identified Mirador zone, including 1.07 percent copper over 90 meters, with a 4 meter section grading 3.05 percent copper.
Shares of Camino reached a year-to-date high of C$0.34 on July 16.
2. Finlay Minerals (TSXV:FYL)
Year-to-date gain: 425 percent
Market cap: C$15.84 million
Share price: C$0.105
Finlay Minerals is an exploration company with a portfolio of five projects in British Columbia, Canada.
In 2025, the company has largely focused on its ATTY and PIL projects, which cover 3,875 hectares and 13,374 hectares respectively in BC’s Toodoggone mining district. The region is known for copper-molybdenum-gold porphyry deposits and gold-silver epithermal deposits.
Finlay’s shares rose sharply early in the year after Amarc Resources announced the significant AuRORA discovery at its JOY property, located just south of the PIL project in the same porphyry corridor as PIL and ATTY. On January 20, shortly after the discovery, Finlay announced it would be renewing its focus on its PIL project’s PIL South target, which lies approximately 750 meters from AuRORA.
One month later, Finlay reported it had outlined numerous copper targets at both the PIL and ATTY properties after reviewing geological data, and was planning its 2025 exploration program at PIL to delineate drill targets.
Shares surged in Q2 after Finlay announced on April 17 that it had entered into an earn-in agreement with Freeport McMoRan for PIL and ATTY. Under the terms of the agreement, Freeport can earn an 80 percent stake in the properties through a total of C$35 million in exploration expenditures and C$4.1 million in cash payments over the next six years.
In an update on June 18, Finlay reported that it had begun its exploration programs at both properties, fully funded by Freeport. At both properties, exploration will include property-wide airborne magnetic surveys, and induced polarization geophysical surveys. It will also include detailed geological and alteration mapping, along with rock and soil sampling, on up to eight targets at PIL and three targets at ATTY.
The most recent news came on July 17, when Finlay announced it had increased the exploration program budget for PIL to C$2.6 million from C$750,000 and the budget for ATTY to C$1 million from C$500,000. The company stated that the additional funding will be utilized to identify and prioritize as many targets as possible for drilling in 2026.
3. King Copper Discovery (TSXV:KCP)
Year-to-date gain: 420 percent
Market cap: C$52.92 million
Share price: C$0.26
King Copper Discovery is a copper, silver and gold explorer that is developing a portfolio of projects in South America. The company changed its name from Turmalina Metals in March.
Its primary focus is the Colquemayo project in Moquegua, Peru. In July 2024, King Copper entered into an option agreement with Compania de Minas Buenaventura (NYSE:BVM) to wholly acquire the property.
The company has been relogging the historic drill core from the site. The 6,600 hectare site has seen more than 20,000 meters of historic core drilling and hosts multiple porphyry targets that have been identified but had gone untested. Highlighted drill samples show results of 2.4 percent copper and 10 grams per metric ton (g/t) silver over 237.3 meters, including 14.8 percent copper and 47 g/t silver over 31.3 meters.
In a broad corporate update on February 12, the company said it was intensifying its focus on the project and rebranding from Turmalina to reflect that. Additionally, it hired Insideo, a Lima-based environmental consulting firm, to help advance baseline studies and the drill permit process. Additionally, CEO Roger James stepped down, maintaining a seat on the board, and was replaced by Jonathan Richards as interim CEO.
On March 11, the company began trading under its new name and ticker.
The company has not provided any updates from its projects in the second quarter of the year, but shares have traded higher alongside a rising copper price. On July 15, it released an updated corporate presentation with plans for a 15,000 meter drill program in Q4 testing porphyry systems at the site with holes over 1,000 meters deep.
Shares of King Copper reached a year-to-date high of C$0.26 on July 16.
4. Amarc Resources (TSXV:AHR)
Year-to-date gain: 251.22 percent
Market cap: C$166 million
Share price: C$0.72
Amarc Resources is a copper exploration company primarily focused on advancing its JOY district in Northern British Columbia.
The 495 square kilometer property lies within the Toodoggone region and hosts the AuRORA prospect.
Shares in Amarc surged early in the year after it announced the discovery of AuRORA on January 17. In the release, it outlined the high-grade potential of the deposit, highlighting an assay of 0.63 percent copper over 162 meters, including an 81 meter intersection grading 0.92 percent copper, from near surface depths.
The exploration program was funded as part of a May 2021 earn-in agreement with Freeport McMoran that could see Freeport earn a 70 percent stake in the project once funding milestones are met.
Amarc provided more drill assays from its 2024 program on February 28. One assay graded 0.63 percent copper over 132 meters, including 0.81 percent over a 90 meter segment.
On February 11, Amarc agreed to acquire the Brenda property, which lies directly to the east of the AuRORA discovery, from Canasil Resources. Under the terms of the deal, Amarc has the option to acquire a 100 percent interest in Brenda over five years. Canasil will retain a 2 percent net smelter return.
The most recent news from JOY came on July 16, when the company announced it commenced drilling at targets including the AuRORA and PINE deposits and the Twins and Canyon discoveries. The announcement also reported the expansion of the JOY district through Freeport’s options on Finlay’s PIL property.
In addition to exploration at JOY, Amarc also released assay results from its 2024 exploration at its IKE copper-gold project in Southern British Columbia on May 14. The company reported copper grades of 0.29 percent copper over 181 meters, including an intersection with 0.56 percent copper over 60 meters.
Shares in Armac reached a year-to-date high of C$0.77 on July 4.
5. C3 Metals (TSXV:CCCM)
Year-to-date gain: 233.33 percent
Market cap: C$74.91 million
Share price: C$0.80
C3 Metals is an exploration company working to advance its assets in Jamaica and Peru.
C3’s primary Jamaican asset is the Bellas Gate project, a 13,020 hectare site featuring 14 porphyry and over 30 epithermal prospects along an 18 kilometer strike. To date, drilling at the site has concentrated on a 4 kilometer zone encompassing the Provost, Geo Hill, Camel Hill and Connors prospects.
Shares of C3 experienced significant gains after it announced on February 11 that it had signed an earn-in agreement with a Freeport-McMoRan subsidiary, which can gain up to a 75 percent interest in the project. Under the agreement, Freeport must contribute US$25 million in exploration and project expenditures over five years to earn the initial 51 percent interest, and an additional US$50 million over the following four years for the remaining 24 percent.
In Peru, C3 has focused on advancing its Jasperoide copper-gold project. The site in Southern Peru spans 30,000 hectares and hosts two porphyry and more than 15 skarn prospects across two 28 kilometer belts.
According to a July 2023 technical report, a resource estimate outlines a measured and indicated resource of 51.94 million metric tons of ore with an average grade of 0.5 percent copper and 0.2 g/t gold for contained metal totaling 569.1 million pounds of copper and 326,800 ounces of gold.
C3 released an exploration update from its Khaleesi copper-gold project area in Jasperoide on February 19, reporting that a soil sampling campaign defined a copper-molybdenum anomaly extending 1,900 meters by up 650 meters. Two zones contain average concentrations of 950 parts per million copper and 650 ppm of copper.
The company said it is working to complete geophysical surveys by the end of March and will use the data to implement a maiden diamond drill program at the target. It closed a US$11.5 million bought-deal private placement on March 19 that will be used in part for exploration and development at the Khaleesi target.
The company has not provided further updates on the project.
Shares of C3 reached a year-to-date high of C$0.80 on July 17.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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As MLB trade deadline week heats up, one of the top targets on the market has received a scare.
In the top of the ninth inning of a 5-1 loss to the Detroit Tigers at Comerica Park in Detroit on Monday, July 28, Arizona Diamondback third baseman Eugenio Suárez took a 96 mph fastball to his left hand from Tigers right-hander Will Vest.
Suárez, who is hitting .248 on the season with 36 home runs and 87 RBIs, was immediately tended to by a member of the Diamondbacks training staff before exiting the game in what appeared to be significant pain. He briefly fell down on his knees after the hit by the pitch while holding his hand.
USA TODAY Sports’ Bob Nightengale confirmed that Suárez underwent X-rays, which came back negative. Diamondback manager Torey Lovullo told reporters that Suárez’s left hand and finger were ‘tender to the touch,’ according to The Athletic’s Cody Stavenhagen. Lovullo added that Suárez is day-to-day for now.
‘The good thing right now is we did the X-ray, and it was negative,’ Suárez said after the game. ‘We got more tests to do tomorrow. Right now, it’s painful, obviously.
‘The good news is the X-ray was negative. We’ll see tomorrow what else they’re going to do. Right now, I will do my best to try to be back soon.’
The Diamondbacks TV broadcast mentioned that they were able to hear the sound of Suárez getting drilled in the hand from the broadcast booth in Detroit.
Monday night’s event in Detroit is the second time in a matter of weeks that Suárez has taken a pitch to his left hand. He exited the All-Star Game on July 15 in the eighth inning after being hit by Chicago White Sox right-hander Shane Smith, for which X-rays came back negative.
Suárez has been one of the hottest names being shopped around by the Diamondbacks, who began their sell on July 24 by trading away Josh Naylor to the Seattle Mariners. USA TODAY Sports’ Bob Nightengale most recently reported on July 25 that the Mariners and New York Yankees have had talks with the Diamondbacks about their All-Star third baseman, with several other teams being linked to Suárez in other reports.
The MLB trade deadline closes at 6 p.m. ET on Thursday, July 31.
(This story was updated to add new information.)
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(This story has been updated with new information)
Ahead of a three-game series against the Chicago White Sox, two-time National League MVP Bryce Harper did not dispute the July 28 report by ESPN’s Jeff Passan that he cussed out MLB commissioner Rob Manfred in a recent encounter in the Philadelphia Phillies’ clubhouse.
The Phillies All-Star first baseman didn’t go further into the encounter when meeting with reporters on Monday, July 28 at Rate Field in Chicago, according to The Philadelphia Inquirer’s Scott Lauber and Lochlahn March.
‘Everybody saw the words and everything that happened, but I don’t want to say anything more than that,’ Harper said. ‘I want to focus on my teammates, and our union as a whole, and just worry about winning baseball.’
He added: ‘I’ve talked labor, and I’ve done it in a way that I don’t need to talk to the media about it. I don’t need it out there. It has nothing to do with media or anybody else. … I’ve always been very vocal, just not in a way that people can see.’
According to Passan’s report, Harper stood ‘nose to nose’ with Manfred, telling him to ‘get the (expletive) out of our clubhouse’ if the commissioner wanted to talk about the potential addition of a salary cap. Manfred was conducting one of his annual meetings with each MLB team, which resulted in tension with one of the league’s biggest stars.
ESPN reported Manfred never explicitly mentioned a salary cap, however, discussions of MLB’s economics frustrated Harper.
‘Young players need to talk with veterans like Harp. Harp has been fighting the consequences of caps his whole life,’ Harper’s agent, Scott Boras told The Athletic. ‘… Harp knows what caps can do to players’ rights, especially young players.’
That wasn’t the only heated moment to take place inside the Phillies’ clubhouse last week. According to The Athletic’s Evan Drellich and Matt Gelb, MLB Network analyst Mark DeRosa, a former MLB utility player, was also in the clubhouse alongside Manfred and said something that ‘some players took as a threat.’
‘The commissioner’s a powerful guy, don’t (expletive) around with him,’ The Athletic reported on the tone of DeRosa’s message in the Phillies clubhouse last week. DeRosa, who co-hosts MLB Network’s ‘MLB Central’ every weekday morning and holds an additional position role with MLB (which primarily owns MLB Network), told The Athletic he was ‘just joking’ with his comments.
‘Shame on me for thinking I had a better relationship with some of the players in there than I guess I do,’ DeRosa, who who is once again managing Team USA in the 2026 World Baseball Classic, told the outlet. ‘The comment I made was completely in jest, completely kidding, amongst a group of about 10-12 players. Guys were laughing, guys were joking. I had managed some of them with Team USA, I had played with Bryce in 2012. Literally making a joke.’
The tensions come as MLB and the MLB Players Association’s collective-bargaining agreement expires on Dec. 1, 2026. MLB owners and personnel alike have clamored for a salary cap implementation, as the league is the lone professional sport without one in North America.
ESPN added the MLBPA overwhelmingly opposes a salary cap.
According to Passan, Harper said if MLB were to propose a salary cap, players ‘are not scared to lose 162 games.’ After Harper stood up to Manfred, who was standing in the middle of the room, Manfred said he was ‘not going to get the (expletive) out of here.’
Phillies outfielder Nick Castellanos attempted to defuse the situation, according to the report. Harper and Manfred shook hands after the meeting, although Harper declined a phone call from Manfred the next day.
‘It was pretty intense, definitely passionate,’ Castellanos told ESPN. ‘Both of ’em. The commissioner giving it back to Bryce and Bryce giving it back to the commissioner. That’s Harp. He’s been doing this since he was 15 years old. It’s just another day. I wasn’t surprised.’
Harper and Manfred both declined to comment to ESPN.
The current CBA, which was agreed upon in 2022, ended a 99-day lockout as the two sides negotiated terms. A potential salary cap implementation is one of the biggest current talking points of the next deal, which will be needed ahead of the 2027 season.
‘(Manfred) seems to be in a pretty desperate place on how important it is to get this salary cap because he’s floating the word ‘lockout’ two years in advance of our collective bargaining agreement (expiration),’ Castellanos told ESPN. ‘That’s nothing to throw around. That’s the same thing as me saying in a marriage, ‘I think divorce is a possibility. It’s probably going to happen.’ You don’t just say those things.’
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OK, so it’s not the 1919 Chicago White Sox scandal.
The Cleveland Guardians are not being accused of throwing games.
Now, if you’re talking about bad judgment, with two pitchers potentially betting on baseball or having an association with known gamblers, we’re about to find out if they also threw away their entire baseball careers.
Guardians All-Star closer Emmanuel Clase, considered one of the best relievers in the game and who certainly could have brought the Guardians a haul of prized prospects at the trade deadline, was placed on non-disciplinary paid leave on Monday through Aug. 31 as MLB launches an investigation of whether he violated the league’s gambling policy.
Clase joins his close friend, Guardians pitcher Luis Ortiz, who was placed on paid leave July 3 after unusual gambling activity on two pitches that he threw far outside the strike zone in June this season. Gamblers wagered high amounts of money on whether those two pitches would result in a ball or hit batsmen.
It was during MLB’s investigation with Ortiz when Clase’s name suddenly surfaced. He was not under investigation at the time Ortiz was forced to take a leave of absence. Now, three weeks later, Clase is also under investigation for potentially gambling on games in which he performed, facing a lifetime ban if found guilty.
The Guardians said in a statement that “no additional players or club personnel are expected to be impacted’ by the investigation. It’s certainly possible that another player or employee surfaces in the gambling investigation, but the Guardians’ sentiments were echoed by MLB officials, who have no knowledge of improprieties involving players from any other team during this investigation.
Clase, 27, would be the highest-profile player since Pete Rose nearly 40 years ago if proven that he bet on baseball games in which he played. Rose received a lifetime ban from baseball in 1989 for gambling on Cincinnati Reds games when he managed. Rose died last September, but was reinstated by commissioner Rob Manfred, making him eligible to be placed on the Hall of Fame ballot.
Clase is a three-time All-Star and two-time winner of the Mariano Rivera award as the American League’s best reliever. He finished third in the Cy Young race last year with a 0.61 ERA, and his career 1.88 ERA is the second-lowest among relievers who have pitched at least 100 games.
Clase is in the fourth year of a five-year, $20 million contract. He is being paid $4.5 million this year with a guaranteed salary of $6 million in 2026 and $10 million club options in 2027 and 2028.
Guardians president Chris Antonetti addressed the team Monday afternoon and says that their players are well educated on the dangers of sports gambling in spring training, with signs on the clubhouse walls reminding them of the dangers and potential repercussions.
Certainly, no matter what the outcome of the investigation, it certainly is a gut-punch to the Guardians’ postseason hopes. They are 3½ games out of a wild-card berth and suddenly don’t have their closer for at least the next 4½ weeks.
“Two very good pitchers aren’t going to be available to pitch for us in the near term,’’ Antonetti told Cleveland reporters, “and so we have to assess how that impacts our thinking.”
For now, all the Guardians know is that two pitchers are under investigation for violating baseball’s No. 1 rule, with their careers in limbo if discovered that they were involved in any way with gamblers.
It was five years ago that Clase received an 80-game suspension for testing positive for Boldenone, a banned substance, delaying his Guardians’ career before leading the American League in saves three consecutive seasons.
Now, if found guilty, it abruptly ends his Guardians career, and begs the question heard ‘round baseball:
Who’s next?
Follow Bob Nightengale on X @Bnightengale.
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Major League Baseball lost another one of its titans and Hall of Famers with the passing of Chicago Cubs legend Ryne Sandberg.
Sandberg, who was a 10-time All-Star in his career, passed away at the age of 65 on Monday, July 28, after another battle with metastatic prostate cancer that had returned and spread to other organs in his body back in December.
‘Ryne Sandberg was a legend of the Chicago Cubs franchise and a beloved figure throughout Major League Baseball,’ MLB commissioner Rob Manfred said in a statement.
Added the Cubs on X (formerly Twitter): ‘Ryne Sandberg was a hero to a generation of Chicago Cubs fans and will be remembered as one of the all-time greats in nearly 150 years of this historic franchise. His dedication to and respect for the game, along with his unrelenting integrity, grit, hustle, and competitive fire were hallmarks of his career.’
Across his 16-year career, Sandberg built quite a resume when it came to awards, as he was a nine-time Gold Glove winner, seven-time Silver Slugger and was named the 1984 National League Most Valuable Player. He also managed the Philadelphia Phillies, who drafted him in the 20th round of the 1978 MLB Draft, from 2013-2015, where he posted a managerial record of 119-159.
Sandberg’s death has also brought in an outpouring of reactions from those on social media. Here’s a snippet of those reactions:
Baseball reacts to Ryne Sandberg’s death
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Training camp has arrived for all 32 NFL teams which means fantasy football draft season is fast approaching.
Preparation is key for drafting a fantasy team. A good draft strategy and the right group of players are essential for building a winning team. And one of the most important, make-or-break positions to get right in a draft is wide receiver.
Unfortunately, the position is also one that can feature high volatility from year to year. For instance, Miami Dolphins wideout Tyreek Hill led the league in receiving yards and touchdowns in 2023 then failed to surpass 1,000 receiving yards in 2024.
Because of that difficulty in projections and in honor of fantasy football ramping back up, USA TODAY Sports has ranked the top 50 wide receivers ahead of the 2025 fantasy football season.
Fantasy football rankings: WR
1. Justin Jefferson, Minnesota Vikings. Jefferson proved over the last two years that it doesn’t matter who’s throwing him the ball, he’s going to put up big numbers.
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Samsung Electronics has entered into a $16.5 billion contract for supplying semiconductors to Tesla, based on a regulatory filing by the South Korean firm and Tesla CEO Elon Musk’s posts on X.
The memory chipmaker, which had not named the counterparty, mentioned in its filing that the effective start date of the contract was July 26, 2025 — receipt of orders — and its end date was Dec. 31, 2033.
However, Musk later confirmed in a reply to a post on social media platform X that Tesla was the counterparty.
He also posted: “Samsung’s giant new Texas fab will be dedicated to making Tesla’s next-generation AI6 chip. The strategic importance of this is hard to overstate. Samsung currently makes AI4.TSMC will make AI5, which just finished design, initially in Taiwan and then Arizona.”
“Samsung agreed to allow Tesla to assist in maximizing manufacturing efficiency. This is a critical point, as I will walk the line personally to accelerate the pace of progress,” Musk said on X, and suggested that the deal with Samsung could likely be even larger than the announced $16.5 billion.
Samsung earlier said that details of the deal, including the name of the counterparty, will not be disclosed until the end of 2033, citing a request from the second party “to protect trade secrets,” according to a Google translation of the filing in Korean on Monday.
“Since the main contents of the contract have not been disclosed due to the need to maintain business confidentiality, investors are advised to invest carefully considering the possibility of changes or termination of the contract,” the company said.
The company’s shares rose over 6% in trading on Monday to reach their highest level since September 2024.
Tesla was a probable customer, Ray Wang, research director of semiconductors, supply chain and emerging technology at The Futurum Group, told CNBC before Musk’s post. Bloomberg News had earlier reported that Samsung’s deal was with Tesla, citing a source.
Samsung’s foundry service manufactures chips based on designs provided by other companies. It is the second largest provider of foundry services globally, behind Taiwan Semiconductor Manufacturing Company.
The company stated in April that it aimed to commence 2 nanometer mass production in its foundry business and secure major orders for the next-generation technology. In semiconductor technology, smaller nanometer sizes signify more compact transistor designs, which lead to greater processing power and efficiency.
Local South Korean media outlets have also reported that American chip firm Qualcomm could place an order for chips manufactured using Samsung’s 2 nanometer technology.
Samsung, which is set to deliver earnings on Thursday, expects its second-quarter profit to more than halve. An analyst previously told CNBC that the disappointing forecast was due to weak orders for its foundry business and as the company has struggled to capture AI demand for its memory business.
The company has fallen behind competitors SK Hynix and Micron in high-bandwidth memory chips — an advanced type of memory used in AI chipsets.
SK Hynix, the leader in HBM, has become the main supplier of these chips to American AI behemoth Nvidia. While Samsung has reportedly been working to get the latest version of its HBM chips certified by Nvidia, a report from a local outlet suggests these plans have been pushed back to at least September.
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After spiraling from crisis to crisis over much of the past seven years, Boeing is stabilizing under CEO Kelly Ortberg’s leadership.
Ortberg, a longtime aerospace executive and an engineer whom the manufacturer plucked from retirement to fix the problem-addled company last year, is set this week to outline significant progress since he took the helm a year ago. Boeing reports quarterly results and gives its outlook on Tuesday.
So far, investors are liking what they’ve been seeing. Shares of the company are up more than 30% so far this year.
Wall Street analysts expect the aircraft manufacturer to halve its second-quarter losses from a year ago when it reports. Ortberg told investors in May that the manufacturer expects to generate cash in the second half of the year. Boeing’s aircraft production has increased, and its airplane deliveries just hit the highest level in 18 months.
It’s a shift for Boeing, whose successive leaders missed targets on aircraft delivery schedules, certifications, financial goals and culture changes that frustrated investors and customers alike, while rival Airbus pulled ahead.
“The general agreement is that the culture is changing after decades of self-inflicted knife wounds,” said Richard Aboulafia, managing director at AeroDynamic Advisory, an aerospace consulting firm.
Analysts expect the company to post its first annual profit since 2018 next year.
“When he got the job, I was not anywhere as near as optimistic as today,” said Douglas Harned, senior aerospace and defense analyst at Bernstein.
Ortberg’s work was already cut out for him, but the challenges multiplied when he arrived.
As the company hemorrhaged cash, Ortberg announced massive cost cuts, including laying off 10% of the company. Its machinists who make the majority of its airplanes went on strike for seven weeks until the company and the workers’ union signed a new labor deal. Ortberg also oversaw a more than $20 billion capital raise last fall, replaced the head of the defense unit and sold off its Jeppesen navigation business.
Ortberg bought a house in the Seattle area, where Boeing makes most of its planes, shortly after taking the job last August, and his presence has been positive, aerospace analysts have said.
“He’s showing up,” Aboulafia said. “You show up, you talk to people.”
Boeing declined to make Ortberg available for an interview.
Boeing’s leaders hoped for a turnaround year in 2024. But five days in, a door-plug blew out of a nearly new Boeing 737 Max 9 as it climbed out of Portland. The almost-catastrophe brought Boeing a production slowdown, renewed Federal Aviation Administration scrutiny and billions in cash burn.
Key bolts were left off the plane before it was delivered to Alaska Airlines. It was the latest in a series of quality problems at Boeing, where other defects have required time-consuming reworking.
Boeing had already been reeling from two deadly Max crashes in 2018 and 2019 that sullied the reputation of America’s largest exporter. The company in May reached an agreement with the Justice Department to avoid prosecution stemming from a battle over a previous criminal conspiracy charge tied to the crashes. Victims’ family members slammed the deal when it was announced.
For years, executives at top Boeing airline customers complained publicly about the manufacturer and its leadership as they grappled with delays. Ryanair CEO Michael O’Leary told investors in May 2022 that management needed a “reboot or boot up the arse.”
Last week, O’Leary had a different tune.
“I continue to believe Kelly Ortberg, [and Boeing Commercial Airplane unit CEO] Stephanie Pope are doing a great job,” he said on an earnings call. “I mean, there is no doubt that the quality of what is being produced, the hulls in Wichita and the aircraft in Seattle has dramatically improved.”
United Airlines CEO Scott Kirby cast doubt over the Boeing 737 Max 10 after the January 2024 door-plug accident, as the carrier prepared not to have that aircraft in its fleet plan. The plane is still not certified, but Kirby has said Boeing has been more predictability on airplane deliveries.
Still, delays for the Max 10, the largest of the Max family, and the yet-to-be certified Max 7, the smallest, are a headache for customers, especially since having too few or too many seats on a flight can determine profitability for airlines.
“They’re working the right problems. The consistency of deliveries is much better,” Southwest Airlines CEO Bob Jordan said in an interview last month. “But there’s no update on the Max 7. We’re assuming we are not flying it in 2026.”
Boeing under Ortberg still has much to fix.
The FAA capped Boeing’s production at 38 Maxes a month, a rate that it has reached. To go beyond that, to a target of 42, Boeing will need the FAA’s blessing.
Ortberg said this year that the company is stabilizing to go beyond that rate. Manufacturers get paid when aircraft are delivered, so higher production is key.
“I would suspect they would be having those discussions very soon,” Harned said. “It’s 47 [a month] that I think is the challenging break.”
He added that Boeing has a lot of inventory on hand to help increase production.
Its defense unit has also suffered. The defense unit encompasses programs like the KC-46 tanker program and Air Force One, which has drawn public ire from President Donald Trump. Trump, frustrated with delays on the two new jets meant to serve the president, turned to a used Qatari Boeing 747 to potentially use as a presidential aircraft, though insiders say that used plane could require months of reoutfitting.
Ortberg replaced the head of that unit last fall.
A strike could also be on the horizon at the defense unit after factory workers “overwhelmingly” rejected a new labor deal, according to their union, the International Association of Machinists and Aerospace Workers Local 837.
“The proposal from Boeing Defense fell short of addressing the priorities and sacrifices of the skilled IAM Union workforce,” the union said Sunday. “Our members are standing together to demand a contract that respects their work and ensures a secure future.”
There is a seven-day cooling off period before a strike would begin, if a new deal isn’t reached.
“They’re not totally out of the woods,” Harned said.
Boeing and Ortberg also need to start thinking about a new jet, some industry members said. Its best-selling 737 first debuted in 1967, and the company was looking at a midsize jetliner before the two crashes sent its attention elsewhere.
“Already there’s been a reversal from ‘read my lips, no new jet.’ I would like to see that accelerate,” Aboulafia said. “He is the guy to make that happen.”
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International Graphite (IG6:AU) has announced Comet share sale and debt repayment
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