The All Ordinaries Index (ASX: XAO) has gained 9.8% so far in 2025, with this ASX All Ords copper stock leaving those gains wanting.
The fast-rising miner in question is Aeris Resources Ltd (ASX: AIS).
Aeris Resources shares closed on Friday trading for 52.7 cents apiece. That sees the Aeris share price up a whopping 192.8% year to date. Or enough to turn an $8,000 investment into $23,424.
Atop its own operational successes, the ASX All Ords copper stock has been enjoying a soaring copper price.
On Friday, the red metal was trading for US$10,647 per tonne, according to data from Bloomberg. That's up 21.4% since 2 January.
And the bull run for Aeris Resources shares could be far from over.
Here's why.
Image source: Getty Images
ASX All Ords copper stock in defence spending sweet spot
Atop its historical prevalence in construction, where copper is used in areas including wiring, plumbing and roofing, the noncorrosive highly conductive red metal is also in growing demand from the global renewable energy transition.
Along with this ongoing demand, ASX All Ords copper stock Aeris Resources could catch sustained tailwinds from another fast-growing sector. Namely, ballooning Australian and global defence spending.
"Of Australia's estimated $39.1billion defence spend in 2024, critical minerals allocation was $8.8 billion," Grady Wulff, senior market analyst at Bell Direct pointed out.
She added, "The $1.2 billion critical minerals reserve and the push to onshore supply chains amid global tensions further underline the government's commitment to securing these materials."
And Australia's defence spend is ramping up to $58.4 billion in FY25/26.
Wulff said:
Breaking it down, what actually goes into a drone, a jet engine, or a submarine? As many as 12 defence-critical raw minerals are needed including titanium, aluminium, copper, steel, graphite, rare earths, lithium, cobalt, gallium, tantalum and more…
Which could put this ASX All Ords copper stock in the sweet spot.
"For investors, this shifting landscape presents a clear opportunity," Wulff said.
"Direct defence exposure through listed manufacturers may appear fully priced after significant gains in 2025, but the upstream beneficiaries through miners, processors, and materials innovators, are just beginning to capture market attention," she said.
On the copper front, Wulff noted, "Copper, too, is emerging as a quiet outperformer, not only as a cornerstone of the green energy transition but also as an essential element in the defence ecosystem."
According to Wulff:
Its unmatched electrical and thermal conductivity make it critical for radar systems, missile guidance, naval wiring, and high-precision electronics. Copper prices have continued to rise through 2025 amid constrained new high-grade supply and elevated demand from both defence and renewables.
As for this ASX All Ords copper stock, Wulff concluded:
Locally, Aeris Resources is one to watch, having posted a $45 million NPAT turnaround and strong operational cash flow despite heavy capital expenditure. With copper prices pushing higher, AIS remains highly leveraged to this structural demand story through offering pure-play exposure to the defence-driven copper tailwind.
