There are a number of ways to gain exposure to the booming copper price on the Australian share market.

But one of the best ways to do it could be from an ASX copper stock that is flying largely under the radar.

Which ASX copper stock?

The copper stock in question is Capstone Copper Corp (ASX: CSC).

Capstone Copper is a leading copper producer operating in the Americas. It notes that from exploration to mine development to operations, it is focused on creating growth and generating value for investors, employees, and communities as it aims to meet the surging global copper demand.

A recent note out of Ord Minnett reveals that its analysts are very positive on the company. This due to its strong production growth outlook and the high copper price. They said:

[The buy rating is] based on the Canadian company's strong production growth prospects from its already operating mines and future developments, its relatively high exposure to the copper price, on which Ord Minnett has a positive view, and an attractive entry point at present valuation levels. ‍

The broker also highlights the Mantoverde operation in Chile as a reason to buy. It expects this operation to generate huge profits in the near term. Its analysts add:

Capstone has two operational mines in Chile, one in the US and one in Mexico, and a fully permitted development project in Chile. The most significant of these assets is Mantoverde open-pit mine in Chile, which accounts for circa 49% of our CY25 operating earnings forecast of US$1.51 billion ($2.35 billion). ‍

But the main reason to invest in this ASX copper stock is the aforementioned positive production growth outlook. It explains:

A key pillar of the investment case for Capstone is its multiple growth options – we forecast the company to lift annual production to almost 400,000 tonnes by CY29 from expected CY24 production of circa 190,000 tonnes – in an industry where the opportunities to increase output are hard to come by. ‍

The second pillar of our thesis is our positive view on the copper price – our latest commodity price review incorporates a long-term copper price of US$5 a pound, up from circa US$4.00 a pound currently. ‍ Lastly, current pricing level puts Capstone shares on a price-to-net present value multiple of just 0.9x.

Big returns

Ord Minnett recently initiated coverage on the ASX copper stock with a buy rating and $13.00 price target. Based on its current share price of $10.10, this implies potential upside of 29% for investors over the next 12 months.