Top 3 ASX Nickel Stocks of 2024

Year-to-date gain: 45.83 percent; market cap: AU$139.88 million; current share price: AU$0.70

Ardea Resources is developing its wholly owned Kalgoorlie nickel project in Western Australia, which includes the Goongarrie Hub deposit. The company has said the project “hosts the largest nickel-cobalt resource in the developed world.” It is currently working towards a planned definitive feasibility study (DFS).

A 2023 prefeasibility study for Goongarrie Hub shows an ore reserve of 194.1 million tonnes at 0.7 percent nickel and 0.05 percent cobalt, resulting in 1.36 million tonnes of contained nickel and 99,000 tonnes of contained cobalt. The study indicates an open-pit operation with a 40 year life and annual output of 30,000 tonnes of nickel and 2,000 tonnes of cobalt.

Last July, the company signed a memorandum of understanding to develop Goongarrie Hub with a Japanese consortium consisting of Sumitomo Metal Mining (TSE:5713), Mitsubishi (TSE:8058) and Mitsui (TSE:8031). On February 29, Ardea shared that it has agreed with the consortium on a DFS budget and the scopes of work for the study. Following the release, the company's share price climbed through March to hit a peak of AU$0.74 on March 18, and has remained elevated.

As of March 27, Ardea and the consortium were in the final stages of hashing out a final cooperative agreement .

Year-to-date gain: 27.34 percent; market cap: AU$3.75 billion; current share price: AU$0.885

Nickel Industries has built a large portfolio of nickel-mining and downstream processing assets in Indonesia.

A major producer of nickel pig iron for the stainless steel sector, the company began its transition to a battery-grade nickel producer for the electric vehicle battery market in 2022. Nickel Industries holds 80 percent interests in four nickel rotary kiln electric furnace operations, as well as the Hengjaya nickel mine in Indonesia.

In October 2023, Nickel Industries reached a positive final investment decision to participate in the Excelsior nickel-cobalt high-pressure acid leach project in the Indonesia Morowali Industrial Park. The operation is expected to produce a total of 72,000 tonnes per year of contained nickel equivalent across three products: mixed hydroxide precipitate, nickel sulphate and nickel cathode. First production is slated to commence in 2025's fourth quarter.

In its 2023 annual report, released in late February, Nickel Industries shared record annual production of 131,126 tonnes of nickel metal, for a record group EBITDA of US$403.3 million. Shares of the company traded at AU$0.885 on April 11, the highest year-to-date price for the stock.

Year-to-date gain: 7.14 percent; market cap: AU$37.76 million; current share price: AU$0.015

Exploration-stage Legend Mining’s main focus is the Rockford nickel-copper project in Western Australia, a joint venture with prospector Mark Creasy's Creasy Group and IGO (ASX:IGO,OTC Pink:IPGDF).

Creasy Group and IGO are also the two largest shareholders in the company.

As the second quarter of 2024 begins, Legend Mining shares are up slightly from the start of the year. They saw a year-to-date high of AU$0.02 on February 12. According to the company's quarterly report, released on April 11, Legend’s 2024 field program for Rockford will include an extension of a high-power, fixed-loop electromagnetics survey at the Octagonal prospect. That should begin in May, and will be followed by seismic reprocessing for Octagonal, which is expected to be completed in June. Both will help to inform the selection of future drill targets on the property.