Nickel prices have been inconsistent in 2016, but some nickel companies have seen share price gains. Here are the four top nickel stocks so far this year.
Throughout 2016, the nickel price has staggered slightly, starting the year off at $3.91 per pound before dropping to $3.51 in February. After that, the price shot back up to $4.21 in March, but has been relatively shaky ever since then.
Still, year-to-date overall, the nickel price has gone up 7.43 percent—an increase of $0.29—to $4.23 as of June 29, per Kitco.
FocusEconomics‘ June 2016 report states that the nickel price hasn’t fared well this year in part due to weak demand from foreign economies, such as China. However, prices are expected to continue rising.
A number of analysts surveyed suggested prices will rise throughout 2016, with a maximum forecast of $12,489 per metric tonne and a minimum of $8,524.
With that in mind, a number of nickel mining companies have seen their stocks rise this year. Here’s a look at some of the top nickel stocks up over 60 percent at the halfway mark of the year, with a market capitalization minimum of $10 million.
Wallbridge Mining Company (TSX:WM)
Wallbridge Mining is first on our list of top nickel stocks. The firm holds a variety of exploration properties and continues to explore on its nickel, copper and platinum projects in Ontario. Most of it is funded by joint venture partners.
In April, the company reported results from its Parkin exploration project, which included an intercept of 24.25 meters grading 1.22 percent nickel. The release adds that the Parkin Properties are being explored for high-grade polymetallic nickel, copper and platinum group metals.
Year-to-date, the company’s shares have sharply risen by 200 percent, which is a $0.05 increase, to $0.075. Wallbridge’s shares have also been successful over the past year, rising 87.5 percent overall.
Royal Nickel (TSE:RNX)
Currently, Royal Nickel is focusing its efforts on its 100 percent owned Dumont nickel project, located in Quebec. When in production, the project is expected to rank as the fifth-largest nickel sulphide operation in the world by annual production. By 2017, the company has set a target for commissioning and ramp-up.
In June, Royal Nickel announced the closing of a bought deal financing of 17,060,000 common shares at a price of $0.51 per share.
The company’s shares have steadily gained 122.22 percent year-to-date, which is a $0.22 increase so far, to sit at $0.40 per share.
Balmoral Resources (TSX:BAR)
Over the past year, Balmoral Resources shares have made small gains of 26.76 percent. More recently, however, the company has seen its share price rise more sharply. Year-to-date, shares of Balmoral are up 109.3 percent to $0.90 overall.
In addition to its gold projects in Quebec’s Abitibi Greenstone Belt, Balmoral holds the Grasset nickel project, which also hosts copper, cobalt, platinum and palladium mineralization. The project was discovered by the company back in 2014, and represents its first discovery of magmatic nickel-copper-cobalt-platinum-group-element mineralization in that part of the belt. In March of 2016, Balmoral released its initial resource estimate for the deposit, which can be seen here.
First Point Minerals (TSX:FPX)
Rounding out the list of our top nickel stocks is First Point Minerals, which has seen its shares increase by 60 percent year-to-date to $0.08. While the company’s stocks over a one-year period, have gained only 6.67 percent, they have stayed out of the red between June 30, 2015-June 29, 2016.
The company is currently exploring for awaruite nickel mineralization, which is a metallic nickel-iron alloy that contains little to no sulphides.
Most recent news regarding First Point’s 100 percent owned Decar project came in November 2015, when the company announced that it had completed a transaction with affiliates of Cliffs Natural Resources (NYSE:CLF) to purchase Cliffs’s 60 percent interest in the Decar nickel project.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Wallbridge Mining Company is a client of the Investing News Network. This article is not paid-for content.