Top 4 Canadian Graphite Stocks of 2023

Graphite Investing
piece of graphite

Which graphite stocks have gained the most so far this year? These four companies on the TSX and TSXV are up the most year-to-date.

As the electric vehicle (EV) revolution continues to move forward, many market watchers expect increasing EV sales to drive demand for graphite, a key metal used in lithium-ion batteries.

Even though graphite prices have disappointed some investors over the past few years, there are signs that 2023 may bring stronger market for the battery metal, and interest in the sector is reigniting.

Against that backdrop, a number of Canadian graphite stocks have seen impressive year-to-date gains so far in 2023. Below is a look at the year’s top graphite stocks on the TSX and TSXV. Data was obtained on February 27, 2023, using TradingView’s stock screener, and all companies listed had market caps above C$5 million at that time.

1. Green Battery Minerals (TSXV:GEM)

Year-to-date gain: 112.5 percent; current share price: C$0.085

Green Battery Minerals operates multiple exploration projects in Quebec, but its flagship asset is its Berkwood graphite deposit.

Working with UK-based Graphene Star, which produces high-quality graphene products, Green Battery Minerals has successfully created sample lithium-ion cell batteries with graphene anodes made with graphene produced from graphite extracted at Berkwood.

“The results from making these first test batteries confirm that Green Battery’s graphite has good conductivity and the potential to work in the next generation of (lithium-ion batteries),” the company stated in January. “Having received these good test results warrants more testing and refining the purification process to bring this battery technology to a commercial scale.”

In the same release, Green Battery Minerals announced a memorandum of understanding that could see it earn a 19 percent stake in Graphene Star. The news coincided with the company's highest 2023 share price on January 20 at C$0.10.

2. Mason Graphite (TSXV:LLG)

Year-to-date gain: 83.33 percent; current share price: C$0.26

Mason Graphite is focused on the development of value-added products for green technologies. The company has a joint venture (JV) agreement with Nouveau Monde Graphite (TSXV:NOU) on the Uatnan mining project, which covers the Lac Guéret graphite deposit in Quebec. Mason Graphite is also the largest shareholder of Black Swan Graphene (TSXV:SWAN,OTCQB:BSWGF).

In early January, the JV partners released the highlights of a preliminary economic assessment for the Uatnan mining project, including an after-tax IRR of 25.9 percent and a NPV of C$2.173 million at an 8 percent discount rate based on current pricing projections for flake concentrate. Mason Graphite’s share price hit a high of C$0.42 on January 19.

3. Graphite One (TSXV:GPH)

Year-to-date gain: 184.73 percent; current share price: C$1.69

Graphite One is focused on becoming a US producer of high-grade coated spherical graphite primarily for the lithium-ion EV battery market. The company plans to develop its Graphite Creek deposit, located in Alaska, into a vertically integrated operation, and it completed a prefeasability study (PFS) for the property in October 2022. According to the company, the US Geological Survey has designated Graphite Creek as the largest and highest-grade graphite resource in the US.

Early in 2023, Graphite One announced that Sandia National Laboratories would apply its award-winning green extraction process to isolate and extract non-graphite critical minerals from Graphite Creek feedstock. Soon after, the company confirmed drill results identifying that significant graphite grades continue 4 kilometers from the PFS pit boundary. The results will be used to update the resource estimate in the PFS. Graphite One's highest share price so far in 2023 came on February 23 at C$1.80.

4. Nouveau Monde Graphite (TSXV:NOU)

Year-to-date gain: 42.36 percent; current share price: C$7.22

Nouveau Monde Graphite is developing a vertically integrated natural graphite business producing battery anode material for clean technologies. The company’s Phase 2 Matawinie mine project and Bécancour battery material plant are located in Quebec.

Nouveau Monde Graphite’s share price hit a high of C$7.72 on February 8. In addition to the positive announcement concerning its JV project with Mason Graphite noted above, the company also said it will receive up to C$3.6 million in grants from the Quebec government to advance its portfolio of graphite-based technologies.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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