Top 3 Canadian Vanadium Stocks

1. Pegasus Resources (TSXV:PEGA)

Year-to-date gain: 50 percent; market cap: C$7.24 million

First on this list of top Canadian vanadium stocks is Pegasus Resources, which is also targeting uranium, gold and base metal properties in North America. Its portfolio includes the Energy Sands project, which is located in Emery County, Utah, near Western Uranium & Vanadium’s (TSX:WUC,OTCQX:WSTRF) San Rafael uranium project.

Acquired this past February, the Energy Sands project consists of sandstone-hosted uranium and vanadium mineralization. In early April, the company announced it was preparing to start field work at Energy Sands. Shares of Pegasus Resources peaked for this year on April 19 at C$0.11.

2. Lara Exploration (TSXV:LRA)

Year-to-date gain: 36.36 percent; market cap: C$28.53

Lara Exploration is a prospect generator that explores projects through joint ventures funded by its partners; as part of this model, it retains a minority interest and/or a royalty on these assets. The company has a diverse portfolio of prospects, deposits and royalties in Brazil, Peru and Chile.

This portfolio includes the wholly owned Itaituba vanadium project, for which drill results have shown concentrate samples containing 1 percent vanadium pentoxide, including a maximum of 1.03 percent vanadium pentoxide. The company has plans to undertake further geophysical surveys and follow-up drilling.

Shares of the company hit a 2022 high of C$0.75 on May 2.

3. Blue Sky Uranium (TSXV:BSK)

Year-to-date gain: 15.38 percent; market cap: C$45.46 million

Last on this list of Canadian vanadium stocks is Grosso Group member company Blue Sky Uranium, which has developed a portfolio of surficial uranium deposits in Argentina. The company’s flagship is the wholly owned Amarillo Grande uranium-vanadium project in Argentina’s Rio Negro province.

In April 2022, Blue Sky resumed work on a 4,500 meter exploration drilling program, at which it is targeting new holes at the Ivana Central target. Six holes were drilled at Ivana Central in 2020 before the program was paused. Two of these first six holes intersected anomalous uranium, including 120 parts per million U3O8over 1 meter.

All the drill holes returned anomalous vanadium and pathfinder elements similar to those associated with uranium mineralization at the Ivana deposit, where mineralization has characteristics of sandstone-type and surficial-type uranium-vanadium deposits. Company shares spiked to a 2022 high point on March 21, reaching C$0.33.