Which nickel companies have made gains so far in 2022? The Investing News Network looks at the top nickel stocks of the year.
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Only a month and a half into 2022, nickel has already put on an impressive performance.
After trending upwards since mid-2020, nickel reached US$24,320 per tonne — a high not seen since July 2011. Experts believe prices will remain elevated in 2022 as the steel and battery markets continue to drive demand.
Below the Investing News Network has listed the top nickel stocks on the TSX and TSXV by share price performance so far this year. All year-to-date and share price data was obtained on February 8, 2022, from TradingView’s stock screener. The top nickel stocks listed had market caps above C$10 million at that time.
1. Garibaldi Resources (TSXV:GGI)
Year-to-date gain: 46 percent; current share price: C$0.365
The top-gaining nickel company so far this year is Garibaldi Resources, which operates its flagship E&L Nickel Mountain project out of BC, Canada, in the Golden Triangle region. Nickel Mountain is a nickel-copper property that has seen high-grade drill results, including 8.3 percent nickel and 4.2 percent copper over 16.75 meters. Beyond Nickel Mountain, Garibaldi has a portfolio of other projects in Canada and Mexico.
The company’s share price spiked after it appointed a new director on January 5: Michael Robert Myhill, who is also a director and vice president of finance with Eskay Mining (TSXV:ESK,OTCQX:ESKYF). Garibaldi's share price had jumped from C$0.26 to C$0.46 by January 20.
Year-to-date gain: 36 percent; current share price: C$0.68
FPX Nickel (TSXV:FPX) is a nickel company developing its flagship Decar Nickel District in BC. It also has 100 percent ownership of three other nickel projects in BC and one in Canada's Yukon.
The company saw its share price leap in early January after it released final results from a maiden drill program at its flagship project’s Van target. According to the company, “The results of the first seven holes at Van ... have exceeded our expectations and confirmed Van as a major new discovery for the nickel industry.”
Year-to-date gain: 34.62 percent; current share price: C$0.175
Power Nickel’s goal is to meet the needs of the battery supply chain by setting itself up to supply high-grade nickel from its flagship NISK project in Quebec, Canada. In addition to nickel, the project also holds copper, cobalt, palladium and platinum mineralization, all of which are important metals to the battery market. Power Nickel has a gold property called Golden Ivan in BC’s Golden Triangle as well.
On February 2, Power Nickel announced the discovery of two high-grade gold zones at Golden Ivan, which drove shares upwards from C$0.14 to C$0.21 by February 4.
4. Sherritt International (TSX:S)
Year-to-date gain: 30.86 percent; current share price: C$0.53
Sherritt International is an international miner, producer and refiner of high-purity nickel and cobalt. The company operates a mine in Cuba, as well as a refinery in Alberta, Canada, both of which are part of its 50/50 Moa joint venture with Cuba’s General Nickel Company. The vertically integrated joint venture has a capacity of 35,000 tonnes of nickel and 3,800 tonnes of cobalt produced per year.
Sherritt saw its share price spike in mid-January, although it had not shared news since December. However, a few days later, the company released its 2021 production results and 2022 guidance. Among other information, the company revealed it expects a production increase for nickel in 2022, from 31,184 tonnes in 2021 to guidance of 32,000 to 34,000 tonnes for this year.
5. Grid Metals (TSXV:GRDM)
Year-to-date gain: 28.57 percent; current share price: C$0.135
Grid Metals is a nickel exploration and development company working out of Canada’s Manitoba and Ontario provinces. The company holds a portfolio of five projects that all tie into its goal to target the battery metals industry. Grid’s flagship project is its Makwa Mayville nickel-copper project, which also hosts platinum-group metal and cobalt mineralization. Near Makwa Mayville is Grid’s Mayville lithium property.
At the end of January, the company announced it had commenced drilling at Makwa Mayville earlier that month, which it will follow up with an exploration and resource delineation drilling program. The news resulted in a share price spike for the battery metals company.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: FPX Nickel and Power Nickel are clients of the Investing News Network. This article is not paid-for content.
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