Top 3 Canadian Nickel Stocks (Updated April 2024)

Year-to-date gain: 106.67 percent; market cap: C$38.84 million; current share price: C$0.62

EV Nickel’s primary project is the 30,000 hectare Shaw Dome asset in Ontario. It includes the high-grade W4 deposit, which has a resource of 2 million metric tons at 0.98 percent nickel for 43.3 million pounds of Class 1 nickel across the measured, indicated and inferred categories. Shaw Dome also holds the large-scale CarLang A zone, which has a resource of 1 billion metric tons at 0.24 percent nickel for 5.3 billion pounds of Class 1 nickel across the indicated and inferred categories.

EV Nickel is also working on integrating carbon capture and storage technology for large-scale clean nickel production, and has procured funding from the Canadian government and Ontario's provincial government. In late 2023, the company announced it was moving its carbon capture research and development to the pilot plant stage.

The company's only news so far in 2024 has been the announcement, upsizing and closure of a flow-through financing. Ultimately EV Nickel raised C$5.12 million to fund the development of its high-grade large-scale nickel resources.

The Canadian nickel exploration company's share price started off the year at C$0.30 before steadily climbing to reach a year-to-date high of C$0.73 on March 3.

Year-to-date gain: 15.2 percent; market cap: C$249.55 million; current share price: C$1.44

Canada Nickel Company has honed its efforts on its wholly owned flagship Crawford nickel sulfide project in Ontario’s productive Timmins Mining Camp. A bankable feasibility study for the asset demonstrates a large-scale nickel deposit with a mine life of 41 years, an after-tax net present value of US$2.5 billion and an internal rate of return of 17.1 percent. The company has said it is targeting both the electric vehicle and stainless steel markets.

A few big-name companies hold significant ownership positions in Canada Nickel, including Agnico Eagle Mines (TSX:AEM,NYSE:AEM), which holds an 11 percent stake, and Anglo American (LSE:AAL,OTCQX:AAUKF), which has a 7.6 percent stake. In February of this year, battery and electronic materials manufacturer Samsung SDI (KRX:006400) made an equity investment of US$18.5 million for an 8.7 percent ownership stake in the company.

Canada Nickel’s share price started 2024 at C$1.40 before jumping to a year-to-date high of C$2.24 on January 16.

In early February, the company shared that its wholly owned subsidiary, NetZero Metals, is planning to develop a nickel-processing facility and stainless steel and alloy production facility in the Timmins Nickel District. Canada Nickel’s share price had slid to C$1.35 on February 5 before rising up to C$1.46 on February 9 following the news.

Later in the month, Canada Nickel shared successful results from initial infill drilling at its 100 percent owned Bannockburn property, and announced a new discovery at the Mann property. Mann is a joint venture with Noble Mineral Exploration (TSXV:NOB,OTCQB:NLPXF) in which Canada Nickel can earn an 80 percent interest.

Year-to-date gain: 10 percent; market cap: C$26.41 million; current share price: C$0.11

Sama Resources’ focus is the Samapleu nickel, copper and platinum-group metals (PGMs) project in Côte d’Ivoire, West Africa, which includes the Samapleu and Grata deposits. Samapleu is a joint venture between Sama (70 percent) and Ivanhoe Electric (30 percent); Ivanhoe Electric, which is backed by Robert Friedland, recently earned the option to acquire a 60 percent interest in the project with the completion of a new preliminary economic assessment.

In the first few weeks of the year, Sama has already dropped a few press releases. The company shared highlights from its ongoing 3,800 meter winter drilling program at the Yepleu prospect. Importantly, the work has confirmed that newly discovered nickel-copper-PGMs mineralization measures 500 by 400 meters, is near surface and open in all directions. Drill results from the program so far include hole S-349, which intersected 53 meters of combined mineralization layers grading 0.29 percent nickel, including 2.6 meters at 1.31 percent nickel and 0.95 percent copper.

Sama’s share price started off the year at C$0.11 before jumping to a year-to-date high of C$0.14 on February 12.