Top 3 Canadian Nickel Stocks (Updated July 2024)

Year-to-date gain: 233.33 percent; market cap: C$32.66 million; share price: C$0.20

Class 1 Nickel and Technologies' flagship property is its Alexo-Dundonald nickel project near Timmins, Ontario. The past-producing asset hosts four nickel sulfide deposits. The company’s pipeline also includes the past-producing Somanike nickel-copper project near Val-d’Or, Québec, and the River Valley platinum-group metals project near Sudbury, Ontario.

Class 1 Nickel released resource estimate updates for the Alexo South and Alexo North deposits in April and May of this year, respectively. The company said it expects to start work on a preliminary economic assessment for Alexo-Dundonald in the near term as part of its plan to bring the asset back into production.

The Canadian nickel exploration company's share price started off the year at C$0.06, and it began climbing in April to reach a year-to-date high of C$0.21 on July 26.

Year-to-date gain: 158.33 percent; market cap: C$119.22 million; share price: C$0.62

Power Nickel is developing its 80 percent owned Nisk polymetallic property in Québec, which hosts nickel, copper, platinum and palladium mineralization. According to the company, it plans to create Canada's first carbon-neutral nickel mine. The polymetallic nature of the project is a plus for the economic case for future nickel production in a low price environment.

This ongoing work has generated positive news flow for the company so far in 2024. After starting the year at C$0.24, Power Nickel began gaining in mid-April following two key announcements. First came drill results from the newly discovered Lion zone 5 kilometers northeast of the main Nisk deposit. Shortly after, the company announced the completion of its option to earn an 80 percent stake in Nisk from Critical Elements Lithium (TSXV:CRE,OTCQX:CRECF).

Power Nickel’s share price jumped more than 15 percent on May 10 to reach C$0.64 following news that drilling continued to expand the high-grade, near-surface Lion discovery, with notable assays including 14.42 meters at 0.59 grams per metric ton (g/t) gold, 69.14 g/t silver, 8.17 percent copper, 6.25 g/t palladium, 8.44 g/t platinum and 0.58 percent nickel.

In June, Power Nickel commenced an 8,000 meter summer drill program at Nisk, and closed a flow-through offering for gross proceeds of over C$20 million. Some of the biggest names in mining — Robert Friedland and Rob McEwen — participated. The company continued to climb before peaking at a year-to-date high of C$0.88 on June 21.

Year-to-date gain: 83.33 percent; market cap: C$48.01 million; share price: C$0.55

EV Nickel’s primary project is the 30,000 hectare Shaw Dome asset near Timmins, Ontario. The property 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 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 news so far in 2024 includes the closure of a flow-through financing in March that ultimately saw EV Nickel raise C$5.12 million to fund the development of its high-grade, large-scale nickel resources.

In April, EV Nickel launched its 2024 exploration program, which is aimed at advancing the CarLang trend and exploring other nickel targets. The most recent news out of the program came in mid-June with the announcement that diamond drilling on the Langmuir 2 high-priority nickel target had commenced, and plans were in place to begin drilling on high-grade nickel targets contained within the Shaw Dome project starting in mid-June.

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$0.79 on May 17.