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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Many nickel companies on the TSX and TSXV saw major share price gains in March after an unprecedented nickel price increase shocked the London Metal Exchange (LME).
The LME decided to suspend trading after a short squeeze rocketed the nickel price per tonne up 250 percent to US$100,000. This began partially in response to supply concerns following Russia's invasion of Ukraine, which has shaken many markets. The price has since fallen to US$31,580 — still well above its US$20,880 start to the year.
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 March 21, 2022, using TradingView’s stock screener. The top nickel stocks listed had market caps above C$10 million at that time.
1. Sherritt International (TSX:S)
Year-to-date gain: 77.78 percent; current share price: C$0.72
Sherritt International is a 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.
In February, Sherritt released its 2021 production results and 2022 guidance. Among other details, the company revealed it expects a production increase for nickel, from 31,184 tonnes in 2021 to guidance of 32,000 to 34,000 tonnes for this year. On March 1, the company announced the appointment of decarbonization expert Chih-Ting Lo to its board of directors, and also named Maryse Bélanger as deputy chair. The focus of these changes is to strengthen Sheritt's commitment to environmental, social and governance matters.
The company’s share price shot up alongside the nickel price to reach a high of C$0.82 on March 10.
2. Sama Resources (TSXV:SME)
Year-to-date gain: 72.41 percent; current share price: C$0.25
Sama Resources is a resource company focused on its Samapleu nickel-copper project in Côte d’Ivoire, Africa. A preliminary economic assessment for the property shows indicated reserves of 33.18 million metric tonnes at a grade of 0.238 percent nickel, and inferred resources of 17.78 million metric tonnes at 0.224 percent nickel.
Sama’s share price hit a year-to-date high of C$0.27 on March 8 after seeing a slow but steady climb throughout 2022 so far. The company released its 2021 highlights on January 25, including results from a drill program at Samapleu that led to the discovery of the Grata deposit on the property. In March, the company followed that up with results from drilling at the deposit, including 15 meters grading 0.86 percent nickel.
3. Grid Metals (TSXV:GRDM)
Year-to-date gain: 71.43 percent; current share price: C$0.18
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 metals (PGMs) and cobalt mineralization. Near Makwa Mayville is Grid’s Mayville lithium property.
On February 23, Grid Metals provided updates on its nickel and lithium properties, including the drilling of an initial 10 holes at its Makwa nickel sulfide project. Later, on March 11, the company released drill results from its Bannockburn nickel property. The best result was 341.7 meters averaging 0.28 percent nickel. The company’s share price also rose with nickel to hit a high of C$0.23 on March 10.
Year-to-date gain: 64.29 percent; current share price: C$0.115
Nickel Creek Platinum is targeting rising demand for battery metals from the electric vehicle industry by way of its Nickel Shäw nickel-copper-PGMs project in Canada’s Yukon territory.
After spending much of 2022 around C$0.08, Nickel Creek’s share price hit a high of C$0.15 on March 8. The company has yet to release news this year.
Year-to-date gain: 57.69 percent; current share price: C$0.205
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. Since then, the company has released two press releases about an ongoing drill program at its NISK project. Highlights from a March 15 release include 8.4 meters at 1.45 percent nickel and 0.4 percent copper, among other minerals. Power Nickel hit a high of C$0.27 on March 15.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Nickel Creek Platinum and Power Nickel are clients of the Investing News Network. This article is not paid-for content.
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