Top 5 Canadian Mining Stocks This Week: Cerrado Gold Sparkles with 76 Percent Gain

Weekly gain: 75.51 percent
Market cap: C$33.52 million
Share price: C$0.43

Cerrado Gold is a gold production and development company focused on its assets in South America, including two producing mines in Santa Cruz, Argentina. Its flagship Minera Don Nicolas mine consists of a 333,400 hectare concession package and has been in operation since 2018. Mining feed is derived from the La Paloma and Martinetas open pits and processed at a centralized carbon-in-leach gold plant, which has a capacity of 1,000 metric tons per day.

Cerrado has been working on exploration efforts to expand the resource estimate at Minera Don Nicolas with the intent of extending the life of the mine. On September 19, the company released a preliminary economic assessment (PEA) for the expansion, showing that measured and indicated resources at the property total 490,340 ounces of gold and 6.59 million ounces of silver, the majority of which is found in the Calandrias Sur open pit.

The PEA demonstrates an after-tax net present value of US$111 million at a gold price of US$2,100, and estimates a mine life of five years, with an annual production target of 56,000 gold equivalent ounces per year.

The most recent news from Cerrado came on October 16, when the company announced its Q3 production results for Minera Don Nicolas. In the release, the company reported the production of 37,108 gold equivalent ounces during the first nine months of 2024, with 13,201 gold equivalent ounces ounces produced in Q3.

Weekly gain: 56.67 percent
Market cap: C$14.38 million
Share price: C$0.235

Metallis Resources is an exploration company that has spent much of 2024 advancing work at its Greyhound property in Central Idaho, US. The company acquired the 124 hectare property, which hosts the past-producing Greyhound and Bulldog silver-gold mines, in February from Greyhound Mining and Milling.

Since then, Metallis has completed the first phase of its exploration program. On September 4, the company said initial assay results showed elevated levels of antimony, with rock samples collected at Bulldog hosting grades of up to 4.54 percent of the critical mineral. Three contiguous samples over a 3 meter length returned 0.61 percent antimony, further validating strong mineralization at surface. None of the areas with the best antimony results have ever been drilled.

In a follow-up release on September 17, Metallis reported that surface rock samples from the site had returned high-grade gold assays of up to 67.02 grams per metric ton (g/t) gold equivalent, with multiple grab samples with more than 10 g/t gold equivalent. Aside from that, the company reported the identification of a new mineralized showing, which it has named Akita. It produced two rock samples grading 8 and 8.5 g/t gold equivalent.

The most recent news from Metallis came on October 14, when it closed a C$890,500 private placement following the sale of 6.85 million units at a value of C$0.13 each. Proceeds will be used for field exploration work at Greyhound, as well as the Kirkham property in the Golden Triangle, which is located in BC, Canada.

Weekly gain: 50 percent
Market cap: C$18.84 million
Share price: C$0.015

Gabriel Resources is a precious metals explorer and developer focused on advancing its Rosia Montana gold project. Based in Transylvania, Romania, Rosia Montana is in a region that has seen significant historic mining. Covering 2,388 hectares, the site is host to a mid-to-shallow epithermal system containing deposits of gold and silver.

The most recent resource estimate from a 2012 technical report shows proven and probable quantities of 10.1 million ounces of gold and 47.6 million ounces of silver. Gabriel has invested more than US$760 million into Rosia Montana, but has undertaken little development at the site since the early 2010s, as Romania blocked further development.

In 2015, the company entered into arbitration through the World Bank’s International Center for Settlement of Investment Disputes (ICSID) over permitting at the site and suggested that Romania was in violation of bilateral investment treaties. On March 8, Gabriel issued a press release with an update saying that its case against Romania had been dismissed by the ICSID, which also awarded Romania US$10 million in legal fees and expenses. Gabriel said it would review the decision with its legal team and evaluate its options. While news of that decision caused Gabriel's share price to plummet in March, it saw gains after closing the initial tranche of a US$5.58 million private placement on May 17.

The most recent update about the arbitration came on July 8, when the company announced it would be seeking an annulment of the ICSID award. The company said that the original decision was fatally flawed in multiple respects, including the disregarding of applicable law and multiple departures from fundamental rules and procedures.

Weekly gain: 46.67 percent
Market cap: C$13.11 million
Share price: C$0.11

Producer and developer Northern Graphite is the only miner of flake graphite in North America.

The company owns the Lac des Iles mine in Québec, Canada, which hosts an indicated amount of 213,000 metric tons of graphitic carbon, with an additional inferred amount of 106,000 metric tons.

In its Q2 results, released on August 29, Northern reported that it had increased production at Lac des Iles to 4,082 metric tons, up 59 percent from the 2,574 metric tons produced in the first quarter. The increase comes as the company works to boost production at the site to its 25,000 metric ton nameplate capacity. Additionally, Northern said it is working on operational scenarios to begin work at a new open pit by the end of 2024 or early 2025.

On October 9, the company announced it had entered into an agreement with Rain Carbon for a joint operation to develop and commercialize advanced battery anode materials for electric vehicle batteries.

Weekly gain: 46.43 percent
Market cap: C$25.6 million
Share price: C$0.205

1911 Gold is a gold exploration company working to advance its Rice Lake properties in Eastern Manitoba.

The properties cover more than 58,000 hectares along the Rice Lake greenstone belt in an area that has been explored since gold was discovered in 1911. The exploration properties include two prospective claim blocks, Rice Lake and Central Manitoba, and host the past-producing True North, Central Manitoba, Gunnar and Ogama-Rockland mines.

The most recent update from the site came on October 3, when the company announced it had mobilized a rig for a surface drill program set to commence in mid-October. The 6,000 meters will be focusing on near-surface targets at the True North mine to test the San Antonio West, San Antonio Southeast and Cohiba East sites.

1911 said the targets show significant potential for high-grade gold, and can be easily upgraded to resources due to their close proximity to existing infrastructure and historic underground mine workings.