Top 5 Canadian Mining Stocks This Week: Silver Elephant Leads with Rise of Over 60 Percent

Weekly gain: 63.64 percent
Market cap: C$17.71 million
Share price: C$0.81

Silver Elephant Mining is a development and production company focused on its flagship Pulacayo-Paca silver, zinc and lead property, which is located in Southern Bolivia's Potosi silver district.

An October 2020 resource estimate for the asset, which contains the Pulacayo and Paca deposits, demonstrates indicated quantities of 106.7 million ounces of silver, 1.38 billion pounds of zinc and 690.2 million pounds of lead, with additional inferred values of 13.1 million ounces of silver, 122.8 million pounds of zinc and 61.9 million pounds of lead.

In September 2023, the company announced the first sale of up to 800,000 metric tons (MT) of silver oxide material from Paca to Andean Precious Metals (TSXV:APM,OTCQX:ANPMF). Silver Elephant released a subsequent announcement in November saying had shipped the first 4,500 MT of material to Andean Precious Metals.

The most recent announcement from the project came on September 19, when the company reported the delivery of an additional 22,669 MT of material to Andean Precious Metals in August.

In total, Silver Elephant has shipped 176,803 MT of silver-bearing oxide material with an average grade of 180 grams per MT (g/t) silver for a total of 965,531 ounces of silver since the start of production in October 2023.

Weekly gain: 54 percent
Market cap: C$189.28 million
Share price: C$0.77

American Lithium is an exploration and development company working to progress its advanced-stage Falchani project in Southern Peru. An updated resource estimate for the property, released in October 2023, outlines measured and indicated quantities of 5.53 million MT of lithium carbonate equivalent (LCE) with an inferred 3.99 million MT of LCE.

A preliminary economic assessment for Falchani, released in February, estimates an after-tax net present value of US$5.11 billion and an after-tax internal rate of return of 32 percent with a payback period of three years.

On June 27, the company announced it was working to optimize the flow sheet for the project, and said that due to the low impurity content it would resemble a more conventional mining and processing flow sheet. Additionally, American Lithium said it was intending to commence piloting work during the second half of 2024.

The company has not released an update on progress at Falchani since then.

Weekly gain: 47.54 percent
Market cap: C$14.63 million
Share price: C$0.90

Pacific Booker Minerals is an exploration and development company focused on its Morrison property, located in Central BC, Canada. The site is in the advanced stages of development and hosts copper, gold and molybdenum mineralization. The company has been working on development plans since 2004, and completed a feasibility study in 2009. However, work hasn’t been able to proceed as it needs approval from the nearby Lake Babine Nation.

On May 13, Pacific Booker announced it would be seeking legal recourse after communications between itself and Lake Babine Nation broke down. The company indicated it had received a memorandum of understanding from Lake Babine Nation in 2012, but legal counsel for the nation has refuted that the understanding was in existence and an environmental assessment certificate for Morrison was refused in 2012.

Shares of Pacific Booker saw gains this week, but the company has not released further news.

Weekly gain: 42.5 percent
Market cap: C$68.74 million
Share price: C$0.285

Panoro Minerals is a copper explorer focused on advancing its flagship Cotabambas project in the Apurimac region of Southern Peru. Consisting of two primary mineralized zones, exploration at the property dates back to the mid-1990s and has largely been focused on an 18 square kilometer area in the northeast portion of the property.

The most recent resource estimate for the project was published in January, and outlines indicated values of 3.75 billion pounds of copper, 3.29 million ounces of gold, 39.45 million ounces of silver and 24.02 million pounds of molybdenum from 507.3 million MT, with average grades of 0.33 percent copper, 0.2 g/t gold, 2.42 g/t silver and 0.002 percent molybdenum.

The company saw gains this past week, but has not published a news release.

Weekly gain: 40.63 percent
Market cap: C$65.38 million
Share price: C$0.90

Bedford Metals is a uranium exploration company focused several projects within the Athabasca Basin in Saskatchewan, Canada. Its three projects, Close Lake, Ubiquity Lake and Sheppard Lake, represent a combined land package of 3,877 hectares and are located near claims owned by Cameco (TSX:CCO,NYSE:CCJ).

The company's most prospective project is Ubiquity Lake, where it said on August 19 that it has identified several radioactive zones following a Phase 1 prospecting survey.

Bedford's most recent news came on September 2, when it said it would be advancing exploration at Ubiquity Lake. The company said the plans come amid increased demand for energy due to the global artificial intelligence boom. Final details are to be determined pending assay results of samples recently submitted for analysis.