Some nickel stocks are still thriving in the ongoing tough nickel market. After trending down through 2023, nickel prices climbed to a 10-month high in late May, but they’ve since pulled back.
Supply is expected to outflank demand over the short term, but the longer-term outlook for the metal is strong. Demand from the electric vehicle industry is one reason nickel’s future looks bright further into the future.
“The metal’s appeal to investors as a key green metal will support higher prices in the longer term.”
How are Canadian nickel stocks performing in 2024? Below INN has listed the top nickel stocks in Canada on the TSXV and CSE by share price performance so far this year. TSX stocks were considered, but didn’t make the cut.
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 wholly owned Alexo-Dundonald nickel project near Timmins, Ontario. The past-producing project hosts four nickel sulfide deposits. The company’s pipeline also includes the past-producing Somanike nickel-copper project near Val-d’Or, Quebéc, and the River Valley platinum group elements (PGE) project near Sudbury, Ontario.
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 focused on developing its 80 percent owned Nisk polymetallic property in Quebéc, 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.
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. 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.
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.
Before buying a nickel stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it’s critical to complete due diligence before making any investment decisions.
Nickel stocks like those mentioned above could be a good option for investors interested in the space. Experienced investors can also look at nickel futures.
Nickel has a variety of applications. Its main use is an alloy material for products such as stainless steel, and it is also used for plating metals to reduce corrosion. It is used in coins as well, such as the 5 cent nickel in the US and Canada; the US nickel is made up of 25 percent nickel and 75 percent copper, while Canada’s nickel has nickel plating that makes up 2 percent of its composition.
Nickel’s up-and-coming use is in electric vehicles as a component of certain lithium-ion battery compositions, and it has gotten extra attention because of that purpose.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Canada Nickel Company is a client of the Investing News Network. This article is not paid-for content.
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