Top Mining Stocks To Watch
Mining stocks are performing extremely well in 2020. Two of the primary contenders of this sector performing well are the prices of gold and silver. Both of these precious metals have gone up in price quite a bit this year.
There’s plenty of other resources performing well this year too. It seems like the pandemic has caused investors to desire gold or silver instead of other types of investments. These mining companies generally will mine and refine gold, as well as acquire new land to use for the same purpose.
The price of silver has gone up in percentages more than gold in 2020. This is due to the use of silver in the industrial sector, and the lesser price of the metal. With many industrial companies resuming regular operations, it is no surprise that silver has benefitted from it. Only time will tell how these metals continue to perform throughout the year. But with that being said, let’s take a look at 4 mining stocks that have been performing well in 2020.
Top Mining Stocks To Watch: Walcott Resources Ltd.
First up on this list of mining stocks to watch is Walcott Resources Ltd. (CSE: WAL Stock Report)(OTC: WALRF). The company is taking Australia head-on with a specific focus on a primary silver asset in New South Whales – the Tyr Project. High-grade zinc-lead-tin mineralization has already been identified. Walcott plans to re-open two historic silver mines with conservative inferred resource estimates and many high-grade surface mineral occurrences up to 4,710 grams per ton of silver (g/t Ag).
The company’s Tyr Project is broken up into two mines right now, the Torny Underground Mine and the Burra Silver Mine. Both underground mines were last in operation 80-90 years ago and each holds historic inferred resources. Furthermore, there is sufficient historic data to expedite modeling a NI 43-101 compliant resources for the two mines.
Walcott also holds an option to acquire a 100% undivided interest, subject only to a 1.5% NSR on all base, rare earth elements, and precious metals, in the Cobalt Hill copper-gold-cobalt property, consisting of eight mineral claims covering an area of approximately 1,727.43 hectares located in the Trail Creek Mining Division in the Province of British Columbia, Canada.
With precious metals prices climbing this week, is this the sign mining bulls have been looking for?
Top Mining Stocks To Watch: New Gold Inc.
New Gold Inc. (NGD Stock Report) is another one of the mining stocks to watch this month. This gold company primarily focuses on developing multiple mineral properties in both Canada and Mexico.
New Gold actively seeks silver, copper, and gold deposits at all of its locations. It holds 100% interest in Rainy River, Afton, and Cerro San Pedro mines in the two countries mentioned above. New Gold also previously owned the Blackwater Project. Why previously you may ask? Well, let’s talk about the recent developments for the company.
The company also sold the Blackwater project to Artemis Gold in August for $190 million cash. The deal was executed for $140 million at the date of the purchase, and $50 by August 21st 2021. This transaction has allowed for the continued exposure of the property. NGD stock price has gone up quite a bit in 2020, as a result of rising mineral prices and the company’s advancements as well. So it will be interesting to watch how New Gold progresses as the year continues through October.
Top Mining Stocks To Watch: McEwen Mining Inc.
The third company to highlight on this list is McEwen Mining Inc. (MUX Stock Report). McEwen Mining is an exploration, development, production, and seller of precious metals in the US, Canada, Mexico, and Argentina. The company primarily sells gold and silver, but also explores for copper deposits as well.
The company owns 100% interest in the El Gallo and Fenix projects in Mexico, the Black Fox Mine and Stock Mill, Grey Fox, and Froome and Tamarack properties in Canada. It has interest in many other locations as well.
In recent news, McEwen Mining reported its second quarter 2020 results. It announced that its cash and working capital were at $18.4 million and $25.5 million. It stated that gold and silver production were hurt due to the pandemic. Its second quarter production was 15,700 gold ounces, and 359,400 silver ounces.
This resulted in a net loss of $19.8 million for the company. The company also appointed a new CFO in recent news as well. Will new advancements or Q3 reports allow MUX stock to recover from its pandemic related fall?
Top Mining Stocks To Watch: Uranium Energy Corp.
Last on this list of mining stocks to watch is Uranium Energy Corp. (UEC Stock Report). Uranium Energy Corp. is a mining company that focuses on the exploration, extraction, and processing of uranium and titanium concentrates. The US-based company owns an interest in the Palangana mine, Burke Hollow, Goliad, Longhorn, and more. Its many projects are located in Texas, Arizona, Colorado, Canada, and Paraguay.
UEC stock has managed to make a full recovery in 2020. In recent news, the company closed a public offering of $15 million on September 24th. The company has also filed its fiscal 2020 Q3 report, although it has not been released yet. This report could be telling for the direction in which UEC stock moves. The reason that UEC stock is currently down, is due to its plan to raise $8 million changing to the $15 million mentioned above.
This scared some investors out of the stock. Yet the company is still hopeful for the future. CEO of the company, Amir Adnani stated that he is “pleased with the substantial level of interest for this offering and appreciates the strong endorsement from our existing and new shareholders”. It will be interesting to see how UEC stock moves in the coming weeks and months.
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