Which mining stocks will perform well in October?
September has been great to some mining stocks, and hard on others. There have been many companies that experienced increases in value but then fell back down. Others were able to hold their momentum throughout this month. The pandemic is still roaring on and creating a lot of uncertainty in the market. This can make it more difficult to decide on which mining stocks you want to buy.
Rest assured, there are many mining stocks that are performing well at the moment. There are a few steps that can be taken to narrow down this process. Looking at recent charts and volume data can help an investor see where a company is at. The latest company news and sector news are also very important to note if you plan on investing in mining stocks. Many investors have put mining stocks in focus instead of traditional assets, as they tend to perform well when the economy is in a bad place.
If you are looking to invest in mining stocks, you have a lot of options. The most popular mining sectors you have heard of are probably gold and silver. Gold stocks and silver stocks have shown significant performance during recent economic dark times. For investors who do not want to physically hold these metals, stocks are a good alternative. Lithium stocks have achieved a lot of top performance amid the growth of the electric vehicle sector growth in the last year as well. Copper, lead, uranium, and steel are other mining sectors that have had their share of positive performance in the market as well. Let’s now take a look at three mining stocks that could potentially make your watchlist next month.
Top Mining Stocks To Watch
Great Panther Mining Limited (NYSE: GPL)
Great Panther Mining Limited is a stock that is up nearly 3% in the market today. This is a company that explores for silver, gold, lead, copper, and zinc ores at various mineral deposits. Great Panther’s mines comprise of the Tucano gold mine in Brazil, numerous properties in Mexico, and more.
On September 21st, the company secured $25 million in new credit facilities. The company entered a $20 million gold dore prepayment agreement with Asahi Refining Canada Ltd. In addition to this, the company has entered a $5 million lead concentrate prepayment agreement with Samsung C&T U.K. Ltd. These 18-month credit facilities show the company’s plan to execute its growth objectives.
President and CEO Rob Henderson said, “We have long-standing and highly valued relationships with both Asahi and Samsung and these transactions further solidify those partnerships. Our goal is to grow the Company with the objective of safely, sustainably and profitably producing gold and silver for the benefit of all our stakeholders.” GPL stock has gone up in the market on September 28th. Will you add GPL to your list of mining stocks to watch next month?
New Gold Inc. (NYSE: NGD)
New Gold Inc. is a mining stock that gets mentioned a lot on this site due to its market momentum. This is a company that actively develops and operates multiple mineral properties. Primarily, New Gold searches for gold, silver, and copper deposits at its properties, which are all located in the United States. New Gold’s primary assets are the Rainy River mine and the New Afton mine.
Earlier this month, it updated its operational outlook for fiscal 2021. New Gold’s consolidated gold equivalent production at its Rainy River mine is now expected to be between 405,000 and 450,000 ounces, which was previously 440,000-490,000. Due to this occurrence, most of its guidance numbers slightly fell.
Responding to this decrease, President and CEO Renaud Adams said, “While the reduction in our near-term guidance at Rainy River is unfortunate, I remain confident the mine has reached an inflection point, as evidenced by the free cash flow generated in the second quarter and the mine is on track to deliver an improved second half of the year”. Now it will be interesting to see how this mining corporation performs in the future. For now, is NGD a contender for your mining stock watchlist?
Equinox Gold Corp. (NYSE: EQX)
Equinox Gold Corp. just went up by 0.75% in the market today, September 28th. This is a company that focuses on the acquisition, exploration, and development of mineral properties. Equinox explores for gold, silver, and copper at its mineral deposit locations. Its primary assets include the Aurizona gold mine in Brazil, and the Mesquite gold mine and Castle Mountain properties in California.
On September 20th, Equinox Gold announced a positive pre-feasibility for its expansion of Aurizona. It also announced a 73% increase to its mineral reserves at the location. This expansion could result in the Aurizona mine life increasing to 11 years with an annual production of 137,000 ounces of gold. The company’s updated mineral reserve and resource estimates for the mine show a 73% increase over December 31, 2019’s estimate.
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CEO Christian Milau said, “Incorporating the Aurizona underground and satellite deposits into our mine plan will nearly double the Aurizona mine life, increase annual production and generate almost $1 billion of net cash flow at current gold prices. I am incredibly proud of what our team has accomplished at Aurizona.” On September 28th, NGD stock is up in the market and its volume is around its market average. Noting this info, will EQX stock make your watchlist in October?
Mining Stocks To Buy In October?
Deciding on mining stocks to buy in October may still be difficult because of market volatility. As the world continuously pushes towards solving the pandemic, nobody knows for sure when or what is going to happen. For now, there are still many mining stocks that are moving up in value all the time. So which mining stocks will make it on to your watchlist next month?
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