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Wednesday, November 29, 2023

Top Canadian Rare Earths Stocks

Click here to read the previous top Canadian rare earths stocks article.

Although they usually get less attention than gold, copper and lithium, rare earth elements (REEs) are important metals for the global economy, especially in the 21st century.

The high-strength REE magnets found in much of today’s essential technology, including smartphones, wind turbines and electric vehicles (EVs), account for 29 percent of rare earths consumption. Analysts expect that demand for magnet rare earths ­— neodymium, praseodymium, dysprosium and terbium — will continue to rise alongside demand for these technologies over the next decade and beyond.

Currently, China is home to more than 60 percent of annual global rare earth metal production, which has led western nations to seek to secure alternative rare earths supply chains.

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Rare earths companies listed on the TSX and TSXV offer exposure to non-Chinese rare earth resources, and may be a compelling choice for investors who are bullish on the future of this interesting market.

But what are the top Canadian rare earth stocks? Here the Investing News Network looks at the TSX- and TSXV-listed REE companies with the biggest gains so far this year. This top Canadian rare earth stocks list was compiled using TradingView’s stock screener, and data was gathered on July 9, 2021. All companies mentioned had market caps of at least C$10 million at that time.

1. Search Minerals (TSXV:SMY)

Year-to-date gain: 223 percent; current share price: C$0.21

Search Minerals controls a 63 kilometer long and 2 kilometer wide belt in the emerging Port Hope Simpson – St. Lewis critical REE district in Southeastern Labrador.

The company has completed a preliminary economic assessment for the Foxtrot deposit, as well as a resource estimate for the Deep Fox deposit. Search is also working on three exploration prospects along the belt: Fox Meadow, Silver Fox and Awesome Fox.

In June, Search was selected to participate in Canada’s Accelerated Growth Service initiative, which includes coordinated access to government resources geared at helping the company move quickly to production. The purpose of the initiative is to the establish a stable and secure REE supply chain.

2. Marvel Discovery (TSXV:MARV)

Year-to-date gain: 130.7 percent; current share price: C$0.15

Explorer Marvel Discovery’s diverse portfolio includes gold, nickel, platinum-group metals (PGMs) and battery metals in the mining jurisdictions of Ontario, Quebec and Newfoundland. In May, Marvel spun out its REE properties into a new wholly owned subsidiary called Power One Resources.

These REE properties include the Serpent Rivers/Pecors nickel-copper-PGMs-rare earths project in Elliot Lake, Ontario, and the newly acquired Wicheeda North rare earths project in Prince George, BC. Wicheeda North encompasses more than 2,100 hectares located immediately northwest of Defense Metals’ (TSXV:DEFN,OTCQB:DFMTF) Wicheeda property, which has an indicated mineral resource of 4.89 million tonnes averaging 3.02 percent light rare earth elements (LREO), and an inferred mineral resource of 12.1 million tonnes averaging 2.9 percent LREO.

3. Mkango Resources (TSXV:MKA)

Year-to-date gain: 69.09 percent; current share price: C$0.46

Mkango Resources is developing new sustainable sources of REEs, including neodymium, praseodymium, dysprosium and terbium. The company’s goal is to supply demand from EVs, wind turbines and other clean technology markets.

Mkango’s assets include the 51 percent owned Songwe Hill rare earths project in Malawi, a 75.5 percent interest in Maginito and a 25 percent interest in UK rare earth magnet recycler HyProMag.

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The company’s ongoing feasibility study at Songwe Hill is being funded through a 12 million pound investment by strategic partner Talaxis. Maginito is developing neodymium magnet recycling technologies alongside rare earth alloy, magnet and separation technologies.

In June, Mkango announced that its subsidiary Mkango Polska has joined with Grupa Azoty Pulawy (WSE:ZAP) to develop a rare earths separation plant in Poland targeting 2,000 tonnes per year of separated neodymium/praseodymium oxides, and 50 tonnes per year of dysprosium and terbium oxides in a carbonate enriched with heavy rare earths.

4. NioCorp Developments (TSX:NB)

Year-to-date gain: 60.49 percent; current share price: C$1.32

NioCorp Developments is developing the niobium-scandium-titanium Elk Creek project in Nebraska, which includes an advanced superalloy materials manufacturing facility and an underground mine.

The company initiated testing of Elk Creek ore in June using high-pressure grinding rolls technology, which NioCorp has heralded as “an energy efficient and low-emission alternative for reducing the size of the ore to enable the recovery of niobium, scandium, titanium, and potential rare earth products.”

5. Namibia Critical Metals (TSXV:NMI)

Year-to-date gain: 51.07 percent; current share price: C$0.35

Namibia Critical Metals has a diverse portfolio of projects in Namibia focused on gold and base metals, as well as critical metals related to EVs and battery technologies, such as cobalt, lithium, niobium, tantalum, vanadium and rare earths. Its two most advanced-stage projects are Lofdal and Epembe.

In June, Namibia Critical Metals released an updated resource estimate for the Lofdal heavy rare earths project, a joint venture with Japan Oil, Gas and Metals National Corporation. The project also received a renewal of the environmental clearance certificate for mining activities.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Marvel Discovery is a client of the Investing News Network. This article is not paid-for content.

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