It seems like 2020 has been the year for mining stocks to strive. At the start of the year, mining companies were in a bit of trouble. The pandemic caused many mines to slow or stop production altogether. But since then, the pricing on precious resources such as gold and silver has gone up exponentially. Gold and silver prices are often reaching 1 week, 6 week, even 1 year highs in 2020.
On November 6th gold prices were impacted as the Bureau of Labor Statistics released jobs information, suggesting that more jobs were created than expected. In addition to this, gold prices have gone up due to Joe Biden being the projected winner of the United States election. While this will likely affect the price of the US dollar, that only adds benefit to the price of gold.
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As of November 8th, the price of gold is at $1950 USD. Analysts are predicting that the precious yellow metal could reach past $2000 in the next week. Now it is time to look at some mining stocks that have been of high performance this year, and how they are holding up as we continue through November.Top Mining Stocks To Watch In November: Walcott Resources Ltd.
The first company to discuss is Walcott Resources Ltd. (OTC:WALRF Stock Report) (CSE:WAL). Walcott Resources has been able to stay afloat throughout the pandemic and perform well this year. This company is a mining company that actively searches for gold and silver deposits. Its main operations are acquisition, exploration, and mining. Currently, the company operates the Tyr Project which is located in Australia. The Tyr Project searches for silver deposits and is currently estimated to have 4,710 grams per ton of silver in its mines (g/t Ag). The company also holds the Cobalt Hill property which focuses on high-grade gold mineralization rather than silver.
Recently the company acquired 1256714 B.C. Ltd., which owns 100% interest in active prospective silver and zinc projects. The company’s most recent announcement is the acceleration of the Tyr Project silver exploration program. The plan is to look at prospective silver targets and make quicker progress in its drilling campaign. Now we await the next update from Walcott Resources to see how the company is performing in the future.Top Mining Stocks To Watch In November: Great Panther Mining Limited
Next on this list comes Great Panther Mining Limited (GPL Stock Report). Great Panther Mining Limited is a mining and exploration company that actively searches for silver, gold, lead, copper, and zinc ores. It operates the Tucano gold mine in Brazil, as well as other mines located in Mexico. It additionally operates the Argosy project out in Canada. Let’s see what Great Panther Mining Limited has been up to in recent times
On November 5th, the company released its results for the third quarter of 2020. Its revenue was reported at $77 million, which was an 8% increase year over year. Its net income of $18.6 million was a new record for the company. It reported record cash flows, EBITDA, and mine operating earnings as well. The week of November 2nd, GPL stock price went up about 13.75% a share. At the close on Friday the 6th, GPL stock price was at $0.9145 a share on average.
The President and CEO, Rob Henderson said, “We delivered a solid quarter of steady-state operations at all of our mines in Q3 2020, despite the challenges of managing COVID-19.” It will be interesting to see how the company continues to operate in the fourth quarter of 2020.Top Mining Stocks To Watch In November: Newmont Corporation
The Newmont Corporation (NEM Stock Report) is a mining company that operates out of Colorado. The company has a primary focus on the production and exploration of resources such as gold, silver, copper, zinc, and lead too. It has property or assets in the US, Canada, Mexico, Peru, and more. At the endpoint of 2019, the company had proven and probable gold reserves of 100.2 million ounces, and 68,300 square kilometers of land. Let’s look at the current news for Newmont Corporation.
On October 29th, this mining company released its highlights and financial results for the third quarter of 2020. It announced 1.5 million attributable ounces of gold, and $1.6 billion of cash from continued operations. Additionally, Newmont delivered a record third quarter adjusted ABITDA of $1.7 billion, as well as free cash flow of $1.3 billion.
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Its quarterly dividend increased 60% over the previous quarter to $0.40 per share. That is why the week of November 2nd 2020, NEM stock price went from $63 a share on average to $68 a share on average, nearly an 8% increase.Top Mining Stocks To Watch In November: Pan American Silver Corp.
The final company on this list is Pan American Silver Corp. (PAAS Stock Report). Pan American Silver Corp focuses on the exploration, development, extraction, processing, refining, and reclamation of silver mines. It operates these mines in Canada, Mexico, Peru, Argentina, and Bolivia. The company additionally sells and produces gold, zinc, lead, and copper. So what has this silver-focused company been up to in recent times?
Well, this silver stock reported its financial results from the third quarter of 2020. First of all, the company reported its cash flow at $114.9 million for the quarter. Its revenue was at $300.4 million, and it recorded a $79.8 million increase in inventory. Pan American Silver Corp. also increased its dividend by 40% to $0.07 per common share. These gold stocks and mining stocks have shown positive performance in 2020 due to the rising cost of these different minerals, as well as being able to recover from the negative effects caused by the pandemic.
That is why these companies have made it on to this list of the top mining stocks to watch. Now the ball is in your court, which gold stocks or mining stocks will you invest in before 2020 is over?