You may be asking yourself, what are the best mining stocks to watch? Well, we are currently experiencing a very unpredictable market. There are so many factors that are hurting and helping the price of mining stocks at the same time. Let’s first talk about things that are negatively affecting the mining sector of the market. First off, COVID-19 vaccines. Multiple large pharmaceutical companies have announced vaccines that are 95% effective in treating the virus. In fact on December 2nd it was announced that the United Kingdom could start using these vaccines as early as next week. The vaccine will first be distributed to frontline health workers and elderly people. So what is positively affecting the price of mining stocks?
That would be the recent news that president-elect Joe Biden and his transition team are forming a new stimulus bill at the moment that could go in place after the inauguration. Stimulus hurts the economy, which helps the price of precious metals like gold and silver. As a result the price of gold has pushed back above $1,800 from December 1st to the 2nd. The volatility of the market has allowed for many investors to make a profit who played their cards right. Some analysts are even predicting gold prices to go above $2,000 in 2020. But what is important is that nothing is known for sure. That is why keeping up with the latest news regarding mining stocks is important to investors, whether newbies or seasoned. So now let’s look at four of these mining stocks that are showing positive performance in 2020.
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The first mining stock to buy or sell is Range Resources Corporation (RRC Stock Report). Range Resources is a natural gas and oil company located in the United States. It will explore, develop, and acquire many natural gas and oil properties. As of December 31st 2019, the company owned and operated 1,272 net producing wells and 833,000 net acres under lease in the Appalachian region. It also has 409 net producing wells and 105,000 net acres under lease in the North Louisiana region. Its products are sold to NGLs, midstream, industrial, and natural gas processing companies. Let’s see what Range Resources has been up to recently.
October 29th we received the most recent update from this mining company. It announced that its well costs averaged less than $600 per lateral foot, which is good for the company. Range Resources spend expectation went down $15 million as a result of improved efficiency. Many of its other expenses improved in the quarter as well. It issued $300 million in additional 2026 notes and repurchased $500 million in near term maturities via tender offer. This extended Range’s debt maturities while keeping its liquidity.Top Mining Stocks To Buy [Or Sell]: NovaGold Resources
The next mining stock to buy or sell is NovaGold Resources (NG Stock Report). NovaGold explores for and develops gold mineral properties all over the United States. Its main asset is the Donlin Gold project located in Alaska that consists of 493 mining claims over 71,420 acres. In 2020, NG stock price has reached 5 year highs. So let’s see what this mining company has been up to recently.
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Donlin Gold that owns half of the Donlin Gold project released a third quarter update for its projects. In these results it shared encouraging initial assay results from its 2020 drill program. Now NovaGold released its third quarter results as well. It announced that continued advancement of the Donlin Gold drill program. It has increased COVID-19 health protocols. NG stock price has increased significantly throughout 2020. As of December 2nd, NG stock is at $10.30 a share on average.Top Mining Stocks To Buy [Or Sell]: Westwater Resources
Now let’s talk about Westwater Resources (WWR Stock Report). Westwater Resources is an energy materials development company based in Colorado. It will primarily explore for lithium, graphite, uranium, and vanadium deposits. Its main project is the Coosa graphite project that covers 412,965 acres in Alabama. It also owns projects located in Nevada, Utah, New Mexico, and Texas. Let’s look at Westwater’s recent advancements.
Westwater Resources announced its third quarter results on November 12th 2020. It was announced here that its net cash rose by 42% year over year in the quarter. This net cash increase was due to increased graphite product development and other general expenses. Its net loss also went up significantly though, due to COVID related issues. WWR stock price is currently might higher than what it started the year at, sitting at around $6.20 as of December 2nd. At the start of 2020, WWR stock price was under $3.Top Mining Stocks To Buy [Or Sell]: New Gold Inc.
The final company on this list is New Gold Inc. (NGD Stock Report). New Gold Inc. is a mining corporation that will develop mineral properties in different places around Mexico and Canada. Currently the company’s mining operations are for gold, silver, and copper deposits. It holds interest in the Cerro San Pedro, Afton, and Rainy River mines. Let’s have a look at the company’s recent financial results that were telling for its stock price.
In October, New Gold released an operational update for the third quarter. Its gold equivalent ounces totaled over 115,000 in the quarter. It also sold its large Blackwater Project to company Artemis Gold at a price of $190 million Canadian during the quarter. New Gold additionally completed a full redemption of its 6.25% senior notes that were due in 2022. At the start of 2020, NGD stock price was under $1 a share. Now, NGD stock has gone up to $1.94 a share on average as of December 2nd. These mining stocks all move based on metal prices and recent advancements. So it is always important to stay up to date in the sector when looking to buy or sell mining stocks.