Nickel squeeze aftershocks
Underlying demand
High-grade nickel needed for batteries and EVs
Stocks to watch
Stocks to watch as nickel winners in 2023 include:
Lunnon Metals has just upgraded estimates of metal in its Baker project near Kambalda to 30,800t of contained nickel, taking the company’s global nickel inventory to 79,300t – more than double the mineral resource from when the stock listed in the middle of last year. Lunnon shares have risen by $0.42 (84%) to $0.92 this year., last month, reported a substantial increase in the nickel resource at its Jaguar project in Brazil to 938,500t of metal. The project is shaping as a tier one source of high-grade nickel, which will be keenly sought by EV makers. Centaurus shares are up a modest 6% this year, but over the past two years the stock has risen by 75%.Mincor Resources has just started mining the Cassini orebody to complement its Northern operations close to the heart of Kambalda. Growth plans are being funded by cash flow from mining and a recently completed $60 million capital raising. Mincor share have weakened to $1.50 after the new share issue but Bell Potter reckons they’re heading up to $1.85.