Are These Mining Penny Stocks on Your Watchlist in October?
Mining penny stocks have become extremely popular over the last year or so. And, there are a few main reasons why that is the case. For one, mining stocks tend to be more stable than most others, as their trajectories are less affected by speculation. While this is more true with blue-chip mining stocks, it is also the case with mining penny stocks.
In addition to this, many investors have turned to mining stocks this year as a way to avoid the ups and downs of the stock market as a result of Covid. Specifically, gold stocks are highly popular as they present a ‘safeguard’ investment against inflation and market volatility. Historically, gold has been a mainstay in the market during times of economic trouble. And while we are emerging from the pandemic right now, investors are still uncertain about the future.
As a result, mining stocks remain very popular right now. As we continue to move into the end of the year, it’s worth keeping an eye on the demand for resources such as gold, silver, and other popular mined ores. This will help to illustrate how these stocks could perform in the future. With that in mind, let’s take a look at three mining penny stocks to watch right now.
3 Mining Penny Stocks to Watch Right Now
IAMGOLD Corporation (NYSE: IAG)
IAMGOLD Corporation is a mining penny stock that has climbed by over 30% in the past month with 5% of that occurring in the last five days alone. This company develops, explores for, and operates gold mining properties. These properties are located in the Americas and West Africa. Its mines include the Rosebel mine, Essakane mine, and Westwood mine among many others. In addition to gold, the company also searches for silver and copper as well.
On October 19th, the company provided its preliminary operating results for the third quarter of 2021. All of IAMGOLD’s mines reported positive results during this period. Its Essakane mine had an average recovery of 83 percent at 3.3 million tons. Additionally, the Rosebel and Westwood mines provided positive results for the company as well.
“We achieved attributable production of 153,000 ounces during the third quarter and are pleased that our total attributable production is trending towards the upper end of the guidance range. Essakane continues to deliver strong results and Rosebel is performing in line with the updated plan.”Gordon Stothart, the President, and CEO of IAMGOLD
Right now, many investors are turning to gold and mining stocks in general as a way to hedge bets against inflation. And as a popular gold stock, IAG could be worth looking into. Considering this, does it deserve a spot on your penny stocks watchlist?
Yamana Gold Inc. (NYSE: AUY)
Yamana Gold Inc. is another gold stock that has been moving up in the last few trading sessions. While its 8% gain over the past month is not as large as IAG’s, it is still substantial considering the relative stability of mining stocks. This company produces various precious metals in the United States however, its primary focus is on the production of gold. Silver is also a big market for Yamana, which it searches for at its development stage properties, exploratory sites, and land positions.
The most recent Yamana update was released on October 4th. The company announced that it will reveal its third-quarter operating and financial results after the market closes on October 28th, 2021. The next day, at 9 a.m. EDT, a conference call and webcast will be held. The financial results of Yamana Gold could have a big impact on its stock price if either positive or negative results are reported. This is something we see with most stocks, and for that reason, financial reports are always important to consider.
The price of AUY stock is not just dictated by how the company is performing though. The prices of gold and silver are also major contributors to whether AUY stock will move up or down. It seems as though it is a balance between the price of gold, speculation, and the fundamentals when it comes to AUY stock. This is why it is important to stay up to date with the latest in the market. For now, will AUY stock be on your list of penny stocks to watch in October?
B2Gold Corp. (NYSE: BTG)
B2Gold Corp. is one of the bigger recent gainers, pulling in over 26% in gains in the past month. As its name suggests, this company primarily produces gold however, it also searches for other precious metals as well. Currently, B2Gold has three operating mines in Mali, the Philippines, and Namibia. Additionally, B2Gold has other evaluation and exploration assets located in Uzbekistan, Finland, Burkina Faso, and more. It’s worth noting that the company also has an 81% interest in the Kiaka Project.
On October 19th, B2Gold Corp. reported its gold production and gold revenue from the third quarter and first nine months of 2021. The company’s total gold production for the quarter was 310,261oz, which is 7% higher than its budget. This number is also 18% higher than its third-quarter 2020 numbers. Based on its positive performance, the company’s annual production guidance range has been increased to 1,015,000 to 1,055,000oz.
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The company stated, “The Company is currently compiling its consolidated cash operating costs and consolidated AISC results for the third quarter and first nine months of 2021, which will be released along with its third quarter and first nine months of 2021 financial results after the North American markets close on Tuesday, November 2, 2021.” B2Gold’s full third quarter 2021 financial results will be released on Tuesday, November 2nd after the markets close. Before these results are released, will BTG make your penny stock watchlist?
Are Mining Penny Stocks Worth Buying Right Now?
Finding the best mining penny stocks to buy in 2021 can be challenging. But, with a keen insight into which stocks are performing well, what the industry is doing, and how it could perform in the future, it can be much easier to make money with penny stocks. Considering all of this, do you think that mining penny stocks are worth buying right now or not?