Nickel Investing

Top 3 ASX Nickel Stocks of 2022

Base Metals Investing
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Here's an overview of the top nickel stocks on the ASX with year-to-date gains in 2022.

With its diversity of applications in both technology and industry settings, nickel is a metal that will never go out of style.

Nickel has been commonly used in alloys to create stainless steel, but more recently its manufacturers have found a modern use: batteries. With the rising trend of electric vehicles and the push towards cleaner vehicles, the base metal is in high-demand for its role in the production of lithium-ion batteries.

After a dip in Q1 2020, nickel prices have experienced a steady rise over the last two years. Prices surpassed the US$100,000 per tonne in March this year, prompting the suspension of trading on the London Metal Exchange. While nickel trading resumed mid-March, prices have deflated since then, nearing the US$20,000 per tonne mark in July. That said, both the continued demand for stainless steel in addition to the rising demand for lithium-ion batteries are predicted to drive the prices over the next decade and beyond.

Below the Investing News Network has listed the top nickel stocks on the ASX by their year-to-date gains. Data for the top stocks list was gathered from TradingView's stock screener on May 28, 2022, and market caps were above $50 million at the time.

1. Galileo Mining

Year-to-date gain 655.56 percent; market cap: AU$303.97 million; current share price: AU$1.70

Galileo Mining (ASX:GAL) is a base metals mining company based out of Australia. The company fully owns the nickel-copper-cobalt Norseman project, which is located outside the town of Norseman in Western Australia. Galileo Mining is also exploring for large scale magmatic nickel copper deposits in the Fraser Range, a joint venture with Creasy Group.

On May 11, the company announced it had made a significant palladium-platinum-copper-nickel-sulphide discovery at its Norsman project. Galileo's Managing Director Brad Underwood said the company remains fully funded with AU$8.2 million at the end of Q1, meaning it is able to continue aggressive exploration programs at all its projects.

2. GME Resources

Year-to-date gain 92.31 percent; market cap: AU$74.25 million; current share price: AU$0.13

GME Resources (ASX:GME) is a mineral exploration and development company based out of the resource-rich Western Australia. GME currently owns 100 percent of the NiWest nickel-cobalt project. The company claims that its project, which is located beside Glencore’s (LSE:GLEN) Murrin Murrin nickel-cobalt mine, is "one of the largest and highest quality undeveloped nickel/cobalt resources in Australia."

The company has begun a program to update its pre-feasibility study, as the current 2018 version doesn't take into account the changed nickel and cobalt prices.

3. Centaurus Metals

Year-to-date gain 5.41 percent; market cap: AU$499.71 million; current share price: AU$1.17

Mining and development company Centaurus (ASX:CTM) is aiming to supply nickel sulfide for a cleaner energy future. Currently, the company is focused on developing its advanced Jaguar project located in the Carajás mineral province in Brazil which is a significant supplier of many commodities, including nickel.

The Jaguar project's most recent mineral resource estimate, released in December 2021, confirms that the project has the largest nickel sulphide resources on the ASX outside of major companies, and it has one of the largest on the ASX overall, as well.

Don’t forget to follow us @INN_Australia for real-time updates!

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

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