LGO - Top Canadian Vanadium Stocks

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The past few years have brought renewed interest in vanadium and the top vanadium stocks.

Experts anticipate that the battery metal , which is used mainly as an alloy in steel manufacturing, will see an uptick in demand thanks to its increased use in the energy storage sector.

The meteoric rise of the silvery-gray metal has piqued the interest of analysts and investors who see the value in a battery metal that is safer, longer-lasting and more durable than lithium .

Once considered a mere by-product of uranium mining, in recent years the market has seen a renewed focus and respect for the industrial metal with a lot of battery potential.

Here the Investing News Network has compiled a list of the top vanadium stocks so far this year on the TSX, TSXV and CSE. All companies listed had market caps of at least C$4 million at the time of publication, and all year-to-date and share price information was obtained on October 14, 2021, from TradingView .

1. Western Uranium and Vanadium (CSE: WUC )

Current price: C$3.42; year-to-date gain: 213.76 percent

First on our list of top vanadium stocks is Western Uranium and Vanadium, a conventional mining company focused on low cost, near-term production of uranium and vanadium in the western United States.

Earlier in the year, Western Uranium and Vanadium was added to the North Shore Global Uranium Mining Index and the North Shore Global Uranium Mining ETF (NYSE: URNM ). Both the Solactive Global Uranium & Nuclear Components Total Return Index and the Global X Uranium ETF (NYSE: URA ) added shares of WUC in early August. Shares of the company hit a 2021 high of C$3.78 on August 30.

2. Energy Fuels (TSX:EFR)

Current price: C$9.68; year-to-date gain: 77.96 percent

Energy Fuels is best known as a uranium producer. However, in 2019, the company’s White Mesa mill in Utah became the number one producer of vanadium in the US, with production levels reaching 1.9 million pounds at 99.7 percent high-purity vanadium.

The company’s La Sal complex in Eastern Utah encompasses a series of uranium-vanadium assets, including the Beaver, Pandora, La Sal, Energy Queen and Redd Block projects.

In July, Energy Fuels released its results for the second quarter ; among other things, it reported inventory of 1,672,000 pounds of high-purity vanadium in the form of immediately marketable product worth US$16.5 million.

Although Energy Fuels has no plans to produce vanadium in 2021, the company did acknowledge that “vanadium markets are strengthening” and that it has “recently developed new mining techniques that we believe can increase production and lower costs when mining resumes in the future.” Energy Fuels’ share price climbed to its high point for the year so far on September 16, reaching C$10.56.

3. Largo Resources (TSX: LGO )

Current price: C$13.91; year-to-date gain: 40.51 percent

Last on our list of top vanadium stocks is vertically integrated vanadium company Largo Resources has developed multiple vanadium market applications through its VPURE and VPURE+ products. These products originate from the company’s Maracás Menchen mine in Brazil, one of the world’s highest-grade vanadium deposits.

Aside from that, the top vanadium stock is also working on renewable energy storage solutions through its VCHARGE± vanadium redox flow battery technology .

Largo released its Q1 financial results in May, reporting net income of US$4.1 million. Shares of the company hit a 2021 high of C$22.96 on May 3.

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

Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.