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4 Penny Stocks To Watch This Week

Looking for hot penny stocks right now? Check out these 4.
The post 4 Penny Stocks To Watch This Week appeared first on Penny Stocks to Buy, Picks, News…

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This article was originally published by PennyStocks

A Short Week Brings New Opportunities For Penny Stocks

If you’re looking for hot penny stocks right now, you looked in the right place. There are plenty of trends to follow especially when it comes to retail traders. While your traditional investment style may focus on fundamentals, that day trading portion of your portfolio is all about short-term risk/reward.

Technical indicators and chart patterns tend to take president over a company’s earnings per share growth. Take short squeeze penny stocks, for instance. The chances that someone looking to invest for 5+ years is low if you’re talking about stocks with high short interest. But for traders, this could present a very timely opportunity in the short term.

The same goes for some of the industry trends that have sent shares of companies flying. Take the electric vehicle and renewable energy industries, for example. While both could become sound investments down the road, the wild volatility has favored short-term traders over long-term investors right now.

Last week, for example, the newest solar EV company, Sono Group (NASDAQ:SEV), went public. In less than 48 hours of the IPO, SEV stock surged from around $20 to highs of more than $47. Just days later, the EV stock is now trading below $20. It’s instances like these that support the idea that having a strategy in place is essential no matter if you’re trading or investing in penny stocks.

In this article, we’re looking at a handful of names that’ve turned heads in the stock market today. Whether it’s from volatility spikes or becoming a recognized name in a notable industry, high volume and momentum are in play during the first half of the short week.

Penny Stocks To Watch Right Now

Penny Stocks To Watch 1. Birks Group Inc. (NYSE:BGI)

Luxury and general retail stocks are becoming hot-ticket items right now. Just look at companies like Signet Jewelers (NYSE:SIG) or Capri Holdings (NYSE:CPRI). Both of these luxury retailers have soared to fresh, record 2021 highs this quarter. As the market looks for sympathy momentum in similar companies, Birks Group may have subtly benefited recently.

After free-falling at the beginning of the month, BGI stock has been on a steady rebound. More robust earnings and a return to profitability were among the key drivers for renewed interest in the fine jewelry company’s shares. Birks reported an increase of 48.4% in sales for the 26-week period ending September 25, 2021, for its fiscal 2022. This yielded a gross profit of $34.9 million and equated to a jump of over 50% compared to the same period in fiscal 2021.

Read more: 101 Ways To Invest In The Metaverse

Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group, explained, “Our return to profitability is a significant milestone that is indicative of the success of the strategies we implemented to overcome the challenges brought about by COVID-19…The Company is off to a positive start in fiscal 2022 with sales growth in all channels, including the continued expansion of our e-commerce channel and the momentum created in our Bijoux Birks wholesale business, underscoring the progress made in the implementation of our omni-channel strategy.”

Thanks to this rebound in performance and an uptick of interest in luxury retail, BGI could be one of the penny stocks to watch this week.

2. OLB Group Inc. (NASDAQ:OLB)

best penny stocks to watch this week OLB Group OLB stock

OLB Group is one of the short squeeze stocks that broke out earlier this month. this was thanks, in part, to the surge of interest in cryptocurrency and blockchain technology stocks. OLB specializes in fintech and bitcoin mining services. When the market went crazy for the penny stock, OLB had just reported that it would be able to process Mastercard Bitcoin payments for its merchant partners. This news helped spark enough excitement to see OLB stock jump to highs of over $12. Since returning to earth, the company has remained one to watch, albeit during a continued decline.

This week kicked off with cryptocurrencies mixed across the board. Over the weekend, the price of Bitcoin flip-flopped between the mid to high $50k range. Other leading cryptos, including Ethereum, Litecoin, and even Shiba Inu, mirrored this trend. Even with this as the case, shares of OLB saw a bit more volume on November 22 than they had in previous sessions. Though there were no headlines to point at, the depressed price could be the underlying catalyst as traders await a more prominent move (up or down) in cryptocurrencies.

In many cases, speculation plays a significant role in crypto-related stocks. Traders place their bets on how the underlying price of things like Bitcoin could influence certain stocks. With OLB part of the crypto niche, it could be interesting to watch if things like Bitcoin begin moving.

best penny stocks to watch this week Taseko Mines TGB stock

3. Taseko Mines Limited (NYSE:TGB)

One industry that has come back into focus as of late is mining. With the recent volatility in precious and energy metals prices, the market seems to have turned its focus on raw materials companies. Taseko specializes in mining copper and molybdenum, both hot ticket items in the EV market. In addition, you can’t forget the massive amounts of money set for deployment to rebuild or further enhance infrastructure globally.

The company is coming off of a solid Q3 earnings beat announced earlier this month. Taseko came in 100% higher in EPS than estimates and reported sales of $132.56M for the quarter compared to just $106.49M that analysts expected.

“Higher metal production led to lower unit costs as Total operating costs (C1) fell to US$1.57 per pound produced, 22% lower than the previous quarter…We now have approximately $300 million in available liquidity and are well positioned to move into our next phase of growth with construction of the Florence Copper commercial production facility.”

Stuart McDonald, President and CEO of Taseko

To this end, Taseko said it received an initial draft of an underground injection control permit from the EPA for its Florence Project. In light of these latest milestones, TGB could be one of the penny stocks to watch.

4. NewAge Inc. (NASDAQ:NBEV)

best penny stocks to watch this week NewAge Inc. NBEV stock

Sometimes it isn’t company headlines driving momentum. NewAge is a prime example of that. The penny stock has been under noticeable pressure for months, but this week saw shares trade some of the highest single-day volumes since February. The catalyst didn’t stem from a new sales deal or big product reveal. NBEV stock surged following a Form 4 filing that showed Director Ed Brennan picked up half a million shares at the end of last week. His average price was $1.2155 per share.

This purchase came just a few days after NewAge had announced that it discovered a new method for fighting the effects of aging. In connection with this, the company also filed a patent to protect this latest discovery.

Deanna Latson, NewAge’s Chief Product Officer, explained, “This is the first time that scientists have ascertained how to simultaneously address these specific pathways by which HGH declines in the body. As a result, we can now trigger the body’s natural regeneration process and support cellular health. No other product to our knowledge can improve cell regeneration, inhibit cellular apoptosis, support physical resilience, boost energy and stamina, and combat other adverse effects of aging.”

Read more: 3 Hot Penny Stocks to Watch That Exploded Today, One Up 93%

Thanks to these two developments, it looks like there is a bit more optimism at the beginning of the week. Will that last through the holiday for NBEV stock?

Hot Penny Stocks To Watch Right Now

No matter what, it’s important to understand that penny stocks have plenty of risks involved. They are some of the most volatile equities to trade. Yet because of that, they can offer some of the highest potential for short-term gains. Given the latest milestones from some of these companies, will any join your penny stocks list this week?

The post 4 Penny Stocks To Watch This Week appeared first on Penny Stocks to Buy, Picks, News and Information | PennyStocks.com.







taseko mines limited

Author: J. Samuel

Precious Metals

New Found Gold Neighbor Canstar Resources Might Be Sitting on Canada’s Next Big Gold Discovery

Canstar Resources (TSXV: ROX) might have discovered the biggest gold deposit in Canada’s hottest mining province, Newfoundland…

Canstar Resources (TSXV: ROX) might have discovered the biggest gold deposit in Canada’s hottest mining province, Newfoundland. The small-cap junior gold miner is currently drilling in a region that turns out to sit alongside the same tectonic boundary as another recently discovered billion-dollar gold project.

While many new gold discoveries have emerged in recent years, few have remained surprisingly unnoticed by the broader mining community. One of which is the flagship gold project of Canstar Resources, Golden Baie. In some samples, early testing has seen gold concentrations as staggeringly high as 4,485 g/t.

Despite this, Canstar Resources is still operating under the radar at the moment. However, given the other billion-dollar gold projects located nearby in the province, it’s only a matter of time before it starts gaining a lot more attention from the mining community.

Is Newfoundland the New ‘El Dorado’ for Canadian Gold Miners?

In recent years, Newfoundland has emerged as one of the most exciting areas for gold discoveries. Millions of years of tectonic activity created geological conditions ripe for high-grade gold mineralization. 

However, the area has remained largely unexplored. Whether due to a lack of technology or technical knowledge, past prospectors dismissed what would later turn out to be multiple, massive gold deposits all along the province.

There are a few notable examples, but one of the most recent was the Queensway project, a 1,510km area owned by New Found Gold. This was a company that went it went public back in September 2020 at just $1.4 per share. 

Thanks to the excitement surrounding the Queensway project, shares quickly surged to over $10 earlier this year, with the company boasting a $1.2 billion valuation.

However, by the time most investors heard about New Found Gold and its gold project, shares had already shot up substantially. For those who felt like they missed the train on Newfound Gold, the good news is that history might be repeating itself, but this time with Canstar Resources.

New Found’s Queensway project and Canstar’s Golden Baie are frequently compared side by side. Not only are both just a couple of hours drive away from each other, but both happen to be located on the same tectonic boundary. In layman’s terms, multiple deposits are likelier to be found on a tectonic boundary due to how plates shift over thousands and millions of years.

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So far, Golden Baie is currently at an earlier stage of exploration than Queensway, which does mean it’s still a bit more of a speculative risk. However, analysis on the Golden Baie project shows that, based on surface-level gold concentrations, there’s likely a deep-seated gold system with multiple big deposits ripe for the picking. 

What’s more, these early results have shown similar grades of gold as the Queensway project, which single-handedly transformed New Found Gold from a penny stock into a billion-dollar gold miner.

How Big is Canstar Resource’s Golden Baie Discovery?

At 622 square km, Golden Baie isn’t the largest project by surface area. However, over 95% of the total site remains completely unexplored.

Initial exploration attempts took place in the earlier 1980s and continued for almost 27 years, with geologists finding little at the time besides small gold deposits. It’s a common story with most Newfoundland gold discoveries, as many were initially passed over before their true potential was rediscovered.

It was only until 2019 that prospectors realized Golden Baie was likely sitting on top of a tremendous gold deposit. Some recent samples have shown incredibly high gold grades, including some rock pulp samples having as much as 4,485 g/t of gold. But even more down-to-earth results are impressive, such as over 289.3 g/t of gold at the Skidder site. 

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As for how large the Golden Baie gold deposit could be, that’s still to be determined. However, when you look at other nearby gold discoveries, even the most conservative estimates could make Canstar a fortungi

The smallest of nearby discoveries is owned by Anaconda Mining, whose Point Rousse project, located on the northern end of Newfoundland, contains over 119,000 ounces of gold. Marathon Gold has a closer deposit called the Valentine Lake project. These reserves are estimated at being over 3.1 million ounces of gold, the high end of what’s been found in Newfoundland.

Two other big projects include Matador Mining’s Cape Ray project, with 526,000 ounces of gold, and First Mining Gold‘s Hope brook project, with around 844,000 ounces. 

Given that all of these discoveries are within a couple of hundred kilometers of the Golden Baie project, we think the odds are that we’ll see similar results when further drilling data comes in. A rough estimate of between 500,000 and a million ounces of gold seems realistic, although it’s possible Golden Baie is even larger than that.

To put that into perspective, one million ounces of gold, at current spot prices, is just under $1.8 billion in mineable reserves. In contrast, Canstar Resources is worth just $25.3 million at the moment. 

Just like how the Queensway project catapulted Newfound Gold into a billion-dollar stock, so could Golden Baie transform Canstar Resources into a billion-dollar mining company, or around 40 times higher than its current market capitalization.

Some of the world’s top mining analysts agree. Billionaire mining investor Eric Sprott, one of Newfound Gold’s biggest backers, also owns a 32% stake in Canstar Resources. While not every junior mining pick from Sprott turns into a billion-dollar success story, the odds are looking pretty good that Canstar might just be one of them.

What Should Investors Expect from Canstar Resources in 2022?

Given how undervalued and ignored Canstar Resources is at the moment, it’s a prime candidate for investors looking for a mining stock with exponential growth potential. The key, however, is to buy in before the market catches wind of it. 

In other words, early investors looking for triple-digit gains should stock up on shares before further news about Golden Baie gets announced. The company is in the process of raising an extra $6 million to finance further drilling after releasing early drilling results in early November. Results were largely encouraging, suggesting that further, potentially larger gold deposits remain to be discovered. 

Canstar has been focusing primarily on an 8km strike length, which is still just a small portion of the expected 95km gold corridor that’s at the heart of the Golden Baie property. 

It’s also worth noting that, besides its flagship gold project, Canstar Resources also has a couple of other operations. This includes the Buchans-Mary March project, another Newfoundland site, which has historically ranked as some of the world’s highest grade volcanogenic massive sulfide (VMS) deposits. VMS deposits are one of the richest sources of copper, lead, and zinc, but the Buchans-Mary March project has found gold and silver as well as those other metals.

While Canstar’s other projects remain promising, its main catalyst for future price growth is still big gold project. Investors should expect more drilling results in 2022, news that could quickly transform Canstar into a nine-or-ten-figure valuation for lucky investors.

 

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Author: NXT_mine

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Energy & Critical Metals

NEO Lithium’s Closest Neighbor Gets Ready to Drill

If you believe in the old adage, “the best place to find a deposit is near an existing one,” you should consider Portofino Resources (TSX-V: POR)…

lithium_triangle_portofino_resource

When Neo Lithium started early stage exploration they recovered surface lithium grades of 190 mg/L compared to 373 mg/L for Portofino Resources adjacent Yergo property.

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If you believe in the old adage, “the best place to find a deposit is near an existing one,” you should consider Portofino Resources (TSX-V: POR). This Vancouver-based company holds an option to acquire a 100% interest in the Yergo lithium brine project located in Argentina, in the heart of the Lithium Triangle, along with the Allison Lake North lithium and rare elements property. Portofino also owns five gold projects in Canada, and is overseen by an exceptional management team with deep experience in the resources industry.

One of the reasons that all eyes are on the Yergo project is the growing demand for lithium to support the green revolution. As one of the world’s lightest metals, lithium is playing one of the largest roles in our green and clean future. Demand is predicted to increase seven times over the next 10 years, reaching a total global demand of 1.79 million metric tons. Furthermore, for every 1% surge in battery electric vehicle (BEV) market penetration, the world’s need for lithium will rise by an estimated 70,000 tonnes per year. 

This has industry experts asking – where will the supply come from?

Sharing a similar geological history with a world class asset

Argentina, Chile, and Bolivia comprise what is known as the Lithium Triangle, and these countries host a whopping 75% of the world’s lithium resources. Portofino’s Yergo project is a salar located approximately 15 kilometres southeast of Neo Lithium’s 3Q project – one of the largest and highest-grade lithium brine deposits in the world. It was initially discovered in late 2015 and took only five years to advance to the construction phase. In October of this year, Neo Lithium announced it had received an all cash, takeover offer of $960 million for all its outstanding equity from Zijin Mining.