Due to the battery metals boom, the price of vanadium has gone through a considerable change. Since the start of 2016, the mining market has witnessed the cost of the metallic element surge 459%. Even when compared to lithium-batteries, vanadium flow batteries are the better choice. For these reasons, investors are starting to turn to vanadium stocks – and if they’re aggressive investors, vanadium penny stocks.
Multiple vanadium penny stocks will benefit if the element’s price continues to surge. One of these stocks is Largo Resources (TSX:LGO), which, today, is demonstrating the exact reasons as to why it’s a mining penny stock likely to succeed in the future.
Vanadium Penny Stocks: Largo Resources
On Monday, August 13, the Toronto-based pure vanadium producer announced its Q2 financial results. Not only did the company report a net income of $90.7 million, but Largo Resources also highlighted that revenues saw a nearly 200% increase over Q2 last year. Moreover, Largo’s total product of 2O5 increased (13% over Q2 2017 and 11% over Q1 2018).
To no surprise, the CEO of the Canadian vanadium company, Mark Smith, said Largo is “extremely pleased” with their “financial and overall operational performance” in Q2 2018.
But there’s so much more than that. Largo Resources has been making headlines ever since mid-July, hence why it is one of the vanadium penny stocks receiving mainstream attention.
For instance, on July 24, after the mining company announced that it had closed its previously announced secondary offering, the LGO stock hit a new 52-week high. On that day the vanadium penny stock was trading at $2.04.
And it’s doing better today.
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Largo Resources Price: August 16, 2018
There are a few mining penny stocks doing well today, but Largo Resources is one that’s not only moving higher on the market but is also moving higher within the corporate world; this isn’t always the case.
According to Yahoo Finance, as of 11:51 a.m. EDT, Largo Resources is trading at $2.39, putting the stock up 4.37%.
The Takeaway
Keep an eye on the price of vanadium, because if it continues to increase, the Largo Resources stock is likely to as well. What do you think?
Check back in tomorrow for more penny stock news!
Featured Image: Freepik
