Since 2016, the market has become extremely attracted to vanadium penny stocks. And why not? With the rise of vanadium flow batteries, it was only a matter of time. But, like most mining penny stocks, vanadium stocks can have bad days.
For Largo Resources (TSX:LGO), today is not one of those days. In fact, the company seldom has bad days. Take what happened on August 16th, for instance.
Vanadium Penny Stocks: Largo Resources
On Wednesday, October 3rd, Toronto-based Largo Resources announced Q3 output results from its Maracas Menchen Mine. On the news, the LGO penny stock jumped 3%.
Overall, the production results were positive—hence the stock moving into the green zone.
In the third quarter, Largo Resources announced that it hit record quarterly vanadium pentoxide production, in addition to setting a new record for overall vanadium pentoxide rate last month.
In the third quarter of 2018, the Marcas Menchen Mine reached a quarterly output record of 2,563 tonnes of vanadium pentoxide. For perspective, the company saw a production record of 2,513 tonnes in the same quarter last year.
If you’re not a mining investor or a penny stock investor, this might not seem like a massive increase. But it is. As a matter of fact, these results mark the third consecutive quarter of strong output this year for the company. It’s also the highest quarterly output in the company’s history.
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Largo Resources Share Price
According to Yahoo Finance, as of 12:44 p.m. EDT, Largo Resources is trading at $3.74, which puts the LGO stock up 3.03%.
The Takeaway
There are two things that I want to know from the reader. What do you think of the Largo Resources Q3 production results? And two: considering it’s still early in the trading day, do you think Largo Resources can end the day in the trending mining penny stocks category?
Let us know what you think in the comments below and don’t forget to check back in tomorrow for more penny stock news!
Featured Image: Depositphotos/© pinkblue
