In this article, we will take a look at the 5 best mining penny stocks to buy now. To see more such companies, go directly to 11 Best Mining Penny Stocks to Buy Now.
5. Perpetua Resources Corp. (NASDAQ:PPTA)
Number of Hedge Fund Holders: 7
Gold, silver, and antimony exploration company Perpetua Resources Corp. (NASDAQ:PPTA) ranks 5th in our list of the best mining penny stocks. As of the end of the second quarter 7 hedge funds tracked by Insider Monkey had stakes in Perpetua Resources Corp. (NASDAQ:PPTA).
GAAP EPS of Perpetua Resources Corp. (NASDAQ:PPTA) in the second quarter came in at -$0.12 beating estimates by $0.08.
4. Endeavour Silver Corp. (NYSE:EXK)
Number of Hedge Fund Holders: 11
Ranking 4th in our list of the top mining penny stocks to buy according to hedge funds is Endeavour Silver Corp. (NYSE:EXK). As of the end of the second quarter of 2023, 11 hedge funds tracked by Insider Monkey had stakes in Endeavour Silver Corp. (NYSE:EXK). According to Endeavour Silver Corp. (NYSE:EXK)’s recently announced Q2 results, Endeavour Silver’s adjusted EPS in the period came in at $0.01 missing estimates by $0.01. Revenue in the period jumped 62.3% year over year, still missing estimates by $6.44 million.
3. Gatos Silver, Inc. (NYSE:GATO)
Number of Hedge Fund Holders: 11
Gatos Silver, Inc. (NYSE:GATO) is one of the best mining penny stocks to buy according to hedge funds. A total of 11 hedge funds in Insider Monkey’s database of 910 hedge funds had stakes in Gatos Silver, Inc. (NYSE:GATO). The biggest stakeholder of Gatos Silver, Inc. (NYSE:GATO) was Eric Sprott’s Sprott Asset Management which owns an $11.8 million stake in the company.
Gatos Silver, Inc. (NYSE:GATO)’s management talked about its future plans in a latest earnings call and said:
“We currently have five surface drill rigs and three underground rigs actively drilling at the mine, and that’s targeting up — to add up to six years of the mine life by mid-2024. Our first stage of this life extension is a new life of mine and reserve incorporating recent resource conversion drilling and we’re on track to complete before the end of this current quarter in Q3. We also plan to report an initial resource for the South-East Deeps area as part of this update. The five surface rigs that we have on the South-East Deeps are infilling to about 50-meter spacing with the objective of converting this to the reserve — to a reserve status for our 2024 mine plan update.
Our plan is to have the drilling finished by the first quarter of next year, and that subsequent update out in the second half of next year, targeting the third quarter again. Well, we are really pleased with the progress in and around the Cerro Los Gatos mine, the biggest potential upside is our district. The joint venture holds a concession package that is roughly 50 kilometers by 40 kilometers and extend. We currently have more than 50 individual prospects identified with one drill active at the current time on the near mine Santa Ana target. And as I said previously, we plan to mobilize the seventh surface drill rig next year, and we’re continuing our detailed mapping of the district, which will help to generate further targets as we progress.”
2. SilverCrest Metals Inc. (NYSE:SILV)
Number of Hedge Fund Holders: 12
Canadian-based SilverCrest Metals Inc. (NYSE:SILV) explores for silver and gold properties. As of the end of the second quarter of 2023, 12 hedge funds in Insider Monkey’s database had stakes in SilverCrest Metals Inc. (NYSE:SILV). SilverCrest Metals Inc. (NYSE:SILV) has gained about 3% over the past five days through August 28. SilverCrest Metals Inc. (NYSE:SILV) recently posted second quarter results.
GAAP EPS in the period came in at $0.16 in-line with estimates. Revenue in the quarter jumped 6.9% year over year to $62 million, beating estimates by $11.09 million.
1. Hecla Mining Company (NYSE:HL)
Number of Hedge Fund Holders: 18
Hecla Mining Company (NYSE:HL) tops the list of the best mining penny stocks to buy according to hedge funds. Earlier in August Hecla Mining Company (NYSE:HL) posted second quarter results. Adjusted EPS in the quarter came in at $0, beating estimates by $0.03. Revenue in the quarter came in at $178.1 million, missing estimates by $10.67 million. 18 out of the 910 hedge funds in Insider Monkey’s database had stakes in Hecla Mining Company (NYSE:HL). The biggest stakeholder of Hecla Mining Company (NYSE:HL) was Eric Sprott’s Sprott Asset Management which owns a $13.5 million stake in the company.
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