12 Best Canadian Penny Stocks to Buy According to Analysts

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3. Western Copper and Gold Corporation (NYSEAMERICAN:WRN)  

Upside Potential: 286.36%  

Stock Price as of January 5: $1.10  

Number of Hedge Fund Holders: 5  

Western Copper and Gold Corporation (NYSEAMERICAN:WRN) is a Vancouver-based copper and gold explorer and developer seeking to establish strategic copper and gold production on the Casino Mineral Property in Yukon, Canada. The company’s Casino project, offers low-cost production of several metals, including copper and gold, over many decades.

The Casino project is a key driver of Western Copper and Gold Corporation’s (NYSEAMERICAN:WRN) growth strategy. The project is expected to produce approximately 6.95 million ounces of gold, 36.09 million ounces of silver, and 4.27 billion pounds of copper along with 346 million pounds of molybdenum over the 27-year life of the mine. The company plans to develop the project in a phased manner, with the initial phase focusing on the development of the open pit mine and the construction of a 120,000 tpd processing plant.

To support the development of the Casino project, Western Copper and Gold Corporation (NYSEAMERICAN:WRN) is focusing on securing financing. The company has already made progress in this regard, completing a bought deal public offering for gross proceeds of $46 million and securing an additional $3.46 million financing with Rio Tinto Group. The company is looking for additional financing options, including debt and equity financing. Western Copper and Gold Corporation (NYSEAMERICAN:WRN) is also open to establishing partnerships with other mining companies and investors to support the development of the project.

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