NEW YORK ( TheStreet) -- Kaiser Aluminum ( CGC), Uranerz Energy ( URZ), Richmont Mines ( RIC), Brigus Gold ( BRD) and Golden Minerals ( AUMN) are among nine mining stocks with potential upside of 20% to 191%. Being analysts' favorites, all of these stocks have no sell ratings.


9. Noranda Aluminum ( NOR) is a North America-based integrated producer of aluminum products and rolled aluminum coils. The company operates in two business segments: metals -- its upstream business; and rolled products -- its downstream business.

For the latest first quarter ended March 2011, the company reported earnings of $38.3 million, or 56 cents per share, compared to a loss of $0.1 million, or break even per share in the year-ago quarter. Revenue for the period soared 30.9% year-over-year to $394.6 million from $301.5 million, resulting primarily from higher realized prices for aluminum and bigger third-party shipment volumes in the bauxite, primary aluminum, and flat rolled products segments.

In terms of operating metrics, the average realized Midwest transaction price of aluminum products was $1.18 per pound, compared to $1.04 per pound in the first quarter of 2010. Total primary aluminum shipments rose 18.4% to 143 million pounds from 120.8 million pounds a year ago.

Of the seven analysts covering the stock, 57% recommend a buy, while the remaining rate it a hold. There are no sell ratings on the stock. On average, analysts estimate an upside of 19.6% to $19 from current levels. The stock currently trades at an attractive P/E of 9.2

8. Kaiser Aluminum ( KALU) engages in the production of semi-fabricated specialty aluminum products.

For its first quarter ended March 2011, the company reported earnings of $11 million, or 59 cents per share, compared to $9 million, or 44 cents per share, in the year-ago quarter. Revenue for the period increased 20.5% year-over-year to $323 million from $268 million, driven by improving demand across its end-market applications and the acquisition of Alexco and Nichols Wire.

Furthermore, shipments grew 12.5% to 144 million pounds from 128 million pounds during the comparable quarter last year, while total realized price per pound rose 7.2% to $2.24 from $2.09. Lastly, value-added revenue (fabricated products net sales minus hedged cost of alloyed metal) stood at $157 million, up 15% year-over-year from $137 million in the first quarter of 2010.

Of the four analysts covering the stock, 50% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts foresee 21.7% upside to $61 from current levels. Analysts at Zacks Investment Research recently upgraded the stock's rating from underperform to neutral.

7. Richmont Mines ( RIC) engages in the acquisition, exploration, operation, financing and development of mineral properties. The company currently produces gold from its Island Gold and Beaufor mines, and expects to launch production at its Francoeur Mine by mid-2011, augmenting total annual production to 100,000 ounces of gold. The company will report its first quarter 2011 results on May 13.

Globex Mining recently announced an option agreement with Richmont Mines, under which Richmont can earn 100% interest in five of Globex's claims adjoining its Wasamac property in Beauchastel Township. Richmont has agreed to the following option terms and conditions; upon signing, $500,000 in cash and $1 million in exploration over an 18-month period; an additional $500,000 in cash and $1 million in exploration expenses within the following 18 months; at 36 months, an additional $2 million in cash and the issuance of 500,000 Richmont shares to Globexafter; and an additional $1 million as exploration expenses within the following 18 months.

Of the four analysts covering the stock, 75% recommend a buy, while the remaining rate a hold. The stock has no sell ratings. On average, analysts foresee 22.8% upside to $9.97 from current levels. The stock has gained 91% in the last one year.

6. Horsehead Holding ( ZINC) is a producer of specialty zinc and nickel-based products sold primarily to customers in the U.S. The company is also a recycler of electric arc furnace dust as well as hazardous and non-hazardous waste for the specialty steel industry.

During the latest first quarter ended March 2011, the company's earnings more than doubled to $14.8 million, or 33 cents per share, compared to $6.8 million, or 16 cents per share, in the year-ago quarter. Revenue for the period increased 12.6% year-over-year to $109.2 million from $97 million, driven by product shipments and higher average realized price.

In terms of operating metrics, zinc product shipments increased 3,053 tons, or 9.1%, to 36,461 tons from 33,408 tons in the comparable quarter of last year. Average realized price per pound increased to $1.18 from $1.15 in the first quarter of 2010. On the balance sheet front, cash and cash equivalents improved marginally to $112.9 million from $109.6 million at the end of Dec. 2010.

Of the six analysts covering the stock, 50% recommend a buy on it, while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts foresee 34.7% upside to $19 from current levels. The stock has gained 31% in the last one year

5. Brigus Gold ( BRD) engages in gold mining, extraction, processing, as well as exploration and development. The company owns Black Fox, an open-pit and underground mine and mill located near Matheson in the Province of Ontario, Canada.

For the year ended Dec. 2010, the company reported an 82.8% year-over-year increase in revenue to $85.9 million from $47 million, attributable to increased gold sales combined with higher average selling prices. Gold sales soared 52% to 69,922 ounces from 46,016 ounces during 2009, while average realized gold price rose 12% to $981 per ounce from $876 per ounce in the prior year.

The company recently signed a letter of intent (LoI) to sell 75% of its Mexican subsidiary (advanced exploration stage Ixhuatan gold project) to Cangold Limited. After signing the agreement, Cangold will pay Brigus C$1 million and issue 6 million Cangold shares. For a 75% interest in the project, Cangold will be required to pay C$10 million and issue 20 million post-consolidation shares over a three-year period, as well as complete an independent third-party feasibility study on the Campamento deposit.

Going forward, Brigus targets gold production for the first quarter of 2011 at 8,500 gold ounces, and 71,500-75,500 ounces for the remaining three quarters, transforming into a full year 2011 production of approximately 80,000 to 84000 ounces of gold.

All the three analysts covering the stock rate it a buy. The stock has no sell ratings. On average, analysts estimate 78% upside to $2.63 in value from current levels.

4. Uranium Energy ( UEC) engages in the production, development and exploration of uranium. The company's property-acquisition program is primarily in the southwestern U.S. states of Texas, Wyoming, New Mexico, Arizona, Colorado, and Utah.

During the second quarter ended Jan. 2011, the company recorded a net loss of $6.6 million, or 10 cents per share, compared to $4.3 million, or 7 cents per share, in the year-ago quarter. Production revenues were nil during the quarter. The company launched production at its Palangana ISR project during the second quarter, but did not generate any uranium sales.

On the balance sheet front, cash and cash equivalents soared 60% to $33.7 million from $21.1 million at the end of July 2010. Furthermore, as of Jan. 2011, the company had a current ratio of 16.82 compared to 4.19 as of July 2010, indicating its strong ability to meet short-term cash requirements.

The boards of Uranium Energy and Concentric Energy recently approved a stock-for-stock merger. Upon completion of the merger, it is anticipated that approximately 1,253,440 shares of UEC common stock will be issued to former Concentric stockholders to acquire Concentric and its undivided 100% interest in the Anderson Property, a 5,785-acre mineral claim block located in Yavapai County, Arizona, with a previous history of small-scale uranium production.

Of the six analysts covering the stock, 67% recommend a buy on it, while 16% rate a hold. On average, analysts foresee 78.5% upside to $5.89 from current levels.

3. Uranerz Energy ( URZ) is an exploration-stage company engaged in the acquisition, exploration, and development of uranium properties -- if warranted. The company is principally focused on the exploration of its properties in the Powder River Basin area of Wyoming.

The company has not generated any revenue until date. During the year ended Dec. 2010, the company reported a net loss of $14.6 million, or 23 cents per share, compared to $8.7 million, or 15 cents per share, a year ago. However, cash and cash equivalents soared 78.4% to $36.4 million from $20.4 million in 2009.

During March 2011, the company announced that its ~3.9 million share purchase warrants were exercised prior to the accelerated expiry date of Feb. 25, 2011. Uranerz now has over $47 million in its treasury with no debt, and ~75.6 million shares outstanding. It is well positioned to begin the construction of its Nichols Ranch ISR Uranium Project, pending receipt of the final Materials License.

All the four analysts covering the stock rate it a buy. There are no sell ratings. On average, analysts estimate 97% upside to $5.61 in value from current levels. The stock has already gained a whopping 97% in the last one year.

2. Ur-Energy ( URG) is a development-stage junior mining company engaged in the identification, acquisition, evaluation, exploration and development of uranium mineral properties in Canada and the U.S. The company's prime focus is to develop its roll front style uranium development projects (specifically the Lost Creek project) with in-situ recovery (ISR) potential located in Wyoming. The company holds mineral properties in the U.S. and Canada totaling more than 230,000 acres (more than 93,000 hectares).

Being a development stage company, Ur-Energy has not earned any revenue since inception. For the quarter ended Mar. 2011, the company reported a net loss of $4.6 million, or 4 cents per share, as opposed to a loss $4.7 million, or 5 cents per share, in the earlier year quarter. Cash and cash equivalents stood at $27.1 million, compared to $28.7 million at the end of Dec. 2010.

At the end of March 2011, the company had measured and indicated resources totaling 4.73 million tons and 5.22 million pounds of uranium at its Lost Creek project.

Of the six analysts covering the stock, 83% recommend a buy while the remaining rate a hold. There are no sell ratings on the stock. On average, analysts estimate 98.7% upside to $3.14 in value from current levels.

1. Golden Minerals ( AUMN) owns and controls a diversified portfolio of exploration projects with potential district scale properties in Latin America. The company's project pipeline is defined as feasibility and advanced exploration. El Quevar (Argentina) is the most advanced project under the feasibility stage. The Zacatecas project (Mexico) is under the advanced exploration stage, and the five exploration stage projects are Atlas, Chavin, Cochabamba, Jehuemarca and La Pinta, in Argentina, Mexico and Peru.

During the first quarter ended March 2011, Golden Minerals recorded a net loss of $15.9 million ($1.08 per share), including $8.7 million expenses related to the El Quevar project, $3.7 million as exploration costs and $2.2 million as administrative overheads. At the end of March 2011, cash and cash equivalents stood at $104.3 million.

During April 2011, the company provided an update on the progress of underground development drifting at the El Quevar project and also announced additional high grade intercepts at holes drilled on the El Quevar Yaxtché deposit. The company has completed approximately 430 meters of development drifting at El Quevar at an elevation of 4,774 meters, and has advanced approximately 200 meters along strike in the central Yaxtché zone.

For the remainder of 2011, Golden Minerals expects to spend approximately $40 million to $48 million to fund ongoing exploration drilling, underground drifting, and related technical engineering and project assessment at the El Quevar project to confirm the mine model and further define the extent of the resource. In addition, it expects to spend approximately $12 million to fund exploration activities and property holding costs including the drilling of two targets in Argentina, three in Peru and four in Mexico.

All the four analysts covering the stock recommend a buy. There are no sell ratings on the stock. On average, analysts estimate 191% upside to $56.53 in value from current levels. The stock surged 167% in trade on Monday.

>>To see these stocks in action, visit the 9 Mining Stocks With Upside portfolio on Stockpickr.