3 ASX Penny Stocks on the Move

Team Veye | 05-Apr-2024

Every investor has a hidden yearn to believe in Santa Claus, the Tooth Fairy and Bernie Madoff, because everyone wants to get rich quickly. 

While it is true that investing in Penny Stocks is fraught with risks, it is also true that some penny stocks grow exponentially and turn multibaggers.

Though it requires due diligence to uncover the hidden gems, gauging the real potential of Top Penny Stocks can give you a head start. Many blue chip stocks of today had started off as penny stocks in the not too distant past. 

Identifying penny stocks to watch when the markets are so volatile can be a daunting task. Nevertheless, as a timeless quote of Warren Buffett says that risk comes from not knowing what you are doing and Peter Lynch’s thinking that “the real key to making money in stocks is not to get scared out of them” comes to the fore.

Risk can also draw some thrill seekers, but a thoughtful and carefully monitored strategy can spot penny stocks at a nascent stage having a huge value potential.

Here are Three Penny Stocks we believe are worth looking

EBR Systems, Inc. (ASX: EBR)

EBR Systems reached operational milestones by achieving initial efficacy and safety endpoints in the pivotal SOLVE-CRT trial. This could help in progressing to U.S. Food and Drug Administration (“FDA”) approval in Q1 2025.

Positive pivotal trial results and a strong track record with the FDA support EBR’s clear pathway to commercialisation. The WiSE CRT System can be expanded for use in other patient groups, indications and geographies, increasing EBR’s market opportunity and supporting future growth.

To drive initial sales growth, targeting first sales during H1 2025, EBR is leveraging its past partnerships and presence in the US. Though EBR estimates to have an initial addressable market of ~US$2.6bn, the Totally Leadless CRT (TLC) market has the potential to surge by a further US$4.2bn. 

Spartan Resources Limited (ASX: SPR)

Spartan Resources Limited currently possesses an extensive mineral resource base, boasting approximately 2.5 million ounces of contained gold. Notably, a substantial portion, amounting to 1.7 million ounces, falls within the Measured & Indicated category. 

As part of its strategic initiatives, the company is actively engaged in an 18-month exploration program initiated in February 2023. The primary objectives of this program include adding 300 thousand ounces of reserves and 600 thousand ounces of resources. Concurrently, the company aims to establish a comprehensive 5-year mine plan geared towards delivering gold production in the range of 130-150 thousand ounces per annum.

Metals X Limited (ASX: MLX)

Metals X Limited is encouraged by witnessing the new results increase in the area. Further confident, the company will put up further investment for near-mine exploration across the area. The results assume significance by virtue of these being within the existing mining concession and comparatively close to existing underground infrastructure, thus enabling future development without surface disturbance and additional permitting.  The proximity and grade make expenditure to further define this area more attractive at present than looking at regional deposits of lower grade.

Moreover, the company has achieved substantial financial growth, evidenced by a doubling of revenues compared to the prior corresponding period, alongside an increase in profits from $9.9 million to $14.5 million, and a nearly 6 fold increase in operating cash inflows. 


Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing this report. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.

veye logo

Grab Your Free Report On 5 ASX Dividend Stocks To Buy In 2024