Scanning the penny stocks list, some of these appeared to be among the best penny stocks to invest in right now.
Meeka Metals Limited (ASX: MEK)
Meeka Metals Limited provided a significant update on the Murchison Gold Project as of October 30, 2024. The accommodation village is making excellent progress, with construction nearing completion. Out of the expanded 136-person facility, 88 rooms are now operational, and full commissioning is expected by early December 2024. Additionally, a new 20km haul road connecting the open pit mining area to the processing plant is ahead of schedule and set for completion in January 2025. The installation of a new 750kW ball mill has also begun, marking a crucial step in the upgrade of the Murchison CIL gold processing plant.
The drilling activities at the Murchison Gold Project are well underway. Turnberry’s underground expansion drilling, totaling about 7,500 meters, has commenced, focusing on high-grade extensions beneath the oxide open pits. The tender process for the open pit mining contract is currently in progress, with the goal of awarding it by late November 2024, aiming to start mining operations in March 2025.
Meeka is one of the top penny stocks having outlined major activities planned through FY26. By December 2024, they anticipate ongoing construction of the haul road and the commissioning of the accommodation village. The definitive feasibility study (DFS) update will also include a re-optimized production plan to align with the increased processing capacity. Significant milestones, such as commencing open pit mining and the re-accessing of the high-grade Andy Well underground mine, are targeted for early 2025, with process plant commissioning expected by June 2025.
In the financial scenario, the company secured a $73 million funding package to fully transition the Murchison project into production, comprising a mix of loans and placements. They also received final approvals for all necessary permits to begin operations. Moreover, Meeka is set to receive a $359,270 tax refund under the Federal Government’s R&D Tax Incentive Program for its Circle Valley Project. With $5.9 million in cash at the end of the quarter and additional funds from an approved institutional placement, the company is well-positioned for its upcoming activities.
Delorean Corporation (ASX: DEL)
Delorean Corporation achieved a record profit in FY24, marking a transformational year driven by strong performance in its core Engineering, Procurement, and Construction (EPC) business, strategic partnerships, and significant progress in its Build-Own-Operate (BOO) bioenergy projects. Amidst growing demand for domestic green gas and a push for waste diversion across commercial and government sectors, Delorean has strategically positioned itself to capitalize on these favourable industry tailwinds. A notable highlight of FY24 was Delorean’s partnership with Tanarra Group to finance the SA1 bioenergy project in South Australia, the first in the company's BOO portfolio. This $30 million corporate finance facility enables flexible funding to advance SA1 while also preparing for the construction of VIC1, its second project, located in Victoria. The company anticipates refinancing the Tanarra facility upon its three-year maturity to secure a longer-term project financing solution. The SA1 project is expected to break ground in Q2 FY25, with first gas projected for Q3 FY26, pending a Final Investment Decision (FID).
Delorean’s base EPC business continued its upward trajectory, with the successful completion of New Zealand’s Ecogas bioenergy facility for Pioneer. This includes an initial two-year post-commissioning Operate and Maintain (O&M) contract, underscoring Delorean’s reputation in project delivery and operational services. Additionally, in January 2024, Delorean began constructing Yarra Valley Water’s second bioenergy facility in Lilydale, Victoria, valued at $54 million and slated for completion by April 2025. These EPC and O&M contracts are anticipated to sustain revenue streams into FY25, supporting overhead recovery as Delorean progresses with its SA1 and VIC1 projects. In its energy retail division, Delorean executed a successful trading strategy on Large Scale Generation Certificates (LGCs), generating $1.3 million in FY24 earnings with plans to continue this approach into FY25. Beyond these key projects, Delorean is advancing its BOO pipeline with the NSW1 project, under development agreements with Brickworks, which is expected to progress to an FID in FY25. Furthermore, Delorean’s QLD1 project received a $5 million grant from the Queensland Government, announced in February 2024, contingent upon planning approvals and an FID expected this fiscal year.
Looking ahead, Delorean projects sustainable earnings in FY25 from its contracted EPC and O&M revenues, alongside growth in its high-yielding BOO projects. Once operational, expected from Q3 FY26 onwards, these facilities will generate diversified revenue streams from organic waste acceptance fees, renewable gas and green electricity sales, and environmental credits. The company also continues to explore additional revenue potential through byproducts such as biofertilizers and commercial-scale carbon dioxide products. In summary, Delorean's record profitability, a robust revenue pipeline, and secure funding position it well to execute on its high-IRR bioenergy projects and expand shareholder value. The company’s dynamic operational strategy and sector-aligned projects underscore its commitment to becoming a leading player in the bioenergy market, leveraging its BOO model to deliver sustainable, high-margin growth.
(Source: Company’s Report)
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