Venturing in Penny stocks calls for due diligence in analysis and research. Investors view these as ones that can help them in making quick returns. However, such stocks have their own set of risks and in a volatile market could erase your gains completely. The Top Penny Stocks, on the other hand, in a bullish market could potentially multifold the returns you make on them.
Seasoned investors, understanding the risk involved, often foray into ASX penny stocks while diversifying their portfolio. From the Penny Stocks List, following stocks are worth considering.
Vysarn Limited (ASX: VYS)
Vysarn Limited recently reported the issuance of two 26D licenses by the Government of Western Australia (Department of Water and Environmental Regulation) to the Kariyarra Aboriginal Corporation RNTBC (KAC) for conducting a drilling and test pumping program on Indee and Kangan Stations in the Pilbara region of Western Australia.
On 13 May 2024, the company reported that its wholly owned subsidiary Vysarn Asset Management (VAM) had entered into a Joint Resource Agreement (JRA) with the Kariyarra Aboriginal Corporation RNTBC (KAC).
According to the Joint Resources Agreement (JRA), KAC and VAM will each hold an equal stake in forming and running an exclusive, legally binding joint venture (JV). This venture will focus on the exploration, evaluation, management, ownership, control, extraction, and sale of sustainable water quantities from designated and secured water resources on Kariyarra land. Additionally, VAM will take on the roles of JV manager and marketer, overseeing all sustainable water quantities obtained and developed by the JV on Kariyarra territory.
As of 31 December 2023, the company maintained a robust cash position of $1.69 million, marking the first time the company was in a net cash position since September 2019.
Vysarn boasts a highly consistent financial growth trajectory, with revenue demonstrating consistent growth and maintaining this trend into the first half of FY24. The company is expected to deliver significantly improved performances during FY24. Specifically, Vysarn's net profit after tax for 1H FY24 significantly exceeded that of the entire fiscal year 2023, highlighting the potential for substantial earnings growth for the company.
The company continues to maintain a strong focus on expanding its range of services. To support this expansion, Vysarn will increase investments in its subsidiaries in 2024, positioning the company for significant inorganic growth through consistent acquisition efforts.
Aurum Resources Limited (ASX: AUE)
Aurum Resources Limited has strategically positioned itself for robust exploration and development at the Boundiali Gold Project in Côte d'Ivoire, West Africa.
Recently, the company entered into a significant partnership agreement with Geb & Nut Resources Sarl (GNRR) to earn up to a 70% interest in the Boundiali North tenement, expanding its footprint adjacent to its existing BD tenement. This move not only enhances Aurum's exploration potential but also reflects their proactive approach in securing valuable mineral assets.
Exploration efforts have yielded substantial results, particularly at BD Target 1 within the Boundiali Gold Project. Recent diamond drilling highlights include significant intercepts such as 69 meters @ 1.05 g/t Au (gold) from 195 meters, including 12 meters @ 2.28 g/t Au. Multiple intercepts of over +50 gold gram meters over a 300-meter strike length further validate the project's potential, situated within a largely untested 13 km by 3 km gold mineralized corridor.
Aurum, considered among Penny Stocks to Buy Now, has outlined ambitious plans for exploration, aiming to complete approximately 45,000 meters of diamond drilling throughout the year. This expansion is supported by an increase in its owned and operated drill fleet to six diamond drill rigs, capable of collectively drilling around 10,000 meters per month. This scale-up demonstrates Aurum's potential in accelerating the evaluation of its gold prospects and efficiently advancing towards resource estimation milestones. Furthermore, Aurum is strategically targeting an initial Mineral Resource Estimate for the Boundiali Gold Project by late calendar year 2024.
Aurum Resources Limited is positioned for robust growth with a strategically located portfolio of gold assets within a highly prospective greenstone belt. This advantageous geological context provides Aurum with essential infrastructure, including reliable access to roads, services, and power, crucial for efficient exploration and development operations. The company's recent strategic partnership with Geb & Nut Resources Sarl exemplifies its commitment to expanding its exploration footprint and seizing promising mineralization opportunities in West Africa.
Source: Company's Report
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