Three Speculative ASX Stocks with high Potential

Team Veye | 18-Jun-2024

There are many investors in ASX Stock Market who prefer high risk high reward stocks besides traditional investments. These investors allocate some part of their capital to stocks that are expected to skyrocket, on pure speculation.

Such stocks do have the potential to become Best Growth Stocks over a period. Apart from being volatile, their ASX share price indulges in frequent price movement. These can be highly rewarding while also carrying a fairly high risk.

Best shares to invest in this category are:-

Empire Energy Group Limited (ASX: EEG)

Empire Energy Group Limited, during Q1 2024 successfully completed the sale of its US oil & gas assets for up to US$9.1 million in cash, aligning with its prior announcement. With a portion of the proceeds, Empire fully repaid its US credit facility. Additionally, the company retained a 3.75% carried working interest over shale formations with minimal holding costs. 

Empire Energy Group is now well funded to advance its development plans, including drilling a 3km fracture-stimulated horizontal pilot development well in EP187. Additionally, funds will support further engineering and preparation for the installation of Carpentaria Pilot Project surface facilities. With these initiatives underway, Empire anticipates commencing commercial production and gas sales in 2025, marking a significant milestone for the company. 

The company's substantial net effective prospective acreage, coupled with a high Net Revenue Interest, provides a competitive edge in the energy sector, surpassing leading producers. Furthermore, Empire benefits from proximity to existing infrastructure, facilitating efficient operations and rapid commercialization.

Magnetite Mines Limited (ASX: MGT) 

Magnetite Mines, during the quarter ending March 2024, prioritised the establishment of formal funding and partnership relationships with preferred strategic partners, which it deemed essential for the successful development of the Razorback Iron Ore Project. The company made significant progress in advancing discussions initiated in December 2023 and January 2024.

Multiple counterparties completed due diligence during the quarter, leading to ongoing transactional negotiations with several parties regarding potential funding support for the Project. This progress aligns with Magnetite Mines' goal of advancing Razorback towards the Final Investment Decision (FID).

In February 2024, the Port Pirie Regional Council and Magnetite Mines announced a collaborative Memorandum of Understanding (MoU), positioning Port Pirie as a prospective hub for green iron production. The MoU also outlined potential downstream processing activities such as pelletising and direct reduction-based ironmaking utilizing green hydrogen.

The company has identified a significant commercial opportunity within the iron and steel market and is strategically focusing its efforts on its most promising project, the Razorback Iron Ore Project. This project encompasses 2,000 square kilometers of iron ore tenements, boasting an impressive 110-kilometer strike length. This positions the company favorably to capitalize on the projected surge in demand for steel.

Minbos Resources Limited (ASX: MNB)

Minbos Resources Limited recently provided an update regarding the Cabinda Phosphate Fertilizer Project in Angola. The company has completed the construction delivery schedule to ensure that offtake partners, including Group Carrinho, have 90% of their seasonal needs met at destination port sheds by the end of December 2025.

The company has identified a substantial market opportunity in Angola, where the local supply of fertilizers remains limited, leading to high import quantities each year. These imports are not only expensive but also often suffer from quality issues. Minbos's Cabinda Phosphate fertilizer, specifically designed for local soil and crops, is poised to significantly disrupt the Angolan market. This product offers potential for competitive pricing, reliable domestic supply, and strong quality assurance, bolstered by the fact that Minbos has conducted more field trials than any other organization in Angola's history. Furthermore, the company's fertilizer has consistently performed as well as, or better than, traditional fertilizers. The growing Angolan population supports increased demand for food production and fertilizers, creating a strong commercial platform for Minbos to leverage.

The company's projects are characterized by low capital expenditure and high return potential, underpinned by a secured sales platform. These factors collectively position Minbos to make a substantial impact on the market, offering strong growth prospects and financial returns.


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