3 ASX Penny Stocks in Focus: Amaero IPO, Raiz Profit Growth and Metallium’s US Partnership

Following are the top 3 ASX penny stocks to look out for in November, supported by massive growth, impressive recent results, positive business development and growth led outlook.

Amaero Inc. (ASX: 3DA) is one of the top industrial-based penny stocks listed on ASX and is currently trading with a market capitalisation of $230.76 million.

Amaero had announced on 15 October 2026 the pricing of its US Initial Public Offering (IPO) of 4.71 million of common stocks at US$4.25 per share. It has also granted the underwriters a 30-day option to purchase up to 705,882 shares of common stock at the IPO price.

The company intends to use up to US$10 million of the net proceeds to purchase capital equipment over the next 12 months and the remaining amount to be utilised over general business operation.

3DA had announced on 19 August 2026 its audited financial report for the period ended June 2026. Revenue surged by 375.9% to $18.15 million. Loss for the year reached $36.5 million. It has reported net tangible assets per CDI of 7.16 cents and reported a cash balance of $19.4 million.

Raiz Invest Limited (ASX: RZI) is one of the top ASX penny stocks to look out for in November. It is currently trading with a market capitalisation of $34.77 million.

RZI had announced on 13 October 2026 an operational and regulatory update. Raiz has identified historical tax compliance matters relating to tax file number (TFN) and Australian Business Number (ABN) withholding and reporting obligations in respect of certain funds offered through the Raiz platform.

Raiz Invest had announced its FY26 results on 27 August 2026 for the period ended June 2026. It has reported a Funds Under Management (FUM) of $2.32 billion, an increase of 28% year on year. Netflows grew by 4% year on year to $219 million. Active customers rose by 7% year on year to 351,362 customers, with ARPU increasing by 13.5% year on year to $85.87.

Revenue increased by 21.4% year on year to $29.2 million, led by an increase in customer base and ARPU. Underlying EBITDA almost doubled with a growth of 92.8% year on year to $5.5 million, increasing its underlying EBITDA margin to 18.7%. Statutory net profit after tax has seen a complete turnaround from a loss of $0.4 million in FY25 to a profit of $3.5 million. The cash balance increased to $15.4 million.

Metallium Limited (ASX: MTM) is one of the top ASX penny stocks to look out for in the month of November. It is currently trading at a market capitalisation of $162.38 million.

MTM had announced on 26 October 2026 that its wholly owned U.S. subsidiary, Flash Metals USA Inc., has signed a non-binding Memorandum of Understanding (MOU) with Traxys North America LLC (Traxys) to evaluate opportunities to develop U.S. critical-metals supply chains, combining Flash Joule Heating (FJH) processing platform with Traxys’ global commercial capabilities.

The framework runs through 30 November 2027, allowing selected transactions to be progressed to make the agreement technically and commercially viable.

Metallium had announced on 1 October 2026 the successful completion of its third quarter 2026 multi-unit Flash Joule Heating (FJH) operations campaign at the company's Texas Technology Campus. The campaign involved three FJH reactors operating with chlorine and PGM-bearing catalytic converter material, marking an important progression from its earlier multi-unit inert commissioning campaign into reactive processing.