ASX Penny Stocks Demonstrating Growth Potential

For investors who are chasing emerging growth stories rather than established giants, these ASX penny stocks are beginning to stand out as potential multi-baggers.

Tungsten Mining NL (ASX: TGN)

is a resource company that focuses on exploration and development of tungsten deposits in Australia. It owns projects in Western Australia, Queensland and the Northern Territory.

The scoping study at Mt Mulgine highlighted a strong project with an NPV of $1.0-$1.4 billion and an IRR of 30-45%, with a low upfront investment of $358 million. The project has the potential to generate $1.98-$2.56 billion in cashflows. 

TGN also completed a its listing on the OTC exchange in the United States under the stock symbol TGNMF. 

It raised $9.5 million through a placement to professional and sophisticated investors at the price of $0.067 per share. 

BPM Minerals Limited (ASX: BPM)

is a precious, base and critical minerals explorer and has projects across Western Australia, with its main focus being on the Forelands Gold Project, an unexplored gold system.

The company recently raised $3.5 million through a placement to institutional investors at an issue price of $0.15 per share. It will use the proceeds to expand RC drill programs at the Forelands Gold Project.

Regional exploration review at the Forelands project has confirmed a footprint of a major gold system that has never been drill tested, has given a strong pipeline of exploration targets for 2026.

Rock chip assays from its Durack REE-Ti-Zr project, have returned exceptionally high-grade REE assays including 9.65% TREO (Total Rare Earth Oxide) and 6.34% TREO. 

True North Copper Limited (ASX: TNC)

is a copper focused exploration company. Its projects include Cloncurry Project, Mt Oxide Project and Bundarra Project, which hold substantial resources. 

The company has had continued significant drilling success from the extended Aquila Phase 2 drilling program at its 100% owned Mt Oxide project. The latest drilling results have delivered the best intercepts to date on the Aquila Trend.

Drilling has confirmed several zones of strong copper mineralisation and a continuous Cu-Co-Ag system. The results include 59m @ 1.77% Cu, 0.04% Co, 5.2g/t Ag from 134m, 23m @ 1.09% Cu, 0.03% Co and 2.7g/t Ag from 171m. 

The company advanced work on the Cloncurry Copper project restart study during the quarter ended 30 September 2025. The work focused on updated mine planning, processing options, approvals and cost assessments.

Austco Healthcare Limited (ASX: AHC)

is a global provider of healthcare communication solutions. It manufactures, supplies and services products like nurse call systems, mobile communications and clinical workflow. 

AHC achieved revenue of $81.4 million in FY25, representing an increase of 40% on FY24, mainly driven by strong organic growth and contributions from recent acquisitions. EBITDA grew 62% to $13 million. 

It completed several acquisitions in the past two years. The company acquired G & S Technologies in 2025, which is a healthcare and security communications business and brings in NZ$22.9 million in revenue and NZ$2.9 million in EBITDA. 

Momentum has continued in FY26 with Q1 FY26 revenue rising by 51% to $23.2 million and EBITDA expanding to $4.2 million. Strong demand and project execution have helped this growth. 

(Source: Company Announcements)