Top 3 ASX Penny Stocks in October 2026

Here are 3 penny ASX stocks which reflected strong operational performance during FY26, with continued business momentum and positive developments across their respective operations.

Stelar Metals Limited (ASX: SLB)

Stelar Metals Limited (ASX: SLB), on 15 September 2026, announced that it had completed the maiden soil geochemical survey at the Hill of Leaders Tungsten Project. A total of 1,350 samples were collected across approximately 50 square kilometres, with results expected in the coming weeks. Nighttime UV lamping confirmed an abundance of fluorescent scheelite mineralisation in both veins and surrounding granite at the Hill of Leaders workings.

The company’s primary focus revolves around the Hill of Leaders Tungsten Project, as tungsten is one of the most strategically important critical minerals in the world right now and has surged in price by nearly 900% in the past 12 months after Western governments moved away from Chinese supply chains.

The company has a market capitalisation of around $20.17 million and has completed Phase 1 and Phase 2 fieldwork at the Hill of Leaders Project, which resulted in excellent tungsten assays.

The company is about to begin a 3,500m RC drilling program at Hill of Leaders, with a current focus on the mobilisation of the drill rig and commencement of the maiden bedrock drilling program, positioning it well for the coming years.

Pilbara Gold Limited (ASX: PGL)

Pilbara Gold Limited (ASX: PGL), on 30 September 2026, published its annual report for FY26, stating it to be a transformational year for the company. At its flagship Mt York Gold Project, the MRE increased by 50% to 61Mt at 1.05 g/t Au for 2.08Moz.

At the Roe Hills Project, the company reactivated exploration after eight years. Post FY26, the company commenced drilling at the Terra and Caliburn prospects, where Terra recently delivered high-grade gold results with intersections of up to 4m @ 9.91g/t Au, including 1m @ 33.62g/t Au.

The company’s market capitalisation stands at $119.34 million, and it has recently announced results from drilling at Main Hill and Breccia Hill of the Mt York Project, supporting resource growth potential.

Looking ahead, PGL is focused on completing the drilling program at both the Mt York and Roe Hills Projects, with an updated MRE on track for Q1 2027 and PFS study completion in H1 CY27.

Accent Resources NL (ASX: ACS)

Accent Resources NL (ASX: ACS), on 30 September 2026, announced that dry magnetic separation testwork had been completed by LONGi Magnet Co. at the Magnetite Range Project and demonstrated that high-grade magnetite concentrates can be produced through a dry flowsheet at bench scale. The four samples produced final concentrates grading 66.3–68% Fe, while the overall magnetic iron recovery for the tests reached 98.21%.

The company stated that its primary focus for FY26 remained the Magnetite Range Project, where it continued to progress towards technical, environmental and development studies as part of the ongoing PFS.

The company has a market capitalisation of around $124.83 million and has also executed and completed a hydrogeological drilling program during the year, together with associated assessment and interpretation work at Magnetite.

Further steps in the company’s operations include confirmation and optimisation testwork on representative composites, evaluation of coarse dry rejection and fine dry cleaning stages, along with assessment of wet and dry processing alternatives and engineering studies to determine the preferred process route. These steps position the company well for further upside potential in the long term.

(Source: Company Announcements)