Selecting a penny stock during normal times is not an easy task and with markets correcting, it becomes no less than rocket science.
Nevertheless, going as per Warren Buffett, Be fearful when others are greedy, and be greedy when others are fearful, a plunge taken in the right direction at such times can have high potential to deliver good returns in the long term.
Some of the Best Penny Stocks to invest in right now are
Superior Resources Limited (ASX: SPQ)
Superior Resources Limited plans to conduct significant drilling programs at its copper and gold projects during 2024. These initiatives are expected to deliver resource growth and bolster the company’s future commercial prospects.
Superior Resources Limited announced its quarterly results for the period ending on 31 March 2024, on 30 April 2024.
Exploration findings for diamond drill holes BTDD011, BTDD012, and BTDD013 were presented collectively during the quarter at Bottletree. Particularly, Drill hole BTDD013 encountered an extensive zone of weak Cu mineralization with weak to moderate biotite and actinolite alteration (calcic-potassic) and late chlorite-epidote ± carbonate alteration several hundred meters to the southwest of all previous drilling.
Data from drill hole BTDD013, in conjunction with the new 3D modeling, has contributed to the modeling of exploration vectors for the Bottletree porphyry system.
Throughout the quarter, Exploration results for diamond drill hole CCDD007 (the last hole drilled during the 2023 Cockie Creek maiden drilling program) were declared. CCDD007 revealed the widest width of porphyry copper and gold mineralization to date in the western part of the Cockie Creek Prospect. The maiden drilling program unveiled a continuous zone of copper and gold mineralization extending from the surface to a vertical depth of at least 450m in the western zone.
Although Superior is in the early stages of its long-term growth and commercial strategy, it continues to make significant progress with its exploration activities. The company already boasts an established copper and gold mineral resource base, which is poised for further expansion as indicated by recent drilling results and other studies conducted on its promising land holdings.
Titomic Limited (ASX: TTT)
Titomic Limited announced on 18 July 2024, the sale of a TKF 1000 cold spray system to the Repkon Titomic Production Technologies and Trade Co. Inc (Repkon Titomic) joint venture for a total of $2.3 million.
On 1 July 2024, the company announced the sale of a customized high-pressure cold spray system to the Oregon Manufacturing Innovation Center (OMIC R&D) for US$790,000 (equivalent to $1.2m).
Titomic has recently secured confidential projects with international defense primes and suppliers, utilizing its cold spray capabilities effectively. These contracts have generated total revenues of $476k for Titomic, with $64k recognized as of May 2024 and an additional $412k expected to be recognized by the second quarter of FY2025.
Titomic remains poised for significant financial growth over the coming years, supported by its strong revenue growth trajectory. Revenues notably increased by 50% in the first half of FY24 compared to the prior corresponding period. Additionally, with simultaneously declining losses and prospects for further revenue growth due to significantly expanding sales activity, the company's efforts towards both geographic and product expansion position it well for substantial growth. As a result, Titomic is expected to potentially approach profitability in 2024 and 2025.
Source: Company Reports
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