Two ASX Penny Stocks Indicating Strong Growth Potential

Team Veye | 27-Dec-2024

A few stocks of ASX listed companies, while progressing with their key projects signalling significant growth opportunities. Two of such growing companies to invest in are

Nova Minerals Limited (ASX: NVA)

Nova Minerals Ltd (ASX: NVA) has delivered compelling results from its Stibium Antimony-Gold prospect, as announced on December 11, 2024. Recent rock chip sampling highlights high-grade gold values, including 141.0 g/t Au, 64.7 g/t Au, and 62.3 g/t Au, alongside significant antimony concentrations, with prior assays recording up to 60.5% antimony. Spanning an 800m by 400m zone, Stibium demonstrates substantial exploration potential, positioning it as a prime drilling target for 2025. This discovery comes amidst favourable market dynamics for gold and antimony, enhancing its strategic appeal.

Nova's flagship Estelle Gold and Critical Minerals Project in Alaska is emerging as one of North America's premier mining districts. Covering 514km, Estelle boasts a vast mineralized corridor of approximately 35km and benefits from Alaska’s pro-mining regulations and infrastructure. The proposed West Susitna Access Road and innovative power solutions, such as potential links to the state grid or micro-nuclear reactors, underscore Nova’s commitment to long-term project viability. Notably, the RPM area continues to deliver exceptional results, with shallow, high-grade drilling intercepts yielding up to 52.7 g/t Au. Exploration in 2024 expanded mineralization zones, bolstering Measured and Indicated resources and reinforcing RPM’s potential as a cornerstone for a starter mine.

The Estelle Project remains in the early stages, with less than 5% of the property explored. Promising targets include Korbel, Muddy Creek, and Stoney. Korbel presents opportunities for bulk tonnage mining and higher-grade deposits, while Muddy Creek has extended its high-grade zone by 400 meters, with rock samples up to 128.5 g/t Au. The presence of critical minerals like antimony and copper further enhances the project's strategic value, particularly given growing U.S. interest in securing domestic critical mineral supply chains. Despite fluctuating financials, Nova is one of the high growth stocks with its exploration success highlighting its potential for significant shareholder value creation. With promising gold and critical mineral prospects, Nova is well-positioned for future growth, supported by increasing resource confidence and favourable macroeconomic tailwinds.

Auric Mining Limited (ASX: AWJ)

Auric Mining Limited (ASX: AWJ) has achieved strong results from its Jeffreys Find Gold Mine, surpassing 10,500 ounces of gold sold in 2024. The total gold sales for Stage Two mining now exceed A$41.1 million, with recent sales including 1,899 ounces at an average price of A$4,172 per ounce. The company, among the best growth stocks to buy now, is progressing well with its mining campaigns, with the Three Mile Hill mill having started a new processing campaign in December, expected to process 30,000 tonnes of ore. At the Greenfields mill, the ongoing processing of 142,000 tonnes is advancing as planned, with regular gold pours taking place. Auric is optimistic about the near-term outlook, anticipating significant additional gold sales and an early conclusion to the Jeffreys Find project.

Auric has signed an historic Native Title Agreement with the Ngadju Native Title Aboriginal Corporation. This agreement, covering the entire 102,000 km² Ngadju country, streamlines the approval process for Auric’s mining operations and grants long-term clarity for exploration and development across the region. It also creates important economic opportunities for the Ngadju People while ensuring the recognition of their Native Title rights. The agreement is expected to provide a strong foundation for future growth and collaboration between the company and the Ngadju community.

Auric has also entered into a conditional agreement to acquire the Burbanks Gold Processing Facility for A$4.4 million. Located just 15 kilometers south of Coolgardie, the plant has a capacity of 180,000 tonnes per annum and includes all necessary infrastructure, permits, and licenses. The acquisition will enhance Auric’s operational flexibility and position the company to take greater control of its milling processes in the WA Goldfields. The facility is expected to be refurbished and optimized, offering significant commercial potential once recommissioned, further supporting Auric’s goal of becoming a fully integrated gold producer.

Source: Company’s Report

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