Five penny stocks flying high today

Summary

  • Caspin Resources has been trending up since its IPO and has delivered a return of over 186% since listing.
  • The ELE share price has bolstered to a new multi-year high of AU$0.023 with a volume of over 23 million shares.
  • The MCT share price has clocked the highest one-day volume since 10 March 2021, taking the stock price 16.6% higher, at AU$0.014.

As of 12:45 PM AEST, the ASX 200 is trading almost flat at 7032.6, after retracing from the day’s high of 7061.9. The rangebound session has also been underpinned by the mixed market breadth, with 6 out of 11 sectors trading down, while the remaining 5 sectors are trying to push on the other side.

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Although there is no clear trend in the broader market for the day, investors are catching some sweet trends in the individual penny stocks. Which are those stocks? Check out the list below to find five trending penny stocks for the day.

Read More: Looking to beef up your portfolio? Three stocks that might be a good fit

                 

The Penny Picks || How Are These Penny Stocks Making A Splash Today?
  1. Caspin Resources Limited (ASX:CPN)

Caspin Resources has been trending up since its IPO. The stock is a fairly new listing, making its debut in November last year and has delivered a return of more than 186% over the listing price. Today, the CPN share price is up by 52.33% to AU$1.3.

The massive surge was seen after the company announced that it had encountered significant widths of sulphides at the Yarawindah Brook Ni-Cu-PGE Project. It has also received a co-funded drilling grant through the WA Government Exploration Incentive Scheme, which will allow the company to drill the deepest hole at Yarabrook Hill to date, giving it a huge amount of new geological information as well as another opportunity for discovery.

  1. Infinity Lithium Corporation Limited (ASX:INF)

Infinity Lithium has met with European Commission Vice President and presented the San José Lithium project at the European Battery Alliance Day in Madrid. Concurrently, President of Spain has recognised the critical importance of geostrategic raw materials for the EU and the existence of one of the EU’s largest lithium deposits in Spain.

Image Source: ID 106713519 © Gavinp101 | Megapixl.com

The San José Lithium Project is now progressing the development of a major European hard rock lithium resource for the production of battery grade lithium chemicals, and the largest JORC-compliant lithium resource in Spain. The INF share price has surged by 43.2% to AU$0.0095.

  1. Elementos Limited (ASX:ELE)

The ELE share price has bolstered to a new multi-year high of AU$0.023 with a volume of over 23 million shares.

The catalyst behind the rally is the company’s commencement of feasibility development programs at its flagship Oropesa Tin Project in Spain. The program consists of a series of metallurgical, geotechnical and hydrogeological investigations, supported by laboratory test work and engineering studies.

Read More: Elementos Appoints New Experienced Mining Executive to the Board

  1. Magnetite Mines Limited (ASX:MGT)

The MGT share price is trading 11.6% up, at AU$0.067 on the back of a heavy volume of 36 million shares.

Image Source: ID 16753936 © Kodym | Megapixl.com

Today’s rally has been attributed to the company’s announcement that its Razorback High Grade Iron Ore Concentrate Project Mineral Resource has been remodelled at a high resolution to support detailed mining studies. The improved Mineral Resource estimate has increased the total tonnage of the Razorback Iron Project to 3.0 billion tonnes from 2.7 billion tonnes.

  1. Metalicity Limited (ASX:MCT)

The MCT share price has clocked the highest one-day volume since 10 March 2021, pushing the stock price 16.6% higher, at AU$0.014.

The company announced the first assays from the McTavish Prospect of the 2021 Drilling Programme at the Kookynie Gold Project, returned gold values of up to 52.8 g/t Au. The McTavish Prospect is now thought to extend along strike for 2kms to the south to the Leipold Prospect, creating a significant mineralisation opportunity.

Read More: Metalicity Inspects Historical Drill Holes At Fraser Range North Project

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