A look at four penny stocks on the move this year

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 A look at four penny stocks on the move this year
Image source: © Robotatvorchestvo | Megapixl.com

Highlights

  • In FY22, Lindian Resources accomplished 100% acquisition of the Kangankunde Project.
  • The major pursuits of Tyranna Resources during FY22 were project development and mineral exploration.
  • In FY22, Resource Mining Corporation completed the Wowo Gap Project divestment and started maiden drilling at the Kabulanywele Nickel Project.

Penny stocks are very low-priced stocks generally issued by small and emerging companies. These stocks are comparatively riskier, and one must do proper research before investing in them.

In this piece, we at Kalkine Media® discuss four penny stocks from the ASX with more than 350% price returns this year to date.

Refinitiv as of 07 Oct 2022

Lindian Resources Ltd (ASX:LIN)

Lindian Resources’ FY22 was marked by its pursuit of building a multiasset portfolio of world-class resource projects. The ASX-listed company has a portfolio of high-grade bauxite assets on Africa's west and east coasts. At present, the company is focused on the Gaoual Bauxite Project in Guinea.

In FY22, the company accomplished 100% acquisition of the Kangankunde Project, which is a globally significant rare earth deposit in Malawi. The company boosted its development plans via two placements during the year, raising AU$1 million in November 2021 and AU$2 million in the second half of 2022.

Tyranna Resources Ltd (ASX:TYX)

The major pursuits of Tyranna Resources in FY22 were project development and mineral exploration. Below are listed some of the highlights of the battery and critical minerals explorer for FY22 and the subsequent period:

  • Acquired 80% interest in Angolan Minerals Pty Ltd.
  • Announced assay results from the Namibe Lithium Project that showed increased concentrations of lithium (Li), caesium (Cs), tantalum (Ta), and elevated rubidium (Rb) and tin (Sn). As per the company, its short-term goal will be defining drill targets intending to start drilling as soon as possible.
  • Completed a ground magnetic survey within tenement E37/1353 to identify potential gold-mineralised host structures.
  • Sold the Jumbuck Gold Project to Marmota Ltd.

Cardno Ltd (ASX:CDD)

Cardno is a company specialising in developing physical and social infrastructure for communities in different regions of the world. It has operations in over 100 countries. During the financial year 2022, the group's focus was on executing the results of the board's planned review. This included divesting the International Development business and the Asia Pacific and Americas consulting divisions.

Data source: company update
© 2022 Kalkine Media®

Resource Mining Corporation Ltd (ASX:RMI)

RMI is steered by its mission to generate wealth from mineral commodities by utilising innovative technical, marketing, and financial skills. The following are the key milestones achieved by the company in FY22:

Data source: company update
© 2022 Kalkine Media®

 

 

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