Five ASX penny stocks that started September on a bright note

Highlights

  • One way to capitalise on penny stocks is to keep on your radar those stocks that are already on the move.
  • These stocks are ideal for short-term aggressive trades who can take higher risk and are well capitalised.
  • GGE, EFE, 92E are some of the penny stocks that have kick-started September with massive returns.

Penny stocks have an uncanny ability to move rapidly in both directions. This makes them quite risky but at the same time an ideal candidate to make a quick buck. This is why short-term traders find the penny stock space an ideal playing field for their swing trades.

Image Source: ITTIGallery,Shutterstock

One way to capitalise on penny stocks is to keep those stocks in the watchlist that are already on the move. Let’s have a look at five ASX penny stocks that have started this month with a bang, delivering massive returns as of 6 September 2021.  

Related article: Five ASX penny stocks that turned multi-baggers in 2021

  1. Grand Gulf Energy Limited (ASX:GGE)

Grand Gulf Energy is an ASX listed oil and gas exploration company having a special focus in the US market. On 1 September 2021, the company announced the acquisition of Kessel Resources Pty, which will add a significant Helium exploration opportunity to Grand Gulf’s existing cash flow-positive oil and gas portfolio.

The GGE share price closed at AU$0.3 on Monday, having delivered a triple-digit return of 150% in September so far. The company has a market capitalisation of AU$9.2 million.

  1. 92 Energy Limited (ASX:92E)

92 Energy, having a market capitalisation of AU$33.75 million, explores high-grade, unconformity type uranium. The company’s share price has been on the move since the company intersected a zone of elevated radioactivity in its inaugural drilling program.

In the next four weeks, the company will bolster radiometric safety protocols in anticipation of a follow-up drilling. The 92E share price closed Monday’s session at AU$0.58, delivering a massive return of 132% in September.

  1. Eastern Iron Limited (ASX:EFE)

Eastern Iron is a AU$9.69 million copper-gold exploration company which has executed a non-binding agreement today with Ya Hua International Investment and Development Co. Limited. Under the agreement, both entities will team up in a join venture (JV) to acquire and develop lithium projects.

As per the terms of the JV, Yahua will be given the first right to refuse the product offtake from any of the projects undertaken under the JV. The EFE share price closed the day at AU$0.029, delivering a return of 107.1% in September.

  1. Ultima United Limited (ASX:UUL)

Ultima United is an Australian property developer having a market capitalisation of AU$52.78 million. On 3 September 2021, the company announced that it’s process for raising AU$20.19 million is tracking well.

The Company expects to complete the acquisition of plots 8, 9 and 10 of the Hokkaido Development (by 30 September 2021). The UUL share price closed Monday at AU$0.78, delivering 85.7% return in September.

  1. Great Boulder Resources Limited (ASX:GBR)

Great Boulder Resources is an ASX-listed exploration company, currently on the hunt for gold and base metals in Western Australia. During the June 2021 quarter, Great Boulders drilled 14,883m of RC and AC holes at Side Well and Whiteheads. The drilling advance has almost increased three-fold over the previous quarter

The GBR share price last traded at AU$0.16, delivering a massive return of 78.2% in September. The company has a market capitalisation of AU$56.8 million.

Bottom line

The penny stocks discussed above have already started to gain momentum in the month of September 2021. Trader/investors can keep these penny stocks on their watchlist for further analysis.

However, it should be noted that trading or investing in penny stocks is a risky venture and needs proper skill set. Therefore, before making any investment decision, investors need to do their own due diligence or consult their financial advisor.    

Read more: Five ASX penny stocks that are in momentum

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