ASX Penny Stocks To Watch In November 2024

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The Australian market has experienced a downturn, with the ASX200 closing down 0.75% amid concerns over potential tariffs and delayed interest rate cuts. In such a climate, investors often seek opportunities in areas that may offer growth potential despite broader market challenges. Penny stocks, though an older term, continue to attract attention due to their affordability and potential for significant returns when backed by solid financials.

Top 10 Penny Stocks In Australia

Name

Share Price

Market Cap

Financial Health Rating

Embark Early Education (ASX:EVO)

A$0.765

A$144.95M

★★★★☆☆

Helloworld Travel (ASX:HLO)

A$1.93

A$312.61M

★★★★★★

Austin Engineering (ASX:ANG)

A$0.55

A$341.08M

★★★★★☆

MaxiPARTS (ASX:MXI)

A$1.87

A$103.44M

★★★★★★

LaserBond (ASX:LBL)

A$0.6075

A$72.68M

★★★★★★

SHAPE Australia (ASX:SHA)

A$2.75

A$229.66M

★★★★★★

Navigator Global Investments (ASX:NGI)

A$1.645

A$815.98M

★★★★★☆

Perenti (ASX:PRN)

A$1.17

A$1.09B

★★★★★★

West African Resources (ASX:WAF)

A$1.49

A$1.75B

★★★★★★

EZZ Life Science Holdings (ASX:EZZ)

A$3.00

A$135.49M

★★★★★★

Click here to see the full list of 1,035 stocks from our ASX Penny Stocks screener.

Let's explore several standout options from the results in the screener.

Chilwa Minerals

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: Chilwa Minerals Limited focuses on the exploration and development of heavy mineral sands projects in Africa, with a market capitalization of A$60.93 million.

Operations: Chilwa Minerals Limited has not reported any revenue segments.

Market Cap: A$60.93M

Chilwa Minerals Limited, with a market cap of A$60.93 million, is pre-revenue and focuses on heavy mineral sands projects in Africa. The company recently completed several follow-on equity offerings totaling approximately A$11.18 million at A$0.86 per share, which may bolster its cash position and extend its cash runway beyond the current forecast of over a year based on free cash flow estimates. Despite being unprofitable with a net loss of A$1.74 million for the year ended June 2024, Chilwa's short-term assets exceed liabilities, and it has no long-term liabilities or significant debt concerns.

ASX:CHW Financial Position Analysis as at Nov 2024
ASX:CHW Financial Position Analysis as at Nov 2024

InvestSMART Group

Simply Wall St Financial Health Rating: ★★★★★★

Overview: InvestSMART Group Limited offers financial services and products to retail investors in Australia, with a market cap of A$13.86 million.

Operations: The company's revenue is derived from its Retail Financial Services segment, amounting to A$9.96 million.