Penny Stock Powerhouses: 3 Picks Ready to Soar 1,000% in 2024


  • Penny stock powerhouses could be well-positioned to ride big waves higher this year.
  • Surge Battery Metals (NILIF): A top U.S.-based lithium exploration and development company has a massive Nevada-based project.
  • Bitfarms (BITF): The upcoming halving has hit this stock hard, but if Bitcoin rallies in a big way, this could be a stock to own.
  • The Metals Company (TMC): A deep water rare earths mining play recently announced earnings alongside strong prospects.
penny stocks to soar 1000% - Penny Stock Powerhouses: 3 Picks Ready to Soar 1,000% in 2024

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Penny stocks stand among the most volatile assets. But some investors can find penny stock powerhouses. Those are the ones that see their valuations grow as they tap into key markets with secular tailwinds and emerging trends. So, big returns are certainly possible.

Of course, the inverse is also true. Most penny stocks trade at depressed levels for a reason. While certain companies fly high from time to time, it’s hard to time these moves. It’s even hard to find the kinds of penny stock powerhouses that can continue to surge over time and provide meaningful value.

Thus, these three stocks fit into this category right now. These companies have real meaningful growth catalysts and are trading at a fraction of their potential long-term value. Let’s dive in!

Surge Battery Metals Inc. (NILIF)

Solid State Battery for EV Electric Vehicle, new research and development batteries with solid electrolyte energy storage for automotive car industry, cathode. 3d illustration. Top Battery Stocks to Buy
Source: Just_Super /

Surge Battery Metals (OTCMKTS:NILIF) announced the discovery of the highest-grade U.S. clay resource at its Nevada North lithium project on February 22. 

The company unveiled its initial mineral resource estimate after surface sampling and drilling from 2021 to 2023. It showcases a substantial lithium resource with a high-grade segment. Also, it positions it as the most significant and highest-grade in the U.S. Further, the company plans to collaborate with lithium processing experts for optimization. Additionally, NILIF intends to expand exploration efforts for further resource enhancement. 

For those bullish on the future demand for lithium (and therefore lithium prices), finding companies like this with excellent reserves is a great way to play this space. Notably, Surge Battery Metals’ discovery is on U.S. soil. This should bode well for those watching the geopolitical landscape shift in this space.

With more lithium needed (and much more in the U.S., importantly), Surge Battery Metals has a unique runway for growth many penny stocks don’t have. Therefore, NILIF is a penny stock powerhouse to buy and hold right now.

Bitfarms (BITF)

Bitcoin and crypto mining farm. Big data center. High tech server computers at work. Bitfarms (BITF) mines crypto.
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As a Bitcoin (BTC-USD) mining company, Bitfarms (NASDAQ:BITF) is a stock that’s come into focus, given Bitcoin’s recent rise. A smaller player in this space, one might think that BITF stock should be soaring, given that Bitcoin has traded above the $65,000 level for some time.

Unfortunately, the upcoming Bitcoin halving event will hurt the company’s revenue generation capabilities. And this will happen at a time when competition is heating up in this space. This has led the stock lower year to date (YTD). So its only hope comes from surging Bitcoin prices over time.

As a Bitcoin bull, that’s my thesis, at least for the next five years. Bitcoin adoption continues to pick up, and institutional interest has remained strong. This halving should push prices higher in the coming months, and Bitfarms should benefit.

Also, the company plans to acquire additional operational capacity by end of 2024. The announcement was made on X, formerly known as Twitter. In response to the success of their current T21 miners and expansion plans, the Bitfarms team is boldly moving strategically to add capacity ahead of the upcoming Bitcoin halving. With the addition of 87,796 new miners to their existing 35,888 Bitmain T21s, the team aims to achieve 21 EH/s operational capacity by year-end.

If the price of Bitcoin goes on a run again, this is a stock investors will want exposure to. It’s one I think is very speculative at current levels. But for those bullish on Bitcoin, Bitfarms could be the best way to play this space.

The Metals Company (TMC)

An image of an offshore oil rig
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Deep-sea mining The Metals Company (NASDAQ:TMC) recently reported its Q4 2023 earnings report. The numbers were a mixed bag, reporting a $15.2 million cash burn alongside a $33.5 million net loss.

But, the company’s net losses have shrunk, as the company moves toward commercial production viability. Last year’s net loss totaled over $73.8 million, lower than the company’s 2022 net loss of $171 million.

Also, TMC has $6.8 million in cash, with pro forma liquidity of $61 million. This includes cash, additional proceeds from a Registered Direct Offering, and unsecured credit facilities extended by Allseas Group SA and ERAS Capital LLC.

Underestimated by Wall Street, TMC plans to revolutionize and innovate more deep-sea mining projects that can extract polymetallic nodules. While this stock poses a high-risk option for investors, deep-sea mining could be the future. Presently, The Metals Company is the premier way to play this space for the long term.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Chris MacDonald’s love for investing led him to pursue an MBA in Finance and take on a number of management roles in corporate finance and venture capital over the past 15 years. His experience as a financial analyst in the past, coupled with his fervor for finding undervalued growth opportunities, contribute to his conservative, long-term investing perspective.

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