There are investors who are happy with slow and consistent yields. They prefer low-risk stocks that provide low gains over a more predictable period of time. Then there are those who say to such people: “Stop being all logical and stuff. Moon or Doom.”

Somebody actually said that in a conversation I was in. Got to admire his ambition, at least!

So, if you are looking for high-risk high-reward stocks, which ones can make you the 30 baggers?

Well, I at least try to minimize the risk (because why the heck not?). To that end, I like commodities at the moment. They are very early in a potential bull market. But the upside potential is very exciting for those seeking high-risk high-reward stocks.

They can be volatile and the road ahead will be volatile too, but the commodities sector is smiling on us right now.

Here are three high-risk high-reward commodity stocks in the realm of uranium and precious metals mining.

Ur-Energy (URG)

Ur-Energy (NYSEAMERICAN:URG) acquires, explores, develops and ultimately operates uranium operation processing. With 12 projects across Nevada and Wyoming, URG has lots of infrastructure baked into its cake.

As far as its future potential, URG’s biggest property (the Lost Creek Project) has 1,800 as-yet un-patented mining claims. Should the uranium sector as a whole move up, URE’s expansion can proceed at pace.

On the technical charts, URG is sitting right in support of a channel dating back to the start of 2024. Let’s say support holds at around $1.40. A first move up to the upper resistance of the channel is the first short-term goal — around $1.80.

But uranium as a sector is touted to explode as global energy needs become desperate. Should this materialize, URG is one of the more exciting high-risk high-reward stocks. A blast past $1.80 would be extremely bullish.

Should current support levels fail, a drop to $1.30 is the next support line to look for entries.

Fission Uranium (FCUUF)

Fission Uranium (OTCMKTS:FCUUF), is another uranium company. Like URE, FCU explores and develops uranium assets. Its sole project is the Patterson Lake South project (PLS) in Canada.

What makes FCU a high-risk high-reward stock is that it is also a junior mining company. Junior miners are always much more volatile than the seniors. That could mean if the uranium sector falls, juniors like FCUUF will fall more sharply than the seniors.

But that works the other way, too. If the uranium sector starts to rip, juniors like Fission tend to spike sharply. So, if you’re willing to navigate those waters, FCUUF is one of the more exciting high-risk high-reward stocks.

In May 2024, FCU announced the first phase completion of its geotechnical program. This will open the doors to drilling its PLS high-grade uranium mine. The company remains on schedule to begin detailed engineering in Q3 of 2024.

Not only that, but two other drilling programs have already begun. FCUUF is a burgeoning company perfectly poised should the uranium sector take off.

Wheaton Precious Metals (WPM)

Our third high-risk high-reward stock is Wheaton Precious Metals (NYSE:WPM).

WPM is a silver mining company based in Canada. Like other high-risk high-reward stocks, Wheaton is a junior company. That gives it a lot of leverage for a spike in gains should the precious metal sector be bullish.

It’s not the only leverage we have on our side…

When the precious metals sector is in a bull run, silver historically outperforms gold. The gold/silver ratio (GSR) is near highs of around 80. Should the bull run commence, a target GSR of 50 is the least to be expected historically.

So, adding together the leverage of silver outperforming gold in a precious metals bull market, the fact that miners outperform the metal during bull runs and the juniors historically outperforming senior companies in a bull run, things could end well for WPM.

All in all, those factors help stack the odds in the investor’s favor when picking high-risk high-reward stocks. Will the sector go bullish? All chart analyses show precious metals have already entered the early stages of the bull run.

WPM, as a 20-year-old company, is in the driver’s seat to ride this bull run.

On the date of publication, Sam Farnham 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 InvestorPlace.com Publishing Guidelines.