ASX stocks under 20 cents with growth potential - LIN, TYX

Key Highlights:

• Penny stocks Lindian Resources and Tyranna Resources have delivered over 100% return in 1 year and double-digit growth in their YTD performance.
•  Lindian Resources announced that it received further assays from the Stage 1 drilling program.
• Tyranna Resources provided the results of its maiden drilling campaign at the Muvero Prospect in Angola, Africa

We all are aware that penny stocks involve huge risks. But at the same time, these stocks can deliver a huge return to investors. Penny stocks trade under AU$1 and have a market cap of less than AU$300 million. Thus, they are considered highly speculative.

There are huge possibilities that the investors can make huge profits and simultaneously make huge losses. In that case, if these stocks are filtered with caution, there is a high possibility of making a profit.

Considering these facts, we have filtered a few penny stocks where we see growth potential in the coming period.

Lindian Resources Limited (ASX: LIN)

Lindian Resources are trading at AU$0.235 (AEDT: 12:40 PM), up 2.173% from the previous close. The shares have delivered a return of ~591.18% in the last 1 year and 51.61% in 2023.

Mining and exploration company Lindian Resources (ASX: LIN) share was driven by the recent developments made by the Company.

On 06 February 2023, the Company announced that it received further assays from the Stage 1 drilling program at the Kangankunde Rare Earths Project in Malawi. The assays reported are for reverse circulation (RC) drill holes. LIN highlighted that these holes intersected non-radioactive material with outstanding grades for their entire lengths. In the hole, LIN identified significant percentages of critical Rare Earth metal elements of NdPr or Neodymium-Praseodymium, a key element required in the motors and generators of electric and hybrid vehicles, wind turbines, and several other clean energy applications.

Besides, the Company also said that the metallurgical test work is in progress and will soon commence in Australia with the arrival of the 1-tonne sample, which has now cleared Australian Customs and is in the process of sterilisation in Brisbane before dispatch to the testing facility in Perth.

Tyranna Resources Limited (ASX: TYX)

Tyranna Resources (ASX: TYX) shares are trading at AU$0.025, down 10.714% from its previous close (AEDT 12:40 PM). In the last one year, the stocks have delivered a return of 284.62% and a YTD return of 4.16%.

Mineral exploration and development company Tyranna Resources shares have improved following the announcements made by the Companies during this time frame.

On 22 February 2023, the Company provided the results of its maiden drilling campaign at the Muvero Prospect, Angola, Africa. Through this campaign, it intersected high-grade lithium mineralisation during a very short maiden drill program.

Key updates on recent drilling:

The Company intends to discover as well as develop a lithium source of global significance to create wealth for shareholders & local Angolans and support the global adoption of clean energy. In the primary stage, the Company's focus is exploration for high-grade, hard rock lithium deposits in the Giraul Pegmatite Field. In 2023, the Company will build an experienced in-country team to improve the exploration activities for 2023 and onwards.

Bottomline:

NdPr and Li2O are key elements that are expected to support a clean future in the coming period. The above two companies Lindian Resources and Tyranna Resources, are progressing in this direction. As countries worldwide focus on clean energy, we may see a rise in the demand for these elements. Thus, we expect these companies' stock to grow in the coming period.

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