3 ASX Penny Stocks Under A$200M: Growth Opportunities in 2024

As the Australian stock market wraps up a year marked by an 8.8% gain, traders are witnessing a dip on the final trading day of 2024, likely due to profit-taking. In such fluctuating conditions, investors often seek opportunities that balance affordability with growth potential. Penny stocks, though an older term, continue to represent smaller or emerging companies that could offer value when backed by strong financials. In this article, we'll explore three penny stocks that stand out for their financial strength and potential in today's evolving market landscape.



Top 10 Penny Stocks In Australia
Name Share Price Market Cap Financial Health Rating
Embark Early Education (ASX:EVO) A$0.765 A$140.36M ★★★★☆☆
LaserBond (ASX:LBL) A$0.565 A$66.23M ★★★★★★
SHAPE Australia (ASX:SHA) A$2.86 A$237.13M ★★★★★★
Helloworld Travel (ASX:HLO) A$1.955 A$318.31M ★★★★★★
Austin Engineering (ASX:ANG) A$0.515 A$319.37M ★★★★★☆☆
Navigator Global Investments (ASX:NGI) A$1.745 A$855.19M ★★★★★☆
MaxiPARTS (ASX:MXI) A$1.88 A$103.99M ★★★★★★
SKS Technologies Group (ASX:SKS) A$1.59 A$217.98M ★★★★★★
Vita Life Sciences (ASX:VLS) A$1.8975 A$106.44M ★★★★★★
Servcorp (ASX:SRV) A$4.90 A$483.46M ★★★★☆☆

Click here to see the full list of 1,053 stocks from our ASX Penny Stocks screener.
Let's dive into some prime choices out of the screener.
Anson Resources (ASX:ASN)
Simply Wall St Financial Health Rating: ★★★★★☆☆
Overview: Anson Resources Limited is a critical minerals company focused on the exploration and development of natural resources in the United States and Australia, with a market cap of A$87.23 million.
Operations: No specific revenue segments are reported for Anson Resources Limited.
Market Cap: A$87.23M
Anson Resources, with a market cap of A$87.23 million, is pre-revenue and has experienced shareholder dilution over the past year. Despite being unprofitable and not forecast to achieve profitability in the next three years, it maintains more cash than its total debt and covers both short-term and long-term liabilities with its assets. The company recently raised A$2.25 million through a follow-on equity offering, which may help extend its cash runway beyond the current two-month estimate based on free cash flow projections. Anson's board is experienced with an average tenure of 9.7 years, although management is relatively new at 1.9 years average tenure.
Take a closer look at Anson Resources' potential here in our financial health report.
Understand Anson Resources' earnings outlook by examining our growth report.
ASX:ASN Financial Position Analysis as at Dec 2024
Core Lithium (ASX:CXO)
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: Core Lithium Ltd focuses on developing lithium and various metal deposits in Northern Territory and South Australia, with a market cap of A$184.30 million.
Operations: The company's revenue comes entirely from the Finniss Lithium Project, generating A$189.49 million.
Market Cap: A$184.3M
Core Lithium Ltd, with a market cap of A$184.30 million, is currently unprofitable and not expected to achieve profitability in the next three years. Despite this, it has no debt and its short-term assets of A$99.5 million cover both short-term (A$37.8M) and long-term liabilities (A$29.3M). The company relies heavily on its Finniss Lithium Project for revenue generation but faces a cash runway challenge with less than a year based on current free cash flow trends. Recent board changes include the appointment of Alicia Sherwood as Non-Executive Director, enhancing strategic value through her extensive ESG credentials and stakeholder relations expertise in Northern Territory operations.
Unlock comprehensive insights into our analysis of Core Lithium stock in this financial health report.
Evaluate Core Lithium's prospects by accessing our earnings growth report.
ASX:CXO Debt to Equity History and Analysis as at Dec 2024
Sheffield Resources (ASX:SFX)
Simply Wall St Financial Health Rating: ★★★★★★
Overview: Sheffield Resources Limited is involved in the evaluation and development of mineral sands in Australia, with a market capitalization of A$67.12 million.
Operations: There are no reported revenue segments for the company.
Market Cap: A$67.12M
Sheffield Resources Limited, with a market cap of A$67.12 million, is pre-revenue, reflecting its early-stage status in the mineral sands sector. The company remains debt-free and has sufficient cash to cover operations for nearly two years if free cash flow maintains its historical growth rate. Despite an increased net loss of A$32.19 million for the year ending June 2024, Sheffield's short-term assets comfortably exceed liabilities, providing some financial stability. Its board members are experienced with an average tenure of 4.5 years; however, the company's profitability challenges continue to impact investor sentiment in this volatile segment.
Jump into the full analysis health report here for a deeper understanding of Sheffield Resources.
Review our historical performance report to gain insights into Sheffield Resources' track record.
ASX:SFX Debt to Equity History and Analysis as at Dec 2024
Reject Shop (ASX:TRS)
Simply Wall St Financial Health Rating: ★★★★★★
Overview: The Reject Shop Limited operates as a retailer of discount variety merchandise in Australia, with a market capitalization of A$110 million.
Operations: The company's revenue is generated entirely from its retailing of discount variety merchandise, amounting to A$852.74 million.
Market Cap: A$110.01M
The Reject Shop Limited, with a market cap of A$110 million, operates debt-free and has stable short-term assets exceeding both its short and long-term liabilities. Despite recent negative earnings growth of -54.2% over the past year, the company remains profitable with net income reported at A$4.71 million for the year ending June 2024. The company executed a significant share buyback program, repurchasing 3.15% of shares for A$5 million by September 2024, which may indicate confidence in its financial position despite declining profit margins.
Get an in-depth perspective on The Reject Shop's performa

The ASX200 is set to open 0.15% lower today, reflecting mixed performances among US indices, with notable fluctuations in tech stocks and commodities. For investors considering smaller or newer companies, penny stocks—despite their somewhat outdated name—remain a relevant investment area offering unique opportunities for growth when backed by robust financials. This article highlights three such penny stocks that stand out for their potential to deliver value and growth in today's economic landscape.

Top 10 Penny Stocks In Australia
Name Share Price Market Cap Financial Health Rating
Embark Early Education (ASX:EVO) A$0.78 A$143.12M ★★★★☆☆
LaserBond (ASX:LBL) A$0.555 A$65.06M ★★★★★★
Helloworld Travel (ASX:HLO) A$1.99 A$324.01M ★★★★★★
Austin Engineering (ASX:ANG) A$0.52 A$322.48M ★★★★★☆☆
SHAPE Australia (ASX:SHA) A$2.83 A$234.64M ★★★★★★
MaxiPARTS (ASX:MXI) A$1.715 A$94.87M ★★★★★★
Navigator Global Investments (ASX:NGI) A$1.605 A$786.58M ★★★★★☆
SKS Technologies Group (ASX:SKS) A$1.59 A$217.98M