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3 Penny Stocks That Have the Potential to Increase My Wealth | Education and Business

3 Penny Stocks That Have the Potential to Increase My Wealth | Education and Business
3 Penny Stocks That Have the Potential to Increase My Wealth

3 Penny Stocks That Can Increase My Wealth

3 Penny Stocks That Have the Potential to Increase My Wealth

I'm looking for the best penny stocks to buy this May.  Here are a handful that I think can help me deliver rich returns over the next 10 years.

I Think These Three Top Penny Stocks Can Supercharge My Investment Returns!  That's why I will be buying them today.

1. TheWorks.co.uk

There is a storm in the UK retail sector.  The latest research from the Confederation of British Industry showed retail sales declined in April for the first time in 13 months.

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5 Stocks to Try to Build Wealth After 50

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Fortunately, The Motley Fool UK analyst team has short-listed five companies they believe still boast significant long-term growth prospects despite the global turmoil...

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We're sharing the name in an exclusive FREE investment report that you can download today.  We believe these stocks can be a great addition to any well-diversified portfolio with the goal of building wealth in your 50s.

I do not believe that all British retail stocks should be avoided.  however.  TheWorks.co.uk (LSE:WRKS) for example is a penny stock that I will buy today.  This is because it operates at the value end of the retail spectrum.

Companies like these can benefit greatly from the pressure on consumer spending power.  Demand for low-priced books, toys and arts and crafts materials could increase as people try to maintain their standard of living and move away from more expensive operators.

If supply chain problems persist, TheWorks' profits could suffer.  But all things considered, I think it could be a top penny stock to own right now.

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2. Brada Head Lithium

I believe it is a good idea to buy some choice lithium stocks as electric vehicle (EV) sales begin to rise.  And I think Brada Head Lithium (LSE: BHL) might be an attractive way to go about this.

According to Wood Mackenzie analyst Jiayu Zheng, manufacturing of lithium-ion batteries accounts for four-fifths of all lithium demand.  She predicts that demand for these batteries will increase by about 500% between now and 2030 as governments seek to reduce emissions.

Then Brada Head could see an increase in sales of his product.  Penny Stock owns lithium projects in Arizona, like its Basin East property, which has received a series of exciting drilling reports.  Brada Head has also begun drilling operations at its Eureka site in Nevada in recent weeks.

There's a long way to go between now and the first lithium production at Brada Head.  Any setback can have a significant impact on profits for years.  Nevertheless, it is my opinion that the potential benefits of owning this penny stock outweigh these risks.

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3. AFC Energy

It is likely that the future of green travel will be split between battery- and hydrogen-powered vehicles.  For this reason I think AFC Energy (LSE: AFC) may be another wise investment today.  This is despite facing stiff competition.

This penny stock manufactures hydrogen fuel cells.  It is perhaps best known for powering the Xtreme E's off-road vehicles bursting around racetracks.

However, AFC's fuel cells aren't just about cars.  For example, the company recently signed a lease agreement with construction group Keltbre to supply its technology.  It has also signed strategic partnerships with Mace Group and Aciona.

City analysts expect AFC Energy's revenue to grow from around £600,000 in the previous fiscal year (as of October 2021) to £4.6m in the current period.  Sales have also reached £11.4 million in FY2023.  I think this penny stock can give big returns in the next 10 years.

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Source: The Motley Fool, Direct News 99