3 ASX penny stocks in momentum

The following ASX penny stocks surged in double digits on Thursday, driven by significant operational progress and key funding milestones that boosted investor confidence.

EcoGraf Limited (ASX: EGR) 

surged 20.83% on Thursday after it strengthened its European alignment by signing a Cooperation Agreement with the European Investment Bank on 11 February 2026 which supports its integration into the EU battery value chain and its broader expansion plans.

An updated Bankable Feasibility Study is expected in this month and the Epanko Expansion Study outlined a staged increase in output from 73,000 tonnes per annum to 390,000 tonnes per annum over 10 years which could make it Africa’s largest planned graphite producer.

EcoGraf reported strong projected financial metrics for its planned 25,000 tonnes per annum HFfree purification facility in the US which includes a pre-tax NPV10 of US$282 million, an IRR of 42% and forecast annual EBITDA of US$42 million with operating costs reduced by 25% to US$478 per tonne.

EcoGraf ended the December quarter with $8.1 million in cash and holds a Mineral Resource of 290.8 Mt at 7.2% TGC which contains 21.0 Mt of graphite and supports long-term scalability.

Apollo Minerals Limited (ASX: AON) 

surged 19.57% on Thursday after a series of positive project updates which strengthened its funding base and overall strategic position.
On 5 February 2026, the company confirmed that Tribeca Investment Partners committed $2.8 million at $0.04 per share which resulted in a 5.6% ownership stake and signalled confidence in the scale potential of the Couflens high grade tungsten gold project in France.

The reinstatement of the Couflens exploration permit for a five- year term marks a key milestone because the historic Salau mine previously produced 930,000 tonnes at 1.5% WO3 which placed it among the highest-grade tungsten assets globally.

Tungsten is now classified as a critical raw material in Europe which strengthens the project’s importance given rising defence requirements and demand from green technology sectors.

Flagship Minerals Limited (ASX: FLG) 

rose 13.04% on Thursday as investors reacted to stronger progress at its 100% owned Pantanillo Gold Project in Chile where the company is shifting from an exploration stage to an emerging development phase.

In the December 2025 quarter, the company received the second $1.25 million tranche from its strategic EPC partner Xinhai which completed the $2.5 million investment and strengthened both funding support and technical collaboration.

Pantanillo hosts a 1.05Moz gold foreign estimate at 0.69g/t Au with nearly 80% classified as Measured which provides a solid base as the company works toward a JORC compliant Mineral Resource Estimate targeted for Q1 2026.

The project sits in the well-known Maricunga Gold Belt between several Tier 1 deposits which gives it access to existing infrastructure favourable metallurgy and rising regional interest from major operators.

(Source: Company Announcements)