ASX Penny Stocks to Watch in May 2026

These three companies show steady progress with growth plans along with cost control, project advancement and improving future business outlooks.

NTAW Holdings Limited (ASX: NTD) 

NTAW Holdings Limited on 12 March 2026 said Commonwealth Bank of Australia extended its financial covenant waiver to 30 June 2026. The loan facility remains until 30 September 2027. The company repaid $14.6M since 30 June 2025.

The business focused on improving operations after prior cost resets for the half year ended 31 December 2025. Customer stability supplier alignment and inventory control were key areas. Some divisions delivered revenue growth while total expenses stayed mostly unchanged. Inventory reduction was significant over the period.

Debt reduction continued with repayments during and after the half year. Plans to sell the South Africa operations moved forward with exit expected in the second half of 2026. Performance varied across units with some growth and some decline.

The company now aims to grow revenue without increasing costs. Expansion in New Zealand and focus on fleet customers are key. Supplier partnerships are expected to support margins.

Pmet Resources Inc (ASX: PMT) 

Pmet Resources Inc on 05 May 2026 reported progress at the Shaakichiuwaanaan Project. The Environmental and Social Impact Assessment was submitted on 31 March 2026. The federal authorities accepted it as complete and opened public consultation which will close on 28 May 2026. Provincial review is ongoing under COMEV and COMEX.

Development studies are moving forward with an updated CV5 feasibility study and a wider study covering CV5 and CV13. Both are targeted for completion in Q4 2026 and a bulk sample request of about 50000 tonnes is under review with feedback expected in Q2 2026. The engineering work is continuing toward readiness by year end.

A power application has been submitted to Hydro Quebec. A substation about 45 km away could provide a low cost renewable supply for the project.

The plan targets about 800 ktpa lithium output with long term supply potential. Future scope includes caesium and tantalum plus downstream chemical expansion.

Amaero Ltd (ASX: 3DA) 

Amaero Ltd on 31 March 2026 shared its quarterly update. The company kept building its production and sales programs. It entered the last quarter of FY2026 with A$8.4 million in contracted revenue. Extra capacity is also being added which supports a stronger finish to the year and growth into FY2027.

Q3 FY2026 revenue came in at A$2.6 million which is much higher than last year. Total contracted revenue for FY2026 is above A$18 million which supports its full year target range. Cash at the end of the period was A$38.3 million and more funds were expected in April.

The three year investment plan is on track for completion by 30 June 2026. New projects include an argon recycling plant and another atomizer planned for June 2027. Titanium powder output is expected to double in FY2027.

The company started shipments to Titomic Limited and continues working with defense and industrial customers while planning its move to the United States.

(Source: Company Report)