Top ASX Penny Stock Performers

The following ASX small cap performers are advancing high-potential projects across gold, battery materials and manganese exploration, with each company delivering significant share price gains backed by meaningful project milestones in 2026.

Besra Gold Inc (ASX: BEZ) 

is up 76.92% year to date in 2026 and has gained 210.81% over the past twelve months. Besra controls a 98.5% interest in the Bau Gold Project located in Sarawak. The company’s flagship development target is the Jugan Project, located approximately six kilometres northeast of the Bau township.
 Besra on 15 May 2026 released its Analysis for the three and nine months ended 31 March 2026. The report highlighted the receipt of an independent technical review led by mining consultancy MineScope Services Pty Ltd covering key aspects of the Bau Gold Project, alongside the conclusion of a comprehensive strategic review focused on strengthening cost discipline and corporate structure. Civil earthworks at the Jugan site have continued to advance, with erosion and sediment controls in place ahead of planned pilot plant activities.

Besra on 13 May 2026 announced that it had received a Conditional Offer from the Sarawak authorities for the renewal of Mining Lease ML 05/2012/1D covering the Jugan Resource area within the Bau Gold Project. The lease covers a three-year term and the offer includes conditions such as a 5% royalty on gold produced, a RM350,000 mine rehabilitation deposit, an increase in the paid-up capital of subsidiary Gladioli from RM1M to RM5M, a Corporate Social Responsibility Fund contribution. The company has 60 days to respond to the offer and a number of conditions remain subject to further clarification.

29Metals Limited (ASX: 29M) 

is an Australian base metals producer with a market capitalisation of approximately $446M. The company owns and operates the Golden Grove copper and zinc mine in Western Australia, one of the highest-grade base metals mines in Australia, and holds the Capricorn Copper project in Queensland which is currently suspended pending regulatory approvals and a restart feasibility study.

29Metals for the March quarter 2026 reported copper production of 6.4KT from Golden Grove, maintaining full-year copper guidance of 20 to 24 KT despite a temporary suspension of mining at the Xantho Extended deposit following geotechnical works. Gross revenue for the quarter was $165M, up $28M from the prior quarter, supported by higher copper and zinc sales. Golden Grove generated $10M of free cash flow in the quarter. The company completed a fully underwritten equity raising in the quarter generating net proceeds of $143M, lifting total available liquidity to $238M as at 31 March 2026.

The temporary suspension at Xantho Extended, followed completion of planned ground support upgrades and an ongoing geotechnical review of seismic impacts. Additional works including alternate level access development are required to mitigate interactions with higher stress zones, with management expecting completion by the December 2026 quarter. Zinc guidance for 2026 was reduced from 40 to 50 KT to 5 to 25 KT as a result of the Xantho delay, while gold guidance was revised from 12 to 20 thousand ounces to 6 to 14 thousand ounces. 

The company plans to invest $15 to $20M in exploration during 2026 to continue extending resources. At Capricorn Copper, water levels have been reduced below critical levels and a restart definitive feasibility study is underway, with the tailings storage facility regulatory approval remaining the key outstanding requirement for a production restart decision.

Trek Metals Limited (ASX: TKM)

is up 153.85% year to date in 2026 and has gained 175% over the past twelve months. The company is a mineral exploration company focused on the Christmas Creek Project in the Kimberley region of Western Australia. The most significant recent discovery at Christmas Creek is the Kuro manganese prospect, where rock chip sampling has returned exceptionally high-grade results with grades of up to 60.1% manganese and an average of 50.7% manganese across 750 metres of mapped outcropping mineralisation.

Trek Metals in February 2026 raised A$15M to fund a major drilling campaign at Kuro, with the capital raise led by Alpine Capital and supported by institutional and professional investors. The company on 22 May 2026 commenced pre-drilling earthworks at Christmas Creek ahead of the inaugural reverse circulation and diamond drilling program to be conducted by Precision Exploration Drilling. A two-stage induced polarisation survey program is also underway, with Atlas Geophysics conducting an extensional ground gravity survey and Moombarriga Geoscience completing an induced polarisation survey co-funded by the Government of Western Australia under the Exploration Incentive Scheme.

Trek’s March 2026 quarterly activities and cash flow report confirmed that the company had completed its capital raising and was well funded to execute the planned exploration program. The company has now spent more than $6M on exploration at Christmas Creek to date.

(Source: Company Announcements)