Penny stocks can often be an excellent category for investors who may be starting out in the stock markets. Here is a closer look at four (4) penny stocks in the precious metals, special metals, precious gems, oil, gas, etc., among other sectors that could be added to the watch lists. 

IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) announced that the Cote Mine Project has reached an impressive stage of 90.6% completion. This indicates significant progress in the development of the mine, which is a notable milestone in its journey toward becoming operational.  Exploration Drilling at Gosselin Zone revealed ongoing exploration drilling activities focused on expanding the Gosselin zone. This suggests that IAMGOLD is actively exploring and expanding its mineral reserves and resources.  Gosselin Deposit Reported the successful conclusion of a drilling campaign at Gosselin which provided evidence of a substantial 5-million-ounce gold deposit in the Gosselin zone, which is of similar dimensions to the 14-million-ounce gold deposit at the Cote mine. This discovery underscores the potential for significant gold reserves in the region. 

Houston Natural Resources Corp. (OTC: HNRC) is a diversified energy company that holds interests in both oil and gas. Recently, Houston Natural Resources Corp. acquired a 100% interest in the firm Cunningham Energy LLC, which boasted appraised reserves of $352 million. This acquisition likely strengthened the company's position in the oil and gas sector. On October 4, the company provided an update about some recent business developments and its strategic vision for 2023 and beyond. Updates included the successful spinoff dividend to the shareholders of Worldwide Diversified Holdings Inc., a majority-owned subsidiary of the company, and the acquisition of a 9% stake in Placer Claims, known as the ‘Nugget Trap Placer Mine’ located in British Columbia. This acquisition indicates diversification or expansion into the mining sector. 

Furthermore, other highlights included the acquisition of a 40% stake in Rhino Energy Pte Ltd., to expand its presence in the energy sector,  which bolsters revenues and earnings guidance for 2023 surpassing the initial projections of $20 million and $12 million, respectively. Also, Houston Natural Resources Corp. engaged the services of an underwriter for a $10 million commitment which indicates a potential move to a more prominent stock exchange, which can increase visibility and liquidity. Finally, on September 21, 2023, the company announced that it had been successful in completing the sale of its subsidiary assets. The company made the sale with an enterprise value of $18 million and realized $0.15 per share. This move likely generated capital or streamlined the company's operations. 

These developments show that Houston Natural Resources Corp. is actively expanding and diversifying its business operations, making strategic investments, and achieving positive financial results. It's important to keep an eye on the company's future developments and performance to assess its long-term prospects in the energy and related industries, a 52-week high of $084, investors should take a closer look. 

Angkor Resources Corp. (OTCQB: ANKOF) (TSX.V: ANK) is regarded as one of the leading resource optimizers based out of Cambodia and is currently involved in energy and mineral solutions in Cambodia as well as Canada. Angkor Resources Corp.’s carbon capture and gas conservation project, situated in Saskatchewan, Canada, is a testament to the long-term commitment of the company to environmental and social projects. On October 18, 2023, the company announced that it had defined drill targets for the Wild Board gold project. At the time, it was also revealed that the drilling initiative would commence in December 2023, once the rains subside sufficiently. The Wild Boar project consists of an epithermal gold target of low sulfidation. 

On October 3, 2023, the company announced that it had been successful in completing its community assessment mission pertaining to CSR (corporate social responsibility) and ESG (environmental, social, and governance) at its Block VIII oil and gas license. It was also revealed that EnerCam Exploration Ltd., its energy subsidiary, had spent around two years working on the reduction of emissions and both improving and raising energy creation in both Cambodia and Canada. EnerCam had been responsible for the extensive research that had been conducted at Block VIII.

Fortune Silver Mines Inc. (NYSE: FSM) (TSX: FVI) On October 10, the company hit the headlines after it announced that it had paid down as much as $40 million of its revolving credit facility at the conclusion of the third fiscal quarter of 2023. Fortune Silver Mines Inc. managed to pay down the debt by deploying its cash on hand. The company reported a leverage ratio of 0.9 times the total net debt compared to adjusted EBITDA as of June 30, 2023. Following the payment of $40 million, it was going to still have debts of $206 million on its credit facility at the time. The payment of the debt worked out to a reduction of around $65 million on total net debt, the company noted in the news release. 

Nicola Mining Inc. (OTCQB: HUSIF) (TSX.V: NIM) owns a mill and tailings facility nearby Merritt, British Columbia, in its entirety. Perhaps more importantly, the company also signed mining and milling profit share agreements with some high-grade gold projects. The company’s permitted mill has the capacity to mine both silver and gold mill feed through floatation and gravity processes.

On September 6, Nicola Mining announced that it had inked a non-binding letter of intent with the Japan-based public arm’s length company Nittetsu Mining Co. Ltd. By way of the agreement, Nicola Mining would establish a joint venture with Nittetsu pertaining to its fully owned New Craigmont Copper Project. In exchange, Nittetsu would take care of some exploration costs as well as other expenses, which could reach a maximum of $25 million.

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