10 Best Penny Stocks to Buy for 2025

5. NovaGold Resources Inc. (NYSE:NG)

Stock Upside Potential: 52.91%

Number of Hedge Fund Holders: 13

NovaGold Resources Inc. (NYSE:NG) is a basic materials company that explores and develops gold mineral properties. Its principal asset is the Donlin Gold project in Alaska, which it has partnered with Barrick Gold to grow responsibly and sustainably. The flagship project holds about 39 million ounces of gold, from which the company is well-positioned to generate significant value as gold prices increase.

NovaGold Resources Inc. (NYSE:NG) is one of the best penny stocks to buy for 2025 as it is well-positioned to benefit from gold prices, finding support above the $2600 an ounce level. As the US Federal Reserve cuts interest rates and geopolitical tensions and uncertainty remain high, gold should elicit strong demand as a safe haven, resulting in higher prices.

In the third quarter, NovaGold Resources Inc. (NYSE:NG) net loss narrowed to $10.7 million from $11.1 million a year ago. The company’s net loss is expected to reduce as it ramps up operations for its flagship project and takes advantage of the high gold prices. Similarly, NovaGold is one of the gold stocks well poised to explode in 2025 as the macro picture in the precious metal sector aligns.

Analysts on Wall Street are bullish about the stock’s long-term prospects, going by the average price target of $5, which implies 52.91% upside potential.