11 Penny Stocks That Will Make You A Millionaire

1. Sandstorm Gold Ltd. (NYSE:SAND)

Number of Hedge Fund Holders: 20

Sandstorm Gold Ltd. (NYSE:SAND) is a materials company based in Canada. It focuses on acquiring royalties and gold alongside other metals purchase agreements from companies that have advanced-stage operating mines.

Daniela Cambone, in Stansberry’s Commodity Supercycles newsletter, floated a teaser for what was called the number-one gold play for 2024. According to Travis Johnson, this teaser is probably referring to Sandstorm Gold Ltd. (NYSE:SAND). Cambone’s comments were as follows:

“But there’s another company that, we believe, is BY FAR the best gold royalty investment you could make in the world right now. And that’s why this company gives you a realistic chance to make astonishing gains thanks to this incredible business model. It’s led by a man who grew the world’s largest silver royalty outfit into a multibillion-dollar company. This experienced team helped form a brand-new royalty company – which uses the same investor-friendly business model as Franco-Nevada and Royal Gold. They now own royalties on mines in Brazil, Turkey, Mongolia, Argentina, Canada, and the United States, just to name a few.”

According to Johnson, Sandstorm Gold Ltd. (NYSE:SAND) is definitely a gold penny stock that investors should pick up, especially because of its recent moves. In 2022, the company roughly doubled its size by acquiring Nomad Royalty and several other royalty assets. Through this acquisition, Sandstorm Gold Ltd. (NYSE:SAND) not only created a 50% dilution for its existing shareholders, but it also boosted its growth and paved the way for revenue growth in the future. Analysts also note that shares of Sandstorm Gold Ltd. (NYSE:SAND) have an upside potential of 34.4%.

Sandstorm Gold Ltd. (NYSE:SAND) had 20 hedge funds long its stock in the second quarter, with a total stake value of $74.8 million.

While we acknowledge the growth potential of SAND, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than the ones mentioned in our list but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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