8 Cheap Penny Stocks to Buy Right Now

2. Taseko Mines Ltd (NYSE:TGB)

Share Price: $2.56

Forward P/E: 12.64

EPS Growth This Year: 81.80%

Number of Hedge Fund Holders: 13

Taseko Mines (NYSE:TGB) is a copper-focused mining company located in Canada. Its principal assets are the 100% owned Gibraltar mine in central British Columbia. It is one of the largest copper mines in North America. The Florence Copper project, which is currently under construction, also falls under the company’s portfolio. In addition, it owns the Yellowhead copper, Aley niobium, and New Prosperity gold-copper projects. The Florence Copper Project is located in Florence, Arizona, south of Phoenix, while the Yellowhead Project is in British Columbia’s Thompson-Nicola region. The Aley niobium project is located in northeast British Columbia, while the New Prosperity property lies in south-central British Columbia, with one of the most substantial gold and copper deposits in Canada.

Taseko Mines (NYSE:TGB) had several significant accomplishments in 2024, positioning it on the path to profitability. Some of these include consolidating 100% ownership of its Gibraltar mine, refinancing its bonds, completing the project financing for Florence, and kickstarting a positive start to the construction activities for the Florence project. The company also completed the CAD50 million (around $37 million) in-pit crusher relocation project. This 2-year project was a significant undertaking for its operations. Its Concentrator#1 is also back up, with both mills now running at capacity and paving the way for a strong second half of 2024.

2025 is shaping to be a good production year for the company, with its concentrate production expected to be supplemented by additional pounds from the restart of the Gibraltar SX/EW plant. The company has been stacking new oxide ore from the connector pit onto the old leach pads over the last few quarters. It plans to have more than 50 million pounds of contained copper in the leach dumps by next year, along with advanced plans to refurbish the plant in 2025. Taseko Mines (NYSE:TGB) is expected to restart cathode production in Q2 2025. Such initiatives position the company on the path to profitability, making it an attractive investment and landing it on our list of the top cheap penny stocks to buy right now.