4 penny stocks I’d buy for 2022 and look to hold for 10 years

I’m on the lookout for the best penny stocks to buy for 2022. Here’s a handful I’d buy for next year and aim to hold for the long haul.

The diagnosis is good

Signs of a fresh wave of Covid-19 infections washing across the globe suggests a growing threat to the economic recovery. But not all UK shares are in danger of being washed out by a worsening public health emergency. Take EKF Diagnostics for example. This business manufactures medical kits that help diagnose whether or not someone has contracted the virus.

EKF might not just be a flash in the pan though. The business also manufactures a range of testing kits for other medical conditions. So it should benefit from the steady increase in global healthcare spending. Remember though, a high-profile failure of its equipment could prove catastrophic for future profits.

Shaking things up

The Covid-19 crisis has also underlined the importance of living healthy lifestyles. Ideas like keeping fit and eating well have gained extra importance as people try to bolster their immunity levels. This all benefits Science in Sport, a penny stock whose wide variety of nutritional products include energy gels, protein shakes and vitamin tablets.

What I also like is the impressive brand power of its labels, such as SiS and PhD (a personal favourite of mine). It’s a quality Science in Sport has built up by teaming with some of the world’s most popular athletes and sports teams. And it helps it thrive in a market which is become increasingly competitive.

Ready to fly

Phoenix Copper’s another cheap UK share that’s caught my attention recently. It’s not just due to the release of impressive survey results at its Red Star project in Idaho this week. The miner has discovered three new anomalies that it says “are significantly greater” than the discovery outcrop drilled in recent years.

It’s also not just because its American Depositary Receipts have received approval to trade over the counter in New York, giving it the opportunity to attract new investors.

I’m thinking of buying Phoenix Copper as clean energy investment and soaring electric vehicle demand should turbocharge copper consumption. Goldman Sachs thinks global copper off-take could soar 600% between now and 2030.

Buying mining shares can be risky business as cost overruns and production problems can hit profits hard. Still, I believe this company’s risk/reward profile is extremely attractive.

Another top penny stock to land

A resurgence in fishing as a recreational activity makes Angling Direct an attractive penny stock to buy too. Sales of rods, lines and other sorts of tackle were rising before the Covid-19 crisis emerged.

The public health emergency has boosted demand even further as people took up the pursuit during lockdowns. Angling Direct’s own sales jumped 27% in the 12 months to January as a result.

Like EKF Diagnostics, Angling Direct could benefit from a long road out of the pandemic. Though supply chain problems are growing, I still think this cheap UK share’s a brilliant buy for 2022.