3 penny stocks that could boost my wealth!

I’m hunting for the best penny stocks to buy this May. Here are a handful I think could help me make rich returns over the next 10 years.

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I think these three top penny stocks could supercharge my investment returns! Here’s why I’d buy them today.

TheWorks.co.uk

A storm is beginning to engulf the UK retail sector. Latest research from the Confederation of British Industry showed retail sales tanked in April and fell for the first time in 13 months.

I don’t believe that all British retail shares should be avoided. however. TheWorks.co.uk (LSE: WRKS) for example is a penny stock I’d buy today. This is because it operates at the value end of the retail spectrum.

Companies like these could be big beneficiaries of the squeeze on consumer spending power. Demand for the cut-price books, toys, and arts and crafts materials it sells could soar as people try to maintain their living standards and switch down from more expensive operators.

Profits at TheWorks could suffer if supply chain issues persist. But all things considered I think this could be a top penny stock to own right now.

Bradda Head Lithium

I believe buying some choice lithium stocks is a great idea as electric vehicle (EV) sales take off. And I think Bradda Head Lithium (LSE: BHL) could be a lucrative way to go about this.

The manufacturing of lithium-ion batteries accounts for a mammoth four-fifths of all lithium demand, according to Wood Mackenzie analyst Jiayue Zheng. She predicts that demand for these batteries will soar around 500% between now and 2030 as governments seek to reduce emissions.

Bradda Head, then, could see sales of its product soar. The penny stock owns lithium projects in Arizona, like its Basin East asset, which has yielded a series of exciting drilling reports. Bradda Head has also begun drilling work at its Eureka site in Nevada in more recent weeks.

There’s a long way to go between now and first lithium production over at Bradda Head. Any setbacks could have a significant impact on profits for years. Still, it’s my opinion that the possible benefits of owning this penny stock overpower these risks.

AFC Energy

There’s a possibility that the future of green travel will be split between battery- and hydrogen-powered vehicles. For this reason I think AFC Energy (LSE: AFC) could be another wise investment today. This is despite the fierce competition it faces.

This penny stock manufactures hydrogen fuel cells. It is perhaps best known for powering the off-road vehicles that tear around the racetracks of Extreme E.

AFC’s fuel cells aren’t just about cars, however. For example, the company recently signed a lease agreement with construction group Keltbray to supply its technology. It has also signed strategic Partnerships with Mace Group and Acciona.

City analysts think AFC Energy’s revenues will shoot from around £600,000 in the last financial year (to October 2021) to £4.6m in the current period. Sales are tipped to rocket to £11.4m in fiscal 2023 too. I think this penny stock could deliver big returns over the next 10 years.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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