Tenbagger Special

You want risk? You got risk.

Good Morning Team.

After Kendrick’s recent stellar run, only the latest of several multi-bagging wins, I am being inundated with people asking me where the next tenbagger might come from.

I will be completely honest here.

I don’t really know.

For context, over the weekend, I dug up a sizable area of my front garden and planted a variety of seedlings for what will hopefully become colourful flowers - and only 15 months after my wife had first asked to spruce up our home’s entrance.

Mildly sweating (and having collected a large bucket of snails for the chickens), it occurred to me that maybe 10% of the plants I was carefully packing with compost would thrive.

The rest would either grow slowly. Or die.

I’m not the most green-fingered of chaps, I’m sorry to say.

This is the essence of the tenbagger. The smaller the market cap, the more realistic a 10x move is, but like any aspect of the risk-reward curve, smaller companies tend to have weaker balance sheets and higher chances of dilution.

Remember milking stool theory? We need all three legs - the right assets, the right management, enough cash in the bank - and when the right time comes, sentiment.

Miss any of the three legs, and your potential tenbagger is not going to happen. More importantly, if all three legs are intact, you’re less likely to actively lose money on your bets.

Like the flowers in my front garden.

Ideally all of them will bloom into beautiful foliage. But the aim is that a handful do, and the ones that don’t still look lovely and don’t die.

So while I don’t know which the next multibagger is, I do know the right ingredients for a rocket run. For it to happen, you also do need some luck and good timing - but running a risk portfolio is the best way to try (IMHO).

That being said, here’s a selection of potential tenbaggers - and why they might happen.

As a reminder, these are what I consider to be potential tenbaggers from here. It’s not a guarantee. In fact, most won’t hit that magic 10x - but they’re in with a good chance.

These are stocks that could do it within the next 12 months, so for example, AFC Energy which I think will see £1 within next few years isn’t going to be included. I’m also only going for London-listed stocks - I think Stallion Uranium could also make it - but if you can’t access it through CREST, it’s not going to be on the list.

As a reminder, these are not growth stocks; they’re risk stocks.

And we’re looking for very small market caps, so consider the risk profile attached.

15 tentative tenbaggers to think about

In no particular order…

African Pioneer - Ongombo is going to follow the Bezant playbook for Hope & Gorob. BZT’s share price is weak as the financing has taken its sweet time, but we will see production before the end of 2026 and then Ongombo will become only a matter of time.

Of course, most will only see this too late.

Critical Mineral Resources - first drilling results for Agadir Melloul were excellent but the market ignored them. There’s new assays coming every single month, and we have thick high grade copper with gold credits, a 25 million ton exploration target, and a maiden resource coming in Q3 2026.

The potential to prove up another Tizert is there for all to see. Classic drill, expand, build.

Arkle Resources - Namibian uranium with 4,000 metres of RC drilling planned in H2 2026, and perhaps 8000 metres more before a maiden resource gets declared around this time next year. These licences are located adjacent to world class deposits. A whiff of good news and we’re off to the races.

The shareholding in the Stonepark zinc-lead project in Ireland is another wildcard that could rip at any point.

Uranium is hot stuff and there are very few ways to gain small cap exposure in the UK (Zenith’s spin-out is another).

United Oil & Gas - secure a deal to put a >$50 million drill into their Jamaican territory and this alone will see UOG go nuts.

Discussions remain ongoing and no timeline can be certain. But every geological indicator is positive. All we can do is hold our breath.

Switch Metals - tantalum, sure, but lithium is finally back in vogue. Switch’s licence areas are top tier.

And like the uranium play, there are very few ways to play the lithium small caps. PREM was driven down by one man’s ego, Kodal is in Mali (so despite an excellent asset and quality management, the risk is too high), Atlantic Lithium is selling itself for pennies on the dollar, Andrada is excellent but the market cap while undervalued is already chunky… retail cash will hit Switch because really, what else is there?

Bradda Head - Bradda Head is what else. Bradda is to US lithium what Guardian Metals is to US tungsten. Look at recent partnerships with Rio Tinto, or its RNS yesterday.

Multibagger written all over it.

Probably needs a deep dive at some point (we’re already up 200%+)

Serval Resources - honestly, I just like Robin. I get the sense that the man is on a mission, and will find the copper he’s looking for in the very best African jurisdictions.

The move to AIM was a solid play, the stock is now tradeable everywhere, and I can see this one heading north when results start to come back. His tenure is some of the best you’ll see anywhere.

Defence Holdings - Sovereign AI is the investing theme to be in, and it’s not even close. The share price has been weakened by corporate silence and lack of contract news, but ultimately you have the CTO being invited to No10 and a new CEO itching to prove himself.

This has been a long, boring wait - but when it kicks off, it should do so with fireworks.

Great Western Mining - I’m going to count this one from when I spotted it at 1.5p - we’re above 5p now and I think 15p a share if drilling goes well is perfectly viable.

The US needs more tungsten, the more the merrier. This stock is well behind the curve of peers, but this also means it has more room to grow.

Watch this space.

Rift Helium - the same people behind Pulsar, IPO at 10p and share price below 9p. Gravy. I suspect it’ll start rising later this year as the 3D seismic kicks into gear and the CoS rises significantly.

As more operators enter the Rukwa basin, more exploration successes will see a knock-on effect.

All you need to do is wait.

Apertura Energy - ya can’t get access to this one yet I’m afraid chaps and chapesses, but when you can, I am confident it’s going to go on a run. Scott and Grieg are on as Chair and CEO respectively and the people backing this know how to make money.

Venezuela may have political risk, but this is the world’s largest hydrocarbon basin, and the first people to get there are going to be like Sean and Duff hitting the Witwatersrand.

It’ll enjoy a trailblazer market cap. There’s only one way to access this theme.

Upland Resources - the scale in South-East Asia is off the charts in terms of potential. I don’t much stress about the recent sell-off; I’m expecting multiple awards by the end of 2026 - and the Wyoming assets are also strong, with first gas in Q4.

PR will kick off in the US soon, and UPL will rise sharply.

Ajax - Ippo is a man on a mission, and the asset potential with drilling is super strong. Add in the uranium and tungsten new plays, and there’s multiple shots on goal.

I’m betting on the man though. Younger, hungry CEOs with something to prove have yielded great results for me in the past and I expect this shall be no exception.

Aterian - ignore the exploration assets for a moment and look at the trajectory of the trading business. Q1 trading gross profit was $306,000, up from $145,000 the quarter before. It’s raised more money to fund the trading, and profits could rise exponentially.

Hit a winner in the exploration and this accelerates. Nobody’s paying attention to the trading arm but that’s where the re-rate lives.

Fulcrum - I am willing to be patient for the right stock. Extrakt’s tech is world class and when applied to Fulcrum’s gold tailings, this will motor. We’ve had to wait for a lot of testwork and theoreticals, but I suspect it’ll go gangbusters. When the time comes.

The Bottom Line

Nobody knows which of these will be the one that goes parabolic.

Not me, not you, not anyone.

But that’s not the point.

The point is that you don’t need to know. You need a basket. You need exposure across enough of these that when one of them goes nuclear, it moves the needle on your portfolio. Miss one, catch another. That’s how this game is played.

Plant your seeds.

Water them.

Accept that some won’t make it.

The ones that do will more than make up for the ones that don’t.

Good luck out there — and as always, do your own research.

Disclaimer: if you happen to have a brain made of cheese, remember that this is not financial advice and if you pile into small caps simply because I’ve identified some potential alpha you might need to touch grass.