3 ASX shares that hit 10-bagger status in financial year 2021

These ASX shares soared to the moon in FY21.

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ASX shares with small market capitalisations can sometimes appear to trade in a world of their own.

It seems there's always a microcap out there striking gold or developing some tech that helps redefine the way we do business. And often when milestone developments such as these are announced to the market, it can result in the value of a company surging exponentially over a relatively short period of time.

On that note, with FY21 done and dusted, here's a look at three ASX shares that managed to hit the coveted 10-bagger status over the course of the last 12 months.

These ASX shares went gangbusters last financial year

Podium Minerals Ltd (ASX: POD)

Podium Minerals is focused on developing its Parks Reef project, with plans of becoming Australia's first Platinum Group Metal (PGM) producer.

PGMs are a family of six chemically similar elements, most valued for their wide range of industrial, medical and electronic applications.

According to the company's May investor presentation, current inferred mineral resources include 1.39 million ounces of platinum, palladium and gold, as well as 53,900 tonnes of copper all within 100 metres of surface.

Podium Minerals is currently undergoing further drilling to accelerate its resource.

Recent exploration results have continued to show promise, with assay results released on 18 May resulting in a 21% spike in the Podium share price to 67 cents.

The company's promising large-scale PGM asset, combined with its systematic drilling, saw investors flock to the company's shares last financial year. The Podium Minerals share price began FY21 trading at a mere 2.3 cents and capped off the year at 51.5 cents for a whopping 2,139% gain over the 12-month period.

Looking ahead, Podium's investor presentation advised it has commenced mine optimisation studies and preliminary economic analysis to drive its pathway to production.

Vulcan Energy Resources Ltd (ASX: VUL)

During the 2021 financial year, Vulcan Energy began to emerge as a household name in the ASX lithium sector.

The German-based lithium company aims to become the world's first zero-carbon lithium producer for the electric vehicle industry.

According to Vulcan Energy's project timeline, the company is targeting the completion of many production pre-requisites by early 2022. These include offtake agreements with European customers, a bankable feasibility study, further exploration and plant piloting.

If all goes to plan, Vulcan believes construction should commence in late 2022 with its first lithium production taking place by mid-2024.

The company's zero-carbon ambitions, alongside the broader surge in ASX lithium shares, saw the Vulcan share price rally 1,245% from 56.5 cents to $7.70 in FY21.

IOUpay Ltd (ASX: IOU)

The IOUpay share price has been trending lower since February, from record highs of 85 cents to just 23.5 cents by 30 June.

However, shares in the South-East Asia-based buy now, pay later (BNPL) company came from humble beginnings of just 2 cents at the start of last financial year.

By the end of FY21, IOUpay shares had lifted a cool 1,075%.

IOUpay successfully completed a $50 million capital raising back in February 2020, paving the way to accelerate its opportunities in the BNPL sector in South-East Asia.

In February this year, the IOUpay share price staged a significant rally, surging from 17 cents on 5 February to an intraday high of 85 cents on 15 February.

The company's agreement with EasyStore may have been among the catalysts for its strong showing in February.

While the IOUpay share price might have stalled in recent months, the company has continued to be on the lookout for opportunities to grow its presence in Asia.

More recently, IOUpay signed a Master Merchant Agreement with Razer Merchant Services on 15 June.

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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