Unlock stock picks and a broker-level newsfeed that powers Wall Street.

3 Canadian Penny Stocks On The TSX With Market Caps Under CA$600M

In This Article:

As the Canadian economy navigates a period of cooling labor markets and potential interest rate cuts, investors are keenly observing how these factors might influence financial markets. Penny stocks, although considered niche, continue to offer intriguing opportunities for growth, especially when they exhibit strong financial health. In this article, we will explore three Canadian penny stocks on the TSX that stand out for their balance sheet strength and potential for long-term success.

Top 10 Penny Stocks In Canada

Name

Share Price

Market Cap

Financial Health Rating

Alvopetro Energy (TSXV:ALV)

CA$4.80

CA$175.73M

★★★★★★

PetroTal (TSX:TAL)

CA$0.67

CA$593.32M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.81

CA$283.52M

★★★★★☆

Pulse Seismic (TSX:PSD)

CA$2.37

CA$117.08M

★★★★★★

Foraco International (TSX:FAR)

CA$2.33

CA$212.76M

★★★★★☆

Findev (TSXV:FDI)

CA$0.41

CA$11.75M

★★★★★☆

Winshear Gold (TSXV:WINS)

CA$0.16

CA$5.03M

★★★★★★

Mandalay Resources (TSX:MND)

CA$3.28

CA$313.02M

★★★★★★

Vox Royalty (TSX:VOXR)

CA$3.96

CA$205.89M

★★★★★★

Enterprise Group (TSX:E)

CA$2.09

CA$127.98M

★★★★☆☆

Click here to see the full list of 964 stocks from our TSX Penny Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Red Light Holland

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Red Light Holland Corp. focuses on the production, growth, and sale of functional mushrooms and mushroom home grow kits for the recreational market in North America and Europe, with a market cap of CA$14.03 million.

Operations: The company's revenue is primarily derived from its Pharmaceuticals segment, amounting to CA$5.11 million.

Market Cap: CA$14.03M

Red Light Holland Corp. has expanded its distribution network significantly with a new partnership with Costco Canada, now offering its Happy Caps Mushroom Home Grow Kits in 82 locations across the country. Despite having a market cap of CA$14.03 million and generating CA$5.11 million in revenue from its Pharmaceuticals segment, the company remains unprofitable with negative returns on equity and volatile stock performance. However, it maintains strong short-term financial health, as its short-term assets exceed liabilities and it holds more cash than debt, providing a stable cash runway for over three years based on current free cash flow trends.

CNSX:TRIP Financial Position Analysis as at Nov 2024
CNSX:TRIP Financial Position Analysis as at Nov 2024

EcoSynthetix

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: EcoSynthetix Inc. is a renewable chemicals company that develops and commercializes bio-based technologies to replace synthetic, petrochemical-based adhesives and related products globally, with a market cap of CA$240.49 million.