3 Promising Penny Stocks On TSX With Market Caps Over CA$3M

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As the Canadian economy experiences a cooling labor market and anticipates further interest rate cuts by the Bank of Canada, financial markets are poised to navigate these shifts with cautious optimism. In this context, penny stocks—often representing smaller or newer companies—remain an intriguing investment area for those seeking growth opportunities at lower price points. When backed by strong financial health, these stocks can offer potential upside without many of the risks typically associated with this segment of the market.

Top 10 Penny Stocks In Canada

Name

Share Price

Market Cap

Financial Health Rating

Alvopetro Energy (TSXV:ALV)

CA$4.80

CA$182.32M

★★★★★★

PetroTal (TSX:TAL)

CA$0.65

CA$593.32M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.71

CA$290.15M

★★★★★☆

Pulse Seismic (TSX:PSD)

CA$2.30

CA$117.59M

★★★★★★

Foraco International (TSX:FAR)

CA$2.15

CA$222.65M

★★★★★☆

Findev (TSXV:FDI)

CA$0.41

CA$11.46M

★★★★★☆

Winshear Gold (TSXV:WINS)

CA$0.16

CA$5.66M

★★★★★★

Mandalay Resources (TSX:MND)

CA$3.33

CA$321.48M

★★★★★★

Vox Royalty (TSX:VOXR)

CA$4.07

CA$205.39M

★★★★★★

Enterprise Group (TSX:E)

CA$2.09

CA$132.27M

★★★★☆☆

Click here to see the full list of 963 stocks from our TSX Penny Stocks screener.

We'll examine a selection from our screener results.

SOL Global Investments

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

Overview: SOL Global Investments Corp. is a private equity firm that focuses on providing growth capital to small and mid-sized businesses, with a market cap of CA$3.81 million.

Operations: The company's revenue segment in Pharmaceuticals reported a negative CA$38.51 million.

Market Cap: CA$3.81M

SOL Global Investments Corp., with a market cap of CA$3.81 million, is pre-revenue, reporting less than US$1 million in revenue and a significant net loss for the third quarter of 2024. Despite this, the company has more cash than debt and sufficient short-term assets to cover liabilities. The firm has not diluted shareholders recently and maintains a cash runway exceeding three years due to positive free cash flow growth. However, its share price remains highly volatile, and the board's lack of experience could be concerning for investors seeking stability in penny stocks.

CNSX:SOL Debt to Equity History and Analysis as at Nov 2024
CNSX:SOL Debt to Equity History and Analysis as at Nov 2024

Aclara Resources

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

Overview: Aclara Resources Inc. is a mining company focused on the exploration and development of rare-earth mineral resources in Chile, with a market cap of CA$78.21 million.