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3 TSX Penny Stocks With Market Caps Over CA$20M To Watch

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As the Canadian market continues to show strong momentum heading into 2025, investors are keeping an eye on potential curveballs that could affect growth. In this context, penny stocks—though a somewhat outdated term—remain relevant as they often represent smaller or less-established companies with unique opportunities. By focusing on those with solid financial health and clear growth prospects, investors can uncover potential gems in the market.

Top 10 Penny Stocks In Canada

Name

Share Price

Market Cap

Financial Health Rating

Alvopetro Energy (TSXV:ALV)

CA$4.24

CA$160.38M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.71

CA$281.86M

★★★★★☆

Pulse Seismic (TSX:PSD)

CA$2.36

CA$120.59M

★★★★★★

PetroTal (TSX:TAL)

CA$0.63

CA$565.76M

★★★★★★

Mandalay Resources (TSX:MND)

CA$3.45

CA$335.5M

★★★★★★

Vox Royalty (TSX:VOXR)

CA$3.89

CA$187.19M

★★★★★★

Findev (TSXV:FDI)

CA$0.455

CA$13.03M

★★★★★☆

Foraco International (TSX:FAR)

CA$2.15

CA$215.73M

★★★★★☆

NamSys (TSXV:CTZ)

CA$1.15

CA$28.74M

★★★★★★

East West Petroleum (TSXV:EW)

CA$0.04

CA$3.62M

★★★★★★

Click here to see the full list of 962 stocks from our TSX Penny Stocks screener.

We're going to check out a few of the best picks from our screener tool.

NEXE Innovations

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

Overview: NEXE Innovations Inc. is a Canadian company that produces and markets plant-based single-serve coffee pods for use in single-serve coffee machines, with a market cap of CA$40.86 million.

Operations: NEXE Innovations generates revenue from its Industrial Automation & Controls segment, amounting to CA$0.06 million.

Market Cap: CA$40.86M

NEXE Innovations, with a market cap of CA$40.86 million, is pre-revenue, generating only CA$0.06 million from its industrial segment. Despite being unprofitable, NEXE has reduced its debt-to-equity ratio significantly over five years and maintains a strong cash runway exceeding three years. Recent developments include a partnership with ecoBeans Coffee Inc., expanding into retail and office coffee services markets in Canada, potentially opening new revenue streams. However, the company remains highly volatile compared to most Canadian stocks and reported minimal sales growth alongside ongoing net losses for the past fiscal year.

TSXV:NEXE Debt to Equity History and Analysis as at Nov 2024
TSXV:NEXE Debt to Equity History and Analysis as at Nov 2024

Star Royalties

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

Overview: Star Royalties Ltd. is a company that focuses on precious metals and carbon credits royalty and streaming, with a market cap of CA$23.22 million.