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As the Canadian economy experiences a cooling labor market and potential rate cuts from the Bank of Canada, investors are watching closely for opportunities in various sectors. Penny stocks, often representing smaller or newer companies, continue to offer intriguing possibilities for those willing to explore beyond well-known names. Despite being considered a niche area, these stocks can present growth opportunities when backed by strong financial health and solid fundamentals.
Top 10 Penny Stocks In Canada
| Name | Share Price | Market Cap | Financial Health Rating |
| Alvopetro Energy (TSXV:ALV) | CA$4.99 | CA$182.69M | ★★★★★★ |
| PetroTal (TSX:TAL) | CA$0.67 | CA$611.57M | ★★★★★★ |
| Amerigo Resources (TSX:ARG) | CA$1.80 | CA$298.44M | ★★★★★☆ |
| Pulse Seismic (TSX:PSD) | CA$2.30 | CA$118.58M | ★★★★★★ |
| Findev (TSXV:FDI) | CA$0.425 | CA$12.32M | ★★★★★☆ |
| Winshear Gold (TSXV:WINS) | CA$0.14 | CA$4.71M | ★★★★★★ |
| Foraco International (TSX:FAR) | CA$2.34 | CA$231.56M | ★★★★★☆ |
| NamSys (TSXV:CTZ) | CA$1.09 | CA$28.74M | ★★★★★★ |
| East West Petroleum (TSXV:EW) | CA$0.04 | CA$3.62M | ★★★★★★ |
| Enterprise Group (TSX:E) | CA$2.21 | CA$135.82M | ★★★★☆☆ |
Click here to see the full list of 963 stocks from our TSX Penny Stocks screener.
Let's dive into some prime choices out of the screener.
illumin Holdings
Simply Wall St Financial Health Rating: ★★★★★★
Overview: illumin Holdings Inc. is a technology company offering digital media solutions across the United States, Canada, Europe, Latin America, and other international markets with a market cap of CA$84.89 million.
Operations: The company generates CA$120.79 million in revenue from its Internet Information Providers segment.
Market Cap: CA$84.89M
illumin Holdings Inc., a technology company with a market cap of CA$84.89 million, has shown some mixed financial signals typical of penny stocks. The company is unprofitable, with increasing losses over the past five years; however, it maintains a strong cash position and has reduced its debt significantly. Recent earnings reports indicate growth in revenue to CA$36.31 million for Q3 2024 from CA$29.63 million the previous year, though net losses persist at CA$1.11 million compared to net income previously recorded. Despite these challenges, illumin's management team is experienced and its board seasoned, potentially positioning it for future improvements if current trends continue.
Canuc Resources
Simply Wall St Financial Health Rating: ★★★★☆☆
Overview: Canuc Resources Corporation is involved in acquiring, exploring, developing, and extracting oil, gas properties, and precious metals across Canada, the United States, and Mexico with a market cap of CA$8.80 million.