Top TSX Penny Stocks To Watch In November 2024

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The Canadian market has been navigating the aftermath of a decisive U.S. election, which has cleared a significant source of uncertainty and led to notable rallies in both the S&P 500 and TSX indices. Amidst these shifting dynamics, investors are refocusing on long-term fundamentals, seeking opportunities that align with strong economic growth prospects. Penny stocks, often associated with smaller or newer companies, remain an intriguing investment area due to their potential for value and growth when backed by solid financials. In this context, we will explore three standout penny stocks on the TSX that offer promising financial strength and potential for future success.

Top 10 Penny Stocks In Canada

Name

Share Price

Market Cap

Financial Health Rating

PetroTal (TSX:TAL)

CA$0.65

CA$593.2M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.66

CA$273.57M

★★★★★☆

Alvopetro Energy (TSXV:ALV)

CA$4.80

CA$176.46M

★★★★★★

Pulse Seismic (TSX:PSD)

CA$2.31

CA$116.54M

★★★★★★

Findev (TSXV:FDI)

CA$0.43

CA$12.46M

★★★★★☆

Mandalay Resources (TSX:MND)

CA$3.30

CA$308.29M

★★★★★★

Winshear Gold (TSXV:WINS)

CA$0.17

CA$5.34M

★★★★★★

Foraco International (TSX:FAR)

CA$2.17

CA$219.69M

★★★★★☆

NamSys (TSXV:CTZ)

CA$1.05

CA$30.36M

★★★★★★

East West Petroleum (TSXV:EW)

CA$0.04

CA$3.17M

★★★★★★

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

Let's review some notable picks from our screened stocks.

Generic Gold

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

Overview: Generic Gold Corp. is an exploration stage company focused on acquiring and exploring gold properties in Canada, with a market cap of CA$3.94 million.

Operations: Currently, there are no reported revenue segments for this exploration stage company.

Market Cap: CA$3.94M

Generic Gold Corp., with a market cap of CA$3.94 million, is a pre-revenue exploration stage company focused on gold properties in Canada. The company has reduced its losses over the past five years by 14.4% annually, indicating potential operational improvements despite remaining unprofitable. It maintains a debt-free status and has short-term assets (CA$586.6K) exceeding liabilities (CA$212.7K). However, its share price remains highly volatile and it has less than one year of cash runway if free cash flow continues to decline at historical rates. Recent earnings show a reduced net loss compared to the previous year, reflecting cost management efforts.

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

Intouch Insight

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