TSX Penny Stocks To Watch In November 2024

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The Canadian market remained flat over the last week, but it has seen a significant 21% rise over the past year, with earnings projected to grow by 16% annually. For investors willing to explore beyond established companies, penny stocks offer intriguing possibilities. Although the term may seem outdated, these smaller or newer companies can still provide a unique blend of affordability and growth potential when supported by strong financials.

Top 10 Penny Stocks In Canada

Name

Share Price

Market Cap

Financial Health Rating

Alvopetro Energy (TSXV:ALV)

CA$4.74

CA$173.17M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.71

CA$275.23M

★★★★★☆

Pulse Seismic (TSX:PSD)

CA$2.30

CA$117.56M

★★★★★★

Findev (TSXV:FDI)

CA$0.42

CA$12.03M

★★★★★☆

Mandalay Resources (TSX:MND)

CA$3.39

CA$311.07M

★★★★★★

PetroTal (TSX:TAL)

CA$0.64

CA$584.03M

★★★★★★

Winshear Gold (TSXV:WINS)

CA$0.18

CA$5.66M

★★★★★★

Foraco International (TSX:FAR)

CA$2.17

CA$214.74M

★★★★★☆

East West Petroleum (TSXV:EW)

CA$0.04

CA$3.62M

★★★★★★

NamSys (TSXV:CTZ)

CA$1.07

CA$28.74M

★★★★★★

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

Let's take a closer look at a couple of our picks from the screened companies.

Prime Mining

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

Overview: Prime Mining Corp. focuses on acquiring, exploring, and developing mineral resource properties in Mexico with a market cap of CA$227.90 million.

Operations: Prime Mining Corp. has not reported any revenue segments.

Market Cap: CA$227.9M

Prime Mining Corp. is a pre-revenue company with a focus on mineral resource development in Mexico, boasting a market cap of CA$227.90 million. The recent Mineral Resource Estimate highlights substantial growth in both open pit and underground resources, validating its strategy for high-recovery operations. Despite being debt-free and having experienced management, Prime remains unprofitable with significant insider selling noted recently. It has less than one year of cash runway but holds short-term assets exceeding liabilities by CA$20 million. Shareholders have faced dilution as the company continues to invest heavily in exploration and development activities at Los Reyes Project.

TSX:PRYM Debt to Equity History and Analysis as at Nov 2024
TSX:PRYM Debt to Equity History and Analysis as at Nov 2024

Arrow Exploration

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

Overview: Arrow Exploration Corp. is a junior oil and gas company focused on acquiring, exploring, developing, and producing oil and gas properties in Colombia and Western Canada, with a market cap of CA$112.92 million.