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The Canadian stock market is experiencing a robust year, with the TSX up more than 17%, reflecting broader trends of economic growth and favorable central bank policies. In such an environment, investors might find opportunities in lesser-known areas like penny stocks, which despite their outdated name, remain relevant for those seeking hidden value. These smaller or newer companies can offer unique growth potential and financial strength that larger firms may overlook, making them intriguing options for investors looking to explore beyond the mainstream.
Top 10 Penny Stocks In Canada
Name | Share Price | Market Cap | Financial Health Rating |
PetroTal (TSX:TAL) | CA$0.68 | CA$620.88M | ★★★★★★ |
Findev (TSXV:FDI) | CA$0.41 | CA$11.75M | ★★★★★☆ |
Pulse Seismic (TSX:PSD) | CA$2.29 | CA$119.71M | ★★★★★★ |
Winshear Gold (TSXV:WINS) | CA$0.165 | CA$4.4M | ★★★★★★ |
Mandalay Resources (TSX:MND) | CA$3.24 | CA$297.04M | ★★★★★★ |
Foraco International (TSX:FAR) | CA$2.40 | CA$221.84M | ★★★★★☆ |
Amerigo Resources (TSX:ARG) | CA$1.80 | CA$303.41M | ★★★★★☆ |
NamSys (TSXV:CTZ) | CA$1.11 | CA$30.89M | ★★★★★★ |
East West Petroleum (TSXV:EW) | CA$0.035 | CA$3.17M | ★★★★★★ |
Enterprise Group (TSX:E) | CA$2.26 | CA$138.39M | ★★★★☆☆ |
Click here to see the full list of 947 stocks from our TSX Penny Stocks screener.
Let's uncover some gems from our specialized screener.
Maxim Power
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: Maxim Power Corp. is an independent power producer that acquires, develops, owns, and operates power and related projects in Alberta, Canada with a market cap of CA$206.77 million.
Operations: There are no reported revenue segments for this independent power producer operating in Alberta, Canada.
Market Cap: CA$206.77M
Maxim Power Corp. has demonstrated prudent financial management, recently repaying CA$49.9 million in debt, leaving unrestricted cash of CA$50.8 million and reducing its fixed-rate facilities to nil. Despite a decline in net income compared to last year, the company remains profitable with revenues of CA$57.8 million for the first half of 2024 and maintains a healthy interest coverage ratio of 3.2x EBIT over interest payments. The board's share buyback plan indicates confidence in long-term value creation, although recent earnings growth has been negative against industry trends, reflecting challenges within its operating environment.
Minera Alamos
Simply Wall St Financial Health Rating: ★★★★☆☆
Overview: Minera Alamos Inc. is involved in the acquisition, exploration, development, and operation of mineral properties in Mexico with a market cap of CA$184.55 million.