TSX Penny Stocks To Consider In October 2024
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Over the last 7 days, the Canadian market has risen by 1.2%, and over the past year, it has surged by 28%, with earnings expected to grow significantly in the coming years. For those interested in investing in smaller or newer companies, penny stocks—though an outdated term—can still offer significant opportunities for growth at lower price points. By focusing on stocks with robust financials and strong fundamentals, investors can uncover potential hidden gems that may provide both stability and upside potential.
Top 10 Penny Stocks In Canada
| Name | Share Price | Market Cap | Financial Health Rating |
| PetroTal (TSX:TAL) | CA$0.67 | CA$620.84M | ★★★★★★ |
| Findev (TSXV:FDI) | CA$0.42 | CA$11.75M | ★★★★★☆ |
| Winshear Gold (TSXV:WINS) | CA$0.18 | CA$5.18M | ★★★★★★ |
| Mandalay Resources (TSX:MND) | CA$3.34 | CA$304.56M | ★★★★★★ |
| Pulse Seismic (TSX:PSD) | CA$2.37 | CA$116.65M | ★★★★★★ |
| Amerigo Resources (TSX:ARG) | CA$1.80 | CA$298.44M | ★★★★★☆ |
| Foraco International (TSX:FAR) | CA$2.37 | CA$236.62M | ★★★★★☆ |
| East West Petroleum (TSXV:EW) | CA$0.04 | CA$3.17M | ★★★★★★ |
| Newport Exploration (TSXV:NWX) | CA$0.115 | CA$12.14M | ★★★★★★ |
| NamSys (TSXV:CTZ) | CA$1.11 | CA$29.82M | ★★★★★★ |
Click here to see the full list of 948 stocks from our TSX Penny Stocks screener.
Below we spotlight a couple of our favorites from our exclusive screener.
Rockhaven Resources
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: Rockhaven Resources Ltd. is an exploration stage company involved in acquiring, exploring, and evaluating mineral properties in Canada, with a market capitalization of CA$16.57 million.
Operations: Currently, there are no reported revenue segments for this exploration stage company.
Market Cap: CA$16.57M
Rockhaven Resources Ltd., with a market capitalization of CA$16.57 million, is currently pre-revenue and unprofitable, making direct comparisons to the Metals and Mining industry challenging. The company has no significant revenue streams but maintains a strong cash runway for over a year without debt. Its management team and board are experienced, with average tenures of 3.2 and 9.5 years respectively. Despite high volatility in share price, Rockhaven's short-term assets cover its liabilities comfortably. Recent earnings reports indicate reduced net losses compared to last year, reflecting some financial improvement despite ongoing challenges in profitability growth.
SATO Technologies
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: SATO Technologies Corp. is a blockchain company focused on cryptocurrency mining operations in Canada, with a market cap of CA$16.85 million.