TSX Penny Stocks To Watch In October 2024

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The TSX is having a strong year, up more than 17%, amidst a backdrop of a growing economy and supportive central bank policies. For those interested in smaller or newer companies, penny stocks—despite their somewhat outdated name—still present intriguing opportunities. These stocks can offer unique value and growth potential when backed by solid financials, and we will explore three noteworthy examples that may hold promise for investors seeking hidden gems.

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

★★★★★☆

Winshear Gold (TSXV:WINS)

CA$0.14

CA$4.4M

★★★★★★

Mandalay Resources (TSX:MND)

CA$3.16

CA$297.04M

★★★★★★

Pulse Seismic (TSX:PSD)

CA$2.35

CA$119.71M

★★★★★★

Amerigo Resources (TSX:ARG)

CA$1.83

CA$303.72M

★★★★★☆

Foraco International (TSX:FAR)

CA$2.25

CA$221.84M

★★★★★☆

Newport Exploration (TSXV:NWX)

CA$0.115

CA$12.14M

★★★★★★

Vox Royalty (TSX:VOXR)

CA$4.15

CA$209.94M

★★★★★★

NamSys (TSXV:CTZ)

CA$1.15

CA$30.89M

★★★★★★

Click here to see the full list of 950 stocks from our TSX Penny Stocks screener.

Here we highlight a subset of our preferred stocks from the screener.

Discovery Silver

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

Overview: Discovery Silver Corp. is a mineral exploration company focused on the exploration and development of polymetallic mineral deposits, with a market cap of CA$420.24 million.

Operations: Discovery Silver Corp. does not report any specific revenue segments as it is focused on the exploration and development of polymetallic mineral deposits.

Market Cap: CA$420.24M

Discovery Silver Corp., with a market cap of CA$420.24 million, remains pre-revenue and focuses on mineral exploration. Despite being debt-free and having short-term assets that cover liabilities, the company faces challenges such as increased losses over five years and less than a year of cash runway if cash flow trends continue. The stock has experienced high volatility but was recently added to the S&P Global BMI Index, which may enhance visibility. Analysts suggest potential for significant price appreciation, yet profitability is not forecasted in the near term. The management team is relatively new with an average tenure of 1.8 years.

TSX:DSV Debt to Equity History and Analysis as at Oct 2024
TSX:DSV Debt to Equity History and Analysis as at Oct 2024

GoGold Resources

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

Overview: GoGold Resources Inc. is involved in the exploration, development, and production of gold and silver in Mexico with a market cap of CA$556.90 million.