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The Canadian market, like many others, is navigating a landscape shaped by cautious monetary policies as central banks gradually ease interest rates amidst resilient economic conditions. For investors looking beyond established giants, penny stocks can present intriguing opportunities, especially when backed by strong financials. Despite being an older term, these smaller or newer companies continue to hold potential for growth and value that might be overlooked in larger firms.
Top 10 Penny Stocks In Canada
| Name | Share Price | Market Cap | Financial Health Rating |
| Alvopetro Energy (TSXV:ALV) | CA$4.55 | CA$169.52M | ★★★★★★ |
| Amerigo Resources (TSX:ARG) | CA$1.72 | CA$286.83M | ★★★★★☆ |
| Pulse Seismic (TSX:PSD) | CA$2.35 | CA$117.03M | ★★★★★★ |
| Winshear Gold (TSXV:WINS) | CA$0.17 | CA$5.03M | ★★★★★★ |
| Mandalay Resources (TSX:MND) | CA$3.47 | CA$317.65M | ★★★★★★ |
| PetroTal (TSX:TAL) | CA$0.65 | CA$574.88M | ★★★★★★ |
| Findev (TSXV:FDI) | CA$0.455 | CA$12.89M | ★★★★★☆ |
| Foraco International (TSX:FAR) | CA$2.10 | CA$207.81M | ★★★★★☆ |
| Silvercorp Metals (TSX:SVM) | CA$4.71 | CA$1.08B | ★★★★★★ |
| NamSys (TSXV:CTZ) | CA$1.07 | CA$29.28M | ★★★★★★ |
Click here to see the full list of 967 stocks from our TSX Penny Stocks screener.
Below we spotlight a couple of our favorites from our exclusive screener.
Fab-Form Industries
Simply Wall St Financial Health Rating: ★★★★★★
Overview: Fab-Form Industries Ltd. develops, manufactures, and distributes technology for forming concrete footings, columns, foundations, and walls in Canada with a market cap of CA$12.11 million.
Operations: The company generates revenue of CA$4.68 million from the manufacture and distribution of concrete forming products.
Market Cap: CA$12.11M
Fab-Form Industries Ltd., with a market cap of CA$12.11 million, has shown stable financial health by maintaining a debt-free balance sheet and covering liabilities with short-term assets of CA$5.3 million. Despite negative earnings growth over the past year, the company has achieved significant profit growth over five years and maintains high-quality earnings with a net income of CA$0.77 million for the full year ending June 30, 2024. Recent developments include patent applications and product updates for innovative concrete forming technologies like Level-R™ and Monopour HD™, poised to enhance construction efficiency upon their launch in early 2025.
Argentina Lithium & Energy
Simply Wall St Financial Health Rating: ★★★★★★
Overview: Argentina Lithium & Energy Corp. is a junior mineral exploration company focused on acquiring, exploring, and evaluating natural resource properties in the Americas and Argentina, with a market cap of CA$25.49 million.