Canadian Undervalued Small Caps With Insider Buying

DIRTT Environmental Solutions

Market Cap: CA$151.8m

Operates as an interior construction company in Canada.

Russel Metals

Market Cap: CA$2.4b

Engages in the distribution of steel and other metal products in Canada and the United States.

Hemisphere Energy

Market Cap: CA$182.2m

Acquires, explores, develops, and produces petroleum and natural gas interests in Canada.

Saturn Oil & Gas

Market Cap: CA$426.9m

Engages in the acquisition, exploration, and development of petroleum and natural gas resource deposits in Canada.

Nexus Industrial REIT

Market Cap: CA$701.1m

Nexus is a growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada, and the ownership and management of its portfolio of properties.

Morguard North American Residential Real Estate Investment Trust

Market Cap: CA$956.5m

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.

Aris Mining

Market Cap: CA$1.7b

Engages in the acquisition, exploration, development, and operation of gold properties in Canada, Colombia, and Guyana.

Vermilion Energy

Market Cap: CA$1.7b

An oil and gas producer, focuses on the acquisition, exploration, development, and optimization of producing properties in North America, Europe, and Australia.

Surge Energy

Market Cap: CA$663.2m

Explores, develops, and produces oil and gas in western Canada.

Bonterra Energy

Market Cap: CA$145.2m

A conventional oil and gas company, engages in the development and production of oil and natural gas in Canada.

Journey Energy

Market Cap: CA$151.0m

Engages in the exploration, development, and production of crude oil and natural gas in the province of Alberta, Canada.

Labrador Iron Ore Royalty

Market Cap: CA$1.8b

Through its subsidiary, Hollinger-Hanna Limited, holds a 15.10% equity interest in Iron Ore Company of Canada that produces and processes iron ores in Canada.

AirBoss of America

Market Cap: CA$127.6m

Manufactures and sells rubber-based products in Canada, the United States, and internationally.

Major Drilling Group International

Market Cap: CA$736.6m

Provides contract drilling services to mining and mineral exploration companies in the United States, Canada, South and Central America, Australasia, and Africa.

Flagship Communities Real Estate Investment Trust

Market Cap: CA$607.5m

An unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated August 12, 2020 (as subsequently amended and restated, the “Declaration of Trust”) under the laws of the Province of Ontario.

Firm Capital Property Trust

Market Cap: CA$218.2m

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income.

Vitalhub

Market Cap: CA$623.0m

Provides technology and software solutions for health and human service providers in Canada, the United States, the United Kingdom, Australia, Western Asia, and internationally.

Docebo

Market Cap: CA$1.1b

Develops and provides a learning management platform for training in North America and internationally.

Quarterhill

Market Cap: CA$163.2m

Operates in the intelligent transportation systems business in Canada and internationally.

BSR Real Estate Investment Trust

Market Cap: CA$961.7m

An internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Plaza Retail REIT

Market Cap: CA$434.1m

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.

Foraco International

Market Cap: CA$190.4m

Provides drilling services in North America, South America, the Asia Pacific, the Middle East, Africa, and Europe.

Tamarack Valley Energy

Market Cap: CA$2.5b

Engages in the exploration, development, production, and sale of oil, natural gas, and natural gas liquids in the Western Canadian sedimentary basin.

Pro Real Estate Investment Trust

Market Cap: CA$342.6m

PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Valeura Energy

Market Cap: CA$836.4m

Engages in the exploration, development, and production of petroleum and natural gas in Thailand and in Turkey.

Chemtrade Logistics Income Fund

Market Cap: CA$1.3b

Offers industrial chemicals and services in Canada, the United States, and South America.

Lithium Royalty

Market Cap: CA$286.2m

Operates as a lithium-focused royalty company in Canada, the United States, Australia, Argentina, Brazil, and South America.

Queen's Road Capital Investment

Market Cap: CA$336.3m

A resource focused investment company, invests in privately held and publicly traded resource companies.

Tantalus Systems Holding

Market Cap: CA$137.6m

A technology company, provides smart grid solutions in Canada and the United States.

Jamieson Wellness

Market Cap: CA$1.5b

Develops, manufactures, distributes, markets, and sells the natural health products for human in Canada, the United States, China, and internationally.

Elemental Altus Royalties

Market Cap: CA$435.0m

Engages in the acquisition and generation of precious metal royalties.

Integra Resources

Market Cap: CA$353.2m

A precious metals producer, engages in the acquisition, exploration, and development of mineral properties in the Great Basin of the Western United States.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$1.2b

Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at May 14, 2025, of interests in a diversified portfolio of 169 income-producing properties and 15.8 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe, and Australasia.

Badger Infrastructure Solutions

Market Cap: CA$1.5b

Provides non-destructive excavating and related services in Canada and the United States.

Obsidian Energy

Market Cap: CA$569.1m

Engages in the exploration, development, and production of oil and natural gas properties in Western Canada.

STEP Energy Services

Market Cap: CA$289.8m

An energy services company, provides integrated coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing to service oil and natural gas industry in Canada and the United States.