Canadian Undervalued based on future growth

Endeavour Mining

Market Cap: CA$18.9b

Operates as a multi-asset gold producer in West Africa.

IAMGOLD

Market Cap: CA$15.0b

Through its subsidiaries, operates as a gold producer and developer in Canada and Burkina Faso.

New Gold

Market Cap: CA$11.5b

An intermediate gold mining company, engages in the development and operation of mineral properties in Canada.

Eldorado Gold

Market Cap: CA$10.7b

Engages in the mining, exploration, development, and sale of mineral products primarily in Turkey, Canada, and Greece.

OceanaGold

Market Cap: CA$10.5b

A gold and copper producer, engages in exploration, development, and operation of mineral properties in the United States, the Philippines, and New Zealand.

B2Gold

Market Cap: CA$9.2b

Operates as a gold producer company in Canada.

SSR Mining

Market Cap: CA$6.7b

Engages in the acquisition, exploration, and development of precious metal resource properties in the United States, Türkiye, Canada, and Argentina.

Torex Gold Resources

Market Cap: CA$6.0b

Operates as an intermediate gold producer.

Aris Mining

Market Cap: CA$4.9b

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

EQB

Market Cap: CA$4.2b

Through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada.

Vermilion Energy

Market Cap: CA$2.1b

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

goeasy

Market Cap: CA$2.1b

Provides non-prime leasing and lending services under the easyhome, easyfinancial, and LendCare brands to consumers in Canada.

Advantage Energy

Market Cap: CA$1.8b

Engages in the acquisition, exploitation, development, and production natural gas, crude oil, and natural gas liquids (NGLs) in the Province of Alberta, Canada.

Bird Construction

Market Cap: CA$1.7b

Provides construction services in Canada.

Rockpoint Gas Storage

Market Cap: CA$1.6b

Owns and operates natural gas storage infrastructure facilities in North America.

Orezone Gold

Market Cap: CA$1.6b

Engages in the mining, exploration, and development of gold properties.

Precision Drilling

Market Cap: CA$1.5b

A drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in the United States, Canada, and internationally.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$1.4b

Northwest Healthcare Properties Real Estate Investment Trust is a Canadian open-end trust governed pursuant to a third amended and restated Declaration of Trust dated September 15, 2020, as amended on March 30, 2023, September 21, 2023, June 18, 2024 and May 14, 2025.

Stingray Group

Market Cap: CA$1.2b

Operates as a music, media, and technology company in Canada, the United States, and internationally.

Magellan Aerospace

Market Cap: CA$1.1b

Through its subsidiaries, engineers and manufactures aeroengine and aerostructure components for aerospace markets in Canada, the United States, and Europe.

Propel Holdings

Market Cap: CA$985.9m

Operates as a financial technology company.

MCAN Mortgage

Market Cap: CA$942.8m

Operates as a loan and mortgage investment corporation in Canada.

Integra Resources

Market Cap: CA$858.2m

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

VersaBank

Market Cap: CA$721.6m

Provides various banking products and services in Canada and the United States.

AutoCanada

Market Cap: CA$689.0m

Through its subsidiaries, operates franchised automobile dealerships and related business.

Cogeco

Market Cap: CA$664.4m

Operates in the communications and media sectors in Canada and the United States.

North American Construction Group

Market Cap: CA$619.3m

Provides mining and heavy civil construction services to customers in the resource development and industrial construction sectors in Australia, Canada, and the United States.

Total Energy Services

Market Cap: CA$616.9m

Operates as an energy services company primarily in Canada, the United States, Australia, and internationally.

Saturn Oil & Gas

Market Cap: CA$598.5m

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

Mattr

Market Cap: CA$572.7m

Operates as a materials technology company that serves the transportation, communication, water management, and energy and electrification markets in Canada, the United States, Latin America, Europe, the Middle East, Africa, and the Asia Pacific.

Pollard Banknote

Market Cap: CA$527.5m

Manufactures and sells lottery and charitable gaming products and solutions in the United States, Canada, and internationally.

Calfrac Well Services

Market Cap: CA$519.1m

Provides specialized oilfield services in Canada, the United States, and Argentina.

Logan Energy

Market Cap: CA$458.7m

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

High Liner Foods

Market Cap: CA$455.5m

Processes and markets prepared and packaged frozen seafood products in North America.

DeFi Technologies

Market Cap: CA$428.3m

A technology company, develops exchange traded products that synthetically track the value of a single DeFi protocol or a basket of protocols in Canada.

Foraco International

Market Cap: CA$293.6m

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