Canadian Undervalued based on future growth

Alamos Gold

Market Cap: CA$18.6b

Operates as a gold producer in Canada and Mexico.

Endeavour Mining

Market Cap: CA$17.1b

Operates as a gold mining company in West Africa.

Eldorado Gold

Market Cap: CA$11.6b

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

G Mining Ventures

Market Cap: CA$9.5b

A mining company, engages in the acquisition, exploration, evaluation, development, and operation of mineral properties.

China Gold International Resources

Market Cap: CA$8.5b

A gold and base metal mining company, acquires, explores, develops, and mines mineral resources in the People’s Republic of China and Canada.

B2Gold

Market Cap: CA$7.5b

Operates as a gold producer company in Canada.

Artemis Gold

Market Cap: CA$7.4b

Engages in the identification, acquisition, and development of gold properties in Canada.

K92 Mining

Market Cap: CA$5.5b

Engages in the exploration and development of mineral deposits in Papua New Guinea.

Orla Mining

Market Cap: CA$4.7b

Acquires, explores, develops, and exploits mineral properties.

EQB

Market Cap: CA$4.5b

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

Aris Mining

Market Cap: CA$4.4b

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

Fortuna Mining

Market Cap: CA$3.7b

Engages in the precious and base metal mining and related activities in Argentina, Côte d’Ivoire, Mexico, Peru, and Senegal.

Parex Resources

Market Cap: CA$2.1b

Engages in the exploration, development, production, and marketing of oil and natural gas in Colombia.

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.

Chemtrade Logistics Income Fund

Market Cap: CA$1.8b

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

Advantage Energy

Market Cap: CA$1.7b

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

Orezone Gold

Market Cap: CA$1.5b

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

GoGold Resources

Market Cap: CA$1.4b

Engages in the exploration, development, and production of silver, gold, and copper primarily in Mexico It owns the Los Ricos property, which includes Los Ricos South and Los Ricos North projects, that covers 45 concessions with an area of approximately 24,000 hectares situated in the Jalisco State, Mexico; and the Parral Tailings project located in the city of Parral.

Sagicor Financial

Market Cap: CA$1.1b

Provides various financial services to individuals and corporations in Canada, the United States, Jamaica, and the rest of the Caribbean.

Pason Systems

Market Cap: CA$946.2m

Provides instrumentation and data management systems for oil and gas drilling in Canada, the United States, and internationally.

Saturn Oil & Gas

Market Cap: CA$921.1m

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

Propel Holdings

Market Cap: CA$917.9m

Operates as a financial technology company.

Mako Mining

Market Cap: CA$909.8m

Engages in mineral exploration and exploitation activities in Nicaragua, the United States, and Guyana.

VersaBank

Market Cap: CA$878.6m

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

Andean Precious Metals

Market Cap: CA$849.5m

Engages in the acquisition, exploration, development, and processing of mineral resource properties in the United States.

Total Energy Services

Market Cap: CA$783.2m

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

Galiano Gold

Market Cap: CA$702.7m

Operates as a gold mining company.

Martinrea International

Market Cap: CA$698.0m

Engages in the design, development, manufacture, and sale of engineered, value-added lightweight structures, and propulsion systems for the automotive sector in North America, Europe, and internationally.

Calfrac Well Services

Market Cap: CA$652.7m

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

Docebo

Market Cap: CA$625.2m

Develops and provides learning management platform for training in Canada, the United States, and internationally.

Cogeco

Market Cap: CA$598.9m

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

Logan Energy

Market Cap: CA$574.0m

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

D2L

Market Cap: CA$552.2m

Provides cloud-based learning software for higher education institutions, kindergarten to grade 12 schools and districts, and private sector enterprises in Canada, the United States, and internationally.

Timbercreek Financial

Market Cap: CA$546.2m

Provides shorter-duration structured financing solutions to commercial real estate investors in Canada.

Fiera Capital

Market Cap: CA$540.9m

An publicly owned investment manager.

North American Construction Group

Market Cap: CA$521.5m

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