Canadian Undervalued based on future growth

Endeavour Mining

Market Cap: CA$17.5b

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

IAMGOLD

Market Cap: CA$13.6b

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

Eldorado Gold

Market Cap: CA$10.1b

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

DPM Metals

Market Cap: CA$9.6b

A gold mining company, engages in the acquisition, exploration, development, mining, and processing of precious metals.

OceanaGold

Market Cap: CA$9.0b

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$8.6b

Operates as a gold producer company in Canada.

Torex Gold Resources

Market Cap: CA$6.6b

Operates as an intermediate gold producer.

SSR Mining

Market Cap: CA$6.3b

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

Aris Mining

Market Cap: CA$4.6b

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

Fortuna Mining

Market Cap: CA$4.2b

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

EQB

Market Cap: CA$3.9b

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

goeasy

Market Cap: CA$2.1b

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

Birchcliff Energy

Market Cap: CA$2.0b

An intermediate oil and natural gas company, engages in the exploration, development, and production of natural gas, light oil, condensate, and other natural gas liquids in Western Canada.

Advantage Energy

Market Cap: CA$1.9b

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

Primaris Real Estate Investment Trust

Market Cap: CA$1.8b

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in enclosed shopping centres in Canadian markets.

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.

Chemtrade Logistics Income Fund

Market Cap: CA$1.7b

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

Bird Construction

Market Cap: CA$1.6b

Provides construction services in Canada.

Alphamin Resources

Market Cap: CA$1.5b

Engages in the production and sale of tin concentrate.

Rockpoint Gas Storage

Market Cap: CA$1.5b

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

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$1.3b

Northwest Healthcare Properties Real Estate Investment Trust ("Northwest", or the "REIT"), is a Canadian open-end trust established on January 1, 2010 and governed pursuant to a third amended and restated Declaration of Trust dated September 15, 2020, as amended by amendments dated as of March 30, 2023, September 21, 2023, June 18, 2024 and May 14, 2025, under the laws of the Province of Ontario ("Declaration of Trust").

Cascades

Market Cap: CA$1.2b

Produces, converts, and markets packaging and tissue products in Canada and the United States.

Meren Energy

Market Cap: CA$1.2b

Operates as an oil and gas exploration and production company in Nigeria, Namibia, South Africa, and Equatorial Guinea.

Orezone Gold

Market Cap: CA$1.1b

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

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$993.3m

Operates as a financial technology company.

Stingray Group

Market Cap: CA$978.6m

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

MCAN Mortgage

Market Cap: CA$899.1m

Operates as a loan and mortgage investment corporation in Canada.

VersaBank

Market Cap: CA$656.8m

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

Cogeco

Market Cap: CA$595.2m

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

North American Construction Group

Market Cap: CA$535.3m

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

Pollard Banknote

Market Cap: CA$532.4m

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

Logan Energy

Market Cap: CA$494.4m

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

Mattr

Market Cap: CA$490.6m

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.

DeFi Technologies

Market Cap: CA$486.2m

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

Saturn Oil & Gas

Market Cap: CA$433.0m

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