TSX Penny Stocks To Consider In October 2024

Over the last 7 days, the Canadian market has remained flat, though it is up 27% over the past year and earnings are forecast to grow by 16% annually. In light of these conditions, investors may find value in smaller or less-established companies that offer potential growth opportunities. While penny stocks might seem like a relic from earlier market days, they continue to be relevant for those seeking investments with strong financials and clear growth paths.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.68	CA$611.71M	★★★★★★
Alvopetro Energy (TSXV:ALV)	CA$5.00	CA$184.89M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.34	CA$120.73M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$11.75M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.15	CA$5.66M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.35	CA$313.96M	★★★★★★
Foraco International (TSX:FAR)	CA$2.31	CA$233.67M	★★★★★☆
Amerigo Resources (TSX:ARG)	CA$1.75	CA$298.44M	★★★★★☆
NamSys (TSXV:CTZ)	CA$1.15	CA$29.82M	★★★★★★
Enterprise Group (TSX:E)	CA$2.07	CA$132.27M	★★★★☆☆

Click here to see the full list of 947 stocks from our TSX Penny Stocks screener.

Let's review some notable picks from our screened stocks.

Belo Sun Mining (TSX:BSX)

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: Belo Sun Mining Corp. is a gold exploration and development company operating in Brazil, with a market cap of CA$24.12 million.

Operations: Belo Sun Mining Corp. currently does not report any revenue segments.

Market Cap: CA$24.12M

Belo Sun Mining Corp., with a market cap of CA$24.12 million, is a pre-revenue company focused on gold exploration in Brazil. It has experienced management and board members, with average tenures of 9.6 and 4.7 years, respectively. Despite being debt-free and having no long-term liabilities, the company remains unprofitable with increasing losses over the past five years at an annual rate of 11.7%. Its share price has been highly volatile recently, though shareholders haven't faced significant dilution in the past year. Belo Sun's short-term assets significantly exceed its short-term liabilities by CA$10 million.

• Click here to discover the nuances of Belo Sun Mining with our detailed analytical financial health report.
• Explore historical data to track Belo Sun Mining's performance over time in our past results report.

Strategic Metals (TSXV:SMD)

Simply Wall St Financial Health Rating: ★★★★★☆

Overview: Strategic Metals Ltd. is involved in acquiring, exploring, and evaluating mineral properties in Canada with a market cap of CA$18.86 million.

Operations: Strategic Metals Ltd. has not reported any revenue segments.

Market Cap: CA$18.86M

Strategic Metals Ltd., with a market cap of CA$18.86 million, is a pre-revenue company focused on mineral exploration in Canada. Despite being debt-free, it remains unprofitable with losses increasing by 14% annually over the past five years. The company's short-term assets of CA$5.2 million cover its short-term liabilities but not its long-term liabilities of CA$5.3 million. Management and board members are experienced, averaging tenures of 13.4 and 15 years respectively, providing stability amid financial challenges. Recent earnings reports show stable losses per share compared to the previous year, indicating consistent financial performance without significant shareholder dilution.

• Get an in-depth perspective on Strategic Metals' performance by reading our balance sheet health report here.
• Gain insights into Strategic Metals' historical outcomes by reviewing our past performance report.

Avante (TSXV:XX)

Simply Wall St Financial Health Rating: ★★★★★★

Overview: Avante Corp. develops security technologies, products, and solutions across various countries including Canada, the United States, and the United Kingdom, with a market cap of CA$25.31 million.

Operations: The company generates revenue primarily from its Avante Security segment, amounting to CA$25.07 million.

Market Cap: CA$25.31M

Avante Corp., with a market cap of CA$25.31 million, has seen its revenue from the Avante Security segment reach CA$25.07 million, indicating it is not pre-revenue. Despite this, the company remains unprofitable with increasing losses over five years at 2.9% annually and a negative return on equity of -24.3%. However, Avante's financial stability is supported by having more cash than debt and short-term assets covering both short- and long-term liabilities. Recent strategic moves include an acquisition of additional shares by CEO Emmanuel Mounouchos, signaling confidence in potential growth through acquisitions and service expansion initiatives.

• Click here and access our complete financial health analysis report to understand the dynamics of Avante.
• Gain insights into Avante's past trends and performance with our report on the company's historical track record.

Next Steps

• Unlock more gems! Our TSX Penny Stocks screener has unearthed 944 more companies for you to explore.Click here to unveil our expertly curated list of 947 TSX Penny Stocks.
• Have you diversified into these companies? Leverage the power of Simply Wall St's portfolio to keep a close eye on market movements affecting your investments.
• Maximize your investment potential with Simply Wall St, the comprehensive app that offers global market insights for free.

Curious About Other Options?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Jump on the AI train with fast growing tech companies forging a new era of innovation.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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