3 TSX Penny Stocks With At Least CA$1M Market Cap

In the last week, the Canadian market has been flat, but it is up 20% over the past year with earnings forecast to grow by 16% annually. While penny stocks may seem like a term from earlier market days, they still represent smaller or less-established companies that can offer great value. By focusing on those with strong financials and clear growth potential, investors might find promising opportunities in these stocks.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Alvopetro Energy (TSXV:ALV)	CA$4.80	CA$175.36M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.66	CA$275.23M	★★★★★☆
Pulse Seismic (TSX:PSD)	CA$2.31	CA$117.56M	★★★★★★
Findev (TSXV:FDI)	CA$0.43	CA$12.32M	★★★★★☆
Mandalay Resources (TSX:MND)	CA$3.30	CA$311.07M	★★★★★★
PetroTal (TSX:TAL)	CA$0.65	CA$593.16M	★★★★★★
Winshear Gold (TSXV:WINS)	CA$0.17	CA$5.34M	★★★★★★
Foraco International (TSX:FAR)	CA$2.17	CA$214.74M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.05	CA$28.21M	★★★★★★

Click here to see the full list of 963 stocks from our TSX Penny Stocks screener.

Let's dive into some prime choices out of the screener.

Permex Petroleum (CNSX:OIL)

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

Overview: Permex Petroleum Corporation is a junior oil and gas company focused on acquiring, exploring, developing, and producing oil and gas properties in the United States with a market cap of CA$1.60 million.

Operations: The company's revenue is derived from the acquisition, development, and production of oil and gas properties, totaling $0.22 million.

Market Cap: CA$1.6M

Permex Petroleum Corporation is a junior oil and gas company with a market cap of CA$1.60 million, currently pre-revenue with annual revenue under US$1 million. Recent financial challenges include delayed SEC filings and rising net losses, which have grown over the past five years. The company's short-term liabilities significantly exceed its assets, although it has raised additional capital to extend its cash runway temporarily. Despite these hurdles, Permex has taken steps to strengthen its board by appointing seasoned industry professionals and is actively seeking acquisitions to bolster growth prospects amidst high share price volatility.

• Click here to discover the nuances of Permex Petroleum with our detailed analytical financial health report.
• Gain insights into Permex Petroleum's historical outcomes by reviewing our past performance report.

Harfang Exploration (TSXV:HAR)

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

Overview: Harfang Exploration Inc. is an exploration and evaluation stage company focused on acquiring and exploring mineral properties in Canada, with a market cap of CA$4.85 million.

Operations: No revenue segments are reported for this exploration and evaluation stage company.

Market Cap: CA$4.85M

Harfang Exploration Inc., with a market cap of CA$4.85 million, is pre-revenue and remains unprofitable, with losses increasing over the past five years. The company maintains a debt-free status and has sufficient cash runway for over a year. Recent exploration efforts have yielded promising high-grade gold discoveries at its Menarik East Property in Québec, highlighting significant gold potential in previously underexplored areas. However, the management team lacks extensive experience, and shareholders have faced dilution recently. Despite these challenges, Harfang's strategic land acquisitions aim to capitalize on its mineral findings amidst high share price volatility.

• Navigate through the intricacies of Harfang Exploration with our comprehensive balance sheet health report here.
• Explore historical data to track Harfang Exploration's performance over time in our past results report.

Kesselrun Resources (TSXV:KES)

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

Overview: Kesselrun Resources Ltd. is involved in the acquisition, exploration, and development of mineral properties in Canada with a market cap of CA$3.76 million.

Operations: Kesselrun Resources Ltd. does not report any specific revenue segments as it focuses on the acquisition, exploration, and development of mineral properties in Canada.

Market Cap: CA$3.76M

Kesselrun Resources Ltd., with a market cap of CA$3.76 million, is pre-revenue and unprofitable but has managed to reduce losses by 3.2% annually over the past five years. The company maintains more cash than debt, ensuring short-term liabilities are covered despite high share price volatility. Recent exploration activities at the Huronian Gold Project show promise, with mapping and UAV magnetics surveys underway to identify new gold mineralization zones outside the historic mine area. The seasoned management team aims to advance these target areas to drill-ready status, potentially enhancing future resource estimates and investor interest in this volatile sector.

• Jump into the full analysis health report here for a deeper understanding of Kesselrun Resources.
• Assess Kesselrun Resources' previous results with our detailed historical performance reports.

Next Steps

• Navigate through the entire inventory of 963 TSX Penny Stocks here.
• 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.
• Discover a world of investment opportunities with Simply Wall St's free app and access unparalleled stock analysis across all markets.

Contemplating Other Strategies?

• 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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