TSX Penny Stocks Under CA$400M Market Cap To Keep On Your Radar

As the Canadian market navigates a landscape of cooling economic growth and inflationary pressures, investors are increasingly looking for opportunities that balance affordability with potential upside. Penny stocks, often associated with smaller or newer companies, offer a unique investment avenue that remains relevant despite their somewhat outdated label. When coupled with strong financials and solid fundamentals, these stocks can present hidden opportunities for growth without many of the typical risks associated with this segment of the market.

Top 10 Penny Stocks In Canada

Click here to see the full list of 934 stocks from our TSX Penny Stocks screener.

We're going to check out a few of the best picks from our screener tool.

Forsys Metals (TSX:FSY)

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

Overview: Forsys Metals Corp. is involved in the acquisition, exploration, and development of mineral properties in Africa and has a market cap of CA$128.30 million.

Operations: Forsys Metals Corp. does not report any revenue segments.

Market Cap: CA$128.3M

Forsys Metals Corp., with a market cap of CA$128.30 million, is currently pre-revenue and unprofitable, but it has no debt and its short-term assets exceed liabilities. The company recently raised capital through private placements, securing CA$7.85 million in early 2025 to extend its cash runway beyond the previous estimate of seven months. Forsys's seasoned management team is overseeing an extensive drilling program at the Norasa Uranium project in Africa, which shows potential for resource expansion at the Valencia site. Despite high share price volatility and negative return on equity, these developments may interest speculative investors seeking exposure to uranium exploration.

• Unlock comprehensive insights into our analysis of Forsys Metals stock in this financial health report.
• Gain insights into Forsys Metals' outlook and expected performance with our report on the company's earnings estimates.

GoviEx Uranium (TSXV:GXU)

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

Overview: GoviEx Uranium Inc. is a mineral resources company focused on acquiring, exploring, and developing uranium properties in Africa, with a market cap of CA$52.82 million.

Operations: Currently, there are no reported revenue segments for the company.

Market Cap: CA$52.82M

GoviEx Uranium Inc., with a market cap of CA$52.82 million, is pre-revenue and currently unprofitable, but it remains debt-free with short-term assets exceeding liabilities. The company recently announced a private placement to raise up to CAD 7.5 million, enhancing its cash runway beyond the current three months. GoviEx's feasibility study for the Muntanga Uranium Project in Zambia presents promising economics with an after-tax NPV of US$243 million and an IRR of 20.8%. These developments may attract speculative investors interested in emerging uranium projects amid growing nuclear fuel demand.

• Navigate through the intricacies of GoviEx Uranium with our comprehensive balance sheet health report here.
• Review our historical performance report to gain insights into GoviEx Uranium's track record.

Orogen Royalties (TSXV:OGN)

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

Overview: Orogen Royalties Inc. is a mineral exploration company active in Canada, the United States, Mexico, Argentina, and Kenya with a market cap of CA$322.63 million.

Operations: The company's revenue is primarily derived from mineral exploration, totaling CA$7.33 million.

Market Cap: CA$322.63M

Orogen Royalties Inc., with a market cap of CA$322.63 million, is not pre-revenue and has seen profitability growth over the past five years, although recent earnings have declined. The company benefits from its strategic royalty interests, including a 1% net smelter return royalty on the Expanded Silicon project in Nevada, which now boasts an updated inferred resource of 16.31 million ounces of gold. Additionally, Orogen holds a cash-flowing 2% NSR royalty at the Navidad target in Mexico, where significant gold-silver mineralization has been identified. Orogen remains debt-free with short-term assets comfortably covering liabilities.

• Click here and access our complete financial health analysis report to understand the dynamics of Orogen Royalties.
• Evaluate Orogen Royalties' prospects by accessing our earnings growth report.

Seize The Opportunity

• Click through to start exploring the rest of the 931 TSX Penny Stocks now.
• Have a stake in these businesses? Integrate your holdings into Simply Wall St's portfolio for notifications and detailed stock reports.
• Invest smarter with the free Simply Wall St app providing detailed insights into every stock market around the globe.

Want To Explore Some Alternatives?

• 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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com