TSX Penny Stocks To Watch In October 2024

The Canadian stock market is experiencing a strong year, with the TSX index up more than 17%, reflecting a broader trend of economic growth, favorable central bank policies, and rising corporate profits. In this context, identifying promising investment opportunities requires looking beyond well-established companies to those that may offer significant potential for growth. Penny stocks, though an older term, remain relevant as they often represent smaller or newer companies that can provide value and growth opportunities when backed by solid financials.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.67	CA$620.84M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$11.75M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.18	CA$5.18M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.34	CA$304.56M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.37	CA$116.65M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.80	CA$298.44M	★★★★★☆
Foraco International (TSX:FAR)	CA$2.37	CA$236.62M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.17M	★★★★★★
Newport Exploration (TSXV:NWX)	CA$0.115	CA$12.14M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.11	CA$29.82M	★★★★★★

Click here to see the full list of 948 stocks from our TSX Penny Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

Fox River Resources (CNSX:FOX)

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

Overview: Fox River Resources Corporation focuses on the acquisition, exploration, evaluation, and development of mineral and natural resources properties with a market cap of CA$24.36 million.

Operations: Fox River Resources Corporation does not report any revenue segments.

Market Cap: CA$24.36M

Fox River Resources, a pre-revenue company with a market cap of CA$24.36 million, is debt-free but faces financial challenges due to its unprofitability and less than one year of cash runway. Despite stable short-term asset coverage and an experienced board, the company has experienced increasing losses over the past five years at a rate of 29.7% annually. Recent earnings reports show consistent net losses without significant change from previous periods, highlighting ongoing financial struggles. The stock's high volatility further underscores the risks associated with investing in this penny stock within Canada's mining sector.

• Take a closer look at Fox River Resources' potential here in our financial health report.
• Learn about Fox River Resources' historical performance here.

Surge Battery Metals (TSXV:NILI)

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

Overview: Surge Battery Metals Inc. is an exploration stage company focused on acquiring, exploring, and developing mineral properties in North America with a market cap of CA$72.39 million.

Operations: Surge Battery Metals Inc. currently does not report any revenue segments as it is an exploration stage company focused on mineral properties in North America.

Market Cap: CA$72.39M

Surge Battery Metals Inc., with a market cap of CA$72.39 million, is pre-revenue and faces financial constraints with less than a year of cash runway. Despite being debt-free and having short-term assets exceeding liabilities, the company has diluted shareholders over the past year. Recent developments include a significant increase in resource estimates at its Nevada North Lithium Project, highlighting strong growth potential through expanded lithium resources and high-grade findings. However, ongoing net losses—CAD 3.95 million for the first half of 2024—and an inexperienced board present challenges for this exploration-stage penny stock in Canada's mining sector.

• Click to explore a detailed breakdown of our findings in Surge Battery Metals' financial health report.
• Review our historical performance report to gain insights into Surge Battery Metals' track record.

Nova Leap Health (TSXV:NLH)

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

Overview: Nova Leap Health Corp. operates in the United States and Canada, offering home and home health care services, with a market cap of CA$24.14 million.

Operations: The company's revenue is primarily derived from its operations in the United States, which contribute $22.27 million, and Canada, which add $3.60 million.

Market Cap: CA$24.14M

Nova Leap Health Corp., with a market cap of CA$24.14 million, operates in the home health care sector across the US and Canada, generating substantial revenue from both regions. The company has recently transitioned to profitability, reporting net income of US$0.70 million for the first half of 2024, compared to a loss in the previous year. Despite experiencing high share price volatility and low return on equity at 0.7%, Nova Leap's financial position is robust with cash exceeding debt and short-term assets covering liabilities effectively. Additionally, its board is experienced with an average tenure of eight years.

• Dive into the specifics of Nova Leap Health here with our thorough balance sheet health report.
• Explore historical data to track Nova Leap Health's performance over time in our past results report.

Key Takeaways

• Discover the full array of 948 TSX Penny Stocks right here.
• Are these companies part of your investment strategy? Use Simply Wall St to consolidate your holdings into a portfolio and gain insights with our comprehensive analysis tools.
• Simply Wall St is a revolutionary app designed for long-term stock investors, it's free and covers every market in the world.

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.

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