TSX Penny Stocks To Watch In January 2025

As we step into 2025, the Canadian market is buoyed by a supportive economic backdrop, with the TSX having gained 18% in 2024 amid strong performances across various sectors. For investors interested in smaller or newer companies, penny stocks—though an older term—remain relevant as they offer potential growth opportunities at lower price points. When these stocks are backed by solid financial health, they can present valuable prospects without many of the typical risks associated with this segment of the market.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Mandalay Resources (TSX:MND)	CA$4.09	CA$375.64M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.42	CA$119.47M	★★★★★★
Silvercorp Metals (TSX:SVM)	CA$4.40	CA$948.57M	★★★★★★
PetroTal (TSX:TAL)	CA$0.66	CA$574.58M	★★★★★★
Findev (TSXV:FDI)	CA$0.50	CA$14.32M	★★★★★★
Foraco International (TSX:FAR)	CA$2.40	CA$241.16M	★★★★★☆
NamSys (TSXV:CTZ)	CA$1.14	CA$32.24M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.045	CA$3.17M	★★★★★★
Orezone Gold (TSX:ORE)	CA$0.71	CA$302.67M	★★★★★☆
Hemisphere Energy (TSXV:HME)	CA$1.83	CA$182.38M	★★★★★☆

Click here to see the full list of 943 stocks from our TSX Penny Stocks screener.

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

First Lithium Minerals (CNSX:FLM)

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

Overview: First Lithium Minerals Corp. is a mineral exploration and development company operating in Chile, Ontario, and Quebec with a market cap of CA$7.16 million.

Operations: Currently, there are no revenue segments reported for this mineral exploration and development company.

Market Cap: CA$7.16M

First Lithium Minerals Corp., with a market cap of CA$7.16 million, is pre-revenue and currently unprofitable. The company has no long-term liabilities and more cash than debt, providing a sufficient cash runway for over a year based on current free cash flow. Despite stable weekly volatility over the past year, it remains higher than 75% of Canadian stocks, highlighting potential risk for investors. Recent earnings announcements showed continued net losses but improved from the previous year’s nine-month period. Shareholders experienced dilution with a 4.7% increase in shares outstanding, while short-term assets comfortably cover liabilities.

• Jump into the full analysis health report here for a deeper understanding of First Lithium Minerals.
• Review our historical performance report to gain insights into First Lithium Minerals' track record.

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$41.85 million.

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

Market Cap: CA$41.85M

Belo Sun Mining Corp., with a market cap of CA$41.85 million, is pre-revenue and unprofitable, reporting a net loss of CA$1.59 million for Q3 2024. The company recently raised CA$1.17 million through a private placement involving La Mancha, without significant shareholder dilution in the past year. Despite increased weekly volatility to 27%, Belo Sun remains debt-free with sufficient short-term assets (CA$11.6M) covering liabilities (CA$3.1M). Its seasoned management and board offer stability, though its cash runway supports operations for only 2.5 years if free cash flow continues at historical growth rates.

• Click to explore a detailed breakdown of our findings in Belo Sun Mining's financial health report.
• Gain insights into Belo Sun Mining's past trends and performance with our report on the company's historical track record.

Grande Portage Resources (TSXV:GPG)

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

Overview: Grande Portage Resources Ltd. is an exploration stage company focused on exploring and developing natural resource properties in the United States, with a market cap of CA$23.92 million.

Operations: Grande Portage Resources Ltd. has not reported any revenue segments as it is currently in the exploration stage.

Market Cap: CA$23.92M

Grande Portage Resources Ltd., with a market cap of CA$23.92 million, is pre-revenue and currently unprofitable. The company has no debt but faces liquidity challenges, with short-term assets (CA$163.3K) not covering its liabilities (CA$319.2K). Recently, it raised capital through private placements and announced plans for extensive exploration at its New Amalga Mine Gold project in Alaska, including 10,000 meters of diamond drilling. Shareholders experienced an 8.4% dilution over the past year as the company issued more shares to fund operations and incentivize consultants through stock options priced at CA$0.30 per share.

• Unlock comprehensive insights into our analysis of Grande Portage Resources stock in this financial health report.
• Evaluate Grande Portage Resources' historical performance by accessing our past performance report.

Next Steps

• Navigate through the entire inventory of 943 TSX Penny Stocks 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 your key to unlocking global market trends, a free user-friendly app for forward-thinking investors.

Interested In Other Possibilities?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
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• 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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