TSX Penny Stocks To Watch In November 2024

Over the last 7 days, the Canadian market has remained flat, but it's up 21% over the past year with earnings forecasted to grow by 16% annually. In such a climate, identifying stocks that combine growth potential with strong financial foundations can be particularly rewarding. Penny stocks, often associated with smaller or newer companies, offer a unique opportunity for investors seeking value at lower price points while still providing a chance for significant returns when backed by solid fundamentals.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Alvopetro Energy (TSXV:ALV)	CA$4.64	CA$173.17M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.73	CA$286.83M	★★★★★☆
Pulse Seismic (TSX:PSD)	CA$2.30	CA$116.04M	★★★★★★
PetroTal (TSX:TAL)	CA$0.63	CA$584.01M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.38	CA$325.16M	★★★★★★
Winshear Gold (TSXV:WINS)	CA$0.16	CA$5.03M	★★★★★★
Findev (TSXV:FDI)	CA$0.45	CA$12.75M	★★★★★☆
Foraco International (TSX:FAR)	CA$2.10	CA$207.81M	★★★★★☆
NamSys (TSXV:CTZ)	CA$1.09	CA$29.28M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★

Click here to see the full list of 965 stocks from our TSX Penny Stocks screener.

Let's take a closer look at a couple of our picks from the screened companies.

Eloro Resources (TSX:ELO)

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

Overview: Eloro Resources Ltd. is involved in the exploration and development of mineral properties in Bolivia and Peru, with a market cap of CA$73.51 million.

Operations: Eloro Resources Ltd. currently does not report any revenue segments.

Market Cap: CA$73.51M

Eloro Resources, with a market cap of CA$73.51 million, is currently pre-revenue and unprofitable, reflecting its early-stage exploration status in Bolivia and Peru. The company has no debt and recently raised CA$3.78 million through private placements to support ongoing projects like the Iska Iska silver-tin polymetallic project. Despite shareholder dilution over the past year, Eloro's management team remains experienced with strategic investors backing recent capital raises. The company's focus on increasing drilling density aims to improve resource estimates critical for future economic assessments and potential production plans at their Bolivian site.

• Jump into the full analysis health report here for a deeper understanding of Eloro Resources.
• Assess Eloro Resources' future earnings estimates with our detailed growth reports.

Sailfish Royalty (TSXV:FISH)

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

Overview: Sailfish Royalty Corp. focuses on acquiring precious metals royalty and streaming agreements, with a market cap of CA$100.20 million.

Operations: There are no reported revenue segments for this company.

Market Cap: CA$100.2M

Sailfish Royalty Corp., with a market cap of CA$100.20 million, has recently transitioned to profitability, reporting net income of US$1.15 million for the first nine months of 2024. Despite its low revenue base of US$2.11 million, the company maintains a satisfactory net debt to equity ratio and covers its short-term liabilities comfortably with assets totaling US$5.6 million. However, earnings are forecasted to decline by an average of 17.8% annually over the next three years, and dividends are not well covered by earnings or free cash flows, indicating potential financial challenges ahead despite recent profit growth.

• Navigate through the intricacies of Sailfish Royalty with our comprehensive balance sheet health report here.
• Review our growth performance report to gain insights into Sailfish Royalty's future.

Wilton Resources (TSXV:WIL)

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

Overview: Wilton Resources Inc. is a Canadian company focused on oil and gas exploration and development, with a market cap of CA$47.65 million.

Operations: The company's revenue segment is derived from oil and gas exploration and development, amounting to CA$0.01 million.

Market Cap: CA$47.65M

Wilton Resources Inc., with a market cap of CA$47.65 million, remains pre-revenue, generating minimal revenue of CA$11K. The company is unprofitable, reporting a net loss of CA$1.23 million for the first half of 2024, and has experienced shareholder dilution with shares growing by 7.3%. Despite these challenges, Wilton's seasoned board and management team offer stability with average tenures exceeding industry norms. The company is debt-free and its short-term assets cover both short-term and long-term liabilities comfortably. However, high volatility persists in its share price compared to most Canadian stocks.

• Click here and access our complete financial health analysis report to understand the dynamics of Wilton Resources.
• Explore historical data to track Wilton Resources' performance over time in our past results report.

Turning Ideas Into Actions

• Unlock more gems! Our TSX Penny Stocks screener has unearthed 962 more companies for you to explore.Click here to unveil our expertly curated list of 965 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.
• Discover a world of investment opportunities with Simply Wall St's free app and access unparalleled stock analysis across all markets.

Seeking Other Investments?

• 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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