TSX Penny Stocks To Watch In October 2025

As the Canadian market navigates a landscape marked by global economic shifts and interest rate expectations, investors are increasingly attentive to new opportunities. While the term "penny stocks" might seem outdated, these smaller or newer companies continue to present intriguing investment possibilities. This article explores three penny stocks that combine financial resilience with potential for significant returns, offering investors a chance to uncover hidden value in quality companies.

Top 10 Penny Stocks In Canada

Click here to see the full list of 405 stocks from our TSX Penny Stocks screener.

We'll examine a selection from our screener results.

Irving Resources (CNSX:IRV)

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

Overview: Irving Resources Inc. is a junior resource exploration company focused on acquiring and exploring mineral properties in Canada and Japan, with a market cap of CA$27.09 million.

Operations: Irving Resources Inc. does not have any reported revenue segments at this time.

Market Cap: CA$27.09M

Irving Resources Inc., a pre-revenue junior exploration company, is actively engaged in mineral property exploration with recent promising drilling results at its East Yamagano JV. The discovery of multiple mineralized vein zones suggests potential for significant gold grades. Despite being unprofitable, Irving has managed to reduce losses over the past five years and maintains a stable cash runway of over a year without debt. The appointment of Mackenzie Clugston, former Canadian Ambassador to Japan, as an independent director adds strategic depth to the board. However, high share price volatility remains a concern for investors.

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

Geodrill (TSX:GEO)

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

Overview: Geodrill Limited, with a market cap of CA$165.07 million, offers mineral exploration drilling services to mining companies in West Africa, Egypt, Chile, and Peru.

Operations: The company generates $166.31 million from its business services segment, providing mineral exploration drilling in regions including West Africa, Egypt, Chile, and Peru.

Market Cap: CA$165.07M

Geodrill Limited, with a market cap of CA$165.07 million, has shown robust financial performance recently. The company reported significant earnings growth over the past year, with net income rising to US$10.9 million for the first half of 2025 from US$6.95 million a year ago, and sales increasing to US$99.1 million from US$75.84 million in the same period last year. Despite an increase in debt-to-equity ratio over five years, Geodrill's debt is well-covered by operating cash flow and interest payments are comfortably managed by EBIT. The management team is experienced, contributing to stable operations amidst industry volatility.

• Dive into the specifics of Geodrill here with our thorough balance sheet health report.
• Explore Geodrill's analyst forecasts in our growth report.

Unigold (TSXV:UGD)

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

Overview: Unigold Inc. is a junior natural resource company dedicated to exploring and developing gold projects in the Dominican Republic, with a market cap of CA$60.15 million.

Operations: Unigold Inc. does not report any revenue segments.

Market Cap: CA$60.15M

Unigold Inc., with a market cap of CA$60.15 million, remains pre-revenue as it focuses on gold exploration in the Dominican Republic. The company is debt-free and has no long-term liabilities, supported by short-term assets of CA$1.5 million exceeding liabilities of CA$553.4K. Despite being unprofitable, Unigold has reduced its losses by 18.6% annually over five years and maintains a cash runway for 11 months after recent capital raises through private placements totaling CA$140,000. However, its high share price volatility and negative return on equity highlight investment risks associated with this junior resource company.

• Click to explore a detailed breakdown of our findings in Unigold's financial health report.
• Understand Unigold's track record by examining our performance history report.

Where To Now?

• Embark on your investment journey to our 405 TSX Penny Stocks selection here.
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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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