As markets anticipate potential rate cuts from the Bank of Canada and the Fed, investors are keeping a close eye on economic indicators that could influence future monetary policy decisions. Amidst this backdrop, penny stocks—often representing smaller or newer companies—remain an intriguing area for those seeking growth opportunities at lower price points. While the term might seem outdated, these stocks can offer significant potential when backed by strong financials and solid fundamentals.
Top 10 Penny Stocks In Canada
| Name | Share Price | Market Cap | Rewards & Risks |
| Westbridge Renewable Energy (TSXV:WEB) | CA$2.15 | CA$54.37M | ✅ 3 ⚠️ 4 View Analysis > |
| Canso Select Opportunities (TSXV:CSOC.A) | CA$4.80 | CA$22.99M | ✅ 2 ⚠️ 2 View Analysis > |
| Montero Mining and Exploration (TSXV:MON) | CA$0.34 | CA$2.84M | ✅ 2 ⚠️ 4 View Analysis > |
| CEMATRIX (TSX:CEMX) | CA$0.28 | CA$42.06M | ✅ 2 ⚠️ 1 View Analysis > |
| Thor Explorations (TSXV:THX) | CA$1.10 | CA$731.83M | ✅ 3 ⚠️ 2 View Analysis > |
| Automotive Finco (TSXV:AFCC.H) | CA$0.95 | CA$18.83M | ✅ 2 ⚠️ 3 View Analysis > |
| Amerigo Resources (TSX:ARG) | CA$2.36 | CA$381.12M | ✅ 3 ⚠️ 2 View Analysis > |
| Pulse Seismic (TSX:PSD) | CA$3.50 | CA$177.64M | ✅ 2 ⚠️ 1 View Analysis > |
| Hemisphere Energy (TSXV:HME) | CA$1.97 | CA$187.48M | ✅ 3 ⚠️ 1 View Analysis > |
| Matachewan Consolidated Mines (TSXV:MCM.A) | CA$0.66 | CA$8.21M | ✅ 2 ⚠️ 4 View Analysis > |
Click here to see the full list of 408 stocks from our TSX Penny Stocks screener.
Let's review some notable picks from our screened stocks.
Tree Island Steel (TSX:TSL)
Simply Wall St Financial Health Rating: ★★★★☆☆
Overview: Tree Island Steel Ltd. manufactures and sells steel wire and fabricated steel wire products in Canada, the United States, and internationally with a market cap of CA$72.68 million.
Operations: The company generates revenue from three primary segments: CA$82.45 million in Canada, CA$103.04 million in the United States, and CA$3.50 million internationally.
Market Cap: CA$72.68M
Tree Island Steel Ltd. faces challenges as a penny stock with declining earnings and unprofitability, yet it maintains a stable financial position with short-term assets (CA$90.8M) exceeding both short-term (CA$18.6M) and long-term liabilities (CA$29.8M). The company has reduced its debt significantly over five years, from 96.7% to 0.6%, and holds more cash than total debt, indicating prudent financial management despite negative operating cash flow. Recent events include a dividend declaration of $0.015 per share and completion of a small share buyback program, reflecting ongoing shareholder returns amidst fluctuating sales figures across key markets.
- Click to explore a detailed breakdown of our findings in Tree Island Steel's financial health report.
- Understand Tree Island Steel's track record by examining our performance history report.
Progressive Planet Solutions (TSXV:PLAN)
Simply Wall St Financial Health Rating: ★★★★★★
Overview: Progressive Planet Solutions Inc. is involved in the acquisition and exploration of mineral properties in Canada and the United States, with a market cap of CA$30.73 million.
Operations: Progressive Planet Solutions Inc. has not reported any specific revenue segments.
Market Cap: CA$30.73M
Progressive Planet Solutions Inc., with a market cap of CA$30.73 million, is navigating the penny stock landscape by showing significant growth and strategic financial management. The company has achieved a remarkable earnings growth of 517.8% over the past year, surpassing industry standards, and maintains profitability with net profit margins improving from 2.4% to 13.9%. Its debt is well managed, with short-term assets exceeding liabilities and a satisfactory net debt to equity ratio of 6.1%. Recent developments include securing mineral rights for Ferguson Creek Pozzolan Property and signing exclusive supply agreements for geothermal grout, indicating potential future revenue streams.
- Navigate through the intricacies of Progressive Planet Solutions with our comprehensive balance sheet health report here.
- Examine Progressive Planet Solutions' past performance report to understand how it has performed in prior years.
Rockhaven Resources (TSXV:RK)
Simply Wall St Financial Health Rating: ★★★★★☆
Overview: Rockhaven Resources Ltd. is an exploration stage company focused on acquiring, exploring, and evaluating mineral properties in Canada with a market cap of CA$21.96 million.
Operations: Rockhaven Resources Ltd. does not report any revenue segments as it is currently in the exploration stage, concentrating on mineral property acquisition and evaluation in Canada.
Market Cap: CA$21.96M
Rockhaven Resources Ltd., with a market cap of CA$21.96 million, operates as a pre-revenue exploration company in Canada, focusing on mineral property acquisition and evaluation. Despite being debt-free and having a cash runway exceeding three years based on current free cash flow, the company's financials reflect challenges typical of its stage; it reported increased net losses for the second quarter and six months ending June 30, 2025. The management team is experienced with an average tenure of 3.8 years, while its board boasts significant experience averaging over ten years per member. Shareholders have not faced meaningful dilution recently.
- Click here to discover the nuances of Rockhaven Resources with our detailed analytical financial health report.
- Learn about Rockhaven Resources' historical performance here.
Summing It All Up
- Jump into our full catalog of 408 TSX Penny Stocks here.
- Searching for a Fresh Perspective? Outshine the giants: these 24 early-stage AI stocks could fund your retirement.
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.
Valuation is complex, but we're here to simplify it.
Discover if Tree Island Steel might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.
Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com