Discover December 2024's Top Penny Stocks on TSX

The Canadian market has shown resilience, supported by easing monetary policies and robust performances in key sectors such as financials and materials. For investors exploring beyond established names, penny stocks—often representing smaller or newer companies—can offer intriguing opportunities. Despite being a somewhat outdated term, these stocks remain relevant for those seeking growth potential at lower price points, especially when they possess strong balance sheets and solid fundamentals.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Alvopetro Energy (TSXV:ALV)	CA$4.36	CA$159.29M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.71	CA$283.52M	★★★★★☆
Findev (TSXV:FDI)	CA$0.47	CA$13.46M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.33	CA$118.56M	★★★★★★
PetroTal (TSX:TAL)	CA$0.63	CA$574.88M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.61	CA$339.15M	★★★★★★
Foraco International (TSX:FAR)	CA$2.13	CA$210.78M	★★★★★☆
Silvercorp Metals (TSX:SVM)	CA$4.60	CA$1B	★★★★★★
Winshear Gold (TSXV:WINS)	CA$0.165	CA$5.18M	★★★★★★
Hemisphere Energy (TSXV:HME)	CA$1.88	CA$183.36M	★★★★★☆

Click here to see the full list of 915 stocks from our TSX Penny Stocks screener.

Let's uncover some gems from our specialized screener.

Allegiant Gold (TSXV:AUAU)

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

Overview: Allegiant Gold Ltd. focuses on the exploration and evaluation of resource properties in the United States with a market capitalization of CA$17.34 million.

Operations: Allegiant Gold Ltd. does not report any revenue segments.

Market Cap: CA$17.34M

Allegiant Gold, with a market cap of CA$17.34 million, is pre-revenue and focuses on exploration projects like the Eastside District. Recent updates aim to double its resource size and discover new zones. The company has no debt, supported by short-term assets of CA$4.3 million exceeding liabilities. Its Price-to-Earnings ratio is 4.7x, below the Canadian market average, suggesting potential undervaluation for investors considering penny stocks. Allegiant recently became profitable after years of growth in earnings and maintains stable weekly volatility at 11%. Management's experience remains unclear while the board averages over five years in tenure.

• Get an in-depth perspective on Allegiant Gold's performance by reading our balance sheet health report here.
• Understand Allegiant Gold's track record by examining our performance history report.

Oroco Resource (TSXV:OCO)

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

Overview: Oroco Resource Corp. is an exploration stage company focused on acquiring and exploring mineral properties in Mexico, with a market cap of CA$69.33 million.

Operations: Oroco Resource Corp. does not report any revenue segments as it is currently in the exploration stage.

Market Cap: CA$69.33M

Oroco Resource Corp., with a market cap of CA$69.33 million, remains pre-revenue, focusing on mineral exploration in Mexico. Recent earnings reports highlight ongoing financial challenges, including a net loss of CA$1.25 million for the first quarter ending August 2024 and auditor concerns about its ability to continue as a going concern. Despite being debt-free and having short-term assets exceeding liabilities, Oroco faces cash runway limitations with less than one year remaining if current cash flow trends persist. Shareholder dilution occurred over the past year, while management and board tenure averages indicate experienced leadership amidst stable weekly volatility at 8%.

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

Avante (TSXV:XX)

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

Overview: Avante Corp. develops security technologies, products, and solutions across various countries including Canada, the United States, and the United Kingdom, with a market cap of CA$23.71 million.

Operations: The company generates CA$26.99 million in revenue from its security segment.

Market Cap: CA$23.71M

Avante Corp., with a market cap of CA$23.71 million, is actively pursuing growth through strategic acquisitions and innovative security solutions like the AI-powered Halo system. Despite reporting increased sales of CA$16 million for the first half of 2024, the company remains unprofitable with a net loss of CA$1.02 million over this period. Avante's financial position is strengthened by more cash than debt, and its short-term assets cover both short- and long-term liabilities comfortably. While its board has limited experience, Avante's management team brings seasoned leadership to navigate its expansion strategy amidst stable weekly volatility at 8%.

• Dive into the specifics of Avante here with our thorough balance sheet health report.
• Gain insights into Avante's historical outcomes by reviewing our past performance report.

Next Steps

• Embark on your investment journey to our 915 TSX Penny Stocks selection here.
• Already own these companies? Link your portfolio to Simply Wall St and get alerts on any new warning signs to your stocks.
• Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor.

Seeking Other Investments?

• 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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com