TSX Penny Stocks To Watch In September 2025

As the Canadian economy navigates a period of contraction, with GDP having declined by 1.6% in the second quarter, investors are eyeing potential rate cuts from the Bank of Canada that could stimulate market activity. In this context, penny stocks—often smaller or newer companies—remain an intriguing area for those seeking opportunities in under-the-radar investments. Despite their somewhat outdated name, these stocks can offer surprising value when backed by strong financials and may present promising prospects for long-term growth.

Top 10 Penny Stocks In Canada

Click here to see the full list of 407 stocks from our TSX Penny Stocks screener.

Here's a peek at a few of the choices from the screener.

GMV Minerals (TSXV:GMV)

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

Overview: GMV Minerals Inc. is an exploration stage company focused on sourcing and exploring mineral properties in the United States, with a market cap of CA$29.57 million.

Operations: GMV Minerals Inc. has not reported any revenue segments, as it is currently in the exploration stage of mineral property development in the United States.

Market Cap: CA$29.57M

GMV Minerals Inc. operates as a pre-revenue exploration stage company with a market cap of CA$29.57 million, focusing on mineral properties in the U.S. Despite its unprofitability, GMV has managed to reduce losses by 3.8% annually over five years and remains debt-free with no long-term liabilities. The experienced management and board are notable strengths, averaging tenures of 16.5 and 12.7 years respectively. Recent positive developments include an updated Preliminary Economic Assessment for the Mexican Hat Gold Project, highlighting robust potential economics with significant IRR and NPV figures at current gold prices, suggesting promising future prospects for investors mindful of volatility risks.

• Click here and access our complete financial health analysis report to understand the dynamics of GMV Minerals.
• Learn about GMV Minerals' historical performance here.

Labrador Gold (TSXV:LAB)

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

Overview: Labrador Gold Corp. focuses on acquiring and exploring gold properties in the Americas, with a market cap of CA$20.40 million.

Operations: The company does not report distinct revenue segments.

Market Cap: CA$20.4M

Labrador Gold Corp., with a market cap of CA$20.40 million, is a pre-revenue exploration company focused on gold properties in the Americas. The company recently reported a net loss for the third quarter, though it has maintained a debt-free status for five years and possesses sufficient cash runway exceeding three years. Despite high share price volatility and declining earnings over five years, Labrador Gold's management and board are experienced with average tenures of 5.3 and 9.6 years respectively. Recent exploration activities at its Hopedale project show promising gold occurrences, underscoring potential future growth amidst inherent risks.

• Dive into the specifics of Labrador Gold here with our thorough balance sheet health report.
• Evaluate Labrador Gold's historical performance by accessing our past performance report.

Santacruz Silver Mining (TSXV:SCZ)

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

Overview: Santacruz Silver Mining Ltd. is involved in acquiring, exploring, developing, producing, and operating mineral properties in Latin America, with a market cap of CA$676.72 million.

Operations: The company's revenue is derived from its operations at Porco ($40.12 million), Bolivar ($82.69 million), Zimapan ($90.00 million), SAN Lucas ($88.04 million), and the Caballo Blanco Group ($73.94 million).

Market Cap: CA$676.72M

Santacruz Silver Mining Ltd. demonstrates a mixed profile within the penny stock landscape, marked by both strengths and challenges. The company has shown significant revenue growth, reporting US$73.3 million in Q2 2025 sales, alongside a substantial increase in net income to US$20.98 million from the previous year. Its financial discipline is evident with debt well-covered by operating cash flow and interest payments easily managed by EBIT. However, recent production declines across silver and base metals present concerns, as does negative earnings growth over the past year compared to industry standards. Despite these issues, Santacruz's valuation appears attractive at 46% below estimated fair value.

• Take a closer look at Santacruz Silver Mining's potential here in our financial health report.
• Assess Santacruz Silver Mining's future earnings estimates with our detailed growth reports.

Turning Ideas Into Actions

• Get an in-depth perspective on all 407 TSX Penny Stocks by using our screener 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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