Discovering Happy Creek Minerals And 2 Other Promising Penny Stocks On The TSX

In the last week, the Canadian market has been flat, but it has seen a robust 23% increase over the past year, with earnings expected to grow by 16% annually in the coming years. In such a climate, identifying stocks that combine strong financials and growth potential is crucial for investors seeking value. While the term "penny stock" may seem outdated, it remains relevant as these smaller or newer companies often present unique opportunities for growth at lower price points.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Alvopetro Energy (TSXV:ALV)	CA$4.83	CA$176.58M	★★★★★★
Mandalay Resources (TSX:MND)	CA$4.16	CA$390.75M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.16	CA$109.91M	★★★★★★
Findev (TSXV:FDI)	CA$0.43	CA$12.32M	★★★★★★
PetroTal (TSX:TAL)	CA$0.60	CA$547.51M	★★★★★★
Foraco International (TSX:FAR)	CA$2.28	CA$224.43M	★★★★★☆
NamSys (TSXV:CTZ)	CA$1.09	CA$29.28M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★
Silvercorp Metals (TSX:SVM)	CA$4.45	CA$968.15M	★★★★★★
Winshear Gold (TSXV:WINS)	CA$0.16	CA$5.03M	★★★★★★

Click here to see the full list of 924 stocks from our TSX Penny Stocks screener.

Let's review some notable picks from our screened stocks.

Happy Creek Minerals (TSXV:HPY)

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

Overview: Happy Creek Minerals Ltd. is involved in the acquisition, exploration, and development of mineral properties in Canada with a market cap of CA$6.59 million.

Operations: Currently, there are no reported revenue segments for the company.

Market Cap: CA$6.59M

Happy Creek Minerals Ltd., with a market cap of CA$6.59 million, remains pre-revenue, focusing on exploration and development activities. The company has been actively expanding its mineral property portfolio through recent fieldwork on the Silverboss and Hen-DL properties in British Columbia, revealing potential copper-gold mineralization. Despite being debt-free, Happy Creek faces financial challenges with short-term assets not covering liabilities and a volatile share price. Recent fundraising efforts via private placements have provided some capital relief but highlight ongoing funding needs for planned drilling programs at the Fox Tungsten Project aimed at increasing resource estimates by mid-2025.

• Take a closer look at Happy Creek Minerals' potential here in our financial health report.
• Gain insights into Happy Creek Minerals' historical outcomes by reviewing our past performance report.

Nicola Mining (TSXV:NIM)

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

Overview: Nicola Mining Inc., with a market cap of CA$45.96 million, is a junior exploration and custom milling company focused on identifying, acquiring, and exploring mineral property interests in Canada.

Operations: Nicola Mining Inc. has not reported any specific revenue segments.

Market Cap: CA$45.96M

Nicola Mining Inc., with a market cap of CA$45.96 million, is currently pre-revenue and unprofitable, facing challenges such as a negative return on equity and high net debt to equity ratio. The company's short-term assets do not cover long-term liabilities, but recent capital raises through private placements have bolstered its financial position slightly. Despite these hurdles, Nicola has been active in exploration efforts at its New Craigmont Copper Project and Dominion Creek Gold/Silver Project, signaling potential future growth opportunities. The management team is relatively new, which may impact strategic execution moving forward.

• Get an in-depth perspective on Nicola Mining's performance by reading our balance sheet health report here.
• Assess Nicola Mining's previous results with our detailed historical performance reports.

Atlas Salt (TSXV:SALT)

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

Overview: Atlas Salt Inc. focuses on the valuation, exploration, development, and production of industrial mineral properties in Newfoundland and Labrador, Canada with a market cap of CA$59.65 million.

Operations: Atlas Salt Inc. does not currently report any revenue segments.

Market Cap: CA$59.65M

Atlas Salt Inc., with a market cap of CA$59.65 million, is currently pre-revenue and unprofitable, yet it remains debt-free and has a sufficient cash runway for over a year. The company's short-term assets significantly exceed its liabilities, providing some financial stability. Recent developments include the commencement of geotechnical drilling at the Great Atlantic Salt Project and securing necessary land leases to support future development phases. Despite an inexperienced management team with an average tenure of 1.3 years, strategic moves like acquiring mineral rights for long-term salt extraction could position Atlas Salt for potential growth in the industrial minerals sector.

• Click here to discover the nuances of Atlas Salt with our detailed analytical financial health report.
• Evaluate Atlas Salt's historical performance by accessing our past performance report.

Summing It All Up

• Reveal the 924 hidden gems among our TSX Penny Stocks screener with a single click here.
• Shareholder in one or more of these companies? Ensure you're never caught off-guard by adding your portfolio in Simply Wall St for timely alerts on significant stock developments.
• Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Searching for a Fresh Perspective?

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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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