3 TSX Penny Stocks With Market Caps Up To CA$200M

Recent economic data from Canada indicates a subdued short-term growth outlook, influenced by factors such as slower consumer spending and population growth. Despite these challenges, the concept of penny stocks remains relevant for investors seeking potential opportunities in smaller or newer companies. These stocks, often characterized by their affordability and growth potential when backed by strong financials, can offer intriguing possibilities for those willing to explore beyond traditional investment avenues.

Top 10 Penny Stocks In Canada

Click here to see the full list of 402 stocks from our TSX Penny Stocks screener.

Let's uncover some gems from our specialized screener.

Greenlane Renewables (TSX:GRN)

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

Overview: Greenlane Renewables Inc. operates globally, offering biogas desulfurization and upgrading systems and services, with a market cap of CA$37.13 million.

Operations: The company's revenue primarily comes from its Machinery & Industrial Equipment segment, which generated CA$42.15 million.

Market Cap: CA$37.13M

Greenlane Renewables has shown promising developments for investors interested in penny stocks. The company recently became profitable, reporting a net income of CA$0.016 million for Q3 2025, compared to a loss the previous year. Greenlane's debt-free status enhances its financial stability, while its short-term assets cover liabilities comfortably. The introduction of the Cascade LF system and associated patents underscores Greenlane's innovation in renewable natural gas technology, potentially offering higher performance at lower costs. However, the management team is relatively new with limited tenure experience, which may introduce some operational risks despite an experienced board of directors.

• Click to explore a detailed breakdown of our findings in Greenlane Renewables' financial health report.
• Assess Greenlane Renewables' previous results with our detailed historical performance reports.

Mega Uranium (TSX:MGA)

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

Overview: Mega Uranium Ltd. is a uranium mining and investment company focused on exploring uranium properties mainly in Canada and Australia, with a market cap of CA$149.13 million.

Operations: Mega Uranium Ltd. currently does not report any revenue segments.

Market Cap: CA$149.13M

Mega Uranium Ltd. presents a mixed picture for penny stock investors. The company is pre-revenue, with no significant revenue streams, and remains unprofitable with a negative return on equity of -7.22%. Despite this, Mega Uranium's financial health shows resilience; it holds more cash than total debt and maintains a cash runway exceeding three years based on current free cash flow stability. While short-term liabilities slightly exceed assets (CA$18M vs CA$17.9M), long-term liabilities are minimal (CA$175K). The seasoned management team and experienced board may provide strategic stability amid the challenges of the uranium sector.

• Click here to discover the nuances of Mega Uranium with our detailed analytical financial health report.
• Gain insights into Mega Uranium's past trends and performance with our report on the company's historical track record.

Kenorland Minerals (TSXV:KLD)

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

Overview: Kenorland Minerals Ltd. focuses on acquiring and exploring mineral properties in North America, with a market cap of CA$166.34 million.

Operations: The company generates revenue primarily through the exploration of mineral properties, amounting to CA$3.43 million.

Market Cap: CA$166.34M

Kenorland Minerals Ltd. offers a complex outlook for penny stock investors. The company is pre-revenue, with limited revenue of CA$3.43 million, and remains unprofitable with increasing losses over the past five years. Despite this, Kenorland's financial position is strong as it is debt-free and has short-term assets of CA$29.2 million exceeding both its short-term (CA$9.7M) and long-term liabilities (CA$3.5M). Recent developments include a significant drill program at the O'Sullivan Project in Quebec, supported by Sumitomo Metal Mining Canada Ltd., highlighting potential exploration upside within promising geological settings.

• Click here and access our complete financial health analysis report to understand the dynamics of Kenorland Minerals.
• Explore historical data to track Kenorland Minerals' performance over time in our past results report.

Summing It All Up

• Embark on your investment journey to our 402 TSX Penny Stocks selection here.
• Looking For Alternative Opportunities? Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence.

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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