3 TSX Penny Stocks With Market Caps Over CA$10M To Consider

As Canada navigates the complexities of new U.S. policies, including potential tariff implications and energy sector reforms, the TSX index has shown resilience with a positive performance since Inauguration Day. Amid this backdrop, penny stocks—though an older term—remain relevant for investors seeking opportunities in smaller or emerging companies that can offer unique value propositions. By focusing on those with strong financials and growth potential, investors can uncover promising candidates that might not only provide stability but also potential upside in their portfolios.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Alvopetro Energy (TSXV:ALV)	CA$4.93	CA$180.96M	★★★★★★
Silvercorp Metals (TSX:SVM)	CA$4.65	CA$970.33M	★★★★★★
Mandalay Resources (TSX:MND)	CA$4.67	CA$429.16M	★★★★★★
Foraco International (TSX:FAR)	CA$2.39	CA$217.54M	★★★★★☆
PetroTal (TSX:TAL)	CA$0.67	CA$610.81M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.43	CA$116.42M	★★★★★★
Findev (TSXV:FDI)	CA$0.51	CA$13.75M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.00	CA$26.86M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.62M	★★★★★★
Hemisphere Energy (TSXV:HME)	CA$1.84	CA$178.64M	★★★★★☆

Click here to see the full list of 931 stocks from our TSX Penny Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Noble Mineral Exploration (TSXV:NOB)

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

Overview: Noble Mineral Exploration Inc. is a junior exploration company focused on exploring and evaluating mineral properties in Canada, with a market cap of CA$10.68 million.

Operations: Noble Mineral Exploration Inc. has not reported any revenue segments.

Market Cap: CA$10.68M

Noble Mineral Exploration Inc., with a market cap of CA$10.68 million, remains pre-revenue and unprofitable, facing auditor concerns about its ability to continue as a going concern. Despite these challenges, the company has made strategic moves like acquiring the Chateau Property in Quebec, which shows potential for critical minerals such as uranium and rare earth elements. Additionally, Noble's joint venture with Canada Nickel on the Mann Property in Ontario is progressing with promising drill results indicating nickel sulphide mineralization. The management team is experienced, providing some stability amidst high share price volatility and financial uncertainty.

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

Royal Road Minerals (TSXV:RYR)

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

Overview: Royal Road Minerals Limited is involved in the exploration and development of mineral properties across the Kingdom of Saudi Arabia, Morocco, Colombia, and Nicaragua, with a market cap of CA$25.24 million.

Operations: Royal Road Minerals Limited has not reported any revenue segments.

Market Cap: CA$25.24M

Royal Road Minerals Limited, with a market cap of CA$25.24 million, is pre-revenue and unprofitable but remains debt-free, providing some financial flexibility. The company has focused its exploration efforts on the Jabal Sahabiyah project in Saudi Arabia, relinquishing other rights to concentrate resources here. Recent updates highlight significant mineralization potential at Jabal Muwayqirah and Hanash South prospects, with planned drilling set for early 2025. Despite losses narrowing compared to previous periods and having an experienced management team, Royal Road faces challenges typical of early-stage mining ventures without revenue streams yet established.

• Click here to discover the nuances of Royal Road Minerals with our detailed analytical financial health report.
• Gain insights into Royal Road Minerals' historical outcomes by reviewing our past performance report.

EarthLabs (TSXV:SPOT)

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

Overview: EarthLabs Inc. is a Canadian mining investment and technology company with a market cap of CA$19.98 million.

Operations: The company's revenue is derived entirely from its Financial Technology segment, amounting to CA$6.55 million.

Market Cap: CA$19.98M

EarthLabs Inc., with a market cap of CA$19.98 million, is navigating the penny stock landscape with some positive financial shifts. The company reported significant revenue growth, achieving CA$9.72 million for the nine months ending September 2024, up from CA$2.09 million the previous year. Despite being unprofitable and having a negative return on equity, EarthLabs has reduced its net loss to CA$1.23 million from CA$5.4 million over the same period last year. Its strong cash position and experienced management team provide stability as it continues to address challenges typical of companies in its sector without meaningful profit margins yet established.

• Jump into the full analysis health report here for a deeper understanding of EarthLabs.
• Review our historical performance report to gain insights into EarthLabs' track record.

Next Steps

• Unlock more gems! Our TSX Penny Stocks screener has unearthed 928 more companies for you to explore.Click here to unveil our expertly curated list of 931 TSX Penny Stocks.
• Are you invested in these stocks already? Keep abreast of every twist and turn by setting up a portfolio with Simply Wall St, where we make it simple for investors like you to stay informed and proactive.
• Simply Wall St is a revolutionary app designed for long-term stock investors, it's free and covers every market in the world.

Want To Explore Some Alternatives?

• 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.

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