3 TSX Penny Stocks With Market Caps Under CA$300M

As we move into 2025, the Canadian market continues to reflect a supportive economic backdrop, with the TSX having gained significant ground in the previous year. For investors seeking opportunities beyond well-known stocks, penny stocks—often representing smaller or emerging companies—remain an intriguing area for exploration. Despite their vintage label, these stocks can offer surprising value and potential stability when backed by solid financial foundations.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Mandalay Resources (TSX:MND)	CA$3.95	CA$375.64M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.46	CA$119.47M	★★★★★★
Silvercorp Metals (TSX:SVM)	CA$4.46	CA$948.57M	★★★★★★
PetroTal (TSX:TAL)	CA$0.64	CA$574.58M	★★★★★★
Findev (TSXV:FDI)	CA$0.50	CA$14.32M	★★★★★★
Foraco International (TSX:FAR)	CA$2.40	CA$241.16M	★★★★★☆
NamSys (TSXV:CTZ)	CA$1.18	CA$32.24M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.045	CA$3.17M	★★★★★★
Orezone Gold (TSX:ORE)	CA$0.63	CA$302.67M	★★★★★☆
Hemisphere Energy (TSXV:HME)	CA$1.84	CA$182.38M	★★★★★☆

Click here to see the full list of 942 stocks from our TSX Penny Stocks screener.

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

Quarterhill (TSX:QTRH)

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

Overview: Quarterhill Inc., along with its subsidiaries, operates in the intelligent transportation system sector both in Canada and internationally, with a market cap of CA$196.84 million.

Operations: The company generates revenue of $157.24 million from its Intelligent Transportation Systems segment.

Market Cap: CA$196.84M

Quarterhill Inc., with a market cap of CA$196.84 million, operates in the intelligent transportation system sector and faces challenges typical of penny stocks. Despite generating US$157.24 million in revenue from its Intelligent Transportation Systems segment, it remains unprofitable with increasing losses over the past five years at a rate of 41.7% annually. However, recent contracts such as a US$40 million project for Alameda County's I-580 Express Lanes highlight growth opportunities and long-term commitments in infrastructure projects. The company's short-term assets exceed liabilities, providing some financial stability despite an increased debt-to-equity ratio over five years.

• Unlock comprehensive insights into our analysis of Quarterhill stock in this financial health report.
• Evaluate Quarterhill's prospects by accessing our earnings growth report.

Emerita Resources (TSXV:EMO)

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

Overview: Emerita Resources Corp. is a natural resource company focused on acquiring, exploring, and developing mineral properties in Spain, with a market cap of CA$294.48 million.

Operations: Emerita Resources Corp. does not report any revenue segments at this time.

Market Cap: CA$294.48M

Emerita Resources Corp., with a market cap of CA$294.48 million, is pre-revenue and focused on its Iberian Belt West Project in Spain. Recent metallurgical testing has shown promising results for gold recovery at the La Romanera deposit, using a two-stage process that enhances precious metal recoveries while being environmentally friendly. The company is debt-free but faces challenges with shareholder dilution and limited cash runway under a year. Drilling at the El Cura deposit indicates significant copper-gold-silver mineralization, suggesting potential resource expansion as project engineering progresses toward an updated mineral resource estimate expected in early 2025.

• Click to explore a detailed breakdown of our findings in Emerita Resources' financial health report.
• Explore Emerita Resources' analyst forecasts in our growth report.

Atlas Salt (TSXV:SALT)

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

Overview: Atlas Salt Inc. is involved in the valuation, exploration, development, and production of industrial mineral properties in Newfoundland and Labrador, Canada with a market cap of CA$70.24 million.

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

Market Cap: CA$70.24M

Atlas Salt Inc., with a market cap of CA$70.24 million, is pre-revenue and focused on its Great Atlantic Salt Project in Newfoundland and Labrador. The company recently commenced a geotechnical drilling program to assess rock conditions and groundwater behavior, critical for de-risking project construction. Despite being unprofitable, Atlas Salt has no debt and maintains sufficient short-term assets (CA$9.3 million) to cover liabilities, providing some financial stability. However, the management team is relatively inexperienced with an average tenure of 1.3 years, which may pose challenges as they advance the project toward development stages.

• Jump into the full analysis health report here for a deeper understanding of Atlas Salt.
• Assess Atlas Salt's previous results with our detailed historical performance reports.

Summing It All Up

• Dive into all 942 of the TSX Penny Stocks we have identified here.
• Are these companies part of your investment strategy? Use Simply Wall St to consolidate your holdings into a portfolio and gain insights with our comprehensive analysis tools.
• Invest smarter with the free Simply Wall St app providing detailed insights into every stock market around the globe.

Searching for a Fresh Perspective?

• 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