TSX Penny Stocks To Watch In October 2024

Over the last 7 days, the Canadian market has risen by 1.2%, contributing to a remarkable 28% increase over the past year, with earnings expected to grow by 16% annually in the coming years. The term 'penny stocks' might feel like a relic of past market eras, but the potential they represent is as real as ever. Typically referring to smaller or relatively new companies, these stocks can provide a mix of affordability and growth potential when paired with strong financials.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.67	CA$620.84M	★★★★★★
Findev (TSXV:FDI)	CA$0.42	CA$11.75M	★★★★★☆
Winshear Gold (TSXV:WINS)	CA$0.18	CA$5.18M	★★★★★★
Mandalay Resources (TSX:MND)	CA$3.34	CA$304.56M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.37	CA$116.65M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.80	CA$298.44M	★★★★★☆
Foraco International (TSX:FAR)	CA$2.37	CA$236.62M	★★★★★☆
East West Petroleum (TSXV:EW)	CA$0.04	CA$3.17M	★★★★★★
Newport Exploration (TSXV:NWX)	CA$0.115	CA$12.14M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.11	CA$29.82M	★★★★★★

Click here to see the full list of 948 stocks from our TSX Penny Stocks screener.

We'll examine a selection from our screener results.

C21 Investments (CNSX:CXXI)

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

Overview: C21 Investments Inc. is an integrated cannabis company that cultivates, processes, distributes, and sells cannabis and hemp-derived consumer products in the United States with a market cap of CA$36.01 million.

Operations: C21 Investments generates revenue primarily from its cannabis cultivation segment, which reported $26.79 million.

Market Cap: CA$36.01M

C21 Investments, with a market cap of CA$36.01 million, reported US$6.6 million in sales for the first quarter ending June 2024, but remains unprofitable with a net loss of US$1.41 million. The company has reduced its debt significantly over five years and maintains a positive free cash flow, providing a cash runway exceeding three years despite its current losses. While trading at 77.3% below estimated fair value suggests potential undervaluation, high share price volatility and insufficient short-term asset coverage highlight financial risks that investors should consider when evaluating this penny stock opportunity in the cannabis sector.

• Click here to discover the nuances of C21 Investments with our detailed analytical financial health report.
• Explore historical data to track C21 Investments' performance over time in our past results report.

Loncor Gold (TSX:LN)

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

Overview: Loncor Gold Inc. is a gold exploration company focused on acquiring, exploring, and developing precious metal projects in the Ngayu greenstone belt in the Democratic Republic of the Congo and Canada, with a market cap of CA$61.85 million.

Operations: Loncor Gold Inc. currently does not report any revenue segments.

Market Cap: CA$61.85M

Loncor Gold Inc., with a market cap of CA$61.85 million, is pre-revenue and focuses on gold exploration in the DRC and Canada. Despite its unprofitability, the company has reduced its debt to equity ratio significantly over five years and holds more cash than total debt. Recent developments include resuming drilling at the Adumbi project, where significant mineral resources have been identified but remain open at depth. The management team is experienced with an average tenure of 14.6 years, though financial constraints are evident as Loncor has less than one year of cash runway based on current free cash flow trends.

• Jump into the full analysis health report here for a deeper understanding of Loncor Gold.
• Evaluate Loncor Gold's historical performance by accessing our past performance report.

Pacific Booker Minerals (TSXV:BKM)

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

Overview: Pacific Booker Minerals Inc. is involved in the exploration of mineral properties in Canada and has a market cap of CA$22.37 million.

Operations: There are no reported revenue segments for the company.

Market Cap: CA$22.37M

Pacific Booker Minerals Inc., with a market cap of CA$22.37 million, is pre-revenue and engaged in mineral exploration in Canada. The company is currently unprofitable, with net losses increasing over the past year. Despite this, it maintains a strong financial position with no debt and sufficient cash runway for more than three years based on current free cash flow trends. However, its short-term assets do not cover short-term liabilities of CA$676.5K. The board is seasoned with an average tenure of 19.3 years, although the management team's experience remains unclear due to insufficient data.

• Dive into the specifics of Pacific Booker Minerals here with our thorough balance sheet health report.
• Gain insights into Pacific Booker Minerals' past trends and performance with our report on the company's historical track record.

Key Takeaways

• Investigate our full lineup of 948 TSX Penny Stocks right here.
• Already own these companies? Link your portfolio to Simply Wall St and get alerts on any new warning signs to your stocks.
• Maximize your investment potential with Simply Wall St, the comprehensive app that offers global market insights for free.

Interested In Other Possibilities?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
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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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