TSX Penny Stocks To Watch In January 2025

As 2025 begins, the Canadian market finds itself navigating the implications of new U.S. policies under President Trump, with particular attention on tariffs and energy reforms. Despite uncertainties, the TSX index has seen gains since Inauguration Day, supported by a robust economic backdrop and potential rate cuts from the Bank of Canada. For investors looking beyond major stocks, penny stocks offer intriguing opportunities; while often associated with smaller or newer companies, they can present significant growth potential when backed by strong financials and resilient balance sheets.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
Silvercorp Metals (TSX:SVM)	CA$4.44	CA$965.98M	★★★★★★
Mandalay Resources (TSX:MND)	CA$4.61	CA$432.92M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.44	CA$124.04M	★★★★★★
Foraco International (TSX:FAR)	CA$2.35	CA$231.32M	★★★★★☆
Findev (TSXV:FDI)	CA$0.48	CA$13.75M	★★★★★★
PetroTal (TSX:TAL)	CA$0.69	CA$632.68M	★★★★★★
NamSys (TSXV:CTZ)	CA$1.00	CA$26.86M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.045	CA$4.07M	★★★★★★
Hemisphere Energy (TSXV:HME)	CA$1.85	CA$179.61M	★★★★★☆
DIRTT Environmental Solutions (TSX:DRT)	CA$1.18	CA$228.22M	★★★★☆☆

Click here to see the full list of 934 stocks from our TSX Penny Stocks screener.

Let's uncover some gems from our specialized screener.

NEXE Innovations (TSXV:NEXE)

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

Overview: NEXE Innovations Inc. is a Canadian company that manufactures and sells plant-based single-serve coffee pods for use in coffee machines, with a market cap of CA$36.97 million.

Operations: The company's revenue segment includes CA$0.06 million from Industrial Automation & Controls.

Market Cap: CA$36.97M

NEXE Innovations, with a market cap of CA$36.97 million, remains pre-revenue despite recent strategic moves. The company has secured multiple purchase orders from notable clients like Bridgehead Coffee and ecoBeans, reflecting growing interest in its compostable coffee pods. Recent partnerships, such as with EKOCUPS for the high-volume single-serve pod market, highlight its focus on sustainable alternatives. Financially stable with more cash than debt and sufficient short-term assets to cover liabilities, NEXE's experienced management team is navigating unprofitability while aiming to capitalize on eco-friendly consumer trends through strategic agreements and product deliveries.

• Dive into the specifics of NEXE Innovations here with our thorough balance sheet health report.
• Examine NEXE Innovations' past performance report to understand how it has performed in prior years.

Santacruz Silver Mining (TSXV:SCZ)

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

Overview: Santacruz Silver Mining Ltd. is involved in the acquisition, exploration, development, and operation of mineral properties in Latin America with a market cap of CA$117.43 million.

Operations: The company's revenue is derived from its operations at Porco ($37.38 million), Bolivar ($79.43 million), Zimapan ($70.61 million), SAN Lucas ($73.13 million), and the Caballo Blanco Group ($67.09 million).

Market Cap: CA$117.43M

Santacruz Silver Mining Ltd., with a market cap of CA$117.43 million, has recently transitioned to profitability, reporting a net income of US$4.06 million for the third quarter of 2024. The company’s revenue streams from its operations in Porco, Bolivar, Zimapan, SAN Lucas, and the Caballo Blanco Group contribute to stable financial performance. With cash exceeding total debt and short-term assets covering liabilities, Santacruz demonstrates robust financial health. Its return on equity is outstanding at 102.7%, though management's average tenure suggests recent changes in leadership dynamics while maintaining shareholder value without dilution over the past year.

• Unlock comprehensive insights into our analysis of Santacruz Silver Mining stock in this financial health report.
• Assess Santacruz Silver Mining's future earnings estimates with our detailed growth reports.

Thiogenesis Therapeutics (TSXV:TTI)

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

Overview: Thiogenesis Therapeutics Corp. is a biopharmaceutical company focused on developing thiol-active therapeutic compounds for unmet pediatric medical needs, with a market cap of CA$29.13 million.

Operations: Thiogenesis Therapeutics Corp. has not reported any revenue segments.

Market Cap: CA$29.13M

Thiogenesis Therapeutics Corp., with a market cap of CA$29.13 million, is pre-revenue and faces challenges typical of early-stage biopharmaceutical firms. Despite being debt-free and having short-term assets of CA$4.3 million that exceed its liabilities, the company has less than a year of cash runway if free cash flow continues to decline at historical rates. Recent developments include the approval of a core patent in Europe, which could enhance its intellectual property portfolio. The board's average tenure is relatively inexperienced at 2.8 years, and earnings have been declining annually by 28.3% over five years, reflecting ongoing financial hurdles.

• Click to explore a detailed breakdown of our findings in Thiogenesis Therapeutics' financial health report.
• Explore historical data to track Thiogenesis Therapeutics' performance over time in our past results report.

Turning Ideas Into Actions

• Take a closer look at our TSX Penny Stocks list of 934 companies by clicking here.
• Already own these companies? Bring clarity to your investment decisions by linking up your portfolio with Simply Wall St, where you can monitor all the vital signs of your stocks effortlessly.
• Simply Wall St is your key to unlocking global market trends, a free user-friendly app for forward-thinking investors.

Interested In Other Possibilities?

• 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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