November 2024 TSX Penny Stocks To Watch

The Canadian market has been navigating the aftermath of a decisive U.S. election, which has removed a significant source of uncertainty and contributed to record highs for indices like the TSX. As investors assess potential policy shifts, there remains an opportunity to focus on long-term fundamentals rather than short-term political changes. In this context, penny stocks—often smaller or newer companies—continue to offer intriguing growth opportunities despite being considered niche investments today. These stocks can provide value and growth potential when backed by strong financials, making them worth watching in the current market landscape.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Financial Health Rating
PetroTal (TSX:TAL)	CA$0.67	CA$611.57M	★★★★★★
Amerigo Resources (TSX:ARG)	CA$1.67	CA$285.18M	★★★★★☆
Alvopetro Energy (TSXV:ALV)	CA$4.91	CA$182.67M	★★★★★★
Pulse Seismic (TSX:PSD)	CA$2.30	CA$116.54M	★★★★★★
Findev (TSXV:FDI)	CA$0.425	CA$11.75M	★★★★★☆
Vox Royalty (TSX:VOXR)	CA$3.65	CA$190.72M	★★★★★★
Winshear Gold (TSXV:WINS)	CA$0.155	CA$4.87M	★★★★★★
Foraco International (TSX:FAR)	CA$2.22	CA$237.5M	★★★★★☆
Mandalay Resources (TSX:MND)	CA$3.31	CA$317.69M	★★★★★★
East West Petroleum (TSXV:EW)	CA$0.035	CA$3.62M	★★★★★★

Click here to see the full list of 958 stocks from our TSX Penny Stocks screener.

Let's uncover some gems from our specialized screener.

Delota (CNSX:NIC)

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

Overview: Delota Corp. operates in the retail sector, focusing on various cannabis products in Canada, with a market cap of CA$4.08 million.

Operations: The company generates revenue from its Retail - Specialty segment, amounting to CA$37.88 million.

Market Cap: CA$4.08M

Delota Corp., with a market cap of CA$4.08 million, has shown improvement in its financial performance, reporting CA$9.76 million in sales for the second quarter of 2024, up from CA$8.3 million the previous year, and achieving a net income of CA$0.34 million compared to a loss previously. The company is expanding its retail footprint with new locations in Ontario and plans for strategic mergers and acquisitions to scale operations across Canada. Despite past shareholder dilution and high share price volatility, Delota maintains sufficient cash reserves to cover liabilities and support growth initiatives.

• Navigate through the intricacies of Delota with our comprehensive balance sheet health report here.
• Gain insights into Delota's historical outcomes by reviewing our past performance report.

Trilogy AI (CNSX:TRAI)

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

Overview: Trilogy AI Corp. operates as a consumer-packaged goods company in the United States with a market cap of CA$5.09 million.

Operations: No revenue segments have been reported.

Market Cap: CA$5.09M

Trilogy AI Corp., with a market cap of CA$5.09 million, is currently pre-revenue and unprofitable. The company recently announced a non-brokered private placement to raise up to CA$300,000, which may help extend its cash runway beyond the current one-month estimate based on free cash flow. Although Trilogy AI has no debt and short-term assets exceed liabilities, it faces challenges such as high share price volatility and an inexperienced board with an average tenure of 2.1 years. Despite reducing losses over the past five years, profitability remains elusive for this highly volatile stock.

• Click here and access our complete financial health analysis report to understand the dynamics of Trilogy AI.
• Review our historical performance report to gain insights into Trilogy AI's track record.

High Arctic Energy Services (TSX:HWO)

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

Overview: High Arctic Energy Services Inc. is an oilfield services company offering support to exploration and production companies in Canada and Papua New Guinea, with a market cap of CA$13.82 million.

Operations: The company generates revenue from its Ancillary Services segment, amounting to CA$18.21 million.

Market Cap: CA$13.82M

High Arctic Energy Services Inc., with a market cap of CA$13.82 million, operates in the oilfield services sector and faces challenges typical of penny stocks. Despite generating revenue from its Ancillary Services segment, the company remains unprofitable with increasing losses over the past five years. Short-term assets significantly exceed both short and long-term liabilities, reflecting financial stability despite volatility in share price. Recent earnings showed an increase in sales but continued net losses, highlighting ongoing profitability struggles. The board is experienced, and debt levels are satisfactory with adequate coverage by operating cash flow, yet shareholder dilution has occurred recently.

• Jump into the full analysis health report here for a deeper understanding of High Arctic Energy Services.
• Evaluate High Arctic Energy Services' historical performance by accessing our past performance report.

Key Takeaways

• Embark on your investment journey to our 958 TSX Penny Stocks selection here.
• Have you diversified into these companies? Leverage the power of Simply Wall St's portfolio to keep a close eye on market movements affecting your investments.
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Searching for a Fresh Perspective?

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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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