TSX Penny Stocks To Consider In October 2024

Over the last 7 days, the Canadian market has risen by 1.2%, and over the past year, it has surged by 28%, with earnings expected to grow significantly in the coming years. For those interested in investing in smaller or newer companies, penny stocks—though an outdated term—can still offer significant opportunities for growth at lower price points. By focusing on stocks with robust financials and strong fundamentals, investors can uncover potential hidden gems that may provide both stability and upside potential.

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.

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

Rockhaven Resources (TSXV:RK)

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

Overview: Rockhaven Resources Ltd. is an exploration stage company involved in acquiring, exploring, and evaluating mineral properties in Canada, with a market capitalization of CA$16.57 million.

Operations: Currently, there are no reported revenue segments for this exploration stage company.

Market Cap: CA$16.57M

Rockhaven Resources Ltd., with a market capitalization of CA$16.57 million, is currently pre-revenue and unprofitable, making direct comparisons to the Metals and Mining industry challenging. The company has no significant revenue streams but maintains a strong cash runway for over a year without debt. Its management team and board are experienced, with average tenures of 3.2 and 9.5 years respectively. Despite high volatility in share price, Rockhaven's short-term assets cover its liabilities comfortably. Recent earnings reports indicate reduced net losses compared to last year, reflecting some financial improvement despite ongoing challenges in profitability growth.

• Take a closer look at Rockhaven Resources' potential here in our financial health report.
• Explore historical data to track Rockhaven Resources' performance over time in our past results report.

SATO Technologies (TSXV:SATO)

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

Overview: SATO Technologies Corp. is a blockchain company focused on cryptocurrency mining operations in Canada, with a market cap of CA$16.85 million.

Operations: The company's revenue is primarily generated from its Compute Power for Bitcoin Mining segment, amounting to CA$19.63 million.

Market Cap: CA$16.85M

SATO Technologies, with a market cap of CA$16.85 million, has shown significant growth in revenue, reporting CA$10.19 million for the first half of 2024 compared to CA$8.12 million a year ago. The company became profitable recently but faced a net loss in Q2 2024 despite increased sales from CA$1.08 million to CA$4.27 million year-over-year. SATO's financial position is supported by short-term assets exceeding liabilities and manageable debt levels with operating cash flow covering debt well. The launch of its "Club Mining" app could enhance community engagement and potentially drive future growth within the Bitcoin ecosystem.

• Get an in-depth perspective on SATO Technologies' performance by reading our balance sheet health report here.
• Gain insights into SATO Technologies' future direction by reviewing our growth report.

TriStar Gold (TSXV:TSG)

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

Overview: TriStar Gold, Inc. is involved in acquiring, exploring, and developing precious metal prospects in the Americas with a market cap of CA$32.19 million.

Operations: TriStar Gold, Inc. currently does not have any reported revenue segments.

Market Cap: CA$32.19M

TriStar Gold, Inc., with a market cap of CA$32.19 million, is pre-revenue and currently unprofitable but has reduced its losses by 10.7% annually over the past five years. The company benefits from a seasoned management team with an average tenure of 8.8 years and no debt for the past five years, providing financial stability. TriStar's short-term assets of US$2.1 million exceed both short-term liabilities and long-term liabilities, ensuring liquidity despite recent significant insider selling and increased net losses reported in Q2 2024 compared to the previous year.

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

Make It Happen

• Reveal the 948 hidden gems among our TSX Penny Stocks screener with a single click here.
• Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up.
• Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Looking For Alternative Opportunities?

• 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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