3 Promising TSX Penny Stocks With Market Caps Under CA$60M

Canadian markets have shown resilience, closing October near record highs despite a more hawkish stance from central banks and ongoing geopolitical tensions. In this context, penny stocks—often representing smaller or newer companies—remain an intriguing investment area, offering potential growth opportunities for those willing to explore beyond the larger market players. While the term "penny stock" may seem outdated, these investments can still provide substantial returns when backed by strong financial health and strategic positioning.

Top 10 Penny Stocks In Canada

Click here to see the full list of 416 stocks from our TSX Penny Stocks screener.

Let's uncover some gems from our specialized screener.

CEMATRIX (TSX:CEMX)

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

Overview: CEMATRIX Corporation, with a market cap of CA$56.33 million, specializes in the onsite production of cellular concrete for infrastructure, industrial, and commercial construction markets across North America.

Operations: The company's revenue is derived from the supply and placement of cellular concrete, amounting to CA$37.75 million.

Market Cap: CA$56.33M

CEMATRIX Corporation, with a market cap of CA$56.33 million, has shown significant revenue growth, reporting CA$15.31 million in sales for Q3 2025 compared to CA$10.14 million the previous year. The company has achieved profitability over the past five years and maintains a strong balance sheet, with short-term assets exceeding both short- and long-term liabilities. Despite its relatively inexperienced management team, CEMATRIX's board is seasoned with an average tenure of 15.7 years. Recent contract awards totaling $11.9 million further bolster its position in the infrastructure sector across North America.

• Dive into the specifics of CEMATRIX here with our thorough balance sheet health report.
• Assess CEMATRIX's future earnings estimates with our detailed growth reports.

EV Nickel (TSXV:EVNI)

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

Overview: EV Nickel Inc. is a nickel exploration company focused on acquiring, evaluating, and exploring mineral properties in Canada with a market cap of CA$25.58 million.

Operations: EV Nickel Inc. does not report any revenue segments.

Market Cap: CA$25.58M

EV Nickel Inc., with a market cap of CA$25.58 million, is a pre-revenue company focused on nickel exploration. Despite being debt-free and having no long-term liabilities, the company faces challenges such as increased volatility and a highly volatile share price over recent months. The company's auditor has expressed doubts about its ability to continue as a going concern, highlighted by its net loss of CA$3.15 million for the year ending June 30, 2025. However, EV Nickel's cash runway exceeds one year based on current free cash flow levels, providing some financial stability amidst these concerns.

• Unlock comprehensive insights into our analysis of EV Nickel stock in this financial health report.
• Examine EV Nickel's past performance report to understand how it has performed in prior years.

Visionstate (TSXV:VIS)

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

Overview: Visionstate Corp. focuses on developing technology related to the Internet of Things, big data and analytics, and sustainability in Canada and the United States, with a market cap of CA$3.87 million.

Operations: The company's revenue is primarily generated from its Computer Graphics segment, amounting to CA$0.54 million.

Market Cap: CA$3.87M

Visionstate Corp., with a market cap of CA$3.87 million, remains pre-revenue, generating CA$0.54 million primarily from its Computer Graphics segment. The company has improved its financial position over the past five years with positive shareholder equity but faces challenges such as high volatility and limited cash runway under one year. Recent developments include a private placement for convertible debentures worth $500,000 and the launch of TidyLogic, an AI-powered planning tool set to commercially launch in early 2026. Visionstate's strategic investment in Sol Spaces Inc., which focuses on sustainable infrastructure solutions, offers potential growth avenues.

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

Key Takeaways

• Reveal the 416 hidden gems among our TSX Penny Stocks screener with a single click here.
• Looking For Alternative Opportunities? These 12 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch.

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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