Discovering Opportunities: 3 TSX Penny Stocks With Market Caps Below CA$400M

As the Canadian economy navigates a period of moderate inflation and shifting employment dynamics, investors are increasingly exploring diverse opportunities. Penny stocks, despite their somewhat outdated name, continue to attract attention for their potential value and growth prospects. These smaller or newer companies can offer intriguing investment opportunities for those willing to look beyond the major market players.

Top 10 Penny Stocks In Canada

Name	Share Price	Market Cap	Rewards & Risks
Westbridge Renewable Energy (TSXV:WEB)	CA$0.61	CA$61.7M	✅ 3 ⚠️ 3 View Analysis >
illumin Holdings (TSX:ILLM)	CA$1.67	CA$110.97M	✅ 5 ⚠️ 1 View Analysis >
Fintech Select (TSXV:FTEC)	CA$0.03	CA$2.8M	✅ 2 ⚠️ 3 View Analysis >
Findev (TSXV:FDI)	CA$0.435	CA$12.46M	✅ 2 ⚠️ 4 View Analysis >
Thor Explorations (TSXV:THX)	CA$0.77	CA$505.63M	✅ 3 ⚠️ 2 View Analysis >
McCoy Global (TSX:MCB)	CA$3.62	CA$98.2M	✅ 3 ⚠️ 2 View Analysis >
Pulse Seismic (TSX:PSD)	CA$4.10	CA$206.57M	✅ 2 ⚠️ 1 View Analysis >
ACT Energy Technologies (TSX:ACX)	CA$4.61	CA$159.49M	✅ 4 ⚠️ 2 View Analysis >
Hemisphere Energy (TSXV:HME)	CA$1.90	CA$183.3M	✅ 3 ⚠️ 1 View Analysis >
McChip Resources (TSXV:MCS)	CA$1.69	CA$9.71M	✅ 2 ⚠️ 4 View Analysis >

Click here to see the full list of 434 stocks from our TSX Penny Stocks screener.

Underneath we present a selection of stocks filtered out by our screen.

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$20.58 million.

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

Market Cap: CA$20.58M

EV Nickel Inc., a pre-revenue exploration company, is focused on its Gemini North Zone within the Shaw Dome Project. Recent drilling revealed promising nickel sulphide mineralization, suggesting potential for substantial resource development. Despite a net loss of CA$2.82 million for the nine months ending March 2025, the company maintains no long-term liabilities and has not significantly diluted shareholders recently. However, it faces financial challenges with less than a year of cash runway and high share price volatility. The ongoing metallurgical testing aims to optimize recovery processes, which could enhance future project viability if successful.

• Get an in-depth perspective on EV Nickel's performance by reading our balance sheet health report here.
• Gain insights into EV Nickel's historical outcomes by reviewing our past performance report.

Fuerte Metals (TSXV:FMT)

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

Overview: Fuerte Metals Corp. is involved in identifying, exploring, and evaluating mineral properties in Chile, Mexico, and the Americas with a market cap of CA$78.30 million.

Operations: Currently, no revenue segments have been reported for Fuerte Metals Corp.

Market Cap: CA$78.3M

Fuerte Metals Corp., a pre-revenue exploration company, engages in mineral property evaluation across Chile, Mexico, and the Americas with a market cap of CA$78.30 million. Despite being debt-free and having short-term assets (CA$3.9M) exceeding liabilities (CA$378.5K), it faces financial hurdles with less than a year of cash runway and increasing losses over five years at 44.8% annually. The board's average tenure is 1.5 years, indicating inexperience, while recent earnings showed reduced net loss to CA$2.5 million for Q1 2025 from CA$8.72 million the previous year without significant shareholder dilution recently.

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

Western Copper and Gold (TSX:WRN)

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

Overview: Western Copper and Gold Corporation is an exploration stage company focused on the exploration and development of mineral properties in Canada, with a market cap of CA$338.01 million.

Operations: Western Copper and Gold Corporation does not report any revenue segments as it is currently in the exploration stage, focusing on developing mineral properties in Canada.

Market Cap: CA$338.01M

Western Copper and Gold Corporation, with a market cap of CA$338.01 million, is a pre-revenue exploration company focused on Canadian mineral properties. Despite being debt-free and having short-term assets of CA$65.8 million exceeding liabilities, the company remains unprofitable with losses narrowing to CA$0.63 million in Q2 2025 from CA$3.04 million a year prior. The board's average tenure is 1.2 years, indicating limited experience, while recent updates on the Casino Project's Environmental and Socio-economic Effects Statement show ongoing progress in environmental assessments and community consultations without significant shareholder dilution recently.

• Click here to discover the nuances of Western Copper and Gold with our detailed analytical financial health report.
• Assess Western Copper and Gold's future earnings estimates with our detailed growth reports.

Seize The Opportunity

• Discover the full array of 434 TSX Penny Stocks right here.
• Interested In Other Possibilities? Rare earth metals are the new gold rush. Find out which 26 stocks are leading the charge.

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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