High-Potential TSX Penny Stocks Below CA$90M in Biotech, Digital Assets, and Mining

The search for undervalued innovation in niche sectors often leads investors to overlooked corners of the market, where strong fundamentals and transformative potential coexist. The Toronto Stock Exchange (TSX) has long been a fertile ground for such opportunities, particularly in biotech, digital assets, and mining. Three companies-Medicenna Therapeutics, BIGG Digital Assets, and Condor Resources-stand out as compelling candidates for investors seeking exposure to innovation-driven growth in these sectors.

Medicenna Therapeutics: Pioneering Immunotherapy in Oncology

Medicenna Therapeutics (CA$80.07M market cap) operates at the intersection of biotechnology and oncology, developing novel immunotherapies to address unmet medical needs. Despite being a pre-revenue entity with increasing losses, the company's financial position remains robust, with CA$24.8M in cash and cash equivalents as of March 2025, sufficient to fund operations through mid-2026. This runway provides critical flexibility as the company advances its pipeline.

The cornerstone of Medicenna's innovation is its IL-2 Superkine program, MDNA11, which demonstrated a 30% objective response rate (ORR) in a monotherapy cohort of patients resistant to immune checkpoint inhibitors (ICIs)-a significant achievement in a field where resistance to existing therapies remains a major challenge. The Phase 1/2 ABILITY-1 trial is poised to deliver data in late 2025, with plans to solidify a Phase 2b development strategy by year-end. Additionally, the company is advancing MDNA113, a first-in-class tumor-targeted PD-1 x IL-2 bi-specific, into non-human primate studies in 2025. These developments underscore Medicenna's potential to disrupt the oncology landscape with differentiated therapies.

BIGG Digital Assets: Navigating Regulatory and Operational Milestones

BIGG Digital Assets (CA$42.69M market cap) operates in the volatile yet high-growth digital assets sector. The company's recent corporate updates highlight its strategic resilience. A landmark reduction in the Canadian Revenue Agency's (CRA) reassessment of Netcoins' 2018 GST/HST liabilities-cutting the total assessed amount by 64%-significantly strengthens BIGG's balance sheet. This progress supports its regulatory ambitions, including a 2026 application for Canadian Investment Regulatory Organization (CIRO) membership for Netcoins, a critical step toward institutional credibility.

Operationally, Netcoins surpassed $1.0 billion in cumulative transaction volume in 2025, outpacing its 2024 performance. The integration of the BitGo Go Network and a crypto lending platform with APX Lending further diversify its revenue streams. Financially, Q2 2025 results showed a narrowed net loss of CA$0.12 million compared to CA$5.01 million in Q2 2024, while revenue reached CA$2.66 million. These metrics suggest a trajectory toward profitability, albeit in a sector where macroeconomic and regulatory risks remain elevated.

Condor Resources: Strategic Refocusing in Mining

Condor Resources (CA$23.24M market cap) exemplifies the challenges and opportunities inherent in the mining sector. The company's recent sale of its Soledad project in Ancash, Peru, for US$3 million-a transaction structured to include upfront payments and deferred installments-provides a strategic pivot to focus on higher-potential projects like Huiñac Punta and Pucamayo. This move strengthens liquidity while aligning with exploration trends favoring high-grade, economically viable deposits.

Meanwhile, the Condor gold project in Ecuador, managed by Silvercorp Metals Inc., has emerged as a standout. A Preliminary Economic Assessment (PEA) revealed an after-tax net present value (NPV) of $522 million and an internal rate of return (IRR) of 29% under base-case metal prices. The project's 13-year mine life and average gold grades of 2.15 g/t highlight its scalability and efficiency. According to company reports, the project's 13-year mine life and average gold grades of 2.15 g/t highlight its scalability and efficiency. Silvercorp's updated resource estimates-3.17 million tonnes of indicated underground resources containing 0.37 million gold equivalent ounces-further validate the project's potential. According to mining industry reports, Silvercorp's updated resource estimates-3.17 million tonnes of indicated underground resources containing 0.37 million gold equivalent ounces-further validate the project's potential. These developments position Condor Resources as a beneficiary of broader industry trends toward high-grade underground operations.

Conclusion: Balancing Risk and Reward

The TSX's smaller-cap stocks often reflect the tension between speculative risk and transformative potential. Medicenna Therapeutics, BIGG Digital Assets, and Condor Resources each embody this duality. Medicenna's pipeline advancements and strong cash position justify optimism in its ability to deliver clinical milestones. BIGG's regulatory progress and operational scalability suggest a path to long-term viability in a maturing digital assets sector. Condor's strategic refocusing and the robust economics of the Condor gold project highlight the sector's capacity for value creation.

For investors with a high-risk tolerance and a focus on innovation, these stocks represent compelling opportunities. However, due diligence remains paramount. The biotech, digital assets, and mining sectors are inherently volatile, and success hinges on execution, macroeconomic conditions, and regulatory shifts. As always, diversification and a long-term perspective are essential to navigating the uncertainties of niche markets.