Top TSX Penny Stocks to Consider in July 2025 for Growth Potential

The Canadian stock market has been performing well, with the TSX reaching new highs. Penny stocks, often representing smaller or newer companies, have potential for growth at accessible price points. The top 10 penny stocks in Canada include Fintech Select, Foraco International, Findev, Thor Explorations, and more, with strong balance sheets and solid fundamentals. Quarterhill and Green Impact Partners are also highlighted for their financial stability and growth potential.

The Canadian stock market has shown remarkable resilience, with the TSX reaching new highs. Penny stocks, representing smaller or newer companies, offer growth potential at accessible price points. This article explores the top Canadian penny stocks, highlighting their strong balance sheets and solid fundamentals.

Top Penny Stocks in Canada

1. InnoCan Pharma
- Overview: InnoCan Pharma Corporation is a pharmaceutical technology company that develops drug delivery platforms combining cannabidiol (CBD) with other pharmaceutical ingredients across the United States, Canada, Europe, and internationally.
- Financials: The company has a market cap of CA$61.41 million and a strong cash position, exceeding its total debt and covering both short- and long-term liabilities. Despite being unprofitable, it has reduced losses by 22.9% annually over five years and maintains a cash runway for over three years based on current free cash flow. Recent developments include positive research results on their LPT-CBD product for pain management and strategic patent allowances enhancing market access in Latin America [2].

2. Amerigo Resources Ltd.
- Overview: Amerigo Resources Ltd., operating through its subsidiary Minera Valle Central S.A., is engaged in the production of copper and molybdenum concentrates in Chile.
- Financials: The company has a market cap of CA$389.19 million and has become profitable recently. It produced 15.5 million pounds of copper in Q2 2025 and maintains high plant availability at 99%. Financially, Amerigo has a strong cash position exceeding total debt, although short-term liabilities surpass current assets slightly. Recent strategic moves include share buybacks and appointing Ignacio Cruz to the board [2].

3. Graphite One Inc.
- Overview: Graphite One Inc. is a mineral exploration company operating in the United States, focused on developing a U.S.-based graphite supply chain.
- Financials: The company has a market cap of CA$164.37 million and is pre-revenue and currently unprofitable. It has recently secured a private placement agreement to raise CA$18 million, extending its cash runway. Graphite One's strategic focus is on developing a U.S.-based graphite supply chain, anchored by the Graphite Creek deposit in Alaska and planned facilities in Ohio for manufacturing battery materials [2].

Conclusion

Despite rising tariff rates, the Canadian market has shown resilience, with inflation and economic data remaining stable. Penny stocks, often considered relics of past trading days, still hold relevance as they offer opportunities in smaller or newer companies that can yield significant returns when backed by solid financials. The top 10 penny stocks in Canada include Fintech Select, Foraco International, Findev, Thor Explorations, and more, with strong balance sheets and solid fundamentals. Quarterhill and Green Impact Partners are also highlighted for their financial stability and growth potential.

References

[1] Reuters. (2025). "Canada's Cenovus Energy Second-Quarter Profit Falls on Lower Production." Retrieved from https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3TS13Q:0-canada-s-cenovus-energy-second-quarter-profit-falls-on-lower-production/
[2] Yahoo Finance. (2025). "TSX Penny Stocks Watch: July." Retrieved from https://finance.yahoo.com/news/tsx-penny-stocks-watch-july-190501634.html