The Canadian market has shown positive momentum, rising 1.4% in the last week and climbing 28% over the past year, with earnings projected to grow by 16% annually. While the term "penny stocks" might seem outdated, these investments continue to offer intriguing opportunities for growth at lower price points when they are supported by strong balance sheets and solid fundamentals. This article explores several penny stocks that stand out as potential hidden gems within this evolving market landscape.

Top 10 Penny Stocks In Canada

Click here to see the full list of 947 stocks from our TSX Penny Stocks screener.

We're going to check out a few of the best picks from our screener tool.

Avino Silver & Gold Mines

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

Overview: Avino Silver & Gold Mines Ltd. is involved in the acquisition, exploration, and development of mineral properties in Canada, with a market cap of CA$251.94 million.

Operations: The company generates revenue from its Metals & Mining segment, specifically in Gold & Other Precious Metals, amounting to $52.03 million.

Market Cap: CA$251.94M

Avino Silver & Gold Mines Ltd. has shown significant earnings growth, with a 68.5% increase over the past year, surpassing the industry average. The company maintains a strong financial position with more cash than total debt and excellent interest coverage. Recent operational results indicate increased production in silver and copper compared to last year, although gold production has declined slightly. Avino's inclusion in the S&P Global BMI Index underscores its growing recognition within the market. However, shareholders have experienced dilution over the past year, which may be a concern for some investors seeking stability in share value.

• Dive into the specifics of Avino Silver & Gold Mines here with our thorough balance sheet health report.
• Learn about Avino Silver & Gold Mines' future growth trajectory here.

Aldebaran Resources

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

Overview: Aldebaran Resources Inc. is involved in acquiring, exploring, and evaluating mineral properties in Canada and Argentina, with a market cap of CA$229.38 million.

Operations: Aldebaran Resources Inc. does not report any revenue segments as it focuses on the acquisition, exploration, and evaluation of mineral properties in Canada and Argentina.

Market Cap: CA$229.38M

Aldebaran Resources Inc., with a market cap of CA$229.38 million, is pre-revenue and focuses on mineral exploration in Canada and Argentina. The company has no debt, but its cash runway is under a year based on current free cash flow. Recent drilling results from the Altar copper-gold project in Argentina have expanded the mineralized footprint, providing valuable data for an upcoming resource estimate. Despite these positive developments, Aldebaran was recently dropped from the S&P/TSX Venture Composite Index, which may affect investor sentiment. The management team is experienced with an average tenure of 6.3 years.

• Navigate through the intricacies of Aldebaran Resources with our comprehensive balance sheet health report here.
• Examine Aldebaran Resources' past performance report to understand how it has performed in prior years.

Orogen Royalties

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

Overview: Orogen Royalties Inc. is a mineral exploration company active in Canada, the United States, Mexico, Argentina, and Kenya with a market cap of CA$344.82 million.

Operations: The company generates CA$6.87 million from its mineral exploration activities.

Market Cap: CA$344.82M

Orogen Royalties Inc., with a market cap of CA$344.82 million, has shown promising growth, with earnings increasing by 46.6% over the past year, surpassing industry averages. Despite being pre-revenue with CA$6.87 million in revenue from exploration activities, its financial health is robust due to zero debt and substantial short-term assets (CA$24.1M) exceeding liabilities. Recent developments include a significant gold-silver discovery in Mexico's Navidad vein system within its royalty area of interest, potentially enhancing future prospects. However, shareholder dilution occurred last year and Return on Equity remains low at 4.1%.

• Click to explore a detailed breakdown of our findings in Orogen Royalties' financial health report.
• Assess Orogen Royalties' future earnings estimates with our detailed growth reports.

Seize The Opportunity

• Embark on your investment journey to our 947 TSX Penny Stocks selection here.
• Have you diversified into these companies? Leverage the power of Simply Wall St's portfolio to keep a close eye on market movements affecting your investments.
• Invest smarter with the free Simply Wall St app providing detailed insights into every stock market around the globe.

Seeking Other Investments?

• 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.

Companies discussed in this article include TSX:ASM TSXV:ALDE and TSXV:OGN.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com