TSX Penny Stocks To Watch With Market Caps Under CA$400M

As global markets adjust to the Federal Reserve's first rate hike in three years, Canadian investors are keeping a close eye on how these changes might affect local equities. In this context, penny stocks—often representing smaller or newer companies—continue to capture interest due to their potential for growth and affordability. Despite being an older term, penny stocks remain a relevant investment area, offering opportunities for those looking to explore beyond established names while focusing on financial strength and resilience.

Below we spotlight a couple of our favorites from our exclusive screener.

RTG Mining (TSX:RTG)

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

Overview: RTG Mining Inc. focuses on the exploration and development of mineral properties, with a market cap of CA$76.79 million.

Operations: RTG Mining Inc. has not reported any revenue segments.

Market Cap: CA$76.79M

RTG Mining Inc., with a market cap of CA$76.79 million, is pre-revenue and reported a net loss of US$2.52 million for the half year ended June 30, 2026. Despite being unprofitable, RTG has reduced its losses over the past five years by 8.6% annually and maintains a debt-free status with sufficient cash runway for over a year based on current free cash flow. The management team and board are experienced, but the share price remains highly volatile despite improved weekly volatility from last year. Short-term assets comfortably cover both short- and long-term liabilities.

• Unlock comprehensive insights into our analysis of RTG Mining stock in this financial health report.
• Learn about RTG Mining's historical performance here.

Kenorland Minerals (TSXV:KLD)

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

Overview: Kenorland Minerals Ltd. focuses on acquiring and exploring mineral properties in North America, with a market cap of CA$180.86 million.

Operations: The company's revenue segment is derived entirely from the exploration of mineral properties, amounting to CA$4.34 million.

Market Cap: CA$180.86M

Kenorland Minerals Ltd., with a market cap of CA$180.86 million, is a pre-revenue company focused on mineral exploration in North America. Recent assay results from its maiden diamond drill program at the Western Wabigoon Project revealed promising gold mineralization, including high-grade intersections such as 1.05 meters at 204.34 g/t Au. Despite being unprofitable and having less than a year of cash runway, Kenorland's short-term assets exceed both its short- and long-term liabilities, and it remains debt-free. The management team and board are experienced, enhancing the company's strategic direction amidst ongoing exploration efforts.

• Take a closer look at Kenorland Minerals' potential here in our financial health report.
• Review our historical performance report to gain insights into Kenorland Minerals' track record.

Tudor Gold (TSXV:TUD)

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

Overview: Tudor Gold Corp. is involved in the acquisition, exploration, and development of mineral resource properties in Canada with a market cap of CA$387.57 million.

Operations: Tudor Gold Corp. does not report any revenue segments, focusing instead on the acquisition, exploration, and development of mineral resource properties in Canada.

Market Cap: CA$387.57M

Tudor Gold Corp., with a market cap of CA$387.57 million, is a pre-revenue company focused on mineral exploration in Canada. Recent drilling at the Perfectstorm Zone has expanded its copper-gold-silver-molybdenum porphyry system, showcasing consistent mineralization and potential continuity of gold-dominant zones. Despite being unprofitable, Tudor has reduced losses over five years and maintains sufficient cash runway for over a year without debt concerns. The management team is relatively new but supported by an experienced board. Continued exploration at Treaty Creek could further define its resource potential as it remains open in all directions for expansion.

• Dive into the specifics of Tudor Gold here with our thorough balance sheet health report.
• Gain insights into Tudor Gold's historical outcomes by reviewing our past performance report.

Where To Now?

• Get an in-depth perspective on all 346 TSX Penny Stocks by using our screener here.
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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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