13 Best Canadian Penny Stocks to Buy Right Now

11. Gold Royalty Corp. (NYSE:GROY)

Share Price: $3.76

Stock Upside potential: 38.79%

Number of Hedge Fund Holders: 16

Gold Royalty Corp (NYSE:GROY) is one of the Canadian penny stocks to buy right now. On November 5, Gold Royalty Corp (NYSE:GROY) delivered another quarter of record revenue, benefiting from portfolio ramp-up as new mines entered production.

The company achieved record revenue of $4.1 million in the third quarter. It also reported total revenue, land agreement proceeds, and interest of $4.6 million, achieved from 1,323 gold ounces in the quarter. It also achieved a record adjusted EBITDA of $2.5 million and record positive cash flow from operations of $2.4 million in the quarter.

Nevertheless, it exited the quarter with a net loss of $1.13 million, or $0.01 a share, compared to net income of $3.4 million, or $0.02 a share, in the same quarter last year.

David Garofalo, Chairman and CEO of Gold Royalty, commented: “The continued ramp-up of our portfolio, with new mines entering production, has delivered another quarter of record revenue and record Total Revenue, Land Agreement Proceeds and Interest. With positive cash flow and additional proceeds from warrant exercises, we have further reduced debt, lowered interest costs, and strengthened our balance sheet. Our disciplined approach keeps us on track to continue using cash generated from operations to de-lever throughout 2026.”

Meanwhile, on November 11, Maxim Group analyst Tate Sullivan reiterated a Buy rating on the stock with a $5 price target.

Gold Royalty Corp (NYSE:GROY) is a gold-focused company that acquires and manages royalties and streams for metals and mining companies, providing creative financing solutions. It builds a diversified portfolio of these interests to generate returns for its investors from various stages of the mine life cycle, with a focus on projects in the Americas.