In this article, we will discuss the 13 Best Canadian Penny Stocks to Buy Right Now.
Penny and small-cap stocks have lagged the overall market amid heightened focus on large caps during the artificial intelligence boom. While the Russell 2000 has added about 10% year to date, it has underperformed the S&P 500, which is up about 15% over the same period, and the 20% surge in the NASDAQ 100.
Nevertheless, things could change as focus shifts to cheap valuations in pursuit of opportunities, even as equity markets are at all-time highs.
“Small caps are cheap relative to large caps and that’s certainly a notch in their favor, but in almost every case, valuation discrepancies need a catalyst — and that’s what’s lacking at the moment,” said Ed Clissold, chief US strategist at Ned Davis Research Inc.
Smaller companies are on course to deliver faster earnings growth than their larger counterparts. According to Scotiabank strategist Hugo Ste-Marie, corporate profits are on course to grow by 14%, topping the 12% expected growth for the S&P 500. Likewise, strategists on Wall Street expect their relatively cheap valuations to trigger a wave of corporate deals that would boost market sentiment.
Chris Tessin, chief investment officer at Acuitas Investments LLC, expects further interest rate cuts to bolster profits at small firms with relatively higher debt burdens. Tessin expects the companies to outperform in 2026 as valuations and earnings growth profiles take center stage.
“I don’t think the world has changed so dramatically that bigger trees grow faster,” he said. “Do you really think that the redwoods are always going to outpace the saplings in terms of growth?”
While the market is at a point where valuations really matter, now would be the best time to look at some of the best Canadian penny stocks to buy.
Source: Pexels
Our Methodology
To compile the list of Canadian penny stocks to buy right now, we used Finviz Screener and other online sources to identify stocks trading for less than $5 a share. We further trimmed our list to stocks with an upside potential of more than 20% as of November 23 and also detailed the number of hedge funds holding stakes in them, as of the second quarter of 2025. Finally, we ranked the stocks in ascending order by their upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research shows we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Best Canadian Penny Stocks to Buy Right Now
13. BlackBerry Limited (NYSE:BB)
Share Price: $4.17
Stock Upside potential: 23.08%
Number of Hedge Fund Holders: 20
BlackBerry Limited (NYSE:BB) is one of the Canadian penny stocks to buy right now. On November 17, BlackBerry Limited (NYSE:BB) confirmed the appointment of John Wall as the president of its market-leading QNX division.
The appointment comes as the company seeks to expand and pursue opportunities beyond the automotive sector. Wall is to oversee the company’s push for opportunities in the industrial automation and robotics sectors. The QNX division develops embedded software for various industries using its SDP 8.0 operating system.
“John’s experience and strong reputation in the industry position him uniquely to help drive the QNX business forward. As we embark on the next phase of the QNX growth journey, John’s deep knowledge of the product portfolio and the wider embedded software market will ensure we’re well-placed to address the incredible opportunities we have in front of us,” said CEO John Giamatteo.
Wall is to replace Mattias Eriksson, who is stepping down to pursue other opportunities.
BlackBerry Limited (NYSE:BB) is a Canadian technology company that specializes in enterprise software and services. It focuses on cybersecurity and the Internet of Things (IoT). The company provides intelligent security software, endpoint management services, and foundational software for critical embedded systems.
12. Standard Lithium Ltd. (NYSE:SLI)
Share Price: $3.78
Stock Upside potential: 28.51%
Number of Hedge Fund Holders: 6
Standard Lithium Ltd (NYSE:SLI) is one of the Canadian penny stocks to buy right now. On November 12, Roth MKM analyst Joseph Reagor reiterated a Buy rating on Standard Lithium Ltd., maintaining a price target of $5.50. The call followed the company’s November 10 earnings release, where Standard Lithium reported a net loss of $6.1 million, wider than the $4.8 million loss in the same quarter last year. Despite the miss, shares edged higher as investors focused on key operational milestones.
During the quarter, Standard Lithium completed and published a Definitive Feasibility Study for its South West Arkansas (SWA) Project, confirming its cost-effectiveness and potential as the company’s first commercial-scale development. The firm also announced record lithium-in-brine grades in North America, strengthening the outlook for its Franklin Project in East Texas.
To support growth, the company also closed an upsized $130 million underwritten public follow-on equity offering. It plans to use net proceeds from the offering to fund capital expenditures at the South West Arkansas Project and the Franklin Project in East Texas. Standard Lithium exited the quarter with cash and working capital of $32.1 million and $29.1 million, respectively.
“Following quarter close, we took a further de-risking step by completing a capital raise, supported by strong investor demand, that will put us in a position to reach FID at SWA, as well as progress our Franklin and other projects in East Texas. Looking ahead, we expect to provide multiple updates in the coming months as we seek to conclude our ongoing project financing and customer off take processes, finalize selection of our key SWA Project vendors and approve FID before beginning construction at SWA in 2026,” said David Park, Chief Executive Officer.
Standard Lithium Ltd. (NYSEA:SLI) is a company focused on developing lithium brine projects in the United States to produce battery-grade lithium. It uses a proprietary Direct Lithium Extraction (DLE) and purification process to extract lithium from brine resources, particularly in the Smackover Formation in Arkansas and Texas.
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.
10. Galiano Gold Inc. (NYSE:GAU)
Share Price: $2.01
Stock Upside potential: 41.29%
Number of Hedge Fund Holders: 8
Galiano Gold Inc. (NYSE:GAU) is one of the Canadian penny stocks to buy right now. On November 7, H.C. Wainwright analyst Heiko Ihle reiterated a Buy rating on Galiano Gold Inc. (NYSE:GAU) and set a $3.20 price target. The positive stance came a day after the company reported improvements in the volumes of materials mined in the third quarter.
The company mined 1.3 Mt of ore at the Abore deposit, representing a 57% increase from the second quarter, at an average grade of 0.9 g/t gold. It also mined 0.1 Mt of ore at the Esaase deposit at an average grade of 0.7 g/t gold. Mining costs at the two mines averaged $3.38 per ton, 6% lower than Q2 2025. Galiano Gold ended up processing 32,533 ounces of gold, a 7% increase from the second quarter
“Importantly, we emerge from the quarter with a very strong financial position, and our Abore drilling program continues to deliver exciting results, delineating a mineralized system extending 200 meters below our current Mineral Reserve across a substantial 1,600-metre strike length,” said Matt Badylak, Galiano’s President and Chief Executive Officer.
The company exited the quarter in a strong cash position of $116.4 million. It’s also finalizing a $75 million revolving credit facility with FirstRand Bank Limited.
Galiano Gold Inc. (NYSE:GAU) is a gold mining company that operates and manages the Asanko Gold Mine in Ghana, West Africa, which it jointly owns with Gold Fields. Its activities include gold production and exploration for new deposits.
9. Integra Resources Corp. (NYSE:ITRG)
Share Price: $2.85
Stock Upside potential: 59.74%
Number of Hedge Fund Holders: 9
Integra Resources Corp. (NYSE:ITRG) is one of the Canadian penny stocks to buy right now. On November 13, H.C. Wainwright’s Heiko Ihle reaffirmed his Buy rating on Integra Resources Corp. (NYSE:ITRG) and maintained a $4.75 price target. Ihle pointed to the solid cash flow coming from the Florida Canyon Mine, which the company purchased when gold prices were much lower and is now benefiting from the stronger market.
Although Integra reported a net loss due to an embedded derivative, Ihle noted that his discounted cash-flow work continues to show meaningful value in the company’s assets. He highlighted ongoing development at the DeLamar and Nevada North projects, the company’s healthy cash reserves, and the reinvestment of free cash flow into upgrading operations. With all-in sustaining costs staying within expectations, he argues these factors support a favorable outlook and validate the positive rating.
A day earlier, on November 12, the company delivered strong third-quarter results, driven by excellent performance at Florida Canyon. During the quarter, the company produced 20,653 ounces of gold, compared to 18,087 ounces in the second quarter. The increase was attributed to a recovery of ounces placed on the Phase IIIa heap-leach pad. Florida Canyon produced 20,653 ounces of gold and sold 20,265 ounces at an average price of $3,464 per ounce.
Consequently, Integra Resources Corp. (NYSE:ITRG) generated a record $70.7 million in revenue, exceeding the 60.6 million ounces generated in the second quarter. Operating earnings totaled $28.6 million, exceeding $25.2 million generated in the second quarter. Adjusted earnings totaled $16.3 million or $0.10 a share, better than $11.8 million or $0.07 a share generated in the second quarter.
“Excellent production results, combined with a strong gold price environment, have allowed Integra to significantly increase its quarter-over-quarter cash balance to ~$81 million, marking the strongest financial position in the Company’s history,” said George Salamis, President and CEO.
Integra Resources Corp. (NYSE:ITRG) is a precious metals exploration and development company focused on acquiring, exploring, and developing gold and silver deposits in the Western United States. Its main projects include the DeLamar Project in Idaho and the Nevada North Project in Nevada, and it also operates the Florida Canyon Mine in Nevada.
8. Milestone Pharmaceuticals (NASDAQ:MIST)
Share Price: $2.40
Stock Upside potential: 87.50%
Number of Hedge Fund Holders: 6
Milestone Pharmaceuticals (NASDAQ:MIST) is one of the Canadian penny stocks to buy right now. On November 13, analysts at Jefferies reiterated a Hold rating on Milestone Pharmaceuticals (NASDAQ: MIST) and raised the price target to $2 from $1.
The price target hike is in response to the company’s continued confidence in its PDUFA, with a product launch planned for early next year. Likewise, the company expects the first quarter of next year to mark the start of meaningful sales. The company is in the process of deploying 60 representatives who will target up to 15,000 high-volume prescribers,
Milestone Pharmaceuticals is currently working on Etripamil, a nasal-administered, short-acting calcium channel blocker. The candidate drug is poised to advance the company’s efforts to pursue opportunities in the treatment of paroxysmal supraventricular tachycardia (PSVT), a condition characterized by an abnormally fast heartbeat due to electrical signaling issues in the heart.
Milestone Pharmaceuticals (NASDAQ:MIST) is a biopharmaceutical company focused on developing and commercializing cardiovascular medicines for self-administration by patients with episodic heart conditions.
7. AbCellera Biologics Inc. (NASDAQ:ABCL)
Share Price: $3.51
Stock Upside Potential: 90.03%
Number of Hedge Fund Holders: 17
AbCellera Biologics Inc. (NASDAQ:ABCL) is one of the Canadian penny stocks to buy right now. On November 7, Stifel Nicolaus reiterated a Buy rating on AbCellera Biologics Inc. (NASDAQ:ABCL) and set a $7 price target.
The positive stance comes on the heels of the company reporting a wider-than-expected net loss of $57.1 million in its third quarter, compared to a net loss of $51.1 million in the same quarter last year. The wider-than-expected net loss was driven by R&D expenses, which increased to $55 million from $41 million in Q3 of 2024.
Nevertheless, the company generated $9 million in revenue, compared with $6.5 million in the same quarter last year. In addition, the company achieved significant milestones, including the commencement of operations at its new clinical manufacturing facility. It also continues to develop its pipeline with ABCL635 and ABCL575 in Phase 1 clinical trials.
“We ended the quarter with approximately $680 million dollars in available liquidity to execute on our strategy and will continue to prioritize advancing our two lead programs through Phase 1 clinical studies and building our pipeline,” said Carl Hansen, Ph.D., founder and CEO of AbCellera.
AbCellera Biologics Inc. (NASDAQ:ABCL) is a clinical-stage biotechnology company that discovers and develops antibody-based medicines. It uses a technology platform that integrates biology, computation, and engineering to search natural immune systems for antibodies that can be used as drugs to treat diseases like infectious diseases, oncology, and autoimmune disorders.
6. Nouveau Monde Graphite Inc. (NYSE:NMG)
Share Price $2.66
Stock Upside potential: 99.96%
Number of Hedge Fund Holders: 1
Nouveau Monde Graphite Inc. (NYSE:NMG) is one of the Canadian penny stocks to buy right now. On November 13, Roth MKM analyst Joseph Reagor reiterated a Buy rating on Nouveau Monde Graphite Inc. (NYSE:NMG) with a $4.70 per share price target. The positive stance came on the heels of National Bank analyst Mohamed Sidibe upgrading the stock to Outperform from Sector Perform with a C$5 price target.
The wave of positive ratings on Wall Street follows the company’s securing multiple commercial agreements for its Phase 2 graphite production. It has already inked binding supply agreements with the Canadian government and revised off take deals with existing customers.
The Canadian government has already signed a seven-year off-take agreement for 30,000 tons per annum of graphite concentrate. The supply agreement also includes 15,000 tons per annum on a take-or-pay basis at a fixed North American market price. Nouveau Monde Graphite has inked a commercial agreement with Traxys North America for 20,000 tons per annum of graphite concentrate.
Nouveau Monde Graphite Inc. (NYSE:NMG) develops a fully integrated, carbon-neutral supply chain to produce high-purity, battery-grade graphite materials for the electric vehicle (EV) and renewable energy storage markets. The company operates a mine in Quebec to extract natural graphite, which is then processed into advanced anode material at its Bécancour facility.
5. Westport Fuel Systems Inc. (NASDAQ:WPRT)
Share Price: $1.64
Stock Upside potential: 184.81%
Number of Hedge Fund Holders: 1
Westport Fuel Systems Inc. (NASDAQ:WPRT) is one of the Canadian penny stocks to buy right now. On November 12, H.C. Wainwright reiterated a Buy rating on Westport Fuel Systems Inc. (NASDAQ:WPRT) and set a $7 price target. The analyst remains optimistic about the company’s prospects, owing to its strategic positioning and growth potential.
While the company is in transition following the divestment of the Light Duty business, the increased focus on the joint venture with Volvo and Cespira is expected to trigger market expansion and free cash flow growth. Additionally, the analyst has touted the company’s balance sheet, which is expected to support investments in HPDI technology.
The company is also well-positioned financially to explore alternative fuel solutions, including LNG, CNG, RNG, and hydrogen systems. Additionally, the application of the company’s technology in larger generators and engines for data centers or stationary power generation will pave the way for the company to tap into a substantial market.
Westport Fuel Systems Inc. (NASDAQ:WPRT) designs, manufactures, and supplies advanced fuel systems and components for alternative fuels like natural gas, renewable natural gas, propane, and hydrogen. The company provides these technologies to the global automotive and transportation industries to help create cleaner, more fuel-efficient vehicles and lower emissions.
4. Bragg Gaming Group Inc. (NASDAQ:BRAG)
Share Price: $3.08
Stock Upside potential: 204.87%
Number of Hedge Fund Holders: 2
Bragg Gaming Group Inc. (NASDAQ:BRAG) is one of the Canadian penny stocks to buy right now. On November 21, Maxim Group analyst Jack Vander Aarde reiterated a Buy rating on Bragg Gaming Group Inc. (NASDAQ:BRAG) and set a price target of $8.00.
Earlier on November 13, the company delivered solid third-quarter results characterized by modest revenue growth and significant progress in high-margin proprietary content business and geographic diversification.
Revenue in the quarter was up 20% year over year to €26.8 million, driven by an 80% increase in Brazil revenue. Additionally, revenue in the US was up 86% year over year, driven by an expanded high-margin proprietary content footprint. Nevertheless, its net loss widened to €2.3 million, or €0.09 per common share, compared to €0.2 million, or €0.01 per common share, delivered in the same quarter last year.
Amid the wider-than-expected net loss, Bragg Gaming achieved significant milestones in the quarter, key among them being the launch of content with Fanatics Casino across key iGaming states of New Jersey, Michigan, and Pennsylvania as part of its expansion drive in the US. The expansion drive resulted in proprietary revenue increasing 35%.
Bragg Gaming Group Inc. (NASDAQ:BRAG) is an iGaming content and technology solutions provider for online and land-based casino, lottery, and sportsbook operators. It develops and distributes proprietary and exclusive casino games, provides a player account management (PAM) platform, and offers operational and marketing services.
3. Achieve Life Sciences, Inc. (NASDAQ:ACHV)
Share Price: $4.33
Stock Upside potential: 268.69%
Number of Hedge Fund Holders: 15
Achieve Life Sciences Inc. (NASDAQ:ACHV) is one of the Canadian penny stocks to buy right now. Lake Street’s Thomas Flaten maintained a Buy rating on Achieve Life Sciences Inc. (NASDAQ:ACHV) at $11.00 on November 7.
A day earlier, on November 6, the company confirmed that the US Food and Drug Administration has accepted its New Drug Application for cytisinicline in smoking cessation. The FDA has also granted a Prescription Drug User Fee Act (PDUFA) targeted action date of June 20, 2026, for cytisinicline for the treatment of nicotine dependence for smoking cessation.
“The NDA acceptance recognizes years of scientific and operational commitment to addressing nicotine dependence as a serious medical condition, in an indication that has not seen a new therapy in nearly 20 years,” said Rick Stewart, Chief Executive Officer of Achieve Life Sciences.
In addition, the company exited the third quarter with cash and cash equivalents of $48.1 million, as total operating expenses for the three months totaled $14.7 million. Nevertheless, the company posted a net loss of $14.4 million for the three months and $40 million for the first nine months of the year.
Achieve Life Sciences, Inc. (NASDAQ:ACHV) is a specialty pharmaceutical company focused on developing and commercializing cytisinicline to treat nicotine dependence and the global smoking and vaping epidemic. The company has completed Phase 3 studies for smoking cessation and has submitted a new drug application to the FDA for this indication.
2. Canopy Growth Corporation (NASDAQ:CGC)
Share Price $1.11
Stock Upside potential: 307.91%
Number of Hedge Fund Holders: 6
Canopy Growth Corp (NASDAQ:CGC) is one of the Canadian penny stocks to buy right now. On November 18, Canopy Growth Corp (NASDAQ:CGC) expanded its Spectrum Therapeutics portfolio in Australia by adding softgel capsules.
The addition is part of the company’s push to target more medical cannabis patients in the country. The company will target patients with three softgel formats: Spectrum Yellow Cannabis Oil, Spectrum Red Cannabis Oil, and Spectrum Blue Cannabis Oil. Expanding its product portfolio enables the company to capitalize on growing demand as the Australian cannabis market matures.
“Expanding our portfolio in established markets like Australia is a key driver of our global medical strategy,” said Luc Mongeau, Chief Executive Officer. “Softgels deepen our offering and reinforce our commitment to meeting the needs of patients in this important international market.”
The focus on the Australian market follows the company’s second-quarter earnings on November 7, during which it posted a 12% increase in revenue to C$51 million. Adjusted EBITDA loss in the quarter narrowed to C$3 million from C$6 million. The better-than-expected results were driven by growth in the Canadian adult-use and medical cannabis segments.
On November 13, following Canopy Growth’s Q2 results, Roth MKM analyst Bill Kirk reiterated a Buy rating with a price target of C$8.00.
Canopy Growth Corporation (NASDAQ:CGC) is a leading global cannabis producer headquartered in Smiths Falls, Ontario, Canada, and operates primarily in the production, distribution, and sale of cannabis and hemp-based products for both recreational and medical purposes.
1. Medicus Pharma Ltd (NASDAQ:MDCX)
Share Price $2.13
Stock Upside potential: 703.21%
Number of Hedge Fund Holders: 4
Medicus Pharma Ltd (NASDAQ:MDCX) is one of the Canadian penny stocks to buy right now. On November 18, Maxim Group analyst Jason McCarthy maintained a Buy rating on Medicus Pharma Ltd (NASDAQ:MDCX) with a $20 price target, citing the company’s promising pipeline and strategic initiatives. Key drivers include the FDA-supported 505(b)(2) pathway for SkinJect, which has shown a 60% complete response rate in Phase 2 trials for non-invasive basal cell carcinoma, well above typical benchmarks, and the acquisition of Teverelix, a mid-late stage asset. These developments, along with expansion efforts and collaborations, reinforce McCarthy’s optimistic outlook on Medicus.
On November 17, Medicus Pharma Ltd submitted an FDA Commissioner’s national priority voucher (CNPV) application. The application on behalf of Skinject (SKNJCT-003) is for the evaluation of Doxorubicin Microneedle Array (D-MNA) to non-invasively treat basal cell carcinoma (BCC) of the skin. The application underscores the company’s belief in SkinJect’s D-MNA as a potential treatment for non-melanoma skin cancer.
SkinJect stands out for its ability to offer a non-surgical, locally administered therapy for basal carcinoma, the most common cancer in the US. Its biodegradable microneedle patch offers a curative option that eliminates the need for Mohs surgery.
“Our CNPV submission emphasizes not only SkinJect’s broad public-health value but also its profound potential impact on patients with Gorlin syndrome, who often endure hundreds of surgeries in their lifetime. We believe SkinJect represents the type of U.S.-developed, patient-centered innovation that the FDA’s CNPV program is designed to accelerate; a non-surgical, low-cost innovation for America’s most common cancer,” said Dr. Raza Bokhari, Medicus’s Executive Chairman & CEO.
Medicus Pharma Ltd (NASDAQ:MDCX) is a biotechnology company that accelerates the clinical development of new therapeutic assets, including its product, SkinJectTM, for basal cell carcinoma. The company focuses on identifying, acquiring, and advancing promising clinical-stage assets through FDA-approved trials, aiming to improve patient safety and efficacy in areas with unmet medical needs.
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