- The TSXV’s high-risk dynamics harbor hidden value: As a hub for venture-stage companies, the TSX Venture Exchange experiences high corporate turnover and volatility, often masking early-stage opportunities due to illiquidity, unprofitability, or broader market sentiment.
- A value-based screening approach: To uncover high-potential issuers despite market dislocations, we screened the exchange for stocks with severe year-over-year price declines masking standout assets or noteworthy financial growth.
- High-upside candidates: Learn about 10 deeply discounted TSXV stocks that demonstrate strong long-term fundamentals relative to their depressed market caps.
The TSX Venture Exchange (TSXV), founded in 1999, is one of the world’s premier marketplaces for public, venture-stage companies, hosting 1,494 issuers as of September 2026, with a total market cap of C$142.23 billion, spread across technology, life sciences, natural resources, renewable energy and more, granting investors a diversified look at innovation across the industrial spectrum.
While the exchange’s cohort is always brimming with excitement, as one might expect from entrepreneurs motivated to bring their ideas to life, it’s also true that the business cycle’s natural process of creation and destruction is placed into stark contrast in a forum like the TSXV, where many companies, often of the nanocap variety, will fail and be forgotten, until new entrants tap them for qualifying transactions to try their hand at creating shareholder value.
This article is a journalistic opinion piece written based on independent research. It is intended to inform investors and should not be taken as a recommendation or financial advice.
This constant jostling for position at the earliest stages of development can make it difficult for investors to identify worthwhile candidates for due diligence on the TSXV, whose attractive fundamentals may be masked by:
- Years of trading at low volumes in obscurity because of lack of investor awareness.
- A lack of profitability, forcing investors to engage in the more complex process of asset valuation to determine their level of conviction.
- A broad-based spell of risk-off sentiment, motivated by geopolitical tension or a weakening economy, despite minimal bearing on a leadership team’s ability to carry out its business plan.
In each case, these factors may simply be misrepresenting stocks with the potential to deliver exponential returns, incentivizing us to look closer and open the TSXV’s upside potential to a broader investor base.
How we chose the top 10 stocks on the TSXV
Because the TSXV hosts so many nascent, unprofitable companies, our screening strategy needs to include the best of them to ensure a properly representative list of stocks.
Concurrently, because a majority of issuers are far from household names, and therefore much likelier to suffer a dislocation between stock price and fair value, we should also integrate a value or bargain-capturing metric to maximize long-term return potential.
Putting all of this together, we screened the TSXV for the largest year-over-year (YoY) losses, taking care to favor stocks differentiated by owning the largest assets in their class, assets valued exponentially higher than market cap, or by boasting a long-term track record of growth in revenue and earnings. Here they are, organized from smallest to largest YoY loss:
- Mont Royal Resources, down by 56.25% YoY.
- Tribe Property Technologies, down by 61.76% YoY.
- Canadian North Resources, down by 65.22% YoY.
- Defense Metals, down by 66.07% YoY.
- Search Minerals, down by 67.69% YoY.
- Ucore Rare Metals, down by 69.79% YoY.
- Nevada Lithium Resources, down by 75% YoY.
- Electra Battery Materials, down by 76.62% YoY.
- NTG Clarity Networks, down by 78.74% YoY.
- Zoomd Technologies, down by 85.69% YoY.
Now, let’s delve into the underlying companies and their value propositions to get at the heart of why they’re the TSXV’s best of the best.
The top 10 stocks on the TSXV
Mont Royal Resources
Mont Royal Resources, market cap C$13.47 million, is a junior mining company exploring and developing its 100%-owned Ashram Rare Earth and Fluorspar Project in Nunavik, Quebec, one of the largest rare earth elements deposits in North America at an estimated 204.3 million tons (Mt) grading 1.90% total rare earth oxides (TREO).
The project’s 2026 preliminary economic assessment (PEA) delineates an after-tax net present value (8%) of C$2.03 billion, initial capital of C$1.23 billion and a payback period of only 3.9 years.
Production is expected to average ~17,466 tons of rare earth oxides over a 30-year mine life, utilizing only 25% of the current resource, representing C$24.6 billion in revenue and C$15.46 billion in EBITDA at a hefty 62.8% margin.
As detailed in the June 2026 PEA presentation, the company is squarely focused on improving Ashram’s standing as a pillar of the Western critical minerals supply chain, benefiting from numerous higher-grade targets that could be integrated into the resource, as metallurgical, permitting, environmental and pre-feasibility work get underway.
Mont Royal Resources stock (TSXV:MRZL) last traded at C$0.07.
Tribe Property Technologies
Tribe Property Technologies, market cap C$6.75 million, is disrupting the property management industry through a tech-forward model designed to satisfy unmet needs beyond traditional minimally-digitized service providers.
The company’s proven ability to increase retention, lower acquisition costs and optimize client product and service revenue has resulted in more than 7x revenue growth from C$4.5 million in 2020 to C$32.7 million in 2025, paired with steadily increasing adjusted EBITDA from a loss of C$8.2 million in 2022 to a C$0.2 million gain in 2025, as per the October 2026 investor deck.
Leadership expects further momentum through 2026 and into 2027 supported by falling debt and net losses YoY as of Q2 2026.
Tribe Property Technologies stock (TSXV:TRBE) last traded at C$0.13.
Canadian North Resources
Canadian North Resources, market cap C$27.44 million, is a junior mining company after critical metals key to the proliferation of clean energy and advanced technology. Its growth plan is anchored by its flagship Ferguson Lake project in Nunavut, which is prospective for nickel, copper, cobalt, palladium and platinum. Ferguson’s mammoth resource is estimated at:
- 1.09 billion pounds (Mlb) copper, 678 Mlb nickel, 79.3 Mlb cobalt, 2.34 million ounces (Moz) palladium and 419,000 ounces of platinum indicated.
- 558 Mlb copper, 333 Mlb nickel, 39.6 Mlb cobalt, 1.192 Moz palladium and 205,000 ounces of platinum inferred.
Canadian North sees ample potential to both expand and upgrade the resource, leveraging a 15-km-long mineralized belt on the project, plus several other prospects and mineralized zones.
As per the Q2 2026 news release, the company is engaged in mine development discussions with potential partners and investors, as it evaluates metals processing technologies to bring Ferguson’s polymetallic resource to market.
Canadian North Resources stock (TSXV:CNRI) last traded at C$0.24.
Defense Metals
Defense Metals, market cap C$39.51 million, is mining company focused on rare earth elements (REE) through its 100%-owned Wicheeda project near Prince George, British Columbia, hosting one of the most advanced, undeveloped REE deposits in North America or Europe.
REE are key ingredients in permanent magnets, which convert electric energy to kinetic energy, and vice versa, in wind turbines and electric vehicle motors, in addition to performing precision functions across a wide array of electronic devices from smartphones to missile guidance systems. China is the current market leader, making its stringent export controls a key driver behind diversifying supply.
Wicheeda’s 2025 pre-feasibility study estimates 31,900 tons in average annual TREO production over a 15-year mine life. This translates into an after-tax net present value of C$1 billion (8%), initial capital costs of C$1.4 billion and a payback period of 3.7 years.
The company is committed to ushering Wicheeda through feasibility, permitting and into production, diligently growing into the role of reliable REE supplier on the global stage.
According to an October drilling update, ample project value remains to be unlocked, as demonstrated by a highlight intercept of 2.33% TREO over 153 m across the southern margin of the deposit.
Defense Metals stock (TSXV:DEFN) last traded at C$0.095.
Search Minerals
Labrador-based Search Minerals, market cap C$10.34 million, is another explorer and developer keen to democratize REE.
The company’s 64 km by 2 km belt in the Port Hope Simpson – St. Lewis District is highlighted by the Deep Fox and Foxtrot projects, where a 2022 PEA estimates an after-tax net present value (8%) of C$1.31 billion, a C$422 million initial investment and a payback period of only 1.8 years, corresponding to 1,437 tons of annual magnet rare earth oxide production over a 26-year mine life. The projects are located near roads, tidewater and three local communities, and supported by patented REE extraction technology,
Search intends to advance Deep Fox and Foxtrot towards their next phase of economic study backed by a recently closed C$1.1 million capital raise, with four exploration prospects across the belt ready and waiting once the company is ready to diversify its growth plans.
Search Minerals stock (TSXV:SMY) last traded at C$0.21.
Ucore Rare Metals
Ucore Rare Metals, market cap C$289.28 million, is an emerging REE and critical metals extraction and refining company on track for near-term production.
The company’s Strategic Metals Complex in Louisiana is expected to reach a capacity of 600 tons per year (tpy) TREO in the first half of 2027, with a total ramp-up to 9,600 tpy over the months and years ahead.
As per news releases in June and July, product samples are currently being qualified by Western-allied REE manufacturers across the world.
Ucore’s impending transition into a revenue-generating company, paired with rising REE prices, as detailed in the latest investor deck, position it to reverse its stock’s massive YoY slump.
Ucore Rare Metals stock (TSXV:UCU) last traded at C$1.97.
Nevada Lithium Resources
Nevada Lithium Resources, market cap C$11.73 million, is a mining company exploring and developing its flagship Bonnie Claire Lithium Project in Nye County, Nevada, which hosts one of the largest lithium resources in North America, estimated at 5.2 Mt lithium carbonate equivalent (LCE) at 3,519 parts per million (ppm) indicated and 25.6 Mt LCE at 3,085 ppm inferred.
The project’s 2025 PEA estimates annual production of 62,354 tons of lithium carbonate and 129,533 tons of boric acid over a 61 year mine-life supported by some of Nevada’s best drilling intercepts, including 5,105 ppm lithium and 16,100 ppm boron over 158 m.
Financially speaking, this multi-generational contribution to the US battery supply chain entails a US$6.82 billion after-tax net present value (8%), US$2.125 billion in initial capital costs and a payback period of only 2.8 years. Partnership and investor outreach efforts are ongoing.
Nevada Lithium strengthened Bonnie Claire’s value proposition in January, substantiating the potential for REE extraction, and in March, demonstrating the potential for cesium and rubidium extraction, supporting further dislocation between project value and the company’s afterthought of a market cap.
Nevada Lithium Resources stock (TSXV:NVLH) last traded at C$0.045.
Electra Battery Materials
Electra Battery Materials, market cap C$59.81 million, is focused on reinforcing North America’s lithium-battery supply chain through the construction of the continent’s only cobalt sulfate refinery. Cobalt sulfate is a chemical precursor required to manufacture cathode active materials, which facilitate the transfer of energy in lithium-ion batteries.
Structural steel erection, concrete work, equipment installation and piping work are now underway at the Ontario-based refinery, with commissioning slated to kick off in Q4 2026, followed by initial production in Q3 2027 and commercial production in about one year’s time. At maximum capacity, the facility will be able to supply more than one million electric vehicles per year.
The company complements its processing efforts with its Iron Creek Project in Idaho, hosting one of the United States’ few primary cobalt and copper deposits, where resources are estimated at 18.4 million pounds of cobalt and 71.5 million pounds of copper indicated, plus 2.1 million pounds of cobalt and 36.5 million pounds of copper inferred.
Electra Battery Materials stock (TSXV:ELBM) last traded at C$0.54.
NTG Clarity Networks
NTG Clarity Networks, market cap C$17.76 million, is a Canadian-based software, networking and IT company, active primarily in Saudi Arabia, specializing across the product lifecycle from design to implementation.
NTG has managed to compound revenue at 60% annually over the past five years, catalyzed by Saudi Arabia’s US$1.3 trillion in developmental investments across the kingdom under the Vision 2030 plan.
Adjusted EBITDA has grown in tandem, rising from C$3 million in 2021 to C$12 million in 2025, demonstrating leadership’s balanced focus on market share and value creation.
NTG’s leadership team, highly aligned with shareholders at 36% insider ownership, decided to withdraw 2026 guidance because of ongoing conflict in Saudi Arabia tied to the US/Israel-Iran war.
That said, the company was net income profitable in Q1 and Q2 2026 and remains confident in its “solid base of business” amid strong purchase order volume, as per the Q2 news release, offering investors a firm foundation for a re-rating.
NTG Clarity Networks stock (TSXV:NCI) last traded at C$0.37.
Zoomd Technologies
Zoomd Technologies, market cap C$37.80 million, specializes in user acquisition for advertisers, leveraging a proprietary platform that aggregates media campaigns and digital media outlet across the world.
The cost savings and simplicity associated with a consolidated data platform have allowed Zoomd to nearly double revenue from US$32.1 million in 2023 to US$61.3 million in 2025, while lifting net income from a US$4.65 million loss to a US$14.83 million gain, respectively.
The company has suffered significant drops in revenue and net income over recent quarters, stemming from service reductions from two major customers – one of which is showing improving activity levels – largely explaining its drop in share price YoY.
Leadership, however, is undeterred, addressing revenue losses through share buybacks and a widespread implementation of AI to minimize operational workload, positioning the company to scale more efficiently as a US$22 million cash pile, as of Q2 2026, is allocated to unlock further growth.
Zoomd Technologies stock (TSXV:ZOMD) last traded at C$0.38.
Takeaway
While the TSXV will always be the Toronto Stock Exchange’s younger sibling, populated by companies more comfortable with taking risks, as well as failing, their willingness to shoot for the moon is what holds the promise of potentially differentiated investment opportunities.
To align your portfolio accordingly, we recommend a fundamentals-based approach, such as the strategy delineated in this article, designed to both control for risk and maximize long-term returns.
Join the discussion: Find out what investors are saying about these top TSXV stocks on the Mont Royal Resources Ltd., Tribe Property Technologies Inc., Canadian North Resources Inc., Defense Metals Corp., Search Minerals Inc., Ucore Rare Metals Inc., Nevada Lithium Resources Inc., Electra Battery Materials Corp., NTG Clarity Networks Inc. and Zoomd Technologies Ltd. Bullboards and explore the rest of Stockhouse’s stock forums and message boards.
* Data as of week of October 19-23, 2026.