12 Best Canadian Penny Stocks to Buy According to Analysts

6. Gold Royalty Corp. (NYSEAMERICAN:GROY)  

Upside Potential: 156.80%  

Stock Price as of January 5: $1.25  

Number of Hedge Fund Holders: 12  

Gold Royalty Corp. (NYSEAMERICAN:GROY) is a precious metals-focused royalty and streaming company. The company provides capital to gold mining companies in exchange for royalty payments. Gold Royalty Corp. (NYSEAMERICAN:GROY) has a diversified portfolio across North and South America.

Gold Royalty Corp. (NYSEAMERICAN:GROY) has a number of exciting growth prospects that are expected to drive long-term value creation for shareholders. The company’s pipeline of development-stage assets, including the Odyssey mine and the South Railroad project, offer significant upside potential and are expected to start generating revenue in the coming years. Additionally, the company’s robust exploration portfolio, which includes assets such as the Whistler Project and the Tonopah West project, offers the potential for new discoveries and the creation of new royalties.

Furthermore, Gold Royalty Corp. (NYSEAMERICAN:GROY) is expecting significant revenue growth from its existing assets, particularly from the Cote Gold Mine in Ontario and the Vares Mine in Bosnia. The Cote Gold Mine, operated by IAMGOLD, is ramping up production and is expected to reach nameplate capacity in the coming months. Whereas, the Vares Mine, operated by Adriatic Metals, is expected to start generating revenue.