13 Best Canadian Penny Stocks to Invest in Now

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1. NexGen Energy Ltd. (NYSE:NXE)

Closing Stock Price as of April 17th: $4.74

Number of Hedge Fund Holders: 37

​NexGen Energy Ltd. (NYSE:NXE) is an uranium exploration and development company focused on the Athabasca Basin in Saskatchewan. The company’s flagship “Rook I Project” is forecasted to become the world’s largest low-cost uranium mine, with potential annual production of up to 30 million pounds of U₃O₈, used in nuclear fuel and military applications. NXE is also advancing exploration in other regions, aiming to expand its resource base and further boost its competitive advantage.

NexGen Energy Ltd. (NYSE:NXE) has achieved significant milestones in 2024, including securing its first uranium sales contracts with US utilities, completing the Federal technical review for Rook I, and receiving regulatory approval. The company maintains a strong financial position with C$477 million in cash at year-end, sufficient to cover 18 months of post-approval construction activities. Additionally, expressions of interest from lenders have increased to approximately $1.7 billion, demonstrating the project’s strong financeable nature.

A transformational development has been the discovery at Patterson Corridor East (PCE), located just 3.5 kilometers from the Arrow project, which has shown characteristics similar to Arrow and potentially exceeds it in terms of size and ultra-high-grade mineralization at the same stage of drilling. NexGen Energy Ltd. (NYSE:NXE)’s strategic position is further strengthened by its industry-leading procurement metrics, with 96% of “Rook I” site procurement made through community partners during 2024. Looking ahead, NXE is positioned to capitalize on the growing demand for uranium, particularly from Western utilities seeking to diversify their supply sources away from Eastern countries.

Overall NXE ranks first on our list of the 13 best Canadian penny stocks to invest in now. While we acknowledge the potential of NXE to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than NXE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT:  20 Best AI Stocks To Buy Now and 30 Best Stocks To Invest In According to Billionaires

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