Undervalued Small-Cap Stocks on TSX October 2025

October 21, 2025

October 2025

SFR:TSX

Small, Micro and Nano-Cap

Stocks in the Small, Micro and Nano Market Cap groups have a market capitalization of less than $2 billion.

TSX Venture Exchange

The TSX Venture Exchange is a stock exchange headquartered in Calgary, Alberta, Canada. It is an exchange for the securities of early-stage businesses.

Our Valuation

A stock is considered undervalued if it trades at a discount to our valuation. To determine a stock’s intrinsic value, we developed an algorithm that uses 6 valuation models to determine the value of a company.* To learn more about stockcalc’s valuation methods, click here.

Undervalued stocks on the TSX

Stocks in this category are held primarily for potential income and capital appreciation.

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Symbol	Name	Close Price ($)	Valuation ($)	Difference (%)	Average Vol (30D)	Market Cap ($M)	P/E Ratio
SFR	Sandfire Resources	0.30	0.56	0.27 (89.2%)	2834	304.4	0.0
HIVE	HIVE Digital Technologies	2.47	3.61	1.14 (46.2%)	939136	324.9	0.0
SGML	Sigma Lithium	6.41	9.14	2.73 (42.5%)	38070	713.3	0.0
LUCA	Luca Mining	1.30	1.83	0.53 (40.4%)	530425	333.9	0.0
RML	Rusoro Mining	0.80	1.05	0.25 (31.8%)	58392	491.1	0.0
ITR	Integra Resources	2.23	2.94	0.71 (31.6%)	391576	419.9	0.0
MTA	Metalla Royalty	4.43	5.75	1.32 (29.8%)	21323	409.1	0.0
SLI	Standard Lithium	2.23	2.77	0.54 (24.4%)	182894	429.4	2.6
EU	enCore Energy	2.76	3.35	0.59 (21.4%)	214672	514.0	0.0
IFOS	Itafos	2.15	2.54	0.39 (18.2%)	26279	417.0	3.0

All data provided as at market close May 29, 2025.

Company Details

Sandfire Resources

SFR:TSX-V

Close Price

0.30

Our Valuation

0.56

% Difference

89.20

Market Cap ($M)

304

P/E Ratio

0.0

Sandfire Resources America Inc is engaged in the exploration, development, and mining of its 100% owned flagship property, the Black Butte Copper Project in central Montana, USA. The property contains sediment-hosted zones of massive sulfide mineralization. The drilling encountered zones of strata-bound copper sulfide with cobalt in multiple bedded pyrite zones in the lower part of the Precambrian Belt Super group.

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HIVE Digital Technologies

HIVE:TSX-V

Close Price

2.47

Our Valuation

3.61

% Difference

46.15

Market Cap ($M)

325

P/E Ratio

0.0

HIVE Digital Technologies Ltd is in the business of providing infrastructure solutions in the blockchain industry. It focuses on the mining and sale of digital currencies. Its geographical segments include Canada, Sweden, Iceland, Switzerland, and Bermuda, out of which the majority of the revenue comes from Bermuda.

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Sigma Lithium

SGML:TSX-V

Close Price

6.41

Our Valuation

9.14

% Difference

42.54

Market Cap ($M)

713

P/E Ratio

0.0

Sigma Lithium Corp together with its direct and indirect subsidiaries, is a commercial producer of lithium concentrate. It holds a 100% interest in four mineral properties: Grota do Cirilo, Sao Jose, Santa Clara, and Genipapo, located in the municipalities of Aracuai and Itinga, in the Vale do Jequitinhonha region in the State of Minas Gerais, Brazil.

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Luca Mining

LUCA:TSX-V

Close Price

1.30

Our Valuation

1.83

% Difference

40.43

Market Cap ($M)

334

P/E Ratio

0.0

Luca Mining Corp is a Canadian-based mining company engages s the production of base metals and the acquisition, exploration and development of resource properties in Mexico. Luca Mining is currently in commercial production at its 100% owned Campo Morado Mine, processing approximately 2,000 tons per day through the mine milling facilities producing zinc and copper concentrates with gold, silver, and lead as by-products. In addition, Luca owns a 100% interest in the Tahuehueto Project.

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Rusoro Mining

RML:TSX-V

Close Price

0.80

Our Valuation

1.05

% Difference

31.78

Market Cap ($M)

491

P/E Ratio

0.0

Rusoro Mining Ltd is a gold producer and explorer. It is engaged in the operation, acquisition, exploration and development of gold mining and mineral properties. The company has land position in the prolific Bolivar State mining region in southern Venezuela.

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Integra Resources

ITR:TSX-V

Close Price

2.23

Our Valuation

2.94

% Difference

31.61

Market Cap ($M)

420

P/E Ratio

0.0

Integra Resources Corp is a precious metals exploration and development company in the Great Basin of the Western USA. Integra is currently focused on advancing its two flagship oxide heap leach projects: the past-producing DeLamar Project located in southwestern Idaho and the Nevada North Project, comprised of the Wildcat and Mountain View deposits, located in northwestern Nevada. The company also holds a portfolio of prospective early-stage exploration projects in Idaho, Nevada, and Arizona.

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Metalla Royalty

MTA:TSX-V

Close Price

4.43

Our Valuation

5.75

% Difference

29.79

Market Cap ($M)

409

P/E Ratio

0.0

Metalla Royalty & Streaming Ltd is a precious metals royalty and streaming company, which engages in the acquisition and management of precious metal royalties, streams, and similar production-based interests. It's a pure-play gold and silver streaming and royalty company. It generates revenue from royalties, streams, and other interests.

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Standard Lithium

SLI:TSX-V

Close Price

2.23

Our Valuation

2.77

% Difference

24.41

Market Cap ($M)

429

P/E Ratio

2.6

Standard Lithium Corp is engaged in the exploration and development of lithium brine properties in the United States. The company is focused on the exploration and development of the Arkansas Lithium Project, which is located in south-central Arkansas. Its other projects comprise the Lanxess Project, and Bristol Dry Lake Project.

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enCore Energy

EU:TSX-V

Close Price

2.76

Our Valuation

3.35

% Difference

21.41

Market Cap ($M)

514

P/E Ratio

0.0

enCore Energy Corp together with its subsidiary, is engaged in the acquisition and exploration of resource properties of uranium resource properties in the United States. The holds a portfolio of uranium assets located in New Mexico, South Dakota, Wyoming, Texas, Utah, Colorado, and Arizona in the USA, and is advancing its properties with a focus on utilizing in-situ recovery.

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Itafos

IFOS:TSX-V

Close Price

2.15

Our Valuation

2.54

% Difference

18.22

Market Cap ($M)

417

P/E Ratio

3.0

Itafos Inc operates as a vertically integrated phosphate fertilizer and specialty products company. The company operates through Itafos Conda, Arraias, Development and Exploration, and Corporate segments. The company produces and sells mono ammonium phosphate (MAP), super phosphoric acid (SPA), merchant grade phosphoric acid (MGA), single superphosphate (SSP), and specialty products, including ammonium polyphosphate (APP).

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