Listing Requirements of the Toronto Stock Exchange (TSX) – Exploration and Mining Companies

– *updated September 25, 2023 – 

TSX Venture Exchange Mining Listing RequirementsThe Toronto Stock Exchange has different listing requirements for natural resource, finance, and industrial and technology companies. The attached chart addresses the requirements of exploration and mining companies only.

We are always open to talk to corporate executives who are considering listing on the TSX.  The listing requirements can sometimes be confusing and waivers can be applied for in certain circumstances when a company desiring to list is strong in all listing categories but for one.  Do feel free to book an appointment with us if you need assistance to determine if your company qualifies to list on the TSX or other exchange.

TSX – Exploration and Mining Companies Listing Requirements

Requirements In Production Mining Companies (TSX Exempt) Pre-Production Feasibility Stage Mining Companies (Non-Exempt Producer) Exploration and Development Mining Companies (Non Exempt Exploration & Development Stage)
Property Requirements 3 years proven and probable reserves as estimated by an independent qualified person. 3 years proven and probable reserves as estimated by an independent qualified person. If not in production, a production decision made. Advanced Exploration Property. Minimum 50% ownership in the property.
Recommended Work Program Commercial level mining operations. Bringing the mine into commercial production. $750,000 on advanced exploration property as recommended in independent technical report.
Net Tangible Assets $7,500,000 $4,000,000 $3,000,000
Pre-Tax Cash Flow Last Year $700,000 in last fiscal year and average of $500,000 for past two fiscal years. N/A N/A
Profitability Pre-tax profitability from ongoing operations in last fiscal year. Evidence indicating a reasonable likelihood of future profitability supported by a feasibility study or historical production and financial performance. N/A
# of Public Board Lot Holders 300 300 300
Minimum Free Trading 1,000,000 1,000,000 1,000,000
Public Float
Value of Free Trading Public Float C$4,000,000 C$4,000,000 C$4,000,000
Market value of Issued Securities to be Listed
Minimum Cash in Treasury N/A Sufficient to bring the property into commercial production. Sufficient to complete recommended programs, plus 18 months G&A, anticipated property payments and capital expenditures.
Minimum Additional Working Capital Adequate working capital to carry on the business. Adequate for all budgeted capital expenditures and to carry on the business. C$2,000,000
Sponsorship Required No Yes(1) Yes(1)
Form 43-101 Technical Report Yes. Yes. Plus management prepared 18 month projection (by quarter) of sources and use of funds, signed by CFO. Yes. Plus management prepared 18 month projection (by quarter of sources and use of funds, signed by CFO.

Note: (1) The TSX may waive the sponsorship requirement if sufficient 3rd party due diligence has been conducted (ie. underwriter review in concurrent initial public offering.)

The listing staff of the Toronto Stock Exchange will also look at the suitability of all officers, directors and stockholders holding 10% or more of the company’s stock. Companies must have at least two independent directors. They must also have a Toronto Stock Exchange participating organization sponsor their listing unless they meet the senior company listing criteria.

All companies listed on the Toronto Stock Exchange must agree to abide by the corporate governance requirements of the exchange.

For the listing criteria of technology, industrial and research and development companies click here or go to the TSX website.  TSX – Industrial, Technology, Research & Development.


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