A Capital Opportunity A Global Market for Mining Companies Disclaimer
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2 © 2014 TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc. Canada and TSX: Strong Fundamentals
Economically stable • Canada is the fifth largest equity market by float capitalization in the MSCI World Index • World’s soundest banking system • Lowest debt-to-GDP among G7 • Strong equity culture • ~$2.4 Trillion in market cap • $270 billion in equity capital raised in last 5 years
Resource rich • World’s largest producer of zinc and uranium and major producer of gold, nickel, aluminum and lead • #1 in resource listings
3 The World Lists on TSX and TSXV
TSX and TSXV International Listings by Country/Region
Total International Listings as at December 31 2013= 314 TSX = 164 Listings | QMV=$151 B TSXV = 150 Listings | QMV= $2.8 B
4 The World Trades on TSX and TSXV ~40% of daily trading originates from international brokers 7th in the world in value traded
5 Diverse Issuer Base
Real Estate Structured Financial 106 Services Products Utilities & 122 214 Clean Pipelines Technology 29 116
Oil & Gas & Energy Mining Services ETPs 1,618 449 296
Forest Products Technology 23 169
CPC Comm & Diversified 115 Media 52 Industrials
254 Life Sciences 110
*As at December 31, 2013, Includes issuers on TSX and TSXV (100% = 3,673) 6 Service at All Stages of Growth
Serving all Market Caps A Unique Market Structure with Strong Feeder System
94% % of TSX Issuers % of TSXV Issuers 583 259 graduates mining 35% 36% +147 M&A* graduates 29%
535 2,015 442 5% 555 1% Issuers Issuers Issuers 114 Issuers 12
<$50 Million $50 ‐ $250 Million >$250 Million
From January 1, 2000 –December 31, 2013
Market Capitalization, December 31, 2013 7 Access to Capital
Toronto Stock Exchange and TSX Venture Exchange Total Financings (C$ Billions) 1999 – 2013
Average Financing Size: TSX: $67M TSXV: $2M 64.9
58.8 56.5 52.2 60.0 54.0 51.1 43.6 49.7 50.6 47.6 46.2 40.8 44.1 31.5 32.5 41.8 41.0 39.9 27.3 25.5 22.0 35.3 19.2 29.1 28.4 25.8 23.1 11.1 20.9 7.9 9.8 19.2 6.1 5.5 10.1 4.1 5.0 6.0 2.4 1.1 1.4 2.4 3.8
1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
8 TSX Venture Exchange commenced operations on November 29, 1999 Global Leader in Mining
9 TSX and TSXV Lead the Mining Sector # 1 # 1 in listed mining companies in equity capital raised
TSX and TSXV list the most mining companies Value of Mining Equity Capital Raised in the world 5‐Year (2009 to 2013) Total = $157 billion
1618
782
190
TSX/TSXV ASX LSE/AIM
10 Average daily trading volume increased after dual-listing
Average Daily Increase in Average Average Daily Volume on Volume on ASX Post- Daily Volume on ASX Average Daily Volume on TSX ASX 12 Months Prior to Dual Listing to Post-Dual Listing Post-Dual Listing Dual Listing February 18 2014 (From Date of Company (Thousands of Shares) (Thousands of Shares) (Thousands of Dual-Listing to Shares) February 18 2014)
535.2 595% 30.8 IMX Resources Limited 77.1 1,830.0 404% 348.7 Intrepid Mines Limited 363.3 293.5 360% 21.9 Troy Resources NL 63.8 368.8 276% 334.9 Moly Mines Limited 98.2 2,850.0 239% 743.9 Perseus Mining Limited 839.8 5,370.0 102% 1,760.0 Paladin Energy Ltd. 2,660.0 756.0 91% 438.3 Marengo Mining Limited 395.8 832.6 73% 125.4 Bannerman Resources Limited 482.4 1,190.0 38% 279.7 Coalspur Mines Limited 862.4 332.7 16% 20.6 Chalice Gold Mines Limited 287.1
Source: Capital IQ – Data as at February 18, 2014 11 Diversity in Issuer Base
Number of Mining Companies by Stage of Project
Advanced Exploration Exploration Production 1149 866 188
Development 142
Source: Infomine as at February 18 2014 12 Access to Capital
Global Mining Equity Financing 2013 (C$B) 48% 6.9 of the number of mining equity financings globally 3.4 2.3 1.4 0.7 0.4
TSX/TSXV ASX NYSE/ LSE/AIM HKEx Other NYSE MKT 46% 1,409 1,351 3 180 1 8 of the equity capital raised globally for mining
13 Source: Gamah International, 2013 Equity Capital Raised on TSX/TSXV
UK/Europe, Middle East and Russia: Canada: $4.1B $229M
USA: $564M Asia: $61M Africa: Latin America: $801M $969M Australia: $193M
By project location Listed mining companies raised $6.9B on TSX and TSXV in 2013 14 Strong Liquidity for Mining Issuers
AIM Value Traded $449 $450$450 TSXV Value Traded $433$439 ASX Value Traded $394 TSX Value Traded $373 $354 $348 $342 $310
$273 $262
$210 $204 $204
$33 $28 $22 $26 $18 $22 $15 $13 $14 $10 $11 $12 $11 $10 $5 $5
2006 2007 2008 2009 2010 2011 2012 2013
15 Source: Exchange Websites. Amounts are in C$Billions Diversity in Issuer Base
16 Source: Infomine, By Location of Projects Diversity in Issuer Base
Breakdown of TSX and TSXV Breakdown of TSX and TSXV Mining Issuers by Primary Metals Mining Projects by Location
17 Source: Infomine, TSX/TSXV Market Intelligence Group Analyst Coverage
Average Number of Analysts by Size of Mining Company
18
Over 400 mining 11 analysts cover 7 TSX/TSXV listed 6 companies 3
$50 ‐ $100 million $100 ‐ $250 $250 ‐ $500 $500 ‐ $1 billion >$1 billion
18 Source: Capital IQ, January 29 2014 The Leading Exchange
2013 Mining Markets at a Glance
TSX TSXV TSX&TSXV LSE AIM ASX JSE HKEx NYSE/ NYSE MKT
Number of Mining 331 1,287 1,618 40 150 782 50 55 132 Issuers Listed
Quoted Market Value 229.6 10.8 240.4 506.0 9.6 392.0 356.2 375.9 926.4 (C$ Billions)
New Mining Listings 8 65 73 1 11 18 1 1 10
Equity Capital Raised 5.6 1.3 6.9 (C$ Billions) 0.352 0.381 3.4 0 0.381 2.3
Number of Financings 202 1,207 1,409 2 178 1,351 0 1 3
19 Source: Gamah International , Capital IQ. Unless noted, data is as at or YTD Dec 31 2013 The Leading Exchange…
…for Mining Companies in Africa 158 575 $801M Number of Mining Number of African Amount of Equity Capital Companies in Africa Mining Properties Raised in 2013 for African Mining Projects 6
102
37 Number of mining companies 7 Number of Countries in exploring in UN Subregions of Africa 61 Number of New Mining Northern Africa 29 Africa Where TSX/TSXV Cos. Western Africa Listings with Projects are Mining Central Africa in Africa Eastern Africa Southern Africa 44
20 Unless otherwise noted, all numbers are as at December 31, 2013 The Leading Exchange… …for Mining Companies in Africa 1 Top 5 Countries by Number of Companies Ghana: 23 Companies, 54 Projects Mali: 20 Companies, 70 Projects 2 2 South Africa: 20 Companies, 65 Projects Tanzania: 18 Companies, 66 Projects 4 Burkina Faso: 18 Companies, 54 Projects 5 20 12 5 18 1 6 1 4 6 1 3 4 3 23 3 1 5 1 1 18 18 3 2 9 5 2 6 15 8 3
20 1
21 Source: Infomine, January 28, 2014 The Leading Exchange…
…for Mining Companies in Africa
Number of Number of Financing $ Companies Properties YTD Nov 30 2013
TSX and 158 575 $611 M TSXV
ASX 187 613 $302 M
LSE and AIM 82 493 $129 M
22 Source: Infomine January 29 2013, Gamah International YTD November 2013 The Leading Exchange…
…for Mining Companies in Africa 7 $801 M New Mining Listings with Equity Capital Raised on TSX/TSXV in 2013 Projects in Africa 2013 for Companies with Projects in Africa
TSX: Select Financings on TSX: Loncor Resources Inc. (LN) Platinum Group Metals: $355 M raised for platinum in South Africa Paladin Energy Ltd.: $82 M raised for uranium in Malawi, Namibia, Niger Banro Corporation: $68 M raised for gold in DRC TSXV: RTG Mining Inc.: $21 M raised for gold in Nigeria, Zambia Bullman Minerals Inc. (BUL) Aureus Mining Inc.: $16 M raised for gold in Cameroon, Liberia, Sierra Leone East Africa Metals Inc. (EAM) Kaizen Discovery Inc. (KZD) Select Financings on TSXV: Karoo Exploration Corp. (KE) Atlatsa Resources Corporation: $72 M for platinum in South Africa Orca Gold Inc. (ORG) True Gold Mining Inc.: $27 M for gold in Burkina Faso Pangolin Diamonds Corp. (PAN) Roxgold Inc.: $20 M for gold in Burkina Faso Kilo Goldmines Inc.: $10 M for gold in DRC
23 Unless otherwise noted, all numbers are as at December 31 2013 Dual Listed Mining Companies with African Projects
Market Dual Equity Capital Capitalization Listed Exploring In Exploring For Raised on TSX 31-Dec-2013 On Aureus Mining Inc. $151 M AIM $137 M Cameroon,Liberia,Sierra Leone Gold Gold, Copper, Nickel, Caledonia Mining Corporation $39M AIM $66 M South Africa,Zambia,Zimbabwe Platinum
Eastern Platinum Limited $70 M AIM $699 M South Africa Platinum Bannerman Resources Limited $14M ASX $73 M Namibia Uranium Chalice Gold Mines Limited $31 M ASX $10 M Eritrea Gold Elemental Minerals Limited $106 M ASX $76 M DRC (Congo) Potash Burkina Faso,Côte $198 M ASX Gold Endeavour Mining Corporation $115 M d'Ivoire,Ghana,Liberia,Mali IMX Resources Limited $14 M ASX $4 M Mozambique,Tanzania Gold, Copper, Nickel, Iron Minemakers Limited $38 M ASX $3 M Namibia Phosphate Paladin Energy Ltd. $429 M ASX $550 M Malawi,Namibia,Niger Uranium Perseus Mining Limited $103 M ASX $221 M Côte d'Ivoire,Ghana Gold PMI Gold Corporation $143 M ASX $220 M Ghana Gold Teranga Gold Corporation $168 M ASX $110 M Senegal Gold
24 The Growth Exchange…
…for Mining Companies in Australia 26 5 $202M Number of Australian Average Number of Analysts Covering Amount of Equity Capital Mining Companies on TSX/TSXV TSX/TSXV Listed Australian Mining Cos. Raised in 2013 on TSX/TSXV by Australian Companies
$2.5B 1 50 Market Cap of Australian Mining New Australian Mining TSX and TSXV Mining Companies with Companies on TSX/TSXV Listing in 2013 238 Properties in Australia
25 Unless otherwise noted, all numbers are as at December 31, 2013 The Emerging Exchange…
…for Mining Companies in Latin America
Mexico 198
Suriname 468 Guyana 1442 5 Number of TSX/TSXV Mining Venezuela 17 French Number of Latin American Mining Companies in Latin America Colombia 7 Guyana Properties Ecuador 47 3 13 Peru Brazil 82 47 Bolivia 15 Paraguay 2 $969M Chile 13 Amount of Equity Capital Raised in 58 Uruguay Number of New Mining Argentina 3 2013 on TSX and TSXV for Latin 60 Listings with Projects American Mining Projects in Latin America
26 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Mexico
198 532 Select 2013 Financings by Mining Number of TSX/TSXV Mining Number of Mexican Mining Properties Companies with Projects in Mexico Companies in Mexico Santacruz Silver Mining Ltd., $40.4M Silver Bull Resources Inc., $9.2M Maya Gold & Silver Inc., $6.0M Almaden Minerals Ltd., $5.5M Alphamin Resources Corp., $5.4M GoGold Resources Inc., $5.1M $146M 3 Kootenay Silver Inc., $4.8M Amount of Equity Capital Raised Number of New Mining in 2013 on TSX and TSXV Listings with Projects for Companies with in Mexico Mexican Mining Projects
27 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Brazil
47 138 Number of TSX/TSXV Mining Number of Brazilian Companies in Brazil Mining Properties
Brazil 47 $330M 6 Amount of Equity Capital Raised in Number of $20M+ Financings for TSX and 2013 on TSX and TSXV for Brazilian TSXV Companies with Projects in Brazil Mining Projects
28 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Brazil
TSX TSX Venture Exchange Aura Minerals Adriana Resources Amarillo Gold Belo Sun Mining Amerix Precious Metals Carpathian Gold Brazil Resources Colossus Minerals Cancana Resources Eldorado Gold Coastal Gold Corp. Golden Star Resources Eagle Mountain Gold IAMGOLD Eagle Star Minerals INV Metals Ecometals Jaguar Mining Focus Graphite Kinross Gold IBC Advanced Alloys Luna Gold Brazil Infinito Gold MBAC Fertilizer Karmin Exploration Minera IRL 47 Lago Dourado Minerals Rio Novo Gold Lara Exploration Royal Gold Largo Resources Sandstorm Gold Magellan Minerals Silver Wheaton Majescor Resources Solitario Exploration & Royalty Metalex Ventures Talon Metals Northaven Resources Teck Resources Pacific Imperial Mines Troy Resources Pacific Potash Verde Potash Randsburg International Gold Yamana Gold Tristar Gold
29 Source; Infomine February 2014 TSX and TSXV Companies are Mining in Colombia
47 138 Number of TSX/TSXV Mining Number of Colombian Companies in Colombia Colombia Mining Properties 47
$90M 3 Amount of Equity Capital Raised in Number of New Listings in 2013 2013 on TSX and TSXV for with Projects in Colombia Colombian Mining Projects
30 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Colombia
TSX TSX Venture Exchange Quia Resources B2Gold Angel Gold Antioquia Gold Red Eagle Mining Braeval Mining Corp. Arctic Star Exploration Rugby Mining Santa Fe Metals Continental Gold Ascot Resources Atico Mining Seafield Resources Eco Oro Minerals Bandera Gold Solvista Gold Tesoro Minerals Gran Colombia Gold Batero Gold Colombia Bellhaven Copper & Gold Tolima Gold Hudbay Minerals 47 Bravura Ventures Trident Gold Corp. U3O8 IAMGOLD Cabia Goldhills CB Gold Waymar Resources Rio Novo Gold Cliffmont Resources Wolverine Minerals Sunward Resources Colombia Crest Gold Colombian Mines Teck Resources Cordoba Minerals Touchstone Gold Cosigo Resources Focus Ventures Galway Gold Inc. Icon Exploration Lara Exploration Midasco Capital Miranda Gold Pacific Coal Resources Prism Resources
31 Source; Infomine February 2014 TSX and TSXV Companies are Mining in Chile
58 144 Number of TSX/TSXV Mining Number of Chilean Companies in Chile Mining Properties
$92M Chile 2 Amount of Equity Capital Raised in 58 Number of New Listings in 2013 2013 on TSX and TSXV for with Projects in Chile Chilean Mining Projects
32 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Chile
TSX TSX Venture Exchange Americas Bullion Royalty Alturas Minerals Samex Mining Amerigo Resources ANFIELD RESOURCES Savant Explorations Barrick Gold Capstone Mining Apogee Silver Sendero Mining Cerro Grande Mining AQM Copper Southern Coeur Mining Atacama Pacific Gold Hemisphere Mining Coro Mining Azul Ventures Southern Legacy Endeavour Silver Exeter Resource Celeste Mining Minerals First Quantum Minerals Cerro Mining Franco-Nevada Condor Resources Goldcorp Cornerstone Capital Resources Hudbay Minerals Inspiration Mining First Potash Kinross Gold Ginguro Exploration Lundin Mining Global Hunter Mandalay Resources Goldeye Explorations Minera IRL New Gold International PBX Ventures NGEX Resources Iron Creek Capital Orosur Mining Lara Exploration Polar Star Mining Chile Los Andes Copper RB Energy Royal Gold 58 Lowell Copper Silver Standard Resources Lumina Copper Silver Wheaton Mirasol Resources South American Silver New World Resource Teck Resources Yamana Gold Pinestar Gold Rusoro Mining
33 Source; Infomine February 2014 TSX and TSXV Companies are Mining in Argentina
60 193 Number of TSX/TSXV Mining Number of Mining Companies in Argentina Properties in Argentina
$114M 2 Amount of Equity Capital Raised in Number of New Listings in 2013 Argentina 2013 on TSX and TSXV for 60 with Projects in Argentina Companies with Mining Projects in Argentina
34 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Argentina
TSX TSX Venture Exchange Argentex Mining Regulus Resources Agnico Eagle Mines Artha Resources Rock Tech Lithium Allana Potash Blue Sky Uranium Rodinia Lithium Barrick Gold Brigadier Gold Rome Resources Cardero Resource Cannon Point Resources Samco Gold Coeur Mining Cascadero Copper Terreno Resources Coro Mining Dajin Resources TNR Gold Franco-Nevada Golden Arrow Resources U3O8 Goldcorp Goldrock Mines Corp Wealth Minerals Golden Minerals Hunt Mining IAMGOLD International Lithium Lithium Americas Iron South Mining McEwen Mining Kaizen Discovery Minera IRL Kobex Minerals NGEX Resources Latin American Minerals Novagold Resources Lion One Metals Pan American Silver Lumina Copper Premier Gold Mines Malbex Resources Renaissance Gold Marifil Mines Royal Gold Metallum Resources Silver Standard Resources Metropolitan Energy Silver Wheaton Minsud Resources Stillwater Mining Mirasol Resources Teck Resources New Dimension Resources Troy Resources Argentina Pacific Bay Minerals Yamana Gold 60 Plato Gold
35 Source; Infomine February 2014 TSX and TSXV Companies are Mining in Peru
82 212 Number of TSX/TSXV Mining Number of Peruvian Companies in Peru Mining Properties
Peru 82 $230M 3 Amount of Equity Capital Raised in Number of New Listings in 2013 2013 on TSX and TSXV for with Projects in Peru Peruvian Mining Projects
36 Unless otherwise noted, all numbers are as at December 31, 2013 TSX and TSXV Companies are Mining in Peru
TSX TSX Venture Exchange Aguila American Gold Panoro Minerals Barrick Gold Sierra Metals Alturas Minerals Radius Gold Braeval Mining Corp. Silver Standard AM Gold Rio Cristal Resources Cameco Resources Americas Petrogas Rio Silver Candente Copper Silver Wheaton Andeangold Rocmec Mining Candente Gold Solitario Exploration & AQM Copper Rokmaster Resources Crocodile Gold Royalty Azincourt Uranium Solid Resources Dynacor Gold Mines Sprott Resource Bear Creek Mining Southern Legacy Minerals Entree Gold Stonegate Agricom Cadillac Ventures St. Elias Mines Excellon Resources Sulliden Gold Cerro Mining Strait Gold First Quantum Minerals Teck Resources Condor Resources Sunset Cove Mining Fortuna Silver Mines Trevali Mining Coronet Metals Tamerlane Ventures Geologix Explorations Vena Resources Darwin Resources Tinka Resources Golden Minerals Yamana Gold Peru Duran Ventures Viper Gold Grandview Gold Zincore Metals Eloro Resources Wealth Minerals Hudbay Minerals 82 Esperanza Resources Xiana Mining IAMGOLD Estrella Gold International Minerals Focus Ventures Lupaka Gold Gitennes Exploration Mawson Resources Grenville Gold Minera IRL Inca One Metals Mines Management Indico Resources Pan American Silver Karmin Exploration Paramount Gold and Lara Exploration Silver Macusani Yellowcake Rio Alto Mining Network Exploration Royal Gold New Dimension Resources New Oroperu Resources Orovero Resources
37 Source: Infomine February 2014 TSX and TSXV Companies are Mining in the USA
334 1051 Top States by Number of TSX/TSXV Number of TSX/TSXV Mining Number of US Mining Properties Mining Companies with Projects Companies in the USA Nevada Arizona Alaska Utah Idaho California Montana $564M 13 New Mexico Amount of Equity Capital Raised Number of New Mining Wyoming in 2013 on TSX and TSXV Listings with Projects Colorado for Companies with in the US US Mining Projects
38 Source: Infomine TSX and TSXV Companies are Mining in Russia and CIS
Armenia (2 Projects) Kyrgyzstan (8 Projects) Dundee Precious Metals Inc. Centerra Gold Inc. Lydian International Limited Eurasian Minerals Inc. Kola Mining Corp.
Georgia (1 Project) Orsu Metals Corporation
24 Lydian International Limited Perseus Mining Limited
Number of TSX/TSXV Mining Stans Energy Corp.
Companies in Russia and CIS Kazakhstan (13 Projects) Alhambra Resources Ltd. Cameco Corporation Russia (22 Projects) Hansa Resources Limited Barrick Gold Corporation
Kazax Minerals Inc. Centerra Gold Inc.
Orsu Metals Corporation Eurasian Minerals Inc.
Turquoise Hill Resources Ltd. Global Cobalt Corporation
Uranium One Inc. Kinross Gold Corporation
Kola Mining Corp. 53 Ukraine (7 Projects) Mangazeya Mining Ltd. Number of Russian and CIS Black Iron Inc. Royal Gold Inc. Mining Properties Catalyst Copper Corp. Silver Bear Resources Inc. Eastcoal Inc.
ValGold Resources Ltd.
39 Source: Infomine TSX and TSXV Companies are Mining in Asia
TSX TSXV Sherritt International Hansa Resources Alacer Gold Aegean Metals Group Inc. SilverCorp Metals Kalimantan Gold Alamos Gold Aldridge Minerals Southgobi Resources Kazax Minerals Inc. B2Gold Alhambra Resources St. Augustine Gold and Copper Kincora Copper Barrick Gold Altai Resources Teck Resources Kola Mining Besra Gold Amanta Resources Turquoise Hill Resources Lara Exploration Cameco Angkor Gold TVI Pacific Majestic Gold Centerra Gold Arehada Mining 97 Uranium One MBMI Resources China Gold International Resources Asia Now Resources Vista Gold Meritus Minerals Number of TSX/TSXV Mining Denison Mines Asian Mineral Resources Metallum Resources Eldorado Gold Azure Resources Companies in Asia Mindoro Resources Entree Gold Barisan Gold Monument Mining Erdene Resource Development Berkwood Resources Mundoro Capital First Quantum Minerals Cadan Resources Noront Resources Franco‐Nevada Cantex Mine Development Panoro Minerals Intrepid Mines Cascade Resources Philippine Metals Lydian International Centurion Minerals Rugby Mining Mediterranean Resources Challenger Deep Resources Southern Arc Minerals Mega Uranium Columbus Copper Sparton Resources Minco Gold Columbus Gold Stans Energy Minco Silver Crazy Horse Resources Stone Resources New Pacific Metals Desert Eagle Resources Terra Firma Resources Nuinsco Resources Diamond Fields International 281 Tiger International Resources Oceanagold East Asia Minerals Tri‐River Ventures Orsu Metals Eurasian Minerals Number of Asian United Coal Perseus Mining Frontline Gold Valhalla Resources Mining Properties Pilot Gold Gentor Resources Waseco Resources Prophecy Coal Global Cobalt Woulfe Mining Red Crescent Resources Global Met Coal Xemplar Energy Reliance Resources Gobimin Goldrea Resources
40 Source: Infomine How to List on TSX and TSXV
41 Multiple Pathways to Listing
CPC Capital Pool Company
SPAC Special Purpose Acquisition Corp.
42 Specific Listing Criteria
Technical Listing Requirements
– Minimum Property Ownership
– Management Track Record and Experience
– Sufficient Working Capital and/or Mine Life
– NI 43-101 Report
– Exploration & Development or Producing Requirements
43 Property Requirements
TSXV – Tier 2 TSX – Exploration Minimum 50% interest in a qualifying property ($100,000 Minimum 50% interest in an advanced property of exploration expenditures on the qualifying property in (mineralization three dimensions and at economically the past 3 years) interesting grades)
Work program: $200,000 Work program: $750,000
TSXV – Tier 1 TSX – Producer Minimum 50% interest in a Tier 1 property (property with Three years of proven and probable reserves substantial geological merit)
Commercial production decision made or in commercial Work program: $500,000 production
44 Financial Tests & Requirements
TSXV – Tier 2 TSX – Exploration Adequate working capital for 12 months + $100,000 in $2 million in working capital allocated funds Sufficient funds for 18 months $3 million in net tangible assets Appropriate capital structure
TSXV – Tier 1 TSX – Producer Adequate working capital for 18 months + $200,000 in Adequate working capital allocated funds Appropriate capital structure $2 million in net tangible assets Non exempt: $4 million in net tangible assets + likelihood of future profitability Exempt: $7.5 million in net tangible assets + pre-tax profits and cash flow
45 Management
• Management, including board of directors, should have adequate experience and technical expertise relevant to the company’s business and industry as well as adequate public company experience
• Management team includes qualified Chairman, CEO, CFO and Corporate Secretary
• Management and members of the board of directors must complete Personal Information Forms (“PIFs) to assess suitability
46 Distribution & Sponsorship
TSXV TSX
•Public float of 500,000 shares (Tier 2) or •$4,000,000 publicly held 1,000,000 shares (Tier 1) •1,000,000 free trading shares •200 (Tier 1) or 250 (Tier 2) public board lot •300 public board lot holders holders •Sponsorship may be required •20% of the issued and outstanding in the hands of public shareholders •Sponsorship may be required
47 International Listings
• Public mining companies dual list on a TMX equity exchange and remain listed on home exchange
• Companies can access via IPO, Capital Pool Program (CPC) or RTO onto TSXV or TSX
• Access TSX or TSXV through an M&A transaction or equity investment
48 TSX Company Services: Supporting the Growth of Listed Companies
Understand your Create awareness in Communicate with Enhance your image Facilitate issuer and stock’s trading the investor community Impact as a public company investor transactions activity
• TSX InfoSuite • On the Radar • CEO Interviews • Web Solutions • Corporate Trust • Anonymous Activity • Market Access • Equity Coverage • Stock Quotes for Services • Historical Data Access • Investor Relations Website • Transfer & Registrar
• ir2020 • TMXmoney.com • Listed on Logo Services
• Market Open Ceremony • Employee Plan
Administration
www.tsxcompanyservices.com
49 50