TORONTO STOCK EXCHANGE | TSX VENTURE EXCHANGE Guide to Listing 2026
CAPITAL $6.4T listed market capitalization $3.8T traded #3 among global peers for new international listings* 2,100+ financings $33B in equity capital raised LIQUIDITY GLOBAL OPPORTUNITIES Global Leadership Integrity Global investors, companies, and capital market participants have experience with Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) (collectively, the “Exchanges”). We operate a rules-based marketplace with a history of integrity that provides your company a base to grow and extend its retail and global investor base. Access to Capital In addition to institutional and retail investors, passive investors are a growing part of the marketplace. TSX issuers have access to all of Canada’s leading indices. Each year we extend the products and asset base, tracking our issuers so you can position your company with the industry leaders. The Best Canadian Market Infrastructure TSX and TSXV are the only Canadian exchanges that trade on all Canadian markets and have access to the widest global quote distribution. This gives your company access to the largest pool of investors and the greatest amount of liquidity. Our Exchanges also have the most registered market participants to provide liquidity for your company. Source: The World Federation of Exchanges, TSX/TSXV Market Intelligence Group and exchange websites. As at December 31, 2025. AT A GLANCE Canada’s Global Capital Markets Offer Unparalleled Access to:
CONTENTS Realize Your Vision 4 Why Go Public 5 Canada’s Global Capital Markets 6 A Diverse Issuer Base 7 Opportunities for Companies at Every Stage of Growth 7 Opportunities for International & U.S. Companies 8 Steps to Listing 10 Graduation to Toronto Stock Exchange 15 Your Stategic End-to-End Partner 16 TSX & TSXV Global Client Team 18 Accelerator Program 18 Client Intelligence 19 Corporate Access 19 Investor Profile 20 The Listing Experience 23 How We’re Innovating 24 TMX Corporate Solutions 25 TSX Trust 25 TMX Newsfile 26 TMX Market Centre 26 Our Sectors 27 Diversified Industries 28 Innovation 32 Mining 34 Energy 36 Listing Requirements 39 Global Client Team 49
TSX | TSXV Guide to Listing 2026 4 REALIZE YOUR VISION
TSX | TSXV Guide to Listing 2026 5 Access Capital And Future Financing Opportunities Going public can provide your company with financing opportunities to grow your business through expansion of operations, hiring or acquisitions. The issuance of public shares can also expand and diversify your investor base by giving you access to pools of capital in Canada, the U.S. and globally. Acquisitions To Accelerate Growth As a public company, your shares can be used as a currency substitute to acquire target companies, instead of a direct cash offering. Using shares for an acquisition can be attractive to target companies and a tax-efficient vehicle to finance such a transaction. This can also improve your ability to complete mergers and acquisitions in a more timely and cost-effective manner. Increase Visibility Going public enhances your company’s visibility. Greater public awareness gained through media coverage, publicly filed documents and coverage of your shares by sector investment analysts can heighten the profile and credibility of your company. Ultimately, this can attract attention from a more diversified group of investors. Provide Liquidity For Shareholders Becoming a public company establishes a market for your company’s shares, providing your investors with an efficient and regulated vehicle in which to trade their shares. Greater liquidity in the public market can often lead to better valuation than would be achieved as a private company. Employee Incentives Your employees can participate in the ownership of your company and benefit from being shareholders. Stock options and employee share purchase programs are ways of compensating your employees without depleting cash reserves. Share ownership can offer retention and can be used as a recruitment incentive. Why Go Public
● IPOs ● Private Placements ● Public Offerings Equity Financing on TSX & TSXV ($ Billions) *World Economic Forum, Global Competitiveness Index 2025. **Kearney FDI Confidence Index, April 2025, via Global Affairs Canada. ***Economist Intelligence Unit, October 2025. $56.92 $27.34 $21.53 $20.85 $33.32 TSX | TSXV Guide to Listing 2026 6 Canada’s Global Capital Markets Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV), provide companies with access to equity capital and the benefits of being listed on a leading global exchange with integrity, liquidity and opportunity. Gateway to North American Capital Companies listed on TSX and TSXV have access to North American capital markets, one of the world’s largest capital pools. With a wide investor base providing liquidity, our Exchanges also serve as access points to the international pools of capital for companies seeking growth and expansion capital. Top-Rated Banking System Canada’s banking system has been ranked as one of the soundest in the world for over a decade by the World Economic Forum.* Canada’s banks are also well managed, well regulated and well capitalized. A strong and stable banking system is at the heart of the country’s economic stability. Canada ranks second for countries likely to attract the most FDI (foreign direct investment) in the next three years,** and has an established AAA credit rating from Standard & Poor’s*. Leveraging Canada’s Economic Strength TSX and TSXV’s significance as world-class equities markets is reflected in the broader strength of the Canadian economy. According to the Economist Intelligence Unit, Canada is the second-best country in the G20 for doing business (2026-2030).*** Canada’s economy is broadly diversified with key strengths in manufacturing, financial services and technology. This, coupled with Canada’s political stability and diverse natural resources base, including oil and gas, precious metals, copper, uranium, rare earths and battery metals, makes Canada a viable destination to raise capital and leverage Canadian financial expertise. 3,600+ listed issuers on TSX & TSXV 2021 2022 2023 2025 2024
Project/Idea R&D or Prototype Commercial Stage Stable Production Stage Operating History Stages of Company Growth Capital Required Public Equity Private Capital Private Equity Toronto Stock Exchange TSX Venture Exchange Founders Angel Investors Venture Capitalists TSX | TSXV Guide to Listing 2026 7 A Diverse Issuer Base Opportunities for Companies at Every Stage of Growth TSX and TSXV are world-class markets that provide access to financing for companies at various stages of growth. Financing Growth Companies NUMBER OF ISSUERS 434 Diversified Industries Breakdown Communications & Media 25 Consumer Products & Services 92 Financial Services 103 Industrial Products & Services 134 Real Estate 80 MARKET CAP ($B) $3,032 $1,142 $864 $599 $732 1,073 Mining Breakdown Gold 658 Battery Metals 124 Copper 97 Silver 54 Uranium 36 Other 132 178 Energy Breakdown Energy Services 38 Oil & Gas 122 Utilities & Pipelines 18 385 Innovation Breakdown Clean Tech 82 Life Sci. 113 Tech. 190 1,239 Exchange Traded Funds $15B 116 CDRs $0.3B 2 SPACs $0.1B 169 CPCs $74B 62 Closed End Funds
U.S. Companies Listed Across All Sectors Mining 32% Closed-End Funds/ETFs/SPACs 2% Real Estate 5% Financial Services 3% Life Sciences 15% Clean Technology & Renewable Energy 7% CPC 4% Consumer Products & Services 3% Industrial Products & Services 6% Oil & Gas 4% Technology 17% TSX | TSXV Guide to Listing 2026 8 Opportunities for International & U.S. Companies Gateway to North American Institutional Capital With limited options in the international market for mid-market companies seeking growth capital, as well as the increasing costs of regulatory compliance, more and more international companies are using a listing on TSX or TSXV as a platform in order to reach Canadian and U.S. investors who can trade directly in Canada. TSX and TSXV are uniquely positioned in North America and a significant part of the daily flow of trading comes from U.S.-based investors. Why list on TSX? • Market for established businesses and management teams with experience in public markets. • Access to international institutional investors. • Globally visible indices utilized by investors. • Corporate governance appropriate for established issuers. • 170-year history. • Respected, leading global exchange. Why list on TSXV? • Access to capital for early-stage companies and smaller financings (typical financing range: $2 million to $20 million). • Extensive mentorship program for newly public companies. • Streamlined graduation to TSX. • Tailored listing and corporate governance requirements for small-cap companies. • Access to investment banking support for financing and acquisitions as well as research to support the company’s investor base.
International Listings By Country/Region USA 44% Australia/NZ/PNG 12% Asia 7% UK/Europe 11% Latin America 15% Israel 9% Other 0.5% Africa 2% 15 new international companies listed in 2025 Ranked #3 among global peers for new international listings* 213 international & U.S. companies are listed on TSX & TSXV *Source: The World Federation of Exchanges, TSX/TSXV Market Intelligence Group and exchange websites. As of December 31, 2025.
☑ Does your management team and board have the experience and expertise for both your industry and the public markets? ☑ Do you have a plan for tax optimization and planning at personal, shareholder and company levels? ☑ Has your company put in place the appropriate corporate governance controls for a public company? ☑ Has your management team and board of directors invested their capital in the company? ☑ Has your company developed the appropriate financial reporting and internal controls for a public company? ☑ Does your company have an attractive growth profile? ☑ Does your business model allow your company to accurately forecast revenue? ARE YOU READY TO LIST?
STEPS TO LISTING Step 1 Determine the market for your business. Listing on TSX Listing on Toronto Stock Exchange is an option for growth-oriented companies with strong performance track records. TSX is globally recognized as a leading international stock exchange, known for its standards of fairness and innovative approach to trading. TSX provides companies with a dynamic market in which to raise capital, while offering a range of benefits that include enhanced liquidity, specialized indices, visibility and analyst coverage. Listing on TSXV Listing on TSX Venture Exchange is an option for companies looking to access public venture capital to facilitate their growth. Companies listed on TSXV are provided with the opportunity to gain a solid foothold in the public market, with the potential to work towards graduation to TSX and access to larger pools of capital. TSXV has listing requirements that are tailored to a company’s industry sector, stage of development, financial performance and operational resources.
TSX | TSXV Guide to Listing 2026 12 SPAC (Special Purpose Acquisition Company (SPAC) Program) The SPAC program offers an alternative vehicle for listing on TSX. Unlike a traditional IPO, the SPAC program enables seasoned directors and officers to form a corporation that contains no commercial operations or assets other than cash. The SPAC is then listed on TSX via an IPO, raising a minimum of $30 million. 90% of the funds raised are placed in escrow, and must then be used toward the acquisition of an operating company or assets within 36 months of listing, defined as a Qualifying Acquisition. Structures for Going Public STEPS TO LISTING Step 2 Determine the method of listing. A Flexible Approach TSX and TSXV have created a flexible approach to raising public capital. Recognizing that the financial requirements of companies are unique to their size and stage of growth, the process of going public on either of our Exchanges is efficient and cost-effective. Working with your advisors will help determine which listing method is right for your company in current market conditions. Initial Public Offering An IPO requires the completion of an application for listing and the filing of a prospectus with the applicable Canadian securities regulator(s). Qualifying Transaction / Qualifying Acquisition CPCs or SPACs are companies listed with cash on their balance sheets. They are designed as a pathway to take companies public in an efficient way. Reverse Takeover We have a long history of listing companies through reverse takeover transactions. A reverse merger allows a private company to vend into a TSX- or TSXV-listed company or shell. Direct Listing If your company is currently listed on another exchange or if it meets listings criteria you may qualify for a direct listing on TSX or TSXV. It is an efficient mechanism to access a broader pool of investors and to leverage your listing in another market. Initial Public Offering (IPO) Reverse Takeover (RTO) Direct Listing Qualifying Transaction/Acquisition (QT/QA) TSX TSXV
TSX | TSXV Guide to Listing 2026 13 A two-step alternative to the traditional IPO The CPC Program is a unique listing vehicle that can make particular sense for smaller companies going public. The program connects experienced investors with private companies by dividing the traditional IPO process in two: the creation of the CPC public vehicle shell and the Qualifying Transaction (QT). Capital Pool Company® (CPC) Program CPC Success Story To learn more about the modernization of the CPC Program, visit tsx.com/cpc. As of December 31, 2025. *The CPC Program was created in 1986. 2,850+ CPCs listed since program inception* 86% of CPCs have completed their QT, with 27 QTs in 2025 80 former CPCs currently trade on TSX $8.7B raised by former CPCs in the last five years on TSXV $10.7B raised by former CPCs in the last five years on TSX Concurrent financing to arms length investors CPC: Founders provide seed capital and create corporate vehicle, then IPO to provide public distribution. *The percentages used are for illustration purposes. The terms of each transaction are negotiated between the CPC Founders and the Private Company. Private Company Looking to raise capital and get liquidity for shareholders New public company 60-70% of Resulting Issuer ownership is retained by private company shareholders, maintaining control. 5-10% of Resulting issuer* 20%+ of the Resulting Issuer*
TSX | TSXV Guide to Listing 2026 14 Your team of advisors International companies will need to seek advisors with experience in the Canadian marketplace. In Canada, regulatory and legal obligations are applicable at both the federal and provincial levels. STEPS TO LISTING Step 3 Select your team of advisors. Expert Advice As a company looking to go public, you will need to build a team of expert advisors and seek the counsel of an investment dealer, a securities law firm, an auditor, an investor relations professional and a transfer agent. Look for professionals experienced in your industry and size of company, with the ability to offer sound financial market advice that is relevant to you and your business. Make sure you have a thorough knowledge of the policies for the appropriate exchange and the securities law requirements. A quality investor relations program is critical to your company’s ability to access capital and liquidity, enhancing your company’s visibility, reputation and investor communications program. The Global Client Team at TSX and TSXV can provide introductions to advisors who can help companies go public. Investment Dealer Investor Relations Professional Transfer Agent Securities Law Firm Auditor
TSX | TSXV Guide to Listing 2026 15 780+ graduates from TSXV to TSX* 22% of the S&P/TSX Composite Index† constituents are graduates of TSXV $577B in market capitalization of TSXV graduates Graduation to Toronto Stock Exchange A path to greater opportunity Graduating to TSX is a strategic opportunity for a company to increase its profile, liquidity and access to capital. 〉 Increased access to index products 〉 Greater visibility 〉 Access to institutional capital 〉 Enhanced liquidity * From January 2000 to December 2025. † The S&P/TSX Composite Index (the “Index”) is the product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and TSX Inc. (“TSX”). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and TSX® is a registered trademark of TSX. SPDJI, Dow Jones, S&P, their respective affiliates and TSX do not sponsor, endorse, sell or promote any products based on the Index and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions or interruptions of the Index or any data related thereto. Graduation Made Easy Benefits ☑ Streamlined Process Your company’s TSXV files can be provided directly to TSX with your consent. ☑ Reduced Listing Fees The TSX application fee is waived for potential graduates and credit will be given for any TSXV transaction fees paid in the 90 days prior to listing on TSX. ☑ Waiver of Sponsorship Sponsorship requirements can be waived in most cases. ☑ Exchange Support A pre-file meeting with TSX staff to review process and timing can help to compress the timeline for a graduation.
Today’s companies require more than just a place to raise capital—they need a partner that supports them through every growth milestone and helps them optimize operational effectiveness. YOUR STRATEGIC END-TO-END PARTNER
TSX & TSXV Global Client Team TSX and TSXV issuers receive exclusive, complimentary support from our Global Client Team, providing expert capital markets guidance throughout every stage of their public company journey. TMX Corporate Solutions Beyond core support, TMX Group offers a suite of specialized enterprise solutions, providing companies with the sophisticated services needed to drive success at every stage—from private to public. Retail Investor Profile PREMIER EVENT SPACE TMX Market Centre Investor Access CORPORATE TRUST & TRANSFER AGENCY TSX Trust Accelerator Program GLOBAL NEWSWIRE DISTRIBUTION TMX Newsfile Client Intelligence PRIVATE PLACEMENTS Markette TSX | TSXV Guide to Listing 2026 17
TSX | TSXV Guide to Listing 2026 18 Accelerator Program Complimentary one-on-one education and mentorship program, to support company growth and success. SUPPORTING YOUR GROWTH TSX & TSXV Global Client Team The Global Client Team is committed to supporting TSX- and TSXV-listed issuers. As part of the listing process, you will have a designated Advisor to assist you with every stage of your growth. By leveraging a deep understanding of Canadian capital markets, the Global Client Team provides solutions, actionable insights and market intelligence that facilitate the funding, profile and success of our listed companies. Session Examples Governance Follow-on Transactions Disclosure Trading Investor Relations Environmental, Social and Governance TSX InfoSuite Graduation from TSXV to TSX How it Works 1 Select the sessions of interest. 2 Arrange a time and place with your Advisor. 3 Each one-on-one session is designed to take about an hour.
TSX | TSXV Guide to Listing 2026 19 Client Intelligence MiG The Market Intelligence Group (MiG) is part of the Global Client Team. This group works closely with capital market advisors and private companies to provide data and insights on listings, financings and trading. MiG Report The MiG Report provides year-to-date data on listings, financings and trading activity across Toronto Stock Exchange and TSX Venture Exchange, broken down by sector and region. TSX ETF Report The TSX ETF Report highlights new providers, new ETFs listed and other ETF industry news. For more information, please go to tsx.com/mig. TSX InfoSuite TSX InfoSuite® is a complimentary market data and shareholder solution for listed companies. The solution provides a wide variety of data and tools for investor relations functions, management and board reporting, as well as general market updates. Examples of the data include access to shareholder information, consolidated Canadian marketplace trading, volume-weighted average price calculators, intra-day trading, net house summaries, short positions and more. Corporate Access Our Corporate Access initiatives include enhancing listed company profiles through the creation and distribution of marketing collateral, advisory, and intelligence, to support investor engagement. Investor Access Profiling issuers to key pools of investors and providing them with opportunities to raise market awareness. Advisory Educating issuers on how to effectively approach their investor access efforts. Intelligence Keeping issuers current on company-specific shareholder and trading data in addition to peer ownership and global capital flow intelligence. Learning Academy & ESG 101 Access a wide variety of issuer-relevant resources on our education platforms, or choose to receive our bi-weekly newsletter. Content includes market insights, event notifications, podcast releases and product updates.
TSX | TSXV Guide to Listing 2026 20 TSX30 TSX30™ is a ranking of the top 30 performers on Toronto Stock Exchange over a three-year period. As our flagship program, it offers unique insight into important market trends, and shines a light on compelling companies driving progress across industries and around the world. TSX Venture 50 TSX Venture 50™ is a ranking of the 50 top-performing companies on TSX Venture Exchange over the last year. Companies are ranked based on three equally-weighted criteria of one-year share price appreciation, market capitalization increase, and Canadian consolidated trading value. Investor Profile
TSX | TSXV Guide to Listing 2026 21 TSX & TSXV Investor Days TSX and TSXV host regular Investor Days throughout North America and Europe, spotlighting public and private companies from across sectors and connecting them with the capital they seek. Companies have an opportunity to get in front of potential investors to pitch their ideas, and investors get an inside look at the latest and greatest businesses.
Market Open/Close Elevator ad in office tower network across Canada TMX Money® ads TSX/TSXV social feeds: Instagram, X, LinkedIn Outdoor digital display in downtown Toronto Programmatic display ads North American press release distribution from TMX Newsfile New Listing Video We Offer TSX | TSXV Guide to Listing 2026 23 The Listing Experience Market Opens are broadcasted live on BNN Bloomberg, Canada’s main business television network. Brand Visibility TMX Group offers your company numerous complimentary marketing opportunities to support your new listing visibility.
TSX | TSXV Guide to Listing 2026 24 Markette Ventures End-to-end Digital Solution for Private Placements Markette Ventures brings together potential high-growth companies, accredited investors and advisors on a single platform. Whether you’re looking to raise capital, invest, or streamline deal flow, the platform empowers you every step of the way. Connecting Investors With Innovators Within the Platform Delve into a space where connections between investors, advisors and issuers are just the beginning. Intuitive User Experience Navigate with ease through a platform designed with you in mind. Enhanced Support Utilize tools designed for transparency and efficiency. Learn more at markette.ca. How We’re Innovating TMX LINX Modernizing the issuer experience TMX LINX® is the centralized portal for TSX and TSXV issuers and other stakeholders to interact with the Exchange in an easy-to-navigate, secure and efficient manner. It is the single point of access for issuers and their advisors to file submissions and correspond with the Exchange while having full transparency into the progress of their transactions from start to finish. By digitizing the process of managing the filings of public companies, we pursue our goals of: • Transparency: Visibility on timelines enhances communication and planning • Speed to Market: Ability to get to market for new listings and financings lowers market risk around transactions 10,000+ transactions processed 25% increase in transaction processing speeds
SUPPORTING YOUR GROWTH TMX Corporate Solutions TSX Trust TSX Trust provides advice and a full range of ancillary services as your company prospers and evolves, including transfer agent services, employee equity plans, debt issuance support, corporate actions services, and more. Transfer Agent Services Once you’ve made the decision to list on TSX or TSXV, you will need to select a transfer agent. Transfer agents help issuers strengthen connection with their shareholders and perform necessary governance functions, including: • maintaining shareholder registrars and transferring shares • managing investor mailings • scrutineering shareholder meetings • paying dividends and administering dividend reinvestments • supporting mergers and acquisitions and other corporate actions TSX Trust is the largest Canadian-owned transfer agent and provider of comprehensive corporate trust and custodian services. Our experienced team of professionals are experienced in both the technical and legal aspects of complex transactions, supporting you through the IPO process and beyond. Equity Plan Solutions TSX Trust Equity Plan Solutions is your strategic partner for employee equity plans that help motivate, align and incentivize employees. • Employee Stock Purchase, RRSP & TFSA Plans: Strengthen workplace loyalty by offering employees the ability to purchase company stock through a payroll deduction service. • Stock Options, Restricted Awards & Performance Awards: Incentivize and reward your employees through flawless execution of incentive and award plans. • Financial Reporting: We simplify the equity compensation process for HR and plan administrators, as well as compliance-related tasks for financial professionals, through in-depth reporting services. • Trustee Services: We offer a comprehensive suite of trustee services, including acting as trustee for RRSP and TFSA plans, and purchasing or holding securities for the benefit of employees until the assets become vested. Learn how TSX Trust Equity Plan Solutions can simplify your plan administration at tsxtrust.com/equity-plan-solutions. For more information on TSX Trust, please contact us at tsxtrust.com/about-us/general-contacts. #1 market share ~2M shareholders serviced ~300 experienced employees ~2,000 clients
TSX | TSXV Guide to Listing 2026 26 TMX Newsfile Your listing is a defining milestone. TMX Newsfile is an exchange-integrated news distribution and regulatory filing service designed to support you at the moments that matters most. By combining global news distribution with seamless SEDAR+ and EDGAR filing capabilities, TMX Newsfile can help you meet disclosure requirements with confidence while maximizing market visibility. Why new issuers choose TMX Newsfile: • News Distribution & Global Reach: Whether you are a domestic or international issuer, TMX Newsfile’s distribution network delivers your news to leading financial terminals, syndication partners, and digital channels so your disclosures reach the audiences that matter. • SEDAR+ and EDGAR Filing Services: TMX Newsfile handles news distribution alongside SEDAR+ and EDGAR filings within one unified, secure platform, helping you simplify disclosure workflows and meet regulatory requirements efficiently. • Disclosure Aligned with Exchange Requirements: As part of TMX Group, TMX Newsfile works closely with exchange requirements to support compliant disclosure and provide a trusted foundation for your company. • Tailored for Every Growth Stage: From cost-effective solutions for emerging issuers to advanced analytics and investor relations tools for established companies, TMX Newsfile’s services can scale as your disclosure needs evolve. • 24/7 Expert Support: Markets do not sleep. TMX Newsfile provides round-the-clock, live support to ensure your disclosures are handled accurately, efficiently, and on time. For more information, contact newsfile_sales@tmx.com or visit tmxnewsfile.com. TMX Market Centre TMX Market Centre® is a premier event space in Toronto’s Financial District: the heart of Canada’s capital markets. The space features a modern, versatile venue for conference rental, meeting room bookings, teambuilding events, market opens and closes, or corporate events. Bookings For more information, visit marketcentre.tmx.com or contact events@tmx.com. 2,500+ clients trusted globally 1997 established 24/7/365 live support availability All-in-One news, filings & XBRL
Our Sectors
TSX | TSXV Guide to Listing 2026 28 Diversified Industries TSX and TSXV provide access to equity capital that is essential for growth-oriented companies from all around the world. ☑ Access To Capital Between 2021-2025, Diversified Industries companies raised $47 billion of equity capital on TSX and TSXV. ☑ Liquidity & Trading Diversified Industries companies in Canada continue to attract domestic and international investors. In 2025, 29 billion shares of Diversified Industries companies traded on our Exchanges. ☑ Growth Support TSXV-listed companies have the potential to graduate to TSX as they grow and mature. ☑ Tailored Listing Criteria Listing requirements are tailored to companies at varying stages of growth. ☑ Global Visibility Diversified Industries companies listed on TSX and TSXV are covered by an average of 5 analysts and it is estimated that 40% of all trading on TSX and TSXV originates outside of Canada. Key Benefits 434 companies with a total market capitalization of $3.0 trillion
TSX | TSXV Guide to Listing 2026 29 Our IPO on the TSX marks the transformation of one of Canada’s oldest mutual insurance companies into one built for sustainable growth and profitability. But what is most exciting is the path ahead. As a public company, access to capital markets is going to help us accelerate much of the work that we have been doing to reach our goal of being a top five P&C insurer in Canada. Snapshot TSX TSXV Total Listed Companies 64 39 103 Total Market Cap ($B) 1,738 15 1,753 Equity Capital Raised ($M) 2,258 471 2,729 Average Financing ($M) 141 36 94 Shares Traded (M) 12,035 578 12,613 New Listings - 1 1 Rowan Saunders President & CEO, Definity Financial Corporation (TSX:DFY) As at December 31, 2025. As at December 31, 2025. “ Financial Services GO Residential’s listing on Toronto Stock Exchange marks a pivotal step in the evolution of our institutional platform. Access to the public markets enhances our ability to efficiently allocate capital, scale our portfolio, and broaden our investor base. As a publicly listed REIT, we are well positioned to pursue disciplined growth while maintaining a strong focus on operational excellence and long-term value creation. We are pleased to partner with Toronto Stock Exchange as we begin this next phase of our journey. Snapshot TSX TSXV Total Listed Companies 59 21 80 Total Market Cap ($M) 103,490 662 104,152 Equity Capital Raised ($M) 1,318 1 1,320 Average Financing ($M) 188 1 165 Shares Traded (M) 2,413 99 2,512 New Listings 1 1 2 “ Real Estate Joshua Gotlib CEO, GO Residential Real Estate Investment Trust (TSX:GO.U) Market Capitalization ($ Billions) Market Capitalization ($ Billions) $128 $96 $94 $98 $104 $1,127 $909 $1,058 $1,314 $1 ,753 $9.2B equity capital raised (2021-2025) $20B equity capital raised (2021-2025) 2021 2021 2022 2022 2025 2025 2024 2024 2023 2023
TSX | TSXV Guide to Listing 2026 30 Canada Packers’ TSX listing marks our return to the public markets and the continuation of a long Canadian legacy. As an independent, vertically integrated company, we are reconnecting a business built over generations with the investors who value durability, discipline, and long-term stewardship. Proudly raised and responsibly made define how we operate today as we serve customers around the world. Listing on TSX provides the institutional investor base and market depth that match our scale, our history, and our future. Dennis Organ CEO, Canada Packers Inc. (TSX:CPKR) “ Consumer Products & Services Snapshot TSX TSXV Total Listed Companies 58 34 92 Total Market Cap ($B) 399,267 1,276 400,543 Equity Capital Raised ($M) 790 50 841 Average Financing ($M) 158 3.4 42 Shares Traded (M) 4,112 495 4,607 New Listings 1 3 4 As at December 31, 2025. Market Capitalization ($ Billions) $293 $291 $306 $343 $401 $4.5B equity capital raised (2021-2025) 2021 2022 2025 2024 2023
TSX | TSXV Guide to Listing 2026 31 We are excited to begin trading on TSX, marking a pivotal moment in Beyond Oil’s journey. Our listing on TSX represents an important step in our evolution into a global growth-oriented commercial company. The enhanced visibility and access to institutional capital provided by this uplisting support the acceleration of our global growth strategy, particularly in North America, as we expand with leading foodservice brands and distribution partners and drive a healthier and more sustainable future for the global foodservice industry. Snapshot TSX TSXV Total Listed Companies 105 29 134 Total Market Cap ($B) 583,726 1,406 585,132 Equity Capital Raised ($M) 3,519 83 3,602 Average Financing ($M) 391 6.9 172 Shares Traded (M) 5,505 335 5,840 New Listings 3 2 5 Jonathan Or CEO, Beyond Oil Ltd. (TSX:BOIL) As at December 31, 2025. As at December 31, 2025. “ Industrial Products & Services Our TSX listing was an important milestone for Blue Ant Media, providing the structure and visibility to support future growth and build long-term shareholder value. Snapshot TSX TSXV Total Listed Companies 19 6 25 Total Market Cap ($B) 188,985 108 189,094 Equity Capital Raised ($M) 16 4.4 20 Average Financing ($M) 7.9 1.5 4.1 Shares Traded (M) 3,327 59 3,386 New Listings 1 - 1 “ Communications & Media Michael MacMillan CEO, Blue Ant Media Corporation (TSX:BAMI) Market Capitalization ($ Billions) Market Capitalization ($ Billions) $245 $234 $219 $204 $189 $524 $497 $547 $575 $585 $1.5B equity capital raised (2021-2025) $12B equity capital raised (2021-2025) 2021 2021 2022 2022 2025 2025 2024 2024 2023 2023
UK/Europe 10% Australia/NZ/PNG 3% Asia 2% Latin America 2% U.S. 61% Israel 23% TSX | TSXV Guide to Listing 2026 32 Innovation TSX and TSXV provide companies with dynamic markets to access North American and global capital. ☑ Access To Capital $33B equity capital raised by Innovation companies from 2021-2025. ☑ Tailored Listing Criteria Listing requirements are tailored to companies at varying stages of growth. ☑ Global Visibility Over 300 different analysts cover TSX/TSXV Innovation companies. ☑ Growth Support TSXV-listed companies have the potential to graduate to TSX as they grow and mature. Key Benefits 14 IPOs and new listings in 2025 34 TSXV innovation companies graduated from TSXV to TSX from 2021-2025 47 new international Innovation companies (2021-2025) International Companies by Region
As of December 31, 2025. $46B market capitalization 82 listed companies $8.3B equity capital raised from 2021-2025 Clean Technology & Renewable Energy $525B market capitalization $28B market capitalization 190 listed companies 113 listed companies $17B equity capital raised from 2021-2025 $7.1B equity capital raised from 2021-2025 Technology Life Sciences This graduation to the main board in Canada, one of the most prominent exchanges in North America, is expected to provide our company with greater visibility to investors and institutional firms in Canada, Europe, and Asia, who have specific interests in environmental technologies that promote a more sustainable infrastructure. Today, D2L is stepping into its next phase of growth as a public company and extending its global leadership in learning. We are excited for D2L to trade on the Toronto Stock Exchange and exemplify the inspiration and maturity of world-class Canadian technology companies. Richard MacPherson CEO, Birchtech Corp. (TSX:BCHT) John Baker CEO & Board Chair, D2L Inc. (TSX:DTOL) “ “
Mining TSX and TSXV are home to more Mining companies than any other market in the world, and have a diversified roster of public Mining companies by commodity and stage of development. These companies benefit by having greater access to capital, visibility of transactions, analyst coverage, specialized indices and tailored listing requirements for all sizes of companies. ☑ Access To Capital TSX and TSXV Mining companies have raised $52 billion in the past five years through over 6,400 financings. This represents 45% of the number of public mining financings completed and 32% of the mining equity capital raised globally. ☑ Liquidity & Trading More than 65 billion Mining company shares were traded on our Exchanges in 2025. ☑ Global Visibility More than 250 global analysts cover TSX- and TSXV-listed Mining companies and approximately 40% of all trading originates outside of Canada. ☑ Growth Support TSXV-listed companies have the potential to graduate to TSX as they grow and mature. From 2000 to 2025, more than 300 Mining companies graduated from TSXV to TSX. ☑ Tailored Listing Criteria Listing requirements are tailored to companies at varying levels and accommodate a range of companies from exploration stage to production. ☑ Value-added Services Supporting Growth Relevant mining business experience and in-house geologists. Key Benefits 48% of the 5,000+ mineral exploration projects operated by TSX and TSXV companies are outside of Canada. TSX | TSXV Guide to Listing 2026 34
TSX/TSV Mining Companies: Global Reach Companies with mining assets located around the world Note: A single company may have projects in multiple countries. Source: S&P Global Market Intelligence, December 2025. Source: TSX and TSXV Market Intelligence Group and S&P Global Market Intelligence. As of December 31, 2025. 45% of all global mining financings in the past five years were completed by companies listed on TSX and TSXV 32% of all global mining equity capital in the past five years was raised by companies listed on TSX and TSXV ~40% of the world’s public mining companies are listed on TSX and TSXV $2.7 $5.9 $7.8 $14.6 $43.3 $51.6 Canada 52% U.S. 14% South America 12% Mexico 7% Central America & Caribbean 1% Russia & CIS 0.2% UK/Europe 4% Asia 2% Middle East 0.1% Australia/NZ/PNG 3% Africa 6% TSX | TSXV Guide to Listing 2026 35 Nasdaq LSE/AIM HKEx NYSE/NYSE American ASX TSX/ TSXV Mining Equity Financings Over the Past 5 Years ($ Billions)
TSX | TSXV Guide to Listing 2026 36 Energy TSX and TSXV are global leaders in the Energy sector, comprising Oil & Gas, Energy Services and Utilities & Pipelines companies. ☑ Access To Capital • From 2021 to 2025, $21 billion was raised by Energy companies listed on TSX and TSXV. • Some of the world’s largest asset managers and financial institutions, including Canadian institutional investors managing a cumulative $7 trillion of assets, invest and trade in TSX- and TSXV-listed Energy companies. • 51 equity financings were completed by Energy companies in 2025. ☑ Liquidity & Trading • In 2025, 28 billion Energy company shares were traded for a total dollar value of $891 billion. • Approximately 40% of TSX’s daily trading originates from investors outside of Canada. A significant part of that daily flow of trading comes from U.S. based investors. ☑ Tailored Listing Criteria • Listing requirements are tailored to a company’s industry sector, stage of development, financial performance and operational resources. • Our listing requirements better accommodate junior companies, including exploration stage Oil & Gas companies. ☑ Global Visibility • Listing on TSX and TSXV provides the opportunity to attract the attention of Energy sector research analysts. • An average of 4 analysts cover TSX and TSXV Oil & Gas and Energy Services companies and an average of 12 analysts cover Utilities & Pipeline companies. ☑ Growth Support • TSXV-listed companies have the opportunity to graduate to TSX as they grow and mature. • From 2000 to 2025, over 150 Oil & Gas companies graduated from TSXV to TSX. ☑ Experienced Exchange Staff • Relevant Oil & Gas business experience, including in-house geologists. Key Benefits
TSX/TSXV Oil & Gas Issuers with Global Operations Number of companies with Oil & Gas assets located around the world Note: A single company may have operations or assets in multiple countries. Source: TSX and TSXV Market Intelligence Group. As at December 31, 2025. UK/Europe TSX: 5 Companies TSXV: 6 Companies Latin America TSX: 5 Companies TSXV: 12 Companies Africa TSX: 2 Companies TSXV: 6 Companies Canada TSX: 38 Companies TSXV: 36 Companies U.S. TSX: 4 Companies TSXV: 10 Companies Asia TSX: 4 Companies TSXV: 4 Companies Middle East TSX: 3 Companies TSXV: 2 Companies Australia/NZ/PNG TSX: 2 Companies TSXV: 3 Companies TSX | TSXV Guide to Listing 2026 37 In 2024, Fiddlehead Resources completed a transformational acquisition which included producing assets and land in Canada’s prolific Cardium fairway. This acquisition was financed in conjunction with a $10 Million private placement and subsequent public listing. Fiddlehead is poised for growth and the TSXV provides considerable opportunity to expand our investor base and access capital markets. Listing on the TSXV provides Fiddlehead with an ideal channel to accomplish our strategic vision.” Brent Osmond, President & CEO, Fiddlehead Resources Corp. (TSXV:FHR) “
TSX | TSXV Guide to Listing 2026 38 Our IPO of Rockpoint Gas Storage Inc. (“RGSI”) on TSX has provided investors with a unique opportunity to invest in a pure-play natural gas storage company with critical, large-scale infrastructure assets, and stable, growing cash flow. Listing on TSX has strengthened our access to the capital markets and connected us with a broader investor base to support our sustainable long-term growth objectives. South Bow’s spinoff into a standalone, publicly traded entity enables greater access to capital to support our growth strategy of maximizing the value of our assets and serving the needs of our customers. As the leading Canadian exchange, the TSX was South Bow’s natural partner of choice to access one of the largest pools of investors and provide the liquidity we needed in the beginning stages of trading. Toby McKenna CEO, Rockpoint Gas Storage Inc. (TSX:RGSI) Bevin Wirzba President & CEO, South Bow Corporation (TSX:SOBO) “ “ 18 issuers 122 issuers #1 in the world for number of Oil & Gas issuers $422B total market capitalization in 2025 $410B total market capitalization in 2025 18% of the world’s public Oil & Gas companies are listed on TSX & TSXV $13B equity capital raised from 2021-2025 $5.6B equity capital raised from 2021-2025 267 financings from 2021-2025 16 financings from 2021-2025 Utilities & Pipelines Oil & Gas Energy Services 38 issuers $31B total market capitalization in 2025 $2B equity capital raised from 2021-2025 41 financings from 2021-2025
Listing Requirements
TSX | TSXV Guide to Listing 2026 40 LISTING REQUIREMENTS Diversified & Innovation Companies TSX Income & Revenue-Producing Companies Pre Income-Producing Companies New Enterprise Companies Income Test Revenue Test Expenses Test Lease Test 12-Month Test 24-Month Test Operations Annual audited pre-tax net income from continuing operations in the fiscal year immediately preceding the TSX listing application: $750,000 Annual audited revenue in the fiscal year immediately preceding the TSX listing application: $10,000,000 Audited income statement demonstrating at least one year of operating expenses to advance the business Audited balance sheet reporting assets under construction AND Signed imminent leases Management expertise satisfactory to TSX AND Proof of business concept Management expertise satisfactory to TSX AND Proof of business concept Funding Appropriate capital structure as evidenced by: Positive working capital in the most recent interim and audited annual periods OR Alternate evidence of liquidity Positive pre-tax cash flow from operations in the most recently completed audited annual and interim financial statements OR 12-month run rate calculation demonstrating sufficient funding for the period 24-month run rate calculation demonstrating sufficient funding for the period Evidence that the primary business is to generate rental revenue from constructed assets AND 12-month run rate calculation demonstrating sufficient funding for the period Equity raise of $100,000,000 in the six months preceding the filing of the TSX listing application AND 12-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report 24-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report Market Support $100,000,000 market capitalization $100,000,000 market capitalization $50,000,000 market capitalization $50,000,000 market capitalization $100,000,000 market capitalization $200,000,000 market capitalization Management & Board of Directors Management, including the 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. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Public Distribution All applicants are required to demonstrate public distribution of at least 1,000,000 freely trading public shares held by at least 300 public shareholders each holding a board lot or more. Sponsorship A sponsorship report prepared by a TSX Participating Organization is required in the following circumstances: • Where the applicant has not filed a prospectus for an offering of securities underwritten by a Participating Organization within six months prior to the date of listing, unless graduating from the TSX Venture Exchange; • Where the application involves an emerging market jurisdiction; • Where there are governance issues for which TSX requires additional commentary; • Where, based on TSX’s review of management personal information forms and/or experience, additional commentary is required; or • Where, based on TSX’s review of title and ownership of a resource property, additional commentary is required. The foregoing is a summary of the applicable listing requirements only. For detailed listing requirements, refer to the TSX Company Manual and the TSX Venture Exchange Corporate Finance Manual which are available at tmx.com.
TSX | TSXV Guide to Listing 2026 41 The foregoing is a summary of the applicable listing requirements only. For detailed listing requirements, refer to the TSX Company Manual and the TSX Venture Exchange Corporate Finance Manual which are available at tmx.com. The listing requirements above must be met at the time of listing. Any funds raised or transactions closing concurrent with listing contribute to the company meeting the listing requirements. 1 “significant interest” means at least 50% interest. LISTING REQUIREMENTS Industrial, Technology & Life Sciences Companies TSXV Industrial Technology & Life Sciences Real Estate or Investment TSXV Tier 1 TSXV Tier 2 TSXV Tier 1 TSXV Tier 2 Net Tangible Assets, Revenue or Arm’s Length Financing (as applicable) $5,000,000 net tangible assets or $5,000,000 revenue. Two years of management prepared financial forecasts and assumptions. $750,000 net tangible assets or $500,000 in revenue or $2,000,000 Arm’s Length Financing. Two years of management prepared financial forecasts and assumptions. Real Estate: $5,000,000 net tangible assets. Investment: $10,000,000 net tangible assets. $2,000,000 net tangible assets or $3,000,000 Arm’s Length Financing. Working Capital & Financial Resources Adequate working capital and financial resources to carry out stated work program or execute business plan for 18 months following listing; $200,000 unallocated funds. Adequate working capital and financial resources to carry out stated work program or execute business plan for 12 months following listing; $100,000 unallocated funds. Adequate working capital and financial resources to carry out stated work program or execute business plan for 18 months following listing; $200,000 unallocated funds. Adequate working capital and financial resources to carry out stated work program or execute business plan for 12 months following listing; $100,000 unallocated funds. Property Issuer has significant interest in business or primary asset used to carry on business. Real Estate: Issuer has significant interest1 in real property. Investment: No requirement. Prior Expenditures & Work Program History of operations or validation of business. Real Estate: No requirement. Investment: Disclosed investment policy and 20% of available funds must be allocated to at least two specific investments. Real Estate: No requirement. Investment: (i) disclosed investment policy; and (ii) 50% of available funds must be allocated to at least two specific investments. Management & Board of Directors 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 in Canada or similar jurisdiction. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Distribution, Market Capitalization & Public Float Public float of 1,000,000 shares; 250 public shareholders each holding a board lot and having no resale restrictions on their shares; 20% of issued and outstanding shares in the hands of public shareholders. Public float of 500,000 shares; 200 Public Shareholders each holding a board lot and having no resale restrictions on their shares; 20% of issued and outstanding shares in the hands of public shareholders. Public float of 1,000,000 shares; 250 public shareholders each holding a board lot and having no resale restrictions on their shares; 20% of issued and outstanding shares in the hands of public shareholders. Public float of 500,000 shares; 200 public shareholders each holding a board lot and having no resale restrictions on their shares; 20% of issued and outstanding shares in the hands of public shareholders.
TSX | TSXV Guide to Listing 2026 42 LISTING REQUIREMENTS Mining Companies TSX Producing Mining Company Mineral Exploration & Development Company Qualifying Property1,2 as detailed in a report conformed to NI 43-101 Proven and probable reserves to provide a 3 year mine life on a Qualifying Property1,2 detailed in a report by an independent qualified person AND Evidence satisfactory to the Exchange indicating a reasonable likelihood of future profitability supported by a feasibility study or documented historical production and financial performance Advanced property detailed in a report prepared by an independent qualified person: a property with a current mineral resource estimate and/or a current mineral reserve estimate, as defined in NI 43-101 Production OR Work Program In production OR Have made a production decision on the relevant Qualifying Property1,2 Planned work program of exploration and/or development of at least $5 million that is satisfactory to the Exchange, will sufficiently advance the property and is recommended by a qualified person Funding 18 month run rate calculation demonstrating sufficient funding to bring the Qualifying Property1,2 into commercial production and adequate working capital to fund all budgeted capital expenditures, signed by the Chief Financial Officer and a qualified person 18 month run rate calculation demonstrating sufficient funding to complete the planned program of exploration and/or development and meet estimated general and administrative costs, anticipated property payments and capital expenditures for the period, signed by the Chief Financial Officer and a qualified person Capital Structure Positive working capital in the most recent interim and audited periods OR Alternate evidence of liquidity Positive working capital in the most recent interim and audited periods OR Alternate evidence of liquidity Income Pre-tax Cash Flow from Operations Market Support $50,000,000 market capitalization $50,000,000 market capitalization Management & Board of Directors Management, including board of directors, should have adequate experience and technical expertise relevant to the company’s mining projects as well as adequate public company experience. Companies are required to have at least two independent directors, a Chief Executive Officer (CEO), a Chief Financial Officer who is not also the CEO, and a Corporate Secretary. Public Distribution All applicants are required to demonstrate public distribution of at least 1,000,000 freely trading public shares held by at least 300 public shareholders each holding a board lot or more. Sponsorship A sponsorship report prepared by a TSX Participating Organization is required in the following circumstances: • Where the applicant has not filed a prospectus for an offering of securities underwritten by a Participating Organization within six months prior to the date of listing, unless graduating from the TSX Venture Exchange; • Where the application involves an emerging market jurisdiction; • Where there are governance issues for which TSX requires additional commentary; • Where, based on TSX’s review of management personal information forms and/or experience, additional commentary is required; or • Where, based on TSX’s review of title and ownership of a resource property, additional commentary is required. Industrial mineral companies (those with properties containing minerals which are not readily marketable) not currently generating revenues from production will normally be required to submit commercial contracts and meet the requirements of the Producing Mining Companies category. The foregoing is a summary of the applicable listing requirements only. For detailed listing requirements, refer to the TSX Company Manual and the TSX Venture Exchange Corporate Finance Manual which are available at tmx.com.
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