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.
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