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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