“As the investor base widens and the sector continues to outperform, institutional investors are more likely to start turning their attention from producers down to exploration companies.”
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How have TSX and TSXV performed over the last year?
It has been an eventful 12 months, with global developments driving significant market volatility. This reached a peak in April with the US ‘Liberation Day’ event, which saw a major market downturn. Since then, however, markets have rebounded strongly, and performance has steadily improved.
Both the Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSXV) have reached record market capitalizations, surpassing C$6 trillion across all sectors, and, for the first time, the mining sector’s total market capitalization exceeded C$1 trillion, a significant milestone for our markets. Three key metrics we track are the amount of capital being raised, the number of financings, and the number of new listings on our markets. These metrics have been trending positively. For the mining sector, as of the end of September 2025, C$7.6 billion has been raised, with 961 financings and 36 new companies joining our markets. Last year, we raised C$10 billion with 1,242 financings and 52 new listings. We are hopeful the positive momentum we are seeing in the markets leads to those metrics being exceeded this year.
Why are we seeing such growth in 2025 amid increasing global uncertainty?
The short answer is commodity prices. Precious metals, gold in particular, have continued to see record prices throughout 2025. Its value as a safe haven for investors and central governments is no doubt a large contributor to the record run we have seen. Producers, developers, and now even exploration companies are benefiting from this interest.
In addition, the mining sector continues to gain attention from investors around themes like the energy transition and critical minerals, in the context of geopolitical uncertainty and the longstanding fundamentals of the sector in terms of supply and forecasted demand. Finally, as we see more countries like Canada joining the US, Chile, Argentina, and Saudi Arabia in introducing new capital and financing incentives and permitting changes to support the mining sector, the momentum in the industry will only continue.
How well was mining represented on this year’s TSX30 ranking, and is this a sign that investor confidence in the sector is returning?
Mining companies made up 17 of the 30 organizations on this year’s TSX30 ranking, with the majority of those being in precious metals. Perhaps for the reasons I mentioned earlier, it does seem the sector is experiencing not only heightened interest from investors but also now attracting generalist investors, not only mining specialists. As the investor base widens and the sector continues to outperform, institutional investors are more likely to start turning their attention from producers down to exploration companies. No doubt, if federal interest rates continue to be reduced, interest in the sector will accelerate.
What are the advantages of dual listing?
This is one of the indicators of a growing and thriving market. Increased dual listings are a good sign, as companies seek to broaden or diversify their investor base. This is often in step with heightened investor appetite for global exposure or diversified project portfolios.
How do you observe the valuation gap between African companies and their peers in other jurisdictions, and what can be done to remedy this?
I think the first thing they should do is list on TSX or TSXV, as this could help close any valuation gap. As Africa becomes a more significant global mining jurisdiction, there is an opportunity to expose the region to global investors. It remains one of the world’s most geologically rich and underexplored jurisdictions. We have a global stock market framework with the transparency and integrity to protect and support investors and companies alike. There are many success stories to be told, akin to the likes of Allied Gold and Barrick. Recently, we also added Asante Gold to our markets.
What differentiates companies that have had success in the market from those struggling?
From my professional experience and observation, management is perhaps the top factor, closely followed by the project and jurisdiction. Management’s ability to tell their story to investors is among the most vital skills required. We believe our markets play a big role in giving companies a platform to reach global investors with their stories.
How have TSX and TSXV performed over the last year?
It has been an eventful 12 months, with global developments driving significant market volatility. This reached a peak in April with the US ‘Liberation Day’ event, which saw a major market downturn. Since then, however, markets have rebounded strongly, and performance has steadily improved.
Both the Toronto Stock Exchange (TSX) and the TSX Venture Exchange (TSXV) have reached record market capitalizations, surpassing C$6 trillion across all sectors, and, for the first time, the mining sector’s total market capitalization exceeded C$1 trillion, a significant milestone for our markets. Three key metrics we track are the amount of capital being raised, the number of financings, and the number of new listings on our markets. These metrics have been trending positively. For the mining sector, as of the end of September 2025, C$7.6 billion has been raised, with 961 financings and 36 new companies joining our markets. Last year, we raised C$10 billion with 1,242 financings and 52 new listings. We are hopeful the positive momentum we are seeing in the markets leads to those metrics being exceeded this year.
Why are we seeing such growth in 2025 amid increasing global uncertainty?
The short answer is commodity prices. Precious metals, gold in particular, have continued to see record prices throughout 2025. Its value as a safe haven for investors and central governments is no doubt a large contributor to the record run we have seen. Producers, developers, and now even exploration companies are benefiting from this interest.
In addition, the mining sector continues to gain attention from investors around themes like the energy transition and critical minerals, in the context of geopolitical uncertainty and the longstanding fundamentals of the sector in terms of supply and forecasted demand. Finally, as we see more countries like Canada joining the US, Chile, Argentina, and Saudi Arabia in introducing new capital and financing incentives and permitting changes to support the mining sector, the momentum in the industry will only continue.
How well was mining represented on this year’s TSX30 ranking, and is this a sign that investor confidence in the sector is returning?
Mining companies made up 17 of the 30 organizations on this year’s TSX30 ranking, with the majority of those being in precious metals. Perhaps for the reasons I mentioned earlier, it does seem the sector is experiencing not only heightened interest from investors but also now attracting generalist investors, not only mining specialists. As the investor base widens and the sector continues to outperform, institutional investors are more likely to start turning their attention from producers down to exploration companies. No doubt, if federal interest rates continue to be reduced, interest in the sector will accelerate.
What are the advantages of dual listing?
This is one of the indicators of a growing and thriving market. Increased dual listings are a good sign, as companies seek to broaden or diversify their investor base. This is often in step with heightened investor appetite for global exposure or diversified project portfolios.
How do you observe the valuation gap between African companies and their peers in other jurisdictions, and what can be done to remedy this?
I think the first thing they should do is list on TSX or TSXV, as this could help close any valuation gap. As Africa becomes a more significant global mining jurisdiction, there is an opportunity to expose the region to global investors. It remains one of the world’s most geologically rich and underexplored jurisdictions. We have a global stock market framework with the transparency and integrity to protect and support investors and companies alike. There are many success stories to be told, akin to the likes of Allied Gold and Barrick. Recently, we also added Asante Gold to our markets.
What differentiates companies that have had success in the market from those struggling?
From my professional experience and observation, management is perhaps the top factor, closely followed by the project and jurisdiction. Management’s ability to tell their story to investors is among the most vital skills required. We believe our markets play a big role in giving companies a platform to reach global investors with their stories.
