The mining finance capital of the world
Image by Ethan Lackner at Unsplash
Toronto’s mining capital markets have demonstrated remarkable resilience and momentum in 2025, underscoring the TSX and its junior counterpart, the TSXV, as the world’s preeminent hub for mining finance. After the so-called US ‘Liberation Day’ spiked volatility in April, the markets rebounded and activity picked up. By September 2025, mining companies had already raised C$7.6 billion on the TSX/TSXV, approaching the full-year 2024 total of C$10 billion and signaling a likely surpassing of that benchmark. At the same time, 36 new mining companies had been listed by September 2025, putting the exchanges on track to outpace last year. According to market data compiled by the TMX Group, over 40% of the world’s public mining companies are listed in Canada, and over the past five years, the TSX/TSXV have accounted for nearly half of all global mining financings.
“There has been an 11% improvement in daily volume from the TSXV over the last year, and whilst this is not exclusively mining stocks, the volume of companies in the sector on the index means it gives a good indication of overall performance and investor appetite,” discussed David Campbell, co-founder and president of ICP Securities.
ICP Securities introduced its premier product, ICP Premium, a couple of years ago as an antidote to predatory high-frequency trading that can outsize the marketplace liquidity of small- and mid-cap securities and have a punitive effect. ICP Premium counters this to provide a more balanced quote for the security.
The company has additionally noticed interest in cross-border market making, particularly from American companies, as the Canadian quote for a mining security can often inform the US price, demonstrating the dominance of Canada in the sector. ICP Premium has already seen concrete results from its work, increasing the daily trading volume of clients’ stocks by 60% with a price improvement of 33%.
This highlights the potential of mining companies and their stocks in a financial context where barriers and harmful trading patterns are removed.
The mining sector’s 2025 rebound was not simply about markets returning, but about structural repositioning: after a cyclical correction tied to the energy-transition policies and supply-demand fundamentals of critical minerals, the sector is now aligning with the long-term shortage of key metals. “Unlike previous upcycles, the 2025 market turnaround in mining has been gradual. In 2016 and 2020, money rushed into the sector, but funds left just as quickly, causing significant downturns. This time, money has moved slowly and deliberately, which we see as a positive sign that this turnaround has staying power,” shared Michael White, president and CEO of IBK Capital.
In 2025, mining companies made up 17 of the 30 organizations on the TSX30, the majority in precious metals, and analysts expect a similar trend when the TSX Venture 50 is released in January 2026. Toronto’s two-tier mining marketplace is channeling renewed risk appetite and global capital into projects that can move the needle on future supply, reinforcing the city’s reputation as a global mining finance capital.
Research Capital is one of the largest privately owned independent investment dealers in Canada. Up to early October, the company had raised around C$340 million in 2025 for small- and mid-cap mining companies, playing a vital role in the powerhouse that is Toronto in the context of mining finance. David Keating, managing director and head of equity capital markets, said: “Toronto is a unique hub for mining finance, unlike anywhere else in the world. The city boasts a range of professionals who know the industry well, from regulators and financiers to accountants and geologists. As a result, juniors want to list in Canada regardless of where in the world their project is located.”
Over the past 20 years, Toronto’s financial landscape has evolved, with innovative forms of financing giving juniors and producers a unique set of ways to access funding. This can help with greater access to capital, as well as a financial strategy suited to each organization and shareholder base. “15 to 20 years ago, gold funds were the primary allocators of capital in the sector. As gold fund assets declined, the scale of royalty and streaming companies grew, filling a critical funding role. Our rigorous technical due diligence has brought discipline to capital allocation and helped build confidence in the companies we support,” commented Paul Brink, president and CEO of leading streaming and royalty company Franco-Nevada.
Toronto’s financial ecosystem continues to define global standards in mining investment. From innovative market mechanisms to diversified funding models, the city has built a platform where miners of every scale can access the capital and expertise needed to grow. Ilan Bahar, managing director and co-head, global metals and mining for BMO Capital Markets, shared: “Toronto remains a world leader because its ecosystem understands the full mining lifecycle, from incubation of an exploration company all the way through to a global diversified company. Despite challenges, deep expertise, active buy-side participation, strong research, legal and banking infrastructure, and robust exchanges keep Toronto at the center of global mining capital formation.”
As commodity cycles evolve and new priorities emerge, Toronto’s combination of stability, sophistication and global reach ensures its position as the undisputed mining finance capital of the world.
Separating yourself from the crowd
In a gold price environment of US$4,000/oz and above, it can be hard to make a noise amongst the vast number of mining companies vying to gain the attention of investors. While it may be true that more firms, including generalists, are now looking to enter the mining space, conditions have still been difficult for juniors, with much of the investment not trickling down to smaller-cap and riskier companies. The abundance of capital has created a paradox where visibility, rather than access, has become the primary challenge. Companies must now compete not only on resource quality or jurisdictional stability, but also on storytelling, management credibility and execution discipline. Those able to clearly articulate their value proposition and demonstrate consistent progress stand a far better chance of standing out in a crowded field.
For juniors, cultivating relationships with specialist investors who understand the nuances of the mining cycle can make all the difference. Unlike large funds that tend to follow broader commodity trends, smaller, more agile institutions often take a long-term, partnership-based approach, providing not just capital, but strategic guidance and stability through market fluctuations.
Whitney Kofford, managing director of Sorbie Bornholm, a family office, pointed out: “One of the clearest signals that a company can succeed is the team behind the project. Since our partnerships often span several years, having a team that is easy to work with and that has a clear vision is key.” The UK family office focuses on direct equity investments in low-cap organizations, with a heavy focus on the mining industry. She continued: “A bad team will kill a great project. Whereas you can have an average project, and a great team can turn that into something successful.”
Streaming and royalties are another form of finance that promotes a more supportive relationship with the mining companies. Paul Brink, president and CEO of Franco-Nevada, said: “When we assess development assets, we pay close attention to the intent of the management team. Many groups focus on making a discovery, completing a study, and selling the asset. In contrast, we are very attracted to teams that plan to build and operate the mine themselves. That commitment brings a higher level of discipline to engineering, planning and execution.”
At the institutional level, governance is also seen as a key factor in attracting investor attention. Dean McPherson, head, business development – global mining at TSX and TSXV, observed: “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.”
It is not just gold juniors that need to stand out amongst their peers. With increased governmental funding and expedited permits being promised to the companies with the most potential, critical minerals players are also looking to differentiate themselves. “Choosing an offtake partner is an important step for lithium juniors in this price environment. Partners could be a downstream OEM, such as a car manufacturer or a battery producer, or even an oil and gas company. The involvement of the partner helps projects secure funding on a broader scale. Strong partnerships broaden a project’s reach to attract more potential equity investors,” explained Michael White of IBK Capital.
David Keating, managing director and head of equity capital markets at Research Capital, concurred: “In a down cycle, critical minerals juniors must effectively communicate their value proposition and foster their investor relationships. A strong shareholder base that understands the project’s potential is necessary for juniors to effectively raise capital in more favorable market conditions.”
Toronto’s mining finance ecosystem continues to evolve, balancing tradition with innovation. The city’s enduring strength lies not only in the depth of its capital markets but in the sophistication of its participants, from seasoned investment dealers and agile family offices to technology-driven market makers that ensure fairer trading conditions. Together, they create an environment where both majors and juniors can access the tools, capital and expertise needed to thrive.
As the mining industry navigates a new era of high commodity prices, geopolitical uncertainty, and accelerating demand for critical minerals, Toronto remains the nexus where global mining ambitions are financed and shaped. Its two-tiered market structure, strong regulatory foundations, and culture of collaboration between investors, institutions and issuers ensure that capital continues to find its way to the projects and people capable of driving the next generation of resource development. In a world searching for secure, sustainable supply, Toronto’s role as the leading hub of global mining finance has never been more relevant.
Image by Ethan Lackner at Unsplash
Toronto’s mining capital markets have demonstrated remarkable resilience and momentum in 2025, underscoring the TSX and its junior counterpart, the TSXV, as the world’s preeminent hub for mining finance. After the so-called US ‘Liberation Day’ spiked volatility in April, the markets rebounded and activity picked up. By September 2025, mining companies had already raised C$7.6 billion on the TSX/TSXV, approaching the full-year 2024 total of C$10 billion and signaling a likely surpassing of that benchmark. At the same time, 36 new mining companies had been listed by September 2025, putting the exchanges on track to outpace last year. According to market data compiled by the TMX Group, over 40% of the world’s public mining companies are listed in Canada, and over the past five years, the TSX/TSXV have accounted for nearly half of all global mining financings.
“There has been an 11% improvement in daily volume from the TSXV over the last year, and whilst this is not exclusively mining stocks, the volume of companies in the sector on the index means it gives a good indication of overall performance and investor appetite,” discussed David Campbell, co-founder and president of ICP Securities.
ICP Securities introduced its premier product, ICP Premium, a couple of years ago as an antidote to predatory high-frequency trading that can outsize the marketplace liquidity of small- and mid-cap securities and have a punitive effect. ICP Premium counters this to provide a more balanced quote for the security.
The company has additionally noticed interest in cross-border market making, particularly from American companies, as the Canadian quote for a mining security can often inform the US price, demonstrating the dominance of Canada in the sector. ICP Premium has already seen concrete results from its work, increasing the daily trading volume of clients’ stocks by 60% with a price improvement of 33%.
This highlights the potential of mining companies and their stocks in a financial context where barriers and harmful trading patterns are removed.
The mining sector’s 2025 rebound was not simply about markets returning, but about structural repositioning: after a cyclical correction tied to the energy-transition policies and supply-demand fundamentals of critical minerals, the sector is now aligning with the long-term shortage of key metals. “Unlike previous upcycles, the 2025 market turnaround in mining has been gradual. In 2016 and 2020, money rushed into the sector, but funds left just as quickly, causing significant downturns. This time, money has moved slowly and deliberately, which we see as a positive sign that this turnaround has staying power,” shared Michael White, president and CEO of IBK Capital.
In 2025, mining companies made up 17 of the 30 organizations on the TSX30, the majority in precious metals, and analysts expect a similar trend when the TSX Venture 50 is released in January 2026. Toronto’s two-tier mining marketplace is channeling renewed risk appetite and global capital into projects that can move the needle on future supply, reinforcing the city’s reputation as a global mining finance capital.
Research Capital is one of the largest privately owned independent investment dealers in Canada. Up to early October, the company had raised around C$340 million in 2025 for small- and mid-cap mining companies, playing a vital role in the powerhouse that is Toronto in the context of mining finance. David Keating, managing director and head of equity capital markets, said: “Toronto is a unique hub for mining finance, unlike anywhere else in the world. The city boasts a range of professionals who know the industry well, from regulators and financiers to accountants and geologists. As a result, juniors want to list in Canada regardless of where in the world their project is located.”
Over the past 20 years, Toronto’s financial landscape has evolved, with innovative forms of financing giving juniors and producers a unique set of ways to access funding. This can help with greater access to capital, as well as a financial strategy suited to each organization and shareholder base. “15 to 20 years ago, gold funds were the primary allocators of capital in the sector. As gold fund assets declined, the scale of royalty and streaming companies grew, filling a critical funding role. Our rigorous technical due diligence has brought discipline to capital allocation and helped build confidence in the companies we support,” commented Paul Brink, president and CEO of leading streaming and royalty company Franco-Nevada.
Toronto’s financial ecosystem continues to define global standards in mining investment. From innovative market mechanisms to diversified funding models, the city has built a platform where miners of every scale can access the capital and expertise needed to grow. Ilan Bahar, managing director and co-head, global metals and mining for BMO Capital Markets, shared: “Toronto remains a world leader because its ecosystem understands the full mining lifecycle, from incubation of an exploration company all the way through to a global diversified company. Despite challenges, deep expertise, active buy-side participation, strong research, legal and banking infrastructure, and robust exchanges keep Toronto at the center of global mining capital formation.”
As commodity cycles evolve and new priorities emerge, Toronto’s combination of stability, sophistication and global reach ensures its position as the undisputed mining finance capital of the world.
Separating yourself from the crowd
In a gold price environment of US$4,000/oz and above, it can be hard to make a noise amongst the vast number of mining companies vying to gain the attention of investors. While it may be true that more firms, including generalists, are now looking to enter the mining space, conditions have still been difficult for juniors, with much of the investment not trickling down to smaller-cap and riskier companies. The abundance of capital has created a paradox where visibility, rather than access, has become the primary challenge. Companies must now compete not only on resource quality or jurisdictional stability, but also on storytelling, management credibility and execution discipline. Those able to clearly articulate their value proposition and demonstrate consistent progress stand a far better chance of standing out in a crowded field.
For juniors, cultivating relationships with specialist investors who understand the nuances of the mining cycle can make all the difference. Unlike large funds that tend to follow broader commodity trends, smaller, more agile institutions often take a long-term, partnership-based approach, providing not just capital, but strategic guidance and stability through market fluctuations.
Whitney Kofford, managing director of Sorbie Bornholm, a family office, pointed out: “One of the clearest signals that a company can succeed is the team behind the project. Since our partnerships often span several years, having a team that is easy to work with and that has a clear vision is key.” The UK family office focuses on direct equity investments in low-cap organizations, with a heavy focus on the mining industry. She continued: “A bad team will kill a great project. Whereas you can have an average project, and a great team can turn that into something successful.”
Streaming and royalties are another form of finance that promotes a more supportive relationship with the mining companies. Paul Brink, president and CEO of Franco-Nevada, said: “When we assess development assets, we pay close attention to the intent of the management team. Many groups focus on making a discovery, completing a study, and selling the asset. In contrast, we are very attracted to teams that plan to build and operate the mine themselves. That commitment brings a higher level of discipline to engineering, planning and execution.”
At the institutional level, governance is also seen as a key factor in attracting investor attention. Dean McPherson, head, business development – global mining at TSX and TSXV, observed: “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.”
It is not just gold juniors that need to stand out amongst their peers. With increased governmental funding and expedited permits being promised to the companies with the most potential, critical minerals players are also looking to differentiate themselves. “Choosing an offtake partner is an important step for lithium juniors in this price environment. Partners could be a downstream OEM, such as a car manufacturer or a battery producer, or even an oil and gas company. The involvement of the partner helps projects secure funding on a broader scale. Strong partnerships broaden a project’s reach to attract more potential equity investors,” explained Michael White of IBK Capital.
David Keating, managing director and head of equity capital markets at Research Capital, concurred: “In a down cycle, critical minerals juniors must effectively communicate their value proposition and foster their investor relationships. A strong shareholder base that understands the project’s potential is necessary for juniors to effectively raise capital in more favorable market conditions.”
Toronto’s mining finance ecosystem continues to evolve, balancing tradition with innovation. The city’s enduring strength lies not only in the depth of its capital markets but in the sophistication of its participants, from seasoned investment dealers and agile family offices to technology-driven market makers that ensure fairer trading conditions. Together, they create an environment where both majors and juniors can access the tools, capital and expertise needed to thrive.
As the mining industry navigates a new era of high commodity prices, geopolitical uncertainty, and accelerating demand for critical minerals, Toronto remains the nexus where global mining ambitions are financed and shaped. Its two-tiered market structure, strong regulatory foundations, and culture of collaboration between investors, institutions and issuers ensure that capital continues to find its way to the projects and people capable of driving the next generation of resource development. In a world searching for secure, sustainable supply, Toronto’s role as the leading hub of global mining finance has never been more relevant.
