Could you update us on recent activities in South America?

GL: In 2019, the Exchanges established a full-time presence in Latin America to connect mining, energy, and innovation projects with investors. Latin America is the most active mining jurisdiction outside of Canada, with 410 issuers and 1,067 assets and properties on the continent. The main focus in Latin America is on critical minerals, and the clean energy transition. The Sigma Lithium listing and subsequent success on our markets has helped to see an increased interest in the region. Can we expect the valuation of juniors to catch up to the high commodity prices we are seeing?

DM: Fundamentals of supply and demand in the case of critical minerals, and precious metals’ correlation to “safe haven” needs and macroeconomic factors are no doubt influencing commodities pricing positively. Once geopolitical tensions subside, coupled with the continued reduction in interest rates, no doubt the equity market will catch up to commodity prices’ trajectory. Market confidence and increased risk appetite will close the gap. What are the main challenges in raising capital for mining companies?

GL: Raising capital involves three key pillars: asset quality, management quality, and ESG compliance. A National Instrument 43-101 compliant technical report is essential for assessing a project’s potential. Quality management teams, ideally with a mix of local and international expertise, are vital. ESG considerations are increasingly critical. TSX provides tools to help companies communicate their sustainability efforts effectively. We emphasize that significant value can be created in the pre-operational phase, encouraging early-stage projects to list on TSXV. What opportunities do you see for the TSX globally, and where will you be focusing your efforts moving forward?

DM: TSX has one of the largest portfolios of international clients of any exchange globally. Our strategy has always been global, to the extent that we have hired full-time boots-on-the-ground representatives in several global markets, to engage with existing clients and meet potential new clients. We are seeing significant traction from Australia in particular, as more Australian-based mining companies are diversifying and growing their projects into the Americas. Recent examples have been Westgold Resources following their acquisition of Karora. Paladin Energy has signaled a similar intent following their announced acquisition.

TSX and TSXV are leaders in junior exploration and development, when large global miners are looking to acquire assets to grow their portfolio, they naturally look to our markets. We are encouraged by the interest we are getting from Australian-based companies looking to join our markets. We also continue to see opportunities for growth in Latin America. Early in the new Milei government, Argentina is a particular area of focus for us. Could you comment on the performance of the IPO market?

DM: There has certainly been a shortage of large IPOs over the past three years. Fortunately, we see more new listings with 30 new listings so far this year. The majority of these new listings are junior companies. The shortage of IPOs is affecting all sectors globally. The high interest rate environment and various geopolitical tensions around the world has a lot to do with that. Was the mining sector well represented in the 2024 TSX30 list?

DM: The TSX30 celebrates the top 30 performing companies on our senior market based on dividend adjusted share price appreciation over the past three years. In 2024, there was an increased focus on certain commodities, particularly uranium with one of the outstanding companies being Cameco. Other trends on the list included other critical minerals focused companies. With the record levels of the price of gold, precious metal companies stood out as well. Do you have a final message?

DM: TSX continues to enjoy leadership in the mining sector, and although it has been a challenging year, especially for our very junior mining companies, we are encouraged by the observed increased financing activities and improving macroeconomic environment. The market is now starting to step out of many of the challenges it was facing, and we are doing as much as we can to help our existing and prospective clients stay in front of investors and prepare themselves for the windows of opportunities we expect in the coming months. 2025 will be a pivotal year and everything is lining up for the mining sector to outperform.

*The interviews with Dean and Guillaume were conducted in late 2024.