2024 GUIDE TO LISTING 38 LISTING REQUIREMENTS FOR MINING COMPANIES TSX TSX NON-EXEMPT EXPLORATION AND DEVELOPMENT STAGE TSX NON-EXEMPT PRODUCER TSX EXEMPT PROPERTY REQUIREMENTS Advanced Property detailed in a technical report prepared by an independent qualified person. Minimum 50% ownership of property.3 At least three years proven and probable reserves as calculated by an independent qualified person (if not in production, a production decision made). At least three years proven and probable reserves as estimated by an independent qualified person. RECOMMENDED WORK PROGRAM $750,000 on advanced exploration property2 as recommended in a technical report6 prepared by an independent qualified person. Bringing the mine into commercial production. Commercial level mining operations. WORKING CAPITAL AND FINANCIAL RESOURCES Minimum $2,000,000 working capital and appropriate capital structure. Sufficient funds to complete planned programme meeting G&A1 costs, property payments and capital expenditures for 18 months. Sufficient funds to bring the mine into commercial production; plus adequate working capital for all budgeted capital expenditures and to carry on the business. Appropriate capital structure. Adequate working capital to carry on the business. Appropriate capital structure. NET TANGIBLE ASSETS, EARNINGS OR REVENUE $3,000,000 net tangible assets. $4,000,000 net tangible assets; evidence indicating a reasonable likelihood of future profitability supported by a feasibility study or documented historical production and financial performance. $7,500,000 net tangible assets; pre-tax profitability from ongoing operations in last fiscal year; pre-tax cash flow of $700,000 in last fiscal year and average pre-tax cash flow of $500,000 for past two fiscal years. OTHER CRITERIA Management-prepared 18 month projection (by quarter) of sources and uses of funds detailing all expenditures and signed by CFO. Up-to-date, comprehensive technical report6 prepared by independent qualified person. MANAGEMENT AND 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. DISTRIBUTION, MARKET CAPITALIZATION AND PUBLIC FLOAT Minimum 1,000,000 freely tradeable shares with market value of $4,000,000 held by at least 300 public holders, each with one board lot or more. SPONSORSHIP Required (may be waived if sufficient previous third party due diligence). Not 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 www.tsx.com
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