Canadian bourse the TSX Venture Exchange (TSX-V) is located in Calgary, Alberta, Canada and was originally called the Canadian Venture Exchange (CDNX).
The CDNX was born out of the November 1999 merger between the Vancouver and Alberta stock exchanges. The combination of these bourses was designed to restructure Canadian capital markets in terms of market specialisation.
The TSX-V now also has offices in Toronto, Vancouver, and Montreal and is owned by TMX Group (TSX:X), which also owns the Toronto Stock Exchange (TSX), which is the senior equity market.
TMX facilitates fully electronic trading on Canada’s premier equities exchanges TSX, TSX-V, as well as the TSX Alpha Exchange (TSXA).
When the CDNX was formed more than 25 years ago, the focus was on smaller companies with assets, business operations, and market valuations deemed too small to be listed on the bigger TSX.
A large number of companies on the exchange were resource exploration companies, although new ‘high-technology’ ventures were also featured. The Winnipeg Stock Exchange and the small-cap portion of the equities market of the Bourse de Montréal (MSE) were later merged into the CDNX.
Essentially, the core aim of the modern TSX Venture Exchange is providing small cap venture companies with access to capital while protecting investors.
Mining companies still tend to dominate the TSX-V. And as it’s considered a public venture capital marketplace for emerging companies, many junior explorers in particular are homed there.
A TMX Group Q2 2025 Mining Highlights Report shows that as of 30 June 2025, there were almost 580 mining financings on both the TSX-V and TSX.
The combined corporate market capitalisation of the Toronto Stock Exchange and TSX Venture Exchange hit an all-time record in July of C$4.8 trillion, which is the total of each company’s market capitalisation listed on the TSX and TSX-V.
For the year ending 30 June, there were 174 new listings on the TSX and TSX-V. The bulk (140) were on the TSX with mining companies leading the charge in terms of sectors with 24 listings, as reported by Mining.com.au.
Mining companies raised C$4.8 billion in equity year-to-date (ending 30 June) – almost twice as much as the next most active sector utilities and pipelines, which raised C$2.7 billion.
The average financing size on the TSX is C$30 million, substantially higher than the C$5.2 million average on the smaller TSX-V.
On the TSX-V, the most attractive companies are grouped into an index called the TSX Venture 50 – the strongest performers. More than 60% of those in the top 50 are mining companies.
The top ones for the 2025 TSX Venture 50 list include Power Metallic (TSX-V:PNPN) (4th), Montage Gold (TSX-V:MAU) (5th), Founders Metals (TSX-V:FDR) (6th), Q2 Metals (TSX-V:QTWO) (9th), and Artemis Gold (TSX-V:ARTG) (10th).
For example, Power Metallic was fourth as its shares rose 365% from 31 December 2023 to 31 December 2024.
Other mining companies rounding out the top 20 for the 2025 list include American Eagle Gold (TSX-V:AE), ATEX Resources (TSX-V:ATX), Awale Resources (TSX-V:ARIC), Magma Mining (TSX-V:NICU), and Koryx Copper (TSX-V:KRY).
To be considered for this top 50 list, the criteria includes listing for more than one year and having a market capitalisation of more than C$5 million, among others.
TSX-V Tsars
There is a diverse mix of interesting mining companies on the TSX-V. Below is a selection of some that Mining.com.au regularly covers.
One of the more interesting resources companies to follow includes Arizona Gold & Silver (TSX-V:AZS) which is progressing its flagship Philadelphia Project in Arizona, US.
As reported on 27 August, results from core drilling show hole PC25-156 intersects 10m of unbrecciated banded and massive vein quartz within a 35.7m intercept of quartz vein and quartz vein breccia.
It’s the first time a drillhole has been deep enough to intersect an intact vein with the classic epithermal vein textures typical of the high-grade deposits known in the nearby Oatman Mining Camp.
CEO Mike Stark describes core hole PC25-156 as “undoubtedly the best looking hole we’ve ever drilled”. Philadelphia is located in Mohave County, northwestern Arizona, and is a gold and silver vein target being advanced in preparation for an initial resource estimate.
Graphite One (TSX-V:GPH) on 25 August closed a private placement, raising C$13.31 million to conduct environmental studies and permitting related activities at its Graphite Creek Project in Alaska, US.
The company welcomes a new deal between the US Permitting Improvement Steering Council and Alaska aimed at speeding up approvals for critical infrastructure projects, including mines. The memorandum of understanding will see the permitting council’s FAST-41 program work more closely with Alaskan regulators to streamline the permitting process and provide greater certainty for project developers.
In addition to exploration focus at Graphite Creek, the company will also use the funds to offer a milestone payment to Hunan Chenyu Fuji New Energy Technology, contracted under a technology license agreement and consulting agreement to bring anode active materials to the US domestic supply chain.
iMetal Resources (TSX-V:IMR) in July began conducting a non-brokered private placement to raise C$1.53 million, after signing a non-binding letter of intent to acquire the Cemernica Mine in Bosnia.
As reported, iMetal signed the deal to acquire Cemernica which hosts a historical estimate of 305,000 tonnes @ 4.05% antimony, 6% zinc, and 112 grams per tonne silver.
Power Metallic listed fourth on the 2025 TSX Venture 50 and is a Canadian exploration company making power plays. The company is focused on advancing its Nisk project area – including the ‘high-grade’ Lion copper-PGE discovery and Nisk copper-nickel-PGE-cobalt deposit – towards Canada’s next polymetallic mine.
As CEO Terry Lynch tells Mining.com.au, Power Metallic is actively eyeing a move to a senior exchange. Part of this strategy includes looking to beef up the board.
In mid-August, the CEO visited New York for a non-deal roadshow as the Canadian mineral explorer seeks a potential listing in the US. Meeting with interested prospective investors, Lynch notes it’s time to be engaging with Wall Street, where power moves are made.
In mid-July, it closed on a definitive agreement to acquire 313 mineral claims from Li-FT Power (TSX-V:LIFT). These claims adjoin the 45.86km² Nisk property.
Q2 Metals, which came in at ninth place on the 2025 TSX Venture 50 list, is continuing to conduct HMS testwork at the Cisco Project, locating untouched areas of the main mineralised zone, with intention of confirming recoveries in other regions.
Meanwhile, Rua Gold (TSX-V:RUA) is positioning itself as the dominant landholder in New Zealand’s past producing Reefton Goldfield, located on the South Island. The company was a first mover, entering the region long before a change in government in October 2023 – ultimately the catalyst for the mining sector re-think.
The company was born from the reverse takeover of Reefton Goldfields by First Uranium Resources which was announced in July 2023.
TSX-V stars
Scottie Resources (TSX-V:SCOT) is an exploration company focused on expanding known mineralisation from historical mines and advancing gold targets to produce a high-margin DSO product.
President Thomas Mumford currently sees senior gold producers reaping the rewards of producing at all time highs, and early stages of movement in the mid-tier space. For TSX-V-listed companies such as Scottie, the outlook looks robust.
“Following historic patterns, this suggests consolidation will heat up, and companies will begin to buy juniors who hold advanced near-term assets. As Scottie transitions from an explorer to a developer it offers both an opportunity at a re-rating, as well as increases its likelihood for a takeout target,” Mumford tells this news service.
Meanwhile, Signature Resources (TSX-V:SGU) is filling its knowledge bank on the Lingman Lake Gold Project in Ontario, after completing a field program which continues to delineate surface expressions of mineralisation.
Tinka Resources (TSX-V:TK) recently acquired a minority stake in a gold exploration project in Saudi Arabia. In collaboration with its Saudi Arabian partner Kalimat Al Hikma, Tinka’s subsidiary Tinka Saudi Resources now has a stake in the Huwaymidan concession, which was granted to the newly established Midad Al Mona Mining Company.
Tinka holds a 5% stake in Midad, which was granted the property by the Ministry of Industry and Mineral Resources of Saudi Arabia, while Kalimat Al Hikma has a 94% interest.
While the bourse is increasingly attractive to a growing number of juniors, some have pulled the plug on their listing in recent years.
Asante Gold (CSE:ASE) in June was offered a conditional acceptance to be listed on the TSX Venture Exchange, which is expected in August 2025.
Solis Minerals (ASX:SLM) announced its delisting from the TSX-V on 23 June 2025, following its application to voluntarily delist from the exchange as it focuses on being an Australian domiciled company with an ASX listing.
Toubani Resources (ASX:TRE) in 2023 applied to voluntarily delist its common shares on the TSX-V, at the time saying its shares and overall liquidity will benefit from a centralised focus on the ASX.
Write to Adam Orlando at Mining.com.au
Images: iStock, Unsplash, TMX Group & Mining.com.au
