Mining Association of Canada | 2023 Report

The Mining Association of Canada | The Canadian Mining Story: Economic Impacts and Drivers for the Global Energy Transition 2023 30 At the end of 2022, 1,157 of the firms listed on the TSX and TSX-V were mining companies. Together, they had a combined market value of $520 billion and raised $7.6 billion in equity. TSX-listed mining companies mainly deal in gold, copper, uranium, silver, diamonds, zinc, nickel, lithium, iron ore, zinc and molybdenum. Listings of mining companies on both exchanges have been relatively steady in the past five years, but are down almost 30% over the past decade, as shown in Figure 5. The TSX-V gives emerging companies access to capital while offering investors a regulated market for venture investments. As of December 2022, the 965 mining companies listed on the TSX-V had a combined quoted market value of $40 billion and raised $4.1 billion in equity capital for the year. There were 47 new listings on the exchange in 2022 and 67 new listings in 2021. Global Financing Global financing for the mineral sector, that is, both equity and debt raised by the industry across the world contracted slightly in 2021, from US$67 billion to US$62 billion. Equity financing was up dramatically in 2021, from US$19 billion to US$32 billion. According to the Prospectors & Developers Association of Canada, this could be caused by increasing metal prices driving broader margins and high equity valuations throughout the year, making equity a more appealing way to raise money than debt. Financing for the Junior Mining Sector The mining sector has traditionally been divided into two types of company: junior and senior. Junior companies are nimble, flexible, and raise money on the equity markets to support their exploration activities. “Junior” in this context does not necessarily mean small: the 20 largest juniors all had expenditures over $18 million in 2021. 0 200 400 600 800 1000 1200 1400 1600 1800 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Number of Issuers TSX TSX-V Figure 5: TSX and TSX-V Mining Listings by Year21 21 Toronto Stock Exchange and TSX Venture Exchange. Market Intelligence Group Reports for each year from their archives.