Listing Requirements: TSX Venture Exchange

There are two tiers on the TSX Venture Exchange. Tier one is the more senior companies and based on this designation have certain listing benefits not available to more junior companies. Tier two companies are considered early stage or junior companies.

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TSX-V - Exploration and Mining Companies Listing Requirements
Requirements	In Production Mining Companies (Tier 1)	Pre-Production Feasibility Stage Mining Companies (Tier 2)
Property Requirements	Material interest in a Tier 1 property⁽¹⁾	Significant interest⁽²⁾ in a qualifying property or, at discretion of the Exchange, a right to earn a significant interest in a qualifying property;
Recommended Work Program	$500,000 on the qualifying property as recommended by geological report	$200,000 on the qualifying property as recommended by geological report6
Net Tangible Assets	2,000,000 net tangible assets	No requirement
Minimum Prior Expenditure and Work Program	N/A	C$100,000 of exploration expenditures on the qualifying property in the past three years
# of Public Board Lot Holders	250	250
Minimum Free Trading Public Float	1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.	1,000,000 or 10% of all issued and outstanding shares to be listed, whichever is greater.
Minimum % of Issued and Outstanding Listed Shares Held by Public	20%	20%
Market value of Issued Securities to be Listed	No minimum	No minimum
Minimum IPO Price Conducted Concurrent to Listing	C$0.15	C$0.15
Minimum Cash in Treasury	Adequate to carry out stated work plan or execute business plan for 18 months following listing.	Adequate to carry out stated work plan or execute business plan for 12 months following listing.
Minimum Additional Working Capital	C$200,000	C$200,000
Sponsorship Required	Yes⁽³⁾	Yes⁽³⁾
Form 43-101 Geological Report	Yes.	Yes.

Notes: (1) �Tier 1 property� means a property that has substantial geological merit and is:

(a) a property in which the Issuer holds a material interest; and

(b) a property on which previous exploration, including detailed surface geological, geophysical and/or geochemical surveying and at least an initial phase of drilling or other detailed sampling (such as trench or underground opening sampling), has been completed;

(c) a property on which drilling or other detailed sampling on the property has identified potentially economic or economic materialization; and

(d) an independent geological report recommends a minimum $500,000 Phase 1drilling (or other form of detailed sampling) program based on the merits of previous exploration results; or an independent, positive, feasibility study demonstrates that the property is capable of generating positive cash flow from ongoing operations.

(2) Significant interest means the company holds or have the right to earn and maintain a 50% interest in the property. Companies holding less than a 50% interest will be considered on a case-by- case basis looking at program size stage of advancement of the property and strategic alliances.

(3) The TSX may waive the sponsorship requirement if sufficient 3rd party due diligence has been conducted (ie. underwriter review in concurrent initial public offering.)

The listing staff of the TSX Venture Exchange will also look at the suitability of all officers, directors and stockholders holding 10% or more of the company's stock. Companies must have at least two independent directors.

All companies listed on the TSX Venture Exchange must agree to abide by the corporate governance requirements of the exchange.

For the listing criteria of exploration and mining companies on the TSX, go to the TSX Venture Exchange website: TSX - Listing Requirements for Exploration & Mining Companies

For the listing criteria of technology, industrial and research and development companies click here or go to the TSX Venture Exchange website. TSX - Industrial, Technology, Research & Development.

Go to the listing requirements of other exchanges:

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