[Last updated: 1 February 2026, unless otherwise noted]

There are three listing sectors: diversified & innovation, mining, and oil & gas.

• Diversified & innovation companies.
  • Income & revenue producing companies - either (A) annual audited pre-tax net income from continuing operations of C$750,000 (approx. US$546,465) in the fiscal year immediately preceding the TSX listing application (Income Test); or (B) annual audited revenue of C$10 million (approx. US$7.29 million) (Revenue Test); if the Income Test is met, either (a) positive working capital in the most recent interim and audited annual periods or (b) alternate evidence of liquidity; or, if the Revenue Test is met, either (A) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim financial statements; or (B) 12-month run rate calculation¹ demonstrating sufficient funding for the period; and market capitalization of at least C$100 million (approx. US$72.86 million).
  • Pre-income producing companies - either (A) an audited income statement demonstrating at least one year of operating expenses to advance the business (Expenses Test); or (B) assets under construction reported in an audited balance sheet along with signed imminent leases (Lease Test); if the Expenses Test is met, a 24-month run rate calculation demonstrating sufficient funding for the period; or, if the Lease Test is met and the primary business is to generate rental revenue from constructed assets, a 12-month run rate calculation demonstrating sufficient funding for the period; and market capitalization of at least C$50 million (approximately US$36.43 million).
  • New enterprise companies - either (A) an equity raise of C$100 million (approximately US$72.86 million) in the six months preceding the TSX listing application along with a 12-month run rate calculation demonstrating sufficient funding to advance the project per stated targets identified in a feasibility report (12-month Test); or (B) a 24-month run rate calculation demonstrating sufficient funding to advance the project as per stated targets identified in a feasibility report (24-month Test); and if the 12-month Test is met, market capitalization of at least C$100 million (approximately US$72.86 million); or if the 24-month Test is met, market capitalization of at least C$200 million (approximately US$145.72 million).
• Mining companies.
  • Producing mining companies - an 18-month run rate calculation demonstrating sufficient funding to bring the qualifying property into commercial production and adequate working capital to fund all budgeted capital expenditures and carry on the business; positive working capital in the most recent interim and audited annual periods or alternate evidence of liquidity; and market capitalization of at least C$50 million (approximately US$36.43 million).
  • Mineral exploration and development-stage companies - planned work program of exploration and/or development, of at least C$5 million (approximately US$3.64 million), that is satisfactory to the TSX, will sufficiently advance the property and is recommended by a qualified person; an 18-month run rate calculation demonstrating sufficient funds to complete the planned program of exploration and/or development on the company's property and meet estimated general and administrative costs, anticipated property payments and capital expenditures for the period; positive working capital in the most recent interim and audited annual periods or alternate evidence of liquidity and market capitalization of at least C$50 million (approximately US$36.43 million).
  • Senior mining companies - annual audited pre-tax net income from continuing operations in the fiscal year immediately preceding the TSX listing application; audited pre-tax cash flow from operations of C$1.25 million (approximately US$910,775) in the fiscal year immediately preceding the TSX listing application and an average of C$900,000 (approximately US$655,758) for the two fiscal years immediately preceding the TSX listing application; adequate working capital to carry on the business; positive working capital calculated in the most recent interim and audited annual periods or alternate evidence of liquidity; and market capitalization of at least C$100 million (approximately US$72.86 million).
• Oil & gas companies.
  • Oil and gas companies - proved and probable reserves of C$100 million (approximately US$72.86 million), the majority of which is proved; either (A) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim financial statements; or (B) a 12-month run rate calculation demonstrating sufficient funding for the period; and market capitalization of at least C$50 million (approximately US$36.43 million).
  • Senior oil and gas companies - proved reserves of C$100 million (approximately US$72.86 million); both (A) average production rate of 10,000 barrels of oil equivalent per day for the most recently completed quarter; and (B) positive pre-tax cash flow from operations evidenced in the most recently completed audited annual and interim financial statements; and market capitalization of at least C$100 million (approximately US$72.86 million).

[Last updated: 1 February 2026, unless otherwise noted]

Share price. There is no prescribed minimum closing or offering price for shares to be listed (other than for special purpose acquisition companies).

Distribution. To list its securities, a company must have:

• At least 300 holders, each holding one board lot or more.
• At least 1,000,000 freely tradeable shares.

Accounting standards. Financial statements are generally required to be prepared according to IFRS accounting standards, as applicable in Canada.

[Last updated: 1 February 2026, unless otherwise noted]

The following is an indicative timetable for a listing on the TSX of a foreign company via a prospectus offering. The TSX listing application is usually filed at the same time as the preliminary prospectus is filed with the securities commission(s).

Link to Timetable

[Last updated: 1 February 2026, unless otherwise noted]

Requirements for public companies include:

Corporate governance. Apart from the general requirement to disclose corporate governance practices, there are few proscriptive rules in Canada with respect to corporate governance.

Financial statements. Audited annual financial statements and unaudited interim financial statements must be filed within prescribed periods.

Acquisitions. A company effecting a significant acquisition must file a business acquisition report generally within 75 days after the date of the acquisition.

Annual meetings. A company must hold an annual meeting of its shareholders within prescribed periods.

Declaration of dividends. A company is obliged to promptly notify the TSX as soon as a dividend is declared.

Material changes. A company must disclose any material information concerning its business and affairs immediately after management of the issuer become aware of the existence of material information, or in the case of information previously known, upon it becoming apparent that the information is material.

Shareholder approval. Minority shareholder approval and/or valuation is required for certain transactions, depending on their nature and materiality. The rules that apply to related and connected party transactions are complex and require specific consideration based on the circumstances involved.

[Last updated: 1 February 2026, unless otherwise noted]

A company seeking to list must pay both initial listing fees and annual fees. For an international interlisted issuer, the initial listing fee ranges from C$7,500 to C$150,000 (approx. US$5,465 to US$109,293), plus a non-refundable amount of C$7,500 (approx. US$5,465) payable at the time of the application. Additional shares listed subsequently will require additional payments. The annual sustaining fee ranges from C$12,000 to C$150,000 (approx. US$8,743 to US$109,293), based on market capitalization, subject to discounts available to certain international inter-listed issuers.