TSX, TSXV miners raise most cash in a decade

The amount of money raised for mining on Canada’s leading stock markets the TSX and its Venture Exchange jumped 62% in this year’s first half compared with 2023’s same period, in a promising sign for the industry, according to data from parent company TMX.

Mining industry companies listed on the indexes sold shares for $6.8 billion in this year’s first six months vs. $4.2 billion in the year-earlier period, figures show. The industry is TMX’s largest sector by capital raising, listed stocks and volume traded, according to monthly reports.

“The first half has been very, very encouraging,” TMX global head of mining Dean McPherson said in a July 25 interview with The Northern Miner. “In terms of financing, that's a key indicator of investors’ attitude and that's been trending up.”

The TSX and TSXV hold listings for more miners than anywhere else, including stock markets in London and New York, with some 40% of the industry on the Toronto-based exchanges. This year’s figures mark another step in a mining sector rebound from a recent low-point of $4 billion raised on the indexes in 2022 and look to be the highest in at least a decade.

The equity amount raised was $6 billion in 2021, $2.4 billion in 2020, $1.6 billion in 2019, $4.4 billion in 2018 and $3.8 billion in 2017.

Top issuers