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TorontoThe World's Strategic Hub for Mining Finance
London November 30th 2015
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Disclaimer
This document is for information purposes only. While the information
herein is collected and compiled with care, neither TMX Group Limited nor
any of its affiliated companies represents, warrants or guarantees the
accuracy or the completeness of the information. You agree not to rely on
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This information is provided with the express condition, to which by making
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Group Limited and/or any of its affiliates as a result of any errors or
omissions herein or any use or reliance upon this information.
© 2015 TSX Inc. All rights reserved. Do not sell or modify without the prior written consent of TSX Inc.
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Canada and TSX: Strong Fundamentals
Economically stable• Canada is the fourth largest equity
market by float capitalization in the MSCI World Index
• World’s soundest banking system
• Lowest debt-to-GDP among G7
• Strong equity culture
• ~$2.5 trillion in market cap
• $263 billion in equity capital raised in last 5 years
Resource rich• World’s largest producer of zinc and
uranium and major producer of gold, nickel, aluminum and lead
• #1 in resource listings
6.1 7.9 11.15.5 5.0
9.8 10.16.0 3.8 5.2 1.7
46.2 41.8
47.6
35.3
60.044.1 41.0 50.6
39.9
52.5
36.8
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 H12015
52.249.7
58.8
40.8
64.9
54.051.1
56.5
43.6
57.8
38.5
Access to Capital
4
Toronto Stock Exchange and TSX Venture ExchangeTotal Financings (C$ Billions) 1999 – H1 2015
Average Financing Size:TSX: $111MTSXV: $3M
Toronto Stock Exchange
TSX Venture Exchange
608graduates
+ 170 M&A
Market Capitalization as at June 30, 2015.
Service at All Stages of Growth
Serving all Market Caps A Unique Market Structure
with Strong Feeder System
From January 1, 2000 – June 30, 2015
2,015 Issuers
442 Issuers 114
555 Issuers
5
33% 30%38%
94%
6%<1%
<$50 Million $50 - $250 Million >$250 Million
% of TSX Issuers
% of TSXV Issuers
494 Issuers
1,806 Issuers
447 Issuers
100
570 Issuers 8
266mining
graduates
Diverse Issuer Base
6
Mining
1,421
Oil & Gas
& Energy
Services
394
ETFs
367
Closed End
Funds
213
Real
Estate
106
Diversified
Industrials
239
Financial
Services
125Life
Sciences
123
CPC
46
Technology
181
Utilities &
Pipelines
25
Comm. &
Media
44
Forest
Products
19
As at June 30, 2015; includes issuers on TSX and TSXV (100% = 3,425).
Clean
Technology
119
Number of Issuers by Sector
SPAC
3
7
Global Leader in
Mining
Diversity in Issuer Base
8 Source: Infomine, by location of projects, February 2015.
Access to Capital
9
62%of the equity capital raised
globally for mining
Global Mining Equity Financing
2014 (C$B)
8.9
4.1
0.70.4 0.2
TSX/TSXV ASX LSE/AIM NYSE/NYSE MKT JSE
Source: Gamah International, as at December 31, 2014.
43%
1,482 1,666 255 3 2
of the number of mining
equity financings globally
TSX and TSXV Lead the Mining Sector
Value of Mining Equity Capital Raised5-Year (2010 to 2014) Total = $106 billion
TSX and TSXV list the most mining companies in the world
in mining equity capital raised
#1in listed mining companies
1421
651
170
TSX/TSXV ASX LSE/AIM
10
#1
YTD June 30, 2015, unless otherwise noted.
TSX/TSXV54%
LSE/AIM17%
ASX14%
NYSE/NYSE MKT5%HKEx4%
Other6%
The Leading Exchange
H1 2015 Mining Markets at a Glance
11 Source: Capital IQ. Unless noted, data is as at or YTD June 30, 2015
TSX TSXV TSX&TSXV LSE AIM ASX JSE HKEx NYSE/
NYSE MKT
Number of Mining
Issuers Listed 267 1,154 1,421 31 139 651 43 59 110
Quoted Market Value
(C$ Billions)223.5 9.1 232.6 361.0 5.6 257.3 211.1 127.2 564.2
New Mining Listings 2 11 13 2 1 3 2 1 1
Equity Capital Raised
(C$ Billions)5.4 0.584 6.0 0.112 0.308 0.915 0 1.4 0.868
Number of Financings 94 459 553 3 69 321 0 15 4
Equity Capital Raised by Sector
12
Financial Services, $9.1B
Oil & Gas, $7.7B
Mining, $6.5B
Diversified Industries, $5.7B
Life Sciences, $5.7B
Technology, $2.1B
Clean Technology & Renewable Energy, $1.6B
ETFs & Closed-End Funds, $1.6B
Real Estate, $1.5B CPCs & SPACs, $925M
Total: $42.4B
As at July 31, 2015. Includes TSX and TSXV.
13
Exploration
904
Advanced
Exploration
747
Production
193
Development
125
Number of Mining Companies by Stage of Project
Source: Infomine, as at July 27, 2015.
Diversity in Issuer Base
Analyst Coverage
14
Over 400 mining
analysts cover
TSX/TSXV listed
companies3
57
10
19
$50 - $100 million $100 - $250 $250 - $500 $500 - $1 billion >$1 billion
Average Number of Analysts
by Size of Mining Company
Source: Capital IQ, June 30, 2015.
15
Mining Market in
2015
Mining: Equity Capital Raised on TSX/TSXV
16
$6.0 billion raised by TSX and TSXV listed mining issuers in H1 2015
Africa:
$1.0B
Australia:
$564M
USA:
$419M
Latin America:
$2.1B
By project location (a single company may have projects in multiple locations).
Listed mining companies raised $6.0B on TSX and TSXV in H1 2015.
Source: TSX/TSXV Market Intelligence Group, YTD June 2015.
UK/Europe, Middle East and
Russia: $863M
Asia:
$115M
Canada:
$2.8B
6.03
1.36
0.91 0.87 0.48 0.47 0.42
0.88
TSX/TSXV
HKEx ASX NYSE/NYSE MKT
SZSE SHSE LSE/AIM Other
Access to Capital
17
53%of the equity capital raised
globally for mining
Global Mining Equity Financing
H1 2015 (C$B)
Source: Capital IQ, June 30, 2015.
52%
553 4 724 83
of the number of mining
equity financings globally
15 321 4
Gross Proceeds Exploring In Exploring For
First Quantum Minerals Ltd. $1.4 B Australia, Finland, Mauritania, Spain,
Turkey, ZambiaCopper, Gold, Nickel,
PGM, Zinc
Silver Wheaton Corp. $1.0 B (Royalty Company – Misc.) Misc.
AuRico Gold Inc. $441 MAs Alamos Gold Inc. – Manitoba, Mexico,
Ontario, Oregon, TurkeyGold, Silver
Romarco Minerals Inc. $300 M South Carolina Gold
Yamana Gold Inc. $299 M Argentina, Brazil, Chile, Mexico, Quebec Copper, Gold, Silver
Energizer Resources Inc. $247 M Madagascar Graphite, Vanadium
Osisko Gold Royalties Ltd. $200 M (Royalty Company – Misc.) Misc.
Detour Gold Corporation $141 M Ontario Gold
TMAC Resources Inc. $135 M Nunavut Gold
Candente Copper Corp. $110 M Peru Copper
TSX: YTD August 2015 Largest Mining
Financings
18 YTD August 31, 2015.
Gross Proceeds Exploring In Exploring For
Largo Resources Ltd. $75 M Brazil, YukonIron, Molybdenum, Titanium,
Tungsten, Vanadium
NexGen Energy Ltd. $27 M Saskatchewan Uranium
Newmarket Gold Inc. $25 M Australia Gold
Kaminak Gold Corporation $21 M Yukon Gold
Kennady Diamonds Inc. $19 M Northwest Territories Diamonds
Gold Standard Ventures Corp. $16 M Nevada Gold
Alphamin Resources Corp. $16 M DRC Tin
Midland Exploration Inc. $14 M QuebecBase Metals, Gold, PGE, Rare
Earth Elements
Integra Gold Corp. $13 M Quebec Gold
Marlin Gold Mining Ltd. $13 M Arizona, Mexico, Nicaragua Gold, Silver
TSXV: YTD August 2015 Largest Mining
Financings
19 YTD August 31, 2015.
Global Mining Financing Trends
20
Total Value of Global Mining Equity Capital Raised5-Year Trend ($B)
2,635
2,239 2,418
2,948
3,439
2010 2011 2012 2013 2014
27.4
32.8
14.8 15.0 14.2
2010 2011 2012 2013 2014
Total Number of Global Mining Financings5-Year Trend
Source: TSX and TSXV Market Intelligence Group and Gamah International, as at December 31, 2014.
3 3 4 3 2
147 142 147 180 254
65 63
559
1,351
1,666
2,413
2,021
1,700
1,409 1,482
2010 2011 2012 2013 2014
NYSE/NYSE MKT
LSE/AIM
ASX
TSX/TSXV
Global Mining Financings
2121
Number of Global Mining Financings5-Year Trend
Source: TSX and TSXV Market Intelligence Group and Gamah International, as at December 31, 2014.
1.0 1.4
0.7
2.3
0.4
1.7
3.4
2.1
3.4 4.1 4.2
11.9
1.0 0.7 0.7
17.8
12.5
10.3
6.9
8.9
2010 2011 2012 2013 2014
NYSE/NYSE MKT
ASX
LSE/AIM
TSX/TSXV
Global Mining Equity Capital Raised
22
Value of Global Mining Equity Capital Raised5-Year Trend ($B)
Source: TSX and TSXV Market Intelligence Group and Gamah International, as at December 31, 2014.
Global Liquidity for Mining Issuers
23 Source: Exchange Websites. Amounts are in C$Billions.
$18 $28$15
$10 $12 $14 $11 $5 $4$22
$33$13 $11
$22 $26$10 $5 $4
$262
$342
$450
$310
$373
$433
$210 $204
$87
$348
$449 $450
$354
$394
$439
$273
$204
$173
2006 2007 2008 2009 2010 2011 2012 2013 2014
AIM Value Traded
TSXV Value Traded
ASX Value Traded
TSX Value Traded
24
TSX Venture Exchange and Santiago Stock
Exchange
• Agreement signed between TSX Venture Exchange and Santiago Stock Exchange in March 2014
• Dual listing of mining exploration companies, one registration process allows presence in both Canada and Chile
• The secondary market will operate independently from both exchanges
• Participation in MILA – Latin American Integrated Market (Mexico Peru, Chile and Colombia)
• Strong alternative to finance mining exploration companies
• Research departments at brokerage firms with analysts specialized in mining
25
TSX/TSXV Delistings
Companies delisted from TSX/TSXV TSX/TSXV delisting reasons (2011-August 2015)
55 62 77105
65
143153 142
139
80
2011 2012 2013 2014 YTD August2015
Mining All other sectors
198215 219
244
145 314
106
505
96
At the request of thecompany /ETF/fund
Failure to meetlisting requirements
Following acquisition/merger/conversion
Followingredemption/expiry
/termination/suspension
The Leading Exchange
H1 2015 Mining Markets at a Glance
26 Source: Capital IQ. Unless noted, data is as at or YTD June 30, 2015
TSX TSXV TSX&TSXV LSE AIM ASX JSE HKEx NYSE/
NYSE MKT
Number of Mining
Issuers Listed 267 1,154 1,421 31 139 651 43 59 110
Quoted Market Value
(C$ Billions)223.5 9.1 232.6 361.0 5.6 257.3 211.1 127.2 564.2
New Mining Listings 2 11 13 2 1 3 2 1 1
Equity Capital Raised
(C$ Billions)5.4 0.584 6.0 0.112 0.308 0.915 0 1.4 0.868
Number of Financings 94 459 553 3 69 321 0 15 4
27
Mining
Orlee Wertheim
+1 416 947-4477
EMEA
Graham Dallas
+44 20 3194 2580
Innovation
Michael Kousaie
+1 416 947-6626
Diversified Industries
Priya Patil
+1 416 947-4710
Oil & Gas
Monica Rovers
+1 403 218-2805
TSX Private Markets
Zulf Karim
+1 416 947-6665
Asia
(8610) 6505 5811
