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A Capital OpportunityA Global Market for Mining Companies
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Section 1
Toronto Stock Exchange and TSX Venture Exchange Overview
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CANADAGLOBAL LEADERSHIP, WORLD-CLASS FINANCIAL INSTITUTIONS AND ECONOMIC STABILITY
Source: The Economist Intelligence Unit, via Invest in Canada – Think Canada, December 2018. World Economic Forum ranked Canada as one of the top 2 soundest banking systems for the past 10 years.
Ranked second in the G7 and G20 for doing business (2019-2023)
Lowest debt-to-GDP among G7
One of the world’s soundest banking systems
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GLOBAL MARKET FOR CAPITAL
$41 BILLION RAISED ON TSX/TSXV IN 2018
Source: TSX/TXV Market Intelligence Group and World Federation of Exchanges. As at December 31, 2018. Country ranking reflects the total equity capital raised by companies listed on the stock exchanges and does not include exchange groups that encompass multiple countries.
COUNTRY RANKING: EQUITY CAPITAL RAISED (2014-2018)
$273BIN EQUITY CAPITAL RAISED ON TSX/TSXV IN THE PAST 5 YEARS
CHINA & HONG KONG HKSE, SHANGHAI SE, SHENZEN SE1.
2. USNYSE, NASDAQ
3.
CANADA TSX/TSXV
4.
UNITED KINGDOMLSE/AIM
5. AUSTRALIAASX
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KEY STATISTICS
$41B
$65M
EQUITY CAPITAL RAISED
AVERAGE FINANCING ON TSX
TSX AND TSXV BY THE NUMBERS
$4MAVERAGE FINANCING ON TSXV
As at December 31, 2018.
3,230ISSUERS
344GOING PUBLIC EVENTS
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GLOBAL CAPITAL AND LIQUIDITY
THE WORLD’S LARGEST ASSET MANAGERS INVEST AND TRADE ON TSX
40%OF DAILY TRADING ORIGINATES FROM OUTSIDE CANADA
25%OF TSX AND TSXV MEMBER FIRMS ARE HEADQUARTERED OUTSIDE CANADA
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$5 TRILLION INSTITUTIONAL MARKET
A TSX LISTING MAXIMIZES ACCESS TO CANADIAN INSTITUTIONAL INVESTORS
Source: Investor Economics, Spring 2016 Managed Money Report. 1Pension plan AUM includes private equity, real estate and infrastructure divisions.
TOP CANADIAN PENSION PLANS1TOP CANADIAN MONEY MANAGERS
INSTITUTION AUM (C$ BN)
RBC Global Asset Management $286
TD Asset Management $253
BlackRock $149
Fidelity (Canada) $108
1832 Asset Management (Scotiabank) $108
Manulife $104
BMO Global Asset Management $95
CIBC Asset Management $88
CI Financial $86
Fiera $77
Other AUM $1,371
Total $2,725
INSTITUTION AUM (C$ BN)
Canada Pension Plan Investment Board $283
Caisse de Dépôt et Placement du Québec $248
Ontario Teachers Pension Plan $171
British Columbia Investment Management $124
Public Sector Pension $112
Alberta Investment Management Company $90
Ontario Municipal Employees Retirement $77
Healthcare of Ontario Pension Plan $64
Ontario Pension Board $22
OPTrust $18
Other Pension Funds/Undisclosed $699
Total $1,908
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YOUR GATEWAY TO THE WORLD
GLOBAL MARKET MAKERS ACTIVELY SUPPORT AND ENHANCE YOUR LIQUIDITY
Geographical proximity and integrated markets means prominent liquidity providers posting quotes in the US are equally active in Canada.
33%OF TSX TRADES IN LARGE CAP STOCKS INVOLVE LIQUIDITY PROVIDED BY A GLOBAL MARKET MAKER
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A STABLE & PREDICTABLE MARKETCANADA HAS A PRAGMATIC SECURITY REGIME THAT SUPPORTS COMPANIES AS THEY GROW
*Subject to case-specific facts and not to be construed as legal advice.
Benign class-action lawsuit environment
Secondary market liability capped at 5% of issuer market capitalization*
Directors and Officers (D&O) liability capped by statute*
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Section 2
TSX/TSXV Mining Sector Overview
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TSX MINING ECOSYSTEM
36%
50%
As at or year to date December 31, 2018.Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ and S&P Global Market Intelligence.
OF EVERY DOLLAR RAISED BY PUBLIC MINING COMPANIES OVER THE LAST FIVE YEARS HAS BEEN ON TSX/TSXV
OF GLOBAL PUBLIC MINING COMPANIES ARE LISTED ON TSX/TSXV
AVERAGE MINING ANALYST COVERAGE
200+ANALYSTS COVER THE TSX/TSXV MINING SECTOR
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19
29
13
23
29
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27
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$1-10 billion $10-20 billion $20 billion +
LSE
TSX
ASX
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LEADER IN MEGA-CAP FINANCINGS
30% OF THE 10 LARGEST GLOBAL FINANCINGS IN 2018 WERE ON TSX/TSXV
Source: S&P Global Market Intelligence As at December 31, 2018.
36%OF EVERY DOLLAR RAISED OVER THE PAST 5 YEARS IN MINING WAS ON TSX OR TSXV
COMPANY EXCHANGEGROSS PROCEEDS (C$)
Tata Steel Limited BSE $1.5B
Shandong Gold Mining Co., Ltd. SHSE $1.0B
Tata Steel Limited BSE $892M
Guangdong Hec Technology Holding Co., Ltd SHSE $633M
Ganfeng Lithium Co., Ltd. SZSE $558M
Livent Corporation NYSE $451M
Lundin Gold Inc. TSX $381M
Cobalt 27 Capital Corp. TSXV $300M
Chengtun Mining Group Co. Ltd SHSE $283M
Nemaska Lithium Inc. TSX $280M
TOP 10 GLOBAL MINING FINANCINGS - 2018
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LEADERSHIP IN THE MINING SECTOR
THE WORLD’S MINING COMPANIES LIST ON TSX
Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ and S&P Global Market Intelligence. As at December 31, 2018.
IN MINING EQUITY CAPITAL RAISEDIN LISTED MINING COMPANIES
VALUE OF MINING EQUITY CAPITAL RAISED(5-YEAR TOTAL = $110 BILLION)
TSX/TSXV LIST THE MOST MINING COMPANIES IN THE WORLD
#1 #1
TSX/TSXV36%
Other23%
ASX17%
NYSE/NYSE Amer.10%
LSE/AIM7%
HKEx7%1.189
648
141
TSX/TSXV ASX LSE/AIM
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A DIVERSE MINING SECTOR
BY MINING PROPERTY LOCATIONSBY PRIMARY COMMODITY
BREAKDOWN OF TSX/TSXV MINING ISSUERS
Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.
Gold
Copper14%
Uranium8%
Silver6%
Diamonds4%
Zinc4%
Nickel3%
Lithium2%
Iron Ore1%
Graphite1% Other
8%
Canada55%
Latin America19%
U.S.11%
Africa7%
UK/Europe4%
Asia2%
Australia/PNG/NZ2% Middle East /
Russia & CIS0,5%
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TOP MINING FINANCINGS
OVER $5B IN TOTAL EQUITY CAPITAL WAS RAISED IN 2018
Source: TSX/TSXV Market Intelligence Group. Combined Financings YTD December 31, 2018.
COMPANY TICKER
GROSS PROCEEDS (C$)
Lundin Gold Inc. LUG $508M
Nemaska Lithium Inc. NMX $459M
Nevada Copper Corp. NCU $237M
Orocobre Limited ORL $233M
Golden Star Resources Ltd. GSC $162M
Clean TeQ Holdings Limited CLQ $156M
Sherritt International Corporation S $132M
Gran Colombia Gold Corp GCM $121M
TMAC Resources Inc. TMR $90M
Osisko Mining Inc. OSK $76M
TSX TOP 10 MINING FINANCINGS
COMPANY TICKER
GROSS PROCEEDS (C$)
Cobalt 27 Capital Corp. KBLT $598M
Victoria Gold Corp. VIT $125M
Equinox Gold Corp. EQX $98M
Itafos IFOS $86M
West African Resources Limited WAF $76M
Alphamin Resources Corp AFM $56M
Mason Graphite Inc. LLG $45M
Orezone Gold Corporation ORE $45M
Millennial Lithium Corp. ML $32M
Orla Mining Ltd. OLA $31M
TSXV TOP 10 MINING FINANCINGS
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ACCESS TO CAPITAL
TOP EXCHANGE FOR MINING CAPITAL GLOBALLY
Source: TSX/TSXV Market Intelligence Group and S&P Capital IQ, as at December 31, 2018.
49%OF THE NUMBER OF MINING EQUITY FINANCINGS GLOBALLY IN 2018
34%OF THE MINING EQUITY CAPITAL RAISED GLOBALLY IN 2018
BY PRIMARY COMMODITYGLOBAL MINING EQUITY FINANCING 2018(C$B)
$6,5B
$4,2B
$2,4B
$1,0B $0,9B$0,6B $0,5B
TSX/TSXV ASX SHSE LSE/AIM NYSE/Amer. SZSE HKEx
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A GLOBAL MINING EXCHANGE
Note: A single company may have projects in multiple countries. Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.
NEARLY 45% OF THE 5,300+ MINERAL EXPLORATION PROJECTS HELD BY TSX & TSXV COMPANIES ARE OUTSIDE OF CANADA
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THE LEADING MINING EXCHANGE
LATIN AMERICAN MINING COMPANIES LOOK TO CANADA
Mexico
126
Brazil
34
Venezuela
3
Peru
56
Argentina
46
Bolivia
8
Colombia
26
Uruguay
2
Chile
31
French Guiana
3
Suriname
3
Guyana
11
Ecuador
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391TSX/TSXV MINING COMPANIES IN LATIN AMERICA
1024NUMBER OF LATIN AMERICAN MINING PROPERTIES
$2.1BEQUITY CAPITAL RAISED IN 2018 ON TSX/TSXV BY COMPANIES WITH MINING PROJECTS IN LATIN AMERICA
10NEW MINING LISTINGS WITH PROJECTS IN LATIN AMERICA
Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence.As at December 31, 2018.
Central America
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TSX AND TSXV COMPANIES ARE MINING IN BRAZIL
Brazil
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34TSX/TSXV MINING COMPANIES IN BRAZIL
104NUMBER OF BRAZILIAN MINING PROPERTIES
$262MEQUITY CAPITAL RAISED IN 2018 ON TSX/TSXV BY COMPANIES WITH MINING PROJECTS IN BRAZIL
5AVERAGE NUMBER OF ANALYSTS COVERING TSX/TSXV COMPANIES WITH PROJECTS IN BRAZIL
Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.
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TSX AND TSXV COMPANIES ARE MINING IN BRAZIL
Brazil
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TSX
Aura Minerals Inc.
Belo Sun Mining Corp.
Capstone Mining Corp.
Eldorado Gold Corporation
Ero Copper Corp.
First Mining Gold Corp.
Goldmining Inc.
Horizonte Minerals Plc
IAMGold Corporation
Jaguar Mining Inc.
Kinross Gold Corporation
Largo Resources Ltd.
Leagold Mining Corporation
Nexa Resources S.A.
Serabi Gold plc
Talon Metals Corp.
Teck Resources Limited
Verde Agritech Plc
Yamana Gold Inc.
TSX VENTURE EXCHANGE
Aguia Resources Limited
Altamira Gold Corp.
Amarillo Gold Corporation
Cabral Gold Inc.
Canada Rare Earth Corp.
Eagle Graphite Incorporated
Equinox Gold Corp.
Fengro Industries Corp.
Five Star Diamonds Limited
Itafos
Lara Exploration Ltd.
Meridian Mining Societas Europaea
Para Resources Inc.
Sigma Lithium Resources Corporation
Tristar Gold Inc.
Source: TSX/TSXV Market Intelligence Group and S&P Global Market Intelligence. As at December 31, 2018.
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GLOBAL MINING EXPERTS
TSX/TSXV IS THE DESTINATION FOR MINING COMPANIES
Source: TSX/TSXV Market Intelligence Group. As at December 31, 2018.
TSX VENTURE EXCHANGE
TORONTO STOCK EXCHANGE TOTAL
Number of Mining Issuers 971 218 1,189
Market Cap. (C$) $17.3 B $254 B $271 B
Number of Interlisted Mining Issuers 33 99 132
Market Cap. (C$) $1.9 B $219 B $221 B
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THE LEADING EXCHANGE
2018 MINING MARKETS AT A GLANCE
Source: TSX/TSXV Market Intelligence Group, S&P Capital IQ, S&P Global Market Intelligence and exchange websites. As at December 31, 2018.
Note: New listings on TSX and TSXV excludes movement between exchanges.
TSX TSXVTSX & TSXV
LSE AIM ASX JSE HKExNYSE &NYSE Amer.
Number of Mining Issuers Listed
218 971 1,189 40 101 648 39 54 103
Equity Capital Raised (C$ billions)
3.4 3.1 6.5 0.3 0.7 4.2 0.2 0.5 0.9
Number of Financings 158 1,097 1,255 10 105 985 4 10 60
Market Capitalization (C$ billions)
253.9 17.3 271.2 353.2 7.0 423.7 312.3 153.9 853.1
New Mining Listings 3 44 47 6 6 35 3 4 2
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For more information
DEAN MCPHERSON
HEAD, BUSINESS DEVELOPMENT, GLOBAL MINING
TORONTO STOCK EXCHANGE AND TSX VENTURE EXCHANGE
T +1 416 947-4477E [email protected]
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