TSX & Venture Listing requirements.(1) “G&A” means general and administrative expenses.
(2) “advanced exploration property” refers to one on which a zone of mineralization has been demonstrated in three
dimensions with reasonable continuity indicated. The mineralization identified has economically interesting grades.
(3) A company must hold 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.
(4) “Tier 1 property” means a property that has substantial geological merit and is:
(a) a property in which the Issuer holds a material interest;
(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 that has, at a minimum, a current inferred mineral resource; and
(d) an independent geological report recommends a minimum $500,000 Phase 1 drilling (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.
(5) “significant interest” means at least 50% interest.
(6) “geological report” or “technical report”, in the case of a mining property, is a report prepared in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects or any successor instrument.
All amounts are expressed in Canadian dollars.
The foregoing is a summary of the applicable listing requirements only. For detailed listing
requirements, refer to the TSX Venture Exchange Corporate Finance Manual and the Toronto
Stock Exchange Company Manual, both of which are available at www.tmx.com
TSXV TIER 1 TSXV TIER 2
TSX NON-EXEMPT
EXPLORATION AND
DEVELOPMENT STAGE
TSX NON-EXEMPT
PRODUCER
TSX EXEMPT
PROPERTY
REQUIREMENTS
Material interest in a Tier 1
property
4
Significant interest
5 in a
qualifying property or, at
discretion of the Exchange,
a right to earn a significant
interest
5 in a qualifying
property; sufficient evidence
of no less than $100,000 of
exploration expenditures on
the qualifying property in the
past three years
Advanced Exploration
Property
2 minimum 50%
ownership in the property
3
Three years proven and
probable reserves as
estimated by an independent
qualified person (if not in
production, a production
decision made)
Three years proven and
probable reserves as
estimated by an independent
qualified person
RECOMMENDED
WORK PROGRAM
$500,000 on the Tier 1
property
4 as recommended by
geological report
6
$200,000 on the qualifying
property as recommended by
geological report
6
$750,000 on advanced
exploration property
2 as
recommended in independent
technical report
6
Bringing the mine into
commercial production
Commercial level mining
operations
WORKING CAPITAL
AND FINANCIAL
RESOURCES
Adequate working capital
and financial resources to
carry out stated work
program or execute business
plan for 18 months following
listing; $200,000 in
unallocated funds
Adequate working capital and
financial resources to carry
out stated work program or
execute business plan for
12 months following listing;
$100,000 in unallocated funds
Minimum $2.0 million
working capital, but sufficient
to complete recommended
programs, plus 18 months
G&A
1, anticipated property
payments and capital
expenditures. Appropriate
capital structure.
Adequate funds to bring the
property into commercial
production; plus adequate
working capital for all
budgeted capital expenditures
and to carry on the business.
Appropriate capital structure.
Adequate working capital
to carry on the business.
Appropriate capital structure.
NET TANGIBLE
ASSETS, EARNINGS
OR REVENUE
$2,000,000 net tangible
assets
No requirement $3,000,000 net tangible
assets
$4,000,000 net tangible
assets; evidence indicating
a reasonable likelihood of
future profitability supported
by a feasibility study or
historical production and
financial performance
$7,500,000 net tangible
assets; pre-tax profitability
from ongoing operations in
last fiscal year; pre-tax cash
flow of $700,000 in last fiscal
year and average of $500,000
for past two fiscal years
OTHER CRITERIA
Geological report6 recommending completion of work program Up-to-date, comprehensive technical report6 prepared by
independent qualified person and 18 month projection
(by quarter) of sources and uses of funds, signed by CFO
Up-to-date, comprehensive
technical report
6 prepared by
independent qualified person
MANAGEMENT AND
BOARD OF DIRECTORS
Management, including board of directors, should have adequate experience and technical expertise relevant to the company’s business and industry as well as
adequate public company experience. Companies are required to have at least two independent directors.
DISTRIBUTION,
MARKET
CAPITALIZATION
AND PUBLIC FLOAT
Public float of 1,000,000
shares; 250 public
shareholders each holding
a board lot and having no
resale restrictions on their
shares; 20% of issued and
outstanding shares in the
hands of public shareholders
Public float of 500,000 shares;
200 public shareholders each
holding a board lot and having
no resale restrictions on their
shares; 20% of issued and
outstanding shares in the
hands of public shareholders
$4,000,000 publicly held 1,000,000 free trading public shares; 300 public holders with board lots
SPONSORSHIP
Sponsor report may be required Required (may be waived if sufficient previous 3rd party due
diligence)
Not required
*Mining Disclosure Standards
National Instrument 43-101 is the Canadian Securities Administrators’ (“CSA”) policy that
governs the scientific and technical disclosure for mineral projects made by mineral exploration
and mining companies, including the preparation of technical reports. The instrument covers
oral statements as well as written documents and websites. NI 43-101 requires that all technical
disclosure be prepared by or under the supervision of a “qualified person.” Issuers are required
to make disclosure of reserves and resources using definitions approved by the Canadian
Institute of Mining, Metallurgy and Petroleum.
NI 43-101 is available at:
https://www.osc.gov.on.ca/en/SecuritiesLaw_rule_20051223_43-101_mineral-projects.jsp
LISTING REQUIREMENTS FOR EXPLORATION & MINING
C
https://www.tsx.com/resource/en/98OMPANIES
**** Use the above link to view the Listing requirements in an easy to read chart. Sorry the above did not copy and paste properly.
****
MY concern is our cash position. It has dipped to all time lows....
1.7 million. The requirement to stay listed on the TSX is
2 Million.
A PP will be needed fairly quickly AND at this low share price---YIKES.
GLTA
Pickinbottles