For an exploration company the four exchanges set the bar in different places. The TSX Venture Exchange and the Canadian Securities Exchange test the property, the money already spent on it and the work programme ahead. ASX tests the size of the company, its working capital and a spread of at least 300 shareholders. AIM sets no minimum size or free float, and relies instead on a nominated adviser and an independent Competent Person’s Report.
Below are the main figures, read in each exchange’s own rules on 12 November 2026, and what each exchange means for the way a company talks to investors. Every rule has conditions and exceptions that a table cannot carry, so check the exchange’s current rules and your advisers.
The requirements side by side
For an exploration-stage mining company, on the tier each exchange offers explorers. Canadian figures are in Canadian dollars, ASX figures in Australian dollars and AIM figures in pounds.
| TSXV Tier 2 | CSE | ASX (assets test) | AIM | |
|---|---|---|---|---|
| Property | A significant interest in a qualifying property, or at the exchange’s discretion a right to earn one | Title to a property prospective for minerals, or the means to acquire an interest | Described in the prospectus; Guidance Note 1 points to the JORC and VALMIN codes | A Competent Person’s Report on all material assets, prepared no more than six months before the admission document |
| Exploration already spent | At least $100,000 on the property in the 36 months before applying | At least $150,000 in the most recent 36 months ($75,000 with escrow) | No set amount | No set amount |
| Work programme | A first phase of at least $200,000, recommended in an NI 43-101 report | A first-phase budget of at least $250,000 in an independent NI 43-101 report ($100,000 with escrow) | Commitments to spend at least half of its cash on its stated objectives | Described in the admission document |
| Size | No net tangible assets test (Tier 1: $2,000,000) | No asset test; the working capital test applies | Net tangible assets of at least $4 million after the costs of the raise, or a market capitalisation of at least $15 million | No minimum market capitalisation |
| Working capital | Enough for the work programme and 12 months, plus $100,000 unallocated | Enough for 12 months, and at least $200,000 at listing | At least $1.5 million | No working capital statement since August 2026; the directors give their view of fundraising needs for the next 12 months |
| Shareholders and float | 500,000 free-trading shares, 200 public holders with a board lot each, 20% in public hands | 1,000,000 freely tradeable shares, 150 public holders with a board lot each, 20% in public hands | 300 holders who are not affiliates, each with at least $2,000; free float of at least 20% | No minimum free float; the share not in public hands is disclosed |
| Adviser | No sponsor since 31 March 2026 | No sponsor requirement | No sponsor requirement | A nominated adviser at admission and at all times after |
| Technical reporting | NI 43-101 | NI 43-101 | The JORC Code, and quarterly activity reports | The AIM Note for Mining, Oil and Gas Companies |
| Exchange’s own fee | $10,000 with the application, then a listing fee on a scale to a maximum of $70,000 | Initial listing fee of $25,000 | Not covered here: see ASX’s schedule of fees | Admission fee by market value, from £15,850 to £155,000, plus VAT |
Simplified from TSXV Policies 2.1 and 1.3 and the notice of 31 March 2026, CSE Policy 2 and its fees page, ASX Listing Rules chapters 1, 2 and 5, and the AIM Rules for Companies (August 2026), the AIM Note for Mining, Oil and Gas Companies and the London Stock Exchange fee schedule for 2026. Each source is listed below.
TSX Venture Exchange
The Venture is the home of the junior miner. TMX Group counted 890 mining issuers on it at the end of August 2026, 59 per cent of everything listed there, and puts the TSX and TSXV together at about 40 per cent of the world’s public mining companies.
Policy 2.1 sets two tiers. Tier 2, where most explorers start, asks for a qualifying property, $100,000 already spent on it in the past 36 months and a first phase of work of at least $200,000 recommended in a current NI 43-101 report. The exchange may waive the spending test where the first phase, or the first two non-contingent phases, exceed $400,000. Tier 1 asks for $2,000,000 of net tangible assets, a first phase of at least $500,000 and enough money for 18 months plus $200,000 unallocated. Since 31 March 2026 neither tier needs a sponsor.
For investor communication, the Venture is the most rule-bound of the four. Policy 3.3 puts material news out by news release first, in factual and balanced terms. Policy 3.4 makes an investor relations or promotional engagement material, announced with its provider and its cost.
Canadian Securities Exchange
The CSE’s Policy 2 asks a mineral exploration company for title to a prospective property, at least $150,000 of qualifying exploration spending in the most recent 36 months, and an independent NI 43-101 report with a first-phase budget of at least $250,000. A company that has spent at least $75,000, with a first phase of at least $100,000, can qualify by placing shares in escrow. Spending on administration, land maintenance, acquisition, staking and investor relations does not count towards the total.
It also asks for at least $200,000 of working capital at listing and enough money for 12 months, a public float of 1,000,000 shares held by at least 150 public holders, and an IPO price of at least $0.10 where shares are offered. There is no sponsor requirement, and a company that is already a reporting issuer can list without raising money.
For investor communication, a CSE company works under the same Canadian disclosure law as a Venture company, including NI 43-101. CSE Policy 7 requires a news release for promotional activity, naming the provider, the dates, the platforms and the compensation, paid or not. In our count of investor marketing agreements announced from 2024 to 2026, 55 of 91 came from CSE companies.
ASX
ASX admits a company on a profit test or an assets test, and an explorer uses the assets test in Listing Rule 1.3: net tangible assets of at least A$4 million after the costs of the raise, or a market capitalisation of at least A$15 million. It must commit at least half of its cash to its stated objectives, hold at least A$1.5 million of working capital, and have at least 300 shareholders who are not affiliates, each holding at least A$2,000, with a free float of at least 20 per cent. Under Listing Rule 2.1 the shares must be issued at no less than 20 cents.
ASX’s own review of a complete application takes around four to six weeks, by Guidance Note 1. The assets test has stood since 2016, and we found no change to these thresholds in 2025 or 2026.
For investor communication, ASX sets the format as well as the timing. A mining exploration entity reports its activities every quarter under Listing Rule 5.3, and exploration results, resources and reserves are reported under the JORC Code.
AIM
AIM is built on the nominated adviser. Under Rule 1 a company must appoint one to be admitted and keep one at all times after. The AIM Rules for Companies set no minimum market capitalisation, no minimum free float and no minimum raise for an operating company. For a mining company the AIM Note for Mining, Oil and Gas Companies asks for a Competent Person’s Report on all material assets, reproduced in full in the admission document and prepared no more than six months before it, by a person who is independent, has at least five years’ relevant experience and is not a sole practitioner.
Two points matter to explorers. Under Rule 7, where the business has not been independent and earning revenue for at least two years, related parties and applicable employees are locked in for 12 months from admission. And the August 2026 edition of the rules no longer asks the admission document for a working capital statement: it asks for a description of financial resources, including the directors’ reasonable opinion of the company’s fundraising needs for the next 12 months.
For investor communication, AIM Rule 26 makes the website part of the listing: a company must keep specified information on its website from admission, dated when it is updated. In the United Kingdom, section 21 of the Financial Services and Markets Act restricts financial promotion, and listed and AIM companies talking about their own shares rely on an exemption that a third party cannot use.
What changes, and what does not
The exchange decides the tests, the advisers, the reporting format and the investors who are used to looking there. It does not change what those investors do when they hear a company’s name. They search for it, open the website and look for the projects, the people, the share structure and the latest news. That first look is the same in Vancouver, Perth and London.
So whichever exchange you choose, the work before listing is the same: an equity story a generalist can repeat, an investor website live on listing day, a deck, a film, and a calendar of news to follow the first release. We set that work out on our going public page, and the checklist is in how to take a mining company public. If you are weighing exchanges now, book a call and we will show you what investors will expect to see on each.
Questions
What are the TSXV listing requirements for a mining company?
For Tier 2: a significant interest in a qualifying property, at least $100,000 spent on it in the past 36 months, a first phase of work of at least $200,000 recommended in an NI 43-101 report, enough money for the programme and 12 months plus $100,000 unallocated, and 500,000 free-trading shares held by at least 200 public holders, 20 per cent in public hands. Tier 1 asks for more, including $2,000,000 of net tangible assets.
What are the CSE listing requirements for a mining company?
Title to a prospective property, at least $150,000 of exploration spending in the most recent 36 months, an independent NI 43-101 report with a first phase of at least $250,000, at least $200,000 of working capital and enough for 12 months, and 1,000,000 freely tradeable shares held by at least 150 public holders. A lower route of $75,000 and $100,000 is open with escrow.
What are the ASX listing requirements for an exploration company?
Under the assets test: net tangible assets of at least A$4 million after the costs of the raise or a market capitalisation of at least A$15 million, at least half of its cash committed to its objectives, at least A$1.5 million of working capital, 300 shareholders who are not affiliates each holding at least A$2,000, a free float of at least 20 per cent, and an issue price of at least 20 cents.
Does AIM have a minimum market capitalisation or free float?
Not for an operating company. The AIM Rules set no minimum size, free float or raise, though an investing company must raise at least £6 million. A mining company needs a nominated adviser and a Competent Person’s Report on its material assets, prepared no more than six months before the admission document.
How much does it cost to list on each exchange?
The exchange’s own fee is one part. The TSX Venture Exchange charges $10,000 with the application and a listing fee on a scale up to $70,000, the CSE’s initial listing fee is $25,000, and AIM’s admission fee runs from £15,850 to £155,000 plus VAT. Legal, audit, technical report and agent’s fees come on top, and vary by deal.
- TSX Venture Exchange Policy 2.1, Initial Listing Requirements (as at 31 March 2026), sections 2.4, 2.5, 2.8 and 2.9
- TSX Venture Exchange, Notice to Issuers, Removal of Sponsor Requirement (31 March 2026)
- TSX Venture Exchange Policy 1.3, Schedule of Fees (as at 1 January 2023), sections 2.2 and 2.3
- Canadian Securities Exchange Policy 2, Qualifications for Listing (as of 20 March 2024), in the CSE Policies as of 30 July 2026: sections 2.1, 2A.2, 2A.4 and 2A.5
- Canadian Securities Exchange, Listing forms and fees
- ASX Listing Rules, Chapter 1, Admission (rules 1.1 and 1.3)
- ASX Listing Rules, Chapter 2, Quotation (rule 2.1, condition 2)
- ASX Listing Rules, Chapter 5, Additional reporting on mining and oil and gas activities (rules 5.3 and 5.6)
- ASX Guidance Note 1, Applying for Admission (amended 30 May 2025), section 2.5
- London Stock Exchange, AIM Rules for Companies (August 2026, effective 5 August 2026): rules 1, 2, 3, 7 and 26, and Schedule Two
- London Stock Exchange, AIM Note for Mining, Oil and Gas Companies (June 2009)
- London Stock Exchange, Fees for companies and nominated advisers (effective 1 January 2026)
- TMX Group, The MiG Report, August 2026 (issuers by sector, as at 31 August 2026)
- TSX and TSXV, mining sector profile
- TSX Venture Exchange Policy 3.3, Timely Disclosure (sections 3.1, 7.6, 8.1 and 8.2)
- TSX Venture Exchange Policy 3.4, Investor Relations, Promotional and Market-Making Activities (sections 3.1 and 5.3)
- Canadian Securities Exchange Policy 7, Investor Relations, Promotional Activity and Other Significant Transactions (sections 7.2 and 7.3)
- UK Financial Services and Markets Act 2000, section 21, Restrictions on financial promotion
- We Are Outliers, count of 91 investor relations and marketing agreements announced by TSXV and CSE issuers, 2024 to 2026 (issuer news releases, read November 2026)
This article describes the rules and figures in general terms, as we read them on 12 November 2026. It is not legal, financial or securities advice. Check the exchange’s current rules and your advisers before you act on it.
