TSX vs TSX Venture vs CSE
Information only, not investment advice. This guide explains how mining companies report results and raise money; it does not recommend any company or security.
The TSX, the TSX Venture Exchange and the Canadian Securities Exchange are Canada's three stock exchanges for mining companies. The TSX is for established companies, the TSX Venture Exchange (TSXV) for early-stage ones, and the CSE for emerging companies with lower listing thresholds. Most junior explorers trade on the TSXV or the CSE.
Every company on our lists shows its exchange next to its ticker, as in "TSXV: ABC". Of the 1,459 mining companies we track, 890 trade on the TSXV, 383 on the CSE and 186 on the TSX. The exchange tells you a fair amount about a company before you read a word of its news.
What is the difference between the TSX, TSXV and CSE?
The difference is mostly size and stage. TMX Group runs both the TSX and the TSXV, and describes them as a two-tiered market: the TSXV for early-stage companies raising venture capital, the TSX for larger, established ones. The CSE is a separate exchange run by CNSX Markets Inc., which pitches itself to entrepreneurs.
| Exchange | Run by | Typical mining company | Mining companies we list |
|---|---|---|---|
| Toronto Stock Exchange (TSX) | TMX Group | Producers, developers and well-funded explorers | 186 |
| TSX Venture Exchange (TSXV) | TMX Group | Early-stage explorers | 890 |
| Canadian Securities Exchange (CSE) | CNSX Markets Inc. | Early-stage explorers, often smaller | 383 |
Our counts come from TMX Group's monthly issuer report and the CSE's listings, updated Nov 5, 2026. TMX's own totals can differ slightly because of timing and how mining is defined.
Which metals do companies on each exchange explore for?
Among the companies we can classify, gold leads on all three exchanges. Each company is counted under the metal its own news releases mention most. Many sit under "other or unclassified" because they explore for another mineral or haven't put out enough news yet to tell.
| Exchange | Gold | Silver | Copper | Uranium | Lithium | Other or unclassified | Total |
|---|---|---|---|---|---|---|---|
| TSX | 43 | 18 | 15 | 10 | 3 | 97 | 186 |
| TSXV | 188 | 53 | 38 | 15 | 27 | 569 | 890 |
| CSE | 81 | 13 | 14 | 16 | 7 | 252 | 383 |
See every company in the company directory, or by metal on our gold, copper and critical mineral pages.
What does a mining company need to list on the TSX?
A mining company needs substantial funding and a proper technical report to list on the TSX. The exchange has three categories for miners: producing companies, exploration and development companies, and senior mining companies. Its listing guide sets these key tests for an exploration and development company:
- A planned work program of at least $5 million, recommended by a qualified person.
- A market value of at least $50 million. Senior mining companies need $100 million.
- Enough money to complete the program, shown by an 18-month run-rate calculation.
- At least 1,000,000 freely tradeable shares held by at least 300 public holders.
- A technical report by independent qualified persons that meets NI 43-101.
NI 43-101 is the Canadian rule for technical disclosure, explained in What Is an NI 43-101 Technical Report?
What does a mining company need to list on the TSX Venture Exchange?
The TSXV asks for far less, and it has two tiers. Tier 1 is for its most advanced companies with the most money behind them. Tier 2 is where most companies sit. Under Policy 2.1, the main mining requirements are:
| Requirement | TSXV Tier 2 | TSXV Tier 1 |
|---|---|---|
| First phase of the work program | At least $200,000 | At least $500,000 |
| Unallocated funds | $100,000 | $200,000 |
| Public float | 500,000 shares, 200 public shareholders | 1,000,000 shares, 250 public shareholders |
A Tier 2 miner also needs at least $100,000 of approved spending on its main property in the last 36 months, while a Tier 1 miner needs $2,000,000 of net tangible assets. Any recommended work program has to come from a current geological report prepared under NI 43-101. Companies that fall below the TSXV's ongoing standards can be moved to NEX, a separate board for inactive companies whose symbols end in .H or .K.
What does a mining company need to list on the CSE?
The CSE's thresholds are the lowest of the three. Under its Policy 2, a mineral exploration company generally needs:
- At least $150,000 of qualifying spending on its property in the last 36 months.
- An independent NI 43-101 report recommending a first phase of work of at least $250,000.
- At least $200,000 in working capital when it lists.
- At least 1,000,000 freely tradeable shares held by at least 150 public holders.
The CSE can accept lower amounts, $75,000 of past spending and a $100,000 first phase, if the company's insiders put their shares into escrow. The CSE also has a senior tier for its larger companies, which matters for reporting deadlines, as the next section shows.
What changes for investors?
The biggest practical difference is how quickly companies have to report. Canada's continuous disclosure rule, NI 51-102, gives "venture issuers" more time and fewer filings. A venture issuer is a company not listed on the TSX, a US exchange or certain other senior markets, and not on the CSE's senior tier. In practice that covers TSXV companies and most CSE companies.
| Filing | Venture issuer (TSXV, most CSE) | Other issuers (TSX) |
|---|---|---|
| Annual financial statements | Within 120 days of year end | Within 90 days |
| Quarterly (interim) reports | Within 60 days | Within 45 days |
| Annual information form | Not required | Required |
So with a junior on the TSXV or CSE, you'll often be reading numbers that are a few months old. The news releases matter more, and our guides to drill results and flow-through financings explain the two you'll see most.
How do companies move up to the TSX?
A company moves up by applying to the TSX once it meets the senior exchange's requirements, which TMX calls graduation. It's a well-worn path for miners. TMX says more than 300 mining companies graduated from the TSXV to the TSX between 2000 and 2025, and that about one in five companies in the S&P/TSX Composite Index started on the TSXV.
Graduation often follows a discovery or a move into development, when a company needs the bigger pool of investors that a TSX listing brings.
How big is mining on Canadian exchanges?
Mining is the backbone of Canada's junior market. According to TMX Group, about 40% of the world's public mining companies are listed on the TSX and TSXV. Mining companies on the two exchanges raised $16 billion of equity in 2025, and 54 new mining companies listed that year.
For a rare earth investor, that means many of the world's rare earth explorers trade in Toronto or on the CSE, even when their projects are in Africa, South America or Australia. Our rare earth stocks list includes them alongside companies on the ASX, NYSE and Nasdaq.
TSX vs TSX Venture vs CSE: frequently asked questions
What is the difference between the TSX and the TSX Venture Exchange?
The TSX is for established companies and the TSX Venture Exchange (TSXV) is for early-stage ones. Both are run by TMX Group. A mining explorer needs at least a $5 million work program and a $50 million market value to list on the TSX, against a first-phase program of $200,000 for the lowest tier of the TSXV.
Which exchange has the most mining companies?
The TSX Venture Exchange. Of the 1,459 mining companies on our lists, 890 trade on the TSXV, 383 on the CSE and 186 on the TSX. TMX says about 40% of the world's public mining companies are listed on the TSX and TSXV together.
What is the NEX board?
NEX is a separate board of the TSX Venture Exchange for listed companies that have fallen below its ongoing listing standards. NEX ticker symbols end in .H or .K. A company on NEX is usually inactive or looking for a new business.
Do TSX Venture and CSE companies report less often?
Most of them have more time to report. Under NI 51-102, a venture issuer has 120 days after its year end to file annual financial statements, against 90 days for other issuers, and 60 days rather than 45 for quarterly reports. Venture issuers also don't have to file an annual information form.
How does a company move from the TSXV to the TSX?
It applies to list on the TSX once it meets the senior exchange's requirements, a step TMX calls graduation. TMX says more than 300 mining companies graduated from the TSXV to the TSX between 2000 and 2025.
Sources
- TMX Group, Mining: listing on TSX and TSXV (data as of December 31, 2025)
- Toronto Stock Exchange, Guide to Original Listing Requirements (November 2025)
- TSX Venture Exchange, Policy 2.1 Initial Listing Requirements (as at March 31, 2026)
- Canadian Securities Exchange, Policy 2 Qualifications for Listing (March 20, 2024)
- National Instrument 51-102, Continuous Disclosure Obligations (consolidated to September 22, 2026), BC Securities Commission copy
Related guides
- What Is an NI 43-101 Technical Report?The Canadian rule behind every resource estimate and mining study, and what a technical report must contain.
- How to Read Drill ResultsGrams per tonne, core length versus true width, and the details a drill-result release should include.
- What Are Flow-Through Shares?How Canadian junior miners fund exploration, and how the 15% and 30% exploration tax credits work.
- What Are Rare Earth Elements?Seventeen metals, most of them not rare at all. What they are and what they are used for.