Key Takeaways
- 01 TSXV is where young miners start out. TSX is where the ones that mature end up.
- 02 Miners took 48 of the 51 spots on the 2026 TSX Venture 50.
- 03 The list only shows winners, so the risk of losing money still applies.
Canada runs a two-tier market for miners. Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) sit side by side, yet they serve different stages of growth. This Canada mining stock exchanges guide sets out how they differ, using data published by TMX Group.
Canada’s Two-Tier Market Matches Each Miner to Its Stage
TMX Group says early-stage companies use the market to reach public venture capital. Larger, established businesses can use this funding to help them grow and expand. There are different listing requirements based on the size of the business; they range from those that apply to explorers to those that apply to producers.
Some companies can also step up over time. TMX Group says that more than 300 mining companies moved from TSXV to TSX from 2000 to 2025.
TSX Mining vs TSXV Comparison: Stage, Pathway and Rankings
Stage is the first filter in any TSX mining vs TSXV comparison. The table below summarises how TMX Group positions each board.
| Feature | TSX | TSXV |
|---|---|---|
| Typical stage | Companies that have grown and matured | Early-stage companies seeking venture capital |
| Pathway | Destination for TSXV graduates | Companies can graduate to TSX over time |
| Annual ranking | TSX30, covering three-year price performance | TSX Venture 50, covering one-year performance and trading value |
| Listing criteria | Scaled from exploration to production | Scaled from exploration to production |
The sources reviewed do not split mining statistics by board. The figures in the next section therefore cover both boards combined.
Combined Market Data Explains Why Global Capital Looks to Canada
TMX Group reports the following for TSX and TSXV mining companies, with year-end data as at 31 Dec 2025:
- 54 new mining listings in 2025, which TMX Group ranks first globally.
- C$16 billion of mining equity capital raised in 2025.
- C$1.1 trillion of total mining market capitalisation.
- Over the last five years, CC$52 billion was raised. That came through 6,400-plus financings, and the amount is 32% of mining equity capital worldwide.
- In 2025, more than 65 billion in mining shares changed hands.
- About 250 analysts follow listed miners. Roughly 40% of trading activity comes from outside Canada.
How Junior Miners Gained Ground
TSXV announced the 2026 TSX Venture 50 on 18 Feb 2026. The ranking measures 2025 performance. Of the ranked companies, 48 are miners, with a combined market capitalisation of C$19.9 billion.
Gold and Silver Focus Defines Most Ranked Miners
Most ranked miners focus on gold and silver. The rest are advancing critical minerals used in advanced technology and the energy transition. TMX Group links the surge to record commodity prices and shifting industrial policy.
Tier 1 Jurisdictions in the Americas Hold Most Properties
Nearly 80% of the ranked miners operate in tier 1 jurisdictions across the Americas. Sixteen hold properties in Canada, mainly in the Yukon and Ontario. Fifteen are in the United States, mostly in Nevada and Alaska, and 14 are in Mexico.
Fundraising and Trading Volumes Backed the Rally
Of the ranked companies, 43 completed capital raises in 2025, totalling more than C$1.5 billion. Trading volumes for the group doubled to above 13.2 billion shares. Andrew Creech, President of TSX Venture Exchange, stated that this ranking is a pivotal moment for early-stage finance, with liquidity and funding coming back.
Risks Worth Weighing Before Choosing a Board
- The Venture 50 is based on only a single year of performance; however, past performance does not guarantee similar performance in the future.
- TMX Group ties the sector’s strength to record commodity prices and industrial policy shifts. Both can change.
- The early-stage mining industry relies on equity financing for capital. There were 43 ranked companies that had a capital raise in 2025.
- The majority of the top-ranked mining companies hold properties in the Americas; therefore, they will be exposed to regional economic factors.
Graduation Pathways and Annual Rankings Give Investors Clear Markers
The impact on junior mining investors is a defined path. TSXV companies can graduate to TSX as they mature. The annual Venture 50 and TSX30 rankings give two scorecards to follow.
Figure 1: The Toronto Stock Exchange name carved into the art deco facade of a Toronto building. [Courtesy: Investopedia]
The impact on Canada’s role in global mineral supply is also visible. TMX Group presents TSXV as the main growth pipeline for the next generation of mineral supply. Its combined data shows capital still moving through both boards.
Mining Herald readers comparing the two boards should start with a miner’s stage, then weigh liquidity against risk.
Share Price and Performance Data From the 2025 Ranking Year
TMX Group reported these results on 18 Feb 2026. No live quotes are included.
| Measure | Result |
|---|---|
| Average share price increase, ranked mining companies | 443% |
| Average share price increase, all ranked companies | 431% |
| Average share price increase, 2025 list (prior year) | 207% |
| Highest share price increase, Santacruz Silver Mining | 1,103% |
| Average market cap growth, all ranked companies | 775% |
| Average market cap growth, 2025 list (prior year) | 333% |
| Average market cap increase, ranked mining companies | 802% |
| Combined market cap of ranked companies | C$21.5 billion |
FAQs
Q1: What is the main difference between TSX and TSXV?
Ans: TSXV lists early-stage companies that want venture capital. TSX lists miners that have already grown and matured.
Q2: Can a TSXV miner move to TSX?
Ans: Yes. According to TMX Group, more than 300 mining companies moved from TSXV to TSX between 2000 and 2025.
Q3: What is the TSX Venture 50?
Ans: It is TSXV’s annual ranking of its 50 best performers. The scoring weighs share price gain, market cap growth and Canadian trading value equally.
Q4: How did mining perform on the 2026 list?
Ans: Miners made up 48 ranked names, and most focus on gold and silver.
Disclaimer
This article is intended for informational purposes only. If you pay attention to the gold mining sector as an investor, then all the data in the content is from third-party sources. Please check out the complete share price and market data info. Investing carries a high risk, and you should only invest at your own risk. Mining Herald has no involvement in the above-listed Company.
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About the author
Jonathon Brown
Jonathon Brown began his career as a broadcaster, working across markets in British Columbia before moving into financial journalism. Since 2017, he has specialised in stock market reporting, covering emerging companies across the healthcare, technology, mining and consumer sectors. He brings more than 15 years' experience to his reporting. A graduate of Vancouver Island University and the British Columbia Institute of Technology, Jonathon is focused on delivering clear, balanced reporting for investors.
