TSXV Updates: Removal of Sponsorship + New Listing Policy Clarifications
On March 31, 2026, the TSXV announced the immediate elimination of Policy 2.2 – Sponsorship and Sponsorship Requirements and all related forms and appendices. The change triggered consequential amendments across several other TSXV policies and forms, to align policies and procedures. Other important policy changes were implemented on the same date, largely to incorporate past unwritten practices into written policies. This article provides a brief overview of the key changes.
Elimination of Sponsorship Requirements – Though this will have limited practical impact on TSXV listing applications, as listings were rarely ineligible for a sponsorship exemption or waiver in recent years, it is a welcome change that clarifies the TSXV’s current practice and allows issuers and other stakeholders to not spend time and incur costs contemplating sponsorship.
Initial Listing Requirements and Procedures – Aside from the removal of sponsorship requirements and consequential amendments, the TSXV clarified various policies relating to new listing requirements and procedures, some of which are summarized directly below.
- Waivers of Approved Expenditures (Tier 2 Mining Issuers) – The TSXV had an established, unrwritten practice of waiving the $100,000 approved expenditures requirement for a Tier 2 Mining Issuer if the issuer will have a non-contingent work program of $400,000+ on its qualifying property. TSXV Policy 2.1 – Initial Listing Requirements now expressly states that the TSXV may waive the approved expenditures requirement in that instance. The new policies also provide that a waiver may be provided where there qualifying property constitutes a “Tier 1 Property” (ie. current inferred mineral resource with an independent feasibility study, among other things).
- Investment Requirements (Tier 1 Investment Issuers) – The new Policy 2.1 revises the minimum investment requirements at listing for Tier 1 Investment Issuers. These issuers must have at least 20% of their available funds at listing allocated to at least 2 specific investments. Old policies did not expressly require a minimum percentage of funds to be allocated or a minimum number of investments.
- History of Operations/Validation of Business Criteria (Industrial/Tech/Life Sciences Issuers) – The TSXV’s bulletin dated June 21, 2018 (Facilitating the Listing Process for Industrial, Technology and Life Sciences Issuers) has been incorporated into the new Policy 2.1. Non-resource and non-Investment/Real Estate Issuers can look to these criteria to assess whether their business has adequate history of operations or other prescribed indicators to validate the business. The TSXV does not require issuers to be revenue generating at the time of listing, but certain other criteria need to be met to validate the business in lieu of adequate historical revenue.
- Arm’s Length Financing – The new policies clarify that an “Arm’s Length Financing”, for the purposes of Policy 2.1, is any equity financing from which less than 50% of the proceeds are obtained from insiders of the issuer and their associates and affiliates, among others.
- Management Prepared Financial Forecasts – The new Policy 2.1 and TSXV Policy 2.3 – Listing Procedures remove the requirement for a two-year comprehensive business plan/management plan (including two years of forecasts and assumptions) with the requirement for two years of management prepared financial forecasts and assumptions. This clarifies that a detailed business plan is not required to be submitted in a listing application, but financial forecasts and assumptions still are.
- Pro Group Ownership – The new policies no longer include past limitations on Pro Group ownership at the time of listing.
For issuers who are already listed and not pursuing a change of business or RTO, it will generally be business as usual and the new policy changes will have limited impact.
If you are looking to list on the TSXV or seek a new change of business or RTO opportunity, reach out to our Team at DuMoulin Black to discuss these changes and how they may apply to your company.
Authored by Justin Kates, Managing Partner and JJ Hudolin, Advisor at DuMoulin Black.
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