Can you discuss the history of TSX, TSXV and Argentina?

The TSX and TSX Venture Exchange (TSXV), the junior market, have decades of exposure and experience in Argentina. Latin America is our most significant market outside of Canada, with 401 issuers and over 1,060 properties across the region. Many Canadian issuers operate globally and hold properties in Latin America. We have a unique two-tiered ecosystem in Canada, unlike any in the world, with 54% of TSX mining issuers graduating from TSXV. In Argentina today, we have 52 issuers with 157 properties listed on TSX and TSXV, making it the second most important market in Latin America after Mexico in terms of the number of properties.

When the new administration took office in 2023, TSX visited Buenos Aires to better understand the political landscape. Since then, we have closely monitored Argentina from the perspective of investors and issuers. Argentina, as well as Brazil, are key markets for our Exchanges, particularly in the mining and energy sectors. Despite its economic and political challenges, Argentina has maintained an interesting position in our market.

What is the role of Capital Pool Companies (CPCs) in supporting Argentine mining?

One of the ways we support junior companies in Argentina is through the Capital Pool Company (CPC) program. A CPC is a shell listed on TSXV with no liabilities and no assets beyond some initial capital. It exists to merge with a private company through a reverse takeover, providing an efficient path to becoming publicly listed. Junior mining companies often have strong management teams and good properties, but little experience in capital markets. CPC founders bring that knowledge and capital market expertise. Earlier this year, we brought a group of CPCs to Mendoza to meet with 27 companies, including 14 from Argentina and Chile, primarily focused on critical minerals and the energy transition. While it’s still early stages, the results were very positive. For the first time, CPC founders could see Argentine projects firsthand, which is key to building long-term trust.

How vital is provincial engagement in Argentina?

It is fundamental to meet with provincial governments. Last November, we conducted a roadshow in San Juan, Jujuy, Salta and Mendoza, and earlier this year, I visited Catamarca. These visits allow us to understand projects at the provincial level and also to explain to local stakeholders how capital markets work. A good property alone is not enough to attract investors; preparation is key. That means understanding listing requirements, having strong management, and building connections with lawyers, bankers, and CPC founders. We also provide educational resources, including presentations on NI 43-101 reports and the role of Qualified Persons. Our geologists can review these reports without charge and provide comments, helping companies shorten the process of becoming listing ready. Education and preparation are essential parts of our role in Argentina.

What financing challenges exist for exploration companies in Argentina?

Exploration in Argentina, particularly in the Andes, faces high drilling costs, which is a challenge across the board. Globally, capital is scarce, but mining continues to attract a significant share of what is available. Investors are becoming increasingly selective, focusing on the most promising projects. Our role as an Exchange is to connect those projects with investors. Argentina is at a crossroads: once midterm elections bring more clarity, we expect more investments to flow into the country. The recent interest we have seen indicates that investors are willing to take a leap of faith, but Argentina needs to demonstrate that it is worth it through stability and effective communication.

What are your next steps and long-term goals in Argentina?

The Exchanges’ goal is to maintain a strong and consistent presence in Argentina by building trust and partnerships. That means regular visits, education, and connecting local companies with Canadian stakeholders. We also aim to deepen our cooperation with BYMA and ensure that local lawyers, bankers, and stakeholders are more actively engaged in mining finance. The development of Argentina’s mineral wealth depends on investor confidence. Canada has built a strong mining finance ecosystem with nearly 1,100 mining issuers, and we want to leverage that experience to help Argentina strengthen its market and move in the right direction.