For three decades, central nervous system (CNS) drug development was a tough space for investors, scarred by failed bets on Alzheimer’s disease, plateauing first-generation antidepressants, and setbacks in safety and efficacy.

But advances in receptor-selective chemistry and so-called “biased agonism” – steering toward therapeutic pathways and away from areas that cause side effects – are reviving interest in the field.

Successes such as esketamine for depression or cannabinoids for epilepsy have shown that carefully targeted mechanisms can deliver commercial as well as clinical breakthroughs.

That shift is fuelling a new wave of investment in CNS-focused solutions, with several biotech companies absorbed by larger players in recent years.

One of the companies that illustrates this shift is Bright Minds Biosciences (CSE:DRUG), which is now in Stage II trials for its lead epilepsy drug. The company’s dramatic share performance in the past 12 months, involving appreciation of approximately 5,000%, is why investors come to the biotech space. Bright Minds has certainly delivered.

The company was founded seven years ago by former investment banker and current Chief Executive Officer, Ian McDonald, Dr. Alan Kozikowski, a pharmaceutical entrepreneur and one of the most prolific researchers in psychedelic drug discovery, and Dr. Gideon Shapiro, a veteran of CNS drug discovery with senior roles at Sandoz-Novartis and Forum.

Bright Minds is seeking to prove that finely tuned serotonin-targeting drugs can succeed where other compounds have fallen short.

Its lead compound, BMB-101, is being tested with two forms of childhood epilepsy, with data expected around the end of this year.

The scientific premise is straightforward but ambitious: BMB-101 selectively activates the serotonin 5-HT2C receptor, known as 2C, a target known to influence neuronal activity.

Activating that receptor indirectly boosts levels of the neurotransmitter gamma-aminobutyric acid (GABA), which calms neuronal pathways to aid normal brain function and helps prevent the electrical discharges that result in epilepsy.

Several other medicines also target 2C, but BMB-101 avoids closely related receptors linked to undesirable effects.

Past drugs in this space, including the diet drug fenfluramine, were plagued by serious cardiac and psychedelic side effects because they also activated the 2B and 2A receptors.

Bright Minds’ molecule is designed to bypass those problems and also to avoid the desensitization and tolerance build-up that has undermined many chronic CNS therapies.

“Our compound is an advancement from that – a safer version that doesn’t have the 2A and 2B liabilities,” says McDonald.

BMB-101, which has IP protection out to 2041, is in Phase II studies for two types of epilepsy.

One is developmental epileptic encephalopathies, catastrophic epilepsies which begin in childhood and continue throughout life, with high mortality rates and patients who generally experience a range of problems stemming from the epilepsy.

“We’re also looking at a separate population with absence epilepsy, which isn’t very well treated at the moment,” says McDonald.

“Only a couple of therapies have been approved for it, and there’s a significant unmet need in that patient population.”

He says these current trials are due to produce results around the end of the year.

An upswing in M&A in recent years suggests that large pharmaceutical groups are willing to pay for validated serotonin 2C assets.

Zogenix, which commercialised fenfluramine, was acquired by Belgium’s UCB for up to US$1.9 billion in 2021; GW Pharmaceuticals was bought by Jazz Pharmaceuticals for US$7.2 billion in the same year; in October 2024, Denmark’s Lundbeck paid US$2.6 billion for Longboard Pharmaceuticals.

This latter deal was potentially the most relevant for Bright Minds, as Longboard’s compound operates with a similar serotonin 2C mechanism, and it had recently completed its Phase II study when the deal was done.

McDonald believes his lead compound could be superior, with high selectivity and applications in treatment-resistant epilepsy.

“In chronic dosing situations these other compounds often develop tolerance, but our molecule is designed to minimize or eliminate that.”

Within the serotonin 2C receptor there are different signalling pathways.

BMB-101 works exclusively via the pathway responsible for the therapeutic effect, known as the Gq-protein signalling pathway, and avoids the beta-arrestin pathway, which is responsible for tolerance development.

In earlier tests, the molecule demonstrated efficacy in numerous models of generalized seizures.

While McDonald says it is “potentially a best-in-class drug,” he acknowledges that a lot can go wrong in clinical trials. “The difference here is we know the mechanism works and we know our drug is hitting it.”

The reason Longboard was bought even before it had started Phase III studies, and that Bright Minds shares skyrocketed around 1,500% in the same week as that deal, is that epilepsy trials have strong predictability.

“If you succeed in Phase II, you’re likely to succeed in Phase III,” says McDonald. “Also, fenfluramine was proven to work, and Longboard’s compound was superior. It was lower risk than many other drugs at that stage. Our compound works on the same mechanism, but we have the biased agonism feature against tolerance development – and ours is more convenient too. Longboard’s compound must be given three times a day and refrigerated throughout. We don’t have those issues.”

While some investors may be crossing their fingers for suitors to swoop after Phase II, the company has a cash runway through to 2027 to take the molecule to the edge of commercialization.

There is also a wider portfolio of intellectual property in the pipeline in neurology and psychiatry, with multiple programs of interest, all built off the strong medicinal chemistry background of its co-founders, with compounds that accentuate the benefits of the mechanism while avoiding negative side effects.

One indication in the same 2C space is a debilitating disease called Prader-Willi syndrome, which has around 10,000 patients in the U.S. and starts in childhood, with patients generally having a developmental disability and experiencing some neuropsychiatric symptoms.

Others include BMB-201, a non-hallucinogenic psychoplastogen for treatment-resistant depression.

Those additional programs may offer upside optionality, but the company’s value will be determined by whether BMB-101 delivers the pivotal data investors are betting on.

If BMB-101’s data lives up to McDonald’s billing, the company could suddenly find itself on more than a few corporate shopping lists.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Bright Minds Biosciences https://brightmindsbio.com/.

CSE Issuer Stories, Magazine

Recent Earnings Results Validate Cannabis and Alcohol Strategy

January 14, 2026 Peter Murray

North America’s legal cannabis industry is still in the early stages of development, shaped by complex regulation, high taxes, and fierce competition – pressures that only the most capable management teams can navigate.

That dynamic is clear when speaking with SNDL (CSE:SNDL) Chief Executive Officer Zachary George, who anticipated how the industry would evolve, the points of differentiation that would matter, and how businesses would need to steer through the turbulence.

George knew the value of a long-term perspective. Inheriting Canada’s largest, but non-competitive, indoor cultivation facility, he worked to reshape a debt-laden, unprofitable business into a retail-forward regulated products model, adding alcohol as a stable cash flow anchor. The move gave his cannabis operations runway to mature, and the results are becoming clear: earlier this year, SNDL posted its first quarter of positive operating and net profit.

Canadian Securities Exchange Magazine spoke with George recently about SNDL’s formative years, his philosophy for the business, and medium-term expansion plans.

SNDL has built a successful cannabis business within a broader overall product portfolio. Where did this idea come from and what were some of the important milestones in the early days?

The business as it stands today was born out of a deep restructuring process. Once we were on the other side of the restructuring, we sought to build a diversified business model with two strategic pillars.

The first pillar was a vertical cannabis model, the likes of which did not exist in Canada. The second pillar was a financing business that would enable us to, in a compliant manner, invest in U.S. operators by being a passive supplier of credit, without running afoul of the restrictions that exist for Nasdaq-listed companies when it comes to what we call “plant-touching” operations in the United States.

That evolution took a number of twists and turns. Our first foray into retail happened with the acquisition of Spiritleaf in Canada in July of 2021.

Later that year, we were approached by Nova, the company behind discount banner Value Buds, which had quickly become a disruptive force. At the time, Alcanna, Western Canada’s largest private market liquor retailer, owned 63% of Nova. From a sum-of-the-parts perspective, it made more sense to acquire the parent company than to pay a premium for the subsidiary. The deal also gave us access to a leadership team with decades of regulated product retail experience. Many of the same value and convenience themes that drive consumer behaviour in alcohol are directly analogous in cannabis.

The scale that came from the Alcanna acquisition was critical to our model. As an SEC registrant subject to Sarbanes-Oxley Act requirements, we are subject to some of the most stringent financial reporting and internal control requirements on the planet. Given the costs related to these requirements, playing small was not an option, and we had to do something at scale. The liquor business contributed significant free cash flow to the overall model, which helped to mitigate these costs.

Let’s look at the business portfolio, which is almost evenly balanced between liquor retail and a multi-faceted cannabis business. Can you walk us through the liquor side first and outline its competitive advantages?

SNDL holds significant market share in Alberta and a strong presence in British Columbia. However, each province presents unique regulatory challenges that shape our strategy.

When you talk about competitive advantages on the liquor side, I would point immediately to the success of the Wine and Beyond model. Building a capital-intensive retail model requires strong supply chain management and the ability to seize inventory opportunities in a decisive manner. In our Wine and Beyond locations, consumers can choose from more than 6,000 SKUs, and that breadth has really resonated. Our big box format stands in stark contrast to the consumer experience available in Ontario’s LCBO locations. We are seeing the model materially outperform more limited, convenience-focused formats.

We are expanding that part of the business and are excited to be opening another two new Wine and Beyond locations in Saskatchewan and a third in Calgary in the coming months.

On the cannabis side, you have a hybrid, vertically integrated model. Tell us about the structure and the thinking behind it.

A couple of observations are important. Canada’s provincial cannabis regulations are inconsistent, with some even contradicting one another. This dynamic creates stubborn supply chain inefficiencies that are anti-business and a disservice to the provinces, operators, and consumers alike.

In certain provinces, retail sales are managed by private operators working within a tightly regulated framework, while in others they are controlled and managed exclusively by the government through crown corporations. Of those provinces permitting private operators, some allow for full vertical integration, while others bar or limit licensed producers (LPs) from retail ownership. In British Columbia’s hybrid framework, private retail operators like us are capped at eight retail locations, while the province competes against us with over 40 of its own, and other operators skirt these regulations with complex ownership structures. In Ontario, a licensed producer is prohibited from owning more than 20% of a retail operator, while regulations in the Prairies allow for vertically integrated structures.

Provincial fiefdoms within crown corporations have preserved inefficiencies while failing to prioritize important public goods such as the optimization of consumption-based tax revenues and consumer safety. At the core of these issues is a question as to whether Canadians believe that their tax dollars should be used by provincial governments to directly manage consumer-facing retail operations.

This is a departure from conventional consumer packaged goods (CPG) where brand awareness, efficient manufacturing, and clear routes to market can drive access to broad growth across a national market. The inherent inefficiencies in Canadian cannabis must be carefully managed. Instead of complaining about poor decision-making and weak enforcement by regulators and government bodies, we are directly involved in lobbying for rational reform. The steep and rocky path in the sector will ensure that very few competitors can survive. We are built for the climb.

Why did you choose a vertical structure?

With a mandate from our board to build a global cannabis business, we observed that in mature markets in the United States, the vertical operators in limited licence markets were by far the most profitable. Further, Health Canada’s restrictions and prohibitions on the marketing of branded products were a clear hindrance to building brand resonance with consumers. In sharp contrast to the regulation applied to alcoholic beverages, even something as simple as the depiction of a mountain on packaging, or the outline of an animal form, can draw fines and demands for the recall of products.

In today’s marketplace, regulated brick-and-mortar retail is the best place to own the consumer relationship. E-commerce solutions have also been stunted by regulation, further reinforcing this dynamic, although we expect this to evolve positively in the future.

In the early years, we saw a proliferation of products where brands themselves were being commoditized. We have the data from tens of millions of consumer transactions and know exactly where repurchase rates are. This data continues to show a strong willingness by the consumer to trial and switch products.

This dynamic created a strong desire to stay out of the fight among producers over whose pre-roll or flower strain was better. My focus was on building a platform that could track and adapt to consumer trends over time. Rather than competing in a sea of sameness with other LPs, I wanted to partner with them, helping to distribute and even manufacture some of their most successful products.

In doing so, we shifted from competing on products to competing on capability – building a platform that could support both our own brands and those of our partners. You will see our owned and co-manufactured brands in competitive retail, and you will see competitive suppliers dominate shelf space in our owned and managed retail network. We have a large B2B or co-manufacturing business building products for other LPs and have built quality products for most of the top 20 LPs in Canada today. We have automated manufacturing capabilities in every relevant product segment, including infused beverages, edibles, pre-rolls, flower, extracts, and vapes.

Let’s talk about performance. The second quarter of 2025 was SNDL’s first profitable quarter. What were some of the highlights?

Understanding the backdrop is really important. I am very proud of our team. Over the past five years, we have been able to grow our revenue base by over 1,500%. We have one of the cleanest balance sheets in the sector, with no debt and approximately $200 million in unrestricted cash to drive strategic investments. Last year was the first full calendar year that we generated free cash flow. We have hit new milestones and records almost every quarter for the past 14 quarters. In our most recent second quarter, we generated our first quarter of positive operating and net income.

We have announced the acquisition of a 32-door retail portfolio that we are working to close in October and have significant embedded growth coming from our credit investments. Some of those positions are being equitized and may be consolidated in the future.

We have also managed to buck some of the negative trends in alcohol consumption, which is a credit to the strong execution capabilities of our team.

As you look to the near and medium terms, how do you shape strategy given the competitive landscape and the opportunities afforded by your business lines?

We put together a three-year strategic plan supported by our board, and our priorities are clear. Our number one priority is to continue to grow our Canadian retail cannabis and liquor businesses. Second would be the stabilization and investment in U.S. businesses we have exposure to, including operations in Florida, Massachusetts, Texas, and Michigan, all of which have unique and distinct regulatory frameworks. Third would be international. We are excited to be landing finished goods in the U.K. and shipping wholesale flower to several international medical markets. Our segment leaders are focused on delivering profitable growth in our alcohol and cannabis segments in 2026 and beyond.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about SNDL https://www.sndl.com/.

CSE Issuer Stories, Magazine

A Personal Mission to Reprogram the Human Immune Response to Cancer

January 7, 2026 Ian Lyall

Often when we discuss life sciences, particularly as investors, the human element gets lost. The focus tends to be on the pipeline, clinical and preclinical progress, data, efficacy, cash runway, and addressable market. These and other inputs can be plugged into a model to provide insight into a company’s chance of success.

But this process ignores the point of the business: to help people recover, to fight illness, or in the case of late-stage disease, to add months or perhaps years to life. It also disregards the human sacrifice along the way. This is particularly true in cancer research, where end-of-life patients often volunteer in the hope that the next generation benefits from their experience.

For ME Therapeutics (CSE:METX; OTCPK:METXF) Chief Executive Officer Salim Dhanji, the metrics that make the investment case are important but not the real litmus test. Rather, he is driven by a desire to change outcomes for people. Dhanji notes that he is at the stage in life where friends and family are succumbing to the ailments of middle and later years. The determination and passion that drive him are plain to see.

A researcher at heart, he wants a real, human dimension to his team’s work. “To use new technologies, and our knowledge of these technologies to create drugs to treat cancer patients in a personalized way, is something that really motivates me,” Dhanji tells Canadian Securities Exchange Magazine. “You’re starting to see that [in other areas of research], and I think that’s the really exciting bit; where you can potentially bring about real change.”

Dhanji earned his Bachelor of Science and PhD at the University of British Columbia and has more than 20 scientific publications and patents relating to cancer, autoimmunity, and inflammation to his credit. ME Therapeutics, founded in 2014, reflects that body of work.

The ME component of the company’s name stands for “myeloid enhancement,” a clue to the science behind its three drug development and discovery programs. Put simply, this involves reprogramming the immune response against cancer. The team is tackling one of oncology’s toughest problems: how cancers hijack the body’s own immune cells to shield themselves from attack.

ME Therapeutics is developing drugs that reprogram so-called myeloid cells. These normally regulate immune responses but in tumors often act as double agents, suppressing cancer-killing T cells and creating a cocoon around malignant tissue. Rather than designing medicines to target a specific mutation, ME Therapeutics is targeting the immune environment itself. That means its drugs could be used across many cancer types, much like today’s blockbuster immunotherapies such as Merck’s Keytruda or Bristol Myers Squibb’s Opdivo.

The company is working on three fronts. One program delivers synthetic messenger RNA into tumors to coax immune cells into action and turn “cold” tumors into “hot” ones that draw an immune response. A second program engineers in vivo chimeric antigen receptors (CARs) into immune cells directly inside the body, re-tasking both T cells and myeloid cells. A third antibody therapy blocks a protein called granulocyte colony stimulating factor (G-CSF), which fuels immune suppression and drives resistance to vascular endothelial growth factor (VEGF) drugs.

A key partner is NanoVation Therapeutics, co-founded by lipid nanoparticle pioneer Pieter Cullis, whose delivery systems enabled the first Covid-19 vaccines. ME Therapeutics is using NanoVation’s nanoparticles to ferry its mRNA payloads to immune cells while avoiding the liver, a common stumbling block.

Preclinical work is still early. Studies in mice and non-human primates are scheduled through 2026, with the first regulatory applications expected late that year.

ME Therapeutics’ ambitions are big, but, like most start-ups in the biotechnology space, so are the risks. It is also betting on next-generation technologies, such as in vivo CARs, that have yet to be proven in people. Still, with immuno-oncology drugs now among the industry’s top sellers and combinations extending their reach, investors are watching.

“If you can reprogram the immune environment rather than chase each new tumor mutation, the potential is enormous,” says Dhanji.

The G-CSF antibody program is the most advanced, though whether it or the therapeutic mRNA program reaches the clinic first remains to be seen. There is a case for the latter: the timeline to “spin up” an mRNA drug for a specific cancer is relatively short, as little as six to 12 months, Dhanji explains.

ME Therapeutics’ approach also has transformative potential in CAR therapy, which typically involves genetically engineered T cells trained to hunt and destroy cancer. Used to combat blood cancers such as leukemia, lymphoma, and multiple myeloma, success rates can be upward of 80%. But the process requires a blood transfusion, which is uncomfortable, and costs between $500,000 and $1 million.

Using ME Therapeutics’ method, Dhanji says, could ultimately pull the price down toward that of traditional gold-standard cancer treatments, as well as leverage myeloid cells in addition to T cells. “There is a lot of potential in some of the work that we’re doing in the lab, preclinically right now, and we think we can advance to the clinic very quickly,” he says. “So now, it’s really a matter of deciding which program we want to prioritize.”

As with all small-cap biotech, funding is an ever-present requirement. Dhanji says the company’s current runway is long enough to fund the first candidate to initial meetings with the FDA or Health Canada. After that, further investment will be needed.

An industry partnership with a large drugmaker is possible but uncommon at this stage. Dhanji wants intellectual property patent-protected before any such discussions take place. “I think one of the challenges is that we need to be able to protect our IP before we actually go and have these conversations, as the space is relatively fluid,” he explains.

Dhanji is not without ambition and would like to emulate Genentech, the founding company of biotechnology. It may be difficult to repeat the San Francisco giant’s success, but it is the pioneer spirit he admires, when budgets were spared to solve real human problems, not the balance sheet metrics that fixate Big Pharma.

Yet Dhanji is also a realist. “I do have to run a business, and I take that responsibility very seriously. But what gets me out of bed in the morning, what motivates me, is the old researcher’s curiosity and the hope our work may make a difference.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about ME Therapeutics https://metherapeutics.com/.

Magazine

Canadian Securities Exchange Magazine: The Global Issue – Now Live!

December 18, 2025 CSE Blogger

Welcome to the latest issue of Canadian Securities Exchange Magazine, your source for in-depth stories of entrepreneurs from a wealth of different industries.

The global capital markets map is being redrawn in real time. Economies are facing an inflection point: never before has the world been more interconnected through technology and trade; however, geopolitical tensions and economic uncertainties have created new barriers to interoperability. Many CSE listed companies are showcasing what happens when innovation refuses to concede to complacency, demonstrating that entrepreneurial vision paired with strategic execution can transcend complex geographic constraints.

In this issue of Canadian Securities Exchange Magazine, discover the stories of nine CSE listed companies taking on global challenges in defence, healthcare, technology, and beyond. Plus, WFE CEO Nandini Sukumar shares how the global network of exchanges enables innovation and sustainability around the world, and we spotlight National Stock Exchange of Australia Managing Director and CEO Max Cunningham.

The CSE listed companies featured in this issue include:

Bright Minds Biosciences (CSE:DRUG)
Critical Infrastructure Technologies (CSE:CTTT)
HydroGraph Clean Power (CSE:HG)
Inflection Resources (CSE:AUCU)
ME Therapeutics (CSE:METX)
Military Metals (CSE:MILI)
Nuclear Vision (CSE:NUKV)
SNDL (CSE:SNDL)
Sparc Al (CSE:SPAI)

Check out The Global Issue of Canadian Securities Exchange Magazine here:

CSE Performance, Featured

Canadian Securities Exchange CEO Richard Carleton Year-End 2025 Interview

December 17, 2025 CSE Blogger

2025 was a pivotal year for capital markets and for the Canadian Securities Exchange. Canadian equity markets were shaped by a mix of global trends carrying over from the previous year and some new drivers closer to home. While stocks in the United States moved higher on continuing excitement around technology, many Canadian stocks benefited from rising prices for gold, silver, copper, and more, concrete acknowledgement of national requirements for critical minerals. Policies from new governments in both Canada and the U.S. also played a role.

This macro environment brought a variety of opportunities for issuers on the CSE, as a glance at the much stronger capital-raising numbers for 2025 can attest. Meanwhile, the CSE team identified opportunities overseas, acquiring the National Stock Exchange of Australia (NSX), an exchange that looks very much like its early self.

In this interview conducted in early December, CSE Chief Executive Officer Richard Carleton discusses market performance in 2025, touches on upcoming regulatory changes, takes readers inside the NSX transaction, and highlights some of the factors set to influence small-cap stocks in Canada during 2026.

The pace of traditional IPOs in Canada was slow again in 2025, while things seemed to pick up in the United States as the year went on, thanks largely to investor interest in the technology sector. What are the headwinds facing the domestic listing environment, and how is 2026 setting up for IPOs and other types of new listings?

As a result of the uncertain nature of the trading relationship with the U.S. and clouds on the horizon for the continued existence of the North American free trade zone, it is fair to say that business investment in new and existing enterprise in Canada was restrained for much of 2025 across most industry groups.

The Canadian Securities Exchange, of course, is mostly focused on the small-cap sector, and the relative paucity of new listings for much of the year reflected the uncertainty in the broader market. That said, it has to be acknowledged that the large-cap indices are either at or near record highs. So, what is happening?

First, the IPO is not a means that companies, large and small, are using to go public in Canada at this point. Instead, companies are raising money privately through prospectus exemptions and then qualify the securities for a public listing through a non-offering prospectus.

This technique is the predominant means that companies have used, particularly in the mining sector, over the past year and a half to go public on the CSE.

I think it is fair to say that, regardless of where you stand politically, domestic and international uncertainty has not been helpful to the investment climate in Canada.

One sign of this is that even with increasing prices for many commodities, and gold is the shining example, the junior space did not really get much in the way of attention from investors through investment capital or secondary market activity until the fall.

The catalyst appears to have been acquisitions and joint ventures from some of the mid-level producers in Canada, which sparked an immediate increase in trading turnover. It also appears to have facilitated a lot of secondary market financing activity for CSE listed issuers. We have also begun to see a small increase in the number of companies applying to go public on the Canadian Securities Exchange.

But generally speaking, when you talk about the U.S. market in 2025, the story is dominated by a small handful of stocks with a material stake in the AI and quantum computing future. Investors around the world are coming to the U.S. market to take a stake in these businesses. It has not really been much of a market story from a Canadian perspective in either the small-cap or large-cap space.

For existing issuers on the CSE, 2025 was notably better than the previous year, with trading volume higher and financings again growing in terms of total value. Can you walk us through some of the numbers and offer some insight into how the market performed?

As I mentioned earlier, we have seen the beginnings of improvement in the early-stage capital markets in Canada, and in particular for companies listed on the Canadian Securities Exchange. Another positive indicator is that, notwithstanding the challenges I’ve outlined earlier, the pace of financing activity is up over 2024 levels in the number of transactions and significantly higher in terms of dollars raised on a year-to-date basis: over $2.7 billion, compared to $1.45 billion a year ago.

So, we are looking at one of the better years in total capital raised that we have seen in the last three or four. And the interesting thing is that the mining industry has been responsible for more than half of the transactions and just under half of the capital raised.

As we look to next year, the trendlines are pointing in very positive directions.

The CSE announced the completion of its acquisition of the National Stock Exchange of Australia in October. Let’s first discuss the thought process behind this investment. Is the NSX on a path similar to what the CSE was on a decade ago?

We began speaking to the NSX around 15 years ago, and we noted that it was on a similar trajectory to us: focused on early-stage companies, competing with a well-entrenched incumbent exchange, and struggling to make an impact.

Indeed, the parallels are almost eerie. The NSX has about 52 listings; we had a similar number in 2010. Prior to the acquisition, the NSX’s balance sheet was challenged (also like us), and it is running the same technology that we integrated in 2005 (and retired in 2016). It hadn’t secured the necessary financial backing to execute the plan we delivered in Canada. With the capital we stockpiled (largely as a result of the trading and listing boom during the pandemic), we had the balance sheet strength to provide NSX with the support it has lacked to deliver a competitive venture market in Australia.

We believe the Australian market has many similarities to Canada. It generates a lot of new companies on an annual basis from the mining, technology, and life sciences sectors. And we also know there are a lot of companies listed on the incumbent exchange in Australia that find it expensive and difficult to retain their public listing.

The prize is that there is a very healthy retail and institutional capital market in Australia with an appetite for investment in early-stage companies. We believe that by positioning the NSX as a marketplace that serves the interests of investors and companies in the early-stage space, we have a chance to support a significant portion of the early-stage financing opportunities in Australia in a relatively short period of time.

We have a team that is deeply experienced, with many years of working in the capital markets in Australia and abroad. With time, energy, and the balance sheet issues corrected, the NSX team has an opportunity to make a significant positive impact on capital markets in Australia.

What are next steps in helping the NSX to realize its potential? How can the CSE’s experience growing its capabilities and listings over the past decade contribute to the NSX’s success?

It’s a great question in the sense that it has to do exactly what we did. The playbook does not have to be rewritten, just dusted off. The first thing – and none of these is more important than the other – is to put a new technology platform in place that is up to the needs of not only a growing exchange and a growing list of companies on the NSX but also provides trading competition to the ASX for ASX listed stocks.

At the same time, the team needs to be built out, and people need to know who the NSX is and what its value proposition is. It has to engage in the branding work that we did to get people to understand who the NSX is and why it makes sense to list there. Including, of course, the fact that people may know the management team but may not know that it has the balance sheet that ensures its existence.

Those two things are absolutely critical. And the key is to make sure we have the resources in place so that as companies begin to roll in – and it tends to come in as a trickle at first and then as an absolute flood if you are successful working with the early adopters – you have the resources and management systems in place to be able to render a high degree of customer service to those companies.

There would seem to be variation in performance at exchanges, perhaps most recently highlighted by the Cboe operations in Canada and Australia being put up for sale. How would you explain the differences in objectives and each entity’s ability to achieve them?

Even when really well run, exchanges operating cash equities markets, such as the Canadian Securities Exchange, Cboe Canada, Nasdaq Canada, Tradelogiq, Toronto Stock Exchange, or Toronto Venture Exchange, do not generate the kind of financial return that derivatives exchanges generate. That is why two of the largest exchange groups in the United States are the CME Group and the Intercontinental Exchange, the latter of which not only owns the New York Stock Exchange but also operates a number of commodity futures exchanges in the U.S.

The derivatives exchanges, because they are natural monopolies and control the clearing and settlement agency – it is a whole soup-to-nuts operation – generate consistently higher profits than those engaged in our line of work in the cash equities space.

We have seen a number of the large global operators – whether it be Deutsche Börse, Euronext, or London Stock Exchange Group – diversify away from the cash equities side and invest in derivatives markets. In addition, these large operators are also investing in the development and distribution of market data products, risk applications, and analytics. These are the kinds of information services that generate monthly subscription-based revenues and are sticky enough that you can forecast these revenues in two-to-five-year time frames.

That is one of the other issues with cash equities: we are subject to the vagaries of government policies, the interest rate environment, market sentiment, and so on. When times are good, we can operate quite profitably. But, through no fault of exchange management, markets can be bad, materially impacting returns without regard to the quality of exchange management.

Without knowing exactly why the Cboe made the decision they did in Canada and Australia, it is my educated guess that those businesses hold considerably lower return potential than some of the other opportunities they might have, and I think they concluded that further effort to grow those businesses could be applied to other businesses in their portfolio to generate higher returns.

We discussed earlier that fewer IPOs are taking place, yet the number of trading platforms in Canada seems to be growing. Is there a point at which adding more execution venues goes from enhancing competition to actually making markets less efficient?

That is an interesting way of looking at it. I think our customers, if you consider the investment dealers and certainly the investors that are using the system, would say they find the current system opaque, complicated, hard to understand, and from a dealer perspective, it increases the level of risk because there are many rules around how you try to ensure client orders are directed to the best-priced destination. The more venues there are with different order types and layers of connectivity and everything else, that obviously complicates and adds a degree of risk to those responsibilities.

I can’t say I know at what point competition becomes self-defeating in the space. What I will say is that on a per-capita basis, whether it is market capitalization, turnover, or any other measure you want to suggest, Canada seems to support more trade execution venues than any other market in the world. We have about one-third the number the U.S. has. With anything in finance, 10 to 13 times is the normal range between Canada and the United States. So, if we are one-third, that speaks volumes.

I suppose the other way to look at it is that in deciding where to invest our funds, we have obviously concluded that Australia is a potentially more interesting location than here in Canada, given the opportunities we believe exist to grow business there rapidly. The competitive pressure in Canada would probably prevent the rapid expansion of any one business at this point.

Important discussions have been taking place in the policy environment in 2025. The concept of broadening eligibility for Scientific Research and Experimental Development (SR&ED) tax incentives to Canadian public companies is gaining attention. There is also talk of modifying standards to lessen the requirements around quarterly financial reporting. Is the CSE supportive of such initiatives? Are there any caveats to be mindful of?

Before I answer the question directly, what I will say is that these efforts are indicative of a level of engagement from policymakers, government officials, and regulators to try to reduce the decline in the number of companies coming into the public markets.

It is like the stages of recovery, where admitting you have a problem is the first step. I think that realization has taken hold at every level of government. What we are seeing is a genuine effort from the regulators, as well as from the policymaking side of government, to see what can be done to improve the lot of public companies and reduce the expenses for companies to access public capital for growth purposes.

The measures mentioned in the question are two of many initiatives we are going to see in 2026. SR&ED for public companies has long been an obvious change to make. Consider a Canadian-controlled private company versus a small company listed on a Canadian exchange doing business in Canada and hiring Canadians – there is, frankly, no difference between those companies. Why does the private company qualify for SR&ED while the public company does not? So, we are obviously supportive of the changes the government is proposing.

Similarly, talk has been going on for a long time about reducing the reporting cycle for companies from quarterly to semi-annual. To be honest, we have changed our mind on the issue. We have been opposed over the years on the basis that early-stage companies should report key financial data on a quarterly basis – in particular, how much money they have on the balance sheet, what their burn rate is, and when they are likely going to have to raise additional capital to keep their project going.

We will be commenting on the proposals from Canadian securities regulators to implement a pilot program to move to semi-annual reporting for qualified companies, many of which are on the Canadian Securities Exchange. Our suggestion is that there be enhanced cash flow statements required on a quarterly basis, but that there is no need for the management discussion and analysis and the full financial report that is currently required.

We will be working with regulators to identify other areas we believe can and should be addressed at the federal and provincial levels to augment both the number of companies and to reduce the cost of capital for public issuers in Canada.

CSE executives have visited several overseas jurisdictions this year. What were your objectives, and is there anything to highlight from a global perspective for junior markets as we head into 2026?

Generally, when we travel with issuers internationally, it is because we are trying to understand how they are raising money overseas and what we can do to facilitate that process. We have seen over the years that, in some cases, there has been resistance to investing in companies listed on the Canadian Securities Exchange from investors in Europe or Asia or the United States because they don’t know who we are.

Consequently, we have to get out there and explain to the right people, so they understand who we are, the value proposition we represent, and that the organization is populated by executives with deep experience in the public capital markets in Canada.

It is less often that we are looking to recruit international companies to the Canadian market. Although that was certainly a focus during the cannabis days, when companies could not access capital locally and had to come to Canada to take advantage of those opportunities.

At this point in the cycle, we are looking to see where the issuers are going, who they are talking to, and what barriers we need to break down, all with a view to supporting their capital-formation efforts.

Specifically, gold exploration companies have historically found an audience in the German-speaking parts of Europe. We have taken steps to ensure they understand the benefits of a quotation in Frankfurt and some of the off-exchange trading platforms in Europe that are popular with retail and institutional investors.

Also, there are certain brokers who cover the family offices, private banks, hedge funds, and high-net-worth investors in these countries. We need to work with them to make sure they have appropriate levels of connectivity to the Canadian Securities Exchange so that when they have a CSE company showing them an investment opportunity, they know how to trade the stock once they become a shareholder.

That is why we travel internationally, and what we have learned this year is that with gold at more than US$4,000 per ounce, there is a lot of interest in the securities of Canadian early-stage exploration companies. We believe macroeconomics will support a continuation in the increase in the price of gold, so this is not a flash in the pan but rather a trend that will continue to play out over the next several years.

Tokenization of publicly listed securities is gaining attention once again. Based on the CSE experience, where do you see this working, and what are the pitfalls?

The question is always: what problem are you trying to solve with tokenization? If you ask 20 people at a blockchain conference, you’ll probably get 25 different answers as to why it makes sense to tokenize aspects of the securities industry.

There are people who believe on-chain public equities that are tokenized will immediately present instantaneous execution, 24-hour trading, your finances can be completely self-directed, you can have the securities in your wallet on your phone, etc. I don’t buy that for a second.

The systems and structures that have been built for traditional finance are there for a reason. They are there to solve the problems that decentralized finance, underlying crypto trading is wrestling with. I am talking about things like security, assurance that your trade will settle properly, that you will get the cash you expect, and that you will get the securities you purchase delivered in a certain way. There is an enormous investment in infrastructure to be able to provide those solutions for investors.

As I say, I am not in agreement with people who are thinking that these technologies will totally disrupt the existing frameworks of the securities industry. I don’t see that happening.

Now, there are benefits to using tokenization for real-world assets. It has the potential to increase the visibility for companies as to who their beneficial owners are, which means they can improve shareholder relations and competitive analysis compared to their peers.

If you are a musician, for example, and you have monetized your catalogue into a tokenized fund listed on an exchange, then if you find out who is holding your tokens, you can send them information about tickets to your upcoming concert, or you can drop new music you have coming out. There are all kinds of ways you can engage with your existing shareholders using the technology.

In Canada, the ability to quickly adopt a number of these innovations is probably going to be frustrated by the clearing and settlement system that we currently have in place. The United States appears to be moving fairly quickly, with Nasdaq and the Depository Trust & Clearing Corporation (DTCC) looking to provide a tokenized securities rail in the relatively near future. I think we are talking one and a half to two years at this point, and that will enable people to clear and settle and have custody arrangements effectively on a private blockchain that will be provisioned by DTCC. That way, people can opt into the system. It will be interesting to see what percentage of stock trades choose to settle down those channels.

Instead of doing a big bang, they are letting people drive the transition process, assuming there is a transition from where we are today to using more tokenization in the traditional finance space.

Let’s close with a look forward to 2026. What other initiatives does the CSE have planned for next year, and how do you foresee capital markets evolving to enable you to make the most of that vision?

A lot of my time is going to be focused on working with our Australian colleagues building out the proposition with the NSX. From an economic perspective, clearly, the uncertainty in Canada’s trading relationship with the United States will continue. I think it would be unlikely that the Americans will seriously engage with an extension to the free trade agreement. That would have some meaningful consequences, and we are already seeing them, of course, on investment in traditional manufacturing in Canada. We are likely to see the President continue to push for cheaper money, which, without the fundamentals to support it, will see a relative decline in the U.S. dollar. That will continue to put upward pressure on the price of gold, and I believe will focus more and more investment on the precious metals exploration space in Canada.

Similarly, we will see people beginning to think more clearly and strategically about how to supplant China in the supply chain for the so-called critical minerals. It is becoming plain that it has to be both public and private sources to not just invest in the companies that will find the rocks and advance the projects toward production, but projects need power, they need roads, they need rail, they need processing facilities and smelters, and they need port facilities to ship products to international markets. We are talking about billions and billions in investment in infrastructure. And those are the sorts of things that pension funds are good at, especially in partnership with government.

The public markets will supply the capital to the exploration companies identifying commercially significant discoveries, and also fund the eventual development of producing mines for these commodities.

I think that is going to be a continued theme in 2026. Canada is going to start to get its act together. We are going to begin to see more investments being made to advance that vision and those projects. Ultimately, this is positive for the public markets because we will be key partners in this economic development.

#AlwaysInvested

CSE Performance

2025 Year-End Rewind

December 1, 2025 CSE Blogger

January Highlights

As 2025 comes to an end, we’re sharing our favourite highlights from another incredible year at the CSE. In January, we hit the ground running with a strong presence at VRIC, hosted our signature Mining Over Canada Reception, joined global financial market leaders on the slopes of the Italian Alps, and released our first podcast episode of the year.

VRIC 2025

The Vancouver Resource Investment Conference (VRIC), presented by Jay Martin, President and CEO of Cambridge House International, returned on January 19-20 for another memorable year.

The CSE was pleased to exhibit at and connect with friends old and new at this renowned mining event, which featured over 100 expert speakers, a dynamic tradeshow and exhibition, and valuable networking opportunities.

Beyond the trade floor, we took part in the panel, “List Local, Trade Global: The Pubco Opportunity in Challenging Markets,” which was moderated by the CSE’s Anna Serin and featured the CSE’s James Black and Jason Paltrowitz from OTC Markets Group.

Plus, we had the opportunity to distribute copies of the special VRIC edition of Canadian Securities Exchange Magazine.

And it was great to catch up with CSE listed issuers also in attendance:

Core Nickel (CSE:CNCO)
Emperor Metals (CSE:AUOZ)
Getchell Gold (CSE:GTCH)
Golden Cariboo Resources (CSE:GCC)
Headwater Gold (CSE:HWG)
Inflection Resources (CSE:AUCU)
Prismo Metals (CSE:PRIZ)
Prospect Ridge Resources (CSE:PRR)
Provenance Gold (CSE:PAU)
Red Canyon Resources (CSE:REDC)
Western Uranium & Vanadium (CSE:WUC)
Westward Gold (CSE:WG)
Yukon Metals (CSE:YMC)

View the Album: VRIC 2025 Highlights

The CSE’s Mining Over Canada Reception

Back and better than ever, the CSE’s annual Mining Over Canada Reception was once again a standout highlight of VRIC.

Held at the historic Vancouver Club, the signature CSE event brought together issuers and members of the capital markets and mining communities for a night of lively conversations, outstanding food and drinks, and great company.

We are appreciative to everyone who joined us, as well as our event sponsors, Morton Law LLP, MNP, Haywood Securities, Kitco Mining, Odyssey Trust Company, Business Television (BTV), and Venture Liquidity Providers.

View the Album: Mining Over Canada Reception Highlights

Interbourse 2025

CSE CEO Richard Carleton hit the slopes in the Italian Alps for the 56th edition of Interbourse, an event we were proud to sponsor.

It was a fantastic week of connection, camaraderie, and competition in beautiful Courmayeur, Italy, as Richard gathered with representatives from exchanges, clearing firms, institutional brokerages, trading firms, and financial technology firms from around the world.

A big kudos to Team London for hosting this year’s festivities!

The Exchange for Entrepreneurs Podcast: 2024 Recap

We kicked off 2025 with a special episode of The Exchange for Entrepreneurs Podcast with the CSE’s Anna Serin and Bruce Campbell from StoneCastle Investment Management.

In this episode, they discussed what happened in the capital markets in 2024, including gold performance, interest rates, technology, cannabis, and financing trends, and previewed what to look out for in 2025, such as sector rotation and the impact of U.S. and Canadian politics.

Watch Now: Anna Serin and Bruce Campbell Recap the 2024 Markets | The CSE Podcast E6-S4

Market Open: Women in Mining BC

The CSE was pleased to welcome the Women in Mining BC (WIMBC) board of directors to open the market from our Vancouver office and to speak to director Sarah Martin about the work being done by WIMBC to foster connection and inspiration within the diverse mining workforce in British Columbia.

Watch Now: Women in Mining BC Opens the Market | January 28, 2025

February Highlights

In February, we travelled to Atlantic City for The Microcap Conference, published the 2025 edition of The Mining Issue of our magazine, released new episodes on our existing and brand-new podcast, spoke at the Urbana Private Equity Investor Day Conference, and swapped toques for sunglasses during a productive visit to Miami, Florida.

The Microcap Conference

The Microcap Conference, organized by DealFlow Events, returned for another highly anticipated edition in Atlantic City.

Now the largest independent microcap conference in the U.S., this event welcomed microcap companies, investors, and deal-makers from across a wide range of sectors. We enjoyed exploring topics critical to the microcap community and catching up with CSE listed issuers, FendX Technologies (CSE:FNDX) and Railtown AI Technologies (CSE:RAIL), all against the exciting backdrop of America’s Playground.

View Highlights: The Microcap Conference 2025

Canadian Securities Exchange Magazine: The Mining Issue

In this year’s Mining Issue of Canadian Securities Exchange Magazine, we feature six Canadian companies that are leaning into innovation and expertise to meet global demand for strategic minerals, precious metals, and greater energy supply.

Plus, we spotlight exclusive insights from top mining experts and CSE Director of Listings Development Phillip Shum, who shares his journey to the Exchange, views on capital markets, and tips for companies going public.

The companies featured in this issue are:

Forge Resources (CSE:FRG)
Ares Strategic Mining (CSE:ARS)
Forte Minerals (CSE:CUAU)
PTX Metals (CSE:PTX)
Kuya Silver (CSE:KUYA)
Quebec Innovative Materials (CSE:QIMC)

Read the Issue: Canadian Securities Exchange Magazine: The Mining Issue March 2025

The Exchange for Entrepreneurs Podcast: S4-E7–E10 “Mining Market Outlook”

At this year’s Vancouver Resource Investment Conference (VRIC), the CSE sat down with four prolific mining and investment industry leaders to get their perspectives on trends and forces shaping the markets.

On this “Mining Market Outlook” series on The Exchange for Entrepreneurs Podcast, we dive into gold, ESG, and more with Miles Franklin President and CEO Andy Schectman; Rule Investment Media CEO Rick Rule; Pan American Silver and Equinox Gold Chairman Ross Beaty; and Exploration Insights Founder and Senior Advisor Brent Cook.

View the Playlist: The Exchange for Entrepreneurs Podcast

The Market This Month: S1-E1

The CSE, in partnership with Stockhouse, was proud to launch the inaugural episode of The Market This Month. In this debut episode, the CSE’s Anna Serin teams up with financial expert Bruce Campbell from StoneCastle Investment Management to explore the latest trends in junior and small-cap markets – from the evolving impact of tariffs and trade dynamics to emerging opportunities in the resource and energy sectors.

Watch Now: Tariffs and Trade Tensions on The Market This Month | S1-E1

Urbana Private Equity Investor Day Conference

At Urbana Corporation’s (CSE:URB) fourth annual Urbana Private Equity Investor Day Conference, CSE CEO Richard Carleton spoke about capital formation on the CSE; highlights from 2024 and what’s coming next at the CSE, including global outreach and integration and strategic investments; and his outlook on crypto, gold, and more.

Watch Now: Richard Carleton, CEO, CSE | Urbana Private Equity Investor Day 2025

Going Public and Raising Capital in Canada (Miami)

The CSE team was pleased to connect with entrepreneurs and capital markets leaders in Miami Beach, Florida, for another fantastic Going Public and Raising Capital in Canada session.

Co-hosted by Corporate Counsel, this year’s Going Public and Raising Capital in Canada featured a stellar lineup of expert speakers who provided their perspectives on current market conditions and the opportunities to access public capital in Canada. CSE CEO Richard Carleton also delivered a timely presentation entitled “Why Canada?”

Special thanks to Michael Bluestein from Corporate Counsel as well as to Maruf Raza from MNP, Danielle Fernandes from Bantr, Jeff Swinoga from Exploits Discovery (CSE:NFLD), Michael Astone from ArcStone Securities and Investments, Joe Fars from Red Cloud Securities, and Miranda Werstiuk from Monetary Metals.

View the Album: Going Public and Raising Capital in Canada (Miami 2025)

Mines and Money Miami

Following our Going Public event, the CSE team attended Mines and Money Miami in the city’s vibrant downtown. Here, connecting with attendees in the mining financing ecosystem and catching up with exhibiting CSE listed issuers, American Pacific Mining (CSE:USGD), American Tungsten (CSE:TUNG), and Exploits Discovery (CSE:NFLD).

March Highlights

In March, we joined our colleagues in preparing for a legendary mining convention, embarked on our annual PDAC event circuit, hosted networking sessions with peers from Canada and around the globe, and rang the bell for gender equality.

Red Cloud Pre-PDAC Mining Showcase

To help us gear up for PDAC, Red Cloud Financial Services, in partnership with PearTree, hosted the annual Pre-PDAC Mining Showcase.

Our team enjoyed having insightful conversations with mining industry peers as well as catching engaging presentations from CSE listed issuers in attendance, including Foremost Clean Energy (CSE:FAT), Kobrea Exploration (CSE:KBX), Mustang Energy (CSE:MEC), and Nova Pacific Metals (CSE:NVPC).

View Highlights: Red Cloud Pre-PDAC Mining Showcase 2025

PDAC 2025

As always, the PDAC Convention, organized by the Prospectors and Developers Association of Canada, was incredible!

The CSE team had a fantastic time connecting with the mining and exploration community, investors, business leaders, and government representatives from around the world.

Plus, the Exchange was well-represented at this year’s show, with nearly 30+ CSE listed companies exhibiting and participating in the myriad networking events throughout this conference, including:

bitibi Metals (CSE:AMQ)
American Salars Lithium (CSE:USLI)
Appia Rare Earths & Uranium (CSE:API)
BacTech Environmental (CSE:BAC)
Cascade Copper (CSE:CASC)
Dundee Sustainable Technologies (CSE:DST)
Emperor Metals (CSE:AUOZ)
Exploits Discovery (CSE:NFLD)
Fathom Nickel (CSE:FNI)
Foremost Clean Energy (CSE:FAT)
Forte Minerals (CSE:CUAU)
Giant Mining (CSE:BFG)
Golden Cariboo Resources (CSE:GCC)
Kuya Silver (CSE:KUYA)
Military Metals (CSE:MILI)
Northstar Gold (CSE:NSG)
NorthX Nickel (CSE:NIX)
Nuinsco Resources (CSE:NWI)
Peloton Minerals (CSE:PMC)
Prismo Metals (CSE:PRIZ)
Red Metal Resources (CSE:RMES)
Renforth Resources (CSE:RFR)
Spod Lithium (CSE:SPOD)
Talmora Diamond (CSE:TAI)
Tartisan Nickel (CSE:TN)
Volta Metals (CSE:VLTA)
Western Uranium & Vanadium (CSE:WUC)
Yukon Metals (CSE:YMC)

Thank you to everyone who stopped by our booth, attended one of our many events, or helped make this year’s show one of the best for us and our issuers.

And be sure to revisit The Mining Issue of Canadian Securities Exchange Magazine ahead of PDAC 2026.

View the Album: PDAC 2025

CSE PDAC Investor Luncheon

We were also proud to host another successful PDAC Investor Luncheon. It was a pleasure to bring together members of the mining, investment, and capital markets communities for company presentations, insights, and spectacular networking over a delicious meal.

A big thank you to everyone who attended, the CSE listed issuers and presenting companies that shared their stories, and our sponsors, ACCESS Newswire, DSA Corporate Services, Endeavor Trust, Investor.Events, Independent Trading Group (ITG), Lebeuf Legal, Marrelli Support Services, Market One, Marrelli Trust Company Limited, MNP, OTC Markets Group, Paul Benwell & Associates (PBA), Purves Redmond Limited, Venture Liquidity Providers, and Vested.ca, for supporting this incredible event.

View the Album: CSE’s PDAC Investor Luncheon 2025

Australia Meets Canada Luncheon

This year’s PDAC Australia Meets Canada Luncheon was a big success. It was exciting to gather with friends and colleagues over a delicious meal from Rosie’s Burgers, part of the Happy Belly Food Group (CSE:HBFG).

Our first year as members of The World Federation of Exchanges, we enjoyed sharing insights from recent travels down under and the expanding global trading platforms that are creating new access between our markets.

View Highlights: Australia Meets Canada Luncheon 2025

Mangia Bevi Festa

Our ever-popular exclusive PDAC networking event, Mangia Bevi Festa, returned to the impressive Pilsner Hall at Steam Whistle Brewing in Toronto.

Presented in partnership with MNP, Aird & Berlis LLP, and Alliance Advisors, it was great to connect with friends old and new in the mining and capital markets spaces over great food and drinks.

View Highlights: Mangia Bevi Festa 2025

Ring the Bell for Gender Equality: Market Open With the World Federation of Exchanges

We commemorated International Women’s Day with a special opening bell ceremony in support of the 11th annual Ring the Bell for Gender Equality campaign. This global initiative, backed by the World Federation of Exchanges, promotes the empowerment of women and girls in the financial sector and beyond.

“The CSE fully supports the removal of historic gender pay gaps and ensuring that ‘glass ceilings’ preventing the advancement of women are permanently shattered,” noted CSE CFO Mary Anne Palangio at the ceremony.

We’re proud to share that 49% of CSE staff are women, with 43% holding senior leadership positions.

Watch Now: CSE Rings the Bell for Gender Equality | Monday, March 10, 2025

April Highlights

In April, we reached a major milestone, released a new episode of our podcast, held a special market open, travelled to the ever-exciting Las Vegas, met Capital Markets Mongolia in New York, and debuted our Summit on Responsible Investment content series.

CSE Listings Now Eligible for Trading on Interactive Brokers

In April, we were proud to announce that all CSE listed securities are now eligible for trading on the Interactive Brokers (IBKR) global platform, which will increase liquidity, enhance price discovery, and support capital formation activities by CSE issuer companies.

“This milestone underlines the growth and success of the CSE and our commitment to support the expanding objectives of our issuers and investors,” said CSE CEO Richard Carleton.

IBKR is an award-winning, low-cost, automated electronic broker with approximately 3.6 million client accounts and nearly 3.5 million daily average revenue trades.

“Interactive Brokers offers access to over 160 markets worldwide, competitive pricing, and advanced trading technology,” said Interactive Brokers EVP of Marketing and Product Development Steve Sanders. “The addition of CSE listed securities expands our broad range of investment products, empowering clients to further diversify their portfolios, and underscores our continued commitment to supporting investor access to Canadian markets.”

Thank you to the team at Interactive Brokers Canada for adding CSE securities to your platform!

Read Now: Press Release: Canadian Securities Exchange Listings Now Eligible for Trading on Interactive Brokers Platform

Chris King on The CSE Podcast

On this episode of The CSE Podcast, the CSE’s James Black sat down with OTC Markets Group Senior VP Chris King to break down the launch of the OTCID tier, including SEC Rule 15c2-11 and the discontinuation of the Pink Current tier, the features of this new platform, and next steps for Canadian-listed companies to maintain access to U.S. investors and trading platforms.

Watch Now: Chris King on the OTCID Evolution for Pink Securities | The CSE Podcast E12-S4

Market Open: Canadian Cancer Society

To mark the close of Daffodil Month, a national campaign that raises awareness and support for cancer research, prevention, and care, the CSE had the pleasure of hosting the Canadian Cancer Society (CCS) as they opened the market at our Toronto office, which included speeches from cancer survivors, Charles Petersen and Steven Hodges, and CCS EVP Sara Oates.

Watch Now: Canadian Cancer Society Opens the Market | Daffodil Month 2025

Planet MicroCap Showcase: VEGAS 2025

It was great to return to the entertainment capital of the world as a sponsor at Planet MicroCap Showcase: VEGAS 2025, produced in partnership with MicroCapClub, which took place at the famed Paris Las Vegas Hotel & Casino.

As always, we enjoyed learning about emerging trends, connecting with leaders in the microcap investment community, and catching up with American Aires (CSE:WIFI), who gave a stellar presentation.

View Highlights: Planet MicroCap Showcase: VEGAS 2025

Mongolia Investment Forum: New York 2025

We were pleased to have the unique opportunity to explore Mongolia’s opportunities in banking, renewables, and critical minerals at the Mongolia Investment Forum: New York 2025.

Hosted by Capital Markets Mongolia, the event took place in the Well& by Durst at One Five One event space in New York City and convened global investors, policymakers, and business leaders.

View Highlights: Mongolia Investment Forum: New York 2025

Summit on Responsible Investment 2025 Series Debut: Earth Day Interview With RootMaker

The CSE hosted the third annual Summit on Responsible Investment (SoRI) in June 2025. Leading up to the Summit, we recorded a series of exclusive interviews and pre-event content, including a special interview in celebration of Earth Day.

RootMaker Products Company CEO Jim Duggan joined the CSE’s Anna Serin for a conversation on how healthy roots lead to healthier trees, how RootMaker products reduce seedling mortality from over 85% to just 5%, and their vision for replacing single-use plastic in planting systems.

View Highlights: Revolutionizing How Trees are Grown – An Earth Day Special | SoRI 2025

May Highlights

As the new year approaches, we’re reflecting on the defining moments that shaped 2025 for the Exchange. In May, we published The Technology Issue of our magazine, attended the inaugural Web Summit Vancouver, took to the stage at the Okanagan Angel Summit, and returned to the Critical Minerals Institute Summit in Toronto.

Canadian Securities Exchange Magazine: The Technology Issue

In this year’s Technology Issue of Canadian Securities Exchange Magazine, we featured six CSE listed technology companies leveraging AI and nanotech to transform everyday systems that improve our health, well-being, and livelihoods.

This edition also includes insights from CSE Event & Content Manager Melissa Robertson, who shared her capital markets journey and insights into the CSE’s thoughtfully curated content mix and events calendar.

Companies featured in this issue include:

BioMark Diagnostics (CSE:BUX)
FendX Technologies (CSE:FNDX)
Metaguest.AI (CSE:METG)
Railtown AI Technologies (CSE:RAIL)
Rocket Doctor AI (formerly Treatment.com AI) (CSE:AIDR)
Sona Nanotech (CSE:SONA)

Read the Issue: Canadian Securities Exchange Magazine: The Technology Issue

Web Summit Vancouver

The first-ever Web Summit event in North America took place in Vancouver, and the CSE was pleased to attend.

This premier technology conference brought together entrepreneurs, investors, media, and industry leaders from around the globe to exchange ideas and explore the trends shaping our future. We had an incredible time connecting with the tech community and learning from some of the industry’s leading experts.

And thank you to everyone who attended our CSE Tech Connect at JOSS for an evening of networking and celebrating this milestone event. Special thanks to Endeavor Trust for helping make our event happen.

View Album: Web Summit Vancouver 2025

Okanagan Angel Summit

We enjoyed sponsoring the Okanagan Angel Summit for its seventh edition and attending the live pitch event on May 22 at the Kelowna Innovation Centre.

As Canada’s entrepreneurial exchange, we’re committed to supporting entrepreneurs, dealers, and funders in growing their businesses. That’s why we were proud to sponsor this pitch competition and investment readiness program, powered by Accelerate Okanagan.

It was inspiring to see the participating entrepreneurs and investors put their eight-week training into action during the pitch competition, where investors heard final pitches from six companies competing for a grand prize investment. Plus, CSE Director of Listings Development for Western Canada Anna Serin took the stage at the quarter-finals.

A big congratulations to Mastrius for being named the winner of the $180,000 grand prize, and to Accelerate Okanagan for organizing such an incredible event.

View Album: Okanagan Angel Summit Finale 2025

CMI Summit IV

The CSE returned to the Critical Minerals Institute (CMI)’s CMI Summit IV at the prestigious National Club in Toronto back in May.

Under the theme “The War for Critical Minerals and Capital Resources,” industry leaders, policymakers, and investors explored the strategic, sustainable, and economic factors vital to critical mineral supply chains.

CSE Vice President of Listings Development James Black delivered a presentation on behalf of the Exchange, and American Tungsten (CSE:TUNG) President Murray Nye and Neotech Metals (CSE:NTMC) Director and CEO Reagan Glazier also took the stage during the event.

View Highlights: CMI Summit IV

June Highlights

This June, we hosted our third annual Summit on Responsible Investment, launched an insightful video series on CSE TV, partnered with CIRO to host an important session, returned to an exclusive mining event, and capped off the month with a trip to Chicago for a leading cannabis conference.

Summit on Responsible Investment 2025: Highlights from Kelowna

On Thursday, June 5, 2025, the Canadian Securities Exchange hosted the third annual Summit on Responsible Investment (SoRI) in beautiful Kelowna, BC.

Under the theme “Creating Value, Stewarding Change,” we had a fantastic time connecting with industry leaders, investors, and innovators for keynotes and thought-provoking discussions on the latest in ESG trends and investment opportunities.

Companies leading in CleanTech, Renewable Energy, and Life Sciences took the spotlight, and a rooftop networking reception provided an exclusive opportunity to connect with professionals shaping the future of responsible investing.

Thank you to our expert guest speakers, Independent Pracademic Dr. Victoria Hurth; Aura Wealth Management Founder Stephen Maser; Cēlandaire Capital Founder and CEO Lida Preyma; BRIDGE© Principal and Founder Siri C. Genik; and Deans Knight CEO Brent Gilchrist for sharing their perspectives, as well as the private companies that joined us to present.

And a big thank you to our sponsors, Endeavor Trust, Vested.ca, Venture Liquidity Providers (VLP), Stockhouse, Crowe MacKay LLP, Lawson Lundell LLP, as well as our community partner, Accelerate Okanagan, for helping make this event possible.

A special shout-out to the CSE listed issuers who gave presentations during the event, including:

Abound Energy (CSE:ABND)
BacTech Environmental (CSE:BAC
Enertopia (CSE:ENRT)
First Tellurium (CSE:FTEL)
Hillcrest Energy Technologies (CSE:HEAT)
Integrated Cyber Solutions (CSE:ICS)
Pharmala Biotech (CSE:MDMA)
PreveCeutical Medical (CSE:PREV)
Replenish Nutrients (CSE:ERTH)
Rocket Doctor AI (CSE:AIDR) (as Treatment.com AI)
Sharc International Systems (CSE:SHRC)

We’d also like to thank attendees for their generous contributions to the Central Okanagan Food Bank.

View the Album: Summit on Responsible Investment 2025

CSE Listed Issuer Education Session with CIRO

As part of our ongoing series of issuer education initiatives, we were pleased to host a special online session alongside the Canadian Investment Regulatory Organization (CIRO) this June.

The session provided a unique opportunity for public companies, advisors, and capital markets professionals to hear directly from the teams at CIRO and the CSE about how market supervision works in practice.

From real-time trading surveillance to disclosure standards and enforcement workflows, this session delivered practical insights into how issuers can stay compliant and proactive in today’s regulatory environment.

Topics covered included:

CIRO’s role in real-time market surveillance and trading halts
Best practices for mining issuer disclosure (including 43-101 guidance)
How CIRO investigates market misconduct and collaborates with regulators
New CSE exchange hold and extended hold period policies
When and how to interact with CIRO—news pre-filing, surveillance desk, and more

Watch Now: Webinar Replay: CSE Listed Issuer Education Session with CIRO – June 24, 2025

THE Mining Investment EVENT

THE Mining Investment EVENT took place at the Centre des congrès de Québec in Québec City this summer, and the CSE was excited to return as a sponsor of this invitation-only, Tier I global mining investment conference.

We had a fantastic time being in the room with some of the most influential thought leaders in the mining sector and connecting with familiar and new faces.

Plus, several CSE listed issuers were at the event, including:

Avanti Gold (CSE:AGC)
Abitibi Metals (CSE:AMQ)
Blue Lagoon Resources (CSE:BLLG)
Cupani Metals (CSE:CUPA)
Emperor Metals (CSE:AUOZ)
E-Power Resources (CSE:EPR)
Exploits Discovery (CSE:NFLD)
First Phosphate (CSE:PHOS)
Golden Cariboo Resources (CSE:GCC)
Kuya Silver (CSE:KUYA)
Peloton Minerals (CSE:PMC)
Quimbaya Gold (CSE:QIM)
Temas Resources (CSE:TMAS)
Terra Balcanica Resources Corp. (CSE: TERA)
Yukon Metals (CSE:YMC)

View the Album: THE Mining Investment EVENT 2025

IgniteIt’s Cannabis Capital Conference

It was great to be back at IgniteIt‘s Cannabis Capital Conference, one of North America’s leading cannabis events.

As always, the space was buzzing with conversations about the current landscape for cannabis entrepreneurs, both newcomers and industry giants alike. We had a fantastic time connecting with key players and exchanging valuable insights, all while enjoying the world-class city of Chicago.

Plus, CSE listed cannabis issuers also participated in speaking engagements during this three-day event, including Cresco Labs (CSE:CL), iAnthus Capital Holdings (CSE:IAN), LEEF Brands (CSE:LEEF), and MariMed (CSE:MRMD).

View Highlights: IgniteIt’s Cannabis Capital Conference 2025

July Highlights

In July, we swung into summer at our annual CSE Open in Toronto, hosted our ever-popular pancake breakfast at the Calgary Stampede, and held a special Market Open in support of Autism Science Foundation Canada

The CSE Open Toronto

It was great swinging into summer at The CSE Open this July!

Our friends and colleagues joined us at the Royal Ontario Golf Club just outside Toronto for our annual golf event, held in support of the Centennial Infant and Child Centre Foundation and Lions Foundation of Canada Dog Guides.

Thank you to our premier sponsors, MNP, Independent Trading Group, and The Nuvo Group, and all of our other incredible partners and sponsors, including Dog and Pony Studios, LFG Equities, Gowling WLG, RSM Canada, Purves Redmond, Integral Wealth Securities, ALOE Finance, CEO.CA, Corporate Counsel, Computershare, ArcStone Securities and Investments, North Star Investor Relations, Options Technology, Red Cloud Securities, Native, and Corpay.

And congratulations to the winning team of Adam Schmidt, David Archer, Tammy Jurca, and Matt Lee!

View the Album: The CSE Open Toronto 2025

Calgary Stampede 2025

Yahoo! In true CSE tradition, our team dusted off our cowboy hats and headed to the world-famous Calgary Stampede to connect with friends and colleagues at our annual Stampede Breakfast.

As always, we had a fantastic morning enjoying delicious pancakes and great conversations.

Until next year!

View the Album: Calgary Stampede 2025

Market Open: Autism Science Foundation Canada

Ahead of the fourth annual Bay Street Rides FAR, we were pleased to host Autism Science Foundation (ASF) Co-Founder and President Alison Singer and other members of the ASF team for a special market open at CSE HQ in Toronto on July 29.

“Bay Street Rides FAR is a day when fierce competitors become united allies in the fight to understand autism. Whether or not you have a personal connection to autism, everyone is welcome to join or support,” shared Alison Singer, who provided insights into the work the organization is doing and its fundraising event, Rides Far.

Until next year!

Watch now: Bay Street Rides FAR for Autism Research in Toronto

August Highlights

This August, we released the latest Precious Metals Issue of Canadian Securities Exchange Magazine, launched our first-ever Western Market Open, and capped off the month with a client appreciation golf day in Québec.

Canadian Securities Exchange Magazine: The Precious Metals Issue

In the latest Precious Metals Issue of Canadian Securities Exchange Magazine, we featured seven CSE listed companies that are pursuing breakthrough discoveries and deploying innovative strategies to unlock value across North America’s top-tier mining jurisdictions.

The issue also featured an interview with CSE Director of Strategic Planning & Brand Development Renée Colyer, who provided insights into her journey to the Exchange and the CSE’s business strategy and branding.

Companies featured in this issue include:

Abitibi Metals (CSE:AMQ)
Blue Lagoon Resources (CSE:BLLG)
Exploits Discovery (CSE:NFLD)
Getchell Gold (CSE:GTCH)
Gold Hunter Resources (CSE:HUNT)
Headwater Gold (CSE:HWG)
Yukon Metals (CSE:YMC)

Read the Issue: Canadian Securities Exchange Magazine: The Precious Metals Issue

CSE Western Market Open: VanCap Rising Leaders

This August, we officially launched the CSE Western Market Open, hosted in partnership with Market One.

To celebrate this milestone, we were joined by the VanCap Rising Leaders, a community of young professionals shaping the future of Canada’s capital markets by building connections across legal, audit, brokerage, and market-making roles.

This new initiative gives CSE listed issuers and the broader markets community in Western Canada more opportunities to connect, celebrate milestones, and strengthen networks.

Watch Now: VanCap Rising Leaders Ring the Bell at the First CSE Western Market Open

11th Annual Summer Golf With the CSE

We closed out a successful August with the 11th annual Summer Golf With the CSE at the Mount Bruno Country Club in Saint-Bruno-de-Montarville, Québec.

Our friends and colleagues from across the capital markets joined us for a fun day of golf, followed by cocktails and dinner.

A big thank you to our event partners, MNP, Fasken, and PBA, and to everyone who joined us in making this year’s event a hole in one.

View Highlights: 11th Annual Summer Golf With the CSE

September Highlights

This September, we closed out the 2025 golf season with one more round of friendly competition in Vancouver, travelled to beautiful Colorado for the Precious Metals Summit, rode our bikes for an important cause, hosted another insightful Going Public event, and took part in a panel during the ArcStone-Kingswood Growth Summit.

The CSE Open Vancouver

The Vancouver edition of our client-appreciation golf tournament, The CSE Open 2025, was the perfect send-off for summer.

We went back to the beautiful Gleneagles Golf Course in West Vancouver this September for a day of networking, camaraderie, and friendly competition. Plus, we were proud to once again support Family Services of the North Shore.

A big shout-out to our premier sponsors, DuMoulin Black LLP, as well as our other valued sponsors, MNP, Endeavor Trust, Haywood Securities Inc., Market One, Treewalk, Investor.Events, Venture Liquidity Providers, and Dog and Pony Studios.

Thank you to everyone who joined us, and congratulations to the team of Aydin Asli, Mark Caplan, Richard Carleton, and Salim Dhanji for taking home the win!

View the Album: The CSE Open Vancouver 2025

Precious Metals Summit Beaver Creek

This September, we returned as a sponsor to the Precious Metals Summit at the mountainside Beaver Creek Resort in Colorado.

Set against stunning backdrops, this year’s edition featured insightful corporate presentations, as well as opportunities to connect with the mining investment community and CSE listed issuers in attendance, including:

Abitibi Metals (CSE:AMQ)
Blue Lagoon Resources (CSE:BLLG)
Exploits Discovery (CSE:NFLD)
Headwater Gold (CSE:HWG)
Kuya Silver (CSE:KUYA)
Yukon Metals (CSE:YMC)

A special thanks to Max Cunningham from the National Stock Exchange of Australia (NSX) for joining us at the CSE/NSX Reception and VIP Dinner, and a big thank you to Gowling WLG, Endeavor Trust, and MNP for sponsoring this year’s reception and to everyone who joined us.

View the Album: Precious Metals Summit Beaver Creek 2025

Bay Street Rides FAR

Bay Street Rides FAR was back for another impactful year, and the CSE was proud to once again participate alongside Toronto’s financial community.

It was great to see such a fantastic turnout for this family-friendly day of walking and biking in support of Autism Science Foundation Canada.

A big thank you to everyone who donated through the CSE page and joined us during the event.

View Highlights: Bay Street Rides FAR 2025

Going Public and Raising Capital in Canada

We celebrated another successful Going Public and Raising Capital in Canada event this September. CSE Director of Listings Development Phillip Shum and Senior Advisor of Listings Development Scott Pritchard had a wonderful time catching up with friends old and new in Halifax, Nova Scotia.

During the event, our lineup of expert speakers, George Huang from MNP, Raj Ghosh from Lebeuf Legal, Bill Zawada from Laurel Hill Advisory Group, Seamus Byrne from MI3 Communications Financières, and Zed Wang from Ferrum CPA Professional Corporation, shared insights into the public markets in Canada.

Special thanks to our sponsors MNP, Lebeuf Legal, Laurel Hill Advisory Group, MI3 Communications Financières, and Ferrum CPA Professional Corporation (FE).

View the Album: Going Public and Raising Capital in Canada 2025

ArcStone-Kingswood Growth Summit

The Exchange was thrilled to be back at this year’s ArcStone-Kingswood Growth Summit as both a sponsor and panelist.

From IPO readiness to new tech frontiers to what’s driving the junior mining markets, the agenda was packed with insights and perspectives on the stories shaping the capital markets of today and tomorrow.

CSE CEO Richard Carleton had the pleasure of speaking on the panel, “IPO or RTO Readiness,” moderated by Gowling WLG Partner Peter Simeon, alongside fellow speakers, ArcStone Securities and Investments CEO Michael Astone, Purves Redmond Limited Partner Mert Guler, and MNP Partner and Regional Leader, Public Companies George Huang.

Plus, we had a wonderful time connecting directly with growth-stage entrepreneurs and other capital markets leaders throughout the day and at the reception.

View the Album: ArcStone-Kingswood Growth Summit 2025

October Highlights

This October was a historic month for the CSE, as our parent company completed its acquisition of the National Stock Exchange of Australia. Plus, we travelled to New York City to host the Global Markets Forum, rang the bell for financial literacy, and joined fellow members of the World Federation of Exchanges for an important gathering in Istanbul, Türkiye.

Acquisition of the National Stock Exchange of Australia

October was a historic month at the CSE. Our parent company, CNSX Global Markets Inc., completed the acquisition of NSX Limited, parent company of the National Stock Exchange of Australia (NSX).

Through this partnership, the CSE will provide financial, technical, and strategic support to the NSX, working closely with the NSX to elevate its competitive position in Australia and meet the needs of early-stage companies in Australia and beyond.

Additionally, this partnership offers the potential for inter- or dual-listing opportunities across the CSE and the NSX for Australian, Canadian, and global companies.

“This is a landmark day in the history of the Canadian Securities Exchange, the National Stock Exchange of Australia, and the entire global marketplace for emerging companies,” said CSE CEO Richard Carleton. “With this acquisition, the NSX is positioned to replicate the CSE’s success in Canada and provide Australia with a public market platform that better meets the capital formation and liquidity needs of entrepreneurial firms. We are confident that the NSX is on the cusp of significant growth in corporate listings, to the great benefit of emerging companies and to Australia’s investment community.”

We look forward to strengthening connections between the Australian and Canadian capital markets.

Global Markets Forum

We had a fantastic time hosting the Global Markets Forum alongside Aquis Stock Exchange and OTC Markets Group at OTCQX Markets Center in New York.

Thank you to the industry speakers and companies that presented at the forum. Several CSE listed issuers also shared insights, including:

Abitibi Metals (CSE:AMQ; OTCQB:AMQFF)
BacTech Environmental (CSE:BAC; OTCQB:BCCEF)
Hillcrest Energy Technologies (CSE:HEAT; OTCQB:HLRTF)
Pharmala Biotech (CSE:MDMA; OTCQB:MDXXF)
Rocket Doctor AI (CSE:AIDR; OTCQB:AIRDF)
Royalties Inc. (CSE:RI; OTCID:ROYIF)
Tartisan Nickel (CSE:TN; OTCQB:TTSRF)

View Highlights: Global Markets Forum 2025

Ring the Bell for Financial Literacy

Aligned with the World Federation of Exchanges’ (WFE) annual “Ring the Bell for Financial Literacy” campaign, we proudly joined exchanges around the world, as well as Michael Porto from the CFA Society Toronto, to ring the bell for financial literacy, highlighting the importance of financial education and informed participation in global capital markets.

Watch Now: CSE Rings the Bell for Financial Literacy | October 9th, 2025

The 64th WFE General Assembly & Annual Meeting

As a proud member of the World Federation of Exchanges, the CSE was honoured to attend the 64th WFE General Assembly & Annual Meeting on October 21-23 in Istanbul, Türkiye.

The General Assembly brings together CEOs and executives from member exchanges worldwide to help shape the future of global markets, while the Annual Meeting unites exchange leaders, regulatory authorities, academics, and media experts to discuss major issues surrounding the exchange industry.

CSE Chief Legal Officer and General Counsel & Corporate Secretary Tracey Stern and CFO Mary Anne Palangio represented the CSE and enjoyed participating in key discussions, sharing insights from a Canadian capital markets perspective, and taking in the sights and sounds of Istanbul.

View Highlights: The 64th WFE General Assembly & Annual Meeting

November Highlights

In November, we teamed up with Blue Jays legend José Bautista in support of SickKids Foundation, returned to the Red Cloud Fall Mining Showcase, travelled to Switzerland for an exclusive mining event, connected with the investor community over a cocktail in Montréal, and proudly presented a cheque for a good cause.

Market Close: The Bautista Impact Fund

On October 31, the CSE was honoured to welcome Toronto Blue Jays legend José Bautista for a special market close in support of The Bautista Impact Fund and SickKids Foundation.

Just hours before legendary Game 6 of the World Series, friends of the Exchange came together for an unforgettable afternoon, raising vital funds to help SickKids continue its life-changing work for children and families.

“SickKids is a great hospital. They help families in dire need and save people’s lives every single day. I highly encourage you to go out there and help them as much as you can,” said José Bautista.Thank you to José Bautista, our friends, and sponsors, including Urbana Corporation, Caldwell Securities, Sparx Publishing Group, RSM Canada, Norton Rose Fulbright, Gowling WLG, MNP, and ITG, for rallying to raise vital funding for a good cause.

Watch Now: José Bautista Closes the Market in Support of SickKids | October 31, 2025

Red Cloud Fall Mining Showcase

It was great to be back as a sponsor at the Red Cloud Fall Mining Showcase, presented in partnership with PearTree.

CSE Director of Listed Company Services Dimitri Giller and Director of Listings Development Phillip Shum enjoyed connecting with peers in the mining and capital markets communities over two days of keynote presentations and networking opportunities.

Plus, it was a pleasure to see many CSE listed issuers attend and present, including:

Ares Strategic Mining (CSE:ARS)
ESGold (CSE:ESAU)
Foremost Clean Energy (CSE:FAT)
Libra Energy Materials (CSE:LIBR)
McFarlane Lake Mining (CSE:MLM)
Mustang Energy (CSE:MEC)
Neotech Metals (CSE:NTMC)
Strathmore Plus Uranium (CSE:SUU)

View The Album: Red Cloud Fall Mining Showcase 2025

Precious Metals Summit Zürich

We had a fantastic time in Zürich, Switzerland, attending and sponsoring the Swiss-based independent investment conference, Precious Metals Summit.

This exclusive event brought together select European investors to meet and engage with explorers, developers, and emerging producers of gold, silver, and platinum group metals from around the world.

CSE Director of Listings Development for Western Canada Anna Serin enjoyed connecting with new and familiar faces from the global mining, exploration, and capital markets communities at the conference.

Plus, it was great to catch up with the CSE listed companies attending, including:

Abitibi Metals (CSE:AMQ)
Myriad Uranium (CSE:M)
Exploits Discovery (CSE:NFLD)
Yukon Metals (CSE:YMC)

View The Album: Precious Metals Summit Zürich 2025

PBA 5à7 Investor Cocktail Event

The CSE team had a wonderful time attending the PBA 5à7 Investor Cocktail event in Montréal this November.

CSE Senior Advisor of Listings Development Scott Pritchard enjoyed presenting news on the acquisition of the National Stock Exchange of Australia and catching up with friends and colleagues in the investor community over cocktails, including CSE listed issuer 55 North Mining (CSE:FFF).

View Highlights: PBA 5à7 Investor Cocktail Event

Cheque Presentation for The Bautista Impact Fund

Following our special market close fundraising event with baseball icon José Bautista in support of The Bautista Impact Fund, the CSE was proud to personally present a cheque of $20,000 to SickKids in Toronto on November 20.

It was an honour to once again be joined by Mr. Bautista for this special occasion, consisting of the cheque presentation and tour of the hospital to see where the proceeds will directly impact.

Thank you to José Bautista, our friends, and sponsors for helping to raise vital funds to support SickKids in its life-changing work for children and families.

View Highlights: Cheque Presentation for The Bautista Impact Fund

Podcasts, The Exchange for Entrepreneurs

Chris King on Listing Local, Trading Global | The CSE Podcast S4-E4

Audio November 20, 2025 CSE Blogger

On the latest episode of The Exchange for Entrepreneurs Podcast, the CSE’s James Black sat down with Chris King, Senior Vice President, International Corporate Services at OTC Markets Group, for an in-depth look at the benefits for CSE listed companies to quote on the OTCQX and OTCQB markets, steps to prepare, reference clients, maximizing the quote, and more.

#AlwaysInvested

Subscribe: Apple Podcasts / Spotify / Stitcher / Google Podcasts / iHeart / RSS

CSE Issuer Stories, Magazine

Disciplined, Systematic Development in Newfoundland’s Untapped Gold Frontier

October 1, 2025 Angela Harmantas

Gold Hunter Resources (CSE:HUNT; OTCQB:HNTRF) is not just another junior explorer with a big land package. It is a team that delivered meaningful shareholder value in 2024 and is now returning to Newfoundland with a fully consolidated district, deep technical leadership, and a strategy rooted in data, geology, and discipline.

At the heart of the company’s plan is the Great Northern Project, a 26,000-hectare district-scale land package running along the Doucers Valley Fault. While nearly 500 historical drill holes exist, they are concentrated in just four small areas. In contrast, 18 gold-bearing trends remain virtually untested. The result is a rare mix of scale, infrastructure access, and near-term upside in one of North America’s most supportive mining jurisdictions.

In 2023, Gold Hunter sold its initial Newfoundland asset to FireFly Metals in a transaction valued at over $30 million. More than $25 million worth of FireFly shares were issued directly to Gold Hunter shareholders, creating immediate and tangible value during a quiet junior market.

But the exit was not the end of the story. Just 5 kilometres from the original ground, Gold Hunter began consolidating an even larger opportunity. Through more than 10 separate transactions with private holders and small operators, the company unified a 50-kilometre trend along the Doucers Valley Fault. This marked the first time this corridor has ever been controlled by a single entity.

The company’s success in quietly acquiring these projects ahead of better-capitalized competitors has set the foundation for something bigger.

The Great Northern Project follows a proven structural template: a major regional fault with multiple mineralized splays, hosted in rocks nearly identical to those at Equinox Gold’s Valentine Project.

“Although this is structurally complex like most mineralized gold systems, our approach is systematic,” says Chief Executive Officer Sean Kingsley. “Once you understand the controls, you can start stringing deposits together. It’s a classic string-of-pearls model.”

That model has worked well at Valentine. Starting with a small initial resource, it was built into a 5-million-ounce system with clear continuity and expanding scale. Gold Hunter sees Great Northern as following that same path, with a more advanced starting point thanks to nearly 500 legacy drill holes, robust geochemical coverage, and district-scale consolidation already complete.

Rather than rush into drilling, Gold Hunter spent three months in 2024 compiling the first full district-scale dataset ever assembled in this region. The team aggregated historic work from over a dozen sources, including past operators, government surveys, and private holders, into a single coherent exploration model.

The database includes more than 36,000 soil samples, 7,700 rock samples, 500 lake and stream sediment samples, 660 till samples, 5,700 mapped outcrops, multiple smaller geophysical surveys, and over 66,000 metres of historical drilling. That effort revealed high-priority trends that had previously fallen through the cracks due to fragmented ownership and limited budgets.

“Now that we’ve compiled the data, we’re layering in geophysics to take it further,” says Kingsley. “The VTEM survey we’re flying over the entire district will help us pinpoint new structural corridors, extensions of known zones, and areas that were never tested properly.”

Gold Hunter’s project is located in one of the most mining-friendly and accessible regions of Canada. Infrastructure is already in place, including hydroelectric power on site, highway access within walking distance, a mill located just over the ridge, and a deep-sea port facility just a few kilometres away.

“These are the things that matter when you’re looking to build value fast,” Kingsley says. “We don’t need to build roads, power lines, or ship ore across the country. We’re right where we need to be.”

In addition, Newfoundland and Labrador offers supportive permitting frameworks, experienced local workers, and a government eager to promote responsible resource development. These are factors that continue to attract serious exploration and development activity across the province.

Unlocking regional-scale gold systems takes more than ground. It takes people who understand how these systems behave.

Gold Hunter’s technical lead, Rory Kutluoglu, brings both geoscience and geophysics expertise and played a key role in Kaminak’s Coffee Gold deposit, which was acquired by Goldcorp for US$520 million. He sees Great Northern as another high-potential system, this time with infrastructure and historical drilling already in place.

On the ground, veteran Newfoundland geologists Tanya Tettelaar and David Copeland offer unmatched local knowledge. Tettelaar spent six years as exploration manager at Marathon Gold, helping advance Valentine through its critical growth phases. Copeland has worked directly on parts of the Great Northern land package for over a decade and was instrumental in building the Goldboro deposit, now part of NexGold.

“This is one of the strongest technical teams I’ve worked with,” says Kingsley. “We’ve got national-level discovery experience and local geological intuition coming together. That’s how you de-risk exploration.”

Kingsley himself has been active in Newfoundland and Labrador since the early 2010s and sees the province as one of the last places in North America where major new discoveries are still possible.

With a past win under its belt, a fully consolidated district, an expansive geological and geophysics dataset, and a proven technical team, Gold Hunter is positioned to help write the next chapter of Newfoundland’s gold story.

The company has completed its initial VTEM survey and is in the midst of ground truthing drill targets for 2025. Every metre will be guided by data. Every target will build on a district-wide vision.

“We’ve done the hard work. Acquisition, compilation, modelling, and survey execution,” says Kingsley. “Now it’s time to drill. And we know exactly where to start.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Gold Hunter Resources https://goldhunterresources.com/.

CSE Issuer Stories, Magazine

Focused Portfolio and a Smart Business Model Give This Explorer Every Chance at Success

September 24, 2025 Emily Jarvie

The Western United States has long been one of the world’s most attractive jurisdictions for mineral exploration. The Carlin Trend and other well-known districts provide the prospectivity, while local familiarity with mining and supportive policy give exploration companies comfort that they can realize value from any deposits they might discover.

Headwater Gold (CSE:HWG; OTCQB:HWAUF) is advancing multiple projects in two western states – Nevada and Idaho – and its team could not be happier with what it is seeing.

“There are certainly a lot of tailwinds for the mining industry in the western part of the U.S. right now,” Headwater Gold President and Chief Executive Officer Caleb Stroup tells Canadian Securities Exchange Magazine. “And that’s especially true in jurisdictions like Nevada that have a strong mining culture in existence already. The local communities understand mining, the permitting systems are in place, and we’re seeing signs of improvement in timelines, as directed by the current administration.”

Headwater’s business model blends the traditional approach of direct-funded discovery with a prospect generator strategy designed to broaden exploration exposure while minimizing shareholder dilution.

“Our view is that, especially in early-stage exploration, you need to take a portfolio approach and have multiple targets that are being tested at any given time. That simply gives you a better probability for making a discovery,” Stroup explains.

The CEO also acknowledges the challenges for juniors in relying exclusively on public or private markets to raise capital for exploration.

“There is a pool of capital in larger companies looking for good exploration ideas, especially in places like Nevada, which is one of the best, if not the best, mining jurisdictions in the world,” Stroup says.

“We chose to build something that was a combination of raising money ourselves to explore our 100% owned projects and leveraging partner-funded capital to advance more projects, to offer scale to our exploration and shareholders.”

For a company of its size, Headwater Gold’s lineup of partners is impressive. One of the most notable is its two-project deal in Nevada with Newmont Corporation, the world’s largest gold producer.

Originally signed with Australian producer Newcrest Mining, the agreement was carried forward following Newmont’s acquisition of Newcrest in 2023.

Under the arrangement, Newmont is earning into Spring Peak and Lodestar, two epithermal projects in Nevada’s Walker Lane Trend, which has attracted attention in recent years following a Tier 1 discovery made by AngloGold Ashanti at its Silicon Project.

Centerra Gold, a major gold producer, also became a key partner last year, taking a 9.9% equity stake in Headwater.

The numbers behind Headwater’s partnerships are significant. Using Newmont’s earn-in deal for the Spring Peak project as an example, Stroup says that the company always starts with a minimum commitment.

At Spring Peak, this was US$5 million minimum in exploration work, as part of a $15 million Stage 1 earn-in for 51% ownership. If that threshold is reached, Newmont can earn up to 75% by completing a prefeasibility study and granting Headwater a royalty, specifically a 2% net smelter return (NSR) on staked ground or 1% on small third-party parcels, following an additional US$40 million in exploration work.

“These are fairly big dollar numbers, both in terms of the minimum exploration commitment but also the ongoing earn-in exploration structure,” Stroup says.

On July 22 of this year, Headwater signed a letter of intent with OceanaGold covering three projects in northern Nevada: TJ, Jake Creek, and Hot Creek. The deal includes a minimum spending commitment by OceanaGold of US$2.5 million across the projects in the first two years of the agreement. OceanaGold could earn 75% of the projects with total exploration spending of US$65 million, completion of prefeasibility studies, and the granting to Headwater of 1% NSRs.

In the case of both the Newmont agreement and the OceanaGold partnership, Headwater is the project operator, collecting a 10% management fee on all exploration work it carries out.

“That allows us to have fairly close technical control as to what’s taking place on the ground,” Stroup says. “It also provides a mechanism for us to fund a lot of our ongoing costs at the corporate level with that 10% management fee, resulting overall in a very low burn rate, which over the last couple of years has been nearly net neutral despite all the activity in the portfolio.”

With five projects currently under partnership, Headwater is also advancing its 100% owned projects. Two standout assets are Midas North in Nevada and Crane Creek in Idaho.

At Midas North, Headwater holds the northern end of the historic Midas Mining District. Immediately to the south of Headwater’s land package is the Midas mine complex, where over 2 million ounces of gold and over 25 million ounces of silver were extracted from high-grade epithermal veins by various operators between 1998 and 2019.

Despite its proximity to the past-producing mine, the property is largely untested. Headwater’s early drilling and geologic mapping have defined a preserved alteration cell, indicating a potentially intact epithermal system at depth.

“There are some very interesting targets that are emerging and we think we really have a shot at a Midas-type discovery,” Stroup states.

Meanwhile, at Crane Creek, Headwater sees similar overlooked potential. Located in western Idaho, the project features a 4-kilometre-long gold anomaly and historic drilling that returned several high-grade intercepts.

Headwater’s recent work has also identified a higher-grade vein system which was previously untested. Surface sampling has returned multiple samples exceeding 5 grams per tonne gold, suggesting the potential for a vein-hosted discovery, according to Stroup.

With partner funding and internal targets lined up, Headwater is preparing for multiple drilling programs in the coming year.

Notably, Newmont-funded exploration is expected to kick off at the Lodestar project, located at the northern end of the Aurora Mining District and adjoining Spring Peak.

“This is the target area that we’ve been developing for the last couple of years now and remains probably the highest-priority undrilled target in the district, in my view at least,” Stroup says. “We’re waiting for one final permit to get going this fall here, and that’s progressing through. So that’ll be a good piece of news to watch for as that program develops.”

As part of its newly announced partnership with OceanaGold, it is expected that drilling will commence at the TJ project in the latter half of 2025. This will bring Headwater’s partner-funded drill programs to at least two by year-end.

Behind Headwater’s success is a team of veteran geologists with experience in both major and junior exploration.

Stroup himself spent years in the field with Kinross Gold before founding Headwater. Chairman Alistair Waddell held senior roles at Kinross and has decades of experience in global gold exploration. The company recently added Fraser MacCorquodale, former Global Head of Exploration at Newcrest, to its board.

This technical credibility has been a key factor in building trust with major partners, Stroup believes.

“Our experience with the majors at the corporate level is in large part the reason why we’ve been able to build their trust and establish so many partnerships. With these earn-in partnerships, we can give shareholders a great shot at a new discovery and exploration upside but minimize the dilution required to get there.”

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Headwater Gold at https://headwatergold.com/.

CSE Issuer Stories, Magazine

High-Grade Gold Projects in Eastern Canada Form Basis for Resource Expansion Plan

September 17, 2025 Ian Lyall

It’s a good time to be in the gold exploration business, and even more so if you have projects in safe jurisdictions, given the current geopolitical environment. That said, exploration brings its fair share of challenges: you need a special combination of project quality, personnel, and the knack to create your own good fortune in order to come out on top.

From that perspective, Exploits Discovery (CSE:NFLD; OTCQB:NFLDF) seems built for success. Focusing on well-known mining districts in Eastern Canada and projects that have yielded some truly outstanding drill results, Exploits quickly put together an initial historical resource base and is advancing a plan to expand it in the shortest time possible.

With an accomplished team, healthy treasury, and the backing of one of the most successful investors in the history of mining, the future looks bright.

Exploits Discovery Chief Executive Officer Jeff Swinoga spoke with Canadian Securities Exchange Magazine about developments to date and where he sees the company going over the near and medium terms.

Let’s begin with an overview of your objectives at Exploits Discovery and where you stand with progress thus far.

Our goal is to build Exploits into a premier gold exploration company. We’ve transformed the company from having no gold ounces to a historical resource of nearly 700,000 ounces in under two months.

Exploits’ projects are located in three top-tier mining regions: Ontario, Québec, and Newfoundland. We’ve structured our portfolio to combine historic gold resources with meaningful exploration upside. The goal is to deliver sustained growth, long-term shareholder value, and leadership in the sector.

Having strong cash reserves and the discipline to carry out proper due diligence gave us the agility to seize these opportunities quickly.

Let’s begin our look at the projects with the Hawkins Gold Project in Ontario. Why is Hawkins exciting for your team?

Hawkins is a district-scale opportunity. We have an option to acquire 100% of the project, which sits on a 60-kilometre greenstone belt geologically similar to the Hemlo deposit. The Hemlo Mine is one of Canada’s most prolific, with over 21 million ounces of gold produced. Hawkins currently has a historic inferred resource of roughly 328,000 ounces at 1.65 grams per tonne gold, and mineralization is open along strike and at depth.

Our focus is on permitting, prospecting, stripping, and geophysical surveys that will enhance the understanding of several prospective areas and could lead to priority future drill targets and drilling to expand that resource. Current prospective areas include both east and west along strike of the historic McKinnon Zone and multiple locations that have reported historic gold showings.

You’re also active in Québec. What’s the strategy there?

Québec offers both scale and flexibility. We have three drill-ready properties: Benoist, Wilson, and Fenton. All are located in established mining districts with excellent infrastructure.

At Benoist, we’ve got two gold zones with historic indicated resources of around 134,400 ounces at 2.87 grams per tonne gold and inferred resources of 107,000 ounces at 2.3 grams per tonne. That project alone has room to grow.

Wilson, just 15 kilometres from Benoist, covers 1,750 hectares and hosts three known gold zones. Previous drilling traced mineralization over 700 metres of strike, 350 metres of width, and 300 metres of depth with some historic intercepts up to 43.3 grams per tonne gold.

Fenton is a high-grade story. We’re looking at 12 gold zones across 671 hectares, with a non-compliant historical estimate of 426,173 tonnes grading 4.66 grams per tonne gold. One standout result showed 356 grams per tonne gold over narrow widths. We’re progressing through permitting and lining up trenching, sampling, and geophysical work ahead of drilling.

And in Newfoundland?

We’ve secured 100% owned claims along the Appleton Fault Zone and Dog Bay Line, right next to New Found Gold’s recent 2-million-ounce discovery. It’s a very strategic position we have created.

We’ve already identified two zones with high-grade assays. Horseshoe returned 38.2 grams per tonne gold over 2.8 metres, and Saddle yielded 67.55 grams per tonne gold over 3.3 metres with visible gold. Our regional till sampling shows gold grain counts well above background levels, highlighting strong discovery potential.

What’s ahead for the second half of 2025?

On each of our properties, we’re advancing permitting, prospecting, stripping, and geophysical surveys that will enhance the understanding of several prospective areas and could lead to priority future drill targets. We will also be preparing drill programs at our highest-priority targets. The plan is to deliver drilling results later this summer or early autumn. Those results will feed into updated resource estimates.

We’re also evaluating joint ventures for non-core assets to sharpen our focus on the highest-grade opportunities.

What sets Exploits Discovery apart in a crowded junior mining space?

It comes down to four things: scale, location, financial flexibility, and upside.

We have a combined historical resource base of approximately 680,000 ounces of gold across four projects in some of Canada’s top-tier mining jurisdictions, including Ontario and Québec. All of our assets are in established structural gold belts with strong infrastructure and a history of production. This gives us a de-risked, geographically diverse foundation.

As I said earlier, and this should never be underestimated, we’re also well-funded and we’re positioned to move quickly on opportunities. That strength allowed us to secure multiple high-quality projects in a matter of weeks.

Another key point is our valuation. We’re currently trading at around $6 per ounce of gold in the ground, while peers typically trade between $40 and $50 per ounce. And there’s multiple potential re-rating catalysts ahead, including drill results and possible resource updates.

And finally, the upside. All of our projects are open at depth and along strike, with multiple drill-ready targets. Our plan is straightforward: build ounces, expand resources, and unlock value. Whether that’s through organic growth, joint ventures, or strategic combinations, we’re structurally set up to grow.

Exploits has a well-known backer in Eric Sprott. What does that mean for the company?

Eric Sprott owning 14% of our shares is a strong vote of confidence in our team, our strategy, and our assets. His involvement signals to the market that we’re building something with real potential.

Tell us a bit about yourself and the team.

I’ve spent about 27 years in mining, starting at Barrick Gold, then moving on to CFO roles at Hudbay Minerals and North American Palladium. I also served as CEO at First Mining Gold and was the national mining leader at EY. I’ve worked on projects all over the world, from Argentina and Ghana to Mexico and Canada.

Shanda Kilborn, who leads corporate development and investor relations, has nearly two decades of experience with junior miners, including Abitibi Royalties. Our technical advisor, Dr. Natalie Pietrzak-Renaud, brings over 20 years of multi-commodity exploration experience across gold, rare earth elements, diamonds, and base metals. She holds a PhD in Geology from Western University and is a registered professional geoscientist in Ontario, the Northwest Territories, and Nunavut.

What’s the long-term outlook for Exploits Discovery?

It’s simple. We are focused on growing ounces and improving grade, new potential acquisitions, and new gold discoveries.

As I said at the start, we have established a solid foundation to grow our company for the benefit of our shareholders.

This story was featured in Canadian Securities Exchange Magazine.

Learn more about Exploits Discovery at https://www.exploitsdiscovery.com/.

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