All posts by CSE Blogger

Magazine

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

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

Over the past twelve months, the global economic landscape has shifted. Gold surpassed US$5,000 per ounce, and the conversation around critical minerals has moved decisively from economic opportunity to strategic necessity. The momentum in mining and mineral exploration is indicative of their importance to the Canadian public markets in general and to the CSE in particular.

As the final edition of our magazine, this issue also marks a shift in how the CSE provides a platform for entrepreneurs’ stories. Though the format may change, our commitment to amplify issuer stories to the world does not. The CSE remains always invested in the companies and the people shaping what comes next.

In this special final issue of Canadian Securities Exchange Magazine, we feature 10 CSE listed companies, spotlighting global stories of Canadian mining, exploration, and entrepreneurial excellence.

The CSE listed companies featured in this issue include:

Check out the Mining Issue of Canadian Securities Exchange Magazine here:

Magazine

Meet National Stock Exchange of Australia Managing Director and CEO Max Cunningham

Tell us a bit about yourself. What was your journey to the NSXA?

I’ve been in capital markets for over 30 years. I was a foundation employee when Macquarie Equities opened a retail broking business in Australia in 1994 and was sent to London with Macquarie in 1997 to help build out the U.K. institutional business. 

In 2004, I moved to New York to perform a similar role with Goldman Sachs, before returning to Australia to head up Goldman’s capital markets business in 2008. I shifted to ASX and the exchange world in 2013, where we built a strong franchise around tech listings, including achieving great success in the U.S., Israel, and Ireland. 

Exchanges play an important role in helping companies raise capital, and I believe that role had been increasingly neglected in Australia. The National Stock Exchange of Australia (NSXA) was attractive to me as an underutilized public market with a valuable listings licence. I saw a great opportunity to rebuild the NSXA as a competitor in the venture and start-up space, very similar to CSE’s successful execution in Canada.

For those of us who are unfamiliar with the NSXA, can you please provide a bit of background on the exchange, as well as some context around the current challenges and opportunities for public companies in the Australian capital markets?

The National Stock Exchange of Australia has been around in various guises for over a century. Part of its history includes the Bendigo Stock Exchange, formed in the 1860s to fund the Victorian gold rush. This century, NSXA has led many innovations, including tokenizing wine units in 2002, trading taxi plates in 2006, and, more recently, operating a market for agricultural cooperatives to trade shares.

As CEO, what is your vision for NSXA over the next few years? For this partnership?

Our goal is simply to innovate and compete. On the innovation front, we intend to invest in cutting-edge technology to improve trading capability, provide additional services, and expand our listings offering. Competition is something you create as an exchange, and the reality is that small miners, pre-revenue tech, and life sciences companies are increasingly finding it difficult to IPO in Australia, and we can assist with that. The same applies to junior explorers listed in Canada.

Our partnership with CSE will assist on all fronts. It offers experience and expertise in a similar market, provides technology and marketing support, and a great existing network of issuers to call upon. Moreover, Australians and Canadians are natural allies. The NSXA and CSE teams have clicked together very well. That’s obviously great for our staff, but it’s also beneficial for our customers and other stakeholders.

The collaboration opens the door for, among other things, dual listings. What are the benefits for retail investors and public companies in both Australia and Canada?

In reality, we have similar markets and economies, with large pension plans and individual investors looking at opportunities, especially in the mining sector. In my view, Canada and Australia have slightly different investment, risk, and interest rates cycles, with Canada slightly skewed toward the U.S. and Australia toward Asia. This often presents “valuation arbitrage” that companies can potentially benefit from by being listed in both markets. The prospect is exciting.

Looking ahead, how do you expect Australia’s capital markets landscape will evolve, especially as it relates to international opportunities?

Australian pension pools are growing exponentially, and there is a big drive to invest in local tech and keep those businesses local, especially their intellectual property. This combination should see more international opportunities to dual list so as to take advantage of that combo. Indeed, the Australian government has committed AUD$1 trillion of investment in the U.S. over the next decade. There’s no reason why a large part of that can’t be realized through dual listing opportunities. As I look ahead, I see a dynamic and healthy future.

Magazine

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

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:

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

CSE Performance, Featured

Canadian Securities Exchange CEO Richard Carleton Year-End 2025 Interview

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

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:

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: 

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:

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:

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:

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:

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:

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: 

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.

Read More: Canadian Securities Exchange’s Parent Company Completes Acquisition of National Stock Exchange of Australia

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:

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:

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:

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

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

Magazine

Canadian Securities Exchange Magazine: The Precious Metals Issue – Now Live!

Welcome to the latest issue of Canadian Securities Exchange Magazine, your source for in-depth stories of entrepreneurs from a wealth of different industries.Despite the all-time highs in markets and key assets, public companies have faced significant headwinds. The constant whipsaw of announcements related to tariffs and trade policy has fuelled economic uncertainty and ultimately made it increasingly more difficult for growth-stage public companies to raise capital. Challenging as times may be, many CSE listed companies are actively advancing precious metals projects across Canada and bringing Canadian expertise to projects abroad, highlighting the country’s leading role in the global mining and mineral exploration spaces. 

In this issue of Canadian Securities Exchange Magazine, we feature 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 CSE listed companies featured in this issue include:

Check out The Precious Metals Issue of Canadian Securities Exchange Magazine here:

Magazine

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

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

Businesses are facing an operating landscape marked by mounting political tensions, rapidly shifting climate and trading realities around the world, and continuously evolving technology – particularly artificial intelligence (AI) – driving an unprecedented velocity and scale of change. However, despite the enormous challenges currently confronting business and capital markets leaders, we are also witnessing the tremendous resilience, ingenuity, and leadership from companies on the Exchange and across the Canadian economy more broadly. 

In this issue of Canadian Securities Exchange Magazine, we feature six CSE listed technology companies leveraging AI and nanotech to transform everyday systems that improve our health, well-being, and livelihoods.

The CSE listed companies featured in this issue include:

Check out the Technology Issue of Canadian Securities Exchange Magazine here:

Magazine

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

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

While divisive and inflammatory rhetoric might dominate media coverage and skew perceptions of Canada’s stance in the world, the reality is that there is no question among seasoned business leaders worldwide that Canadian mining, exploration, and capital markets expertise is second to none. 

In this 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: 

Check out the Mining Issue of Canadian Securities Exchange Magazine here:

CSE Performance

Canadian Securities Exchange CEO Richard Carleton’s Year-End 2024 Interview

One of the reasons financial markets never lose their vast audience is that they constantly evolve. Whether the change makes investors happy or not, there is always something new taking place, and one day is never the same as the next. It is a dynamic that was on full display once again in 2024.

Large-cap stocks remained strong, with broader indices setting dozens of daily closing records. And while not fully keeping pace, small-cap stocks finally caught a break in 2024, with those in the Canadian market benefiting from several months during which it seemed like gold was reaching a new all-time high every day. Retail trading staged a resurgence in the second half of the year, and institutional investors returning to the Canadian junior market became a frequent topic of conversation.

The Canadian Securities Exchange continued its evolution as well, and in May, celebrated its many successes over the 20 years since it became recognized as a stock exchange by the Ontario Securities Commission. The Exchange also undertook policy and other adjustments to business lines, joined an important global organization for exchanges, and went into the end of the year positioned to take advantage of renewed interest in cryptocurrencies and other digital assets.

With 2025 just around the corner, Richard Carleton, CEO of the CSE, shares his thoughts on Canadian market performance during 2024, the outlook for the year ahead, and previews important new initiatives that issuers and investors will surely want to watch.

In 2024, the CSE celebrated its 20th year as a recognized exchange. Issuers raised more than $26 billion in capital over the course of those two decades, and the CSE became one of the fastest-growing exchanges in the world. What does this milestone mean to you and to the broader CSE team, many of whom have been with the Exchange for a large part of their careers?

Our team takes a lot of pride in the success that the organization has experienced, and particularly in the last 10 to 12 years. It’s fair to say that the first 10 years were quite challenging, as we fought to become a meaningful part of the Canadian capital markets.

We are extremely pleased, not just with the achievements of the organization itself but those of CSE issuers as well. Companies have raised more than $26 billion through the facilities of the CSE, and being part of that means we have helped to foster the creation of new industries in Canada, the United States, and beyond.

The CSE has been part of several key investment themes over the last 10 to 15 years, whether it was the development of the cannabis industry in Canada and the U.S., or as is the case in the current market, the mining industry. The mining industry is vibrant, both in the so-called battery metals sector, which hopes to provide the needed materials to support the decarbonization of the economy as well as the precious metals group, which is riding the wave of record highs in the price of gold this year.

We’re very happy that we have made it this far, but our work isn’t done by a long shot. We look forward to continuing to help Canadian entrepreneurs, and entrepreneurs from around the world, tap into the Canadian public capital markets.

In June, the CSE announced that it had been recognized by the World Federation of Exchanges (WFE), the world’s foremost group for exchanges and clearing houses. What benefits do you anticipate membership will bring?

I’m actually just back from the annual meeting and general sessions of the World Federation of Exchanges in Kuala Lumpur, Malaysia, so I’ve had a chance to witness the organization operating first-hand.

Our move to join the WFE reflects the reality that a lot of our issuers are looking beyond Canada for capital. We see issuers going to the United States, the U.K., Europe, Australia, and South Asia for money. Raising money locally is a challenge in Canada.

As our issuers look beyond Canada, we need to be out there ahead of them to explain to local investors and investment funds that we are part of the Canadian capital markets framework, and one of the aspects of that is undergoing the process we did to become a member of the World Federation of Exchanges.

Our policies, procedures, and rules were vetted by three exchanges: the Warsaw Stock Exchange, B3 in Brazil, and the Johannesburg Stock Exchange, to ensure that we meet global standards for issuer regulation and investor protection. That provides overseas investors looking to trade or invest in companies listed on the CSE the assurance that we meet the standard that the WFE represents.

CSE issuers have been noticeably more active raising capital in 2024. Which industry sectors led the way, and have investors shifted priority with regard to the sectors they are most interested in?

As I mentioned before, the mining industry, and in particular precious metals exploration companies, have been the leaders in terms of the number of financings completed. They tend to be on the smaller side because the needs of early-stage exploration companies are certainly not the same as companies looking to do significant expansions, so they are not looking for hundreds of millions of dollars at one time.

We have also seen some interest in companies that have integrated artificial intelligence solutions into their product offerings. Of course, with the increase in the price of a number of cryptocurrencies over the last six to 12 months, a lot more interest has come back into the blockchain and crypto space.

The big numbers continue to come out of the cannabis sector, but in terms of the number of financings completed, it is the mining exploration group that is leading the way at this point.

Many market participants believe the second half of 2024 provided a more encouraging operating environment for smaller Canadian public companies than the first half. What were the factors behind this and how did they influence the broader operating environment for issuers and for the CSE itself?

I would say that it was the first three quarters that really weren’t very good, from either a trading or capital formation perspective. And I think it is fair to say – and I am not being controversial in any way – that the federal government’s approach to capital gains inclusion was a significant negative for companies looking to raise capital in Canada. I mentioned earlier that we are seeing our companies go out from Canada more and very much looking to the United States, in particular, for capital.

I don’t think there is any doubt that the decrease in interest rates beginning earlier this year helped fuel both the opportunity for companies to raise capital as well as secondary market trading activity. We were at a very low ebb for the first three quarters of the year, but recently there has been about a 50% jump in trading activity across Canada, and certainly, the CSE has more than done its part in contributing to this increase in activity. The interest rate picture is one aspect of it, and the volatility we have seen in the marketplace around the U.S. election and since has been a factor.

I hope it is sustainable into the new year, as it tends to be a leading indicator of more activity on the listings and capital formation front. As entrepreneurs see more trading activity, and thus more interest in the junior capital markets, they, and investors, are far more likely to support new companies coming into the market.

The CSE’s trading and data operations are closely related but also can be viewed as separate business lines. How has each performed in 2024?

People often ask about the relationships between the different business lines at the Canadian Securities Exchange, or any stock exchange. First and foremost, it begins with the issuers. If you don’t have interesting companies that are making progress toward achieving their goals, it is unlikely that people are going to trade the stocks or be interested in the market data related to those companies. So, where it really starts is having a group of companies that investors in Canada and beyond are interested in owning.

With that, as I mentioned earlier, trading levels on the CSE and other Canadian markets have been very low, and I mean levels that we have not seen since 2013 and 2014. It was a very challenging environment.

During that time, we made some changes to our market data policies. Effectively, we have increased some prices for the first time since 2016 in the market data segment. It was a significant bright spot for the results of the organization over the course of the year, and in fact, as the team worked to implement the new pricing and policies around connectivity and access to some of the Exchange’s services, we identified additional customers. As a result, the performance of the market data business has been very strong in 2024.

The CSE welcomed Rektron Group as its second Senior Tier issuer in 2024. What has the overall pace of new listings been? And how does the CSE’s new listings activity rank within the broader Canadian exchange landscape?

The pace of new listings has been quite slow. In fact, not since back into the earlier teen years of this century have we seen such low levels of activity. It has picked up somewhat but delistings over the course of the year exceeded the number of new issuers we welcomed. Unfortunately, we are in a position in the business cycle where the overall number of companies listed on the Exchange at the end of the year will be smaller than what we started with.

That said, we have seen a pickup in activity, particularly since September. Over the last two quarters, we have been listing about half of the companies coming to market in Canada, which is close to historic norms. Perhaps we did a little better in 2022, and particularly in 2021. But, as I say, I am encouraged that we are seeing an increase in the number of companies coming in, and more importantly, an increase in the number of applications that our team is receiving, indicating that we should see a little bit of strength in the new year.

It is clear from CSE press releases that the Exchange’s team has been on the road quite a bit in 2024, attending conferences and meeting foreign executives and industry leaders. The United States seems to be a particular focus. Can you discuss the strategy for international outreach at the CSE?

One of the things people need to appreciate is that a Canadian reporting issuer can access the same prospectus-exempt capital formation techniques that a U.S. reporting issuer can use in the United States. What that means is that without becoming a company that is a reporting issuer with the SEC or listing on Nasdaq or the New York Stock Exchange, you can actually do private placements in the U.S. with U.S. investors using only your Canadian Securities Exchange listing. And the same is true for the other Canadian exchanges.

Given that the U.S. is the largest capital market in the world by a substantial margin – I believe the number is currently something like 62% of the world’s equity market capitalization – it means companies listed on the CSE have a tremendous opportunity to raise money in the U.S. without the significant additional cost that would be undertaken if they were to list on one of the national market system exchanges there.

That has definitely become a real focus for us. As I say, things have been a little tough in Canada over the past year and a half, whereas the U.S. markets have been significantly more robust. There is more risk capital available in the U.S. for entrepreneurs as well. U.S. investors are very interested in the battery metals and the energy metals, and they have been supporting that investment theme for the last two or three years.

But our companies have also gone further offshore. For example, companies in the gold exploration sector, in particular, have always attracted a strong following from Germany and Switzerland. We see our issuers going there for capital formation, as well as to engage in investor relations roadshows and other activities. Many also ensure that their website and continuous disclosure materials are available in the German language.

So, again, that means that we have to be there making sure that local investors understand who the Canadian Securities Exchange is, that we are a material and meaningful part of the Canadian exchange landscape, and that they are not assuming additional risk by investing in a CSE company versus one that is listed on another Canadian exchange.

Bitcoin’s price is near a record high as we head into the end of the year. Does this signal anything about the potential for change in how capital markets operate? Are there businesses that the financial community should be taking a closer look at?

That’s an interesting question because it appears that Bitcoin and other cryptocurrencies are here to stay. And what we increasingly are seeing is those markets being pushed by the regulators in many respects to use the framework and structures that are familiar to those of us in the equity world. So, whether that is the idea that participants in these markets should be members of self-regulatory organizations like the Canadian Investment Regulatory Organization (CIRO) in Canada or that the instruments themselves should be considered securities and the distribution of those securities be done in accordance with the existing securities legal framework, there is an understanding that as these instruments become more mainstream, the traditional finance infrastructure is going to take care of a lot of the concerns people have had about participating in those markets.

It may not mean that they are listed on an exchange, but certainly that there is organized clearing and settlement and that there are regulated parties working in the space in an attempt to reduce some of the criminal aspects that we have seen with some of the companies involved in the crypto space.

As time goes on, it is likely we will see more use of tokenization or digitization of securities and utilization of some of the technologies fundamental to cryptocurrencies to facilitate clearing, settlement, and other processes underlying securities trading in North America.

It has taken a little longer than I thought it would – we were talking about this four or five years ago – but my sense is that progress continues. I think we will see some interesting initiatives in 2025.

In August, the CSE announced approval to introduce a market-on-close (MOC) facility designed to concentrate liquidity, reduce volatility, and enhance execution sizes at the close of trade each day. It comes in reaction to increasing fragmentation of trading activity across a growing number of execution venues. Can you talk about the MOC framework and its importance?

The market-on-close framework is complicated and I don’t expect people to go into the nuts and bolts of how it operates. Basically, the reason we are launching a market-on-close facility is to ensure that entities managing certain types of products, particularly exchange-traded products such as ETFs with CSE companies in them, have the opportunity to manage them in a way that ensures the tightest tracking of their portfolio to the underlying cash market.

This is a critical piece of infrastructure that we need to have in place for the CSE to both have ETFs listed on the Exchange and to make sure that our issuers have the opportunity to be in more ETFs, whether they are listed on the CSE or elsewhere. That is really the motivation – to support our move in 2025 into the ETF listing space.

What other plans does the CSE have for 2025? Can the financial community expect anything else new or different next year in the CSE marketplace and how the Exchange operates?

I’ve telegraphed that we expect ETFs containing CSE issuers to list on the Exchange at some point over the course of 2025. We think it is a great initiative because it will improve liquidity for component companies and increase the visibility of those companies as manufacturers of the ETFs market them to investors. We think there will be real interest from our issuers in wanting to be part of those ETF products, and we will be partnering with a variety of entities to bring them to market. So, this is certainly a big development that investors can anticipate next year.

We are looking to make some further adjustments to our pricing on the trading side with a view to ensure we can cut trading costs for the dealer community as much as possible, while promoting liquidity for companies listed on the Exchange or other-market securities that also trade on the CSE. We made some minor adjustments in October that led to a doubling of market activity in TSX and TSX-Venture stocks traded on the CSE. We think there is more to come in that direction as well.

And while I think it might be premature to go into detail, the Exchange has made some outside investments over the last few years. We are particularly interested in Tetra Trust, which is Canada’s first and leading custodian for digital assets. At this point, it is providing custody services for a number of Canadian and international financial institutions in Bitcoin, Ethereum, and other cryptocurrencies.

We believe there are more services that Tetra Trust can provide to support the continued development of digital assets, in particular, to make access to trading services for those instruments more widely available to retail accounts, particularly through the traditional brokerage community. I think we will see some interesting developments in that regard next year.