Reprinted from the Katusa’s Investment Insights newsletter
Elbows up for Canada! Canada just reclaimed its crown in global mining finance.
In 2024, the Toronto Stock Exchange and TSX Venture raised over $7.7 billion across more than 1,100 deals, according to TMX data. That’s a 45% jump from the previous year. It puts Canada ahead of the ASX in mining finance leadership for the first time since 2020.
Gold deals dominated. Lithium and uranium stayed strong. New listings surged. And once again, Canada looked like the world’s top destination for resource capital.
On the surface, this is great news. Longer-term public market activity is collapsing. Mining IPOs are at record lows. Trading volumes are drying up. Capital outflows are accelerating. And even Canada’s own pension giant is putting more chips into U.S. assets.
There’s a dangerous split forming.
Canada’s stock exchanges are helping junior miners raise seed…
