How to Raise Capital for Early Stage African Mining Projects via TSX and TSXV
If your project is in Africa and pre-production, Toronto is usually where the smart money lives. TSX and TSXV investors speak drill results, NI 43-101, and catalysts. The trick is picking the right listing route, packaging a compliant technical story, and selling units at a price that leaves headroom for the next raise. Here is the playbook.
Outcome:
a TSXV or TSX listing with a fully subscribed private placement, clean NI 43-101 disclosure, and a catalyst calendar that supports valuation before first ore.
When TSX–TSXV Is The Right Route
Stage
Grassroots to PEA sits well on TSXV. PFS and bigger checks trend to TSX.
Ticket size
CAD 3–20m raises are common on TSXV. TSX supports larger syndicates.
Jurisdiction risk
Africa is acceptable if title, permits, and ESG are credible and disclosed.
Investor base
Toronto knows mining. Analysts and funds are set up for pre-production risk.
Advantages Of TSX–TSXV For African Projects
| Advantage |
What it does for you |
| Deep specialist capital |
Funds and family offices that back geology and milestones, not just cash flow. |
| Units and warrants |
Standard structure that tightens books and funds future drills via warrant exercise. |
| Graduation path |
Start on TSXV. Move to TSX when resource and market cap grow. |
| Global reach |
Access to London and NY accounts that already play Canada-listed mining. |
Step By Step To A Funded TSXV–TSX Raise
| Step |
What happens |
What speeds approval |
| 1) Choose route |
New TSXV listing with concurrent financing, CPC Qualifying Transaction, or RTO of a clean shell. |
Pick the path that matches stage and timing. RTO and CPC can be faster if paper is ready. |
| 2) Build governance |
Board with Canadian independent directors, Audit Chair, policies, transfer agent, auditor under IFRS. |
Directors with listed mining track records. Clean related party disclosures. |
| 3) Lock technical disclosure |
NI 43-101 compliant technical report signed by a Qualified Person. Title and concession status verified. |
QA/QC details, chain of custody, drill logs, and clear risk factors. |
| 4) Prep the book |
Broker mandate, offering terms, unit or share-only, warrant coverage, finders, escrow, use of proceeds tied to catalysts. |
Tight discount to market, realistic tranches, cornerstone orders soft circled. |
| 5) Regulatory filings |
TSXV listing docs, PIF forms, sponsorship if required, prospectus-exempt PP notice, country filings for marketing. |
Use templates brokers and exchange staff see daily. Avoid bespoke clauses that confuse. |
| 6) Market and allocate |
Target mining funds, family offices, and retail flow-through accounts where applicable. Allocate with smart warrants. |
Catalyst calendar front-and-center: assays, met tests, PEA timing, permitting steps. |
| 7) Close and list |
Funds through trust, issue securities, file closing materials, start work program the next day. |
Contractors lined up and ready. Newsflow begins inside 30–60 days. |
Financing Structures That Clear On TSXV–TSX
Units with warrants
Common share plus half or full warrant. Exercise funds phase 2 drilling.
Straight equity
Clean dilution for quick closes when pricing is strong.
Convertible debentures
Bridge larger programs around PEA or PFS. Coupon plus conversion premium.
Royalty and streaming
Non-dilutive cash if geology is strong and offtakers are credible.
Valuation Before First Production
| Lever |
How it drives value |
| EV per ounce or per tonne in situ |
Peer multiples by commodity and stage. Measured and indicated command higher figures than inferred. |
| PEA and de-risking |
A credible PEA with metallurgy, capex, opex, and NPV moves you into a new comp set. |
| Permitting and social license |
Signed community agreements and permits cut discount rates investors apply. |
| Offtake signals |
Non-binding LOIs from credible buyers validate product quality and demand. |
| Operator credibility |
Teams that have built mines trade at better multiples. Bring those names onto the board. |
What To Put In The Data Room
Technical
NI 43-101 report, drill database, QA/QC, metallurgical testwork, maps and sections, PEA or PFS if available.
Legal and title
Concession deeds, renewals, surface rights, JV terms, environmental baseline, permits in process.
Corporate
Org chart, board CVs, option plan, auditor engagement, related party agreements.
ESG and community
Stakeholder register, MOUs, grievance mechanism, HSEC policy, local hiring plan.
Typical Costs And Timeline
First time issuers should budget realistically. Repeat teams often land tighter.
| Item |
Typical range |
Comment |
| NI 43-101 technical report |
USD 60k–250k |
Scope and lab work drive cost |
| Legal and listing costs |
USD 150k–400k |
Route dependent, includes sponsor where needed |
| Audit and IFRS financials |
USD 40k–120k |
Two years plus interims |
| Broker and finders |
5–7 percent cash, warrants on top |
Standard for smaller caps |
| Timeline to close |
8–14 weeks |
Assumes technical and corporate are ready |
TSXV Route Options In Plain English
New listing with financing
Cleanest for new teams. Prospectus-exempt placement at the same time as listing.
CPC Qualifying Transaction
Merge into a Capital Pool Company. Faster if CPC shareholders like the geology.
RTO of a clean shell
Reverse take-over. Watch legacy liabilities and cap table haircuts.
Graduate to TSX
After resource growth and de-risking, uplist for deeper pools of capital.
Mistakes That Kill Mining Raises
| Issue |
Fix |
| Non-compliant technical claims |
Stick to NI 43-101 language. QP signs off. No promotional ounces. |
| Messy title or permits |
Get opinions and filings in the room. Disclose renewal risk. |
| No catalyst plan |
Lay out a 12-month program with dates, meters, and budget. |
| Warrant overhang |
Use half-warrants and staged expiries. Price for exercise, not dead paper. |
Want a tight TSXV raise that funds a real work program and sets you up for re-rates at each drill update? Send your NI 43-101, cap table, board CVs, target raise, and 12-month catalyst plan. We will return listing route options, unit terms, and a closing calendar.
Raise Mining Capital via TSX–TSXV
Share your project, stage, and target raise. We will assess and move to terms.
Start the Process
This guide is informational and not an offer of securities or an investment recommendation. Any financing is subject to applicable securities laws, exchange rules, KYC and AML screening, sanctions checks, technical compliance under NI 43-101, and independent approvals.