1 record breaking year for global mining finance greg ferron senior manager, global mining, listings...
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Record Breaking Year for Global Mining FinanceGreg FerronSenior Manager, Global Mining, ListingsToronto Stock Exchange and TSX Venture ExchangeRussia and CIS Presentation
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Disclaimer
This document is for information purposes only and is not an invitation to purchase securities listed
on Toronto Stock Exchange and/or TSX Venture Exchange or Natural Gas Exchange. TMX Group Inc.
and its affiliates do not endorse or recommend any securities referenced in this document. Please
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While the information herein is collected and compiled with care, neither TMX Group Inc. nor any of its
affiliated companies represents, warrants or guarantees the accuracy or the completeness of the
information. You agree not to rely on the information contained herein for any trading, business or
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© 2010 TMX Group Inc.
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8th largest exchange groupBy domestic market cap1
1st in North America
2nd
globally By number of issuers1
4
TMX Group - Global Leader in Equities
6th largest exchange group By equity capital raised2
1Issuers on TSX and TSXV (WFE, Dec 2009)2(WFE and Capital IQ, Dec 2009)
5
Canada’s Economy is Stable and TMX is Robust
Currency – Increasing against USD
Strong Banking System
Resource-Rich Potash, Uranium, Oil Sands, Natural Gas, Nickel, Copper, Gold
Increased Investment from Asia
Access to Capital at Early Stage for Juniors
Balanced Corporate Governance Model
Canada TMX
1st in Mining and 1st in Energy for public companies
Record Year in Finance
Market Choice for Resource and SME Companies
Sustained Access to Capital
Strong Trading Liquidity
Access to U.S. capital without higher cost of regulatory compliance
6
TMX Group is a Multi-Asset Class Market Leader
(53% Ownership)
(47% Ownership)
(19.9% Ownership)
Data
Energy
Derivatives
Fixed Income
Equities
7
32% 33%
93%
6%1%
35%
<$50 Million $50 - $250 Million >$250 Million
% of TSX Issuers
% of TSXV Issuers
TMX Group Serves Companies at all Stages of Growth
Market capitalization Toronto Stock Exchange and TSX Venture
ExchangeAs at December 31, 2009Unique feeder system
451 graduates
+ 73 M&A*
*From January 1, 2000 – December 31, 2009
7
512
Issuers
478
Issuers
472
Issuers
Toronto Stock Exchange issuer base: 1,462 issuers, ~$1.8 trillion market capTSX Venture Exchange issuer base (excludes NEX): 2,178 issuers, ~$35.8 billion market cap
2036
Issuers
127
15 Issuers
8
25.9
15.519.2
23.120.9
25.829.1 28.4
46.2
41.8
47.6
35.3
60.0
1.1 1.4
32.5
2.44.8
7.911.1
5.56.14.1
2.4
64.9
40.8
58.849.7
52.2
25.9
15.519.2
25.522.0
27.331.5
0
10
20
30
40
50
60
70
1997 1998 1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Toronto Stock Exchange TSX Venture Exchange
2009 was a record year for equity financing on TMX GroupEquity Financing on Toronto Stock Exchange and TSX Venture Exchange
1997 to 2009 ($ Billions)
*TSX Venture Exchange commenced operations on November 29 1999
9
Other* , 11, 4%
South Africa/ Africa, 11,
4%
Central & S.America, 9, 3%
Australia/ New Zealand/ Papua New Guinea, 33,
12%
UK/ Europe, 18, 6%
USA, 149, 53%
China, 50, 18%
Life Sciences, 13, 5%
Financial Services & Products, 20,
7%
Tech, 15, 5%
Clean Technology, 21,
7%Oil & Gas, 25, 9%
Mining, 128, 46%
Diversified Industries, 59,
21%
Total International Listings as at December 31, 2009 = 281TSX = 155 listings, QMV=$74.8BTSXV =126 listings, QMV= $3.2B
Total International Listings as at December 31, 2009 = 281TSX = 155 listings, QMV=$74.8BTSXV =126 listings, QMV= $3.2B
*Other includes Caribbean, Channel Islands, Guernsey
TMX Group International Listingsby Country/Region
TMX Group International Listings by Sector
International companies list on our exchanges
10
International Investment Community Trades on Toronto Stock Exchange
~35% of daily trading originates from
International firms
118.5
96.1
109.2
64.261.3
82.0
191.3
40.355.2
182.9
118.6
85.7
50.0
75.0
100.0
125.0
2004 2005 2006 2007 2008 2009
0
50
100
150
200
Volume (B) Number of Transactions (M)
Volume CAGR 14%
Transactions CAGR 37%
Toronto Stock Exchange Volume and Transactions
(2004-2009)
25 International Brokers including:
Barclays Capital Citigroup CSFB Deutsche Bank Goldman Sachs HSBC JP Morgan Macquarie Capital Markets Merrill Lynch Morgan Stanley Raymond James Thomas Weisel State Street UBS
80 Canadian Brokers including:
BMO Nesbitt Burns Canaccord Adams CIBC World Markets GMP Securities RBC DS Scotia Capital Markets TD Securities National Bank Financial
12
Equity capital raised globally for mining has increased dramatically
Source: Gamah International, 1999-2009, compiled by Toronto Stock Exchange
4.2 4.6 5.4
13.2 13.4 14.011.7
30.0
50.3
42.3
65.9
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Global Mining Equity Financing Trend 1999-2009 (C$ Billions)
During this period TSX and TSXV captured on average:•80% of total number of mining financings•36% of total equity capital raised globally •27% compound annual growth rate
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TMX: Record Breaking Year for Mining
Australia:
$2.2 B raised by Australian Cos.
Africa:
$2.6 B raised for projects
Latin America:
$3.5 B raised for projects
North America:
$4.3 B financing by Barrick Gold Corporation (TSX:ABX) was the largest in Toronto Stock Exchange and Canadian
history
Over $22 B raised on TSX/TSXV in 2009 for mining
Over 1900 financings
75 financings over $50 M
14Source: Exchange Websites *Includes RTOs and QTs on TSXV
610
17162 58 55 36
1434
TSXTSXV
ASX LSE-AIM
NYSE NYSEAmex
J SE HKEx
TOTAL NUMBER OF MINING ISSUERS
New listings activity continues to shift to TMX Group equity exchanges
TSX/TSXV
LSE/AIM ASX NYSE Amex
NYSE HKEx JSE
2009
104 4 22 1 1 1 0
2008
138 29 9 5 3 3 2
2007
186 142 33 13 3 n/a 4
2006
112 70 55 14 6 n/a 10
2005
86 53 67 17 3 n/a 6
NUMBER OF NEW MINING LISTINGS 2005 to 2009
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Mining Market Comparison for 2009
Mining Stock Exchange Comparison for 2009
TSX
LSE
ASX
TSXV
AIM
331
37
610
1103
134
No. of Issuers Listed
$347B
$420B
$300B
$20B
$15B
Quoted Market
Value (C$)
$19.4B1
$20.8B2
$13.5B3
$2.8B
$1.5B
Equity Capital
Raised (C$)
395
4
186
1567
162
No. of Financings
18
2
22
86
2
No. of New
Listings
1 Includes $4.3B Barrick Gold financing2 Includes $12.4B Rio Tinto and $7.2B Xstrata financings3 Includes $4.2B Rio Tinto financing
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A record $22.2 billion was raised on TSX and TSXV by our listed mining companies in 2009
Source: Gamah International, YTD December 2009, Compiled by TMX Group
$4.5$3.0
$1.5$0.531
$13.5
LSE TSX ASX NYSE Hong Kong TSXV AIM Other
1864 38 1567 162395
$19.4$20.8
Number of Financings
Barrick Gold $4.3BRio Tinto $12.4BXstrata $7.2B
Rio Tinto $4.2B
$2.8
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TSX and TSXV:
•84% of total number of mining financings
•34% of total equity capital raised globally
2009 Mining Equity Financings ($ Billions)
17
$20B
Market Cap UP 47% from June
30 2009 19BShares Traded Through 2.4
Million Transactions
TSX Venture Exchange Mining Sector Strong in the Second Half of the Year
32 54
New Listings
Equity Capital Raised
$1.8B
$0.95B
First Half Second Half
First Half Second Half
18
International Mining Companies by the Numbers
130Inter. Mining
Cos. on TSX and TSX V
$52B
Market Cap
$4.8B
Raised Through 140 Financings
12BShares Traded
Through 6 Million
Transactions
5Average Number
of Analysts Covering Int’l Mining Cos.
Australia, 29, 22%
USA, 62, 48%
China, 11, 8%
UK/ Eur, 10, 8%
Latin America,
5, 4%
Africa, 10, 8%
Other, 3, 2%
19
TSX and TSXV mining companies have projects in Russia and the CIS countries
13Number of Mining
Companies in Russia (34 Projects)
22Number of
Mining Companies in
CIS (41 Projects)
$93M
Amount of Equity Capital Raised in
2009 for Russian/CIS Mining
Projects
34 projects
41
20
TSX and TSXV mining companies have projects in Russia and the CIS countries
TSX Companies with Mining Projects (17) in RussiaB2Gold Corp.Barrick Gold CorporationCrocodile Gold Corp.High River Gold Mines Ltd.Kinross Gold CorporationRoyal Gold Inc.Silver Bear Resources Inc.
TSXV Companies with Mining Projects (17) in RussiaArchangel Diamond CorporationFortress Minerals Corp.Golden Reign Resources Ltd.Kola Mining CorporationVostok Minerals Inc.Zoloto Resources Ltd.
Source: InfoMine
TSX and TSXV Companies with Mining Projects (6) in ArmeniaBarrick Gold Corporation (TSX)Dioro Exploration NL (TSX)Dundee Precious Metals Inc. (TSX)Lydian International Limited (TSX)Bactech Mining Corporation (TSXV)Caldera Resources Inc. (TSXV)
TSX and TSXV Companies with Mining Projects (8) in KazakhstanCameco Corporation (TSX)Ivanhoe Mines Ltd. (TSX)Orsu Metals Corporation (TSX)Uranium One Inc. (TSX)Alhambra Resources Ltd. (TSXV)
TSX and TSXV Companies with Mining Projects (22) in KyrgyzstanCenterra Gold Inc. (TSX)Orsu Metals Corporation (TSX)Perseus Mining Limited (TSX)Uranium One Inc. (TSX)Avion Gold Corporation (TSXV)Cash Minerals Ltd. (TSXV)Eurasian Minerals Inc. (TSXV)Kola Mining Corporation (TSXV)Stans Energy Corp. (TSXV)
TSX and TSXV Companies with Mining Projects (3) in UkraineCatalyst Copper Corp. (TSXV)Lysander Minerals Corporation (TSXV)TSX and TSXV Companies with Mining Projects (2) in
TajikistanGreat Basin Gold Ltd. (TSX)Otish Energy Inc. (TSXV)
22
TMX Group Global Leadership Strengths
All data is as of or YTD Dec. 31, 2009. All amounts are in Canadian dollars.
1434 issuers
55% of the world’s public mining companies
104 going public events
$22 B equity raised
$365 B value traded
123 issuers
11 going public events
$1.8 B equity raised
$6.5 B value traded
3640 issuers
301 going public events
$64.9 B equity raised
Average Financing:
TSX $73.7 M
TSXV $2.2 M
439 issuers
26 going public events
$9.2 B equity raised
$272 B value traded
Mining
Energy & Energy Services
Clean Technology
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Dual Listing Market Continues to Evolve on TSX
Key Trends
•Growing number of dual listed success stories
•Dual listed cos. have steadily built profile
•Greater interaction between
key mining exchanges
•Dual list process continues to improve
• Accessed significant capital and trading on TMX
• Improvements in home market valuations and trading liquidity
• More mines put into production
Dual Listed Companies:
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Recent International Listings are Diverse
‐QT and Direct Graduation‐$150 M Private Placement‐Gold Assets in Mexico‐Reno Based Management Team
Argonaut Gold Ltd. (TSX:AR)
‐RTO on Venture and Direct Graduation‐Phosphate and Potash in Brazil‐$60 M Financing‐Canadian and Brazilian Management Team
MBAC Fertilizer Corp. (TSX:MBC)
‐Qualifying Transaction and Direct Graduation‐$60 M Financing‐Coal Producer in the US‐US Based Management Team
Xinergy Ltd. (TSX:XRG)
Direct Dual List from ASX on TSXGold Producer in The Philippines
Medusa Mining Limited (TSX:MLL)
Direct Dual List from ASX on TSXEmerging Uranium Company in Tanzania
$52 M Offering Post-Listing
Mantra Resources Limited (TSX:MRL)
Direct Dual List from ASX on TSXExploration and Development Company
Focused in Ontario$13 M Offering Post-Listing
Magma Metals Limited (TSX:MMW)
ASX Dual List with Takeover BidGold Producer in PNG
$145 M Offering Post-Listing
Allied Gold Limited (TSX:ALG)
‐Engaged in the Advancement of Exploration Projects in Latin America and in Providing Mine Management Services‐Experienced Management Team Based in Golden, Colorado‐Completing Offering Post-Listing
Golden Minerals Company (TSX:AUM)
Exeter Resources Corporation (TSX:XRC)SouthGobi Energy Resources Ltd.
(TSX:SGQ)
Graduations from TSX Venture Exchange
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