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As the silver rush faded in the hard-rock boomtown of Cobalt, Ont., a different kind of mining story was beginning to take shape farther south. In 1929, The Northern Miner packed up from Cobalt, where it was established in 1915, and moved its headquarters to Toronto, setting up shop at 122 Richmond St. W. – right as the city was emerging as Canada’s mining finance nerve centre . Nearly a century later, Toronto remains the place where prospectors’ dreams meet investors’ dollars, where global mining deals are born in downtown boardrooms, and where Canada’s resource legacy continues to shape the modern world.
In the anatomy of the mining world, Toronto is the heart that pumps capital and confidence through the arteries of global exploration and development. It is here that deals are struck, juniors are born and the pulse of the sector is monitored.
From the trading floors of Bay Street to the boardrooms of global majors, the city channels billions of dollars across the globe, bringing some of the world’s most exciting mine projects to life – from gold projects in Ghana to lithium ventures in Chile, and even copper drilling right in the province of Ontario.
Because of the geographic diversity of this industry, it’s sometimes easy to overlook just how a city with a third of New York’s population can run the show far away from where actual mining takes place. In truth, no other city in the world comes close to Toronto’s blend of institutional depth, capital access and mining know-how. Every year, thousands make the journey to downtown Toronto – where the world’s largest mining conventions are held – to share insights, strike deals and shape the industry’s future.
That allure is powered by a rich financial ecosystem, drawn by its deep pools of mining capital, experienced bankers, legal and technical advisers, and a two-tier system that nurtures growth. The TSX Venture Exchange (TSXV), in particular, serves as a launchpad for junior explorers, with more than 300 companies having graduated to the larger Toronto Stock Exchange (TSX) since 2000. This structure supports miners at every stage – from greenfield drillers to full-scale producers.
Toronto’s claim to global leadership isn’t just symbolic – it’s backed by numbers. Today, nearly 40% of the world’s publicly listed mining companies trade on its two exchanges. In 2021, they raised more than C$10 billion, according to official exchange data. While the following two years were rocked by market turbulence, the two exchanges still saw roughly C$7.7 billion in capital raising, representing almost half of the global total.
In 2024, as investor appetite returned, that number once again returned to the early-decade levels – cementing Toronto’s dominance in the sector, in the present and future.
Just as Rome wasn’t built in a day, Toronto’s rise did not just happen overnight; it was built across generations of booms, busts, and market reinvention. To understand how this city became the global capital of mining finance, we must trace its origins – back to a time when gold rushes shaped markets and a Depression-era crash shifted the country’s financial centre forever.
Toronto’s rise to prominence
Toronto’s emergence as the world’s mining capital is a story etched in speculation, ambition, and the relentless pursuit of resource wealth. In the mid-19th century, Ontario was still a young colony searching for an economic identity. When the original TSX (then known as TSE) was formally incorporated in 1861, the city had barely 45,000 residents – yet it was already brimming with ambition. Mining quickly became its most speculative and alluring sector, often fuelled more by rumour than reality.
By the turn of the century, Toronto had gained a reputation as a place where fortunes could be made overnight – or vanish just as quickly. Rumoured strikes would send markets surging, only to crash in the absence of results. Promoters armed with grand claims drew eager investors to Bay Street, and as one historian noted, Toronto soon became “the focus for speculative trading in mining stocks” not only for Canadians, but also for Britons and Americans. The wealth generated from this extractive frenzy financed not only companies but also the city’s skyline, as early skyscrapers rose on the back of mining capital.
The industry’s fortunes accelerated in 1903, when silver was discovered in Cobalt, Ont. The boom transformed the town into one of the world’s richest silver sources, with its own stock exchange, its own professional hockey team and the birthplace of both Agnico Eagle Mines and The Northern Miner. Another important find in 1914, was the Croesus min, near Matheson, in Northern Ontario. At almost 6,000 ounces per ton, it was the richest mine, by grade, in Canada’s history. But feeding the boom was Toronto serving as its financial hub.
The Ontario Mines Act of 1906 – a landmark piece legislation that granted sweeping rights to stake claims on public, private, and Indigenous lands – cemented Toronto’s role as the centre of mining finance, drawing global capital into the province.
From there, cycles of boom and bust defined Toronto’s mining scene. The Standard Stock and Mining Exchange, founded in 1896 to handle the riskiest junior mining shares, thrived on these waves of excitement before merging into the TSX in 1934. That same year, U.S. President Franklin Roosevelt raised the price of gold through the Gold Reserve Act, sparking a new boom in Northern Ontario’s Porcupine and Kirkland Lake camps. Toronto, already home to Canada’s principal mining exchanges, overtook Montreal in trading volumes for good.
Through the 20th century, mining finance shaped not only Toronto’s economy but also its business culture. Successive governments alternated between efforts to regulate or tax the industry and resistance from mining leaders, who pushed for minimal interference and maximum speculation. This culture persisted, reinforced by innovations like tax-exempt “flow-through shares” in the 1980s that kept Toronto at the forefront of global exploration capital.
It was this mix of speculation, policy, and resource wealth that propelled Toronto from a provincial outpost into the undisputed heart of global mining finance.
Global hub
Fast-forward to modern times, Toronto is not just Canada’s mining finance hub – it’s the global epicentre.
Toronto’s financial infrastructure is uniquely built for mining. Specialized banks, law firms, and teams of analysts, , geologists and consultants all operate in a tightly interconnected ecosystem. The city’s dual-exchange structure allows junior companies to list on the TSXV and, upon reaching key milestones, graduate to the TSX – a transition more than 300 companies have made in the past two decades.
But beyond capital, Toronto is also where the world’s miners physically gather. Each spring, the city hosts the Prospectors & Developers Association of Canada (PDAC) convention – the largest mining investment conference in the world.
At its peak, PDAC draws over 30,000 delegates across 130 countries – from mining CEOs, Indigenous leaders and government ministers to financiers, geologists and students. It is the conference halls around Front Street and the Metro Toronto Convention Centre where some of the biggest deals are brokered and the industry’s future is mapped out.
In a world increasingly driven by the energy transition and artificial intelligence, this annual pilgrimage has grown more consequential to the future economy. The 2025 PDAC drew 27,353 people from 126 countries across the globe – its largest audience in over a decade. Significant deals and announcements were delivered across the four-day gathering, with the Canadian government’s $500 million infrastructure funding serving as an exclamation point.
This all shows PDAC is more than a trade show; it is a barometer for the industry’s mood and direction. One year might focus on ESG reform and Indigenous partnerships; another might buzz with excitement over critical minerals and a gold rally – themes that would most definitely be talked about in the upcoming convention.
Not for granted
Toronto may still reign as the capital of global mining finance, but its crown has begun to tilt in recent years. As markets shift and investor appetites evolve, the city’s two-tiered exchange system – long the launchpad for junior explorers and a magnet for global capital – is facing increasing competition from financial centers like Sydney, London and emerging hubs in Asia.
The pressure is particularly evident in the drop in foreign listings. According to TMX data, international mining companies are leaving the TSX and TSX-V at a steady pace. In 2023, Toronto didn’t attract a single new international mining listing – the first time that’s happened in over a decade. Many juniors are instead flocking to the Australian Securities Exchange (ASX), drawn by strong retail investor engagement, lighter regulatory burdens, and regionally focused investor bases – especially for projects in Africa and the Asia-Pacific.
A recurring critique from departing companies is that Toronto’s investment landscape has grown risk-averse. Explorers with assets in frontier or emerging jurisdictions report difficulty attracting attention from Bay Street financiers unless their projects are in “safe” regions like Ontario or Quebec. Others point to Canada’s evolving disclosure standards and listing compliance costs, which can deter smaller companies operating abroad.
But 2024 brought a small yet symbolic reversal. In June, Toronto welcomed Brazil’s Bravo Mining Corp. to the TSX – the first new foreign mining listing in two years. The company’s palladium-platinum-nickel project in northern Brazil struck a chord with investors, allowing the company to successfully dual-list after its TSXV debut. The move was hailed as a “win” by TMX Group, signaling that international appetite for Toronto-based financing hasn’t vanished – it just needs the right story.
The financings that year also tell a story. First Quantum Minerals raised a record-setting C$1.6 billion, including a C$1 billion bought deal – the largest mining equity raise in Canadian history.
On the junior side, Montage Gold pulled in C$180 million in one of the biggest early-stage financings. Meanwhile, homegrown titans like Barrick Mining and Kinross continue to anchor their operations in Toronto’s financial hub despite their major mines being offshore, underscoring the city’s role as a centre not just of capital, but of decision-making.
Still, the broader message is clear: Toronto’s supremacy can no longer be taken for granted. The ASX – seeking to “capitalize” on weaker market conditions in Canada – continues to welcome an influx of critical minerals players, kick-started by the listing of Capstone Copper and several other red metal developers. Elsewhere, London remains strong for mid-tier producers and gold explorers, though the AIM is also conceding its lustre to Sydney.
To remain competitive, the TSX is pushing regulatory modernization and aiming to sharpen its appeal to international juniors – particularly those aligned with the demands of a clean energy economy.
The mining world is entering a new era defined by critical minerals, geopolitical realignments, and ESG responsibility. Whether Toronto can continue to lead will depend not only on its storied infrastructure, but also on its ability to adapt, attract, and outpace its global rivals – just as it did more than a century ago.
28-35, 25-9, 29-2, 34-1, 25-1, 30-4, 35-2, 37-12, 29-35, 24-4, 25-4, 35-29, 31-3, 29-10, 26-7, 27-3, 37-12, 29-13, 25-5, 30-7, 34-8, 32-31, 37-5, 31-2, 24-4, 29-8, 31-27, 25-1, 33-14, 35-38, 27-9, 34-29, 30-20, 26-12, 24-2, 33-8, 27-2, 32-21, 37-2, 29-24, 25-1, 27-4, 26-50, 31-14, 33-2, 34-29, 25-5, 35-10, 30-1, 37-13, 25-1, 28-5, 25-14, 33-3, 36-3, 24-5, 27-1, 25-8, 37-12, 28-1
Sources: Toronto Stock Exchange (TMX Group); Mining.com; The Guardian; Global Business Reports; Mining Association of Canada; Natural Resources Canada, Canadian Business History case study
- TMX Group
- Mining.com (https://www.mining.com/web/toronto-the-home-of-mining-finance/, https://www.mining.com/canadian-miners-flocking-to-the-asx/)
- The Guardian — Toronto's buried history: the dark story of how mining built a city
- Progress without Planning: The Economic History of Toronto from Confederation to the Second World War — By Ian Drummond
- Global Business Reports
The Financial Post (https://financialpost.com/commodities/toronto-exchanges-mining-dominance-explorers-exit)
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