TMX POV - The Modern Resource Renaissance

In 2025, TSX Venture Exchange (TSXV) experienced a "Modern Resource Renaissance". The 2026 TSX Venture 50™ highlights this trend, with a dominant cohort of resource companies achieving a remarkable average share price appreciation of 431%. This was something that our teams at TSXV and investors tracking the mining sector have been planning for. Global demand for materials, energy transition, and wealth preservation against geopolitical uncertainty ignited the materials sector in 2025.

This Modern Resource Renaissance played out across a number of signals around the materials sector and global commodity prices. Access to capital increased with sovereign wealth funds, government led investments, and generalist investors coming to the sector. Liquidity around the sector increased. At the same time M&A activity between materials companies increased bringing more attention to the sector. For retail investors who have traditionally avoided the "dirt and rocks" business, the landscape fundamentally shifted.

The mining sector is no longer just about digging holes in the ground; it is now the critical foundation for every piece of technology we use, from smartphones to electric vehicles (EVs). TSXV is the leading growth platform for materials exploration companies, supported by global expertise and experience, leading entrepreneurs and a multi-layered regulatory framework that supports the sector.

The thesis that materials sector investors are considering is based on two key things:

1. Structural Scarcity — this can also be referred to as the "supply cliff". There are many minerals required to build data centers, to power the AI transition, and support energy transition globally. Copper, silver, antimony and uranium are all examples of commodities that face varying levels of global scarcity.
2. The Discovery Gap — data from Minex Consulting and S&P Global consistently shows that junior companies are responsible for approximately 70% of all significant mineral discoveries made since 1950.

Investors are coming to the materials sectors to look for opportunities. Understanding the importance of the junior mining sector to the future of global progress is vital. Here are three important things retail investors can consider in relation to the Modern Resource Renaissance.

1. Learn Your Critical Resources

Investors are making decisions about structural scarcity. Without having a crystal ball in terms of what 2026 will hold for investors. An understanding of important investment themes like the build out of infrastructure to support AI, or investments in nuclear power are examples of themes that intersect with different types of materials, and become important things for investors to be aware of.

While there are many commodities like lithium, potash or antimony, this year's TSX Venture 50 was dominated by companies exploring for gold, silver and copper.

2. Get to Know the Tier-1 Mining Jurisdictions

Everyday at TSX and TSXV, we see the way that mining issuers are able to drive both economic and social benefits for regions all over the world. Our Exchanges both invest heavily in facilitating as much dialogue as possible between governments and mining companies to help drive out the best possible results for the mining sector. The goal is to create solutions that balance the social and environmental issues with the business realities. But make no mistake, jurisdictions matter when investing in the mining sector.

Questions that investors will think about:

1. What is the level of political stability in a country; and how consistent is the jurisdiction in terms of its overall approach to the exploration sector. Does it change greatly depending on election results? Mines typically take 10 or more years to develop.
2. What is the track record on permitting and process around exploration and the environment? We hear from investors and mining companies constantly that it's not necessarily the speed or the cost of the jurisdiction, but the transparency and level of clarity around the process that matters.

Reviewing the 2026 TSX Venture 50, we see the North American jurisdictions of Canada, USA, and Mexico as the dominant jurisdictions for companies that created the highest returns.

3. The Arrival of "Deep-Tech" Exploration

The global mining sector is aware that it needs to embrace new technologies to expedite investment timelines and drive efficient exploration processes. Technology is transforming mining into a more high-tech process, where data is the most valuable commodity discovered on-site. To thrive, companies must bridge the "Discovery Drought" by embracing three core technological pillars:

• AI-Driven Prospecting: Moving beyond "hit-or-miss" drilling, explorers use machine learning to synthesize centuries of geological data, identifying "blind" deposits deep beneath the surface.
• The Autonomous Nervous System: Drones and IoT sensors provide real-time, high-resolution mapping of rugged terrains (like the Golden Triangle), replacing manual surveys with digital twins.
• Invisible ESG: Sustainable tech — like waterless processing and carbon-tracking blockchain — is no longer optional; it is the prerequisite for securing a social license and attracting institutional capital.

Summary for the Retail Investor

The 2025 Resource Renaissance on TSXV was defined by necessity, value, and technology. The world needs minerals to go green, investors use gold to protect their wealth, and miners are using AI to find both faster than ever before.

While TSXV remains a higher-risk environment than the blue-chip TSX, the 2025 cycle proved that mining is no longer a "legacy" industry. It is the frontline of the modern global economy.

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