(Kitco News) - Despite tough headwinds in the latter half of 2022, the resource sector kept growing, noted Canadian Securities Exchange CEO Richard Carleton.
Last month Carleton spoke to Kitco at the Vancouver Resource Investment Conference 2023.
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets. Recognized as a stock exchange in 2004, the CSE began operations in 2003. Its stated goal is to "provide a modern and efficient alternative for companies looking to access the Canadian public capital markets." Carelton was appointed CEO in July 2011.
Last year was a hard one for the resource sector with financing drying up due to central bank tightening to fight inflation. However, Carleton noted that the sector was still able to do deals.
"There was surprising strength, maybe not in trading or asset valuations, but we did have 101 new companies list on the exchange over the course of the year, and I believe 74 of those companies were actually mining companies," said Carleton, who estimated that about $500 million was raised for both existing and newly listed companies on the exchange.
"That was hundreds of individual transactions to get to that number. There are a lot of projects that are being backed by investors in the Canadian market," said Carleton.
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Carleton noted a trend towards onshoring—resource companies favoring projects in jurisdictions that are closer to North America and face less political risk.
"To nobody's surprise, there's a real drive to onshore projects and that means Canada, the United States and the nearer portions of Central America and South America. That's really a big switch from what we've seen really over the last few years."
Coverage of Vancouver Resource Investors Conference 2023 sponsored by First Mining Gold.
