Updates On TSX Venture Exchange Policy 5.4

Effective June 2, 2025, the TSX Venture Exchange ("TSXV") adopted the newPolicy 5.4 – Capital Structure, Escrow and Resale Restrictions(the "New Policy 5.4"). The New Policy 5.4 introduced major amendments to simplify and streamline processes, which now applies to all new listings, including an initial public offering, a reverse takeover, a change of business and a qualifying transaction.

Summary of Amendments

Before the New Policy 5.4, issuers had to provide evidence of value to support a new listing. The New Policy 5.4 simplifies the capital structure analysis by eliminating the complex surplus securities escrow regime and only applying the value securities escrow regime.

Key Changes Under the New Policy 5.4 are as Follows: