TSX Director Guillaume Légaré highlighted the country's positive narrative for attracting mining investment and promised announcements in the coming days.
By Panorama Minero
Argentina, both the country and its provinces, are on the radar of foreign investors; the Toronto Stock Exchange's project for local mining; the goal of earlier access to capital for companies and how to support them were some of the topics addressed by Guillaume Légaré, TSX's Director for South America, in an interview with Panorama Minero during Expo San Juan Minera 2026.
The setting was the Ring the Bell TSX Market Opening Ceremony, a symbolic simulated market opening held at the Velodrome in the city of San Juan, following the event's opening cocktail reception, with local authorities and special guests, and in conjunction with the Toronto Stock Exchange (TSX), part of the TMX Group.
What is the Toronto Stock Exchange's plan for the Argentine mining sector?
The idea with the Toronto Stock Exchange is to open up access to capital earlier for exploration projects, while also allowing for the raising of growth capital until the projects reach the operational phase, culminating in TSX listing, which is the main board.
Argentina has become a very active market in recent years, now under the Milei administration, but also thanks to the leadership of the provinces, which have positioned themselves as one of the main markets for the Toronto Stock Exchange in Latin America. Today, there are 50 Toronto Stock Exchange listings with 153 properties in the country. This activity is in an interesting growth phase because, at the federal level, we have seen a much more favorable stance toward mining and investment. However, the risk is already well managed by the provinces, and each province has its own development vision.
Global investors are familiar with the different mining jurisdictions in Argentina. San Juan, for example, since we're in San Juan, has a very favorable global position and is one of the most solid opportunities for mining investment.
We're at a time when many companies, both small and large, need some kind of leverage or financing assistance. What rates or conditions are they meeting to be able to advance their projects?
Good question. Mining represents 20% of the total market capitalization on the Toronto Stock Exchange, in a market worth US$6.4 trillion.
But we've seen US$16 billion raised for mining on global stock exchanges in 2025, and US$8 billion of that is for mining listed on the TSX Expansion Exchange. This is a very strong sign that mining is raising capital on the Toronto Stock Exchange, because 50% of the capital raised in 2025 was for mining, but 50% of that amount went to TSX Ventures. It's a positive sign. When there's an increase in capital, financing, and market cap, it's a very strong signal that investors are seeing new opportunities.
Therefore, in 2025 we organized two roadshows in Argentina and Brazil to connect early-stage and exploration projects with global investors from the Toronto Stock Exchange. Mendoza, for example—everyone's talking about Mendoza and San Juan. Argentina is one of the top markets right now.
Why Argentina? What has changed in recent years to make it more attractive?
Argentina is the second largest market in Latin America, after Mexico, in terms of the number of properties. But now that there is a desire at the federal level to integrate Argentina into global investment programs, there is a very strong narrative at the federal level. Everyone is looking at Argentina now.
And now with Chile as well, the markets are competing for capital. The provinces are competing, positioning themselves. There are major projects that we will be announcing in the coming days.
Do you think the community is viewing mining differently as a result of these situations and these projects that are coming to fruition?
Globally, everyone is looking at mining as the present and future of the territorial expansion of international capital investment, aligned with this path.
Is there a possibility of creating an index, of having a stock exchange specifically for mining in Argentina? Or is that too ambitious in the long term?
I believe that, in the short term, we need to focus on how projects can raise their global capital. In global capital markets, there are two main stock exchanges in the world: Toronto and Australia. But we are currently the world's leading stock exchange by market capitalization, in terms of the number of listed companies, capital raising, and also in terms of financing. We are also the leading stock exchange in Latin America.
I think it's important to work together with the domestic market to foster this growth of equity capital markets, which don't exist in Argentina. We can't really rush this whole process.
There's no need to create an index to convince investors that there's potential in the mining sector.
