The Lead Off

As we roll through March, Q1 2025 has been jam-packed with mining M&A, geopolitical turmoil, and signs of an impending boom in the commodity sector. PDAC was buzzing and momentum in the space appears to be building.

One major change coming in 2025 that will impact both investors and issuers is the significant shift at OTC Markets. This month, we discuss what these changes will look like with Chris King, Senior Vice President of Corporate Services at OTC Markets Group Inc.

Market Watch

Index	Price	YTD	Previous YTD
TSX	25,069.21	1.00%	1.85%
TSXV	638.43	5.83%	5.53%
CSE	125.53	(10.10%)	(2.87%)
CBOE VIX	20.50	19.52%	(4.01%)
Commodity/ USD
Gold	3,032.96	15.57%	8.27%
Silver	33.25	15.10%	8.70%
CAD	0.6948	0.11%	0.45%
BTC	85,290	(8.65%)	0.23%

From TradeView

As of close on Wednesday March 19, 2025

On Our Radar

Gold Investment funds have recorded their largest four-week inflow on record, hitting $4.5 Billion by February, according to Bank of America Global Research Data.

A Red Cloud Research Report released last week indicated Gold producers finished 2024 with $19 Billion in cash, representing about 8% of their market cap ($245B). Did someone say M&A?

The TMX Group released their Equity Financing and Consolidated Trading statistics for February. The TSX welcomed 25 new issuers, compared to 11 in February of 2024.

The Bank of Canada cut their target overnight rate to 2.75% in their latest decision. Borrowers will have mixed opinions, balancing the assumption that rates have hit their low point in this easing cycle, with the ongoing geopolitical uncertainty.

OTC Markets

The OTC Markets have long been a key marketplace for nano-to-small cap companies looking to access the U.S. retail investing public. The platform facilitates trading for over 12,000 securities and sees more than $480 billion in annual trade volume.

With increased regulatory autonomy granted by the SEC, OTC Markets announced in October 2024 a major restructuring. Notably, the lowest-tier market, OTC Pink, will be eliminated and replaced by two new tiers: OTCID and the OTC Pink Limited Market.

The goal of this new structure is to make the lower-tier OTC Markets more attractive for brokers looking to engage verified issuers while also improving issuers’ access to investors in the United States.

OTC Advisory Services' Danielle Cavalcante sits down with Chris King, Senior Vice President of Corporate Services at OTC Markets Group Inc., to discuss these changes.

Click the Image to view the interview

Additional Resources on the OTCID Market

Why It Matters

Canadian issuers face persistent challenges in accessing capital, limiting their growth and competitiveness. Canadian markets for smaller companies are constrained by inefficient pricing, poor liquidity, and high-risk premiums. Meanwhile, U.S. markets offer a deeper investor pool, better pricing, and more liquidity—but listing on a major U.S. exchange is costly and resource-intensive.

OTC Markets provides a streamlined, cost-effective alternative for Canadian issuers looking to tap into U.S. capital without sacrificing existing resources. Because OTC trades settle on the home market, they contribute to liquidity where it matters most. The recent MLK Day market closure saw a 72% drop in home market volume for OTC-listed securities, underscoring the impact of U.S. investor participation.

With American investors actively seeking diversification and Canadian capital markets facing increasing tax and regulatory headwinds, an OTC listing offers a strategic advantage—enhancing visibility, expanding investor access, and informing a smarter U.S. growth strategy without the burdens of a full U.S. exchange listing.

For Canadian issuers looking to expand their reach and access U.S. capital efficiently, contact us today to explore how an OTC listing can enhance your growth strategy. Reply to this email or reach out to Danielle at danielle@otcadvisoryservices.com to explore your OTC listing options.