Introduction: Establishing a capital market for mineral exploration risk assessment in China today should be elevated to a core national strategy for the country and also serve as the strategic breakthrough for this round of deepened reforms in the mining sector. Our website recommends an interview with Gao Xiang, former Chief Representative for Asia and Director of Asia Business Development at the Toronto Stock Exchange, hoping that industry insiders will gain a deeper understanding of the capital market for mineral exploration risk assessment.

Our country must focus on enhancing its domestic capacity to secure energy resources and achieve the transformation from a large mining nation to a powerful mining nation. Establishing a wind exploration capital market is undoubtedly a crucial component of this transition. However, despite long-standing calls and expectations within the industry, China’s wind exploration capital market remains— “ All I hear is the sound of footsteps on the stairs, but no one comes down. ” As for the underlying reasons, in addition to constraints imposed by relevant domestic laws and policies, there’s also a lack of rational understanding of the wind power investment market. Many people—even industry experts—still simply echo others’ opinions without fully grasping the situation.

　　Once the world’s largest equity exchange for natural resources and the most successful capital market for natural resource risk exploration. —— Toronto Stock Exchange job 6 In recent years, Jiao Xiang, who has successively served as Asia’s Chief Representative and Director of Asia Business Development, was responsible for the strategy, development plans, and implementation of the Toronto Stock Exchange in Asia, as well as for establishing and maintaining close connections and communication between market participants from both China and Canada in the capital markets and natural resources sectors. At the same time, he has repeatedly participated in and coordinated the preparation, review, regulatory oversight, and post-listing activities for Asian companies going public, successfully completing projects involving CNOOC, China Gold International Resources Co., Ltd., and risk exploration enterprises, among others. 25 The listing of Asian companies, 2014 Year 6 The newly launched New Era Mining Company (Xinjiang Nickel Exploration Project) for the month. ) is also his masterful touch.

　　Gao Xiang also provides guidance and mentorship to mining enterprises on their listing and investment activities on the main board and the ChiNext board of the stock exchange. He possesses profound theoretical insights and practical experience in areas such as the listing requirements of risk exploration companies, their business characteristics, market dynamics, investor preferences, compliance and regulatory matters, and integration with the public capital markets. In recent years, Gao Xiang—highly experienced in the international risk exploration capital market—has taken on the role of President of the Beijing International Mining Rights Exchange (hereinafter referred to as “Beijing Mining Exchange”), dedicating himself wholeheartedly to research on the development of China’s domestic risk exploration capital market and has largely completed his preparations. “ Landing ” The preparatory work. With “ How exactly should China’s wind power capital market be structured, and what are its key points and pathways? ” On these and other issues, the reporter recently conducted an exclusive interview with Gao Xiang.

　　Reporter: How is the development of overseas mining capital markets, and what lessons can we learn from their experiences?

　　Gao Xiang: Canada's TSXV , of Australia ASX , of South Africa JSE , of the United Kingdom AIM It is one of the world’s four major capital markets for mining exploration. The number of junior mining exploration companies listed on these four markets reaches... 2000 Multiple companies—these firms have over 10,000 projects. Among them, the Canadian Securities Exchange’s Venture Market is the largest, as of this year. 2 At the end of the month, own 1168 Home exploration enterprises account for a portion of companies listed on the ChiNext board. 61% ; Market capitalization 99 Hundreds of millions of Canadian dollars, roughly equivalent to RMB. 500 hundred million yuan, accounting for the total market capitalization of the ChiNext board. 35%。

　　The overseas mining capital market has experienced... 160 Over the years, the industry has experienced both periods of remarkable prosperity and times fraught with significant challenges. From a market perspective, the overseas mining capital market encompasses both a sophisticated tier that serves production and large-scale development enterprises, as well as a nascent exploration market that has been established and nurtured. The latter provides crucial capital support for the growth of junior exploration companies, helps diversify risks, and offers a well-regulated, transparent, and disciplined environment conducive to sustainable development.

　　2011 In the years that followed, as mineral prices declined and mining companies’ valuations shrank, investment in risk exploration decreased significantly. Consequently, both the number and amount of financing activities in the risk exploration capital market plummeted. Meanwhile, overseas risk exploration capital markets continued to struggle downward under the dual pressures of the mining industry’s self-cyclical downturn and the global economic slowdown. Take, for example, the S&P Toronto Stock Exchange Venture Exchange Composite Index—the index’s constituent stocks primarily consist of junior resource companies listed on the Toronto Stock Exchange Venture Exchange. This index has been... 2011 At the beginning of the year 2400 Multiple points sliding down to 2015 Year 4 Of the moon 700 Point, the decline reached 70%。

　　However, overseas mining capital markets are already operational. 160 Over the years, China has developed a highly sophisticated system for going public, trading, financing, and regulation—including specialized third-party service providers such as mining-specific investment banks, mining-specialized lawyers, mining-specific technical service firms, and mining-specific audit service agencies. Mining companies, their investors, and management teams have all accumulated extensive experience, providing valuable lessons for China’s development of the exploration and capital markets.

　　Reporter: Calls for China to establish a wind power capital market have been around for a long time. So, what is the current state of China’s wind power industry?

　　Gao Xiang: At a time when the overseas exploration and capital markets are facing intense challenges, China’s risk exploration industry is also grappling with significant hurdles—including a market downturn, corporate restructuring, a shortage of funding, and stalled business operations.

　　On the one hand, commodity prices have been... 2012 Since the year, the market has been in a continuous downturn, and there is widespread lack of confidence in the mining industry—particularly among investors who show little interest in upstream exploration projects. On the other hand, Chinese exploration companies continue to face persistent difficulties in securing financing. Due to the nature of their business, these exploration firms do not meet banks’ lending requirements and thus cannot obtain funding through debt financing. As for equity financing, China’s domestic public capital markets—primarily comprising the main boards of the Shanghai Stock Exchange and Shenzhen Stock Exchange, as well as the SME Board and the ChiNext Board—require listed companies to have positive cash flow and profitability. Although the New Third Board, which has experienced rapid growth over the past two years, does not set profitability as a listing threshold, it still lacks specific listing requirements and rules tailored specifically for mining companies, especially exploration firms. Companies listed on the New Third Board... 1800 Among numerous companies—primarily manufacturing and high-tech enterprises—mining companies are conspicuously absent. Moreover, on overseas markets, exploration projects located in China are exceedingly rare. In the past three years, there has been only one successful case of a Chinese-team-led exploration project listed on the stock market—a case I personally mentored. 2014 Year 6 New Era Mining Company, which is listed on the Venture Exchange of the Toronto Stock Exchange. The company’s primary business is nickel exploration in the Tarim region of Xinjiang. And domestically... PE and VC Most institutions are unfamiliar with the mining risk exploration industry, lack familiarity with its operational and investment patterns, and do not have established exit channels. In short, on the one hand, exploration companies face difficulties in securing domestic financing; on the other hand, domestic exploration companies find it challenging to tap into overseas capital markets for risk exploration.

　　Amid the broader context of a downturn in the mining industry, China’s wind exploration sector is also facing the challenge of its own transformation. Throughout history, wind exploration activities have been primarily carried out by state-owned exploration teams across various regions. Mining exploration has long been regarded as a prestigious undertaking: the state allocated funds, geological survey teams conducted the exploration, and once a deposit was discovered, it was handed over to the state—meaning these teams never had to worry about funding or the future development of their exploration efforts. This system is now gradually breaking down. The original central geological exploration fund no longer provides financial support for commercial exploration activities, and even some provincial funds can barely cover minimal expenses. As a result, investment has plummeted, leaving commercial exploration work completely unsupported. It is fair to say that geological survey units are beset by internal and external challenges, fraught with crises, and facing serious threats to their survival and development.

　　Reporter: Why does China need to establish a wind power capital market, and what is the necessity behind it?

　　Gao Xiang: China’s commercial exploration market is facing several challenges, including difficulties in securing financing for wind-resource exploration projects, undervaluation of early-stage exploration companies, and the need for exploration teams to undergo transformation. Particularly in the current context of a general downturn in the mining industry, the development of early-stage exploration companies has become even more fraught with obstacles. Although the development of these early-stage exploration companies may seem like a niche sector when viewed in isolation, from the perspective of the entire resource economy’s industrial chain, they are the source of new domestic reserves and resources. A prolonged lack of exploration results will lead to resource shortages for downstream mining enterprises, ultimately causing supply constraints throughout the mining and resource sectors. At present, given the downward trend in mining market conditions, this risk has not yet become apparent in the short term. However, once the market turns upward and economic growth picks up, this risk will quickly surface. It can be said that early-stage exploration companies are the very foundation and origin of the resource industry; without a smooth and healthy development platform and viable financing channels, this sector simply cannot thrive. As a result, China’s mining and resource industries will inevitably encounter supply shortages along the way, making it all too likely that they’ll face situations similar to the one where iron ore raw materials are subject to external control and lack bargaining power.

　　Globally, the proportion of capital allocated to risk exploration is very small; however, domestic demand for such capital is extremely high. Particularly after the Ministry of Finance adjusted the central fiscal funds and withdrew them from competitive areas in geological work, a funding gap in geological exploration is bound to emerge in the market. Currently, the existing domestic market structure and channels are not yet aligned with risk exploration enterprises. At present, China’s capital market is in the process of establishing a multi-tiered system that includes the main boards of the Shanghai Stock Exchange and Shenzhen Stock Exchange, the ChiNext board, and the SME board. The listing requirements for these boards mandate that companies must have... 3 The company has been profitable for more than a year, and its business has shown some growth. However, mineral exploration typically involves a very long cycle, making the current listing requirements incompatible with the inherent characteristics of the mineral exploration industry. Therefore, under the present listing standards and regulatory framework, exploration companies simply cannot go public. What’s needed is the emergence of a new platform that can adequately recognize the funding needs of exploration enterprises. At this juncture, establishing a capital market specifically for exploration and development—and enabling it to play a full role in financing—is both timely and essential for enhancing our country’s resource security and building a powerful mining nation.

　　Reporter: What are the key points for China’s development of a capital market for wind power with Chinese characteristics, and what path should we take?

　　Gao Xiang: The goal of China’s risk exploration capital market is to build a market that rivals the TSX Venture Exchange in Toronto, Canada—a capital market specifically tailored for mining enterprises, particularly risk exploration companies. This market will provide a financing platform for risk exploration firms, expand domestic financing channels for mining projects, and accelerate the socialization of investment in exploration projects that align with the natural laws of mining industry development.

　　To build a risk exploration capital market with Chinese characteristics, we must, on the basis of summarizing both domestic and international experiences, formulate stringent standards and rules that are consistent with the laws governing the mining industry and suited to China’s actual conditions.

　　First, we need to establish a practical and feasible mechanism for wind exploration enterprises to enter the trading market. At the heart of this mechanism is identifying what types of enterprises are best suited to disclose information and engage in transactions in this market. We must neither simply replicate old approaches by applying the standards currently used in equity trading markets nor merely adopt rules from overseas markets wholesale. For instance, in terms of corporate organizational structure, the market should allow not only joint-stock companies to trade but also limited liability companies. Any company that has been legally established and is validly holding an exploration license—or any company that holds absolute controlling interests in other companies holding exploration licenses—should be eligible to enter the market.

　　Second, we need to develop information-disclosure standards and procedures that are both open, transparent, and highly operational—standards that cover not only technical aspects but also legal and financial ones. These standards must take into account China’s specific domestic conditions while also aligning with international practices or preparing the necessary institutional frameworks for future alignment. As with information disclosure in any other enterprise or industry, legal and financial disclosures are of paramount importance. However, given the unique characteristics of the wind-resource assessment industry, technical disclosure standards and regulations are of critical importance—they represent the core of information disclosure and can even be considered the linchpin determining the success or failure of the wind-resource assessment market. In terms of technical standards, Canada adopts... NI43-101 Standard; Australia adopts JORC The two standards are widely accepted globally within the mining industry. When the Hong Kong Stock Exchange reviews applications for listing by mining companies, either of these two standards is acceptable. The core content of these two standards is remarkably similar; at their essence, they both represent ethical guidelines for professionals in the mining sector regarding information disclosure—rather than merely serving as assessment or reserve estimation standards. The only differences between the two lie in their format and legal enforceability. China has its own geological exploration standards and a system for evaluating mining rights; however, these systems suffer from issues such as falsification and inaccuracies in results and reports, as well as a disconnect from market realities. Although, thanks to vigorous promotion by the China Mining Association, China’s qualified persons system has been launched, it has yet to be fully implemented. Based on the current situation, the disclosure of technical information must be carried out by an independent third party, which should also conduct due diligence on the geological work—including on-site inspections.

　　Third, we must fully leverage the role of third-party service providers to ensure that information disclosure is truthful and reliable. These providers include mining technology assessment or verification agencies, law firms and accounting firms specializing in mining-related matters, as well as investment banks or financial services institutions involved in mining. The authenticity of information is the very foundation upon which both the wind exploration system and the market depend. The quality—both the accuracy and reliability—of the system and information disclosure hinges on the expertise, industry experience, and professional integrity of these third-party service providers. In the early stages of market development, in order to enhance the market’s credibility and attractiveness, we should select third-party service providers with extensive experience and a solid reputation. Furthermore, a mechanism for publicly disclosing the strengths and weaknesses of third-party institutions serving the wind exploration market should also be established.

　　Fourth, it is essential to educate and nurture the investor community. The investor community is a prerequisite for market development, and constraints and requirements on investor eligibility are vital for the market’s long-term survival. Investment in exploration and development markets involves risky investment activities, and the development of such markets is still relatively new in China. Through investor education, we must help investors gain a thorough understanding of the mining market, the exploration and development industry, and market regulations. In the early stages of market development, the investor base should primarily consist of institutional investors with experience in mining investments and high-net-worth individuals.

　　Establish and develop the exploration capital market. , Improve the capital market system for the mining industry and further enhance the role of capital markets in optimizing resource allocation. , It will facilitate the structural adjustment and strategic restructuring of state-owned mining enterprises and geological exploration units, thereby enhancing the degree of resource assurance. This is not only an important strategic task for comprehensively revitalizing the mining industry. , It is also an important component of the construction of China’s multi-tiered capital market.

　　Reporter: What positive roles will the Northern Mining Institute play in the development of China’s wind power capital market?

　　Gao Xiang: The Northern Mining Institute was established in... 2010 Year 7 Yue is a public service institution for mining rights and mineral product trading, and serves as a builder of China’s mineral exploration capital market. Initiated by the Northern Mining Institute and guided by the China Mining Association and the Beijing Municipal Bureau of Financial Services, the mineral exploration capital market brings together expertise, advanced technologies, and resources from various sectors—including mining, finance, capital, investment, and trading—to establish a financing and trading platform for mineral exploration enterprises.

　　Our goal is to establish, at the Northern Mining Exchange, a mining capital market with Chinese characteristics, modeled after the TSX Venture Exchange, and to secure a place for ourselves within China’s multi-tiered capital market system.

　　In the affairs of the world, if we take action, even the most difficult tasks become easy; but if we fail to act, even the easiest tasks will become daunting. Right now, the time is ripe for our country to establish a robust capital market for wind energy. The framework is already clear, the path has been laid out, and the goals are firmly set. As long as we put our hearts into it, we will surely achieve great things and make significant contributions!

ascii-? - a H?? ? ? l;mso-hansi-font-family:Arial;mso-bidi-font-family: Arial;mso-font-kerning:0pt'>Go out ” Pave a new path for mineral geology with distinctive features. This year, we will focus on the successful implementation of key geological exploration projects, identifying and submitting two large-scale mineral deposits and a batch of medium-sized ones. Among these, the gold deposit in the Hebaoshan mining area of Taining is guaranteed to have gold reserves exceeding... 30 Ton; prioritize the exploration of steatite (Shoushan stone) ore for carving, and strive to achieve a number of significant findings; actively seek the establishment of a new integrated exploration area for the Dongyang gold mine in Dehua, and advance Fujian Province’s second-phase strategic action for breakthroughs in mineral exploration.