Hi everyone - this being my first post, and English not being my native language, please forgive me if I don't explain my question properly and to the point.

Some time ago, the Toronto Stock Exchange explained that one of the requirements for a Venture listed ressource exploration company to migrate to the main exchange was that the ressource was not land locked.

Other posters have argued that it's usually easier to raise capital and get the attention of institutional investors, hence often af higher stock price compared to Venture listed companies, which is why companies desire a listing on the main exchange.

Recently I read about Balmoral, which despite being at an early stage of development, has a significantly higher market cap, compared to NOT. I could find at least two obvious reasons, being no infrastructure issues, and the listing on the main exchange.

To the best of my knowlegde, we can expect some progress in the coming months regarding acces to the RoF.

My question is, for how long will the TSE regard the RoF as being land locked, consequently disqualifying RoF companies (especially NOT) for listing on the main exchange?

My speculation is, that if I am right about infrastructure issues being the only real reason to keep NOT from a listing on the main exchange, then the TSE will soon have a hard time explaining why they will not accept an application from NOT for listing on the main exchange. My simple logic premise being, at with a listing on the main exchange because the access issues are resolved, the market cap of NOT should be significantly higher than e.g. that of Balmoral.

Best regards

DRA