It seems the TSX has different requirements depending on what industry you are in.

Here is the requirements for mining and exploration companies ... http://www.tmx.com/en/pdf/Mining_Listing_Requirements.pdf

It looks like NOT may not qualify under the working capital requirements for non-exempt exploration and development stage companies. Even though they pay RCF in shares, I would guess that the exchange would value that as a cash transaction and include it in their working capital requirements.

Minimum $2.0 million working capital, but sufficient to complete recommended programs, plus 18 months G&A, anticipated property payments and capital expenditures. Appropriate capital structure