ORENINC INDEX down as tax loss season end in sight – December 18th, 2023

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ORENINC INDEX – Monday, December 18th, 2023

North America’s leading junior mining finance data provider

Last Week: 115.47 (Updated)

This week: 60.34

The Oreninc Index decreased in the trading week ending December 15th, 2023, to 60.34 from 115.47 as we near the end of tax loss season.

On to the money: the aggregate financings announced decreased to $59 million, a 10-week low, with three new brokered financings and one bought-deal financings announced. The average offer size decreased to $1.2 million, a 10-week low, and the number of financings decreased to 48.

Gold closed the week higher at $2,026/oz from $2,014/oz a week ago. The US dollar index closed lower at 102.55 from 104.01 a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week higher at $37.55 from $36.44 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 238.60 from 229.47 last week.

In other commodities, Silver closed the week higher at $24.15/oz from $23.27/oz a week ago. Copper closed higher at $3.89/lb from $3.83/lb a week ago. Oil went higher as WTI closed higher at $71.43 a barrel from $71.23 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 37,309 from 36,247 a week ago. Canada’s S&P/TSX Composite Index closed higher at 20,529 from 20,331 the previous week. The S&P/TSX Venture Composite Index closed lower at 530.85 from 537.50 a week ago.


Major Financing Openings:

  • Probe Gold Inc. (TSX:PRB) opened a $10 million offering underwritten by a syndicate led by BMO Capital Markets on a bought-deal basis. The deal is expected to close on or about December 22, 2023.
  • South Star Battery Metals Corp. (TSX-V:STS) opened a $5 million offering on a best-efforts basis.
  • Excelsior Mining Corp. (TSX-V:MIN) opened a $4.21 million offering on a best-efforts basis.
  • Northern Dynasty Minerals Ltd. (TSX:NDM) opened a $3.4 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 24 months.

Major Financing Closings:

  • Argonaut Gold Inc. (TSX:AR) closed a $85 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought deal The deal is expected to close on or about December 12, 2023.
  • Foran Mining Corp. (TSX-V:FOM) closed a $50 million offering on a best-efforts basis.
  • Adventus Mining Corp. (TSX-V:ADZN) closed a $24.42 million offering on a best-efforts basis.
  • McEwen Mining Inc. (TSX:MUX) closed a $22.02 million offering on a best-efforts basis. The deal is expected to close on or about December 14, 2023.

 

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