ORENINC INDEX – Monday, March 13th, 2023
North America’s leading junior mining finance data provider
Last Week: 71.63
This week: 51.85
The Oreninc Index increased in the trading week ending March 10th, 2023, to 71.63 from 54.23 a week ago as several banks ignite market turmoil.
On to the money: the aggregate financings announced decreased to $86 million, a 2-week low, with seven new brokered financings and one new bought-deal financings announced. The average offer size increased to $3.7 million, a 4-week high, and the number of financings decreased to 23.
Gold closed the week higher at $1,867/oz from $1,854/oz a week ago. The US dollar index closed higher at 105.31 from 104.52 a week ago.
The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $32.88 from $35.12 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 213.77 from 226.24 last week. The SPDR GLD ETF inventory closed the week lower at 914.72 tonnes, or 29.40 million ounces, from 918.50 tonnes last week.
In other commodities, Silver closed the week lower at $20.37/oz from $22.23/oz a week ago. Copper closed lower at $4.03/lb from $4.06/lb a week ago. Oil went lower as WTI closed lower at $76.68 a barrel from $79.68 a barrel a week ago.
The Dow Jones Industrial Average closed lower at 31,909 from 33,390 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,774 from 20,581 the previous week. The S&P/TSX Venture Composite Index closed lower at 611.49 from 642.98 a week ago.
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Summary:
- The number of financings lessened to 23.
- Seven brokered financings were announced this week for $49m, a 2-week low.
- One bought deal financing was announced this week for $15m, a 2-week low.
- Total dollars lessened to $86m, a 2-week low.
- The average offer increased to $3.7m, a 4-week high.
Major Financing Openings:
- Yangarra Resources Ltd. (TSX-V:YGR) opened a $15 million offering underwritten by a syndicate led by ATB Capital Markets Inc. on a bought-deal basis. The deal is expected to close on or about March 27, 2023.
- Freegold Ventures Limited (TSX:FVL) opened a $10 million offering underwritten by a syndicate led by Paradigm Capital Inc. on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about March 30, 2023.
- Golden Tag Resources Ltd. (TSX-V:GOG) opened a $9 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
- Denarius Silver Corp. (TSX-V:DSLV) opened an $8 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about March 31, 2023.
Major Financing Closings:
- Orezone Gold Corporation (TSX:ORE) closed a $16.51 million offering on a best-efforts basis. The deal is expected to close on or about March 8, 2023.
- Callinex Mines Inc. (TSX-V:CNX) closed a $9.41 million offering underwritten by a syndicate led by Research Capital Corp. on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about March 6, 2023.
- Brunswick Exploration Inc. (TSX-V:BRW) closed a $7.5 million offering underwritten by a syndicate led by Red Cloud Securities Inc. on a bought-deal basis. Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about March 9, 2023.
- United Lithium Corp. (CSE:ULTH) closed a $7 million offering on a best-efforts basis. The deal is expected to close on or about March 5, 2023.