ORENINC INDEX drops to 8-week lows – December 26th, 2022

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ORENINC INDEX drops to 8-week lows

ORENINC INDEX – Monday, December 26th, 2022

North America’s leading junior mining finance data provider

 

Last Week: 78.43

This week: 53.10

The Oreninc Index decreased in the trading week ending December 23th, 2022 to 53.10 from 78.43 a week ago as more smaller deals were announced.

On to the money: the aggregate financings announced decreased to $53 million, a 8-week low, with 1 new brokered financings and no new bought-deal financings announced. The average offer size decreased to $1.2 million, a 8-week low, and the number of financings decreased to 43.

Gold closed the week higher at $1,804/oz from $1,800/oz a week ago. The US dollar index closed lower at 104.31 from 104.70 a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week higher at $36.12 from $35.23 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 231.80 from 221.96 last week. The SPDR GLD ETF inventory closed the week higher at 912.41 tonnes from 910.41 tonnes last week.

In other commodities, Silver closed the week higher at $23.92/oz from $23.32/oz a week ago. Copper closed higher at $3.80/lb from $3.76/lb a week ago. Oil went higher as WTI closed higher at $79.34 a barrel from $74.45 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 33,204 from 32,920 a week ago. Canada’s S&P/TSX Composite Index closed higher at 19,506 from 19,443 the previous week. The S&P/TSX Venture Composite Index closed lower at 572.22 from 576.26 a week ago.

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Summary:

  • The number of financings decreased to 43.
  • One brokered financing was announced this week for $10m, an 8-week low.
  • No bought deal financing was announced this week.
  • Total dollars lowered to $53m, an 8-week low.
  • The average offer lessened to $1.2m, an 8-week low. 

Major Financing Openings:

  • Summa Silver Corp. (CSE:SSVR) opened a $10 million offering underwritten by a syndicate led by Research Capital Corp. on a best efforts Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about December 29, 2022.
  • Canadian North Resources Inc. (TSX-V:CNRI) opened a $10 million offering on a best efforts
  • Novo Resources Corp. (TSX-V:NVO) opened a $5 million offering on a best efforts Each unit includes a 1/2 warrant that expires in 24 months.
  • Recharge Resources Ltd. (CSE:RR) opened a $6 million offering on a best efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about December 21, 2022.

Major Financing Closings:

  • Fireweed Metals Ltd. (TSX-V:FWZ) closed a $14 million offering on a best efforts basis.
  • Prime Mining Corp. (TSX-V:PRYM) closed a $05 million offering underwritten by a syndicate led by Desjardins Capital Markets on a bought deal basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about December 22, 2022.
  • Dolly Varden Silver Corp. (TSX-V:DV) closed a $7 million offering underwritten by a syndicate led by Research Capital Corp. on a best efforts basis. The deal is expected to close on or about December 21, 2022.
  • Banyan Gold Corp. (TSX-V:BYN) closed a $18 million offering on a best efforts basis. The deal is expected to close on or about December 22, 2022.

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