ORENINC INDEX increases as the number of broker financings increases – May 8th, 2023

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ORENINC INDEX – Monday, May 8th, 2023

North America’s leading junior mining finance data provider

Last Week: 62.22

This week: 74.87

The Oreninc Index increased in the trading week ending May 5th, 2023, to 74.87 from 62.22 a week ago as the number of deals increased.

On to the money: the aggregate financings announced decreased to $101.4 million, a 5-week low, with seven new brokered financings and one new bought-deal financing announced. The average offer size decreased to $2.1 million, a 6-week low, and the number of financings increased to 48.

Gold closed the week higher at $2,024/oz from $1,999/oz a week ago. The US dollar index closed higher at 102.71 from 101.38  a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week higher at $41.18 from $39.75 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 278.24 from 260.64 last week. The SPDR GLD ETF inventory closed the week higher at 920.72 tonnes or 30.40 million ounces.

In other commodities, Silver closed the week lower at $24.15/oz from $25.22/oz a week ago. Copper closed lower at $3.88/lb from $3.89/lb a week ago. Oil went lower as WTI closed lower at $71.34 a barrel from $76.78 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 33,674 from 34,098 a week ago. Canada’s S&P/TSX Composite Index closed lower at 20,542 from 20,636 the previous week. The S&P/TSX Venture Composite Index closed higher at 615.40 from 613.38 a week ago.

Summary:

  • The number of financings increased to 48.
  • Seven brokered financings were announced this week for $51m, a 2-week high.
  • One bought deal financing was announced this week for $27m, a 4-week low.
  • Total dollars lessened to $101.4m, a 5-week low.
  • The average offer decreased to $2.1m, a 6-week low.

Major Financing Openings:

  • Lion One Metals Limited (TSX-V:LIO) opened a $27 million offering underwritten by a syndicate led by Eight Capital on a bought-deal basis. Each unit includes a 1/2 warrant that expires in 30 months.
  • Nevada King Gold Corp. (TSX-V:NKG) opened a $10 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a best-efforts basis.
  • Signal Gold Inc. (TSX:SGNL) opened a $7 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 18 months.
  • Spanish Mountain Gold Ltd. (TSX-V:SPA) opened a $6 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.

Major Financing Closings:

  • Meridian Mining UK Societas (TSX-V:MNO) closed an $18.4 million offering underwritten by a syndicate led by Beacon Securities Ltd. on a bought-deal basis. The deal is expected to close on or about May 2nd, 2023.
  • Cassiar Gold Corp. (TSX-V:GLDC) closed a $9.57 million offering underwritten by a syndicate led by Cormark Securities Inc. on a bought-deal basis. Each unit includes a 1/2 warrant that expires in 24 months. The deal is expected to close on or about May 4, 2023.
  • Imagine Lithium Inc. (TSX-V:ILI) closed a $9.13 million offering on a best-efforts basis. The deal is expected to close on or about April 26, 2023.
  • Impact Silver Corp. (TSX-V:IPT) closed a $9.01 million offering on a best-efforts basis. The deal is expected to close on or about April 20, 2023.

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