ORENINC INDEX up as PMs gain interest – March 20th, 2023

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ORENINC INDEX – Monday, March 20th, 2023

North America’s leading junior mining finance data provider

Last Week: 51.85

This week: 86.14

The Oreninc Index increased in the trading week ending March 17th, 2023, to 86.14 from 51.85 a week ago as investors seek haven in precious metals.

On to the money: the aggregate financings announced increased to $210 million, a 5-week high, with eight new brokered financings and six new bought-deal financings announced. The average offer size increased to $6.8 million, a 5-week high, and the number of financings increased to 31.

Gold closed the week higher at $1,990/oz from $1,867/oz a week ago. The US dollar index closed lower at 103.71 from 105.31 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week higher at $36.71 from $32.88 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 242.00 from 213.77 last week. The SPDR GLD ETF inventory closed the week higher at 920.72 tonnes, or 30.40 million ounces, from 914.50 tonnes last week.

In other commodities, Silver closed the week higher at $22.35/oz from $20.37/oz a week ago. Copper closed lower at $3.89/lb from $4.03/lb a week ago. Oil went lower as WTI closed lower at $66.71 a barrel from $76.68 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 31,858 from 31,909 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,387 from 19,774 the previous week. The S&P/TSX Venture Composite Index closed lower at 605.49 from 611.49 a week ago.

Summary:

  • The number of financings increased to 31.
  • Eight brokered financings were announced this week for $144m, a 5-week high.
  • Six bought deal financings were announced this week for $69m, a 5-week high.
  • Total dollars heightened to $210m, a 5-week high.
  • The average offer upped to $6.8m, a 5-week high.

Major Financing Openings:

  • Foran Mining Corp. (TSX-V:FOM) opened a $75 million offering underwritten by a syndicate led by Eight Capital on a best-efforts basis. The deal is expected to close on or about March 27, 2023.
  • Collective Mining Ltd. (TSX-V:CNL) opened a $30 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 March 22, 2023.
  • Rubellite Energy Inc. (TSX:RBY) opened a $20 million offering on a best-efforts basis. The deal is expected to close on or about March 28, 2023.
  • Snowline Gold Corp. (CSE:SGD) opened a $19.16 million offering on a best-efforts basis. The deal is expected to close on or about March 28, 2023.

Major Financing Closings:

  • Integra Resources Corp. (TSX-V:ITR) closed a $35 million offering on a best-efforts basis.
  • Torq Resources Inc. (TSX-V:TORQ) closed a $6.26 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 36 months. The deal is expected to close on or about March 10, 2023.
  • Voyager Metals Inc. (TSX-V:VONE) closed a $4.73 million offering on a best-efforts basis.
  • Gladiator Metals Corp. (TSX-V:GLAD) closed a $3.1 million offering on a best-efforts basis. The deal is expected to close on or about March 15, 2023.

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