ORENINC INDEX down as total financing amount decreases – May 1st, 2023

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ORENINC INDEX – Monday, May 1st, 2023

North America’s leading junior mining finance data provider

Last Week: 71.10

This week: 62.22

The Oreninc Index increased in the trading week ending April 28th, 2023, to 62.22 from 71.10 a week ago as the total dollars raised decreased.

On to the money: the aggregate financings announced decreased to $106.7 million, a 4-week low, with seven new brokered financings and five new bought-deal financings announced. The average offer size increased to $2.9 million, a 2-week high, and the number of financings decreased to 36.

Gold closed the week lower at $1,981/oz from $2,024/oz a week ago. The US dollar index closed lower at 101.82 from 102.71 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week higher at $40.04 from $39.97 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 260.64 from 266.88 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 higher at $25.28/oz from $24.15/oz a week ago. Copper closed higher at $3.98/lb from $3.88/lb a week ago. Oil went higher as WTI closed higher at $77.87 a barrel from $71.34 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 33,809 from 33,368 a week ago. Canada’s S&P/TSX Composite Index closed higher at 20,693 from 20,542 the previous week. The S&P/TSX Venture Composite Index closed lower at 614.20 from 615.40 a week ago.

Summary:

  • The number of financings lessened to 36.
  • Seven brokered financings were announced this week for $45m, a 3-week low.
  • Five bought deal financings were announced this week for $30m, a 2-week low.
  • Total dollars decreased to $106.7, a 4-week low.
  • The average offer increased to $2.9m, a 2-week high.

Major Financing Openings:

  • Argonaut Gold Inc. (TSX:AR) opened a $15 million offering underwritten by a syndicate led by Scotiabank on a bought-deal basis. The deal is expected to close on or about May 24, 2023.
  • Defense Metals Corp. (TSX-V:DEFN) opened a $12.5 million offering on a best-efforts basis. The deal is expected to close on or about May 18, 2023.
  • Japan Gold Corp. (TSX-V:JG) opened a $10 million offering on a best-efforts basis.
  • Goliath Resources Ltd. (TSX-V:GOT) opened an $8 million offering underwritten by a syndicate led by Red Cloud Securities 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 May 18, 2023.

Major Financing Closings:

  • International Battery Metals Ltd. (CSE:IBAT) closed a $6.69 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 13 months.
  • Angus Gold Inc. (TSX-V:GUS) closed a $6.46 million offering on a best-efforts basis. The deal is expected to close on or about April 27, 2023.
  • Aurania Resources Ltd. (TSX-V:ARU) closed a $5 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 May 24, 2023.
  • Silver One Resources Inc. (TSX-V:SVE) closed a $5 million offering on a best-efforts basis.

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