ORENINC INDEX crashes as average offer plummets – May 29th, 2023

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ORENINC INDEX – Monday, May 29th, 2023

North America’s leading junior mining finance data provider

Last Week: 79.41

This week: 26.48

The Oreninc Index decreased in the trading week ending May 25th, 2023, to 26.48 from 79.41 a week ago as the average offer plummets to a 20-week low.

On to the money: the aggregate financings announced decreased to $22.5 million, a 20-week low, with one new brokered financings and no new bought-deal financings announced. The average offer size decreased to $1.25 million, a 20-week low, and the number of financings decreased to 18.

Gold closed the week lower at $1,943/oz from $1,978/oz a week ago. The US dollar index closed higher at 104.25 from 103.20 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $36.05 from $38.30 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 239.07 from 252.50 last week.

In other commodities, Silver closed the week lower at $22.80/oz from $23.94/oz a week ago. Copper closed lower at $3.58/lb from $3.73/lb a week ago. Oil went lower as WTI closed higher at $71.83 a barrel from $71.55 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 32,764 from 33,426 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,774 from 20,351 the previous week. The S&P/TSX Venture Composite Index closed lower at 602.64 from 612.79 a week ago.

Summary:

  • The number of financings lessened to 18.
  • One brokered financing was announced this week for $1.25m, a 20-week low.
  • No bought-deal financing was announced this week.
  • Total dollars decreased to $22.5m, a 20-week low.
  • The average offer declined to $1.25m, a 20-week low.

Major Financing Openings:

  • Gabriel Resources Ltd. (TSX-V:GBU) opened a $6.44 million offering on a best-efforts basis. The deal is expected to close on or about June 8th, 2023.
  • Forum Energy Metals Corp. (TSX-V:FMC) opened a $3 million offering on a best-efforts basis.
  • Lode Metals Corp. (CSE:LODE) opened a $3 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 24 months.
  • Zacapa Resources Ltd. (TSX-V:ZACA) opened a $2 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 36 months.

Major Financing Closings:

  • Skeena Resources Limited (TSX-V:SKE) closed a $73.54 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 May 24, 2023.
  • Argonaut Gold Inc. (TSX:AR) closed a $17.5 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) closed a $12.5 million offering on a best-efforts basis. The deal is expected to close on or about May 18, 2023.
  • Aurania Resources Ltd. (TSX-V:ARU) closed a $4.26 million offering on a best-efforts basis.

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