ORENINC INDEX down as less money is being raised – November 13th, 2023

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ORENINC INDEX – Monday, November 13th, 2023

North America’s leading junior mining finance data provider

Last Week: 76.89

This week: 51.76

The Oreninc Index decreased in the trading week ending November 10th, 2023, to 51.76 from 76.89 as flat as tax loss season continues.

On to the money: the aggregate financings announced decreased to $89 million, a 3-week low, with four new brokered financings and one bought-deal financing announced. The average offer size lessened to $3 million, a 3-week low, and the number of financings decreased to 30.

Gold closed the week lower at $1,937/oz from $1,989/oz a week ago. The US dollar index closed lower at 105.86 from 106.56 a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week lower at $32.86 from $35.48 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 209.75 from 227.47 last week.

In other commodities, Silver closed the week higher at $22.28/oz from $23.28/oz a week ago. Copper closed lower at $3.58/lb from $3.68/lb a week ago. Oil went lower as WTI closed lower at $77.17 a barrel from $80.51 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 34,283 from 34,061 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,654 from 19,824 the previous week. The S&P/TSX Venture Composite Index closed lower at 510.28 from 525.25 a week ago.


Major Financing Openings:

  • Hercules Silver Corp. (TSX-V:BIG) opened a $23.39 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 November 8th, 2023.
  • West Red Lake Gold Mines Inc. (CSE:WRLG) opened a $10 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a best efforts Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about November 28, 2023.
  • Torq Resources Inc. (TSX-V:TORQ) opened a $6 million offering underwritten by a syndicate led by Paradigm Capital Inc. 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 November 16, 2023.
  • Golden Minerals Company (TSX:AUMN) opened a $5.79 million offering on a best-efforts basis.   The deal is expected to close on or about November 8th, 2023.

Major Financing Closings:

  • New Found Gold Corp. (TSX-V:NFG) closed a $56.01 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 November 6th, 2023.
  • Hercules Silver Corp. (TSX-V:BIG) closed a $23.39 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 November 8th, 2023.
  • Mayfair Gold Corp. (TSX-V: MFG) closed a $12.05 million offering on a best-efforts basis. The deal is expected to close on or about November 2nd, 2023.
  • Altamira Gold Corp. (TSX-V:ALTA) closed a $5.94 million offering on a best-efforts basis.

 

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