ORENINC INDEX – Monday, September 25, 2023
North America’s leading junior mining finance data provider
Last Week: 38.43
This week: 59.88
The Oreninc Index increased in the trading week ending September 22nd, 2023, to 59.88 from 38.43 a week ago as average offer spikes
On to the money: the aggregate financings announced increased to $58 million, a 4-week high, with three new brokered financings and four bought-deal financings announced. The average offer size increased to $2.23 million, a 3-week high, and the number of financings increased to 26.
Gold closed the week lower at $1,945/oz from $1,946/oz a week ago. The US dollar index closed higher at 105.58 from 105.32 a week ago.
The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $34.15 from $35.79 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 223.09 from 229.22 last week.
In other commodities, Silver closed the week higher at $23.84/oz from $23.38/oz a week ago. Copper closed lower at $3.69/lb from $3.80/lb a week ago. Oil went lower as WTI closed lower at $90.03 a barrel from $90.77 a barrel a week ago.
The Dow Jones Industrial Average closed lower at 33,964 from 34,618 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,779 from 20,622 the previous week. The S&P/TSX Venture Composite Index closed lower at 570.09 from 590.78 a week ago.
Major Financing Openings:
- Reunion Gold Corporation (TSX-V:RGD) opened a $70.01 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 September 26, 2023.
- E3 Lithium Ltd. (TSX-V:ETL) opened a $20.02 million offering underwritten by a syndicate led by Eight Capital on a bought-deal basis. The deal is expected to close on or about September 26, 2023.
- Goliath Resources Ltd. (TSX-V:GOT) opened a $9.1 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 18 months. The deal is expected to close on or about September 29, 2023.
- Cantex Mine Development Corp. (TSX-V:CD) opened a $5 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
Major Financing Closings:
- Canadian North Resources Inc. (TSX-V:CNRI) closed an $8.06 million offering on a best-efforts basis.
- Liberty Gold Corp. (TSX:LGD) closed a $7.79 million offering on a best-efforts basis. The deal is expected to close on or about September 15, 2023.
- Platinum Group Metals Ltd. (TSX:PTM) closed a $3.37 million offering on a best-efforts basis.
- Recharge Resources Ltd. (CSE:RR) closed a $3 million offering on a best-efforts basis.