ORENINC INDEX up as financing sentiment slowly improves – August 8th, 2022

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ORENINC INDEX – Monday, August 8th, 2022

ORENINC INDEX up as financing sentiment slowly improves

North America’s leading junior mining finance data provider

Last Week: 43.11

This week: 53.09

The Oreninc Index increased in the trading week ending August 5th, 2022 to 53.09 from 43.11 a week ago as financing sentiment slowly seems to improve.

On to the money: the aggregate financings announced increased to $71 million, a 2-week high, with 6 new brokered financings and 1 new bought-deal financing announced. The average offer size increased to $3.6 million, a 2-week high, and the number of financings decreased to 20.

Gold closed the week higher at $1,791/oz from $1,781/oz a week ago. The US dollar index closed higher at 106.62 from 105.90 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week higher at $33.74 from $33.62 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 204.73 from 207.34 last week. The SPDR GLD ETF inventory closed the week lower at 999.16 tonnes, or 32.12 million ounces, from 1005.29 tonnes last week.

In other commodities, Silver closed the week lower at $19.84/oz from $20.19/oz a week ago. Copper closed lower at $3.55/lb from $3.59/lb a week ago. WTI closed lower at $89.01 a barrel from $98.62 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 32,801 from 32,846 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,620 from 19,962 the previous week. The S&P/TSX Venture Composite Index closed higher at 664.17 from 646.04 a week ago.

Summary:

  • The number of financings decreased to 20.
  • Six brokered financings were announced this week for $38m, a 5-week high.
  • One bought-deal financing was announced this week for $1m, a 2-week low.
  • Total dollars increased to $71m, a 2-week high.
  • The average offer upped to $3.6m, a 2-week high.

Major Financing Openings:

  • O3 Mining Inc. (TSX-V:OIII) opened a $15 million offering on a best-efforts basis.    The deal is expected to close on or about August 24, 2022.
  • Integra Resources Corp. (TSX-V:ITR) opened a $12.88 million offering underwritten by a syndicate led by Raymond James Ltd on a best-efforts basis. The deal is expected to close on or about April 8, 2022.
  • Atex Resources Inc. (TSX-V:ATX) opened a $9 million offering underwritten by a syndicate led by Desjardins Capital Markets 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 August 22, 2022.
  • Mineral Mountain Resources Ltd. (TSX-V:MMV) opened a $7.74 million offering on a best-efforts basis.  Each unit includes 1 warrant that expires in 6 months.

Major Financing Closings:

  • Snowline Gold Corp. (CSE:SGD) closed a $25.23 million offering 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 February 8, 2022.
  • Integra Resources Corp. (TSX-V:ITR) closed a $14.17 million offering underwritten by a syndicate led by Raymond James Ltd on a best-efforts basis. The deal is expected to close on or about April 8, 2022.
  • G2 Goldfields Inc. (TSX-V:GTWO) closed a $13.37 million offering on a best-efforts basis.
  • Westhaven Gold Corp. (TSX-V:WHN) closed a $4.29 million offering on a best-efforts basis. The deal is expected to close on or about July 29, 2022.

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