ORENINC INDEX – Monday, October 2nd, 2023

North America’s leading junior mining finance data provider

Last Week: 59.88

This week: 67.43

The Oreninc Index increased in the trading week ending September 29th, 2023, to 67.43 from 59.88 a week ago as several large financings were announced.

On to the money: the aggregate financings announced decreased to $105.5 million, a 2-week low, with seven new brokered financings and three bought-deal financings announced. The average offer size decreased to $3.5 million, a 2-week low, and the number of financings increased to 30.

Gold closed the week lower at $1,864/oz from $1,945/oz a week ago. The US dollar index closed higher at 106.15 from 105.58 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $32.23 from $34.15 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 207.24 from 223.09 last week.

In other commodities, Silver closed the week lower at $22.39/oz from $23.84/oz a week ago. Copper closed higher at $3.73/lb from $3.69/lb a week ago. Oil went higher as WTI closed higher at $90.81 a barrel from $90.03 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 33,507 from 33,694 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,541 from 19,779 the previous week. The S&P/TSX Venture Composite Index closed lower at 558.88 from 570.09 a week ago.

Summary:

• The number of financings increased to 30.
• Seven brokered financing were announced this week for $81m, a 2-week low.
• Three bought deal financing were announced this week for $52.5m, a 2-week low.
• Total dollars lessened to $105.5m, a 2-week low.
• The average offer lowered to $3.5m, a 2-week low.

Major Financing Openings:

• New Pacific Metals Corp. (TSX-V:NUAG) opened a $35 million offering underwritten by a syndicate led by xxx on a bought-deal basis. The deal is expected to close on or about September 29, 2023.
• IsoEnergy Ltd. (TSX-V:ISO) opened a $21 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a best-efforts basis. The deal is expected to close on or about October 19, 2023.
• Bear Creek Mining Corporation (TSX-V:BCM) opened a $9.5 million offering underwritten by a syndicate led by BMO Capital Markets on a bought-deal basis. Each unit includes 1 warrant that expires in 60 months. The deal is expected to close on or about October 15, 2023.
• Fission Uranium Corp. (TSX-V:FCU) opened an $8 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a bought-deal basis. The deal is expected to close on or about October 4, 2023.

Major Financing Closings:

• Reunion Gold Corporation (TSX-V:RGD) closed 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) closed a $23.03 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.
• Aldebaran Resources Inc. (TSX-V:ALDE) closed a $20.11 million offering on a best-efforts basis.
• Azimut Exploration Inc. (TSX-V:AZM) closed an $8.19 million offering on a bought-deal basis. The deal is expected to close on or about September 28, 2023.