ORENINC INDEX – Monday, November 1st 2021

North America’s leading junior mining finance data provider

Last Week: 84.45 (Updated)

This week: 73.06

The Oreninc Index increased in the trading week ending October 29th, 2021 to 73.06 from 84.45 a week ago as the appetite for junior mining financings seems to increase.

On to the money: the aggregate financings announced decreased to $108 million, a 2-week low, with 10 new brokered financings and 5 new bought-deal financings announced. The average offer size decreased to $3 million, a 3-week high, and the number of financings decreased to 37.

Gold closed the week down at $1,783/oz from $1,796/oz a week ago. The US dollar index closed up at 94.12 from 93.64 a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week down at $43.27 from $44.44 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 248.89 from 259.75 last week. The SPDR GLD ETF inventory closed the week higher at 982.14 tonnes, or 31.57 million ounces, from 978.07 tonnes last week.

In other commodities, Silver closed the week lower at $23.94/oz from $24.44/oz a week ago. Copper closed lower at $4.36/lb from $4.72/lb a week ago. Oil went higher as WTI closed lower at $83.57 a barrel from $84.06 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 35,819 from 35,677 a week ago. Canada’s S&P/TSX Composite Index closed lower at 21,037 from 21,216 the previous week. The S&P/TSX Venture Composite Index closed higher at 950.43 from 948.84 a week ago.

Summary:

• Number of financings decreased to 37.
• Ten brokered financing were announced this week for $79m, a 2-week low.
• Five bought-deal financing were announced this week for $46m, a 2-week low.
• Total dollars lessened to $108m, a 2-week low.
• Average offer lowered to $3m, a 3-week low.

Major Financing Openings:

• Arizona Metals Corp. (TSX-V:AMC) opened a $24.86 million offering underwritten by a syndicate led by Stifel GMP on a bought deal basis. The deal is expected to close on or about November 12, 2021.
• Southern Energy Corp. (TSX-V:SOU) opened a $15.25 million offering underwritten by a syndicate led by Eight Capital on a best efforts basis.
• Three Valley Copper Corp. (TSX-V:TVC) opened a $10 million offering underwritten by a syndicate led by PI Financial Corp. on a bought deal basis.  Each unit includes 1 warrant that expires in 30 months. The deal is expected to close on or about November 18, 2021.
• Silver Elephant Mining Corp (TSX: ELEF) opened a $7 million offering underwritten by a syndicate led by Red Cloud securities Inc. on a best efforts basis. The deal is expected to close on or about November 17, 2021.

Major Financing Closings:

• Aurcana Silver Corp. (TSX-V:AUN) closed a $9.66 million offering on a best efforts basis.  Each unit includes 1 warrant that expires in 36 months.
• Canada Silver Cobalt Works Inc. (TSX-V: CCW) closed a $7.48 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 25, 2021.
• QC Copper and Gold Inc. (TSX-V:QCCU) closed a $6.97 million offering underwritten by a syndicate led by Cormark Securities Inc. on a best efforts basis.    The deal is expected to close on or about October 27, 2021.
• Lithium South Development Corp. (TSX-V:LIS) closed a $6.46 million offering on a best efforts basis.