ORENINC INDEX – Monday, January 2nd, 2023

North America’s leading junior mining finance data provider

Last Week: 53.10

This week: 40.01

The Oreninc Index decreased in the trading week ending December 29th, 2022, to 40.01 from 53.10 a week ago as year-end shows less financing activity.

On to the money: the aggregate financings announced decreased to $14 million, a 24-week low, with no new brokered financings and no new bought-deal financings announced. The average offer size decreased to $0.6 million, a 145-week low, and the number of financings decreased to 24.

Gold closed the week higher at $1,826/oz from $1,804/oz a week ago. The US dollar index closed lower at 103.84 from 104.31 a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week lower at $35.93 from $36.12 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 230.80 from 231.80 last week. The SPDR GLD ETF inventory closed the week higher at 912.41 tonnes from 912.41 tonnes last week.

In other commodities, Silver closed the week higher at $24.25/oz from $23.92/oz a week ago. Copper closed higher at $3.82/lb from $3.80/lb a week ago. Oil went higher as WTI closed lower at $78.61 a barrel from $79.34 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 33,221 from 33,204 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,285 from 19,506 the previous week. The S&P/TSX Venture Composite Index closed lower at 564.77 from 572.22 a week ago.

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Summary:

• The number of financings decreased to 24.
• No brokered financing was announced this week.
• No bought deal financing was announced this week.
• Total dollars lowered to $14m, a 24-week low.
• The average offer lessened to $0.6m, a 145-week low.

Major Financing Openings:

• Euromax Resources Limited (TSX-V:EOX) opened a $05 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 January 6, 2023.
• Imperial Mining Group Ltd. (TSX-V:IPG) opened a $3 million offering on a best efforts basis. Each unit includes a 1/2 warrant that expires in 24 months.
• Goldshore Resources Inc. (TSX-V:GSHR) opened a $1 million offering on a best efforts Each unit includes a 1/2 warrant that expires in 24 months.
• Focus Graphite Inc. (TSX-V:FMS) opened a $84 million offering on a best efforts basis.

Major Financing Closings:

• Summa Silver Corp. (CSE:SSVR) closed a $31 million offering underwritten by a syndicate led by Research Capital Corp. 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 December 29, 2022.
• Palladium One Mining Inc. (TSX-V:PDM) closed a $95 million offering underwritten by a syndicate led by Echelon Capital Markets on a best efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
• Ucore Rare Metals Inc. (TSX-V:UCU) closed a $59 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 December 22, 2022.
• Sokoman Minerals Corp. (TSX-V:SIC) closed a $14 million offering on a best efforts basis.