ORENINC INDEX – Monday, February 27^th, 2023

North America’s leading junior mining finance data provider

Last Week: 45.09

This week: 54.23

The Oreninc Index increased in the trading week ending February 24th, 2023, to 54.23 from 45.09 a week ago as the metals market slumped.

On to the money: the aggregate financings announced decreased to $62.6 million, a 2-week high, with one new brokered financings and no new bought-deal financings announced. The average offer size increased to $2.6 million, a 2-week high, and the number of financings lessened to 24.

Gold closed the week lower at $1,809/oz from $1,840/oz a week ago. The US dollar index closed higher at 105.21 from 103.86 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $33.03 from $34.59 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 213.85 from 224.36 last week. The SPDR GLD ETF inventory closed the week higher at 918.50 tonnes, or 29.32 million ounces, from 909.24 tonnes last week.

In other commodities, Silver closed the week lower at $20.81/oz from $21.71/oz a week ago. Copper closed lower at $3.95/lb from $4.10/lb a week ago. Oil went lower as WTI closed lower at $76.32 a barrel from $76.34 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 32,817 from 33,826 a week ago. Canada’s S&P/TSX Composite Index closed lower at 20,219 from 20,515 the previous week. The S&P/TSX Venture Composite Index closed lower at 616.86 from 627.78 a week ago.

Summary:

• The number of financings lessened to 24.
• One brokered financing was announced this week for $30m, a 2-week high.
• No bought-deal financing was announced this week.
• Total dollars increased to $62.6m, a 2-week high.
• The average offer upped to $2.6m, a 2-week high.

Major Financing Openings:

• Li-FT Power Ltd. (CSE:LIFT) opened a $30 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 March 22, 2023.
• United Lithium Corp. (CSE:ULTH) opened a $7 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 March 5, 2023.
• Sienna Resources Inc. (TSX-V:SIE) opened a $3.5 million offering on a best-efforts basis. Each unit includes 1 warrant that expires in 60 months.
• GFG Resources Inc. (TSX-V:GFG) opened a $3 million offering 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 March 15, 2023.

Major Financing Closings:

• Ur-Energy Inc. (TSX:URE) closed a $46.14 million offering underwritten by a syndicate led by Cantor Fitzgerald & Co. on a best-efforts basis.
• Q2 Metals Corp. (TSX-V:QTWO) closed a $10.25 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 February 23, 2023.
• Reyna Silver Corp. (TSX-V:RSLV) closed an $8.01 million offering underwritten by a syndicate led by Eight Capital on a bought-deal basis. Each unit includes 1 warrant that expires in 36 months. The deal is expected to close on or about February 23, 2023.
• Rise Gold Corp. (CSE:RISE) closed a $4.13 million offering on a best-efforts basis.