ORENINC INDEX higher as financing aggregate increases

North America’s leading junior mining finance data provider

Last Week: 83.00

This week: 85.68

The Oreninc Index increased in the trading week ending December 9th, 2022, to 85.68 from 83.00 a week ago as financing aggregate increases.

On to the money: the aggregate financings announced increased to $155 million, a 9-week high, with 9 new brokered financings and two new bought-deal financings announced. The average offer size increased to $3.3 million, a 3-week high, and the number of financings decreased to 47.

Gold closed the week higher at $1,810/oz from $1,809/oz a week ago. The US dollar index closed higher at 104.81 from 104.54 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $35.70 from $37.22 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 227.68 from 236.87 last week. The SPDR GLD ETF inventory closed the week lower at 910.41 tonnes, or 29.12 million ounces, from 912.29 tonnes last week.

In other commodities, Silver closed the week higher at $23.71/oz from $23.25/oz a week ago. Copper closed higher at $3.87/lb from $3.85/lb a week ago. Oil went higher as WTI closed lower at $71.50 a barrel from $80.30 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 33,475 from 34,428 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,947 from 20,485 the previous week. The S&P/TSX Venture Composite Index closed lower at 577.62 from 599.20 a week ago.

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Summary:

• The number of financings decreased to 47.
• Nine brokered financings were announced this week for $95.5m, a 9-week high.
• Two bought deal financings were announced this week for $55m, a 3-week high.
• Total dollars heightened to $155m, a 9-week high.
• The average offer upped to $3.3m, a 3-week high.

Major Financing Openings:

• New Found Gold Corp. (TSX-V:NFG) opened a $50 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 December 14, 2022.
• Dolly Varden Silver Corp. (TSX-V:DV) opened an $18 million offering underwritten by a syndicate led by Research Capital Corp. on a best-efforts basis. The deal is expected to close on or about December 21, 2022.
• Banyan Gold Corp. (TSX-V:BYN) opened an $11.5 million offering on a best-efforts basis.    The deal is expected to close on or about December 22, 2022.
• Avila Energy Corp. (CSE:VIK) opened an $8 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 24 months. The deal is expected to close on or about December 23, 2022.

Major Financing Closings:

• EnCore Energy Corp. (TSX-V:EU) closed a $69.83 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 December 6, 2022.
• FPX Nickel Corp. (TSX-V:FPX) closed a $12 million offering on a best-efforts basis. The deal is expected to close on or about December 1, 2022.
• Osino Resources Corp. (TSX-V:OSI) closed an $11.8 million offering on a best-efforts basis.    The deal is expected to close on or about December 2, 2022.
• IsoEnergy Ltd. (TSX-V:ISO) closed an $11.03 million offering on a best-efforts basis. The deal is expected to close on or about December 6, 2022.