ORENINC INDEX – Monday, August 29th, 2022

North America’s leading junior mining finance data provider

Last Week: 24.06

This week: 26.05

The Oreninc Index increased in the trading week ending August 26th, 2022 to 26.05 from 24.06 a week ago as fresh capital stays at bay.

On to the money: the aggregate financings announced decreased to $39 million, a 6-week low, with 2 new brokered financings and no new bought-deal financings announced. The average offer size decreased to $2.1 million, a 4-week high, and the number of financings remained at 19.

Gold closed the week lower at $1,749/oz from $1,762/oz a week ago. The US dollar index closed higher at 108.80 from 108.17 a week ago.

The widely followed junior mining index, the VanEck managed GDXJ, closed the week lower at $30.94 from $31.31 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 197.50 from 199.81 last week. The SPDR GLD ETF inventory closed the week lower at 999.16 tonnes, or 32.12 million ounces, from 1005.29 tonnes last week.

In other commodities, Silver closed the week lower at $18.74/oz from $20.08/oz a week ago. Copper closed higher at $3.69/lb from $3.67/lb a week ago. Oil went higher as WTI closed higher at $93.06 a barrel from $90.77 a barrel a week ago.

The Dow Jones Industrial Average closed lower at 32,099 from 33,706 a week ago. Canada’s S&P/TSX Composite Index closed lower at 19,836 from 20,111 the previous week. The S&P/TSX Venture Composite Index closed lower at 645.17 from 649.04 a week ago.

Summary:

• The number of financings remained as 19.
• Two brokered financings were announced this week for $3.5m, a 2-week high.
• No bought-deal financing was announced this week.
• Total dollars lessened to $39m, a 6-week low.
• Average offer decreased to $2.1m, a 4-week low.

Major Financing Openings:

• Grid Metals Corp. (TSX-V:GRDM) opened a $8.52 million offering on a best efforts basis.    The deal is expected to close on or about September 15, 2022.
• Pan American Energy Corp. (CSE:PNRG)opened a $8 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 October 7, 2022.
• VR Resources Ltd. (TSX-V:VRR)opened a $4 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 18 months. The deal is expected to close on or about September 30, 2022.
• Skyharbour Resources Ltd. (TSX-V:SYH)opened a $3.5 million offering on a best efforts basis.  Each unit includes a 1/2 warrant that expires in 36 months.

Major Financing Closings:

• Rock Tech Lithium Inc. (TSX-V:RCK)closed a $49.46 million offering underwritten by a syndicate led by TD Securities Inc. on a best effortsbasis. Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about August 19, 2022.
• O3 Mining Inc. (TSX-V:OIII)closed a $13.73 million offering on a best efforts basis.    The deal is expected to close on or about August 24, 2022.
• Atex Resources Inc. (TSX-V:ATX)closed a $12.41 million offering underwritten by a syndicate led by Desjardins Capital Markets 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 August 22, 2022.
• Skyharbour Resources Ltd. (TSX-V:SYH)closed a $3.5 million offering on a best efforts basis.