ORENINC INDEX – Monday, July 3rd, 2023

North America’s leading junior mining finance data provider

Last Week: 34.26

This week: 51.42

The Oreninc Index increased in the trading week ending June 28^th, 2023, to 51.42 from 34.26 a week ago as the number of financings almost doubles to 39.

On to the money: the aggregate financings announced increased to $60.5 million, a 6-week high, with three new brokered financings and no new bought-deal financings announced. The average offer size decreased to $1.5 million, a 3-week low, and the number of financings increased to 39.

Gold closed the week lower at $1,913/oz from $1,925/oz a week ago. The US dollar index closed higher at 102.90 from 102.69 a week ago.

The widely followed junior mining index, the VanEck-managed GDXJ, closed the week lower at $34.33 from $35.59 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week lower at 227.18 from 233.64 last week.

In other commodities, Silver closed the week higher at $22.86/oz from $22.08/oz a week ago. Copper closed lower at $3.75/lb from $3.88/lb a week ago. Oil went higher as WTI closed higher at $69.56 a barrel from $69.37 a barrel a week ago.

The Dow Jones Industrial Average closed higher at 33,853 from 33,715 a week ago. Canada’s S&P/TSX Composite Index closed higher at 19,818 from 19,587 the previous week. The S&P/TSX Venture Composite Index closed higher at 611.89 from 601.99 a week ago.

Major Financing Openings:

• Novo Resources Corp. (TSX-V:NVO) opened a $8.98 million offering on a best-efforts basis.
• Heliostar Metals Ltd. (TSX-V:HSTR) opened a $5 million offering underwritten by a syndicate led by Clarus Securities Inc. 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 July 11, 2023.
• First Mining Gold Corporation (TSX:FF) opened a $5 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
• Reconnaissance Energy Africa Ltd. (TSX-V:RECO) opened a $5 million offering underwritten by a syndicate led by Canaccord Genuity Corp. on a best-efforts basis. Each unit includes 1 warrant that expires in 24 months. The deal is expected to close on or about July 11, 2023.

Major Financing Closings:

• Luca Mining Corp. (TSX-V:LUCA) closed a $24.9 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 June 30, 2023.
• Premium Nickel Resources Ltd. (TSX-V:PNRL) closed a $16.25 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 June 28, 2023.
• First Mining Gold Corporation (TSX:FF) closed a $5 million offering on a best-efforts basis. Each unit includes a 1/2 warrant that expires in 36 months.
• Newcore Gold Ltd. (TSX-V:NCAU) closed a $5 million offering on a best-efforts basis. The deal is expected to close on or about June 28, 2023.