ORENINC INDEX jumps as metals continue to climb

ORENINC INDEX - Monday, May 17th 2021

North America’s leading junior mining finance data provider

 

 

 

Last Week: 58.61

This week: 82.82

The Oreninc Index increased in the trading week ending May 14th, 2021 to 82.82 from 58.61 a week ago as both precious and base metals continued to climb higher. 

On to the money: the aggregate financings announced increased to $90.5 million, a 8-week high, with 11 new brokered financings and 8 new bought-deal financing announced. The average offer size increased to $6.9 million, an 8-week high, and the number of financings increased to 36.

Gold closed the week higher at $1,843/oz from $1,831/oz a week ago. The US dollar index closed higher at 90.32 from 90.23 a week ago. 

The widely followed junior mining index, the VanEck managed GDXJ, closed the week lower at $51.11 from $51.47 a week ago. HUI Arca Gold BUGS Index, which follows the major gold miners, closed the week higher at 306.56 from 301.72 last week. The SPDR GLD ETF inventory closed the week higher at 1,028.36 tonnes, or 33.06 million ounces, from 1,025.15 tonnes last week.

In other commodities, Silver closed the week lower at $27.36/oz from $27.40/oz a week ago. Copper closed down at $4.65/lb from $4.74/lb a week ago. Oil went higher as WTI closed up at $65.37 a barrel from $64.90 a barrel a week ago.

The Dow Jones Industrial Average closed up at 34,382 from 34,777 a week ago. Canada’s S&P/TSX Composite Index closed down at 19,366 from 19,472 the previous week. The S&P/TSX Venture Composite Index closed lower at 931.38 from 954.98 a week ago.

 

Summary:

• Number of financings increased to 36.

• Eleven brokered financings were announced this week for $96m, an 8-week high.

• Eight bought-deal financing were announced this week for $86m, an 8-week high.

• Total dollars increased to $249m, an 8-week high.

• Average offer heightened to $6.9m, an 8-week high.

 

Major Financing Openings:

• Artemis Gold Inc. (TSX-V:ARTG) opened a $56.12 million offering on a best efforts basis.    The deal is expected to close on or about May 31, 2021.

• Marathon Gold Corp. (TSX:MOZ) opened a $50 million offering on a best efforts basis.    The deal is expected to close on or about May 27, 2021.

• Skeena Resources Limited (TSX-V:SKE) opened a $50 million offering underwritten by a syndicate led by Raymond James Ltd. on a bought deal basis. The deal is expected to close on or about May 17, 2021.

• Cerro Mining Corp (TSX-V:CRX) opened a $11 million offering on a best efforts basis.    

 

Major Financing Closings:

• Fission Uranium Corp. (TSX-V:FCU) closed a $34.5 million offering underwritten by a syndicate led by Eight Capital on a bought deal basis.  Each unit includes a 1/2 warrant that expires in 36 months. The deal is expected to close on or about May 11, 2021.

• Euro Manganese Inc. (TSX-V:EMN) closed a $29 million offering on a best efforts basis.    

• GoGold Resources Inc. (TSX:GGD) closed a $25 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 May 7, 2021.

• Battery Mineral Resources Corp. (TSX-V:BMR) closed a $15 million offering underwritten by a syndicate led by Red Cloud Securities Inc. on a best efforts basis. The deal is expected to close on or about March 31, 2021.