MINES & MONEY NEW YORK - MAY 1 ST , 2019 We track on over 1,400 - - PowerPoint PPT Presentation

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MINES & MONEY NEW YORK - MAY 1 ST , 2019 We track on over 1,400 - - PowerPoint PPT Presentation

Sep 06, 2022 150 likes •384 views

MINES & MONEY NEW YORK - MAY 1 ST , 2019 We track on over 1,400 Logged +32 500 deals In-house data analyst companies on the TSX, since 2011 Consulting on capital raises TSX-V, and the CSE Data-driven approach to and

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MINES & MONEY NEW YORK - MAY 1ST, 2019

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▪ We track on over 1,400 companies on the TSX, TSX-V, and the CSE ▪ Provide sector and broker reports ▪ Logged +32 500 deals since 2011 ▪ Data-driven approach to examining financings ▪ In-house data analyst ▪ Consulting on capital raises and ancillary aspects

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J U N I O R M I N I N G M A R K E T

CAD financing CAD market cap

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Weighted Index Factors:

1. Total $s of financings

  • pened
  • 2. Percentage of broker

participation

  • 3. Total # of deals opened

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Cannabis & related companies

  • 270 transactions
  • 60.5% of all trading volume
  • Technology 18.9%
  • Mining 11.8%
  • 76% of the overall capital raised
  • $3.99bn (!) of a total of $5.22bn
  • Curaleaf Holdings - $520mn
  • Acreage Holdings - $416mn
  • Harvest

Health & Recreation

  • $288mn

Mining

  • 221 transactions
  • $217mn raised

Photo: welovecycling.com

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Source: TMX “The Buy Side Report” Q1 2019

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Source: TMX “The Buy Side Report” Q2 2016

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216 240 100 22 84 98 47 13 2016 2017 2018 2019 # of Brokered Deals # of Bought Deals

Source: Oreninc; as of April 25, 2019

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8.030.202.457 4.608.771.065 2.289.669.877 3.241.719.020 2.406.223.411 4.818.973.410 4.599.672.255 2.757.666.240 635.208.916 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total $s raised 2011 – 2019*

Source: Oreninc; as of April 25, 2019

  • 40%

*includes Common & Flow-Through, ex Oil & Gas & Frack Sand

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Source: Oreninc; as of April 25, 2019 *includes Common & Flow-Through, ex Oil & Gas & Frack Sand

1440 1485 1181 1205 1008 1485 1397 1005 284 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total # of Deals 2011 - 2018

167 closed deals < C$ 1mn

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$5.576.529,48 $3.103.549,54 $1.938.755,19 $2.690.223,25 $2.387.126,40 $3.245.099,94 $3.292.535,62 $2.743.946,51 $2.236.651,11 2011 2012 2013 2014 2015 2016 2017 2018 2019

Average Deal Size 2011 - 2018

Source: Oreninc; as of April 25, 2019 *includes Common & Flow-Through, ex Oil & Gas & Frack Sand

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11,1% 10,0% 15,5% 18,7% 12,1% 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 14,0% 16,0% 18,0% 20,0% $- $0,50 $1,00 $1,50 $2,00 $2,50 $3,00 $3,50 $4,00 $4,50 $5,00 2015 2016 2017 2018 2019 Billions Common Flow-Through FT in % of total

Source: Oreninc; as of April 25, 2019

Jan-Apr 18 7.4%

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FT 77mn

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2019 2018 235 Financings 1/1 Warrant 1/2 Warrant

119 60

73%

  • No. of Financings

Average Premium

61% 27.9 mo.

Average Term

26.4 mo. 731 Financings 1/1 Warrant 1/2 Warrant

363 216

56%

  • No. of Financings

Average Premium

28% 27.7 mo.

Average Term

25.6 mo.

76%

Premiums up Terms remain

80%

Premiums low Terms acceptable

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Source: Oreninc; as of April 25, 2019

49% 24% 25% 48% 29% 22% 50% 30% 21% 51% 26% 23% 0% 10% 20% 30% 40% 50% 60% 1/1 1/2

Deals with Warrants

2016 2017 2018 2019 14

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WARRANT OVERHANG NO WARRANTS OUTSTANDING

vs

82mn warrants outstanding 36mn warrants @ $0.10 - expiry in May - July 2019

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10 20 30 40 50 60 70 80 90 2011 2012 2013 2014 2015 2016 2017 2018 2019

# of Days

Average Length of Offering

[$0m, $2m) [$2m, $5m) [$5m, $10m) [$10m, $20m) [$20m, $50m) [$50m, $100m) Linear ([$0m, $2m)) Linear ([$2m, $5m)) Linear ([$5m, $10m)) Linear ([$10m, $20m)) Linear ([$20m, $50m)) Linear ([$50m, $100m))

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Example.

No news promo Re-pricing

  • f warrants

$1.35 to $0.20 17

*Source: Stockwatch & SEDAR

 Commodity & Jurisdiction  Overburdened management team  Capital Structure, less than 100mn shares  Joint-Venture or Strategic Partner for 19.9%

$- $200.000,00 $400.000,00 $600.000,00 $800.000,00 $1.000.000,00 $1.200.000,00 $1.400.000,00 $1.600.000,00 $1.800.000,00 $2.000.000,00 01. Jan 18 01. Feb 18 01. Mrz 18 01. Apr 18 01. Mai 18 01. Jun 18 01. Jul 18 01. Aug 18 01. Sep 18 01. Okt 18 01. Nov 18 01. Dez 18 01. Jan 19

Cash

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Lundin Gold Inc. 46.575.000,00 Financial backing by Lundin family Bonterra Resources Inc. 28.000.050,00 Financial backing by Sprott Gabriel Resources Ltd. 26.300.000,00 Bluestone Resources Inc. 22.426.651,00 Discovery Group – John Robbins Barkerville Gold Mines Ltd. 20.000.160,00 Financial backing by Osisko NGEx Resources Inc. 20.000.000,00 Financial backing by Lundin family Alphamin Resources Corp. 15.960.000,00 Northern Dynasty Minerals Ltd. 15.453.125,00 Victoria Gold Corp. 15.004.300,00 Financial backing by Osisko Victoria Gold Corp. 15.000.000,00 Financial backing by Osisko Reunion Gold Corporation 13.093.500,00 Strategic investment by Barrick Gold Standard Lithium Ltd. 11.390.500,00 Premier Gold Mines Limited 11.056.500,00 Producer, Strong management team Nouveau Monde Graphite Inc. 10.298.875,00 Northern Dynasty Minerals Ltd. 9.400.000,00 Bonterra Resources Inc. 8.741.046,00 Financial backing by Sprott Irving Resources Inc. 8.025.761,00 Strategic investment by Newmont Goldsource Mines Inc. 7.479.600,00 Strong management team Kootenay Silver Inc. 7.043.332,00 Financial support out of Europe Rio2 Ltd. 7.000.000,00 Strong management team Cantex Mine Development Corp. 6.014.000,00

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▪ Strong backing by a financial group

  • r

strategic partner ▪ Joint-Venture or Strategic Partner ▪ Jurisdicition ▪ Management ▪ Capital Structure ▪ Balance sheet

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FLO LOW – THROUGH

Financing form will remain extremely important.

ACC CCESS TO FINANCIN INGS

Few remaining institutional investors will have easy access to deal flow, retail less so. Emergence of deal clubs. CA CASH SH CR CRUNCH LO LOOMIN ING Exploration companies financed in 2016 & 2017 are running out of capital.

*Globe and Mail, November 15, 2018

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@oreninc @oreninc @oreninc Youtube.com/

  • reninc

Visit our website at:

  • reninc.com

Kai Hoffmann CEO, Oreninc E: hoffmann@oreninc.com C: +1 604 687 3520 ext. 227 Subscribe to our newsletter at:

  • reninc.com/subscribe

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  • Icon 1 & 2 made by Geotatah from Flaticon
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