O & M Town Hall Call MAY 23 rd , 2019 Presented by Kai Hoffmann, CEO
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 ancillary aspects ▪ Provide sector and broker examining financings ▪ reports 2
J U N I O R M I N I N G M A R K E T CAD market cap CAD financing 3
Weighted Index Factors: 1. Total $s of financings opened 2. Percentage of broker participation 3. Total # of deals opened 4
Cannabis & related Mining companies 221 transactions • $217mn raised • 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 - • $288mn Photo: welovecycling.com Source: data published by the CSE on January 15, 2019 5
6 Source: TMX “The Buy Side Report” Q1 2019
7 Source: TMX “The Buy Side Report” Q2 2016
240 216 100 98 84 47 27 16 2016 2017 2018 2019 # of Brokered Deals # of Bought Deals Source: Oreninc; as of May 16, 2019 8
Total C$s raised 2011 – 2019* 8.030.202.457 4.818.973.410 4.599.672.255 -40% 4.608.771.065 3.241.719.020 2.757.666.240 2.406.223.411 2.289.669.877 787.600.112 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Oreninc; as of May 16, 2019 *includes Common & Flow-Through, ex Oil & Gas & Frack Sand 9
Total # of Deals 2011 - 2018 1485 1485 1440 1397 206 1205 1181 closed 1008 1005 deals < C$ 1mn 362 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Oreninc; as of May 16, 2019 *includes Common & Flow-Through, ex Oil & Gas & Frack Sand 10
Average Deal Size 2011 – 2019 ytd; C$ $5.576.529,48 $3.292.535,62 $3.245.099,94 $3.103.549,54 $2.743.946,51 $2.690.223,25 $2.387.126,40 $2.175.690,92 $1.938.755,19 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Oreninc; as of May 16, 2019 *includes Common & Flow-Through, ex Oil & Gas & Frack Sand 11
Jan-Apr 18 7.4% $5,00 20,0% Billions 18,7% $4,50 18,0% $4,00 16,0% 15,5% $3,50 14,0% $3,00 12,0% 11,3% 11,1% $2,50 10,0% 10,0% FT $2,00 8,0% C$88.6mn $1,50 6,0% $1,00 4,0% $0,50 2,0% $- 0,0% 2015 2016 2017 2018 2019 Common Flow-Through FT in % of total Source: Oreninc; as of May 16, 2019 12
235 Financings 1/1 Warrant 1/2 Warrant 2019 76% 119 60 No. of Financings Premiums up Average Premium 73% 61% Terms remain Average Term 27.9 mo. 26.4 mo. 731 Financings 1/1 Warrant 1/2 Warrant 2018 80% 363 216 No. of Financings Premiums low Average Premium 56% 28% Terms acceptable Average Term 27.7 mo. 25.6 mo. 13
Deals with Warrants 60% 51% 50% 49% 48% 50% 40% 30% 29% 30% 26% 25% 24% 23% 22% 21% 20% 10% 0% 1/1 1/2 0 2016 2017 2018 2019 Source: Oreninc; as of April 25, 2019 14
CASH CA SH CR CRUNCH LO LOOMIN ING ACC CCESS TO FINANCIN INGS FLO LOW – THROUGH Exploration companies financed Few remaining institutional Financing form will remain in 2016 & 2017 are running out of investors will have easy access to extremely important. capital. deal flow, retail less so. Emergence of deal clubs. *Globe and Mail, November 15, 2018
311mn CAD value traded Source: TMX “The Buy Side Report” Q1 2019 16
Kai Hoffmann CEO, Oreninc E: hoffmann@oreninc.com @oreninc @oreninc C: +1 604 687 3520 ext. 227 Youtube.com/ @oreninc oreninc Visit our website at: oreninc.com Subscribe to our newsletter at: oreninc.com/subscribe 17
Icon 1 & 2 made by Geotatah from Flaticon • Icon 3 made by icongeek26 from Flaticon • Social media icons by Freepik from • Flaticon 18
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