Top 10 Mining Financings February 2024

In February 2024, Costmine Intelligence tracked 84 closed mining financings that amounted to $1,973,244,596 (USD), an 163-per-cent increase over closed financings in January 2024.

Here is a look at 10 of the largest financings for the month. 

#1) First Quantum Minerals (TSX: FM)The company intends to use the net proceeds from the offerings for the redemption of all of its outstanding senior notes due 2025 and all of its outstanding senior notes due 2026 to enhance the company’s liquidity profile and for general corporate purposes.

#2) Capstone Copper Corp. (TSX: CS) – Orion Fund JV Ltd., Orion Mine Finance Fund II LP and Orion Mine Finance Fund I-A LP participated in the bought deal offering of common shares of Capstone.  The net proceeds of the offering received by Capstone will be used: (i) to advance near-term growth initiatives in Chile, such as the Mantoverde project and Santo Domingo detailed engineering; (ii) to advance expansionary exploration programs; and (iii) for general corporate and working capital purposes to provide additional balance sheet flexibility.

#3) BCI Minerals Ltd. (ASX: BCI) – Proceeds from the Equity Raising are expected to form the final component of equity funding for BCI’s base case capital requirements for the ‘Salt First’ component of the Mardie Project. Major shareholders who participated in the financing include Wroxby and AustralianSuper.

#4) Aya Gold & Silver Inc. (TSX: AYA) – Aya intends to use the net proceeds of the offering for the advancement of its exploration and development programs at Boumadine and the exploration program at Zgounder Regional as well as for working capital and general corporate purposes.

#5) Fission Uranium Corp. (TSX: FCU) – The net proceeds from the offering will be used by the company to finance exploration and development at the PLS project, as well as for working capital and general corporate purposes.

#6) Nouveau Monde Graphite Inc. (TSX-V: NOU) – NMG will use the net proceeds from the Tranche 1 Investment for the development of the Phase2 Matawinie Mine and Bécancour Battery Material Plant.  

#7) Vizsla Silver Corp. (TSX-V: VZLA) – The net proceeds of the offering will be used to advance the exploration, drilling and development of the company’s Panuco project, as well as for working capital and general corporate purposes.

#8) Ascot Resources Ltd. (TSX-V: AOT) – The proceeds of the financings will go towards the construction and ramp-up of the Premier gold project. 

#9) AMEX Exploration Inc. (TSX-V: AMX) – Following completion of the offering, Eldorado Gold Corp. made a strategic investment in the company through the purchase of 11,344,130 common shares of the company. The proceeds from the offering will be used to advance the company’s Perron project in Quebec.

#10) IsoEnergy Inc. (TSX-V: ISO) – The proceeds from the offering are expected to be used for exploration of the company’s Athabasca basin portfolio, including the Larocque East project and Hawk project, and for exploration of the company’s Quebec properties.

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