The Toronto Stock Exchange (TSX) has again led mining equity investment so far in 2024, although mainly from a single mammoth deal in February 2024, according to the Canadian Mining Report.
The TSX Venture Exchange (TSX-V) has by far the majority of smaller absolute levels of investment in both January and March 2024 although TSX-V mining equity investment has been “reasonably strong” this year versus 2023, the report says.
Combined, the TSX and TSX-V mining equity capital raising has risen while the sluggish global mining stock performance in 2023 has increased concerns investment might weaken.
In January mining equity investment totalled C$289 million, with $245 million in February, and $296 million in March on the TSX-V. This averages to $273 million monthly, which is in line with the 2023 average of $276 million but below the $345 million average seen in 2022.
According to the Canadian Mining Report, the mining sector has also continued to comprise the majority of TSX-V total equity capital raised for the past two years, ranging from a low of 51% to as high as 90%.
The total number of financings declined from a 12-month peak in January at 124 to 68 as of March 2024, however the average value per financing doubled from C$2.3 million to $4.4 million over the same periods.
On average, 2024 is similar to last year with the average number of monthly deals and average value per deal about the same, with 89 this year averaging $3.32 million.
Write to Adam Orlando at Mining.com.au
Images: Unsplash & Canadian Mining Report
