The Top Ten 2021 financings of juniors headquartered in B.C.

With AME Roundup in Vancouver starting this week and running through February 3, we’re taking a look at the top ten largest financings completed last year by junior exploration companies with headquarters in British Columbia and a market cap up to $1.5 billion. The list is for equity financings only and for amounts below $100 million.

Orezone Gold

Orezone Gold (TSX: ORE) tops the list with a $73.8 million financing completed at a price of $1.05. The bought deal was part of a financing package to fund the construction of the company’s Bomboré gold project in Burkina Faso. Resource Capital Funds participated in the financing and now owns 19.28% of Orezone’s common shares outstanding. Orezone expects to pour first gold at the project in the third quarter of 2022.

G Mining Ventures

G Mining Ventures (TSXV: GMIN), a relatively new company led by the Gignac family, raised $70 million to advance its recently acquired Tocantinzinho gold project in Brazil. Tocantinzinho is a permitted, construction ready, open-pit gold deposit in Para state. The company has already used part of the funds to exercise an early buydown of the royalty on the project, launch a 10,000 metre exploration program and to optimize a 2019 feasibility study. G Mining Ventures is fully funded towards a production decision. Company insiders subscribed to about 50% of the financing.

Great Bear Resources 

Great Bear Resources (TSXV: GBR; US-OTC: GTBAF) raised $69.9 million in February 2021 in a financing that was a combination of common shares at $12.75 per share and flow through shares at $18.60 per share. Kinross Gold announced in December that it is acquiring the junior gold explorer for $29 per share in a friendly deal valued at $1.8 billion.

Vizsla Silver

Vizsla Silver (TSXV: VZLA; NYSE: VZLA), which is part of Vancouver-based resource group Inventa Capital, raised $69 million in mid-2021. The funds are being put towards the exploration and development of Vizsla’s Panuco silver project in Mexico, option payments, and to pursue potential future acquisitions.

Ascot Resources

Ascot Resources (TSX: AOT; US-OTC: AOTVF) completed a $61 million bought deal financing. The money will be used primarily to fund construction of the company’s Premier gold project, about 25 km from the town of Stewart in British Columbia and Hyder, Alaska, in B.C.’s Golden Triangle.

New Found Gold

New Found Gold (TSXV: NFG; NYSE-AM: NFGC) raised $57.5 million in flow through funds to advance its Queensway gold project in Newfoundland. Resource billionaire Eric Sprott participated for roughly 19.9% of the financing to maintain his interest in the company of 22%.  

Skeena Resources

Skeena Resources (TSX: SKE; NYSE: SKF) raised $57.5 million to advance its Eskay Creek and Snip gold projects in north-western British Columbia. Both projects are in the province’s Golden Triangle region.

 Artemis Gold

Artemis Gold (TSXV: ARTG) raised $56.1 million in a private placement as part of a larger equity financing to make the final cash payment for its acquisition of the Black Water gold project in British Columbia.

Apollo Gold

Apollo Gold, which recently changed its name to Apollo Silver (TSXV: APGO), raised $52 million to complete the acquisition of privately held Stronghold Silver. Stronghold Silver holds rights to three large silver projects: Waterloo and Langtry in California and the Silver District in Arizona. The funds will also be used for exploration and development.

Josemaria Resources

Josemaria Resources (TSX: JOSE; US-OTC: JOSMF) raised $52 million in a bought deal financing at a price of 69¢ per share. The funds are to be used to advance the company’s Josemaria copper-gold project in Argentina’s province of San Juan. In December, Lundin Mining announced it is acquiring Josemaria Resources for $1.60 per share in a cash and share deal valued at $625 million.

 —Kendra Johnston is the President and CEO of AME and Kai Hoffman is the CEO of Oreninc.