Junior Miners Drive Record Capital Raises Amid Gold and Critical Minerals Boom
North American mining companies are capitalizing on surging Gold prices and rising demand for critical minerals, raising $2.9 billion across 185 deals in October—the highest monthly total since November 2013. Gold and silver miners accounted for a third of equity deals, even as metal prices dipped late in the month. "The market's been very strong," said Daniel Nowlan of National Bank Capital Markets, noting most offerings were oversubscribed or upsized.
Contrary to expectations, the fundraising surge wasn’t led by industry giants. Junior miners dominated, with Bank of Montreal's Peter Miller observing a "plethora" of small-scale deals. NexGen Energy Ltd. stood out, securing C$400 million in a bought deal followed by an upsized A$600 million offering. Investor appetite remains voracious, with no signs of slowdown despite gold's volatility.
