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Mining Deal Club

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Closed Deals and Value of Closed Deals YTD 2017

Following a brisk start to the year when financings for mining and exploration in the Canadian financial markets hit a year-to-date high of around C$800 million in about 180 deals in February, have been on the back foot and trailing lower with each passing month through May where they hit a 2017 low of about $400 million in about 130 deals. Since then, the total amount raised has increased slightly to around $500 million in July in about 120 deals. The value of bought deal and brokered financings have followed a similar trajectory so far in 2017.


Several reasons are advanced for the development of financings so far in 2017. Some market observers suggest that many companies have funded in the past 12 months reducing their need to go to market. The reduced number of sub $1 million subsistence financings also suggests that companies are in better financial health. Furthermore, a lack of M&A activity meaning companies do not need to raise to fill their war chest; and the failure of gold to break back through the US$1,300 per ounce level has curtailed investor appetite in the junior market space.


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Interview Series: Exclusive Interview with Mickey Fulp

We are kicking off our new interview series with the Mercenary Geologist, Mickey Fulp.

On a bi-weekly basis, we will be speaking to Mickey and discuss with him developments in the markets. Our focus will obviously be on financings and trends in the junior resource space.

We recorded the interview on January 26th, 2017 in Vancouver, BC.

- Mickey Fulp, Mercenary Geologist
- Kai Hoffmann, CEO Oreninc
- Paul Harris, Staff Writer Oreninc


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Growing Up in a Recession

This recession is painful, but grow up -- it is not nearly as bad as I remember the 1980s being. I went over old term sheets from that period and a deal with someone for $500k was a big deal; $2.5 million was a massive amount of money.

I grew up as a recession baby. I grew up in the mining business with a big crash for my father’s company when I was about 10. The crash was impactful, and I ended up very different because of it. Some of the things I do are classic recession baby stuff, others are irrational, but all of them are impacted by that period of my life. 

I would not trade that time for anything. Growing up with these issues taught me how to deal with the world -- six weeks’ delay on something is no problem, market hiccup not a problem. Need to sell stuff...then remember it’s just stuff, not people. 


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Why Teams Are Key


I gave a shout out about copper to an old team at a conference. Back when I worked at D.E. Shaw, I learned the value of a good team. I learned that five people working together could get a multiple of the work of one done. Back then, I had my team in India and I worked from the U.S., but even then it really helped me accomplish stuff. The most important thing I learned was the value of great people around you.


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Technology Has Changed Everything

This is off-topic from metals/mining, but the more I look at the issues facing the Western world, the more I see a complete destruction of demand for labor....

Everything we do every day just compounds the problem of technology killing jobs, jobs that are never coming back. The world is changing, and for some things it is great; I would put a plug for copper in here, but let’s focus on what has changed. 


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