The Globe and Mail reports in its Friday edition that Canadian miners are capitalizing on soaring metals prices by selling billions of dollars worth of shares, ending a multiyear financing rut. The Globe's Tim Kiladze writes that miners have raised $3.6-billion worth of equity in Canada since the start of September, according to FP Infomart, and gold and silver miners are in front, fuelled by soaring prices for their underlying metals. The price of gold has jumped 65 per cent this year, and silver is up 82 per cent over the same period. The list of companies selling shares includes Skeena Resources, which just raised $144-million to develop its gold and silver project in British Columbia's Golden Triangle, and Highlander Silver, which recently raised $86-million to advance its San Luis gold and silver project in Peru. Investor demand has been so strong this fall that financings are now routinely upsized. Demand has turned so feverish, so quickly, that there are already questions on Bay Street as to how long this financing window will be open. Globally, there are even concerns that a bubble is forming for gold and silver because, in some cases, mining share prices resemble meme stocks early in the COVID-19 pandemic.
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