PRECIOUS METALS

Marathon raises $114 million for Valentine

The agreement is for 136.36 million units of Marathon at a price of C$1.10 per unit

The raising follows concerns of a funding gap

The raising follows concerns of a funding gap

The agreement with Canaccord Genuity, on behalf of a syndicate of underwriters, will see them buy 136.36 million units of Marathon at a price of C$1.10 per unit.

The announcement follows Marathon on September 1 updating its initial capital expenditure for the Newfoundland-based Valintine project to C$470 million to C$490 million, which was a 57% increase from the previous estimate of C$305 million contained in the April 2021 feasibility study.

Inflation, project scope changing, and sustaining capital re-allocation was behind the capex update.

Following the capex update, analysts at Vancouver-based Raymond James said they expected equity financing would need to be C$125 million at C$1.74/share to C$160 million at C$1.52/share.

Marathon's share price has plummeted to more than two-year lows.

On 14 September, the company's share price was down 19% day on day at C$1.04, giving it a market capitalisation of C$267.22 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.