All That Glitters – 2020 Mining Review

Despite all of the uncertainties of the global pandemic (or perhaps because of them), 2020 saw a resurgence in the mining industry. While travel restrictions and due diligence limitations made it difficult to complete large cap multi-asset transactions, a steady strengthening of commodity prices (especially gold) acted as a catalyst for smaller financings and property transactions. Notably, this past year also ushered in the most favourable market conditions for mineral exploration since the end of the last commodity cycle boom, with many (but certainly not all) issuers able to finally raise some much needed capital. Flow-through shares in particular have been popular with investors in light of the loosening of specific obligations associated with incurrence and renunciation obligations. As discoveries become scarcer and many large mines around the world enter the later stages of their mine life, there is renewed focus on mineral exploration. Much of the market