S&P reports that the metrics it uses to calculate the PAI were again mostly positive in October 2024. Significant drill results, financings and initial resources all increased, while positive milestones announced by mining companies stayed flat.
Meanwhile, the Exploration Price Index (EPI), which the firm uses to measure the relative change in precious and base metals prices, rose to another record high.
However, despite gold hitting all-time highs and a strong monthly showing in base/other metals, mining equities lost steam, and the aggregate industry market cap ended October down 2%.
Surge in financings
According to S&P, funds raised by junior and intermediate mining companies nearly quadrupled to $1.61 billion in October — the highest level since March 2022 — with a surge in transactions and high-value financings reversing the September declines.
Companies in…
