Gold Rally Reignites TSX Venture: Spurs Big Financings

"When the gold price begins to move, the best place to be is in the high-quality juniors. That’s where you get the 10-baggers."
   — Rick Rule, former President and CEO of Sprott U.S. Holdings

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The Venture Comes Alive: Financing Activity Returns

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After years of struggling, the TSX Venture is seeing real capital flow back into early-stage miners. Two recent financings illustrate this shift better than anything:

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🔥 1. Ascot Resources – C$61.1 Million Raised (April 2025)

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Ascot Resources, developer of the Premier Gold Project in British Columbia, closed one of the largest financings on the TSX Venture in years.

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   Amount Raised: C$61.1 million

   Purpose: Construction and development of its high-grade underground mine

  Implication: Institutions are back — and willing to fund advanced-stage projects with near-term cash flow potential.

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This deal wasn’t just about Ascot. It was a signal to the market: big-ticket financings are possible again.

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🔥 2. Premium Resources – C$46 Million Raised (March 2025)

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In another major non-brokered financing, Premium Resources raised C$46 million to advance its Botswana-based polymetallic assets.

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   Structure: 153.3 million units at $0.30 each, with half-warrant coverage

   Target: High-impact drill campaigns across copper, gold, and rare earth plays

  Takeaway: Investors aren’t just funding low-risk development — they’re backing exploration again.

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Let's take a closer look at February's data, as it was the best month in a long time for the Venture.

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TSX Venture Exchange (TSXV) – February 2025 Highlights

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   Total Financings Raised: Approximately CAD 515.7 million, which represents a 3% decrease from January 2025 but an 83% increase compared to February 2024.​

   Number of Financings: 88 in February 2025, down from 107 in January 2025, yet slightly up from 86 in February 2024.​

   New Issuers Listed: 4 in February 2025, compared to none in January 2025 and 3 in February 2024.​

   Market Capitalization: Approximately CAD 90.2 billion, a 32.5% increase from February 2024.​

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These figures indicate a significant year-over-year growth in financing activity on the TSXV, highlighting increased investor confidence and a robust junior market. March data, released on April 9th, does show a decline to $323 million in total financings raised, but year to date, is still tracking 42% above last year.

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Gold’s Rally Is Fueling M&A Hunger

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As majors like Barrick, Agnico Eagle, and Newmont post record margins and flush free cash flows, the race to secure future ounces is on.

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1. Grades are falling

2. Permits take years

3. And the pipeline is thin

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That’s where the TSX Venture comes in.

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It’s home to hundreds of companies holding undeveloped ounces — many trading at a fraction of their potential NAV. With gold at all-time highs and a wave of capital pouring into the space, these juniors are about to find themselves in the crosshairs.

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Expect the M&A cycle to heat up in the second half of 2025 — especially for:

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1. High-grade gold projects in politically stable jurisdictions

2. Fully permitted or near-shovel-ready projects

3. Companies with recent discoveries or open-pit potential

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The Psychology Shift: From Survival to Speculation

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In early 2023, TSXV companies were in survival mode. Now? Boards are dusting off drill plans. Investors are chasing the next 10-bagger. Average deal sizes are increasing. Warrants are tightening. Flow-through capital is returning. And most important — volume is picking up.

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The Venture is back. Not in full roar, but with a pulse — and that’s all you need when the cycle turns.

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Don’t Sleep on the Juniors

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History shows that in every major gold bull market, the real torque isn’t in the seniors — it’s in the juniors:

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In 2002–2011, some explorers delivered 20x to 50x gains.

During 2020’s COVID-fueled rally, several names tripled in months.

Now, with gold in price discovery mode again, the TSX Venture is lining up for another run.

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Follow the Money, Follow the M&A

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The past six months have marked a turning point for the TSX Venture. Financing activity is rising. Deal sizes are expanding. And the smartest capital is positioning.

Ascot’s and Premium’s monster financings weren’t anomalies — they’re early signs of a systemic shift in capital flows, fueled by one thing: gold.

So the question isn’t if more juniors will raise large sums — it’s who’s next. And if history is any guide, fortunes will be made in the names investors are still ignoring... for now.

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