贵金属史诗级牛市点燃融资潮！金银矿企2025年股票增发规模达十多年之最

Group 1 - The core viewpoint of the articles highlights a significant increase in capital raised by gold and silver mining companies through stock issuance, reaching the highest level in over a decade, with over $6.2 billion raised in the past year in the U.S. and Canadian exchanges [1] - Smaller mining companies are leading the equity financing activities, with notable transactions including Hemlo Mining Corp. raising approximately $489.7 million, followed by Perpetua Resources Corp. at $374 million and Novagold Resources Inc. at $206 million [1] - The precious metals market is experiencing a "historic frenzy," with gold prices surging over 60% and silver prices increasing by approximately 150% throughout the year, prompting mining companies to capitalize on favorable market conditions [4] Group 2 - The current trend shows smaller companies issuing stocks while larger companies are repurchasing their shares, which is viewed as a healthy signal for investors and is expected to encourage further market financing in 2026 [5] - Analysts note that large, mature mining companies are exhibiting capital discipline by not issuing stocks during high price periods, instead opting to buy back shares, which is seen as a responsible approach [5][6] - There has been a trend of oversubscription in most transactions, attributed to investor demand for exposure to precious metals and compelling reasons provided by mining companies for the use of funds [6]