北美矿企抢占贵金属牛市红利，去年融资创12年新高

Core Viewpoint - The surge in precious metal prices has led to a record high in equity financing for gold and silver mining companies, particularly among small to mid-cap firms, marking the highest fundraising levels in over a decade [2][3]. Group 1: Fundraising Trends - In the past year, mining companies listed on U.S. and Canadian exchanges raised over $6.2 billion, the highest amount in at least 12 years [3]. - Small-cap mining companies dominated the fundraising activities, with Hemlo Mining Corp. leading the way by raising $489.7 million, followed by Perpetua Resources Corp. at $374 million and Novagold Resources Inc. at $206 million [3]. - The current fundraising environment is characterized by companies seizing opportunities to raise capital only when market conditions are favorable [3]. Group 2: Large Mining Companies' Strategies - Major mining companies like Newmont Corp., Barrick Gold Corp., and Agnico Eagle Mines Ltd. have refrained from issuing new shares despite high stock prices, opting instead to utilize increased cash flows for stock buybacks [4]. - This trend of small-cap companies issuing shares while large-cap companies buy back their own stock sends a positive signal to investors and is expected to continue into 2026 [4][6]. - Analysts note that large mining companies are demonstrating capital discipline, which is a departure from past behaviors where they would issue shares to fund aggressive acquisitions [4][5]. Group 3: Investor Sentiment and Market Dynamics - The majority of fundraising transactions last year were oversubscribed, driven by investor demand for precious metal assets and compelling use-of-proceeds proposals from mining companies [5]. - Mining companies offered attractive pricing for stock subscriptions, often at discounts exceeding 3.5%, which further incentivized investor participation [5]. - The momentum in equity financing for the mining sector is expected to persist into 2026, particularly in the early part of the year [6][7].