Closing of Bought Deal......willl also likely bring with it the closing of the accompanying short program...
As of Feb 15 there were 12.6 M shares short.
based on average trading volume, it would take about 20 days of trading volume to clear out all of the short positions.
Now factor in higher gold prices and the need for producers to replace the oz's pulled out of the ground, before thier competitors do. (Note: Majors are notoriously bad at finding their own oz's)
Now factor in the demand from those new to Gold miners/explorers that are looking for a place to park their money as the general markets head south (see Ukraine and rising interest rates)
In short, demand for shares will exceed supply for the next several months at least.
Now that they are all cashed up for 2022 exploration and resource expansion, I would think that we have seen the bottom.
Onward and upward.
MM