The financing window was effectively closed for mining companies during the collapse in metal and stock prices in most of the second half of 2008. However for major companies it reopened near the end of 2008 and early 2009 with some large financings for blue chip mining companies. Agnico Eagle Mines raised US $290 million in December 2008, with a lead order from the Canadian Pension Plan. The market for junior exploration companies was far less robust. Anything that was speculative in nature was ignored as investors flew to safety.

However along with the market rally that led into the summer of 2009, there was a newfound enthusiasm for junior exploration stocks. As “riskless” investments had yields of 1% or below, investors were driven to seek risk, especially in the hard asset sector. By the end of the summer of 2009, the financing window had again reopened, and companies with strong management and attractive properties were able to reload their treasuries at reasonable valuations compared to earlier in the year. Barrick Gold closed a US $4 billion equity financing in September 2009, using the proceeds to eliminate a portion of its outstanding gold hedges.

The mining sector of the TSX raised a total of $19.4 billion in equity in 2009, while mining and exploration companies on the TSX Venture raised a total of $2.8  billion by way of equity in 2009.