IKN #326Premium

The IKN Weekly
Week 326, August 10th 2015
Contents
This Week: Today's shortened edition, Bottom pickers in the house.
Fundamental Analysis: McEwen Mining (MUX) 2q15 financial results.
Stocks to Follow: Overview, McEwen Mining (MUX) (MUX.to), B2Gold (BTG) (BTO.to),
Teranga Gold (TGZ.to) (TGZ.ax), Dalradian Resources (DNA.to), Lake Shore Gold (LSG.to),
Minera IRL (IRL.to) (MIRL.L), Star core Intl (SAM.to).
Copper Basket: Overview, Nevada Copper (NCU.to).
Low Cost Producer Basket: Overview, Barrick (ABX).
Regional Politics: Argentina: The need-to-know on the PASO elections of Sunday August 9th.
Market Watching: Mick Davis's X2 fund finally making a move, Alex Black resigns from Tahoe
Resources (TAHO) (THO.to).
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Today's shortened edition
This edition of The Weekly is a little thin on content. First with the travels of last week that bled
into the weekend, second as the main site visit report went out yesterday evening, third
because the kids went back to school today after the mid-year winter vacation and life is a little
hectic. Of the three excuses, the third one is the least lame.
Also, as some of today's script was laid down over the weekend and other parts today Monday,
some of the charts used include Monday's price action. However for purposes of the
standard tables in the sections and for any calculations, we assume Friday's closing
prices in today's edition. In other words, I'm pretending it's Sunday.
Bottom pickers in the house
Over the last three or four days there's a noticeable rise of the bottom picker in the mining
space, with more than a few rah-rah sounds being made by those who'd like to be right. From
what I see, the genesis seems to be the Sprott/Stansberry conference and the way several
reports from that conference have identified "new money" coming into the sector from other
non-mining specialist parts of the capital markets population. The theory goes that these people
can smell value in the miners space and are looking to buy into the top-ranking names.
That's fair enough and what's more, as a net long in miners who has positioned the lion's share
of cash exposure in decent gold producing stocks I hope they're darned well right. And make no
mistake, I think there's heaps of value in the better end of the producer spectrum, those
companies such as B2Gold, Lake Shore Gold, Teranga et al that are profitable at these gold
prices. I wouldn't be long those names otherwise.
But (there's always a but, right?) we're not in stockpickers' paradise today, we're in a tidal,
macro market for the mining companies that depends on the price of gold and ultimately the
1

strength or otherwise of the US Dollar for direction. To make it sound arrogant, I know I'm right
about picking BTO, LSG etc and preferring them to
the general mediocrity on offer among mining
stocks, but that's not going to stop my picks from
selling off even further if the broad market
predictions about sub-$1,000/oz gold come true.
We're all going down.
So to the new market participants and insto cash
sniffing value in the miners, I ask whether they
have a soundly reasoned price target for gold,
rather than for Barrick. If they like Silver Wheaton's
relative value but aren't so sure about silver, there's
something amiss. Same for Freeport and copper
and I could now bore you with a long list. This bear
2+ year market for mining stocks has shown us,
time and again, how it can chew up and swallow
whole new cash in search of yield. What I've seen
in the last week or so is a new influx using old
theories. But I hope they're right and they make a
pile of money, even if it turns out to be lucky timing instead of a coldly calculated winning
strategy.
Fundamental Analysis of Mining Stocks
McEwen Mining (MUX) 2q15 financial results
Last Wednesday evening saw MUX report its Q2 (1) and despite an impairment on assets that
MUX dropped during the quarter dropping the bottom line into loss, I thought it was a pretty
reasonable showing, all told. Here are some charts and numbers to back up that opinion. We
first look at the two main operations (San José and El Gallo I), then put them together for the
consolidated results (considering that new round of impairments when we do), then the balance
sheet items.
San José Argentina (a.k.a. Minera Santa Cruz 'MSC'): We start with the San José mine,
49% owned by MUX (51% owner and operator Hochschild (HOC.L)) returned a negative
dividend in 2q15 of $2.652m. This was below my expectations and not a great quarter for the
mine by any means. Again I stress how this mine operated by HOC tends to be a bit of a black
box on a quarterly basis and subordinate to the whims of HOC, which means its results are a
piece in the jigsaw of the larger results of the Peruvian silver miner. Let's have a look at the
main issues here starting with revenues:
U$m San José (100%): Reported sales, per quarter
75 68.50 69.70
70 64.63
65
60 58.69 56.90
53.20
55 49.86
50 43.80 45.89
45
38.30
40
35
30
25
20
15
10
5
0
1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: HOC/MUX filings, IKN ests (MUX 49% attributable)
They came in at $49.858m for the period, which was slightly lowered than I'd modelled (we
2

knew production numbers already) and mostly because the mine only managed an average
selling price for gold of U$1,152/oz (London fix average for 2q15 was U$1,192/oz). But it was
okay on the whole.
The main problem at the mine in Q2 was costs. Here's the chart with total and all-in costs that
show how they were higher than the equivalent quarter of 2014, despite mining less rock in the
periods (136k tonnes in 2q14, 125k tonnes in 2q15). This was a bad number, period.
U$m San José (100%): Total cash cost & all-in cash cost, qtr
80
tot cash cost
67.77
70 59.59 All-In cash cost
60 55.22 55.63
53.74
50 46.80 45.08 43.39
40
30
20
10
0
3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: HOC/MUX filings. IKN ests (MUX 49% attributable)
Traditionally, the difference between all-in costs and revenues is very close to the overall net
financial result at MSC, which you can see in this chart (red bars)…
San José (100%): Difference between reported sales
and cash costs (total & all-in)
40
30
20 14.48
10.10
10
2.51
-0.54
0
-10 -0.90 -6.78 -3.14 -5.77
3
31q3 31q4 41q1 41q2 41q3 41q4 51q1 51q2
U$m
Diff rep.sales and tot costs
Diff rep.sales and all-in costs
source: HOC/MUX filings, IKN calcs (MUX 49% attributable)
…came to negative $5.77m on a 100% basis. Therefore on a 49% basis, we compare the loss
and the recorded dividend…
The MUX 49% of San José: Reported sales minus all-in costs
U$m versus reported quarterly income on investment
9 Reported sales minus all-in costs
Divi from MSC
7
5
3
1
-1
-3
-5
1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: MUX filings, IKN calcs
…and sure enough, they were close.
The bottom line to San José in 2q15 is that it cost way too much to run the mine. We need to
see costs drop back to the type of levels seen in 1q15, else 3q15 and beyond is going to be
painful.

El Gallo I: We also had production numbers pre-reported from MUX for its 100% owned El
Gallo gold mine in Mexico, so rather than do those again we'll move straight to the new
information; where the dollars are. This first chart shows El Gallo I did very well in the quarter.
Sales of $16.16m stacks against a big drop in costs at the mine, with the all-in number coming
in at a low $7.42m.
U$m MUX: El Gallo 1 Sales versus cash costs
25.0 (total and all-in cash costs included)
22.5 reported sales
20.0 tot cash cost
17.5 All-In cash cost
15.0
12.5
10.0
7.5
5.0
2.5
0.0
3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: company filings, IKN calcs
That leaves a difference of $8.74m, which is the "mine gate" profit form this part of MUX and
that's a good job well done, especially when you consider the mine had nearly $7m of
merchandise stolen from it and the insurance cheque didn't show up until the start of the
current 3q15 quarter.
But El Gallo is also the operation that carries the corporate and financial burdens at MUX, so to
get a true idea of the costs we now go corporate-wide.
Consolidated earnings: We're not going to do all the charts today, just the ones that matter.
Here again is the revenues totals from El Gallo, with 2q15 coming in at $16.16m
$m MUX: Sales
25
20
15
22.882
10
16.16
13.683
5 10.247 11.13 11.637 8.853
0
4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: company filings
We now stack that against all costs, mine COGS as well as G&A, exploration and "other" (that
wonderful catch-all) and the total comes to $14.6m
$m MUX: Total operating costs other
30 G&A
Exp costs
25 COGS
20
15
10
5
0
4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: company filings, IKN ests
4

That makes things very thin for MUX, so when you add in the influence of the San José
negative dividend and consider the company as a whole…
MUX: Total operating income (incl San José) versus
$m Total operating and exploration costs (minus impairments)
30
tot op income
25 Tot op costs & exp 24.7 23.2
20 18.2 18.7 18.2 19.2 19.1 18.0
15 14.0 13.5 14.6
10 9.7 9.2
4.4
5
0
4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: company filings, IKN ests and calcs
…the $13.5m in "net revenues" means the company is making an overall book loss. In fact it's
not that bad, because a) the robbery stole away (geddit?) the chance of as profit and b) the
San José loss isn't a financial one until MUX gets a cash call from the operator and that hasn't
happened, so over at the balance sheet (see below) the loss is taken from the fixed assets
rather than from cash.
MUX: op. Profit minus impairments
7.5
5
2.5
0
-2.5
-5
-7.5
-10
-12.5
-15
5
31q4 41q1 41q2 41q3 41q4 51q1 51q2
$m
source: company filings, IKN ests
But still, a loss is a loss and once we factor in the influence of the latest impairment…
MUX: Writedowns/impairments on fixed assets,
U$m 2013-2014
250
225 Los Azules
200 MUX PM mining assets
175 San José
150
125
100
75
50
25
0
2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 2q15
source: company filings
…which is $28.542m minus around $10m in deferred income tax recoveries = $18.5m. Or in the
words of the NR on Wednesday:
Consolidated net loss was $14.1 million or $0.05 per share for Q2 2015, compared to a net loss
of $104.0 million or $0.35 per share for Q2 2014. The net loss was attributable to an
impairment of $28.5 million on certain mineral properties in Nevada which we decided to drop.
After related deferred income tax recoveries the after-tax impairment was $18.5 million.
Balance sheet: So operationally MUX made a loss. A small operational loss thanks to San

José, a larger net loss due to the write-downs. But things look brighter on the balance sheet.
Overall assets show the small hit taken from
that net $18.5m impairment plus $3.2m taken
from the carrying value on San José (MSC)…
…but interestingly, current assets are up due to
extra cash on board (that operational loss
doesn't change the fact that El Gallo I is free
cash flow positive). It also took on a short-term
loan backed against VAT recoveries, so that's
cash being double counted in this quarter's
asset chart but an equal liability shows up on
the other side of the balance sheet.
MUX: Current Assets
80
70
60
50
40
30
20
10
0
6
31q1 31q2 31q3 31q4 41q1 41q2 41q3 41q4 51q1 51q2 tse51q3 tse51q4
$m other current
inventories
IVA tax receivable
cash
source: company filings
Talking of which, here's the overall liabilities chart (the black blob at the bottom of 2q15 being
the effect of that short term loan…kind of minor and won't be for long). We also see the small
effect of the tax deferral from the impairment (that's paper stuff though).
MUX: Liabilities Breakdown per qtr
200
150
100
50
0
31q4 41q1 41q2 41q3 41q4 51q1 51q2 tse51q3 tse51q4
source: company filings
srallod
fo
snoillim
A/Cs payable
LT debt
other current debt
Liabilities continue to be a zero problem thing for MUX, so moving straight to the combo of
current assets and liabilities here's the working cap chart:
60 MUX: Working Capital per qtr
55
50
45
40
35
30
25
20
15
10
5
0
31q1 31q2 31q3 31q4 41q1 41q2 41q3 41q4 51q1 51q2 tse51q3 tse51q4
source company filings/IKN ests
srallod
fo
snoillim
MUX: Assets overview
1400
1200
1000
800
600
400
200
0
31q1 31q2 31q3 31q4 41q1 41q2 41q3 41q4 51q1 51q2 tse51q3 tse51q4
$m
current
total fixed
source: company filings, IKN ests

This moved up to $26.995m and that's good. Even better is expected in 3q15, as the negative
of the dividend payment will be more than offset by the robbery insurance cheque.
MUX: Cash treasury position
40
35
30
25
20
15
10
5
0
7
31q3 31q4 41q1 41q2 41q3 41q4 51q1 51q2 tse51q3 tse51q4
$m
source: company filings, IKN ests
Overall, it's true that MUX doesn't yet have enough cash to build its next mine (Gold Bar) but
on a daily operational level, the company's doing just fine for liquidity and faddish or not, the
dividend it's now paying is easy to cover.
The MUX 2q15 Bottom line
There were two main negatives from the MUX 2q15 numbers. Firstly the loss caused mostly by
the impairment, which was a good business decision but makes for negative headlines and
feeling. The more important negative was the high costs reported at the 49% owned San José
mine in Argentina, that's going to have to change because if not, 3q15 and beyond will feel its
weight.
The good news was El Gallo I, which not only beat production forecasts but did it at a low cash
cost and absolute dollar cost. This means free cash flow and a bolstered balance sheet at the
right time for the company.
So overall I'm good about this quarter from MUX and it's gone to reaffirm my opinion that at its
current U$0.70 and U$0.80 shares prices, it's very cheap for what it offers.
Stocks to Follow
The table does not make for pretty reading. Just one of our 14 stocks booked a gain last week
(ATM.v), then another four remained unchanged (FOS.to, LGN.v, LRA.v, FCV.v). That means
there were nine losers and I'm not listing them all, we do however highlight the worst
percentage losers Minera IRL (IRL.to down 12.5%), Teranga Gold (TGZ.to down 9.8%) and
Lake Shore Gold (LSG.to down 9.1%).

We have 14 open positions in our 'Stocks to Follow' list, one less than our self-imposed
maximum number. A just two are in the green, two is unchanged, ten are in the red. That
sucks.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICK
B2Gold BTO.to STR BUY C$2.17 12-sep-14 C$1.37 -36.9% Top Pick, 1st tgt $2.70
Metals Producers (in current order of preference)
Lake Shore Gold LSG.to buy C$1.04 07-apr-15 C$1.00 -3.8% Will be bot out, bullish
Teranga Gold TGZ.to hold C$0.55 15-feb-15 C$0.55 0.0% Good prod. 83c tgt
McEwen Mining MUX hold U$1.09 25-jan-15 U$0.702 -35.6% Brave/foolhardy trade buy
McEwen Mining MUX SPEC BUY U$0.695 21-jul-15 U$0.702 1.0% Separate nearterm flip
Starcore Intl SAM.to spec buy C$0.12 10-jan-15 C$0.105 -12.5% Also "land grab", tgt 19c
Land Grab Stocks (in current order of preference)
Phoscan Chem FOS.to hold C$0.28 29-mar-15 C$0.28 0.0% 36c/share of cash, can add
Atacama Pacific ATM.v spec buy C$0.19 26-apr-15 C$0.185 -2.6% Spec buy, cheap adv proj
Legend Gold LGN.v hold C$0.085 01-mar-15 C$0.035 -58.9% Spec buy but v small trade
Lara Expl. LRA.v spec buy C$1.15 08-apr-12 C$0.215 -81.3% solid biz model, LT hold
Other Recommended Stocks (in current order of preference)
Dalradian Res DNA.to buy C$0.64 27-oct-13 C$0.84 34.4% Nov'14 tgt $1.25, top Au expl
Minera IRL IRL.to hold C$0.21 22-jul-12 C$0.07 -66.7% Tgt jun'15 23c, avged down
Focus Ventures FCV.v spec buy C$0.23 01-jul-12 C$0.20 -13.0% tgt 50c, 3q15 PEA
Regulus Res REG.v spec buy C$0.30 06-apr-15 C$0.25 -16.7% Bet on 2016 drill prog.
Closed in 2015 closed close price
Argonaut Gold AR.to jan'14 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'14 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'14 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'14 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
2009, 2010, 2011, 2012, 2013 and 2014 closed positions in appendices below
Now for some notes on current basket stocks though not so much to say this weekend, we're
still in the grip of the moves in gold on a weekly basis.
McEwen Mining (MUX) (MUX.to): MUX reported its quarter last week and we deal with that
down in 'Market Watching' below. Here we note that the stock seems to have found quite a
wide trading range that covers all the 7-handle numbers, but with 70c as a baseline. That's a
good thing overall, what with my entry point on the recent near-term trader position under
that.
B2Gold (BTG) (BTO.to): BTO continues to drag on the portfolio and for a while broke under
U$1.00 last week before staging a bit of a comeback (update: that rebound continues today as
BTO rises with the rest of the first rank vehicles).
This week coming is also a big one for the company, we get its 2q15 results pre-open on Friday
(Aug 14th). We're almost certainly going to take a close look at those numbers in next week's
edition, what with this being the letter's Top Pick and your author's biggest position. As we
8

know quite a bit about the company's Q2 thanks to the pre-disclosed numbers that came with
the production NR, we'll be on the lookout for anything unusual in the report's tables but most
keenly, any guidance changes for the next two quarters. I suspect there's going to be positive
guidance on costs at its overseas operations (strong dollar and all that) which is the most likely
catalyst for further rebound.
Teranga Gold (TGZ.to) (TGZ.ax): Back at breakeven 55c, which was a disappointment after
the way it rallied on the back of its quarterly results the week before last (we did those
numbers quite extensively last weekend). A sign of the times perhaps, the way in a bear market
that good news gets washed through and is then used as an excuse to liquidate.
Dalradian Resources (DNA.to): DNA's price is doing its job of hanging in there, but the
lowered trading volumes speak of a company that's moved away from the headline-making end
of the sector.
Lake Shore Gold (LSG.to): To the bright side, this is still one I consider to have bought well
and at a price that can handle near-term stress. But i'm not going to hide the fact that seeing
the position move to the red this weekend is a downer, as it's the one I thought would show
the most resistance to gold weakness. If gold went under $1k (or perhaps $1,050/oz) then it
would be understandable, but not while the metal's banging about inside our new $1,080/oz to
$1,100/oz channel.
Let's see what happens in the week ahead (and yes, while writing this Monday morning we're
back at breakeven at $1.04, so the edge is off the pain already). This position is big enough for
my own pocket and I'm not adding any more. That doesn't stop this from being a great level in
which to buy if you have different circumstances than I.
Minera IRL (IRL.to) (MIRL.L): IRL dropped down a penny last week on very light trading,
so nothing much to read into what's a big raw percentage loss but that's all. We're now into the
pre-AGM shadow period, so I'd expect things to remain clam trading-wise until that's done with.
Really not much to say for the moment and there's a general news blackout from the project
site and town of Ollachea too...no news tends to be good news.
Starcore Intl (SAM.to): Cheating a bit here, because today Monday SAM announced that its
buyout of sister company Cortez gold was
complete and the deal's officially done. With
the incorporation of "ex-CUT", new SAM.to
has 180,614,397 shares outstanding.
I haven't made much mention of SAM in
recent editions, but that doesn't mean my
opinion of this stock has changed. With a
growing book of very decent assets thanks
to its three M&A deals in the last year, plus
at its core the small producing San Martin
gold mine that is (or should be by all
expectations) still cash flow positive at
today's prices, plus a reasonable cash
treasury to see it through.
The Copper Basket
After thirty-two weeks of 2015 The Copper Basket is showing a 27.20% loss to level stakes.
9

company ticker price 1/1/15 Shares out Market Cap current pps gain/loss%
1 Capstone Min. CS.to 2.03 381.95 317.02 0.83 -59.1%
2 Reservoir Min. RMC.v 3.96 47.55 192.10 4.04 2.0%
3 NGEx Resources NGQ.to 1.17 187.71 125.77 0.67 -42.7%
4 Nevada Copper NCU.to 1.65 80.5 100.63 1.25 -24.2%
5 Copper Fox CUU.v 0.135 402.96 66.49 0.165 22.2%
6 Amerigo Res ARG.to 0.27 173.65 44.28 0.255 -5.6%
7 Western Copper WRN.to 0.68 93.68 44.03 0.47 -30.9%
8 Hot Chili Ltd HCH.ax 0.16 333.11 39.97 0.12 -25.0%
9 NovaCopper NCQ.to 0.58 60.15 31.88 0.53 -8.6%
10 Panoro Minerals PML.v 0.295 220.64 26.48 0.12 -59.3%
11 Regulus Res REG.v 0.35 56.39 14.10 0.25 -28.6%
12 Metminco MNC.ax 0.008 2650 13.25 0.005 -37.5%
13 AQM Copper AQM.v 0.06 141 7.05 0.05 -16.7%
14 Coro Mining COP.to 0.045 159.37 4.78 0.03 -33.3%
15 Catalyst Copper CCY.v 0.305 31.41 3.77 0.12 -60.7%
NB: HCH.ax & MNC.ax priced in AUD$, rest CAD$ Portfolio avg -27.20%
The overall basket managed to gain a tiny 0.12% over the week, despite there being big moves
in both the positive and negative direction
for certain component stocks. There were 5% The Copper Basket 2015, weekly evolution
seven stocks that put in gains (RMC.v, 0%
NCU.to, WRN.to, HCH.ax, NCQ.to, MNC.ax, -5%
COP.to) and the big percentage movers -10%
were Metminco (MNC.ax up 25.0%), Hot -15%
Chili (HCH.ax up 23.7%), Coro Mining -20%
(COP.to up 20.0%), Nevada Copper -25%
(NCU.to up 13.6%) and NovaCopper -30%
(NCQ.to up 12.8%). Then there were seven -35%
downers (CS.to, NGQ.to, CUU.v, ARG.to,
REG.v, AQM.v, CCY.v) and the big
percentage losses were taken by AQM Copper
(AQM.v down 23.1%), Catalyst Copper (CCY.v
down 14.3%), NGEx Resources (NGQ.to down
10.7%) and Capstone Mining (CS.to down 9.8%).
Only one UNCH stock (PML.v).
As for copper prices, the futures contract tried and
failed to break through $2.40/lb and faded to the
end of the week, down to the $2.33/lb level and
again skirting with multi-year lows.
We take in the regular weekly inventory bullet
points:
• Total world copper stocks rose again, up by
16,618 metric tonnes (mt) (+3.4%) to
finish Friday at 499,033mt, just keeping its
head under the 500k barrier.
• Shanghai Futures Exchange warehouse
stocks rose significantly, up 10,883mt (+10.6%) to finish at exactly 144,000mt. If
Shanghai sticks in a second large upmove this week its would be a very bearish signal.
• At the LME, copper stocks rose up by 6,850mt (+2.0%) to finish at 352,325mt. That's
not a big move, but it's another nudge to the upside and potentially another bearish
10
ht4naj ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1ram ht8 ht51 dr32 ht92 ht5rpa ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7nuj ht41 ts12 ht82 ht5luj ht21 ht91 ht62 dn2gua ht9
source: IKN calcs

signal to contemplate.
• Comex warehouse stocks dropped a modest 1,115mt (-3.3%) to finish the week at
32,708mt. Sideshow
Here's the Shanghai-only chart, which is indeed showing more signs of the anticipated flatline.
Shanghai Futures Exchange Warehouse Stocks, 2014/2015
260000
240000
220000
200000
180000
160000
140000
120000
100000
80000
60000
11
31'13ceD ht21 ht62 ht9 dr32 ht9 dr32 ht6rpa ht02 ht4yam ht81 ts1enuj ht51 ht92 ht31 ht72 ht01 ht42 ht7 ts12 ht5tco ht91 dn2von ht61 ht03 ht41 ht82 ht11 ht52 ht8 dn22 ht8 dn22 ht5rpa ht91 dr3yam ht71 ts13 ht41 ht82 ht21 ht62 ht9
Mt Cu
source: Cochilco
Nevada Copper (NCU.to): When a stock pops the way NCU did on Thursday morning, the
first thing you do is check the newswires for an NR.
Nothing. Then SEDAR for perhaps a regulatory filing.
Nothing (except for the late-ish filing of the material
change report that carried the can-kicking decision
on its $15m in debt with Pala, but that was both
minor news and in the public realm on July 31st).
Then you try to tap into the jungle drums. Northing.
So the most likely explanation here is a dead-cat
bounce, or an attempt by those inside the company
to kick-start a little speculative interest in the
company (we know of old this is a pumphouse
vehicle). Nothing's changed, Pumpkin Hollow's going
nowhere, the debt will eat the equity sooner or later (and at these copper prices, make that
sooner).
The Low Cost Producer Basket
After 32 weeks, the 2015 Low Cost Producer Basket is showing a 27.97% loss to level stakes.
company ticker price 1/1/15 Shares out Mkt Cap (Bn) current pps gain/loss%
1 Goldcorp GG 18.52 830 11.16 13.44 -27.4%
2 Newmont NEM 18.90 528.08 8.52 16.14 -14.6%
3 Barrick ABX 10.75 1164.67 8.22 7.06 -34.3%
4 Franco Nevada FNV 49.19 156.5 6.36 40.63 -17.4%
5 Silver Wheaton SLW 20.33 403.75 5.13 12.70 -37.5%
6 Agnico Eagle AEM 24.89 214.12 4.73 22.09 -11.2%
7 Kinross KGC 2.82 1146.2 2.13 1.86 -34.0%
8 Buenaventura BVN 9.56 254.19 1.62 6.39 -33.2%
9 B2Gold BTG 1.62 921.27 0.97 1.05 -35.2%
10 Pan American PAAS 9.20 151.64 0.91 6.00 -34.8%
all prices in U$, using NYSE ticker prices Portfolio avg -27.97%

Another overall drop, this time the basket average down by 1.67%, with just three winners
(GG, FNV, KGC) on the week and seven losers (ABX, NEM, SLW, AEM, BVN, PAAS, BTG). The
biggest loser by quite a way was Buenaventura (BVN down 10.3%), with the second worst the
5.9% lost by Newmont. The result on the tracking chart is a further deceleration of the drop, to
the point where the basket looks ready to reverse and rebound (given a fair crack and
reasonable macro conditions).
The Low Cost Producer Basket: Weekly performance
30% and comparative to GDX control
20%
10%
0%
-10%
-20%
-30%
-40%
12
ts13ceD ht4naj ht11 ht81 ht52 ts1bef ht8 ht51 dr42 ts1ram ht8 ht51 dr32 ht92 ht5rpa ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7nuj ht41 ts12 ht82 ht5luj ht21 ht91 ht62 dn2gua ht9
basket
gdx control
source: Google Finance, IKN calcs
Low Cost Basket: Percentage difference between
3.0% basket and GDX control, 2014
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
ts13ceD ht4naj ht11 ht81 ht52 ts1bef ht8 ht51 dr42 ts1ram ht8 ht51 dr32 ht92 ht5rpa ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7nuj ht41 ts12 ht82 ht5luj ht21 ht91 ht62 dn2gua ht9
|
source: ikn calcs, NYSE/Nasdaq data
Barrick (ABX): It popped
This time last weekend we mused over the potential to see a trading flip trade in ABX around its
2q15 results, due out post-close Wednesday. Here's how the end of the piece put it all:
Overall I think there's a decent chance of seeing ABX rally from its now (near
historic) low level and I may even partake in a little 24 hour flip myself. You
need to be on before the close of play Weds August 5th if so.
And sure enough, it popped right on
schedule. In fact the luckiest among
traders could have made up to 16% in
less than three trading days, but I've
noted the places in which a logical
and reasonable 10% flip could have
been booked by the traders among
us.
So that turned out to be a decent call.
Unfortunately, I personally decided
against a trade as I wasn't going to be
able to manage my trading accounts
while visiting TK.v. Them's the breaks,
I therefore claim a mere moral victory.

Regional politics
Argentina: The need-to-know on the PASO elections of Sunday August 9th
One of the minor advantages of writing up the Weekly for a Monday send is that I'm able to
make a more studied comment on the results of yesterday's PASO vote in Argentina that was
held yesterday Sunday August 9th.
As the official voting authority website shows (2) as of this Monday afternoon with 97.84% of
votes counted (the last couple of percent tend to be contested or challenged results and can
take a couple of days to resolve) here's how the main data that directly affects the national
Presidential election October stands
Individual Votes in PASO election
Daniel Scioli Mauricio Macri Sergio Massa
38.4% 24.3% 14.2%
Party Votes in PASO election
Scioli Party (FpV) Macri Alliance Party Massa Alliance Party
38.4% 30.1% 20.6%
source: Dirección Nacional Electoral Argentina
The PASO election is in fact a sort of primary, which means the protagonists of each party or
alliance are competing against each other for the nomination. This explains why Macri (for
example) got 24.3% of total votes but his party got 30.1% (the other votes captured by his
competitors in the process). However Scioli's nomination was uncontested, so his votes are also
his party's total number.
What we've learned is this:
1) Daniel Scioli of the ruling FpV party (i.e. Cristina Kirchner's party) is still red hot
favourite to win in October.
2) After seeing how the votes went, I'd put his chances of winning in the first round of
voting at 50/50. To do that, he needs to achieve the combo of a) getting at least 40%
of the total votes cast and b) being at least 10% ahead of the second placed candidate.
3) Although 38.4% is close to 40%, this isn't a done deal. There are lots of ways in
which the vote may cut and slice between now and October. However, if he doesn't win
in round one he's a racing certainty to win in any second round run-off (again, almost
certain to be against Macri).
Therefore the PASO vote this weekend hasn't brought any big surprises. What's more, we can
say the previous voter intention polls and surveys have been pretty accurate in their overall
forecasts so far.
Market Watching
Mick Davis's X2 fund finally making a move
It's getting to the point of a worn story how Mick Davis, ex-head of Xstrata before its fusion
with Glencore, has been sitting on a cash pile of between U$5.5Bn and U$6Bn (according to
which story you prefer) as head of the "X2" fund. It's also now approaching urban legend status
how Davis has refused to commit the cash raised to its purpose so far, that of buying a large
mining asset or two. Or more.
That might be about to change, if reports out of Chile are to be believed. Anglo American have
13

been shopping at least two of its Chile assets and alongside potential buyers Glencore and
Audley Capital (a UK private equity fund), X2 is keen on buying. The two assets are Mantoverde
(approx U$500m price tag) and Mantos Blancos (approx U$1Bn price tag) and according to
Chile's decent quality newspaper Mercurio (translated) (3), "Anglos American is about to close
the sale of two of its mines in Chile and the buyer is an English investment fund".
Alex Black resigns from Tahoe Resources (TAHO) (THO.to)
Three things to state, then a couple of price charts, then a comment and that's all on this issue.
• I'm not a shareholder of TAHO, having sold my RIO.to position just before the merger was
finalized.
• I have no buy/sell opinion on the stock at the moment.
• In IKN323 dated July 19th, I wrote that there may be a trade in TAHO due to the
proximity of the Guatemala elections. Those come in early September and the call on that
would be made in the future edition dated Sunday August 30th (we're not there yet).
Because of those three, I'm not going to make much of a thing about last week's news out of
TAHO (4) that Alex Black was retiring as CEO of the company, with the reins and day-to-day
running handed to Kevin MacArthur. But as this chart shows, markets don't like surprises (even
when they get quickly digested afterwards:
And as this chart that runs from the date of IKN323 to today shows, even with the bounce-back
after last week's news TAHO is underperforming peers and the set-up's looking quite interesting
for the proposed late-August/early-September trade on the Guatemala elections. If the vote
looks like going the right way, at least.
I'll take the Alex Black news into account in a couple of weeks' time, when making any trade
14

call on TAHO though. By that time, I also hope to be a little wiser about the circumstances of
his departure.
Conclusion
IKN326 is done, we end with bullet points:
• I'll make no bones about it, it's been a tiring few days and the low quality of this week's
edition of the Weekly reflects that. Added to yesterday's site visit report there's full-ish
coverage I suppose, but being away also gets my finger off the pulse of the market and
I know (both from experience and from last week) that missing a Friday makes it
tougher still.
• So bleating pathetic apology done, expect better next weekend when our Top Pick
B2Gold (BTG) (BTO.to) is likely main event after its 2q15 report.
• Once you scratch the surface of the McEwen Mining (MUX) second quarter, the
numbers from the main El Gallo I mine were very good. But the impairment and the
heavy costs profile at the HOC.L controlled MSC dragged them down. All the same, it's
supercheap for what it is today and could pop to a buck in a heartbeat.
• Argentina saw one more piece put into its election puzzle this weekend and there
wasn't much of a shock to see Daniel Scioli come out comfortably in front of his rivals.
The current Kirchnerist administration is set fair to continue.
• Tinka Resources (TK.v) is a live prospect if zinc picks up. Standard Tolling (TON.v) is a
live prospect if its commissioning goes well in the next couple of months. Almaden
(AMM.to) is a live prospect if its drops sufficiently after the end of this week when the
spin-out of Almadex happens. Tahoe Resources (TAHO) is a live prospect if
Guatemala's political scene combines with a good value entry price at the end of this
month, and B2Gold is dirt cheap if it guides well for the rest of 2015 on Friday.
• But none of them will make a profit if gold dives. Bottom pickers beware.
I thank you in advance for any feedback. Our Top Pick stock is B2Gold (BTG) (BTO.to). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Otto
Footnotes, appendices, references, disclaimer
(1) http://finance.yahoo.com/news/mcewen-mining-reports-2015-second-214712479.html
(2) http://www.resultados.gob.ar/web/dat99/DPR99999A.htm
(3) http://www.aminera.com/index.php/mineria-nacional/item/12709-fondo-brit%C3%A1nico-comprar%C3%A1-minas-
de-cobre-de-anglo-en-chile.html
(4) http://finance.yahoo.com/news/tahoe-resources-announces-kevin-mcarthur-115500562.html
15

Stocks To Follow Closed Positions 2014
Closed in 2014 closed close price
Fortuna Silver FVI.to jan'14 C$2.80 23-dic-13 C$3.19 13.9% small ST trade closed
Rio Alto Mining RIO.to jan'14 C$2.06 07-jun-13 C$2.30 11.7% trading position finally closed
Network Expl. NET.v feb'14 C$0.01 22-jul-12 C$0.005 -50.0% position closed, did nothing
Tahoe Resources TAHO feb'14 U$13.10 08-abr-13 U$21.72 -65.8% short closed due to reality
Darwin Res DAR.v mar'14 C$0.10 14-jul-12 C$0.045 -55.0% tiny risk play dropped
B2Gold BTO.to mar'14 C$3.07 28-nov-12 C$3.35 9.1% closed to free up capital
Pretium Res PVG mar'14 U$5.38 22-nov-13 U$6.50 -20.8% short closed as port longer
Gold Res Corp GORO may'14 U$5.07 26-ene-14 U$4.12 16.7% took profit
Bear Creek Min BCM.v may'14 C$1.63 23-mar-14 C$2.05 25.8% Took profit, sm near-term win
Eco Oro Min. EOM.to aug'14 C$0.48 22-sep-13 C$0.26 -45.8% sold small loser to make room
True Gold TGM.v sep'14 C$0.395 02-feb-14 C$0.41 3.8% M&A won't happen, sold
Santacruz Silver SCZ.v sep'14 C$1.04 26-ene-14 C$0.86 -17.3% silver/M&A spec, rel. small
Timmins Gold TGD nov'14 U$1.38 09-abr-14 U$0.99 -28.3% failed trade, sell, raise cash
Kinross Gold KGC nov'14 U$2.90 20-oct-14 U$2.15 -25.9% V small trade, didn't work, chau
Salazar Res SRL.v hold C$0.28 02-mar-14 C$0.145 -48.2% lost China sponsor
Stocks To Follow Closed Positions 2013
Closed in 2013 closed close price
USA Graphite USGT feb'13 U$0.93 08-ene-13 U$0.17 81.7% short tgt made/trade closed
Lachlan Star LSA.to feb'13 C$1.50 30-sep-12 C$0.95 -36.7% sold to reduce port risk
United Silver USC.to mar'13 C$0.21 28-oct-12 C$0.095 -54.8% small Ag sector trade, failed
Aurcana Corp AUN.v apr'13 C$1.07 11-nov-12 C$0.55 -48.6% closed on poor YE results
Gold Res Corp GORO apr'13 U$14.11 25-ene-13 U$9.38 33.5% short tgt made/trade closed
Marlin Gold MLN.v apr'13 C$0.075 10-feb-13 C$0.065 -13.3% closed trade
Bear Creek BCM.v may'13 C$2.58 01-abr-13 C$2.40 -7.0% near-term, time ran out
Lupaka Gold LPK.to may'13 C$1.12 23-oct-11 C$0.32 -71.4% towel thrown in
Tahoe Resources TAHO may'13 U$18.62 08-abr-13 U$14.70 21.1% took profit on ST short
OceanaGold OGC.to jun'13 C$3.03 16-sep-12 C$1.18 -61.1% sold on gold drop
IMPACT Silver IPT.v jun'13 C$1.14 13-ene-13 C$0.62 -45.6% sold on silver drop
Duran Ventures DRV.v jun'13 C$0.045 10-may-13 C$0.025 -44.4% ST trade never worked
Plata Latina PLA.v jun'13 C$0.79 10-abr-12 C$0.13 -83.5% closed
Bellhaven BHV.v jun'13 C$0.065 03-jun-13 C$0.12 84.6% closed ST trade
B2Gold BTO.to aug'13 C$3.07 28-nov-12 C$3.44 12.1% sold 1/2 to raise cash
Colossus Min. CSI.to aug'13 C$0.72 24-jul-13 C$0.79 9.7% closed thru nerves on future
Pretium Res PVG.to aug'13 C$8.20 11-jun-13 C$10.14 23.7% closed to raise cash
Bear Creek BCM.v sep'13 C$2.06 30-may-13 C$2.20 6.8% sold on pol risk decision
MAG Silver MVG oct'13 U$7.00 12-sep-13 U$5.62 19.6% near-term short
Gold Res Corp GORO oct'13 U$9.52 03-may-13 U$4.98 47.7% short tgt made, covered
AQM Copper AQM.v oct'13 C$0.31 16-oct-11 C$0.125 -59.7% closed failed trade
First Majestic AG nov'13 U$11.51 07-nov-13 U$10.50 8.8% v near term short, closed
Fortuna Silver FSM nov'13 U$4.00 07-nov-13 U$3.68 8.0% v near term short, closed
Primero PPP nov'13 U$5.70 07-nov-13 U$5.75 -0.9% v near term short, closed
Starcore Intl SAM.to nov'13 C$0.235 08-sep-13 C$0.17 -27.7% ST trade didn't work, sm loss
B2Gold BTO.to dec'13 C$2.22 28-nov-12 C$2.16 -2.7% closed ST trade to raise cash
16

Stocks To Follow Closed Positions, 2012
Closed in 2012 closed close PPS
Soltoro SOL.v jan'12 C$0.87 07-nov-11 C$0.94 8.0% cash moved to BCM.v
Gold-Ore Res GOZ.to feb'12 C$0.84 13-oct-10 C$0.98 16.7% trade closed on ELG.v offer
Minefinders MFN feb'12 U$11.68 17-nov-11 U$14.80 26.7% target made, trade closed
Iron Creek IRN.v mar'12 C$0.58 26-sep-10 C$0.31 -46.6% time up on small bad trade
U.S. Silver USA.to apr'12 C$2.18 15-mar-12 C$1.86 -14.7% ST trade no good, cut loss
Augusta Res. AZC.to may'12 C$3.10 29-jan-12 C$2.07 -33.2% bad mkt, bad trade cut loss
Bellhaven BHV.v may'12 C$0.50 22-sep-10 C$0.28 -44.0% new mgmt not impressive
Zincore Metals ZNC.to may'12 C$0.325 29-jul-11 C$0.17 -47.7% bad mkt, bad trade cut loss
Soltoro SOL.v may'12 C$0.70 18-mar-11 C$0.41 -41.4% bad mkt, bad trade cut loss
U.S. Silver USA.to aug'12 C$1.78 27-jul-12 C$1.36 -23.6% fail ST trade close pre split
Estrella Gold EST.v aug'12 C$0.91 27-mar-11 C$0.14 -84.6% Closed on port realignment
Fortuna Silver FVI.to sep'12 C$1.07 03-may-09 C$5.32 397.2% sell call $6.17/ Mar25
Strait Minerals SRD.v oct'12 C$0.125 09-dec-11 C$0.12 -4.0% closing coverage til FY13
Sunward Res SWD.to oct'12 C$1.47 13-mar-11 C$1.21 -17.7% sold, took loss
Gold Res Corp GORO oct'12 U$21.47 09-sep-12 U$17.40 19.0% Short trade closed
Yellowhead Min. YMI.to nov'12 C$1.00 01-apr-12 C$0.63 -37.0% sold, took loss
Primero Mining PPP nov'12 U$7.26 07-oct-12 U$6.73 7.3% Short trade closed
Bear Creek Min. BCM.v nov'12 C$3.38 07-nov-11 C$3.72 10.1% Took small profit
Vena Resources VEM.to dec'12 C$0.70 31-may-09 C$0.18 -74.3% Failed trade (caps F)
Galway Res GWY.v dec'12 C$2.19 24-nov-12 C$2.30 5.0% closed good ST arb trade
Stocks To Follow Closed Positions, 2011
Closed in 2011 closed close PPS
Sunward Res SWD.v jan'11 C$1.05 21-nov-10 C$1.63 55.2% target made, trade closed
Serengeti Res SIR.v mar'11 C$0.245 05-dec-10 C$0.285 16.3% sold pre-tgt, ST trade fail
Fronteer Gold FRG apr'11 U$2.37 03-may-09 U$15.24 543.0% buyout, trade closed
Minefinders MFN apr'11 U$9.09 07-nov-10 U$16.89 85.8% target made, trade closed
Metalline Min. MMG may'11 U$1.04 26-jan-11 U$0.89 -14.4% exit, resource disappointed
Peregrine Met PGM.to jul'11 C$0.87 06-mar-11 C$2.60 198.9% buyout offer, closed
Dynasty Metals DMM.to jul'11 C$4.20 03-may-09 C$2.85 -32.1% Sold. Fail. Move on.
Aura Silver AUU.v aug'11 C$0.22 13-oct-10 C$0.16 -36.4% Bad pick. Take loss
U.S. Silver USA.v aug'11 C$0.52 26-jan-11 C$0.71 36.5% closed to make room
B2Gold Corp BTO.to sep'11 C$2.80 12-may-11 C$4.27 52.5% target made, trade closed
Bear Creek Min. BCM.v sep'11 C$3.80 27-may-11 C$4.17 9.7% macro sell call victim
Minefinders MFN sep'11 U$14.70 10-aug-11 U$15.15 3.1% macro sell call victim
Great Panther GPR.to sep'11 C$3.03 22-aug-11 C$2.64 -12.9% macro sell call victim
Fortuna Silver FVI.to sep'11 C$1.07 03-may-09 C$5.36 400.9% sold 20%, macro sell call
Focus Ventures FCV.v nov'11 C$0.40 20-apr-10 C$0.20 -50.0% cut losses, bad trade
Regulus Res. REG.v dec'11 C$1.17 14-aug-11 C$0.52 -55.6% cut on news of poor 43-101
2009 and 2010 closed positions in appendices below
17

Stocks To Follow Closed Positions, 2010
Closed in 2010 closed close PPS
B2Gold Corp BTO.to Jan'10 C$0.88 08-nov-09 C$1.49 68.2% target made, trade closed
Radius Gold RDU.v Jan'10 C$0.18 23-aug-09 C$0.40 122.2% target made, trade closed
MAG Silver MVG mar'10 U$5.60 23-nov-09 U$7.28 30.0% closed in pdac week
Riverside Res RRI.v mar'10 C$0.435 20-sep-09 C$0.60 37.9% closed in pdac week
Amarillo Gold AGC.v mar'10 C$0.81 31-may-09 C$0.70 -13.6% closed in pdac week
B2Gold Corp BTO.to apr'10 C$1.24 18-feb-10 C$1.50 21.0% target made, trade closed
Lumina Copper LCC.v apr'10 C$0.84 14-jun-09 C$1.55 51.2% total position now sold
Troy Resources TRY.to may'10 C$1.10 03-may-09 C$2.25 104.5% sold on negative results
AuEx Ventures XAU.to may'10 C$2.51 24-may-09 C$3.38 34.7% trade closed
Nevada Copper NCU.to jun'10 C$3.27 14-mar-10 C$2.03 -37.9% need to lower Cu exposure
Carpathian Gold CPN.to jun'10 C$0.39 14-mar-10 C$0.35 -10.3% too exposed to cap raising
Amerix PM Corp APM.v jun'10 C$0.065 08-nov-09 C$0.05 -23.1% victim of macro bear
Antares Minerals ANM.v jun'10 C$1.42 06-dec-09 C$2.10 47.9% sold half
Vena Resources VEM.to jun'10 C$0.37 31-may-09 C$0.23 -37.8% sold half
Minera Andes MAI.to sep'10 C$0.75 28-jul-10 C$0.95 26.7% ST trade closed
Gold-Ore Res GOZ.to sep'10 C$0.52 01-aug-10 C$0.75 44.2% target made, trade closed
B2Gold Corp BTO.to sep'10 C$1.45 25-may-10 C$2.01 34.5% target made, trade closed
Blue Sky Uran BSK.v oct'10 C$0.41 19-may-10 C$0.22 -46.3% v small v bad trade closed
Dia Bras Expl DIB.v oct'10 C$0.14 30-aug-09 C$0.35 150.0% target made, trade closed
S. Amer. Silver SAC.to nov'10 C$1.38 24-oct-10 C$1.60 -15.9% loss on short, small fail
Ventana Gold VEN.to nov'10 C$7.92 27-jun-10 C$13.51 70.6% trade closed on buyout
Lumina Copper LCC.v nov'10 C$1.42 11-aug-10 C$3.65 157.0% trade closed
Antares Minerals ANM.v dec'10 C$1.42 06-dec-09 C$8.40 491.5% trade closed
Rio Alto Mining RIO.v dec'10 C$0.69 23-mar-10 C$2.16 213.0% trade closed
Coro Mining COP.to dec'10 C$0.585 03-oct-10 C$1.24 112.0% target made, trade closed
Stocks To Follow Closed Positions, 2009
Closed positions closed closing PPS
Cardero Res CDY/CDU.to May'09 U$1.20 03-May-09 U$0.87 -27.5% sold on negative news
Eastmain Res. ER.to May'09 C$1.04 06-May-09 C$1.315 26.4% trade closed
Radius Gold RDU.v May'09 C$0.165 03-May-09 C$0.235 42.4% trade closed
Latin Amer Min. LAT.v May'09 C$0.12 03-May-09 C$0.158 29.2% trade closed
Aquiline Res. AQI.to July'09 C$2.03 16-Jun-09 C$1.68 -17.2% took loss, bad timing
Chariot Resources CHD.to Aug'09 C$0.20 12-Jul-09 C$0.415 107.5% trade closed
Castle Gold CSG.v Sep'09 C$0.64 02-Aug-09 C$0.60 -6.3% ST trade didn't work out
Guyana Goldfields GUY.to Sep'09 C$2.30 12-May-09 C$4.50 95.7% profit taken
Los Andes Copper LA.v Sep'09 C$0.09 21-Jun-09 C$0.09 0% trade closed
Pediment Gold PEZ.to Oct'09 C$0.80 09-Aug-09 C$1.00 25.0% trade closed
Minera Andes MAI.to Oct'09 C$0.68 03-May-09 C$0.71 4.4% too much bad news
Dynasty Metals DMM.to Nov'09 C$4.18 03-May-09 C$6.01 43.8% half sold
Rusoro Mining RML.v Nov'09 C$0.55 03-May-09 C$0.57 3.6% underperformed
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all
material within should not be construed as accurate or reliable or be utilized as advice for investment or business
purposes. Independent due diligence and discussions with ones own investment and business advisor is strongly
recommended. Accordingly, nothing in this report should be construed as offering a guarantee of the accuracy or
completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any
security or as an endorsement of any product or service. All opinions and estimates included in this report are subject to
change without notice. It is prohibited to copy or redistribute this report to any type of third party without the express
permission of the author.
18