IKN #399Premium

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The IKN Weekly
Week 399, January 8th 2017
Contents
This Week: Erratum, In today’s issue, Remembering my ego trap of last year, But TIPS says
gold still has room to run.
Fundamental Analysis: Cordoba Minerals (CDB.v).
Stocks to Follow: Overview, Excellon Resources (EXN.to), Red Eagle (R.to), Riverside
Resources (RRI.v), Rye Patch Gold (RPM.v), Sandstorm Gold (SAND), Atico Mining (ATY.v),
B2Gold (BTO.to), Starcore Intl (SAM.to), Continental Gold (CNL.to), Regulus Resources (REG.v),
Wesdome Gold (WDO.to).
Copper Basket: Overview, Coro Mining (COP.to), NGEx Resources (NGQ.to).
Producer Basket: Overview, Buenaventura (BVN)
Regional Politics: Chile: Workers protest at the Yamana Gold (AUY) (YRI.to) El Peñon mine,
Argentina: Chubut’s governor spells it out again.
Market Watching: Regarding Almadex (AMZ.v) and its ‘El Cobre’ project, Minera IRL is trading
again, Speculative 2017 tinycap plays redux.
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
Erratum
Several of you noticed that in last week’s “Episode nine of “What I’d buy now”” feature, Red
Eagle Mining (R.to) wasn’t included in the list or give it any mention or buy rating. That, ladies
and gentlemen, was due to simple mental lapse. I’d planned to include it but when the time
came to put the list together simply forgot to include the stock, then didn’t notice afterwards.
So a boo-boo by me and I will of course include R.to in the next edition, but for this list I’m
going to leave it out of the running and let things stand as they are. Apologies for the lapsus.
In today’s issue
• We chew over the news and price moves in Cordoba Minerals (CDB.v) last week, with
added content from the company CEO Mario Stifano. Today’s Fundies section.
• Gold kindly popped higher and got over U$1,180/oz, making me look way smarter than
I am. Now for more upside and a further move above U$1,200/oz, as data suggest
there’s still more room to run. That covers today’s intro pieces.
• Minera IRL is back and trading again, with a big price rise in its first week underscoring
just why we fought against the two-faced self-serving directors who were trying to
wreck things for shareholders for nigh on two years. Market Watching for that.
Remembering my ego trap of last year
In last week’s opening piece, “The end of the year and the end of the Trump Rally”, the case
was put forward for the following scenario (cutting long story short):
• Gold to make a near-immediate move to U$1,180/oz
• It then moves over U$1,200/oz “soon”.
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• Longer-term target (let’s say to end 2017) of U$1,400/oz
The good news is that reality decided to play along with my scenario in the first part of the
story at least and, right on cue and inside the pretty tight timetime (eldest turned 13 yesterday
Saturday) gold popped through U$1,180/oz. Now that’s good and we did indeed enjoy a
winning week at the crazy casino (even after Friday’s selling).
However, it has to be said that the whole exercise reminds me of the big mistake I made in the
market last year. You may recall that around March 2016 I had this intricately mapped out plan
for trading the market that involved a pop in gold from under U$1,200/oz to plenty above
U$1,300/oz which came true, but then I got way too cute and based my trades around a
prediction that gold would then drop to U$1,280/oz before moving back up and higher. That
meant I sold a handful of positions for decent short-term gains, but with the view that I’d buy
back once the correction were deep enough. As things turned out gold did correct but only
slightly, it stayed handily above U$1,300/oz and the shot higher. Therefore those winning
stocks became more expensive but without me on board. That’s the potted story, the bottom
line is that I got too cute and as a result missed out on some big percentage winning gains.
The moral of this story: Yep I have a roadmap, but ego isn’t going to get in the way of
interpretation this time. Predicting in the near-term movements and machinations of the gold
price is notoriously difficult, influences abound and the metal can make paupers out of rich
people with batting an eyelid. If the roadmap looks like it’s working then fine, but they’ll be no
arrogant assumptions on my part this time, constant monitoring will be key.
Even so, TIPS says gold still has room to run
Here’s an update of the chart from last week’s edition, courtesy Mike Churchill of Churchill
Research (who called the Trump Rally and the likely drop in the gold price on news of his
election in near perfect style, by the way). Again we have the price of gold mapped against the
inverse yield of the 10 year TIPS line (shown to have a very tight correlation over the years).
We went into the minutae last week so check back there for more, but this week’s update
shows that although gold has added U$23/oz on the week, the drop in the TIPS yield has
continued, we’re now at around 0.44% on the ten year and the gap has been maintained
between the two squiggly lines. In other words, gold still has room to run and assuming it’s
gold playing catch-up, that gap when closed would see the spot price of gold go above
U$1,200/oz (pencil me in for U$1,210/oz if you like). Below is an update on the other chart
from last week, the TIPS ten year yield on its own. Here we see the yield is back at the bottom
of the range we saw in the period just after the Trump election win (and before the Fed rate
rise and ensuing oversell hype kicked in).
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As noted on the visual, when TIPS yields were bouncing around this level in the month or so
following the US election gold ranged between U$1,170/oz, where we are right now, and
U$1,236/oz. But what’s interesting is that Friday’s 0.44% is at the bottom of that previous
range and the current gold price would be equivalent to its very top points. I don’t think we’re
far from a “new normal” price for gold but evidence suggests we’re not there yet and with the
US Dollar/Fed/Trump being the single overriding influence on gold today (India, China, Europe,
Wherever have not disappeared, they’re just taking a back seat for a while), I’m good about
expecting more upside from gold this month, we should see the 12-handle back again.
Fundamental Analysis of Mining Stocks
Cordoba Minerals (CDB.v) rises, releases, falls, rises again
This week’s Fundamentals segment is going to be reasonably brief. There’s going to be a lot of
newsflow in the next couple of weeks on Q4 production numbers and so forth that will get
plenty of coverage, this week in mining has been more about a deep intake of breath and loin-
girding for the year ahead (those outlook NRs from very unpromising companies all promising
great things), not so much to chew on for this section. But we did get a week of fun and games
from Cordoba Minerals (CDB.v), one of the two ways I’m playing Big Copper exploration at the
moment, so instead of shuffling the piece off to the potpourri of ‘Market Watching’ it gets main
billing here.
This ten day price chart gives an overview of what went on.
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After a quiet Christmas/New Year gap week in which the company could hardly raise a trade in
the low-780s range, Tuesday January 3rd saw CDB wake up and move sharply higher on 377k
shares traded (3.5X the three month average). Which was all fine and dandy as far as I was
concerned, but then came Thursday morning and CDB’s announcement (1) of its initial resource
for Alacrán, its main (so far at least) and most advanced deposit in its larger San Matias project
in Colombia. I’ll go over the resource as stands and some views further down the page, but for
the moment let’s just paste in the resource table as it figured in the NR and move on.
The Tuesday pop turned into a drop on even higher volumes (749k on Thursday, 323k Friday)
and come the end of the week, all but two cents of the Tuesday gains had been wiped out.
Unsurprisingly I got a fair bit of correspondence from you people out there on the comings and
goings of CDB and the obvious thing for me to do was to get in contact with the company and
find out a bit more about their point of view and some more details on what was going on. To
that end on Saturday morning CDB’s CEO, Mario Stifano, was kind enough to give me nearly an
hour of his time (plus follow-up chatting later in the day), so what follows now is first a report
on what we talked over and then my own views and position.
My first question was the one that had been sent to me by most mailers. We know that the
resource was based on 22 holes and a cut-off date of late October, we also know (because the
NR says so) that there have been another 18 holes drilled since then, so the question was why
CDB had decided to go with an initial resource this early without waiting for the other 18 holes.
CEO Stifano said that the company wanted a base to work from in order to attract institutional
investors, that it had decided on going for a “start small get bigger” approach so that the
market can see its resource getting bigger and bigger over time, plus also CDB wanted to start
the paperwork to move from the Venture Exchange and become a Dot Tee Oh on the main
TSX. For that you need a resource on your books and that’s what last week’s announcement
gives them. Which is fair enough I suppose, but when your initial resource causes high volume
selling rather than buying you’re doing the exact opposite of attracting instos, something
Stifano readily admitted later and though without exact knowledge of who was dumping, noted
that there was clearly “a seller looking for liquidity” after a protracted December period of low
volume trading.
To my next question, about what I considered (and still consider) to be the skinny size of this
initial resource. On this CEO Stifano went into company spin mode, called the initial resource
“just a beginning”, “great” and “with obvious areas to increase” and that of course it “remained
open” for further exploration upside down the line. This line jives 100% with the CEO comment
included in the NR...
“This is just the beginning as our ongoing, aggressive drilling program is aimed at growing the
mineral resources in size and confidence levels, extending high-grade copper- and gold-rich
mineralized zones and drilling additional exploration targets with potential to add a new and
significant exploration front to Alacran."
...and also with other comments made to media channels, for example to Mining Journal on
Friday (2):
“This is just the beginning,” Cordoba Minerals (CN: CDB) president and CEO Mario Stifano told
Mining Journal about the maiden, pit-constrained inferred mineral resource estimate for the
Alacran copper-gold deposit in Cordoba, Colombia of 53.52 Mt grading 0.70% copper and 0.37 g/t
gold (0.95% copper equivalent).
“Few copper deposits are above 0.6% and ours is 0.9% copper equivalent. In terms of gold, it is
2.5 Moz gold equivalent. This resource includes drilling up to hole 22 and we are now up to hole
40 and we have another 20 million tonnes that didn’t make it into the resource because there was
not enough drilling,” he said.
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All fair enough but as that price chart above shows, my less exuberant opinion was more in line
with the market’s interpretation than CEO Stifano’s. Another thing that irked me came up when
CEO Stifano was defending the size of the resource and mentioned it was “2.4m oz gold
equivalent at 1.41 g/t AuEq”. But wait thought I, isn’t this supposed to be a copper deposit with
a gold kicker and not vice versa? The way I see it, talking up Gold Equivalent just muddies the
waters and doesn’t help much. CEO Stifano agreed but with a “yes but” answer, as he said the
problem was “...some people think in gold (terms) all the time” and if you talk 1.1Bn lbs CuEq,
to them it sounds less than 2.4m oz AuEq. I thought this was a very weak response and makes
very little sense, especially for a company which now has the intention of going after larger
institutional holders and get their stronger hands in as potential backers. Tomorrow Never
Knows and it just might be that CDB drills through some massive high grade gold mineralization
at some time in the future but as things stand today Alacrán and the wider San Matias
concession is a copper target, period. We don’t need trite marketing techniques burying the
basic facts and confusing people.
Next up a question that couldn’t be avoided because the trading moves last week didn’t just
look suspicious to me, plenty of exchanges with other people (e.g. you guys out there) were
about the way in which CDB suddenly popped on volume Tuesday, only to dump on the
Thursday NR. What was going on? Was there a leak or some kind of insider whisper that
caused the Tuesday move because even if it were a coincidence, the optics weren’t great? No
leak of tip-off said CEO Stifano, what had apparently happened was that over the New Year
during the close market period an outfit called Resource Stock Digest came out with “Time To
Accumulate” call on CDB, as its author (one Gerardo Del Real) told his subscribers. Now I’m not
a close follower of the newsletter world and had never heard of Mr. Del Real or his letter, but a
quick check of things shows (3) he and his publication exists and that he’d also interviewed
CEO Stifano last week, so the timing and the name checks out. And as this price chart
illustrates, it makes logical sense that the Tuesday pop could be caused by an unrelated
newsletter reco, as after all I myself watched back in September as CDB popped from a sub-70c
number to above 80c when I called buy on the stock (and yet again people, I get tired saying
this but there really is not need to pile in and cause these silly price pops, they always unwind).
So bottom line on this is that I accept the reason for the Tuesday move and that it was indeed
probably coincidence.
We moved on to chat about the relationship with JV partner HPX (i.e. Robert Friedland). All
things are good, HPX is 100% on board with the way CDB is presenting itself to the market
including last week’s initial resource number, HPX continues to fund the San Matias project in
good style (he told me the same thing as he told Mining Journal, that the budget is for another
$6m to be ploughed into the project between now and April. If we consider that the original
terms of the JV agreement were for $7m to be spent in a maximum of seven years, that HPX
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passed that number in the first 18 months of the JV deal and it’s now accelerating its burn rate
rather than throttling back, the commitment of Friedland/HPX to this project is crystal clear. In
fact CEO Stifano said that when it came to the speed of exploration and the amount HPX is
spending, they at CDB “...are at times trying to slow things down rather than the other way
round”. A fun quote. I asked him in general terms about the HPX Typhoon IP system and
whether it really was better than the industry standard. The answer to that one was a
categorical yes and though obviously he can’t go into great detail about proprietary technology
of a third party, dropped the fact that it could get imagery from up to 2km depth and they were
mainly using it at a 500m set depth...impressive stuff. So far the JV has spent $3m on using the
Typhoon IP system at San Matias and expected to see that bill go higher (in fact there’s a 2017
budget meeting coming up this month, after which the JV will be able to talk about 2017 plans,
the number of metres of drilling it expects to do this year, any plans for new targets inside San
Matias, etc etc). And though not yet confirmed (again, budget meeting first) they’re also
planning on bringing in better and more powerful drill rigs to San Matias this year (Major 50
rigs, for those who care about the technicals) in order to sink deeper holes and make it more
easily through any fault zones they come across (some five holes have been lost to date due to
hitting tough fault systems). Finally, CEO Stifano stressed the long-term relationship they have
with HPX and that everything was going fine; not only is CDB carried through to Feasibility
Study stage at San Matias by HPX, a timescale of years, but HPX/CDB is also considering new
projects in the LatAm region and may start to expand its partnership to other countries, all
while keeping San Matias as its flagship.
Now it’s IKN’s turn on the resource
Thanks to the extended time afforded by Stifano we now have some decent background
information and snippets to add to the mix, but it’s time to consider the contents of last week’s
NR and consider the most basic of questions; On the back of the new information is CDB a buy,
a hold or a sell? We start by revisiting the resource table as seen above, but this time there are
notes and thoughts below.
1) The resource is a reasonable real-world one, not some pie-in-sky Utopian marvel that won’t
stand up to reality. It’s worked on a constrained pit model, uses metals prices of U$2.50/lb
copper and U$1,300/oz gold, uses a cut-off of 0.3% CuEq and assumes recoveries of 90% for
copper and 80% for gold. Now you could argue the toss a little about the gold assumptions (I’d
prefer to pitch conservatively and $1,200/oz and 70% recovery, it’s a sulphide porphyry and we
don’t know much about the metallurgy yet) but that would realy be splitting hairs. Although
only at an inferred level due to the early stage and first pass, CDB/HPX are being serious about
their work here and that’s wholly good.
2) Grade is great. CDB includes a second line that highlights the high grade mineralization that’s
part o the overall resource, but what really matters is the top line on the 0.3% CuEq cut-off.
Copper at 0.7% and gold 0.37g/t (for a CuEq of 0.95%) is a strong resource and works out on
a “rock worth” basis at U$47.10 per tonne. Compare that the AMZ below in Market Watching.
3) Yes, the overall tonnage is low and that’s why this first pass resource only gets to 827Mlbs
Cu (1.121BN lbs CuEq). This is the main complaint about this first resource estimate and the
headline number it generated was almost certainly the reason behind the Thursday selling as
our market looks for big numbers from copper deposits.
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Discussion
The reaction to the NR last week out of CDB reminded me a lot of that semi-silly flowchart I
have at the top of the blog (though I stress it has more than a grain of truth behind it). Here it
is again and this time I’ve mapped out the direction of the flow for CDB:
Yes indeed, Cordoba Minerals is cheap today and it’s cheap because people are stupid. So buy
some. In this case people are stupid because they seem to have interpreted this first pass
resource on Alacrán as “That’s What There Is There” and aren’t considering the numbers
delivered last week as what they truly are, a starting point. CDB sold off due to the type of
numbskull herd-movements you get from the mouthbreather end of the market who can’t read
further than a headline. Now you might want to lay blame on CDB for the style of its first pass
resource and yes, I’d agree they perhaps should have waited until they had all those 40 holes
incorporated, but in the end all that means is that soon (we can fully expect 2q17) CDB will be
able to give us a second update. From there we’d expect a third, a fourth and soon it won’t just
be Alacrán offering resources from the wider San Matias concession, there will be other targets
giving up their grade and resource as well.
So we could perhaps criticize CDB on style last week, but substance is impeccable. What we
now know is that at a conservative looking 0.3% Cu cut-off, Alacran runs strong grades and
that’s what matters. From this point the team will be able to add tonnage to the deposit (which,
by the way, being a ridge will run a far lower strip rate than your average open pit at the
eventual operation...I think they’re being hard on themselves with a 0.3% cut-off, it could be
lower). Make no mistake, this is a great start for CDB and those who sold off the stock on an
apparently weak headline number have no idea what they’re doing, or why. The JV between it
and HPX is going great guns, with the paying sponsor investing serious millions already. The
only small cloud on the horizon is the cash treasury at CDB which is now running on fumes.
However CDB doesn’t need much cash at this point, only enough to basically cover its G&A so
any larger insto looking to pressure the stock down and get a chunk of cheap one in the near
future is likely in for an unpleasant surprise. CEO Stifano says that CDB will only be going for
something around $1.5m and that could turn out to be back-stopped by HPX/Friedland
(Friedland has approx 36% of shares out and has a standstill agreement at 45%, so he still has
room to add). In other words, if that waterfall drop on Thursday was due to brokerage sharks
in suits playing their usual games, then today’s price is a serious bargain and won’t last long.
The IKN Weekly is very happy about the way CDB is going about its work and reiterates its buy
recommendation and 12–month $1.50 target on the stock. What we saw last week was an
excellent first step on the long road to unlocking the true value of San Matias so get some
shares while they’re still cheap, these prices won’t last forever.
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Stocks to Follow
In absolute terms it was a good week, but in relative terms it has to be said that sat next to the
GDX (up 7.0%) and GDXJ (up 12.2%) benchmarks, The IKN Weekly ‘Stocks to Follow’ list
underperformed. In fact we even had a couple of weekly losers (SAM.to, RPM.v) in the mix as
well as three unchanged stocks (TK.v, CNL.to, FCV.v), but ten winners means 2017 has started
well for the portfolio and the double figure percentage move in B2Gold (BTO.to up 11.6%)
made cash things good for the personal portfolio. Along with that one, the moves in Lara
(LRA.v up 13.1%), Excellon (EXN.to up 11.6%) and Wesdome (WDO.to up 10.0%) were to
standard but overall I’m sure that other people did better than I.
We currently have 15 open positions on the ‘Stocks to Follow’ list, our self-imposed maximum
number at any given time. Twelve of the positions are in the green, three are in the red.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
B2Gold BTO.to STR buy C$2.11 12-sep-14 C$3.56 68.7% tgt $5.30 IKN375
Regulus Res REG.v buy C$0.64 06-apr-15 C$1.30 103.1% LT exploreco top pick
Long positions (in current order of preference)
Sandstorm Gold SAND STR buy U$3.80 17-apr-16 U$4.16 9.5% $7 tgt IKN378, v cheap again
Tinka Res TK.v buy C$0.195 19-apr-16 C$0.225 15.4% Under-radar Zn. A pulse
Wesdome Gold WDO.to hold C$1.72 22-may-16 C$2.30 33.7% Will sell at $2.88
Cordoba Min. CDB.v STR buy C$0.73 15-sep-16 C$0.75 2.7% $1.50 tgt good value
Starcore Intl SAM.to part sell C$0.61 10-jan-15 C$0.54 -11.5% ex-Top Pick, reducing position
Excellon Res EXN.to buy C$1.71 09-oct-16 C$1.83 7.0% Hit by Ag sell-off, $3.13 tgt
Atico Mining ATY.v buy C$0.51 24-jul-16 C$0.98 92.2% tgt $1.10, Cu play, running well
Rye Patch Gold RPM.v STR buy C$0.32 02-sep-16 C$0.295 -7.8% 75c tgt, amazing value now
Riverside Res RRI.v buy C$0.39 27-jun-16 C$0.48 23.1% Added IKN380, 60c tgt
Continental Gold CNL.to buy C$2.68 22-may-16 C$4.40 64.2% $4.80 tgt, hold thru 1q17
Red Eagle Min. R.to STR buy C$0.71 13-dec-16 C$0.80 12.7% New long, added, like a lot
Lara Expl. LRA.v hold C$1.15 08-apr-12 C$1.21 5.2% solid biz model
Focus Ventures FCV.v hold C$0.23 01-jul-12 C$0.055 -76.1% needs JV deal
Short positions
None at present
Closed in 2017 closed close price
none at present
2009 to 2016 annual closed positions in appendices below
Now for notes on some of the current basket stocks:
Excellon Resources (EXN.to): Better. What you want from a stock that represents your
exposure to a metal is a good and quick reaction when things start going well, to show it’s in
the first rank of stocks the market would buy up when times are good. That’s what we got from
EXN last week as silver jumped 3.1% (from U$15.95 to U$16.45, London fix Jan 3rd and Jan
6th), the stock responded in both price (+11.6%) and volume, getting my own position and its
cost average back into the green. Good thing too.
After my aborted attempt to add a second string silver position to portfolio (Avino and ugh don’t
remind me how bad that bought deal was) I’m not in a hurry to find another Ag name any
longer. Compared to the P/E ratios the market seems to demand for silver names EXN stands
out head and shoulders, otherwise I much prefer to pay lower multiples and get a gold miner.
Red Eagle Mining (R.to): Good to see this new position get back to the 80c level, pretty
8

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decent volume flowed through the stock again as well. The company tells me that they won’t
be giving out a production report until San Ramon gets to commercial status so we’re in for a
quiet period until that happens, my best guess on that being February.
Riverside Resources (RRI.v): RRI gave us one of those “corporate outlook for 2017” NRs
last week (4). No matter the company, these NRs are nominally an exercise in “hey look at me”
without providing material changes but this one from RRI was a cut above the norm. It really
does have along list of things to point to and highlight for 2017. Here’s just the bullet point list,
as ripped directly from the NR:
• Drill results expected in January from the Thor Copper Project (Partner:Antofagasta)
• Exploration results expected in January and February from the on-going ~$400,000 exploration
program at the Glor Gold Project (Partner:Centerra Gold)
• Drilling program anticipated to commence during 2017 at Glor
• $350,000 in exploration expenditures expected to be completed at the Clemente Project by
partner, Silver Viper Minerals Corp., as per the Option Agreement signed December 6, 2016
(Riverside owns 1,000,000 Silver Viper common shares)
• New partnerships will be explored to advance the Company's 100% owned projects (Penoles,
Tajitos, Ariel, La Silla). The Company expects multiple new JV deals in 2017.
• Riverside will continue quality acquisition efforts using its mineral occurrence database to secure
key ground in Mexico. New property acquisitions expected in Q1-Q2 of 2017
• Private partner, Croesus Gold Corp., anticipated to go-public in 2017 (Riverside owns 3,000,000
Croesus common shares and holds a 2% NSR on the Sugarloaf Peak Project)
Lots to like there, including soon-to-be drilling results from Thor and Glor, plus the news (for
me at least) that RRI will likely be able to sell its 3m shares in Croesus on an open market
somewhere. One of the things I’ve always liked about the John-Mark Staude way of running a
business is the attention paid to keeping the share count tight by raising capital from other
places and there’s an obvious one for the year
ahead, a comment that leaves aside the way RRI
gets OPM to do all that drilling ($2m worth in 2017
alone, according to the NR). At a market cap of
C$18m, lots of newsflow to come, the strong
combo of lots of asset holdings that get real
exploration work done on them, plus zero stress
on treasury you’re getting a lot of exploration
bang per buck at RRI at the moment, my 60c
target is easily reachable and is almost certainly
pitching too low if the market starts getting bull-
positive about gold’s prospects this year.
Constructive-looking price chart, too.
Rye Patch Gold (RPM.v): A positive NR last week when on Thursday morning RPM
announced (5) it had started the leach pad stacking at Florida Canyon. Plenty of spin in the NR
of course but the bottom line is that we should get first pour next month April, the pad fully
stacked by April and that implies that by the end of 2q17 the mine should be either at or close
to its expected run rate. RPM claims, “The first gold pour from the new leach pad is projected
to occur in February, ensuring timely delivery in accordance with Company projections”, which
is a slight stretch because at this desk I’d been looking for a little more than just a first pour by
February and full tilt production in 2q17, but mining’s like this and ultimately my gripe is a small
one compared to the quick progress RPM has made to get to this point.
In trading RPM did volume on Wednesday, the day before the NR, which smells a little of a leak
in the news. Thursday went down well enough without breaking out over the recent 32c or 33c
highs, but RPM sold off with the rest of the market on Friday (and low volume) which was a bit
disappointing for a guy like me, as I have my idea of a full allotment in the portfolio, but should
be considered a decent opportunity for people smarter than I* who waited for better prices to
get in. I cut the number of near-term sentiment “strong buy” calls to five this week, RPM.v is
very much one of them. Probably at the top of the list, in fact.
*i.e. all of you
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Sandstorm Gold (SAND): Here’s a ten
day chart of SAND with the part to the
right of the red line being last week’s
trading and you’ll be able to see this
price chart shape in dozens upon dozens
of mining stocks; a good start, decent
pop on Thursday, Friday sell-off, late
Friday hockey stick hook. Though
perhaps SAND suffered more than the
average in the Friday mini-selling spree.
In other news, what we didn’t get was a
preliminary “production” and sales report
for the 4q16 period. In recent quarters
SAND has been very quick off the mark,
so perhaps it’s due to the Christmas/New Year fesitivity lag but I’d expect we’ll get news on this
in the next five days, perhaps even pre-bell tomorrow. We know these numbers for certain...
• The first nine months of 2016 saw sales of 36,486 gold equivalent (AuEq) ounces
• SAND is guiding sales for 2016 at between 47,000 and 50,000 AuEq
...so we need 10,514 to make the grade, which is a near-certainty, and 13,514 oz to beat the
top end, which is unlikely but you never know. I’m expecting something like 12,500oz AuEq and
a happy 49k oz AuEq, but we shall see soon enough.
Atico Mining (ATY.v): ATY has been trading like a champ since Christmas and last week
consolidated its gains nicely, trading above 90c all week and finishing with a flourish that almost
took it to the nice round CAD$1.00 number. Don’t worry, it’ll break through soon enough. As
ATY usually waits until the middle of the following month to report a production number we
have a few days to go on that, week three of January probably.
B2Gold (BTO.to): We’ll do BTO in detail as soon as it comes out with its 4q16 production
numbers, that NR should be with us in the next week or two. Meanwhile no news is good news,
it’s trading just like a Top Pick should. That’s all.
Starcore Intl (SAM.to): SAM maintained its mid-50s price move in reasonable style last
week, though volume was light (once again). I still haven’t pushed any buttons to lighten my
now overweight position (not a Top Pick any longer) because as noted previously I feel in no
hurry. Something in the 60s will do to begin the process.
Continental Gold (CNL.to): I stuck this chart on the blog Friday lunchtime (6) when CNL was
trading $4.32 (finished $4.40) to illustrate
the difficulty the stock has had in breaking
clear of the $4.50 line (also intraday we’ve
seen spikes over $4.70 that get reeled in
quickly). But here I’ll add that the strong
ceiling it’s showing doesn’t concern me in
the slightest as for one thing it’s just a line
in the sand, they get busted eventually. For
another it prices CNL right around my “pre-
buyout” mooted price, as if any eventual
buyer pays a standard type 30% premium,
$4.50 is just a lick and a spit short of what
I think CNL should go for, $6.00 per share.
10

,
Regulus Resources (REG.v): On Tuesday REG gave us an update NR (7) on the state of play
in the definitive deal with its partners on Antakori, its contents basically backing up and franking
the information in last week’s edition. What we now know is that the parties have given
themselves an extra thirty days on the most pressing part of the deal the “Coimolache Definitive
Agreement” that should close before the end of this month. For the longer-term “Colquirrumi
Definitive Agreement”, that has until the end of Q1. All that sounds fair enough and if you read
through the comments made by CEO John Black...
"We are very actively engaged with Coimolache and Colquirrumi to complete the Definitive
Agreements as soon as possible. All parties involved want to make sure that these
comprehensive agreements are properly crafted and that the additional time will best allow this.
We see no impediments to having the agreements signed soon and with effectively the same
terms as the MOUs. Planning for collaborative
exploration continues and is well-advanced. The
delay in completion of the agreements is not
expected to affect the start of our exploration
program in 2017, with drilling still planned to
commence prior to the end of Q1. Additional details
about the exploration program will be announced as
the Definitive Agreements are signed.”
...it fits right in with the jungledrums reported on
last week: the lawyers are indeed dicking
everyone around. In trading, signs of life in REG
trading after a long period of inaction. Trading
was still light in volume terms, but suddenly
people are willing to pay up to own some REG and
that might be because the company is about to
get its Antakori project moving. Quite right too.
Wesdome Gold (WDO.to): In trading, WDO did well and moved up 10%. I was asked by one
subscriber why I’ve “gone cold” on WDO all of a sudden. The answer is that I haven’t gone
cold, what’s happened is that I screwed up on my own analysis:
• I placed a target price on the stock
• The target price hit
• I reviewed the stock and decided not to raise the target price
• That means I should have sold
• I didn’t sell in time.
• It proceeded to dump on me
The only recourse I have is to take my lumps and suffer the consequences of the error of not
selling when by all rights I should have. I haven’t gone cold on WDO because I believe it’s
worth every cent of the current target, but this time I won’t make the same mistake when it
gets back up there.
In other news, Friday evening saw a regulatory filing on SEDAR which shows Tom Stanley of
The Resolute Fund is back buying stock in WDO (you may remember how he built up his
position in early 2015 in order to fight a proxy battle at the AGM and then sold it back down
when the move failed). Here’s a section from the Reg F:
Since the last report filed by Resolute on December 7, 2016, the holdings held by the Fund have
increased by 229,700 shares, representing an increase of 0.17% of the Fund’s proportionate
share of the issued and outstanding common shares of Wesdome.
As a result of the acquisitions reported above, the Fund held 22,831,500 common shares of
Wesdome at the end of December, representing approximately 17.52% of all outstanding shares
of that class.
Bottom line: He should have held through on all the shares, rather than waste the raised cash
by buying IMPACT Silver.
11

,
The Copper Basket
After one week of 2017, The Copper Basket shows a 6.09% gain to level stakes.
company ticker price 1/1/17 Shares out Market Cap current pps gain/loss%
1 Imperial Metals III.to 6.06 93.587 621.42 6.64 9.6%
2 Capstone Min. CS.to 1.26 382.04 508.11 1.33 5.6%
3 NGEx Resources NGQ.to 1.20 205.06 278.88 1.36 13.3%
4 Western Copper WRN.to 1.86 94.19 178.96 1.90 2.2%
5 Copper Mtn CMMC.to 0.94 118.8 124.74 1.05 11.7%
6 Excelsior Min. MIN.v 0.63 167.364 115.48 0.69 9.5%
7 Atico Mining ATY.v 0.95 97.59 95.64 0.98 3.2%
8 Regulus Res. REG.v 1.20 68.368 88.88 1.30 8.3%
9 Coro Mining COP.to 0.15 483.425 77.35 0.16 6.7%
10 Trilogy Metals TMQ.to 0.66 104.33 73.03 0.70 6.1%
11 Cordoba Min. CDB.v 0.73 86.86 65.15 0.75 2.7%
12 Amerigo Res ARG.to 0.345 173.61 64.24 0.37 7.2%
13 Nevada Copper NCU.to 0.77 80.5 62.79 0.78 1.3%
14 Copper Fox CUU.v 0.125 417.64 54.29 0.13 4.0%
15 Revelo Res. RVL.v 0.070 128.486 8.99 0.070 0.0%
NB: All stocks priced in CAD$ Portfolio avg 6.09%
With 14 winners and only one unchanged stock
(RVL.v), the copper basket started its 2017 well, too.
Thee were two double figure percentage moves
among the winners in the shape of NGEx Resources
(NGQ.to up 13.3%) and Copper Mountain (CMMC.to
up 11.7%). As normal for early year, I won’t put up
the weekly performance tracker chart until there’s a
reasonable sample size, maybe 5 or 6 weeks in.
The copper market threw in a couple of price spikes
during the week, but once the dust had settled we
were still in a “something above U$2.50/lb” range
we’ve seen in recent times. Not such a big influence
on stock prices this week, copper companies basically
benefitted from a market that gave the green light to
mining companies in general. Trading was reportedly
light too, China and elsewhere.
Now for the regular weekly copper warehouse
inventory bullets:
• For the second week running world copper inventory levels rose just slightly. This time
the move was a mere 678 metric tonnes (mt) (+0.1%) to close Friday at 548,678mt.
The uptrend remains intact by the thinnest of margins, but inside the overall number
we see a new trend showing.
• SHFE Shanghai warehouse inventores rose sharply once again, following on from last
week’s 12,221mt addition with a new rise of 24,963mt (+17.0%) to finish Friday at
171,561mt. Keep that move in mind as we consider the LME result below.
• For the second week, LME inventories mirror imaged SHFE. Last week LME inventories
dropped 12,600mt, this week they dropped 27,100mt (-8.4%) and closed Friday at
295,125mt. Yes indeed ladies and gentlemen, the arbitrage trade between the two
main houses has kicked into gear once again, the same way we saw it run this time last
12

,
year. In fact the arb was a close correlation all through the first quarter of 2016 and on
that occasion, the SHFE stocks topped out at nearly 400k mt before things reversed.
• Comex stocks gave us its new normal rise, up 2,815mt (+3.6%) which puts it at
81,994mt this weekend.
Here’s the regular Shanghai-only chart that shows the new uptick. It’s deja vu all over again
and it’s only a question of how high the stocks go, will we get a big bump as in 2015 and 2015,
or a massive one as seen last year?
Shanghai Futures Exchange Warehouse Stocks, Dec'13 to date
400000
350000
300000
250000
200000
150000
100000
50000
13
ht5naj ht61 ht03 ht11 dn22 dr3gua ht41 ht62 ht7ced ht81 ts1ram ht21 ht42 ht5luj ht61 ht72 ht8 ht02 ts13 ht31 ht42 ht5nuJ ht71 ht82 ht9 ht72 ht8
Mt Cu
source: Cochilco
Now for notes on a couple of the basket component stocks:
Coro Mining (COP.to): Word is that COP plans to release its initial resource report for its
Marimaca project before the end of January. As this is set to be the main flagship at the
company and a bigger influence on its share price than the producing but rather small Berta
operation, it could be a catalyst that sends the stock higher. Or lower of course, if the market is
disappointed with what it sees (we already have an example of that in CDB.v this week).
NGEx Resources (NGQ.to): This one had been lagging the field for a while and treading
water at-or-around the $1.10/$1.20 level but not any more, it busted higher last week and
people were paying above $1.40 before a bit of Friday selling dropped it to this weekend’s
$1.36, still a highly decent 13.3% upmove on the week. It’s the Southern Hemisphere high
summer and the time you’d expect a High Andes exploreco like this one to be doing its best
work now. We could be on the cusp of a new newsflow push from this Lundin-stable company.
The Producer Basket
After 1 week of 2017, the Producer Basket shows a gain of 6.64% to level stakes.
company ticker price 1/1/17 Shares out Mkt Cap (Bn) current pps gain/loss%
1 Barrick ABX 15.98 1165.33 19.73 16.93 5.9%
2 Newmont NEM 34.07 530.595 18.79 35.42 4.0%
3 Goldcorp GG 13.60 832.381 12.17 14.62 7.5%
4 Franco Nevada FNV 59.76 178.01 10.91 61.28 2.5%
5 Agnico Eagle AEM 42.00 223.475 10.03 44.89 6.9%
6 Ang/Ashanti AU 10.51 405.27 4.62 11.39 8.4%
7 Royal Gold RGLD 63.35 65.281 4.28 65.51 3.4%
8 Kinross Gold KGC 3.11 1245 4.17 3.35 7.7%
9 Buenaventura BVN 11.28 254.19 3.20 12.58 11.5%
10 Sibanye Gold SBGL 7.06 228.71 1.75 7.66 8.5%
Prices in U$, NYSE or NASDAQ tickers Portfolio avg 6.64%

,
We’re off to a flying start in this basket, with all components registering weekly wins and top
moves laid down by Buenaventura (BVN up 11.5%), Sibanye (SBGL up 8.5%) and AngloGold
Ashanti (AU up 8.4%), all very solid. But despite our basket finishing up 6.64% on the week
we’re lagging the GDX benchmark (+7.0%) a little and that’s probably due to the house
decision to have two royalty/streamers in the mix this year. This is a marathon not a sprint and
once it’s over I fully expect Franco Nevada to be a bigger company by market cap than
Goldcorp...unless of course GG merges with Agnico Eagle ☺.
No tracking charts for the first few weeks, no point until we have a decent sample size, but I
will remind you that I consider myself in competition with GDX again this year and the plan
once again, especially including RGLD and KGC, is to try and beat the street in 2017.
Buenaventura (BVN): The best move of the week came from BVN, which must have pleased
its new CEO, Victor Gobitz, who officially took over from Roque Benavides at the start of the
week/year (though Roque is still chair and don’t get confused, control of the company is still
firmly in the hand of the Benavides family and their Class A voting shares).
A couple of news stories about Gobitz’s first week worth passing on, first this one (8) which is
basically the transcript of an interview Gobitz gave to Peru’s Mine Engineering Institute (IIMP).
What catches the eye is the way Gobitz, recently arrived after running base metals producer
Milpo, kept moving the conversation away from the precious metals names the interviewer
bought up and back to the La Brocal zinc/lead/silver mine (with silver 3rd in the pecking order)
in which BVN holds 54.07% ownership and is the operator. Time and again Gobitz came back to
La Brocal and what he called its very large mineralization system and development
opportunities (he ran the mine between 2005 and 2008), including the San Gregorio target in
one part of the the concession which he described as (translated), “...the largest undeveloped
zinc project in the world”.
The second snippet is the news, widely disseminated in Peru (example (9) below)), that BVN
has put its San Gabriel project on hold (specifically “revision status”). This is the one in
Moquegua that used to be called Chucapaca and as a 50/50 JV with Gold Fields until BVN
bought out its partner a couple of years ago (at the bottom of the market), then changed the
plan from large open pit to smaller higher-grade underground project plan. It’s also the one
that had significant community relations problems until recently, but BVN did good proactive
and remedial work and managed to get the community approval it needed to move ahead.
However just four days after taking over, Gobitz has put San Gabriel and its U$543m ticket
price build-out on hold and according to the regional director of Mining and Energy for the
Moquegua region there are four reasons:
• Further drilling hasn’t turned up any new resources or reserves
• The gold price is low at (the then) U$1,163/oz
• Too many demands from local/municipal authorities for community/social projects
In other words, it’s because the gold price is too low for Gobitz’s liking and project margins at
this price aren’t so great. However, it is interesting to see BVN play the Community Risk poker
hand against those who may well have been getting a little too greedy with their demands
locally (it happens that way). Framing the decision this way may clip their wings a little. Finally
BVN said it was going to run a technical re-evaluation on San Gabriel and make a further
decision in May 2017. Put those two together and the question arises; Is PM specialist BVN
going base metals under Gobitz? Yes it’s possible to see BVN add BM, but I also get the feeling
he’s being driven by thoughts of bottom-line profits and operating margins. BVN is at heart an
underground vein precious metals miner, but it’s not averse to other types of mining operation
and it could be about making the most profitable decision rather than just going for gold and
silver because tradition demands it.
14

,
Regional politics
South America is on summer vacation and the world has gone quiet while the the rich and
famous splash around at beach resorts. January often gets a news lag and this time around is
no exception in the mining world. Just two stories of note this week.
Chile: Workers protest at the Yamana Gold (AUY) (YRI.to) El Peñon mine
This weekend has seen a violent protest by workers at the El Peñon mine in the Atacama region
of Chile, run by Yamana Gold’s (AUY) (YRI.to) wholly owned subsidiary Minera Meridian. After
talks broke down regarding salary increases (the unions wanted at least 7% plus other benefits,
AUY only offered them 2%) and workers voted to strike, the first day of the industrial action
saw (10) things get quickly out of hand, offices sacked and police called in to completely
evacuate the mine. As things stand this evening the mine remains completely shuttered.
Argentina: Chubut’s governor spells it out again
Despite plenty of evidence to the contrary, there still seems to be an overdose of wishful
thinking around mining in Chubut Argentina. People are still under the impression that the
province is opening up and that Yamana at Suyai or Pan American Silver at Navidad are close to
the type of approval they’ll need to move their projects ahead. So let’s try again to spell out the
reality of the the province, which also means by implication that the Federal Mining Agreement,
i.e. the Macri government plan to get all provincial governors on the same page about mining
so that they can pass a few national laws and make it easy to explore, permit and build, is
destined for disaster.
The (translated) headline in this report on Friday (11) in a Chubut newspaper regarding Chubut
Governor Mario Das Neves’ stated position last week, in front of a roomful of suitable
dignitaries, should be clear enough:
“As long as I am governor, there will be no large-scale mining”
Which is of couse the third time in the last couple of weeks he’s said basically the same thing.
But if you want more, the longer quotes come in the body of the report (translated): “As long
as I’m governor in our Province, mega-mining isn’t going to exist, I repeat it and will continue
to do so. Ours is a population that has chosen to live with a better quality of life, people choose
Chubut not only for its scenery but also for the environmental aspect.” His speech continues in
the same fashion, valuing water and clean living, telling thse assembled that mining brings no
prosperity to the people, etc etc. And as for that timeline, be clear that Das Neves is governor
until 2019 minimum.
Market Watching
Regarding Almadex (AMZ.v) and its ‘El Cobre’ project
Since August last year (get used to referring to 2016 like that) Almadex Minerals (AMZ.v), the
spin-out of Almaden (AMM.to) (AAU) and run by the Poliquins, has been returning assay results
from its El Cobre project in Veracruz State, East coastal Mexico. Here’s an example (12) of one
of the earliest NR in the series (I think) dated August 8th and this NR (13) will take you to the
latest release that’s headlined this way:
Almadex Hits 240.00 Meters of 0.22% Copper and 0.50 G/T Gold Within 646.38 Meters of
0.15% Copper and 0.30 G/T Gold Which Also Includes 469.00 Meters of 0.18% Copper and
0.38 G/T Gold in Hole EC-16-017 at the Norte Zone
With “El Norte” referring to one of the targets inside the larger ‘El Cobre’ project. AMZ at El
Cobre is a project I’ve kept one eye on these last few months (though you’ll note without even
mentioning it so far, let alone buying any shares, so when reader PB shot over this mail on
Friday...
15

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“Care to comment on either your blog or in the Weekly regarding Almadex's new drill results? My
main concern regarding this project is that it is in Veracruz and I remember Goldgroup Mining's
success with Caballo Blanco. From the property descriptions provided by Almadex (about 75 kms
northwest of the city) and Candelaria Mining (65 km northwest of the city), they could be as close
as 10 kms to each other. Thanks.”
...it nudged me into making a first comment about the project. So here we go:
1) Yes, I’m concerned about its geographical location as well. PB noted the “success” of Keith
Piggott and Goldgroup at Caballo Blanco (he was being ironic) and the way the project was shot
down for environmental and community protest reasons (and by the way, Candelaria Mining is
untouchable today for the same reason), but we also need to note that Almaden sold Caballo
Blanco to Goldgroup. At El Cobre, the Poliquins know exactly where they are.
2) Up to date the assays widths have been very good, there’s obviously a large mineralized
body, but for my taste it’s a long way from being a orebody and the main issue is that of grade.
It’s a little early to be accurate about overall grades there, but taking the assays so far,
averaging out, being reasonably generous to the upside and sticking a thumb in the air, I’m
going to assume at this point an average grade of 0.2% copper and 0.3 g/t gold. Sorry folks,
that’s not enough to float my boat for a non-surface sulphide mineralization and to illustrate
that here’s a simple table (stuck together in about ten minutes) using those grades, reasonable-
to-generous recoveries (90% Cu, 75% Au) and a range of metals prices to give a “what’s that
rock worth?” spreadsheet table:
AMZ.v: El Cobre rock worth/tonne at various mkt prices (U$/mt)
Assuming avg grade of 0.2% copper, 0.3 g/t gold, 90% Cu and 75% Au recoveries
Copper/Lb U$
Gold/oz U$
2.00 2.25 2.50 2.75 3.00
1000 15.17 16.16 17.16 18.15 19.14
1100 15.89 16.89 17.88 18.87 19.86
1200 16.62 17.61 U$18.60 19.59 20.59
1300 17.34 18.33 19.33 20.32 21.31
1400 18.07 19.06 20.05 21.04 22.03
1500 18.79 19.78 20.77 21.76 22.76
source: IKN calcs from AMZ data
3) I’ve picked out the U$2.50/lb copper and U$1,200/oz result for reference purposes (a “rock
worth” of U$18.60/tonne) but even at U$1,500/oz gold and U$3.00/lb copper the numbers
involved aren’t that great. Now I’d agree there are a few mines in the world today that can run
super-low opex and make money on that kind return per tonne, but they’ve been built already
and the capex is paid off. In today’s environment those grades make margins too skinny for
capex and opex combined, it’s way down the pecking order for copper or copper/gold projects,
in short it doesn’t work.
So why care? For one thing, at its current C$73m approx market cap it’s getting a lot of
valuation for what, so far at least, is a pretty mediocre return. That implies AMZ is getting
speculative holders who are betting the company finds something better at the project as the
drill program continues, which fits in with the message in the latest NR that, “...the Company
interprets that a distal and high level portion of a porphyry system with significant gold values
has been intersected”. In other words, AMZ and its backers are betting that 1) they haven’t
found the best-grading guts of this system yet and 2) they can find it. Which is fine, well and
good but as things stand today this company and its stock is not for me. Instead of betting on
AMZ and that two-fold risk of whether they find economic higher grading rock, I much prefer to
bet on REG.v and CDB.v because I know they have higher grading rock. As the market has
baked in plenty of positive assumptions here, there looks to be plenty of downside risk already
in AMZ and the comparative value isn’t good. Now yes, for sure they could hit the jackpot and
announce a big bad 1,000m of 0.7g/t gold as the first hole of this year’s campaign and if so,
there’s many multiple of upside in the game and that’s why I have my eye on the stock. But it’s
watching brief only at this time, because in my opinion CDB and REG are clearly better
16

,
propositions on what we know today.
Bottom line: AMZ looks expensive on what
we know today, plus there’s the potential of
difficult environmental and community
relations further down the pipeline, but it’s
by far from a lost cause because there’s
plenty of exploration potential and you
never know, they may be able to deliver on
their theory, drill into the main porphyry
and suddenly hand over world class results
to the market, instead of the mediocre ones
we’ve seen to date. AMZ is on watching
brief, but at today’s prices I’m not a buyer.
Minera IRL is trading again
Last week’s piece on IRL worked out almost too perfectly to be true. Indeed the Peru Stock
exchange (Bolsa de Valores de Lima, or BVL) did what we suspected it might do and lift the
freeze trade order and on Wednesday it re-started trading. I ended up watching the trades in
IR quite closely (14) and kept my ear to the ground with Lima contacts too, so as a quick’n’dirty
on what went on:
• On Wednesday, it took most of the day to form a market but once it happened, a little
over half a million shares changed hands at a close of U$0.143.
• On Thursday IRL traded well all day, hit a high peak of U$0.165 in the morning and
then sellers turned up to move it back down to U$0.148 by the close. Over 2.5m shares
were traded on the day.
• On Friday things went quieter again, light in the morning but then sellers came back in
the afternoon as IRL started to match the relatively negative sentiment in gold that
day. Just under 900,000 shares traded and the stock closed at U$0.141.
To put that into context, U$0.141 at today’s forex is CAD$0.186, give or take a tenth of a
penny. That compares to the last trading price of IRL.to in Canada of CAD$0.07 in 2015 went it
was suspended from trading by the criminal idiot Hodges and his band of liars and thieves.
That’s 160% higher and we haven’t even got the good news of 2017 starting to flow yet. And
as mentioned on the blog last week it’s also worth keeping in mind that the recently kicked-out
board of directors had failed to re-list the stock in Peru after having a full year to do so, but had
wanted the right to sell over 115m shares at the last traded price of IRL to whomsoever they
choose and at whatever price they’d wanted, which is more than interesting given the way it’s
started its re-listed life (and how quickly Diego Benavides managed to get it back trading once
given the keys to the boardroom). All in all a fine start to 2017 for we long-suffering
shareholders of IRL, but I’m pretty certain of better things to come as well. Consider the
following:
• The re-listing of IRL in Lima is a moment that cuts a veritable Gordian knot. Now
trading, IRL complies with the Canada OSC requirements for re-listing and the London
AIM requirements for re-listing. Although it’s impossible to say for certain because
ultimately the timing on any re-listing decision is in the hands of the market authorities
and not the company, it would be fair should expect news on a Canadian re-start in
perhaps a couple of weeks (I doubt it would drag on for more than a month, though
don’t kill the messenger if it does). After that, although the wording in last week’s NR
from IRL was a little vague (and caused a couple of justified criticisms from UK-based
shareholders), I am in no doubt whatsoever that IRL fully intends to apply and re-list in
London as soon as possible.
• But the slicing of the Gordian knot doesn’t end there, because the re-start of trading on
17

,
the BVL means IRL is now in compliance with Cofide for the main syndicated loan deal
and that can now move forward (and Cofide are very happy to see Benavides in charge
at last). It also means IRL will be able to move forward on any deal for the construction
of Ollachea with the civil works company of its choice (strongly rumoured to be Peru’s
world class company Graña y Montero, but I hear there are other companies also after
the EPC/M contract to build the mine).
• We are still due a press release with the full results of the 2016 drilling campaign (that
was partially disclosed by the previous board as they desperately fought for their jobs
and payola opportunity). When the full results are known, we’ll be able to get a better
handle on how much resource IRL has managed to add at Ollachea. And in the spirit of
the new transparency that’s running through the company, we may get confirmation of
the jungledrums about a lower overall capex estimate for the Ollachea build-out (the
number that’s been bandied around is perhaps U$150m to U$160m, instead of the
previous $180m+). This would imply a lower amount needed from the main financing
event through Cofide and if the eventual deal with the EPC/M contractor goes through
as expected, they will be partly paid in equity which means even less financial debt
burden. All these things are to be seen.
In other words IRL is back and that’s great to report, because it’s what we shareholders have
been fighting for all this time (a year and a half wasted due to Canadian corporate greed and
lies, it beggars belief). And to answer a few mails, I do indeed plan to resume coverage on IRL
in the near future, perhaps as early as next weekend with an initial guesstimate on how
Ollachea will work and a reasonable guess or three on what we can expect from the share price
in the near, medium and longer-range future though at this point there are many unknowns on
how IRL will look come Ollachea production day one, so best-guesses will be the order of the
day rather than pinpoint accurate financials.
Speculative 2017 tinycap plays redux
Last week I outlined on four tinycap stocks that I think have a decent chance of doing good
things in 2017. Here are the nams and how they got on on the four trading days of last week:
• Angel Gold (ANG.v): Price up from 8.5c to 9.5c (+11.8%) on light volume. I expect
things to stay this way until ANG closes its current open round of financing (unit 8c incl
a half warrant). If you want some of these shares as a 2017 high risk spec play, either
go for the placement or pick them off at lows by placing bids and being patient.
• Royal Road (RYR.v): Price up from 8.5c to 9.5c (+11.8%) on very light volume, a
single 80k share deal on Friday being most of the week’s volume. As RYR is in the
middle of its merger with Caza Gold (CZY.v) and there’s likely to be a round of
financing on top, this one’s trading is likely to stay on the quiet side until the Mergeco is
one and dusted.
• Calibre Mining (CXB.v): Price up from 14c to 17c (+21.4%) but this time on good
volume. There was some 14c available Tuesday but big volumes came Wednesday and
stayed all week. Obvious speculative interest around this stock now. CXB is for sure the
most interesting spec stock of the four right now and it’s clearly tradable.
• Eros Resources (ERC.v): Price up from 15c to 19c (+26.7%), with the jump
immediately to 18c and 19c on Tuesday on the best vlume day of the week (including
120k shares traded at 18c), but then volume died down almost immediately and truned
into the trickle come Thursday and Friday. ERC on Tuesday suffered from a bad case of
fat finger and somebody (most likely a reader of this publication who didn’t
read/remember the moves in Angel Gold in November) waded in and bought at a price
that will likely turn out to be a spike. I personally didn’t buy the small starter position I
planned last week because I’m not playing any stupid chase games with thinly traded
tinycaps and I’m confident about seeing my price turn up soon enough (I’ll pay up to
18

,
16c...maybe 16.5c if I’m feeling loose that day).
So a good start for these four, all double figure wins on the week but then again, they were by
no means uncommon among the beaten-down pennyplays. A better yardstick would be a
couple of months so I’ll come back and see how the four are getting on around PDAC-time, but
before then I hope to own at least some ERC.v, the others aren’t impossible purchases either as
long as news and things go their way.
Conclusion
IKN399 is done, we end with bullet points:
• In terms of newsflow, it was a pretty quiet first week to the year. In terms of market
action it was a positive one. As one who’s not into the fame and only wants the money,
that’s a near-perfect combination. Sadly, it won’t last ☺.
• Cordoba (CDB.v) is in fine shape, even if the market didn’t really get the point of last
week’s initial resource NR and sold the stock down. We’ve seen the stock trade in a
fairly tight range for the last few months, but as long as copper doesn’t fade on us at
some point the stock will break out from the range and go higher. I don’t know when, I
don’t worry about when, either. This company has a very bright future and is a great
way to play copper in the years to come.
• Although I’ll try hard to avoid getting entrenched, I can’t help but see more upside
potential in gold this month. TIPS yields have been a reliable marker to the gold price
over the years and with the close correlation backed up by the US economic influence
on gold at the moment, U$1,200/oz and above looks in sight.
• It’s a combination of relief and satisfaction to see Minera IRL trading again, and
strongly too. Next stop the Canadian re-listing, expect IKN Weekly coverage to resume
on the company in the very near future.
I thank you in advance for any feedback. Our Top Pick stocks are Regulus Resources (REG.v)
and B2Gold (BTG) (BTO.to). Flash updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen. Namaste.
Mark
19

,
Footnotes, appendices, references, disclaimer
(1) http://finance.yahoo.com/news/cordoba-minerals-reports-high-grade-130000794.html
(2) http://www.mining-journal.com/financeinvestment/exploration/alacran-cu-au-resource-shaping-up/
(3) http://resourcestockdigest.com/archives/interview_hold/index.php?&content_id=4400
(4) http://finance.yahoo.com/news/riverside-resources-provides-corporate-outlook-162303667.html
(5) https://finance.yahoo.com/news/rye-patch-gold-loads-leach-140000135.html
(6) http://incakolanews.blogspot.pe/2017/01/continental-gold-cnlto-fails-again-at.html
(7) http://www.regulusresources.com/regulus-announces-extension-timelines-completion-definitive-agreements-
antakori/
(8) http://www.eleconomistaamerica.pe/empresas-eAm-peru/noticias/8060469/01/17/Gobitz-San-Gregorio-es-quiza-el-
mayor-proyecto-de-zinc-sin-explotar-del-mundo.html
(9) http://larepublica.pe/impresa/sociedad/836668-buenaventura-paraliza-proyecto-minero-san-gabriel-para-su-
evaluacion
(10) https://www.aminera.com/2017/01/08/minera-meridian-informa-toma-ilegal-evacuacion-mina-penon/
(11) http://www.elpatagonico.com/mientras-yo-gobierne-no-habra-megamineria-n1530169
(12) http://finance.yahoo.com/news/almadex-discovers-gold-rich-porphyry-120000064.html
(13) http://finance.yahoo.com/news/almadex-hits-240-00-meters-211513016.html
(14)http://www.bvl.com.pe/jsp/Inf_EstadisticaGrafica.jsp?Cod_Empresa=0B1HN&Nemonico=MIRL&Listado=|MIRL
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-ago-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-ene-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-abr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-abr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-ene-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-ene-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-abr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-abr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
20

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Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 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
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Stocks To Follow Closed Positions 2014
Closed in 2014 closed close price
Fortuna Silver FVI.to jan'14 C$2.80 23-dec-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-apr-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-jan-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-jan-14 C$0.86 -17.3% silver/M&A spec, rel. small
Timmins Gold TGD nov'14 U$1.38 09-apr-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-jan-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-jan-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-apr-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-apr-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-jan-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-apr-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
21

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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
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
22

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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.
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