IKN #401Premium

,
The IKN Weekly
Week 401, January 22nd 2017
Contents
This Week: Erratum, In today’s issue, The guard is changed, The Gold/TIPS near-term
relationship keeps on working.
Fundamental Analysis: Wesdome (WDO.to) and Atico (ATY.v) 4q16 production numbers
Stocks to Follow: Overview, Regulus (REG.v), Cordoba Minerals (CDB.v), Rye Patch Gold
(RPM.v), B2Gold (BTO.to), Sandstorm Gold (SAND), Tinka Resources (TK.v), Red Eagle (R.to).
Copper Basket: Overview, Coro Mining (COP.to), Imperial Metals (III.to).
Producer Basket: Overview, Buenaventura (BVN).
Regional Politics: The North American Free Trade Agreement, Chile: Codelco is looking for
Lithium JV partners, Peruvian gold mine deaths, Peru: The Odebrecht bribe arrests begin,
Colombia: The Tolima anti-mine referendum getting bogged down, Chile: La Escondida pay
negotiations come to a head Tuesday.
Market Watching: Royal Road (RYR.v) runs a placement, Minera IRL gets the green light
from Canada, Episode ten of “What I’d buy now”.
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
Last week I wrote that Goldcorp had bought a quantity of “...shares of Ian Bezek’s Auryn
Resources (AUG.to)”. As several of you pointed out, the man’s name in Ivan Bebek. That’s what
comes of writing without fact checking. Apologies due and yes, I laughed at myself when the
mistake was pointed out to me as well.
In today’s issue
• Wesdome Gold (WDO.to) and Atico Mining (ATY.v) reported their respective 4q16
production numbers last week, with WDO adding in its 2017 guidance. We crunch those
numbers in the main Fundamentals section today.
• The Gold/TIPS relationship is still going strong and if it keeps doing what it’s doing,
we’re in for a consolidation period at-or-around the current gold price. See today’s main
Intro piece for more.
• Copper’s run two weeks ago was marked in the intro to IKN400 as “speculative and
bubbly”. It worked out that way. Copper’s not ready to move up any further, but the
good news is that didn’t stop our elephant-hunter exploreco investments in Regulus
(REG.v) and Cordoba (CDB.v) from moving up. Atico (ATY.v) held on well, too. Quality
will out in the end.
• Tinka Resources (TK.v) has finally shown a bit of life, let’s look for a bit more.
The guard is changed
A new President was inaugurated. He made a populist and simplistic speech, danced with his
wife at a ball and said chummy things to D.C. insiders while shaking their hands. In other words
it was all a lot less different than the new President, his most fervent supporters or his fiercest
detractors would have us believe. The world did not stop turning, the markets hardly reacted
1

,
and I picked up my kid from her violin class. She’s currently learning one of the riffs from the
Pirates of the Caribbean movies, she tells me it’s the background music to one or more of the
fight scenes. She’s starting to get the hang of the instrument too, kind of blossomed in the last
few months after going through the requisite scraping and string-squawk phase that all
absolute beginners of the violin must pass and I’ll give her great credit for not getting bored
with the whole idea and throwing in the towel too soon, the girl has staying power. And if
you’re wondering why I’ve spent more lines in this intro on her than I have on Trump, consider
all the above an op-ed on what is important and what is not. Now for some number stuff.
The Gold/TIPS near-term relationship keeps on working
Man 1: “My wife is mad at me.”
Man 2: “Why so?”
Man 1: “Well every Friday after finishing the week, I bring home
a bouquet of flowers for her. I’ve done it for sixteen years,
without fail. Sometimes roses, sometimes tulips, or mixed
bunch of seasonal blooms. Just depends on what’s on offer.”
Man 2: “That’s no reason for her to be annoyed at you!”
Man 1: “Last Friday I forgot the flowers.”
It hasn’t stopped working yet and I’m now worried about the fact I’ve called gold’s moves
pretty closely for five weeks running, because I’m now getting “Hey Mark! Another good call on
gold!” mails from you nice people. Now those are appreciated and thank you, but don’t get
pissed at me when this lucky streak ends because that’s all it is, a streak that is welcome but
temporary because predicting the price of gold will make fools of us all if you’re not careful At
the moment it’s being moved around by one main factor, the US yield curve, so it’s a little
easier than usual to track. It won’t stay that way, the Black Swan will come or a new influence
will become protagonist, then the price dynamic will change so be clear, this Gold/TIPS thing is
still working and that’s fine, but it will only work until it doesn’t.
This time last week gold was priced at U$1,196/oz and here’s the way I was interpreting the
gold/TIPS information. These two a direct quote from last weekend’s IKN400 intro:
a) The price of gold still has a little more room to run. Put a gun to my head and I’d say there’s
potentially another 2% of gold upside under current market circumstances, not much more.
b) Once we get to “low $1,200s” we’ll need a new catalyst to see gold move up. Or of course
down. Will that catalyst come from our new POTUS? People, your guess is as good as mine
on that one but what I will do, for the time being at least, is stick to the roadmap. We’ve
made it to the U$1,200/oz mark, I’m now in the “Collect underpants/??????/profit!” period
that will get me vaguely from here to my targeted U$1,400/oz price by the end of the year.
It seems a long way off today.
IKN401 back and as it happens GLD added 1.7% last week, a number that fits the above
scenario nicely. What also fits is the lack, so far at least, of a new catalyst to move the metal
either higher or lower and with that in mind, we update the chart featured for the last four
week,s the Ten Year TIPS Yield (chart taken from this link (1)) and this time with a more
general commentary:
2

,
1) Pre-Trump win we had a normal, TIPS yields were low.
2) Then the election came and things changed (point one above).
3) Then we had all that rate hike chatter that got the market frothed up, the time gold
found its recent lows and the gold permabear idiots got editorial space for their “under
$1,000” stupidities (don’t worry, it won’t be the last time, they just have to wait their
turn again in Gary Tanashian’s wonderful Kabuki Theater)
4) But the most important bit of the chart above is the period before and after the blow-
off top, what I’ve tentatively labelled “The New Normal”. I may be getting ahead of
myself with such an assertion too, when I stuck that label on there yesterday Saturday
morning I nearly erased it because it sounds too cocky, too sure compared to my
preferred baby-steps approach to the way gold’s market is developing. But the label
stayed because I want to point out the current IKN working theory in clear terms, my
best guess is that until new influences come along we’re going to see US interest rates
flatten out, a bit of stability in the market and by inference a gold price that
consolidates where we are today.
5) So for the latest best-guess, I’m going to go for a range of U$1,190/oz low, U$1,230/oz
high and with a median right where we are this weekend, U$1,210/oz.
6) And be clear that I will wholly welcome a new “quiet period” for gold, if that’s what’s in
the cards for a period of time. That for various reasons, but the bottom line is that if
your operating gold miner can’t make a profit at U$1,200/oz gold (or if your project
doesn’t work at $1.2k) I’m not interested in your mining company in the first place.
In other news, there wasn’t much change in the GLD inventories chart as seen last week. We’re
off the lowest of the lows, but the 809.15
metric tonnes held by GLD vaults is still GLD gold holdings, US Election to date (metric tonnes)
nearly 146 metric tonnes lower than the 1000
980
day Trump became President-Elect (at 960
U$1,200/oz gold that change represents a 940
920
cool U$5.63Bn worth of shiny metal...a lot 900
of money). It’s one thing to see the rot 880
860
stopped in the level of gold holdings, quite 840
another to see it spring back in a V-shaped 820
800
recovery. These are indicators that we’ll 780
track passively for the time being without 760
trying to force conclusions from their data.
Fundamental Analysis of Mining Stocks
Wesdome Gold (WDO.to) 4q16 production results and a look into 2017
On Tuesday evening WDO announced (2) its 4q16 production numbers, plus guidance on
production and costs for FY17 and that’s
what we’re going to look at in the first part
of today’s Fundies section, with your author’s
views and biased opinionated rants scattered
through the piece as usual.
First 4q16 production and here right is the
basic chart. Eagle River underground
produced 10,595oz, the Mishi open pit
produced 1,292oz, total for the quarter
11,887oz gold. That total compares
unfavourably to both the 2q16 and the
catch-up improved 3q16, but it also
compared badly to the IKN estimate of
3
61/9/11 61/11/11 61/51/11 61/71/11 61/12/11 61/32/11 61/82/11 61/03/11 61/2/21 61/6/21 61/8/21 61/21/21 61/41/21 61/61/21 61/02/21 61/22/21 61/72/21 61/92/21 71/3/1 71/5/1 71/9/1 71/11/1 71/31/1 71.81.1 71/02/1
mt
source: SPDR GLD data
WDO: Gold prod/qtr
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
Ozt Au source: WDO filings
Mishi Eagle River

,
14,000oz gold total for 4q16. In other words, WDO missed. That miss explains why WDO
started selling off last week on the
news, though it also went oversold
on general market weakness
Wednesday in what was a bit of
unlucky timing. Come Friday it had
recovered about half of the total
loss.
Further down the Q4 numbers we
get to see the reason for the miss.
Tonnage milled was okay from Eagle
River, but low from Mishi. That was
a slight influence, but the main
problem was a drop-off in grades at
both operations (8.2 g/t at Eagle, 1.6
g/t at Mishi). The 8.2g/t average at
Eagle is below both 3q16 and the
2017 guidance frame of 8.8 g/t to 9.2 g/t. The same story at Mishi, with the 1.6 g/t below 3q16
and the 2017 guidance of 1.8 g/t to 2.2 g/t.
However it wasn’t all bad news for Q4 numbers, because a lag in sales from previous quarters
means total sales were higher than production. Sales came in at 13,490oz which was higher
than even that lag and that suggests WDO sold down part of its CAD$1.453m inventory of
bullion. WDO plugging a revenue gap, perhaps.
WDO: Gold production vs sales, per qtr
18000
15878 16023 15825 16000 15188
13490
14000
12408
12000 11740 11265
9633
10000
8100
8000
6000
4000
2000
0
4
41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
14 WDO: Average gold grade, per qtr
12 12.5
10 10.1 10.07
8 8.7 8.2
7.01
6 7.4
7 6.6 4.9
4
2 2.4 1.8 2 2.3 2.6 1.9 1.5 1.8 2.33 1.6 0
Ozt Au source: company filings
prod
sales
When added to the return to a lower average sales price of CAD$1,655/oz in Q4...
41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
mt WDO: Tonnes milled, per qtr g/t Au 100000
90000 Mishi Eagle River
80000 Eagle River Mishi
70000
60000
50000
40000
30000
20000 10000
0
3q14 4q14 1q15 2q15 3q15 4q15 1q16 2q16 3q16 4q16
source: company filings source: company filings

,
WDO: Realized gold price per qtr
1800
1740
1750
1700 1640 1637 1655
1650
1600
1550 1499
1500 1465 1467 1474
1450 1407
1400 1375
1350
1300
1250
1200
5
41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
CAD$/oz Au
source: company filings
...it means we already have a pre-announced revenues number for the quarter, of CAD$22.3m.
When we plug that into our operations overview chart, it looks like this:
WDO.to: Operations overview
35
30.1
30
25 23.1 22.3 23.6 22.3
20 17.0 16.0 19.4 20.9 18.8 15.8 17.217.6 18.2 16.8 21.0 17.5 18.418.2 20.2 18.4
15 12.3 14.4 13.3
10
5
0
-5
41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 tse61q4
CAD$m
revenues total op expenses Op earnings
source: company filings/IKN ests
It was never going to be as good as 3q16, when
extra production plus higher prices plus a bonus
WDO.to: Net Earnings
CAD$2.6m from recovered gold during the Kiena 10
mill clean-up all helped pop revenues over 8 6.9
CAD$30m, but I had pencilled in CAD$26m for 6 4.2
Q4 and this result does look a little thin. 4 2.9 2.2 2.6 1.1 1.8 2.0 2
Therefore by sticking to my CAD18.4m total
0
operating expenses guesstimate, operating
-2 -0.8 -0.7
earnings are now slated at CAD$3.9m. If we
-4
-3.3
move that through the rest of the P+L, net -6 -4.3
earnings is expected at around CAD$2.0m for the
quarter (though that one may be even less if
ADO decides to take a charge somewhere).
We’ll look at how all this affect balance sheet
items if I still own WDO comes mid-March and
the release date (I’m hoping to be out at $2.88
by then), but just one chart here is enough to
give the flavour: Working capital is set to remain
at roughly the same place as it was at end 3q16,
maybe even a slice less. That means WDO has
more than enough liquidity as things stand
today, but according to last week’s NR the
company is earmarking 2017 sustaining Capex at
between $13m and $17m, project capex
(probably Kiena) at $3m and exploration
41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 tse61q4
source: company filings/IKN ests
srallod
fo
snoillim
40 WDO.to: Working Capital per qtr
35
30
25
20
15
10
5
0
31q4 41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 tse61q4
source company filings/IKN ests
srallod
fo
snoillim

,
spending (not part of AISC) at around $13m, that might not be quite as comfortable at the end
of 2017 as it was at the start.
Guidance for 2017
Here’s the main event chart on that one:
2017 max
Oz Au WDO: Gold production per year 2017 min
60000 6000
55000
50000
45000
40000
35000
30000
25000 52757 50470 47737 52000
20000
15000
10000
5000
0
2014 2015 2016 2017est
source: company data
WDO is guiding for production of between 52,000 oz and 58,000 oz in 2017 and if that works
out, the low end will be close to the best year in the last four. We should note that WDO’s very
poor 1q16 and not great 2q16 caused 2016 to miss guidance by a long way, but that was under
different management and new CEO Middlemiss seems to have got WDO back on an even keel
operationally (I’ll let him off the Q4 grade issues, as long as it’s only one quarter) as well as
making a difference at its other non-producing assets, especially Kiena.
As combined AISC is guided by WDO at between CAD$1450/oz and CAD$1,550/oz for 2017, if
we take this weekend’s CAD$1,615/oz gold price as our benchmark and assume the following:
a) A happy medium AISC of CAD$1,500/oz
b) A happy medium production and sales of 55,000 oz
We have WDO generating pre-tax profits of $6.3m. That in turn implies a $7m drain on working
capital over the year and all that, wrapped up in a ball, means either WDO gets higher gold
prices and maintains its cash position, or it throttles back on exploration or it finances a bit
more, or it burns some of its treasury in what’s looking like a transition year for the company
before Kiena and better production numbers from its current operations start kicking in, from
2018 onward.
Conclusion and discussion
It wasn’t a great Q4 from WDO, even though they made it to the lower end of revised guidance
(after the disaster 1h16). Sales revenues have been pimped a little in order to make things look
better, but we’re still faced with a thin CAD$3.9m in operating profits and although WDO gets a
pass mark on Rule One (make a profit) that’s not going to light anyone’s fire come the year end
financials. Meanwhile, 2017 is set up as a year in which WDO will plough its modest free cash
flow into exploration and even then, it may have to dip into savings or explore other ways of
getting cash in order to do everything it wants to do.
I bought into WDO last year because of the exciting opportunity afforded by Kiena and got in
before most of the market cottoned on. It’s been a good trade so far, but I was an idiot and
failed to sell at my target price when it came up. I won’t make the same mistake twice, because
although Kiena still looks good and further exploration and drilling may make it very good,
upside in the near-term looks limited and very much tied to the price of gold. I can get that
exposure in other stocks, ones I prefer to this one. It’s fair to say that although I still feel no
need to sell immediately, this set of 4q16 production numbers has only strengthened my
resolve to take profits once my price target is taken out again.
6

,
Atico Mining (ATY.v) 4q16 production
On Tuesday 17th ATY reported its 4q16 production numbers (3), an event that made a quick
post on the blog that evening (4). Here today we get to expand a little on the numbers and
take a guess at the 4q16 financials, which are looking good thanks to the pop in the price of
copper and the extra sales we’re expecting on top of production.
Let’s start with the most interesting production data and as usual, as ATY gets around 85% of
its revenue from copper and only a small amount from gold we’re going to concentrate mostly
on how its main metal got on. First up tonnages milled in 4q16 (below left), which were right
on schedule with the two previous quarters and means the throughput upgrade that went on
line in 2016 is going just fine. ATY milled 62,780 metric tonnes in 4q16. When we combine
throughput with copper recoveries of 94.7% (right on the button for the mine) and the average
copper head grade of 3.92% in 4q16 (below right), a new record average for any given quarter,
we end up with an strong quarter’s worth of production, 5.15m lbs (of which 4.89m payable):
ATY.v: Avg copper head grade (%) per qtr
4.50
3 4 . . 5 0 0 0 3.01 3.07 3.63 3.61 2.91 3.45 3.26 3.34 3.81 3.63 3.48 3.92
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Those were the production numbers on the chart on the blog last week, but there’s more and
better things from this quarter as this chart, which has the same data as the blog’s but adds in
sales too, bears witness:
Mlbs Cu ATY: Copper production and sales, per quarter
8
copper prod Mlbs 7.000
7 payable copper Mlbs
copper sold Mlbs
6
4.784 4.978
5
4.009 4.234
4
2.746
3
2.031 2.109
2
1
0
1q15 2q15 3q15 4q15 1q16 2q16 3q16 4q16
source: ATY data, IKN sales est 4q16
Back in 2q16 ATY suffered through the transport strike. We’d half-expected the company to
clear the inventory backlog in 3q16 but that quarter’s filing made it clear, the extra sales were
going to happen in 4q16. And that’s why I’m still expecting something around 7m lbs copper
sales in this quarter, rather than the 4.89m lbs payable number.
In other words, not only have we got a bumper quarter’s worth of production (5.15m lbs is a
new record), but we get the bonus sales on top. Financials are going to look good and they’ll
look even better because of the pop in the price of copper. I’ve tried not to go too crazy on an
average ATY sale price forecast for copper in Q4 and. Taking into account the sales lag and
how copper was still bumping around the U$2.20/lb price point at he start of Q4, gone for a
reasonable U$2.38/lb received price (and the normal lowball U$600/oz for gold). Only time will
tell how far out those are, but if true here’s how the revenues calculation looks:
7
41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
ATY.v: Tonnages milled % Cu
70000
60000 50000
40000
30000
20000
10000
0
source: company filings
41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
mt/qtr
source: company filings

,
ATY.v: Revenue by metal
22
20
18
16
14
12
10
8
6
4
2
0
8
41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4
$m
Au rev calc
Cu rev calc
source: company filings, IKN ests
The model forecasts sales revenues of U$18.46m, head and shoulders above any previous
quarter. In other words, ATY will post a very attractive set of financials. Here’s how that part of
the models works out (right):
10
ATY.v: Earnings
It spits out Mine Op Earnings of U$8.8m, 9
8
Pre-tax Earnings U$5.5m and Net 7
Earnings U$4.8m for 4q16 and though 6
5
obviously the net earnings number can 4
get skewed by unexpected financial 3
2
things the one that really matters, MOI 1
at U$8.8m, is going to look very good 0
-1
indeed and will, once and for all, stop all -2
that “They’re short of liquidity” stupidity -3
bandied about ATY by sell side anal ysts
for the last year. I have ATY coming out
of 4q16 with U$6m in working cap and
that only gets more on top once 1q17 (same production assumption, lower sales poundage,
higher copper price) gets factored in. More quarters just like that one to come, too. We like.
Discussion and conclusion
Atico Mining (ATY.v) put in a great 4q16 quarter of production and when you add in the extra
sales we can expect from the lag, we can expect a sparkling set of Year End financials when
then show up in March. I’d also expect strong guidance for 2017 at that point (or even sooner)
which brings me to my main point here; I know ATY is up very nicely since we bought and
started covering the stock, but I’m sure the wider market still has worked out how much it’s
going to benefit from its new production schedule and these better prices for copper, not yet
anyway. The share price held up well last week in the face of the mine-copper slump, down just
three cents on the week and if you look at the chart, it’s a thing of beauty:
41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 tse61q4 tse71q1
$m
Income from mine ops
pre-tax earnings
net earnings
source: ATY filings, IKN ests

,
And there’s more to come. My current price target is $1.10 on the stock and that’s not a million
miles away now, but I’m pretty sure that’s lowballing things now thanks to the copper price
improvement seen in 4q16 that’s holding in okay (without threatening $3 at all, not for the time
being anyway). Once that target is hit, I’ll get busy on the 2017 numbers and the likely price
target upgrade. Great quarter from ATY, happy happy holder.
Stocks to Follow
It was a week in which the sector benchmarks moved up again, though this time more
modestly with up GDX +1.7% and GDXJ +1.0%. Under such circumstances I’m reasonably
happy with the performance of our Stocks To Follow list, with eight net winners on the week
(BTO.to, REG.v, SAND, TK.v, CDB.v, EXN.to, RRI.v, R.to), two unchanged stocks (RPM.v,
FCV.v) and four losers (WDO.to, SAM.to, ATY.v, LRA.v) and of those losers, only the 5% drop
in Wesdome truly irked. As for the winners, very decent percentage gains came from Tinka
Resources (TK.v up 27.7%) and Cordoba Minerals (CDB.v up 13.4%), which continues to be a
star in the making. A modest cheer for the 7.7% added by Red Eagle (R.to), too.
We currently have 14 open positions on the ‘Stocks to Follow’ list, one less than our self-
imposed maximum number at any given time. Ten of the positions are in the green, four 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$3.78 79.1% tgt $5.30 Top Pick prod.
Regulus Res REG.v buy C$0.64 06-apr-15 C$1.45 126.6% LT exploreco top pick
Long positions (in current order of preference)
Sandstorm Gold SAND buy U$3.80 17-apr-16 U$4.41 16.1% $7 tgt IKN378, good Q4
Tinka Res TK.v buy C$0.195 19-apr-16 C$0.30 53.8% Under-radar Zn. Moving at last!
Wesdome Gold WDO.to hold C$1.72 22-may-16 C$2.47 43.6% Will sell at $2.88
Cordoba Min. CDB.v buy C$0.73 15-sep-16 C$0.93 27.4% $1.50 tgt, massive potential Cu
Starcore Intl SAM.to part sell C$0.61 10-jan-15 C$0.57 -6.6% ex-Top Pick, reducing position
Excellon Res EXN.to STR buy C$1.71 09-oct-16 C$1.87 9.4% $3.13 tgt, Ag growth story
Atico Mining ATY.v STR buy C$0.51 24-jul-16 C$0.90 76.5% tgt $1.10, Cu play
Rye Patch Gold RPM.v STR buy C$0.31 02-sep-16 C$0.295 -4.8% 75c tgt, bot more IKN400
Riverside Res RRI.v buy C$0.39 27-jun-16 C$0.47 21.1% Added IKN380, 60c tgt
Red Eagle Min. R.to STR buy C$0.71 13-diec-16 C$0.84 18.3% Big growth potential
Lara Expl. LRA.v buy C$1.15 08-apr-12 C$1.14 -0.9% 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
Continental Gold CNL.to Jan'17 C$2.68 22-may-16 C$4.17 55.6% trade closed, profit taken
2009 to 2016 annual closed positions in appendices below
Now for notes on some of the current basket stocks:
Regulus Resources (REG.v): After screwing up a meeting date earlier in the week, I
managed to hook up with REG CEO John Black late week and got some insight on the state of
play at the company. Here are the three things to know:
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• The most important: The Definitive Contract between REG and Coimolache is on
schedule and set to be signed/sealed/delivered in this additional month period, so we
should have news in the next few days. Once that’s official REG will be free to tell the
market about the exploration program, so newsflow to come there.
• Drilling plans are well advanced, CEO Black reports that the relationship between the
company teams is good and productive. The seasonal rains have been heavy in Peru
this year (see the bad news from Acari in Regional Politics, see also the Tinka notes).
For this reason, plus the one month delay in getting the Definitive Contract finished, the
drilling campaign is now set to begin in March. I have no problem at all with this, we’re
in REG for the long haul anyway.
• CEO Black is spending next week at the VRIC and then Roundup conferences in
Vancouver (swing by, say hi), both usual stops for the company and people, but this
year he also added a day at a satellite “Global Chinese Financial Forum” during this
weekend, aimed at high net worth Asia retail investors. REG has never been the heavy
promo company and never will be, which is a good thing as far as I’m concerned, the
formula that worked at Antares to let the project do the talking is the strategy. At this
point in the cycle they’re not going to be a heavily traded stock, that will happen when
the drills start showing results and 43-101 reports are generated allowing sell side
brokerage coverage to kick in. We’re at ground level in this story, but it’s good to hear
CEO Black is engaging with
investment money on a (near)
one-to-one basis.
In trading Reg did very well, ignored the
weakness in copper last week and
managed to add five cents to its price,
thanks mainly to a 100k+ volume day on
Friday (would that be the Chinese money
picking at a few shares?). We’ve been in
a trading range of roughly $1.15 to
$1.60 since June and the news REG has
a great deal in the making at AntaKori,
this weekend’s $1.45 is roughly in the
middle of that. We’ll need a catalyst to
break out of this range, my best guess
on that will be drill results. Those are still a couple of months away.
Cordoba Minerals (CDB.v): If REG’s move was good, CDB’s move last week was simply
great. We noted the accumulation in last
week’s notes on CDB and the timing of this
move made me look way smarter than I am
about charting, but this one (like Tinka
Resources (TL.v), see below) certainly
seemed to take off when it busted out of
long-term price resistance around the 85c or
86c level, as volume was strong and it even
managed to back-test the breakout before
returning above 90c to finish up 13.4% in a
week where copper prices were very soft.
After all the work we’ve done on this stock
recently, I’m not going to bang on to much
today. I hope you’re already locked and
loaded on CDB at the sub-75c prices that have been readily available (and I know at least a
10

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couple of you have bought nice chunks at sub-70c prices recently because you’ve told me,
kudos to you), but if you’re not in yet don’t think for a minute that you’re too late. My $1.50
price target stands and as I’ve said on too many occasions already, if San Matias delivers on its
promise and other targets start adding to the initial Alacrán resource, $1.50 may become a
distant memory in the market’s rear-view mirror. And oh yeah, we may get news out this week.
And before you say anything, yes I still prefer REG.v over CDB.
Rye Patch Gold (RPM.v): RPM continues to stay stubbornly under 30c, your author continues
to stubbornly talk up its impending upmove and holds, grimly between gritted teeth. In other
news, on Tuesday RPM announced (5) the addition of an IR executive to its structure when
hiring the third party IR company owned and run by Ira Gostin. Gostin used to be the IR guy at
Tahoe Resources and is a bit of a dickhead, one of those smarmy IR guys who like to tell you
what you think you want to hear, especially when half-truths and sophistry suit his cause
better. Not my idea of a great hire, but at least the real management at RPM won’t be bogged
down fielding calls and mails from retail grunts like me any longer and can get on with running
the mine.
B2Gold (BTO.to): Here’s a factoid for you, the last news release out of BTO was on November
3rd 2016. Nothing on Masbate and its licence, no build-out update from Fekola, not even a
Christmas greeting from The Clive. This may be one of the reasons why I’m so antsy about
getting 4q16 production numbers from the
company. You may have noticed they
didn’t turn up last week, I can only
assume we get them in the week ahead
(else they’ll be officially late) and I’m still
champing at the bit to do some real
numberwork here. IKN402, hopefully.
In trading, BTO keeps on keeping on and
I recall that it was this time last year that
I felt the bottom of my depth of
frustration about the stock and how badly
it was trading. It was then (well, precisely
on January 13th 2016) that I decided to
add a smaller side bet trade on BTO,
short-term in nature to play an obvious
oversold moment. That trade closed less than two months later for a 50%+ gain and since then
BTO has been exactly what you’d want from a Top Pick stock. It’s now 300% up on the 12
month chart and beating the market average hands down. In The Clive We Trust.
Sandstorm (SAND): We did all that on SAND last weekend so this week just a couple of
observations. First, as this ten day chart mapping
SAND against the Gold & Silver Index (XAU)
shows, the company is trading in near-lockstep
with the market. There was a hint of it breaking
away early last week, the move had no legs. I’d
consider this situation a neutral one, it’s glass
half empty/full, depending on your point of view.
Second, SAND has backed a winner in Mariana
and Hot Maden, as noted last week on the blog
(6) when Mariana published the maiden PEA on
Hot Maden with an eye-popping 153% IRR,
among many other strong numbers.
Third, after looking like a near write-off just a year ago SAND is rescuing value from its bad
11

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investment in Luna Gold, we can now call it bad-but-not-as-bad-as-it-was. On Friday a “New
Luna Gold” filing on SEDAR stated that SAND had exercised its share of the Class A warrants it
got in the re-financing deals done when LGC restructured. Those 947,731 warrants were at a
$1.25 strike, “New LGC” is $1.90 this weekend, instant paper profit. Those add to SAND’s main
shareholding of LGC and now SAND owns 7,421,861 shares of LGC, which is 16.93% of shares
outstanding and are worth C$14.1m this weekend. For the record the main sponsors of the
restructuring, Pacific Road, are the top holder of New LGC with 49.2% of shares out and AND is
now number two in the list.
I’d like to see SAND selling some of its “New LGC” position and adding cash treasury, but that’s
just me. However, alongside its NSR on eventual production if Aurizona re-starts, SAND is at
least salvaging some of the original investment.
Tinka Resources (TK.v):
"How poor are they that have not patience!
What wound did ever heal but by degrees?
Thou know'st we work by wit, and not by witchcraft;
And wit depends on dilatory time."
Othello Act 2, Sc 3. ll 376-379
My stars I’ve been patient with this stock and now, suddenly, every third mail I receive has “TK”
in the title line ☺. So anyway, Friday saw something or somebody light a fire under TK and it
shot higher on strong 1.3m volume. I’ve asked around, including a couple of people inside the
company, and nobody’s quite sure what set off the big rally to over 30c. My best guess (and
those of others, we basically concur) is that when TK broke 25c it set off a technical buying
spree and got in at least a couple of larger wallets (and quite possibly a decent handful) who’d
been waiting on the sidelines. We’re also close to the start of real newsflow from TK and that
will help things move in 2017, I’m told drilling is going to start a little later than planned due to
heavy rainfall in the Huanuco hills but all papers and agreements are in order and it’s just a
question of days. But one thing’s for sure and that this stock has been way waaay overdue a
move like this. Twelve month chart to left, ten day hourlies to the right:
I’m not going to repeat a whole spiel on the current numbers at TK and the Ayawilca project,
the company does a fair job with those in its current corporate presentation dated January
2017 (7) so go there and have a look if you care enough, but here’s the main resource table
ripped from the PDF, just for a start.
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That said, what I would like to do is lay down a few markers about its current share structure
and what that might mean for an eventual share price here.
• Today’s TK has a shares outstanding total of 204.81m shares, what with the latest
round of financing that raised $10m (more than enough to get through 2017 and all its
exploration budget plans). On top of that, there are 10.37m options and 27.68m
warrants outstanding (plus half a million treasury shares TK has in reserve for
acquisition purposes), which brings the fully diluted total to 242.86m.
• At the business end of those derivatives are 12.67m warrants maturing in November
2017 at 30c, then 4.3m options maturing latest August 2017 at prices between 30c and
37c. In other words, that shares out count could logically got to around 220m by the
end of this year if all those go in the money and are exercised, but that would also
bring an extra $5.3m or so of treasury and cover most of the expenditure budget for
this year. Therefore I’m going to assume TK at 220m shares out (best case end 2017)
and with no need for financing in 2018 as a base case for valuations, so what does all
that mean in valuation terms? Well folks, I honestly don’t know. Yup that really is my
best answer.
• I mean, you can play with numbers and make your own case for a valuation on the
current Zn resource (let’s call it 2.5Bn lbs), but that doesn’t include the lead, or the tin,
or the potential to fold in the nearby Colquipucro silver resource into the area play, or
the resource upside we’re highly likely to get from the drillbit this year. Neither does it
help that a reasonable base case should use U$1.00/lb zinc (and we’ve already seen
that Ayawilca works at that price), but what premium do we put on Zn at $1.20/lb? And
what about the way the market has suddenly fallen in love with zinc? I can play with
numbers from now until St Swithin’s Day* and then rain all the rest of the year, but any
attempt to quantify that little lot is just my guesswork. Maybe it’s educated guessing,
but the bottom line is that it wouldn’t be any better than yours.
However, I will say this (because I can’t resist it). TK’s current 30c share price and my
assumption of working on 220m shares (instead of 204m) gives the company an implied a
$66m market cap and an EV of a little under $58m. For a very prospective zinc project with a
43-101 resource under its belt, district-scale exploration potential and in a market quickly falling
in love with the combo of letters Z and N, even after its recent move from 20c to 30c (+50%) it
still looks remarkably cheap compared to many other Zn plays we could mention (AZ.to might
be a market darling, but its $700m market cap is way too rich for my blood even before we
start asking the difficult questions about the technical shortcomings we’ve seen cropping up
recently (8)). If (and it’s a big if, but far from impossible) the market decided it was the Next
Big Zinc Thing and some rah-rah promo idiot started shouting their mouth off about TK using
triple exclamation marks and yellow highlighter, I wouldn’t bat an eyelid if its market cap
doubled from here as long as fundamental company newsflow came good in 2017 (e.g. good
drill numbers). So yes, sure, it could double from here. Then again, Friday might have been a
one-off and it stalls at 30c the same way it broke my balls at 20c for months on end. This is
junior mining after all, you’re not going to get the To Da Moon Alice stupidities on these pages.
*July 15th. And the rain reference is “a thing”, as they say in these modern times.
Red Eagle Mining (R.to): A nice move on improved volume last week. The stock may be
waking up, it would be nice if they gave us some sort of operational update soon as this one,
like BTO, has been rather quiet recently on the NR front.
The Copper Basket
After three weeks of 2017, The Copper Basket shows an 8.49% gain to level stakes.
13

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company ticker price 1/1/17 Shares out Market Cap current pps gain/loss%
1 Imperial Metals III.to 6.06 93.587 656.04 7.01 15.7%
2 Capstone Min. CS.to 1.26 382.04 504.29 1.32 4.8%
3 NGEx Resources NGQ.to 1.20 205.06 280.93 1.37 14.2%
4 Western Copper WRN.to 1.86 94.19 158.24 1.68 -9.7%
5 Copper Mtn CMMC.to 0.94 118.8 133.06 1.12 19.1%
6 Excelsior Min. MIN.v 0.63 167.364 122.18 0.73 15.9%
7 Regulus Res. REG.v 1.20 68.368 99.13 1.45 20.8%
8 Atico Mining ATY.v 0.95 97.59 87.83 0.90 -5.3%
9 Cordoba Min. CDB.v 0.73 86.86 80.78 0.93 27.4%
10 Coro Mining COP.to 0.15 483.425 79.77 0.165 10.0%
11 Amerigo Res ARG.to 0.345 173.61 68.58 0.395 14.5%
12 Trilogy Metals TMQ.to 0.66 104.33 66.77 0.64 -3.0%
13 Nevada Copper NCU.to 0.77 80.5 62.79 0.78 1.3%
14 Copper Fox CUU.v 0.125 417.64 60.56 0.145 16.0%
15 Revelo Res. RVL.v 0.070 128.486 7.71 0.06 -14.3%
NB: All stocks priced in CAD$ Portfolio avg 8.49%
With just a few notable exceptions (e.g. even though it’s not in the basket any longer, this desk
couldn’t help but notice how Ivanhoe Mines (IVN.to) cannot seem to do anything wrong) the
copper sector partytime came to an abrupt halt last
week, a reversal reflected in our Basket that
dropped 3.5% since last weekend. Of the 15 names
just four returned gains (REG.v, CDB.v, NCU.to,
ARG.to) and only one of those was of size, the
13.4% pop in Cordoba (see above). Just one other
remained unchanged (COP.to, doing well after that
decent maiden resource on Marimaca we went over
last weekend), which means ten stocks lost ground
with the biggest percentage drops coming from
Revelo (RVL.v down 14.3%), Capstone (CS.to down
10.8%), Imperial (III.to down 9.7%), Copper
Mountain (CMMC.to down 8.9%) and Trilogy
(TMQ.to down 8.6%).
The reason for the stock reversal is the most
obvious one in the book, a negative week for the
price of the sub-sector’s underlying metal. Copper
prices quickly retreated from the $2.70/lb level
reported last weekend and spent the week
bouncing around the $2.60/lb mark, which allows your author to claim another small (and
largely unimportant) victory after writing these words in IKN400 last Sunday:
“...I will state for the record this weekend that copper again looks toppy, I don’t think
it has much more upside in the near term and a return towards the U$2.50/lb wouldn’t
surprise much.”
With copper at U$2.58/lb this weekend, it still has room to the downside though it’s a tougher
very-near-term call to see it lower still after last week’s correction. Consider me roughly neutral
near-term, but looking further into 2017 I’m still good about copper over $3.00 before next
Christmas.
Now for the regular weekly copper warehouse inventory bullets:
• It was quiet again in inventory levels data, China on stand-by. Total world stocks levels
dropped a very small 1,779 metric tonnes (mt) (-0.3%) to close Friday at 535,864mt.
14

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• SHFE Shanghai warehouse inventories rose a little, up 2,182mt (+1.3%) to finish Friday
at 172,979mt. No biggie.
• LME inventories dropped 6,300mt (-2.2%) to close at 275,400mt. Again, no biggie..
• Comex stocks were higher again, the habit continues. This time up 2,339mt (+2.7%) to
finish at 87,485mt. The relentless climb of Comex stocks is the only thing world more
than a line this weekend, in the space of just two years we’ve seen Comex move from
being a mere footnote in the copper world (just over 3% of total official stocks) to
covering a significant minority position (16.3% of total official stocks).
Here’s the Shanghai-only chart, which has spent three weeks at the same approximate levels.
Shanghai Futures Exchange Warehouse Stocks, Dec'13 to date
400000
350000
300000
250000
200000
150000
100000
50000
15
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
This week, notes and thoughts on just two of our basket stocks:
Coro Mining (COP.to): Considering the negative state of the market for most copper stocks
last week, plus the backlash it might have received after the Marimaca resource had been
factored in the week before, I thought COP traded very well last week to finish unchanged. It’s
also traded above 100k shares per day for the last ten days and while that’s not exactly AAPL or
GOOG levels of liquidity, it’s not bad for a tiny junior copper story and makes it just about flip-
tradable.
Imperial Metals (III.to): Last week we
reported on III’s strange price moves just
before it benefited from a favourable court
ruling regarding the Mount Polley case. Well the
copper slump took that all away again. III went
through the same slump seen at Capstone and
Copper Mountain, those go-to small/medium
sized copper production names that come to
mind first in the Canadian generalist world.
Nothing wrong with that of course, it’s simply
the way it is, but they’re the first line of pop
and drop in these volatile times, as seen over
the last fortnight.
The Producer Basket
After 3 weeks of 2017, the Producer Basket shows a gain of 11.03% 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 19.94 17.11 7.1%
2 Newmont NEM 34.07 530.595 18.59 35.04 2.8%
3 Goldcorp GG 13.60 832.381 12.80 15.38 13.1%
4 Franco Nevada FNV 59.76 178.01 11.37 63.88 6.9%
5 Agnico Eagle AEM 42.00 223.475 10.20 45.64 9.6%
6 Ang/Ashanti AU 10.51 405.27 4.89 12.06 14.7%
7 Royal Gold RGLD 63.35 65.281 4.49 68.78 8.6%
8 Kinross Gold KGC 3.11 1245 4.47 3.59 15.4%
9 Buenaventura BVN 11.28 254.19 3.34 13.15 16.6%
10 Sibanye Gold SBGL 7.06 228.71 1.88 8.22 16.4%
Prices in U$, NYSE or NASDAQ tickers Portfolio avg 11.03%
Another good week for our list, with nine uppers and just one loser in the volatile Agnico Eagle
(AEM lost 0.9%). Of the nine winners the best move came from Kinross (KGC up 6.9%) with
the suddenly outperforming Goldcorp (GG up 5.3% in a notable second spot). All the others
made moves at-or-about the GDX benchmark +1.7% and our basket is now half a percent in
the lead, which is small stuff but in the right direction. And ABX nearly at U$20Bn again.
Buenaventura (BVN): Last year’s best single basket performer has carried on the good work
and started 2017 well, in top spot of the ten with +16.6% after three weeks. BVN last week
announced (9) 4q16 production results and 2017 production guidance that met market
expectations without exceeding them (BVN traded in lockstep with XAU, GDX etc last week).
Though BVN produces plenty of silver and runs base metals credits, it lives and dies on gold
production and here’s that part of the table in its NR outlining 4q16 production and its 2017
guidance:
Main take-aways are:
• The overall 4q16 performance of 159,212 oz Au beat the 2016 quarterly average, but
that’s normal for Peru where Q4 production benefits from the best working conditions
of the year (climate etc).
• The 120k to 150k guidance for its new ($362m capex) Tambomayo mine, expected to
go into production in the next couple of months. By the way, I forgot to mention this
but on January 11th BVN and the community around Tambomayo (Caylloma province,
Arequipa region) announced a definitive community agreement with all sides happy.
• The wide range of 500k to 600k guidance for Yanacocha (BVN has 43.65% of that), the
only one of the bunch not under the control of BVN (NEM is operator).
• The overall guidance of between 650k and 750k oz Au for 2017, which is pretty wide
but that seems to be due to BVN leaving itself 30k wriggle room at its new Tambomayo
and 43.5k or so at the mine where it doesn’t have executive control.
Overall, 650k in a year when BVN debuts a semi-important new operation isn’t a wowsers
guidance number and it smacks of under-promise/over-deliver in the first year of Victor Gobitz’s
tenure as CEO. Incidentally, further down the guidance table you might be interested to see
16

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how El Brocal is being guided higher for silver, copper and zinc. That was the Gobitz fetish
subject in his first interview after taking over, you may remember from two weeks ago.
Regional politics
The North American Free Trade Agreement
I can’t help but wonder what the boards of directors of Eco Oro (EOM.to), Trimetals Mining
(TMI.to) and any other of these rip-off juniors trying to use NAFTA rules to take countries to
court think about President Donald Trump’s stated intention this weekend to start re-
negotiating NAFTA. Maybe any of you daft enough to have fed these quasi-scam companies
with money for shares are planning to ask your respective board of directors for an opinion, but
if you do don’t worry, they’re bound to tell you there’s nothing at all to worry about.
Chile: Codelco is looking for Lithium JV partners
This week Chile’s State-run mining company Codelco, best known for its copper mining, opened
the door to expressions of interest from third parties to its large lithium exploration concessions
and projects in the Maricunga and Pedernales slat flats areas of the Northern Atacama region of
Chile. Codelco stated that it’s looking for interest from individual companies or consortiums with
experience in the lithium sector on the projects and has set up a hotline and mail address for
applicants (10). Codelco is known to own some of the most prospective lithium concessions in
Chile (therefore the world) and companies applying with need to be serious ones with true
experience and cash treasuries to match. Not for the Argentina BS land-grabber Li plays
currently in vogue in the TSXV.
Peruvian gold mine deaths
On Monday, a serious incident in the Acari district of Arequipa region, South Peru. It’s been a
wet and miserable start to the rainy season down this neck of the woods, but also very
dangerous as a water-induced mudslide (a phenomenon known locally as a Huayco) ran
straight down a mineshaft where a group of eight miners were working. Somehow one miner
managed to escape before the shaft of the privately owned gold mine known as either “La
Purisima” or sometimes “La Gemela” was filled and blocked by the mud (presumably near the
entrance). Since that time just one other miner has been found, close to the shaft entrance but
dead. There are another six miners missing and although rescue operations continue (11)
(they’ve brought in better equipment and now working 24/7, but even then it’s expected to
take up to another five days in order to pump out all the mud), there is very little hope of
survival for the others trapped underground.
Peru: The Odebrecht bribe arrests begin
This weekend the first two arrest orders were made (12) for government functionaries who
took bribes to give Brazilian civil works company Odebrecht construction contracts. The head of
the committee in charge of the Lima Metro contract (one Edwin Luyo, now under arrest) and
the Vice-Minister of Communications (Jorge Cuba, arrest ordered but on the lam) during the
Alan García government (2006 to 2011) are accused of receiving U$7m in bribes, with
Odebrecht confirming the payments to Peru’s inquiry committee into the bribery case. With this
U$7m unlikely to have been kept by these two people but spread around inside the party and
relevant steering committees, plus another U$22m in bribes having been sent to Peru by
Odebrecht during three government periods (including direct accusations already made about
ex-President Ollanta Humala) these two arrests are just the tip of a rather large iceberg that
has the potential to rock the country to its political core.
Colombia: The Tolima anti-mine referendum getting bogged down
The last time we checked in, the proposed region-wide referendum against mining in the
Tolima area of Colombia, home to the AngloGold Ashanti world-class sized ‘La Colosa’ gold
project, had been given the green light by judiciary but they’d ordered that the referendum
question be changed to a far more neutral sounding question, rather than the heavily biased
anti-mine question preferred by the anti-mining mayor and his local government.
17

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But now that same mayor is casting doubt on the new ruling. He and his government are
appealing on the ruling for two reasons (13), firstly because the question change means they
may have to re-start the whole referendum process and go through the lengthy petition and
signature gathering process again. Secondly because he says the new question is too general
and would mean that it would ban underground mining in the region as well, not just the
specific target of large, open pit mining projects (i.e. La Colosa). As he doesn’t want to upset
local underground mining concerns, he wants the question changed again. All this implies that
the contentious vote is to be further delayed, whether that’s good or bad is up for debate.
Chile: La Escondida pay negotiations come to a head Tuesday
The official, government controlled conversation period between management and unions at
the BHP-operated La Escondida copper mine in Chile (the world’s single biggest copper mine
accounting for approximately 7% of world production) came to an end on Friday and according
to the latest from the union side (14), though management has studied the union offer and
cordial conversations were ongoing until the last day, no further progress was made in the last
week. What happens now is that this Tuesday January 24th management must make their final
offer to the unions, an offer that will go to mandatory vote by all union members (secret ballot
overseen by by the Chilean Ministry of Employment) between January 27th and 31st. Expect
something along the following scenario:
• Management improve its offer
• The unions vote it down, with the result announced February 1st
• Strike preparations are made
• Management and unions reach an improved offer in last-ditch talks early February
• The new offer is accepted, no strike happens, but not after bizwires make the most of
the whole situation and try to drum up copper supply fears in the market.
We’ll come back to this one in a few weeks’ time to see how wrong I was.
Market Watching
Royal Road (RYR.v) runs a placement
On Thursday Royal Road Minerals (RYR.v), the small junior exploreco we’ve been watching as a
potential play on Nicaragua, announced (15) a $3m placement that’s running concurrently with
the offer to purchase Caza Gold (CZY.v) which also formally began on Friday. The $3m offering
was expected as part of this mergeco deal and is unlikely to have any problem in fully filling
(note Echelon Wealth Partners are part of the offering syndicate, they’re one of the smarter
small shops up there and I’d heard they were keen on this story). The terms are reasonable, 30
units at 10c a shot to raise $3m gross proceeds (unit = 1 share + ½ warrant at 20c with a two
year shelf life) and as the RYR principals Mullens/Coughlin have made plenty for people in the
junior world before, their reputational stock will help this one close.
As is policy here at The IKN Weekly I’m not going to buy any placement shares myself and I
have no interest at all in any finder’s fees (my independence is worth a lot more to me) but
would encourage any a) accredited investors with b) portfolio room to put some high risk
capital in play to c) contact the company directly. The terms are good, the company will use
your cash on exploration rather than G&A fripperies, I’m very keen on seeing what RYR can do
that CZY couldn’t (and I know they have some bright ideas already).
Minera IRL gets the green light from Canada
As reported on the blog last week more good news from the now reactivating Minera IRL as it
reported (16) it has been cleared by the Canadian market authorities of its Cease Trade Order.
This means we can expect IRL to re-list and be open for trading soon. On inquiring at the
company, I was told they expect shares to re-list and be trading on the CSE exchange in the
next two weeks. But yet again, don’t kill the messenger or criticize anyone inside IRL if it takes
a little longer, it’s slightly out of their hands as although straightforward paperwork it’s in the
hands of the market authorities. I also understand that CEO Diego Benavides is currently
18

,
squeezing in a vacation break (well deserved in my opinion, considering the progress already
made) and is back in the Lima office this
Friday coming. As soon as he has time Minera IRL (MIRL.pe): Closing price in Lima (BVL), 2017
I’ll be there getting the background I 0.16 0.143 0.148 0.141
need in order to re-start formal coverage 0.14 0.125 0.125
0.119 0.119 0.117 0.119 0.119 0.119
of IRL (see last week’s note). 0.12 0.101 0.11
0.1
Here right is the update of the price 0.08
0.06
chart seen in IKN400 with this week’s
0.04
daily close prices added in. Volumes on
0.02
the week were modest, with a total of
0
around U$80,000 of stock traded over
the five days. At current forex Friday’s
close is equivalent to CAD$0.1586 so
hey, let’s call it C$0.16.
Episode ten of “What I’d buy now”
Our regular segment is at edition number ten, how time flies. As usual, we first dial in on the
results of our picks and weightings in IKN398, then we move to the new choices for the next
four weeks. For those just joining us here are the rules (copypasted from before):
The feature conveys “what I like now” in my own portfolio considering the state of the market,
the company particulars and their shares prices right here and now. It has been, is and forever
will be more of a thought experiment than a map of how I’m trading the market (because I
tend not to day-trade very much). The rules are these:
1) You give me $50,000. We assume flat forex during the time period.
2) You tell me I have to invest every dollar in currently open IKN Weekly stock picks.
3) I’m allowed to allot different dollar amounts to different stocks, from zero on up.
4) I base my decisions, choices and dollar amounts on what I think today about the
company, the stock price and the current underlying micro and macro fundamentals.
5) You know that I like all the stocks because you know I already own them, we both
understand these answers are about how I feel today about the open stock positions
for the next four weeks, no more or less.
We’ve had nine periods so far (IKN369 to IKN372) (IKN372 to IKN375) (IKN375 to IKN379)
(IKN279 to IKN383) (IKN383 to IKN387) (IKN387 to IKN391) (IKN391 to IKN394) (IKN394 to
IKN398) and now this one, 398 to 401. Here’s how the result of the last batch came out:
Mark spends $50,000 in IKN398 Mark's $50k in IKN401
company ticker previous PPS amount Iinvested PPS today position value
Cordoba Min CDB.v C$0.73 7000 $0.93 8918
B2Gold BTO.to C$3.19 7000 $3.76 8251
Continental Gold CNL.to C$4.40 5000 $4.56 5182
Excellon EXN.to C$1.64 5000 $1.87 5701
Wesdome WDO.to C$2.09 5000 $2.47 5909
Rye Patch Gold RPM.v C$0.31 4000 $0.295 3806
Sandstorm Gold SAND U$3.90 4000 $4.41 4523
Riverside Res RRI.v C$0.46 4000 $0.48 4174
Tinka Res TK.v C$0.225 3000 $0.30 4000
Starcore Intl SAM.to C$0.56 2000 $0.57 2036
Atico Mining ATY.v C$0.95 2000 $0.90 1895
Regulus Res REG.v C$1.20 1000 $1.45 1208
Lara Expl. LRA.v C$1.07 1000 $1.14 1065
Focus Ventures FCV.v C$0.055 0 $0.05 0
Total $50,000 NEW TOTAL--> $56,668
19
61/1/4 61/1/5 61/1/6 61.1.9 61/1/01 61/1/11 61/1/21 61/1/31 61/1/61 61/1/71 61/1/81 61/1/91 61/1/02
U$
source: BVL

,
A very solid result, franked by the way the two highest weighted stocks in the period both
returned great percentage gains in the four weeks (CDB.v +27.4%, BTO +17.9%) and added
over $3k between them. Lots of other good ones all the way down the list and to be honest,
the only one that truly underperformed was Rye Patch Gold (RPM.v), I thought it would have
got some momentum by now. So we add this latest result into the period table and get this:
period final total profit/loss to $50k
IKN369 to IKN372 $58,003 $8,003
IKN372 to IKN375 $53,274 $3,274
IKN375 to IKN379 $49,853 $-147
IKN379 to IKN383 $55,918 $5,918
IKN383 to IKN 387 $44,597 $-5,403
IKN387 to IKN391 $58,210 $8,210
IKN391 to IKN394 $44,651 $-5,349
IKN394 to IKN398 $52,235 $2,235
IKN398 to IKN401 $56,668 $6,668
Good news that we managed to snap the win/loss/win/loss pattern, two greens in a row at the
bottom there. In nine shots we’re around $24k up on the original $50k virtual stake money but
I again hasten to note the artificial nature of this thought exercise, don’t think for a minute
those are easily replicable returns.
Enough about the past, time to get forward-looking and roll out the new list and weightings for
the period from today to the publication of IKN405. Here’s how I’m playing it:
Mark spends $50,000 in IKN401
company ticker current PPS amount I'd invest today
Excellon EXN.to C$1.87 7000
Rye Patch Gold RPM.v C$0.295 6000
B2Gold BTO.to C$3.76 5000
Tinka Res TK.v C$0.30 5000
Wesdome WDO.to C$2.47 5000
Red Eagle R.to C$0.84 4000
Starcore Intl SAM.to C$0.57 4000
Cordoba Min CDB.v C$0.93 4000
Sandstorm Gold SAND U$4.41 3000
Riverside Res RRI.v C$0.48 3000
Atico Mining ATY.v C$0.90 2000
Regulus Res REG.v C$1.45 1000
Lara Expl. LRA.v C$1.14 1000
Focus Ventures FCV.v C$0.055 0
Total 50000
The main changes this time:
• Continental Gold (CNL.to) has gone because I’ve sold it. Red Eagle (R.to) should have
made it to the list last time but I forgot, this time it’s there with a $4k rating.
• I’ve dropped the biggest rating Cordoba (CDB.v) and B2Gold (BTO.to) down the list
slightly, because no matter how much I like them both (and I do) nothing goes up in a
straight line.
• Instead, top of the weightings list goes to Excellon (EXN.to), which looks ripe for a
move either this month or February on its own newsflow and I don’t mind a bit of extra
risk on silver at the moment either.
• Then comes Rye Patch Gold (RPM.v), which has been a stubborn underperformer
recently. I’m equally as stubborn and will bet a little more this period on it making a
20

,
catch-up move.
• Tinka (TK.v) goes from $3k to a $5k weighting after having busted out from that long-
term resistance level at long last. I have a rose-coloured-specs dream of it hitting 40c
before PDAC.
There you have it, my rack for the prize this time around. Here’s hoping to make it three
winning periods in a row for the first time ever, we’ll find out the cruel reality come IKN405.
Conclusion
IKN401 is done, we end with bullet points:
• Wesdome (WDO.to) put in a slightly disappointing 4q16 and though its 2017 guidance
is higher and looks fine, there’s a lot of cash earmarked for exploration and capital
works in 2017. This is a company that will need time to come to full fruition and as my
idea was always about hitting the first price target, when that shows up (and I’m still
confident it will), I’ll take profits.
• On the other hand, Atico (ATY.v) put in a sparkling quarter. There’s more upside here
when the world works out what kind of cash generation it’s capable of at the new
copper prices.
• Great to see Tinka (TK.v) on the move at last, and the other nice technical move of last
week as Cordoba (CDB.v) busted out and confirmed the volume accumulation pattern.
More of the same from both, please.
• Gold might have a bit more upside left in it near-term. Not much. If it consolidates
where we are, I’ll be happy enough for the time being. We can hunt for U$1,400/oz
later in the year.
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
21

,
Footnotes, appendices, references, disclaimer
(1) https://www.quandl.com/data/USTREASURY/REALYIELD-Treasury-Real-Yield-Curve-Rates
(2) https://finance.yahoo.com/news/wesdome-announces-2016-fourth-quarter-123000583.html
(3) http://finance.yahoo.com/news/atico-reports-2016-fourth-quarter-211305518.html
(4) http://incakolanews.blogspot.pe/2017/01/atico-mining-atyv-4q16-production.html
(5) http://www.newswire.ca/news-releases/rye-patch-gold-appoints-investor-relations-consultant-610928475.html
(6) http://incakolanews.blogspot.pe/2017/01/when-your-post-tax-irr-is-153.html
(7) https://www.tinkaresources.com/assets/docs/ppt/tinka-presentation-13-jan-2017-live-20170113091609.pdf
(8) http://angrygeologist.blogspot.pe/2017/01/hermosa-summary.html
(9) http://finance.yahoo.com/news/buenaventura-announces-fourth-quarter-2017-210300819.html
(10) http://www.aminera.com/2017/01/21/codelco-busca-interesados-para-desarrollar-proyectos-de-litio-en-chile/
(11) http://rpp.pe/peru/actualidad/viceministro-del-minem-da-detalles-sobre-el-rescate-de-los-mineros-en-acari-noticia-
1025226?
(12) http://www.andina.com.pe/AGENCIA/noticia-odebrecht-habria-realizado-pago-7-millones-a-exfuncionarios-luyo-y-
cuba-650362.aspx
(13) http://www.eltiempo.com/colombia/otras-ciudades/consulta-minera-en-cajamarca/16797373
(14) http://www.sindicatoescondida.cl/sitio/index.php/entry/1348-concluye-estapa-de-conversaciones-directas-con-la-
empresa
(15) http://www.newsfilecorp.com/release/24620/Royal-Road-Minerals-Announces-Brokered-Private-Placement-
Financing
(16) http://www.marketwatch.com/story/minera-irl-limited-announces-revocation-of-cease-trade-orders-2017-01-20-
0160117
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
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
22

,
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
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
23

,
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
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
24

,
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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