IKN #596Premium

The IKN Weekly
Week 596, October 25th 2020
Contents
This Week: In this edition, Gold price action continues to be constructive, The US Dollar is not
political.
Fundamental Analysis: NOBS report on Kuya Silver (KUYA.cse).
Stocks to Follow: Norsemont Mining (NOM.cse), Pucara Gold (TORO.v), Minera IRL
(MIRL.cse), Excelsior Mining (MIN.to), Rio2 Ltd (RIO.v), Tinka Resources (TK.v).
Copper Basket: Overview, Capstone Mining (CS.to), Doré Copper (DCMC.v), Regulus
Resources (REG.v).
Producer Basket: Overview, Pan American Silver (PAAS), Barrick (GOLD) and others.
Tiny Dogs: Overview, Chakana Copper (PERU.v).
Regional Politics: Dominican Republic makes another miner-friendly move, Your brief LatAm
Covid-19 update, Heavy rains predicted for South Peru, Bolivia: The blowout MAS win, Latin
America’s busiest airport.
Market Watching: Fiore Gold (F.v) quarterly production numbers.
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
“
In today’s edition
 No more beating around the bush, here’s what I think of Kuya Silver (KUYA.cse) and
you can make up your own mind about the price of silver and what it might do in the
next few weeks.
 Fiore Gold (F.v) returned another excellent production quarter in its fiscal fourth
quarter, the company offering up plenty of extra financial information too as we start
the long wait to the annual financials. Good for them, profitable + transparent is how
all juniors should be run.
 The Dominican Republic is making the right sounds at the right time for the mining
industry.
 Also in Regional Politics, Bolivia’s Presidential election threw out a massive surprise last
weekend, we consider the effects in Regional Politics today.
Gold price action continues to be constructive
We are keeping it tight this week, as on-point and apolitical as possible (under the
circumstances). It may be the end of another somewhat negative week for mining stocks large
and small, but underlying gold price action says precious metals investors have little to be
concerned about as we enter the US election black hole (an Event Horizon that not even gravity
or explorecos can escape). Measured by the main bullion ETF (GLD), gold managed a 0.2%
gain on the week while both GDX (-2.5%) and GDXJ (2.2%) were negative.
It’s the point where even scheduled economic data (this week new home sales and a first guess
1

at Q3 GDP) takes a back seat so is anyone in this audience, aside from those in near-dated bull
run calls trading on margin, particularly surprised about a drop in market liquidity going into a
US Presidential election? Meanwhile gold is like the veritable honey badger and just doesn’t
care. Though nine metric tonnes did indeed leave vaults last week, this weekend’s ETF
inventory of 1,263.8mt means we’ve been at these approximate levels for three steady months,
no matter what the equities have done:
GLD gold holdings, 2020 to date (metric tonnes)
1400
1350
1300
1250
1200
1150
1100
1050
1000
950
900
850
800
2
02/1/2 02/1/21 02/1/22 02/2/1 02/2/11 02/2/12 02/3/2 02/3/21 02/3/22 02/4/1 02/4/11 02/4/12 02/5/1 02/5/11 02/5/12 02/5/13 02/6/01 02/6/02 02/6/03 02/7/01 02/7/02 02/7/03 02/8/9 02/8/91 02/8/92 02/9/8 02/9/81 02/9/82 02/01/8 02/01/81
mt
source: SPDR GLD data
We known what most market voices want gold to do (and as soon as possible, then over and
again) but this desk doesn’t share in the hype. Since late September, when Wall St. got its
appetite back for gold (see below)…
7.60 GLD: Inventory/Price Ratio, 2020 to date
7.40
7.20
7.00
6.80
6.60
6.40
6.20
6.00
5.80
5.60
2/1 21/1 22/1 1/2 11/2 12/2 2/3 21/3 22/3 1/4 11/4 12/4 1/5 11/5 12/5 13/5 01/6 02/6 03/6 01/7 02/7 03/7 9/8 91/8 92/8 8/9 81/9 82/9 8/01 81/01
Source: SPDR data, IKN calcs
…and this desk also saw the window of opportunity for real M&A action for a while. It’s why I
bought Great Bear and still own Orezone, two examples with more available by request. That
predicted M&A hasn’t happened, bar a small deal or two, so more fool me.
The US Dollar is not political
This desk’s general read of the monthly chart of the USD index, the one used to consider
medium term trends in gold, other currencies and
covered stocks, goes like this:
That is not a politically motivated chart, it’s a chart
saying the economy is in the dumpster due to Covid-
19 but the established order isn’t threatened. The
financial world thus far trusts the Fed and the next
Administration, be it red or blue, to cope with the
recession and keep the economy from seizing up. It’s
a USD less concerned about any perceived 2020 or
2021 crisis than it was at the time of real crisis, GFC
08/’09. There’s no reason for it to break lower at the
moment, the USD would probably need evidence of
deep and U-shaped recession to break strong
resistance (aside from a brief period in 1q18, the 92
line has held since end 2014). This desk is again

duty-bound, reports of the death of the US Dollar were an exaggeration. We should all expect
gold to appreciate under current macro circumstances, but not at the rate of change that will
satisfy goldbugs or economic doomsayers of the Austrian mould. Again, this desk does not
dismiss theories out of hand and at some point, the type of market influences promoted by the
hard currency economic schools can come back into play. But not right now, people, today we
are still clearly in the hands of a Fed that “has the tools” to “keep the economy in shape”. In
other words, continued chronic dollar debasement of the type seen for at least ten years.
Bottom line: It is now a stockpicker’s market. And on the subject, time to move on and get
some real work done for a change.
Fundamental Analysis of Mining Stocks
Today we open coverage on Kuya Silver (KUYA.cse):
NOBS report dated October 25th, 2020
Kuya Silver (KUYA.cse)
Company Overview
Kuya Silver Corp. (Canada: KUYA.cse, USA OTC: MMRMD, Frankfurt 6MR1.f) is an
exploration/development stage junior mining company operating in Peru. Its flagship is the
Bethania gold mine in Central upland Peru. Current share structure is as follows:
Shares out: 32.341m
Options: 0.325m
Warrants: 2.398m
Fully diluted shares: 35.064m
Current share price: C$1.25
Market Cap: C$40.43m
Approx working cap per S/O: C$0.35
All prices are in United States Dollars unless stated. Forex U$0.80=CAD$1
Overview
Kuya Silver (KUYA.cse) is not a new name to these pages. We’ve watched its development
through the stages of its RTO birth as a public company, as well as running comments on the
first couple of weeks of trading in ‘Market Watching’, which means there are some basics we
can take as read. However we also use this NOBS report as the moment all loose coverage
together and in official-type terms, we begin on this company today. This is also a NOBS report
and as that means No B.S., we focus on what matters the most:
 The people running the company
 The Bethania asset
 The numbers and how they stack up
The people
I will first tell you why I like the way this company is being run. The centre of KUYA is David
Stein, a private mining investor made good who now wants to step it up and become a mining
3

executive, all these things are welcome. Kuya founder and major investor, he has assembled
his team, decided on asset purchase and both near and long-term development strategies. In
so many words, if you want to know about KUYA check out its boss and thanks to the
opportunities given by 2020 and its virtual conference world, your author has been doing just
that as well as exchanging with him on an occasional basis. First and foremost, President and
CEO Stein is not a polished presenter or impressive online speaker and though he’s getting
better at it, he’s at ease in front of a camera. In other words his presentations are excellent and
exactly what we’d want from a start-up junior mining company, as I don’t know about you but I
prefer somebody who is obviously eager for this to work and has put his net wealth on the line
to do so, over yet another slick performer. His presentation skills are of zero importance next to
his strong business skills as he is an optimal delegator and, as long as it’s not material non-
public information, in my exchanges with him I have found him to be open and transparent to a
fault, unafraid to talk details on any part of his company structure or project no matter whether
nominally positive or negative. For example, he had no idea I had a line of communication with
community leaders in the Poroche area when we first made contact. For the record today, I
asked him some specific questions to which he gave specific answers and every one checked
out 100%. It would have been easy to fake those answers, too.
Bottom line: CEO Stein the type of person I want at the helm of a small growth story such as
KUYA. As for the rest, though I haven’t met the Peru team yet (that will change at some point,
but this is a young company and have enough to organize as it is) the hires and C-suite names
pass muster. However, we shouldn’t leave without at least a word on the fact that Quinton
Hennigh is company Chair at KUYA, having come with the MONT RTO package. As Chair
Hennigh is also directly and indirectly involved with (correct me if wrong) 16 other junior mining
companies and the likelihood of easy, long-distance flights with no quarantine periods afterward
still some way in the future, it’s fair to say that the active presence of Chair Hennigh isn’t going
to amount to much (hi res photos of core, perhaps?) and impresses Canada more than it does
this desk. As figureheads go he’s a net positive, not much else.
The corporate structure
It’s nice to be brief here. Although the CSE exchange does have a reputation for easier listing
(let’s say) than other markets, one of the benefits is its superior corporate transparency
regulations. As such, we on the outside get to see more on how a company is structured and
who owns what. In the case of KUYA.cse, its reverse take over transaction is also the type that
regulators examine closely (it took KUYA time to list, you may recall) which means it has been
audited carefully in recent months. In all matters, your author sees no major issues with the
share structure. The IPO was done at a cost-adjusted 90c, which means those holding into the
have made 38.9% on their money so far. Good for them, but that’s not the near-double of
TORO.v and still offers plenty of meat for new entries, as we shall see. Bottom line here, no
issues and with $12.3m in the bank at the IPO, all the company needs at this point.
The Bethania asset
The long-term aim at KUYA is to grow into a multi-asset company, but to do so they must get
the first mine right and have chosen Bethania in Central Peru to do so. Bethania is the Lima
region (not the same thing as the city) but on the border and as a result, the road and some of
the infrastructure runs through the neighbouring department of Huancavelica. Not a major issue,
but it will mean double paperwork to keep the authorities happy in some areas of the operation.
It sits at 4,600m with adits at up to 4,800m above sea level which means that yes, this is a high
altitude mine. In other locations that might be an issue but not here, where the city of Huancayo
lies four hours away and in a larger country that has an abundance of the type of workforce
experienced in high altitude mining. The Minera IRL Corihuarmi mine is 20 minutes drive from
Bethania, the community itself is isolated (just about “the end of the line” for its local road, with
one bus per week) and ready for some investment capital to arrive.
In this aspect, the CSR team at KUYA is key and it has been good to see CEO Stein is keenly
aware of the importance of good community relations. The Covid-19 pandemic has slowed the
CSR efforts, but they’re now underway and it won’t take much, things such as internet for the
local school and a new laptop for its only teacher, to improve life considerably there. Gaining the
immediate locals may also help in the medium term, as the Cardenal of Huancayo is a powerful
figure in the Catholic church and takes a staunch anti-mine position. It’s better to prevent any
4

problems with powerful voices than cure them
As for the Bethania mine itself, it looks ideal for the purpose. We direct your attention to the
latest corporate presentation at this point (1) as its overview will be more succinct than my
copying of its information. Instead we feature just one visual, as Slide 14 of its IPO presentation
makes the exploration and likely resource upside clear:
The mined out levels at Bethania give the company a wealth of information on processing,
grade, recoveries, reagent use and all type of data to allow them to come to production quickly.
The reserve and resource understood, then under that the inferred mineralization that KUYA
expects to be able to quickly convert into resource category mineral via the first ever systematic
drill campaign at the mine.
KUYA people are not shy about promoting the concept of continued mineralization at depth,
they are absolutely right to do so, too. The strategy of buying into inefficient old Peru workings,
capitalizing the asset and optimizing production is one followed successfully by many
companies. Kuya’s CEO David Stein likes to use Pan American Silver as his example,
personally I remember visiting Fortuna Silver’s Caylloma operation back in 2009 when it was
still its only asset and just re-started at 500tpd. Even after the crash rebound, FVI was a sub-
$100m company in those days. In the case of Bethania, every indication is that mineralization
will continue at depth in the way most local UG vein mines see long strike lengths. Indeed the
reason Bethania has never been drilled before is the local Peru assumption of indefinite strike
length at depth, there wouldn’t have seemed much point to previous operators to waste money
on confirmation of the near-obvious. To that end, we are going to get plenty of newsflow from
KUYTA as 2020 turns into 2021. The upcoming timeline looks packed with drill results, then a
quasi-maiden resource estimate. This should then be quickly followed by a PEA and, at some
point, KUYA will look to raise the modest amount of capital required to build their on-site mill. All
that and a fast growing management team. The provisional bottom line to the Bethania asset is
positive, but to get a real understanding of its attraction we need to run the numbers.
Valuing Kuya Silver
We finally get to the good bit. Thanks to manifold presentations made by KUYA.cse’s David
5

Stein in the last few weeks, and particularly one last week in which he back and forthed with a
few viewers (including your author) and explained some of the parameters they are using to
model production and re-start inside the company, we can now put together a reasonable
valuation. The idea today is not simply to present bullet points, but explain key parameters in
more detail, after that we can put together a valuation model based squarely on KUYA
assumptions that pass the smell test at this desk (which is just about all of them, in fact).
Hopefully, around that point you’ll see why I like this company’s prospects.
An 80% ownership of Bethania. The current owners are known to this desk and are in for the
long-term. We expect them to be both good and passive partners and do not anticipate any
issues. The ownership structure will also help KUYA in its CSR work.
A 500 tonne per day mill. The open secret is that any small scale milling operation permitted to
X tonnes in Peru is allowed to go to X+20%, which is what they all do of course. That means we
could easily run our model at 600tpd, but in order to draw a clear baseline we’re going with
500tpd in our model.
One of the selling points at KUYA is its proposition to take an undercapitalized asset and bring it
up to world standards. In general terms, the company does that on two fronts by developing the
known resource, while concurrently building a production facility and mill on site, the first time
one has been located there. In fact, one of the signals that Bethania is a fine prospect is that
even in recent years, the ore has been rich enough to make margin after being transported and
processed at remote locations.
Equity financing. In order to fund the build-out and re-start we assume KUYA raises via the
equity markets. Though it will surely be able to raise enough by selling another 10m shares,
thereby making a fully diluted share count 50m, we assume a 60m share count on production
day one. Super conservative, yes it is.
Four payable metals. This is part of the latest information from the company and came as a
slight surprise at the time, but on consideration it’s a good idea. In conceptual terms, the Kuya
mineralization will provide payable silver, zinc and lead metals but there’s also a little copper
there, too. What KUYA plans to do if possible is to add a third circuit and get as much of the
silver to report to this copper circuit as possible. This concentrate would be more valuable at
market than traditional lead or zinc concentrates enriched with silver, while the small amount of
copper that would be payable instead of going to tailing would provide enough to cover at least
some of the middleman costs. At time of writing this is still in planning stage at KUYA, but the
mere fact it got a mention last week means it’s a probable scenario. The result would be slightly
higher gross income and probably lower overall TC/RC costs, which we still slate at a
conservative 20% but there’s a case for assuming they pay around 15% if all goes well.
Here are the assumptions on the four payable metals:
 Silver grades 450 g/t, with recoveries at 90%. The internal number for silver is 15oz,
and while they expect to improve recoveries a couple of points I’m going with the decent
baseline number.
 Zinc grades 4.13%, with recoveries at 85%. Same as above, the KUYA internal house
numbers while my recovery assumption is conservative.
 Lead grades 4.7%, with recoveries at 90%. Same general story, though this time we
can expect recoveries to improve significantly once modern processing technologies
are applied, so I’m okay about guesstimating upper end
 Copper grades 0.3%, with 64% recoveries. These very low numbers mean KUYA won’t
make much on its copper sales, but with silver presumably reporting to this circuit it
becomes cost effective.
With these assumptions in place, plus the small state mining royalty and our 20% assumption
for TC/RC at 20%, we can now apply four price scenarios to the Bethania model:
6

Stress Test: This would be a “as low as we dare” level in late 2020, with main product
silver assumed at U$15/oz. Then Zinc at U$0.90/lb, Lead at U$0.80/lb and Copper at
U$2.50/lb. If the mine can make money at these levels it will probably get built.
Base Case: This is your author’s preferred case, with main product silver assumed at
U$20/oz. Then Zinc at U$1.00/lb, Lead at U$0.90/lb and Copper at U$3.00/lb. I want a
silver number that look logical in the long-term.
Current Case: These prices reasonably reflect where we are today, with main product
silver assumed at U$25/oz. Then Zinc at U$1.10/lb, Lead at U$1.00/lb and Copper at
U$3.50/lb. We’ll make extra mention of this option, as there are plenty of you who will
be more bullish than I about silver prices.
Upside Case: This price deck gives an idea of the potential at higher prices, with main
product silver assumed at U$30/oz. Then Zinc at U$0.90/lb, Lead at U$0.80/lb and
Copper at U$2.50/lb. Costs nothing to dream.
With those in, here’s the first part of the model results table:
Kuya Silver: Model year revenues by metal type (U$m)
Ag price decks U$15oz U$20oz U$25oz U$30oz
Cu prod (Mlb) 0.74 0.81 0.81 0.81
$/lb. 2.50 3.00 3.50 4.00
Cu revs (U$m) 1.9 2.4 2.8 3.2
Zn prod (Mlb) 13.5 13.5 13.5 13.5
U$/lb 0.90 1.00 1.10 1.30
Zn revs (U$m) 12.2 13.5 14.9 17.6
Pb prod (Mlb) 16.3 16.3 16.3 16.3
U$/lb 0.80 0.90 1.00 1.20
Pb revs (U$m) 13.0 14.7 16.3 19.6
Ag prod (Moz) 2.279 2.279 2.279 2.279
U$/oz 15.0 20.0 25.0 30.0
Ag revs (U$m) 34.2 45.6 57.0 68.4
Gross revs (U$m) 61.3 76.2 91.0 108.8
Net sales (U$m) 48.3 60.1 71.7 85.7
Sources: KUYA.cse data, IKN calcs and ests
As you can appreciate, most of the revenue comes from silver and that is a good thing, KUYA
will be able to sell itself that way. Net sales for the Base Case are U$60.1m pr annum, while the
Current Case deck adds U$11.6m to revenues. At this point we bring in our cost assumptions,
starting with the main one:
Mine COGS U$120/tonne. This is almost certainly too conservative and deliberately so,
Peru mines of this scale should and do run at under U$100/tonne. However I will indeed
be conservative on this score, and with the next:
Depreciation U$8m/annum. By assuming $2m per quarter, we assume a KUYA that is
constantly adding to and depleting a short official mine life.
G&A at U$4.4m, or $1.1m per quarter. Then other reasonable guesstimates for the
smaller line items, as well as standard Peru tax (28% effective corp) and worker
participation (8% EBIT) laws applied. We also use a 0.8/ CAD/USD forex and
USD1/PEN3.50 for the local rate.
7

Once those are plugged in. here’s how the financials look:
Kuya Silver: Condensed income statement (U$m)
U$15oz U$20oz U$25oz U$30oz
Sales (U$m) 49.0 61.0 72.8 87.0
Cash COGS 21.0 21.0 21.0 21.0
Depreciation 8.0 8.0 8.0 8.0
G&A 4.4 4.4 4.4 4.4
fin. Costs 1.0 1.0 1.0 1.0
royalty 0.7 0.9 1.1 1.3
Op income 13.2 24.8 36.2 50.0
Exploration Exp 4.0 4.0 4.0 4.0
Work.part 8% 0.7 1.7 2.6 3.7
Tax 2.4 5.4 8.3 11.9
Net income 6.1 13.8 21.4 30.5
Shares out (m) 60 60 60 60
EPS 0.10 0.23 0.36 0.51
Expl capex 6 6 6 6
FCF 0.33 0.46 0.59 0.74
Sources: KUYA.cse data, IKN estimates
The base case offers impressive operating income of U$24.8m, this on a company currently
valued at U$32m. This tells me this company’s share price is cheap, as does our target box
below, but things get even better at the current price deck and a U$36.2m operating income.
Compelling numbers for a project with a clear path to near-term production. Our target box:
Sales & earnings model U$/oz Ag prices Target price & valuation data for KUYA.cse based on
Ag spot (U$) $15/oz $20/oz $25k/oz $30/oz 500 tpd model year economics
Sales (U$m) 48.3 60.1 71.7 85.7 12-month target $3.70 assumes 80% of Bethania
Upside to target 196% and 8x FCF on U$20/oz Ag
EPS 0.10 0.23 0.36 0.51 Mkt cap (CAD$m) $41 Enterprise value $33
FCF 0.33 0.46 0.59 0.74 P/sales ($15/oz) 0.67 EV/sales ($15/oz) 0.54
P/E ($15/oz) 12.4 EV/EBITDA ($15/oz) 1.5
P/E ($20/oz) 5.5 EV/EBITDA ($20/oz) 1.0
P/E ($25k/oz) 3.5 EV/EBITDA ($25k/oz) 0.7
I’ve tried to keep it reasonable, but even by dampening down to 8X FCF on $20/oz silver we get
a C$3.70 price target, representing a 196% price upside to this weekend and basically a triple.
For what it’s worth, the current price deck gives a ceteris paribus price target of C$4.71,
representing an upside of 277% to this weekend’s price. Or to hark back to one of the first
points made while compiling our conservative model, if we use 600 tonnes per day instead of
500tpd, we add another 60c on the price target and move to C$4.30. This model is a free cash
flow dream.
Discussion and conclusion
An investment in KUYA, or in any other silver miner for that matter, is dependent on one’s
outlook for the metal and as you are probably aware by now, I am personally bearish at the
present time with a view to it going bullish at some point in 2021. Concisely and as noted in the
last two editions, your author posits that silver needs speculator/investor demand for bullion to
move it higher. Therefore the recent drop in traded volume signals price downside in a
recession because, like it or note, these days silver is essentially an industrial metal.
This isn’t the time to re-open that debate but the house position is clear that both silver supply
(most is by-product) and silver demand (most is for industrial uses) supersedes its traditional
reputation. However, we can agree to agree to disagree , especially when we both feel bullish
on the prospects of a new silver junior. Therefore, we offer three trade scenarios:
8

 Buy KUYA now if you are bullish on silver today, because this $1.25 entry point will be
history if silver stays above U$25/oz to year-end. However, do not complain to me later
about your entry price.
 Take a half position in KUYA if you think that we may see some weakness in silver,
but this current $1.25 entry point offers strong medium to long-term value. To be
honest, I may regret not doing this.
 Wait until 2021 before buying KUYA, as silver’s drop will bring down the whole sub-
set complex to true bargain basement levels. The math states KUYA is a cheap stock
today, we’re in a market where cheap stocks can become crazycheap. This is the
position for me today, and as I am already plenty long precious metals stocks I won’t
feel as though I’ve missed out (on much) if the deep value entry point doesn’t arrive.
In so many words, expect me to be an owner of Kuya Silver (KUYA.cse) next year. The above
should have made my intentions as plain as possible, however it’s never a done deal until it
happens and, in the meantime, I’ll also get to watch the company roll out its marketing and on-
site development and CSR campaigns before making a final call.
The bottom line: If you could guarantee me U$24/oz silver for the next 12 months I would buy
this stock tomorrow morning. On consideration, I’d also take U$20/oz for the next three years.
There are aren’t many silver companies with financials this compelling, on paper this company’s
numbers are every bit as good as Alexco’s ever were, plus the runway to production is quicker,
cheaper and easier. KUYA still has plenty to prove; it has a project to capitalize, money to raise,
and then the small matter of a mill to build and operate. However, all these things look
attainable and the management are going about their work in the right way (so far). Finally and
most importantly, this is the type of company that I like to sponsor! KUYA is an example of
where I, the junior retail speculator, will accept risk for backing good guys trying to do the right
thing. Every cycle brings success stories and
KUYA, along with the recently purchased
Norsemont (NOM.cse) have the proven winning
formula funding under-capitalized workings and
bringing modern mining techniques to them for
the first time. All the pieces have to fit together
and the win comes from getting the CSR right,
as much as the development or eventual build-
out, but in Bethania David Stein has chosen
well and has chances on his side. Your author
expects to buy Kuya Silver (KUYA.cse) at some
point in 2021, once silver is back at a
reasonable price level.
End of Report
Stocks to Follow
Our Stocks to Follow held up reasonably well to the sector headwinds last week, with six
winners, one UNCH and eight losers. Also, it worked out perversely well because, of the three
big losers, I want two of them lower; Norsemont Mining (NOM.cse down 18.4%) dropped in
price while I was adding and Pucara Gold (TORO.v down 14.4%) needs to drop even further
before it’s buyable. The other biggest loser was Royal Road (RYR.v down 12.2%) and overall it
was a losing week for the personal portfolio, but not too bad and the strength shown in the Top
Picks plus New Gold (NGD up 6.8%) softened the blow.
9

With two Top Picks and 13 recommended stocks we currently have 15 open positions, our self-
imposed maximum (with TK leaving soon). Nine of those are in the green since inception, six
are in the red.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v STR BUY C$0.21 13-Oct-19 C$0.69 228.6% New $1.14 tgt Aug'20 #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.81 22-Apr-18 C$0.84 3.7% $1.58 tgt, accum now
Recommended stocks (In order of preference)
New Gold NGD BUY U$0.76 9-Feb-20 U$2.20 189.5% re-upped tgt $2.80
Fiore Gold F.v STR BUY C$0.98 21-May-20 C$1.63 66.3% $2.00 target, small growth PM
Great Bear Res GBR.v STR BUY C$15.83 26-Aug-20 C$16.43 3.8% M&A major tgt, added IKN590
Norsemont Mining NOM.cse STR BUY C$1.61 6-Sep-20 C$1.29 -19.9% New large position, Q4 buy time
Trilogy Metals TMQ BUY U$1.78 15-Sep-19 U$1.69 -5.1% Permit received. Holding thru
Excelsior Mining MIN.to BUY C$0.95 10-Mar-19 C$0.65 -31.6% delayed re-rate, we hold thru
Royal Road Min. RYR.v spec buy C$0.155 17-Mar-19 C$0.36 132.3% Good progress in Nica
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.18 -7.7% 25c first tgt on Cofide deal
Cartier Resources ECR.v spec buy C$0.155 3-Aug-18 C$0.25 61.3% Au spec, will sell Chimo
Pucara Gold TORO.v spec buy C$0.80 4-Oct-20 C$0.77 -3.8% Will add at under 65c
Orezone ORE.v BUY C$0.77 21-Jun-20 C$0.87 13.0% Bot as China M&A tgt
Aurelius Res AUL.v spec buy C$0.075 28-Jun-20 C$0.085 13.3% small spec drillplay
Tinka Res TK.v SELLING C$0.195 19-Apr-16 C$0.17 -12.8% SELL ON NOV'20 DRILL NR
Short positions
no current short positions
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for some notes on our covered stocks:
10

Norsemont Mining (NOM.cse): ADDED. I got several mails on Norsemont Mining
(NOM.cse) last week from people worried about the company’ legitimacy, what with it paying
for promotion from the likes of Keith Schaefer. It’s notable I get questions about Norsemont
and not Fiore, another of the junior mining companies that gets heavily promoted by the
wonderful, upstanding, straight-shooting gentlemen and ladies of the paid promo world. The
reason is simply that Fiore is going up and Norsemont is going down. I am aware Marc Levy
and his team chose that route, I’m also aware he and his team are far more concerned about
protecting and enhancing their track record for real tangible success in junior mining. These are
not share flippers, I am in NOM with my eyes wide open. As for the addition, as things turned
out I added twice instead of once, the prices we saw late last week became too tempting.
Pucara Gold (TORO.v): TORO came down from its initial overbought hype position last week
but still has further to drop. Last week TORO announced it would be listing in the Peru stock
exchange and the CEO comments made it sound as though Peru investors are long-term
outlook people, which is false. Peru’s stock
exchange is driven by a high percentage of trade
flippers and private individuals are not typically
long-term holders.
We note that on October 5th TORO announced
(2) receipt of its drill and activity permits, telling
the market that development under the permits
at Lourdes was already underway. We invite the
audience to note the October 5th date and
compare it to the day we finally get a drill result
out of Lourdes, because the gap is likely to
annoy those people who bought the Vancouver
paid pump. With only 36k shares traded on
Friday and the seller consistently House 1 (anonymous), I’ve seen this movie before. The day I
add at my preferred price, which I’m going to slate at 65c for the time being, is the day I take a
long shower.
Minera IRL (MIRL.cse): A key week for MIRL ahead, as we have the October 28th deadline
for the Cofide negotiations and we also have materials being decided upon and sent for the
December AGM. The ball is firmly in the company’s court and for what it’s worth, I haven’t even
tried to contact anyone at the company and it will remain that way until we get an NR.
In other news, MIRL’s shareholder outreach has improved (under duress, but I’ll take it) and we
have had the first shareholder/stakeholder newsletter. Its content was on-point and we did
indeed get the photo of the rosy-cheeked children. We also have MIRL’s latest CSE filing which
states among other matters of less importance…
The MOU has been recently extended to 28 October 2010. As disclosed in its press
release of 24 September 2020 the Company believes that the parties have reached
common ground on all the matters related to Bridge Loan and the Arbitration Award
and is now attempting to formalize an agreement. Both parties have expressed a
desire to sign a formal agreement before the expiration date of the MOU.
…and seeing a formal, on-record statement of COFIDE’s intentions is positive. We’re bond to
feature more MIRL in next weekend’s edition, today we close by noting steady trading and even
some desire from somebody somewhere to paint the tape end week; after trading at 16.5 and
17 all week, Friday afternoon saw buyers to 18c.
Excelsior Mining (MIN.to): Signs of life in early week trading, likely due to the copper price
as we still haven’t had a NR out of MIN.to since August 12th (3). However, as the week closed
volume traded dropped away and we drifted into a 65c close. MIN is an exercise in patience
and I’ll let them come to market and explain any corporate developments before reconsidering
11

the trade. That should be soon, as they are going to have to come our from under cover to
comment in the 3q20 financials and MD&A, whatever might happen.
Rio2 Ltd (RIO.v): Your author caught up with Rio2 CEO Alex Black last week for an in-person
coffee, we spent an hour chatting and the first 20 minutes or so of that on a formal business
update on Rio2. The objective was to get more flavour on the two NRs out of RIO.v last week,
here (4) and here (5). Regarding the appointment of Scotia to lead the financing efforts in the
next two quarters, that’s a logical choice. Its Canadian credentials need no introduction on
these pages, but Scotia is also a strong financial presence in both Chile and Peru. Regarding the
newly unveiled plans for regional exploration, here are my notes as written on leaving the
meeting:
“Rio regional: Solid plan, cost effective, non-dilutive to Fenix in either timeline
or brains trust. Moving to secure more prospective land in the near future.
Strategically a smart move to landgrab in Chile, as govt moving to become
more friendly to explorecos.”
We mentioned the latter point two weeks ago while featuring the most interesting Chile virtual
conference on mining (see IKN594). As for the rest, the company has hired a competent
geologist with plenty of local expertise who reports to Enrique Garay, therefore making the best
use of the company VP Exploration (i.e. Garay will bug him more than he will bug Garay). Now
that the company has all-but completed the important re-logging work (stuff that goes on
behind the scenes of a PFS or Feas), this initiative means it gets to most out of its Chilean geol
team’s time, as well. Adding what amounts to a straight and classic exploreco arm to the
current Rio2 operations is a good idea (it apparently came out of a classic team brainstorming
session and S.W.O.T. analysis), my only concern was that the new plans don’t affect Fenix in
any meaningful way. They don’t.
Once Rio2 talk was done we moved on the state of Peru politics, some Chilean snippets, then
sex, beer, football and the terrible prices you have to pay for things in shops these days. In
other words, another boring adult male conversation.
Tinka Resources (TK.v): Here’s a 12 month chart with notes:
After watching the last two months, in which TK has failed to rally with other Zn juniors due to
its decision to ignore real development toward project feasibility and 1) try to expand the
deposit as well as 2) go hunting for silver, your author is now satisfied that his views are in line
with those of the market. I will indeed dump my TK shares once the pumping on silver results
begins, though the timing on the promo isn’t in my hands. This may mean holding longer than
for the first few drill results, but it won’t add more than a few weeks on to the plan and that’s a
promise, these shares are being sold no doubts. After that, if there’s a reasonable peak from
which to short the stock, we’ll see in 2021.
12

The Copper Basket
After 43 weeks of 2020, The Copper Basket shows a 39.54% gain to level stakes.
company ticker price 1/1/20 Shares out Market Cap current pps gain/loss%
1 Capstone Min CS.to 0.76 399.598 683.31 1.71 125.0%
2 Imperial Metals III.to 2.06 128.49 407.31 3.17 53.9%
3 Trilogy Metals TMQ.to 3.38 138.905 309.76 2.23 -34.0%
4 Oroco Res OCO.v 0.45 181.52 226.90 1.25 177.8%
8 Marimaca Cop MARI.to 1.625 64.358 218.17 3.39 108.6%
5 Copper Mtn CMMC.to 0.71 191.3 218.08 1.14 60.6%
6 Western Copper WRN.to 1.07 107.586 164.61 1.53 43.0%
7 Excelsior Min. MIN.to 1.00 238.658 155.13 0.65 -35.0%
9 Regulus Res. REG.v 1.28 101.85 144.63 1.42 10.9%
10 Amerigo Res ARG.to 0.59 180.169 97.29 0.54 -8.5%
11 Chakana Cop PERU.v 0.245 93.35 52.28 0.56 128.6%
12 Atico Mining ATY.v 0.31 119.023 51.78 0.435 40.3%
13 Aldebaran Res. ALDE.v 0.47 77.636 27.95 0.36 -23.4%
14 Doré Copper DCMC.v 1.25 31.798 23.85 0.75 -40.0%
15 Chibougamau CBG.v 0.17 46.695 6.77 0.145 -14.7%
NB: All stocks in CAD$ Portfolio avg 39.54%
No more quotes from Macbeth, but in the 60% The Copper Basket 2020, weekly evolution
50%
space of the month of October our Copper
40%
Basket has moved down a sum total of 30%
20%
0.54%. This week it went back up a couple
10%
of points, to sit once again just below the 0%
-10%
+40% line, thanks to the influence of seven
-20%
winners (CS.to, III.to, MIN.to, CMMC.to, -30%
-40%
DCMC.v, PERU.v, CBG.v) over seven losers
-50%
(TMQ.to, REG.v, MARI.to, WRN.to, OCO.v, -60%
ALDE.v, ATY.v), with one stock unchanged
(ARG.to). With exceptions to prove the rule
the operating companies moved up and the
explorecos moved down, but the bigger sized wins
in Doré Copper (DCMC.v up 25.0%), Copper
Mountain (CMMC.to up 14.0%) and Capstone
Mining (CS.to up 10.3%) beat out the worst of the
losers in Atico (ATY.v down 11.2%) and Aldebaran
(ALDE.v down 10.0%).
The split in performance reflects the action in
copper-the-metal, which shot higher early week to
touch as high as U$3.20/lb in futures trading,
before re-tracing on market nerves. As money talks
and BS walks, it makes sense that those selling
copper at current prices get the benefit, while those
depend on a world two to five years in the future
are marked down. In late October macro talk we
again were spooked with phantom supply crimps,
this time from Darkest Peru (see below) but there’s
only a ghost of a chance of real supply crimps this
All Saints period.
Time for the weekly overview of the world copper inventory scene, data from Cochilco:
13
ts13ceD ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 ts1ram ht8 ht51 dn22 ht92 ht5rpa ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7nuj ht41 ts12 ht82 ht5luj ht21 ht91 ht62 dn2gua ht9 ht61 dr32 ht03 ht6pes ht31 ht02 ht72 ht4tco ht11 ht81 ht52
source: IKN calcs

 Aggregate world copper stocks, were close to unchanged on the week, the drop of
6,591 metric tonnes (mt) representing a loss of 1.4% on the week. This weekend’s
406,729mt is still above one of the psychological levels, though.
 Little or nothing doing at the SHFE, with a small 2,041mt (-1.3%) lost from stocks to
give a Friday close of 155,506mt. The normality signal continues, China is not short of
copper to make its things.
 The LME was also subdued this week, with a small 4,550mt leaving inventory. The total
stands at 180,300mt this weekend and while that level is still historically low, it’s a long
way from the drawdown trough that was over 100,00mt lower recently.
 Comex stocks were unchanged on the week and remain at 70,923mt.
Here’s the Shanghai-only inventories chart, the non-signal continues.
Shanghai Futures Exchange Warehouse Stocks, Dec'16 to date
400000
350000
300000
250000
200000
150000
100000
50000
14
6102
dr3naj
ts13 ht82 ht72 ht42 dn22 ht91 ht71 ht41 ht11 ht9 ht6voN ht11 ht8 ht5beF 7102
ht5raM
dn2rpA ht03 ht82 ht52 dr32 ht02 ht71 ht51 ht21 ht01 8102
ht7naj
ht4bef 8102
ht4ram
8102
ts1rpa
ht92 dr3nuj 8102
ts1yluj
ht92 ht62 dr32 ts12tco ht81 ht61 ht31naj ht01 ht01 9102
ht7rpa
ht5yam 9102
dn2nuj
ht03 ht82 102ht52pes dn22 ht02 9102ht71von ht51 0202ht21naj ht9 ht8 ht5rpa 0202dr3yam ht13 ht82 0202ht62luj dr32 ht02 ht81
Mt Cu
source: Cochilco
Now for a couple of notes on basket component stocks:
Capstone Mining (CS.to): Mentioned on
these pages as a possible right-place-right-time
trade, I now get to watch while another trade
moves off without me. The feeling is not new
and this one reminds me a lot about the way I
missed Ero Copper (ERO.to) last year. CS has
had an excellent three months compared to the
copper producers ETF (COPX) and the move
has accelerated in October as they start to roll
out and market Santo Domingo in Chile.
Doré Copper (DCMC.v): It’s still trying to find
a trading level, but last week DCMC sprung
back on the start of an investor outreach campaign, DCMC showing in the virtual conference
circuit. I remain a watcher rather than a buyer, but with no issues against the company.
Regulus Resources (REG.v): When the REG strategic from Osisko (OGR) was announced,
this desk’s early thoughts included Gold Fields (GFI) because it is the obvious strategic partner
for the junior. Why would Gold Fields want to become a strategic of Chakana Copper (PERU.v)
but not of sister company Regulus Resources (REG.v)? Long-term holders of this stock should
ask themselves that question, because the REG strategy of creating buyer tension depends on
having buyers willing to buy a seeing GFI partner with BVN, SCCO or any other combination of
the Coimolache S.A. end of AntaKori isn’t the only possible scenario for the zone. With GFI now
expecting Cerro Corona to run to 2030 and current studies likely to push that limit out to 2032
soon, their strategy may be to run their mine for the profits left and then sell. The Cerro Corona

book value is currently a net of around half a billion dollars, and last period cash flow of $86m
easily covered the $56m in sustaining capex they needed to invest. It makes logical business
sense to exchange depreciation for cash profits at any mature mine.
This get floated on these pages because REG CEO John Black has insisted over more than a
decade that his companies’ strategy is not to hide weak points, but to be open with them in
order to overcome any issues. We saw it at Antares, more recently we saw it with the whole
arsenic issue at AntaKori, thanks to the policy that’s now mostly understood by the market.
Maybe its time for REG investors to learn more about collaborative partner Raul Benavides.
The Producer Basket
After 43 weeks of 2020, the Producer Basket shows a gain of 36.15% to level stakes.
company ticker price 1/1/20 Shares out Mkt Cap (Bn) current pps gain/loss%
1 Newmont NEM 43.45 819.84 49.58 60.47 39.2%
2 Barrick GOLD 18.59 1779.04 47.75 26.84 44.4%
3 Franco-Nevada FNV 103.30 188.6 26.02 137.99 33.6%
4 Agnico Eagle AEM 61.61 238.985 18.94 79.25 28.6%
5 Kinross Gold KGC 4.74 1253.5 10.79 8.61 81.6%
6 Royal Gold RGLD 122.25 65.375 7.98 121.99 -0.2%
7 Pan American PAAS 23.69 209.61 6.98 33.29 40.5%
8 B2Gold BTG 4.01 1025.75 6.92 6.75 68.3%
9 Buenaventura BVN 15.10 254.19 3.30 12.97 -14.1%
10 Alamos Gold AGI 6.02 391.19 3.29 8.40 39.5%
Prices in U$, NYSE/NASDAQ tickers Portfolio avg 36.15%
Another week of negatives for the big producers, with our list of ten giving just two winners
(PAAS, BVN), while the eight losers were headed by Barrick (GOLD down 6.1%) and Special K
(KGC down 5.5%). However, our basket performed less worse than the GDX benchmark by half
a spot, which means we’re around 3.5% ahead with two months to go. A thin lead.
The 2020 Producer Basket: Weekly performance and
60%
comparative to GDX control
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
Pan American Silver (PAAS): Thoughts turn to the PAAS year-end financials, as they must
be audited and signed off by a third party. In trading, PAAS beat the street and all other
components except the contrarian BVN with a 1.8% gain on the week, silver’s move up from
roughly 80X to 77X on the Gold/Silver Ratio the likely cause.
Barrick (GOLD) and others: The one-month chart of Barrick (GOLD) shows the stock as Top
Table underperformer, Newmont only slightly less worse and the best moves in Agnico and
Franco-Nevada. We have NEM reporting its 3q20 the end of this week (October 29th) with
Barrick a week later on November 5th. Hopefully we’ll see some fireworks that evening .
15
ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 ts1ram ht8 ht51 dn22 ht92 ht5rpa ht21 ht91 ht62 r3yam ht01 ht71 ht42 ts13 ht7nuj ht41 ts12 ht82 ht5luj ht21 ht91 ht62 dn2gua ht9 ht61 dr32 ht03 ht6pes ht31 ht02 ht72 ht4tco ht11 ht81 ht52
The 2020 Producer Basket: Percentage difference between
GDX benchmark and basket (negative = IKN basket ahead)
2.0%
basket 1.0%
gdx control
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
source: Google, IKN calcs
-5.0%
ts13ceD ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 ts1ram ht8 ht51 dn22 ht92 ht5rpa ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7nuj ht41 ts12 ht82 ht5luj ht21 ht91 ht62 dn2gua ht9 ht61 dr32 ht03 ht6pes ht31 ht02 ht72 ht4tco ht11 ht81 ht52
source: IKN calc, NYSE/Nasdaq data

The Tiny Dogs
Here are our ten and after thirty-three weeks, the average is up by 50.03%:
company ticker price 16/2/20 Shares out Mkt Cap current pps gain/loss%
1 Aston Bay BAY.v 0.065 136.26 6.13 0.045 -23.1%
2 Chakana Copper PERU.v 0.175 93.35 52.28 0.56 214.3%
3 Constantine Met CEM.v 0.19 45.35 8.62 0.19 10.5%
4 Contact Gold C.v 0.175 84.472 13.94 0.165 0.0%
5 Manitou Gold MTU.v 0.065 230.79 11.54 0.05 -15.4%
6 Salazar Res* SRL.v 0.18 126.55 41.76 0.33 83.3%
7 Radius Gold RDU.v 0.235 86.94 24.78 0.285 27.7%
8 Red Pine Expl RPX.v 0.035 477.22 19.09 0.04 14.3%
9 Warrior Gold WAR.v 0.055 68.2 8.87 0.13 136.4%
10 Wolfden Res WLF.v 0.13 129.532 25.91 0.20 53.8%
Prices in CAD$, data from TSXV (*SRL price from May 2nd) basket avg 50.03%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
chosen under the following criteria to put together a list that represents what’s going on in the
whole sub-sector of tinycap exploration company stocks.
 Market capitalization of under $20m. They have to be tiny. In two case I’ve stretched the window a little
and allowed sub-U$20m market capper in that are just over the C$20m level, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right
size, but it was a particularly depressing exercise to trawl through the whole of the TSXV and find companies
that are small enough, but with life in them. The vast majority of sub-$20m stocks are broken stocks, either
traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2020. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
The Tiny Dogs dropped another 2.46% last week, with just one week-on-week winner (PERU.v
added a penny), then two other UCNH (SRL.v, WLF.v). The other seven were losers and most
marked down around 10%, which was again all about the lack of liquidity in the sub-sector.
Chakana Copper (PERU.v): The latest corporate presentation from PERU.v, dated to last
week and October 21st (6), reminds that PERU.v has A 15,000m drill program now underway.
There won’t be many “long holes” among the budgeted 15k either, so we can expect plenty of
news coming from the stock in the next few weeks now that the initial result NR is in. Now that
PERU.v has become tradable in volume (Rick Rule distributes), momentum traders among you
may want to keep this one on close radar.
16

NB: Please be clear that The Tiny Dogs is NOT a list of recommended tinycap stocks. It is a list of companies with
market caps of under $20m offering a reasonable representation of the wider tinycaps market. It is possible that in the
future I may buy shares in one or several of these stocks, but at the moment both my opinion and my wallet are strictly
neutral.
Regional politics
Dominican Republic makes another miner-friendly move
It’s not often you get to called ministerial level mining politics “dynamic” in Latin (and in this
case we stretch to Carib), but the onset of the Covid-19 pandemic has seen a small outbreak in
the region. This desk has praised new Peru FinMin Luis Miguel Incháustegui and continues to
do so, he’s done a great job in de-bottlenecking several areas of Peruvian bureaucracy already
(as well as being proactive in the difficult “Mining Corridor” zone of South Peru). Until his
bureau was axed, Mexico’s Mining Subsecretary of Mining (basically the mining minister)
Francisco Quiroga was feted by all sides as doing an excellent job (for a change in the country)
and in Alberto Hensel, Argentina has a smart and successful mining figure who knows both
public and private sector arguments and is doing the best he can (under difficult
circumstances). We can now include The Dominican Republic in the list, step forward new
Mining Minister Antonio Almonte, who has been mentioned a couple of times on these pages
but is also making the right moves in his country.
On Tuesday Minister Almonte announced that his ministry would work in conjunction with
mining sector players and specialists in order to update the current mining law, in operation
unchanged since 1971. Minister Almonte later stated in interview (translated) (7):
“…last week a meeting took place…which included representatives from almost every
company in the mining sector in the country. It was a strategy discussion regarding the
modification or addition to the current mining law.”
He went on to state that the law project would be ready by the end of this month (i.e. October)
and would be presented to Congress immediately, with a view to it becoming law before the
end of this year. As for details on what would change, he continued:
“The current mining law is from 1971, since that time many things have changed such
as institutional roles and the role of mining in the economy of the population. The level
of knowledge about mining has changed too, the understanding and attitude of the
people toward environmental impacts and social effects of mining operations. All these
are elements that, along with technological innovation, should be part of a new mining
law.”
This is the right move at the right time, with Barrick Pueblo Viejo enjoying public goodwill for
the financial support it has shown this small country during the pandemic. New President Luis
Abinader has a mandate and is using his honeymoon period to effect, here is another example.
As for the mining laws, all complaints are over permitting track and concession rules, those
won’t be too difficult to adjust to normal responsible international standards and open up the
country.
As for ways to play Dom Rep, your author’s coverage of Precipitate Gold (PRG.v) over the last
two weeks makes clear where his preferences lay. There are other options, such as the better
known Goldquest (GQC) or even Unigold (UGL), which reported drill intercepts last week. The
former isn’t my choice due to its tough community situation and the latter keeps coming up
with refractory mineralization, rather than something useful. There are others, though it’s worth
mentioning at this point that the real expert on Dom Rep (and Haiti for that matter) in the
newsletter world is Eric Coffin. He is financially involved with a couple of these companies and
the Scott Gibson Play-To-Play promos get run on these, via Coffin of course. So be it, nobody
should expect totally hairless exploreco juniors in less visible jurisdictions and the only solution
is to go in eyes wide open.
17

Your brief LatAm Covid-19 update
You surely have enough on your plates with the spikes in the cases up North, we’ll be brief in
order to give the pulse of the region. In Peru cases are still coming down and daily new case
counts steady at around the 3,000 level. However, the government is setting itself up for
problems by announcing false-ish promises of “Vaccination immediately and back to 100% in
2021”, according to the Prime Minister this weekend (8). As for Brazil, unfortunately, I spoke
too soon a couple of weeks ago when noting that even the greatest super-spreader of all
seemed to bringing its Covid-19 crisis under control. Cases are spiking once again and just
yesterday Saturday it reported an official 26,979 new cases as well as 432 Covid-19 related
deaths in the 24 hour period. This has knocked on to Uruguay, now in a state of real concern
for the spike in cases in the border town of Rivera. Health officials believe the town, and
therefore possibly the country, is on the edge of community spreading (9). Colombia is North of
the equator and is seeing its own spike, the 8,769 new cases yesterday Saturday bringing the
country total to over 1m (10).
Heavy rains predicted for South Peru
It would seem 2020 hasn’t finished with us yet. On Friday, the government of Peru declared a
State of emergency in nine departments in the South of the country, here’s a translation of part
of the emergency decree (11):
“…the consequence of the probability of heavier rainfall than the normal; for which we
have been recommended to declare the State of Emergency in 185 districts, of 54
provinces of the departments of Apurímac, Arequipa, Ayacucho, Cusco, Huancavelica,
Ica, Moquegua, Puno and Tacna, due to imminent danger of moderate to intense
rainfall as a consequence of the high probability of a La Niña effect in 2021, for the
lapse of 60 calendar days…
The announcement is concerning for two reasons, first and most obviously the potential
damage a La Niña Effect rainy season might bring to South and Central America (for examples,
the last serious La Niña season was 2010-2011) and second, its timing. It’s unusual to see
weather warnings this early in the rainy season in South America, so this desk will keep an eye
on the forecasts from Ecuador and Chile in the weeks to come. On the other hand, we should
also recognize that it’s more common for LatAm to predict a bad La Niña year than to have one
and State of Emergency decrees can be stood down at a moment’s notice.
Bolivia: The blowout MAS win
As noted in the cover letter last weekend, the Bolivian Presidential election turned into a shock
Round One win for the left wing MAS party and its candidate, the now President-Elect Luis Arce.
The first thing to note is how all the polls, even those commissioned by MAS and skewed
toward them, got the vote wrong. Instead of a tight contest going into round two, MAS won
with 55.1% of valid votes (12) compared to second placed Carlos Mesa on 28.83% and third
placed Luis Camancho on 14%. Pollsters have been running mea culpas all week in Bolivia and
the two main reasons for their big misses are first that the polling technique of telephone
interviews skewed against MAS more than pollsters accounted for (in other words, their
methodology was awful) and second, that the polling companies didn’t realize that most of the
“undecided” voters were leaning toward Acre and MAS. Come election day, Bolivia had decided
that Arce had put enough distance between himself and the previous Evo Morales government
(which was looking lazy and corrupted) and voted him in.
Also important is the make-up of parliament, as the result means MAS has absolute majority in
both the upper Senate (21 of 36 seats) and lower Congress (73 of 130 seats) and will be able
to legislate quickly. That’s bad news for any mining investor who was hoping to see a move in
Bolivia to more open and free market policies; Not happening folks, please continue to avoid
Bolivia for junior mining investments.
Latin America’s busiest airport
As of this weekend, the busiest international airport in Latin America was Cancún in the
18

Southwest of Mexico, a count that includes all capital city airports and the massive hubs in DF
Mexico, Panama, Colombia and Brazil. Cancún is now running over 250 operations per day. If
we take Thursday October 22nd as our example, there were 128 arrivals and 125 departures,
with 69 arrivals national and 59 international (13). This represents around 40% of the airport
capacity. This traffic is to feed its massive local tourism industry, which this weekend still
reports some 8,000 unoccupied rooms along its main hotel track. As this count was made after
hotel capacity restrictions were mandated, it means Cancún is perhaps half full this weekend
though bookings over the Christmas period are reportedly now 100%. Meanwhile in mining
flight news, as from November the direct flight from Toronto to Lima has been re-installed (14),
the excuses not to come down and catch Covid-19 on site have just run out, mining pros .
Market Watching
Fiore Gold (F.v) 4q20 production
In the IKN model for the ongoing coverage of our small precious metals producer Fiore Gold
(F.v), we wanted to see 11,000oz gold produced in its fiscal fourth quarter to September 30th,
the financial year just ended (no financials until January) That 11,000 oz number was on the
conservative side and likely to get beaten as long as the final large capex work at Pan, the
crusher, was installed in good order. Here’s how it turned out, according to the NR (15):
F.v: Gold production and sales, per quarter
19
8383
7646
3768 48501 4698 4479 73701 40511 9009 3909 62021 16721 55421
14000
12000
10000
8000
6000
4000
2000
0
71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91_pes 91_ced 02_ram 02_nuj 02_pes
Oz Au
gold prod oz
gold sold oz
source: company filings
It was another strong quarter. With the third 12k+ ounce result, this time Fiore selling 12,455
ounces at an average of U$1,920/oz…
F.v: Net realized gold price, per qtr
8221 8521 8721 7721 7231 2031 8021 2321 5031 8131 2931 7341 6751 0271 0291
2000
1800
1600
1400
1200
1000 800
600
400
200
0
71_ram 71_nuj 71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91_pes 91_ced 02_ram 02_nuj 02_pes
U$/oz
source: company filings
…we can now say “50k ounce producer” about Fiore’s flagship asset and cash flow provider.
The underlying production tracker charts show interesting details too. Tonnages mined
improved slightly from the previous quarter, testament to good working practices at Pan and
indeed, F.v reported zero cases of Covid-19 among employees or contractors and zero LTI
hours. Unless you are one of those who believe coronavirus is fake ,you’ll be as pleased about
reading that as I was and if you are one of those people, it’s unlikely you’d have the brainpower
to invest in F.v in the first place.

The gold ore grade mined dropped to 0.47 g/t and that is good news. In the NR the company
pointed out that “Ore tons mined better than plan largely due to positive ore reconciliation”, this
is music to the ears of the investor and the COO. In
a open pit operation, the gold price determines the
cut-off and as gold improves, a mine is able to
“convert” waste to ore. Muck that would previously be trucked to the waste dump due to its sub-
economic gold grades is now being moved to the
leach pads, which means more ounces of gold per
tonne of rock shifted and that shows clearly in the
strip rate chart (right). This is good news, as it
helps combat the expected cost creep in other parts
of the production cycle. Fiore won’t keep to keep
the strip rate this low either, we should consider
this a bonus and one that may continue into the next couple of quarters.
We know the numbers for both gold sold and average received price, so the U$23.9m estimate
on reported revenues for 4q20 at Fiore is going to be very close to the reality:
F.v: Calculated vs Reported revenues, per qtr
30 (calc revs = sales + realized prices )
25
20
15
10
5
0
20
71_ram 71_nuj 71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91_pes 91_ced 02_ram 02_nuj 02_pes
F.v: Tonnages mined
4.0
3.5
3.0
2.5
2.0 1.5
1.0
0.5
0.0
$m
Au rev calc
total actual revs
source: company filings
Here’s how the P+L charts look on that top line, starting with the operations overview:
71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91_pes 91_ced 02_ram 02_nuj 02_pes
mt/qtr waste mined F.v: Gold ore grade mined
ore mined
source: company filings
04.0 04.0 04.0 44.0 05.0 05.0 74.0 44.0 04.0 74.0 05.0 05.0 74.0
0.55
0.50
0.45
0.40
0.35
0.30 0.25 0.20
0.15
0.10
0.05
0.00
71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91_pes 91_ced 02_ram 02_nuj 02_pes
g/t Au
source: company filings
F.v: Strip ratio, per qtr
2.50
2.3
2.00 1.8 1.50 1.5 1.5 1.6 1.7 1.8 1.3 1.4
1.00 1.0
1.1
0.50
0.00
81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91_pes 91_ced 02_ram 02_nuj 02_pes
source: F.v data
oitar erO/etsaW
F.v: Operations overview
0.41
3.01
7.3
2.51 1.21
1.3
6.21
4.01
2.2
1.31
7.01
4.2
0.91
7.31
3.5
0.22
7.31
3.8
9.32
9.51
0.8
24 22
20
18 16
14
12
10
8
6 4
2
0
91_ram 91_nuj 91-pes 91-ced 02_ram 02_nuj tse02_pes
$m
revenues
total cost of sales Income from mine ops
source: F filings

We’re expecting higher costs, as inflation begins to move through the precious metals mining
world. We all know it will happen, what we require of our investment choices in the space are
companies that know how to keep cost creep under control and to a minimum, not those with
bosses who look upon periods of high gold prices as their bonanza period. Tim Warman has
gained 100% of my respect in his management of F.v and I expect that to continue. Here’s the
normal costs breakdown chart we use in the preview, which totals $15.9m.
F.v: Costs breakdown
18
16
14
12
10
8
6
4
2
0
21
71_nuj 71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91-pes 91-ced 02_ram 02_nuj tse02_pes
$m
deplet/amort
royalties
prod. costs
source: company filings,IKN ests
In order to give a little extra flavour on where cost creep will show, today you also get some
wild guesses on cost components (and if I get all these spot on it’s sheer luck, it’s normally
smarter for the anal yst to offer a global costs number and let mistakes cancel each other out):
F.v: Costs breakdown
18
16
14
12
10
8
6
4
2
0
71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91-pes 91-ced 02_ram 02_nuj tse02_pes
deplet/amort
U$m royalties
sales (-Ag credits)
processing
mine G&A
mining
source: company filings
The main one is “mining”, the most prosaic of all line items in a mining company. While
recognizing the 1.1X strip rate as good news for costs, before seeing the true 4q20 numbers I
am going to assume it helps mitigate other extra costs, rather than counter them totally.
Processing costs will move up (they have a crusher running now) and with small adds on the
other items, you get the over $15.9m guesstimate. As for earnings, we take the U$8m we
forecast as mine operating income and run it through the financial end of the P+L:
F.v: Earnings
880.0
467.0
599.1
364.0
8.0-
985.0
988.2
631.5
4.4
$m
10
9 Income from mine ops
8 pre-tax earnings
7 net earnings
6
5
4
3
2
1
0
-1
-2 source: F filings
sep_18 dec_18 mar_19 jun_19 sep-19 dec-19 mar_20 jun_20sep_20est
We’re expecting slightly lower bottom line numbers than in the previous quarter, but zero
problems with that and the bottom line net number is of far less importance than the real world

number Fiore gave us last week about its balance sheet position:
F.v: Treasury position
22
1.51
8.6 7.5 2.7 2.6 4.6 3.8 7.9 3.7 5.6 1.9
3.71
2.32
30
25
20
15
10
5
0
71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91-pes 91-ced 02_ram 02_nuj tse02_pes
$m
source: F filings
Your author prefers not to lapse into hype in the Weekly in the same way as the blog, but my
word that’s impressive! It’s also before we find out how much F.v spent at Gold Rock and its
other exploration activities, so I could not be more pleased with seeing this small miner start
collecting cash in serial manner. The above chart is why I am staying long Fiore Gold, they now
get to reap the rewards of high margins and become a bona fide cash cow operation. The
company collects the cash and has prospective pipeline assets on which to spend it (at its
preferred rhythm, too) and to save space, this also puts working capital on an IKN estimated
U$40m, For further consideration, remember how Wesdome was a $2 company and is now a
$14 company after organically developing Kiena without any financings or share dilution.
F.v: Assets Breakdown per qtr
80
70
60
50
40
30
20
10
0
Final charts today are the main balance sheet overviews of assets and liabilities, above. There’s
not much to note from them except “Fiore is progressing”, but the new overall estimated book
value of Fiore, at $54.5m, underscores that this story is driven not by the value of its assets but
by its profitable production and strong
margins. At today’s C$1.63 and 98.07m shares
out, Fiore Gold runs a market cap of around
U$120m and over 2X Book. That’s what
profitable miners should do, but it also means
Fiore has to keep the cash cow in good shape
in the year to come.
The bottom line to Fiore Gold’s 4q20, ended
September 30th, is yet another great quarter
from the company and the share price action
last week tells you I’m not the only one who
thinks that way.
71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91-pes 91-ced 02_ram 02_nuj tse02_pes
$m F.v: Liabilities Breakdown per qtr
22 cash inventories
20
other current fixed 18
16
14
12
10
8
6
4
2
0
source: company filings, IKN ests
71_pes 71_ced 81_ram 81_nuj 81_pes 81_ced 91_ram 91_nuj 91-pes 91-ced 02_ram 02_nuj tse02_pes
source: company filings/IKN ests
srallod
fo
snoillim
LT liabilities
current liabilities

Conclusion
IKN596 is done, we end with bullet points:
 Kuya Silver’s (KUYA.cse) model economics are nothing short of compelling, so I’ll use
the word a third and final time today and be done. We shall see if its execution
matches the promise.
 Another great quarter from Fiore Gold (F.v), which complements the numbers delivered
by New Gold (NGD) the week before last. Happy holder of these producers.
 My father, who is now enjoying a well-deserved retirement, was a successful
businessman in his day in a career that included a spell as director of a large chain
retial company that everybody in The UK recognizes and uses. He knew his favourite
phrase about business matters was corny and a cliché, but he never tired of telling me
that “He who pays he piper, calls the tune.” The more I observe the Canadian mining
sector, the more I see how right he was. Smart guy, my dad.
I thank you in advance for any feedback. Our Top Pick stocks are Minera Alamos (MAI.v) and
Rio2 Ltd (RIO.v). Flash updates will be sent if required by events.
I wish you good hand-washing fortune, ladies and gentlemen.
Mark
Footnotes, appendices, references, disclaimer
(1) https://kuyasilver.com/wp-content/uploads/2020/09/Kuya-Silver-Corporate-Presentation-October-2020-1-min-1.pdf
(2) https://www.stockwatch.com/News/Item?bid=Z-C:TORO-2971464&symbol=TORO&region=C
(3) https://www.excelsiormining.com/news/news-2020
(4) https://finance.yahoo.com/news/rio2-engages-financial-advisor-fenix-120000800.html
(5) https://finance.yahoo.com/news/rio2-expanding-chilean-footprint-exploration-120000355.html
(6) https://www.chakanacopper.com/site/assets/files/3757/chakana_corp_presentation_oct_16_2020.pdf
(7) https://acento.com.do/el-financiero/buscan-modificar-ley-minera-para-ajustarla-a-fundamentos-de-mineria-
responsable-8873917.html
(8) https://larepublica.pe/politica/2020/10/24/walter-martos-si-en-diciembre-nos-entregan-vacunas-estariamos-
reactivando-la-economia-al-100/
(9) https://www.lanacion.com.ar/el-mundo/el-ministro-defensa-uruguayo-advirtio-se-perdio-nid2488622
(10) https://www.efe.com/efe/america/sociedad/colombia-llega-al-millon-de-casos-con-el-temor-a-una-nueva-ola-la-
pandemia/20000013-4376813
(11) https://busquedas.elperuano.pe/normaslegales/decreto-supremo-que-declara-el-estado-de-emergencia-en-vario-
decreto-supremo-n-171-2020-pcm-1896335-1/
(12) https://www.paginasiete.bo/nacional/2020/10/23/composicion-de-la-asamblea-mas-obtiene-94-legisladores-cc-52-
creemos-20-272566.html
(13) https://www.reportur.com/mexico/2020/10/24/aeropuerto-cancun-ya-la-principal-entrada-america-latina/
(14) https://elcomercio.pe/economia/peru/vuelos-internacionales-gobierno-incluye-a-toronto-en-lista-de-destinos-
autorizados-desde-noviembre-canada-nndc-noticia/
(15) https://fioregold.com/fiore-gold-achieves-full-year-2020-production-guidance-and-continues-to-increase-liquidity/
23

Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Ago-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Set-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Ene-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Set-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Ene-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Set-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Ago-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Abr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Set-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Abr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Set-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
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
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
24

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
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
Please note that due to space considerations closed positions 2009 to 2014 are now
available on request, or were published in any edition to IKN553 (end 2019).
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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