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The IKN Weekly
Week 606, January 3rd 2021
Contents
This Week: In today’s edition, Forward Looking Statements, We want what China wants, A
New Year’s resolution.
Fundamental Analysis: An overview of Element 29 Resources (ECU.v).
Stocks to Follow: Orezone (ORE.v), Kuya Silver (KUYA.cse).
Copper Basket: The new 2021 list.
Producer Basket: The new 2021 list.
Tiny Dogs: The new 2021 list.
Regional Politics: An overview of regional politics in 2021 including the Ecuador February 7th
election, Peru April 11th election and Chile November 21st election, Argentina’s Following up on
the Argentina “Lemin” bond issue, Peru: The “Mining Corridor” is blocked again.
Market Watching: Chesapeake Gold (CKG.v) redux, Raul Benavides retires from
Buenaventura (BVN).
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
 Please note that today’s Fundamentals section, entitled “An overview of Element 29
Resources (ECU.v)”, is NOT a recommendation on the company, nor shall I be buying
any. Not yet anyway, but it’s also fair to say that ECU.v is the most interesting
newcomer to any of our four new lists for 2021 and is one to watch.
 Today we do basket updates, then next week we’re back to what passes for normal.
Therefore below find lists, charts, notes and comments on companies old and new.
 Also today, we preview the three main events in LatAm’s 2021 political calendar,
because the Presidential elections set for Ecuador, Peru and Chile are in hot Andean
Cordillera mining countries.
 We want what China wants. China wants copper and gold. The intro to 2021.
Forward Looking Statements
Today’s edition is not a look back at the annus horribilis, instead we keep eyes forward and
looking to the future, with the hope that 2021 turns into a mirabilis and revs up the start of the
New Roaring Twenties (flapper girls and The Charleston, anyone?). Today is mostly about
setting the three comparative baskets for 2021, with comments and notes applicable. As from
next week* we should be back to something approaching normal.
*Another forward looking statement.
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We want what China wants
Our new year 2021 has arrived and in mining terms at least, the market is set to be driven by
China like in no other year. Why so? It’s the first ever global recession that the US does not
lead out, so while China’s economy re-expands rapidly the US Dollar weakens. That’s a first, so
a mission of any metals and mining publication in the year ahead will be to work out what
China wants, then sell it them.
The answer is simple; Copper and Gold. We can of course argue about other metals, all of
which are loved and used by China. An example is silver, as long as you don’t base your case
on solar demand as a reality check is currently required by many silverbugs; please note how
solar panel production expanded 2016 to 2019 even as demand for silver from solar dropped,
then think about technology and how quickly things advance these days. Another example is
zinc, but China mines plenty of its own zinc on its own territory and it’s telling how few deals
there between China an Zn juniors. There’s a case to be made for lithium these days, not to
mention how the success of Champion Iron Ore Ltd (CIA) puts an obvious hole in my theory, I
still contend that FeO is a big company game and not the place to start looking for winners in
the junior market. All valid and debatable, but as an investor and pseudo anl yst in junior
mining stocks, the house target is the certainties, rather than the possibles. In base metals
that’s copper, the one it cannot hope to cover from domestic production and requires from the
rest of the world. And in precious metals that’s gold, China the People’s Republic loves it and
China its individuals and consumers love it. With the perfect economic storm brewing of a
weakening USD into a world ecomomic expansion, being and staying long gold and copper is a
simple forecast. I like them simple
A New Year’s resolution
I don’t know whether it’s a resolution or a late Xmas present to myself, but to the relief of some
and possible annoyance of other I’ve decided to end the “What I’d Buy Now” series. It should
have shown today, but after due consideration it’s the moment I can probably get this decision
past a few of you without too much pushback. More seriously, it’s utility has been marginal for
a while and as I’m not a near-term trader in thought or deed, it was never much more than a
mental exercise.
Fundamental Analysis of Mining Stocks
An overview of Element 29 Resources (ECU.v)
Today’s edition is all about setting the baskets up for 2021, with notes and comments on many
of the stocks we’ll track in the Copper, Producer and Tiny Dogs baskets. Real fundies analysis is
for another day when there are so many stock tickers flying, but one of the new companies,
Element 29 Resources Inc (1), deserves more than a scant few lines of introduction. Recently
IPO’d, ECU.v is one of the more interesting of the new crop of junior explorecos and what’s
more it’s chasing copper in Peru, a preferred combo. But before we go any further a sidebar
note that the likeable, sharp Loni Saul of King’s Road Capital did not bring Element 29 to my
attention. Instead, this desk had already made the decision to include ECU.v in the 2021
Copper Basket long before Loni wrote in over the Christmas period to inform that he’d taken a
position. Yes, Loni already knew that , but seeing you smarties at King’s Road move on the
pre-IPO and IPO of this company franks this desk’s opinion of Element 29, its way of doing
business and most importantly, the people running the show. At ECU.v the proposal is genuine
grass roots exploration, with discoveries made and then developed by geological brains that are
highly experienced in all things Peru.
First the people, a team headed up actively by the founders, CEO Brian Booth (known to this
author personally) and President Richard Osmond. They both know their Peru and its pros and
cons as a exploration jurisdiction, as noted in this episode four years ago (2) when Osmond and
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his associate at the time took a wrong turn in and were mistaken for problems by what was
almost certainly a narco-trafficking operation. Osmond was shot four times and left was lucky to
escape with his life, saved by eventual rescuers and rapid transit to two emergency hospitals.
Osmond has a big company geology background, but since 2009 has been in charge of
GlobeTrotters, the company that has folded the assets into ECU.v. As for CEO Brian Booth, he
was for many years CEO of private exploreco Pembrook Copper, which scoured and found
copper and copper-moly mineralization in Peru. Respected by peers and with a reputation for
good work to maintain, he’s the right profile for the work at hand and also the inevitable
presentations and rounds of marketing.
Aside the two principles, the board and management team pass muster with no further
comment aside from one name, as the Vancouver junior promoter and marketer Scott Gibson is
closely associated with this company. The connection is almost certainly via Osmond, as
GlobeTrotters is currently trying to IPO another company from the GlobeTrotters stable, Forte
Copper (3) with the help of Gibson (in fact, into one of Gibson’s shell companies). Of less
interest to us, Forte has been trying to qualifying for trading for several months and I suppose
that the plans were at some point shelved until after ECU is up and running (after all, Forte
Copper used to be called “Plan B Minerals”, with Osmond’s Plan A clearly ECU.v and its
projects).
Instead of our normal top box, here’s a cheat’s version using one of the slices from ECU.v’s
latest corporate presentation (4):
Those 66.7m shares out and its closing price of 45c for 2020 (right) give us a current market
cap of C$30.02m, that for a company with an IKN estimated C$5m treasury which will allow it
to complete its planned program at its first target, Elida.
In fact, ECU.v has other projects and properties to offer and there are not one but four 43-101
compliant technical reports already on SEDAR from the company. They include the first in line
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and for my money most interesting, the Elida property in the Ocros region of Central Peru.
Discovered and staked by GlobeTrotters in 2011, this
is a home grown target that was optioned out to
Lundin Mining (LUN.to) in 2015, who signed on to a
$24m program to earn 80% but handed back in 2017
after drilling just under 10,000m of holes in 2015. The
highlight hole was 503 m of 0.42% Cu, 0.046% Mo
and 3.23 g/t Ag (incl. 265m of 0.52% Cu, 0.049% Mo,
4.1 g/t Ag), which is enough to frank the discovery as
real but after other more patchy results, LUN decided
not to go forward. What the current 43-101 technical
report tells us (and it’s well worth a read) is ECU.v and
its team has identified a new target zone, as well as
what may be the centre of the supergene enrichment
LUN was looking for five years ago. The 43-101
finishes with a recommended two stage drilling
program at a budget of around $3m, and while ECU.v
only raised $6.65m of its $5m to $10m IPO range,
that’s enough and the program as seen in the 43-101
is now covered. Though whatever else happens, we’re
likely to get at least one long hole to “confirm” that
best hole of 500m of 0.58% CuEq, this is a junior with
a market to attract after all.
Discussion and conclusion
This is NOT a stock recommendation for Element 29
Resources (ECU.v), it’s no long-winded fundies report,
either. But it’s not by chance that we dedicate three
pages and plenty of links and graphics to its outline and overview as part of the new 2021
Copper Basket, as ECU has a combination that will appeal to share flipping market players and
junior speculator alike. With its Gibson Capital credentials the promo is sure to happen, but it
won’t be any empty story and Messrs Booth and Osmond have plenty to tell the world about
their Peru know-how, how their assets arrived, why this company came into being at this point,
etc. Marketing is guaranteed, there’s plenty of width to see this company pushed way Scott
Gibson knows how, we can expect glowing coverage those newsletter writers on some kind of
retainer to his firm as well as all the virtual conference channels and social media gurus doing
their thing.
There will be sizzle, but the steak is essentially a drill play and as always, the truth machine will
decide. Previous work at its main (not flagship) Elida property means they will be able to twin a
strong hole to begin their campaign and from there, we shall see whether ECU.v is onto
something or whether LUN’s opinion of the property was the right one. Meanwhile but we’re
likely to see volume and trade action in the stock given its marketing associations. My personal
preference at this point is to hold back a while and see if the type of warrant-cliping action we
saw in December continues into 2021, which means it’s in the right place as one of the 15
Copper Basket components for the year.
Stocks to Follow
The miners had a generally quiet week, with GDX up a single penny and GDXJ up 1.67% since
Christmas Day. In our portfolio of 16 open stocks, we saw seven winners (RIO.v, F.v, MIN.to,
NOM.cse, TMQ, ORE.v, KUYA.cse), two unchanged stocks (MAI.v, AUL.v) and seven losers
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(CMMC.to, RYR.v, NGD, GBR.v, TORO.v, MIRL.cse, MENE.v), but the losers weren’t big ones
and the major percentage moves were to the upside, namely Orezone (ORE.v up 10.0%) and
Kuya Silver (KUYA.cse up 37.1%).
We currently have 16 open positions in the Stocks to Follow list and until we sell another it’s
staying like that, even though we are one over our normal, self-imposed limit. Thirteen are in
the green, three 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$0.68 223.8% New $1.14 tgt Aug'20 #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.90 8.4% $1.58 tgt, bot again Nov'20
Recommended stocks (In order of preference)
Fiore Gold F.v STR BUY C$0.98 21-May-20 C$1.44 46.9% $2.00 target, small growth PM
Copper Mountain CMMC.to STR BUY C$1.40 22-Nov-20 C$1.81 29.3% Added Dec'20, trade for FY21
Excelsior Mining MIN.to STR BUY C$0.98 10-Mar-19 C$1.12 14.3% Added again Dec'20, Cu'21
Norsemont Mining NOM.cse STR BUY C$1.55 6-Sep-20 C$1.06 -31.6% Add 3rd time, for 2021 run
Trilogy Metals TMQ STR BUY U$1.84 15-Sep-19 U$2.00 8.7% Added Dec'20, Cu for 2021
Royal Road Min. RYR.v STR BUY C$0.155 17-Mar-19 C$0.34 119.4% Model paying off in Nica
New Gold NGD STR BUY U$0.76 9-Feb-20 U$2.20 189.5% 3q20 tgt $2.80 confirmed
Great Bear Res GBR.v STR BUY C$15.83 26-Aug-20 C$16.94 7.0% M&A major tgt, added IKN590
Orezone ORE.v BUY C$0.79 21-Jun-20 C$1.10 39.2% Now in news period, trade buy
Kuya Silver KUYA.cse spec buy C$1.66 8-Nov-20 C$2.88 73.5% new Peru Ag jr w/good plan
Aurelius Res AUL.v spec buy C$0.075 28-Jun-20 C$0.06 -20.0% 1st assays promising, spec buy
Pucara Gold TORO.v wait to add C$0.80 4-Oct-20 C$0.83 3.8% Will add at under 65c
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.135 -30.8% hold until further news
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.65 6-Dec-20 C$0.67 3.1% LT bet on jockey&horse,will add
Closed in 2020 closed close price
none
2015 to 2020 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Not much to comment upon in a shortened week that saw markets quiet (er than I expected),
but a couple of stock moves caught the eye:
Orezone (ORE.v): ORE finished 2020 in fine style, I’m not the only one with the hunch we’re
coming up to the potential M&A window on the back of any financing news.
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Previously, we’ve seen ORE price pops fade at the approx C$1.20 level, so even fliptraders are
probably still in.
Kuya Silver (KUYA.cse): KUYA is getting the big promo pump from several places, people
are piling on and that means yes, at some moment it will top out and drop some. However, I’m
not a seller yet because 1) even if it drops 20% tomorrow from here the trade is set fair and 2)
it’s the type of situation where a big upmove can become a crazybig upmove, so I see little to
lose by adopting that Bitcoin thing and HODLing…at least until next weekend.
The Copper Basket
Here’s our new list, comments below:
company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.v 6.08 104.67 636.39 6.08 0.0%
2 Copper Mtn CMMC.to 1.81 207.5 375.58 1.81 0.0%
3 Oroco Res OCO.v 1.85 185.11 342.45 1.85 0.0%
4 Excelsior Min. MIN.to 1.12 239.063 267.75 1.12 0.0%
5 Western Copper WRN.to 1.57 135.6 212.89 1.57 0.0%
6 Marimaca Cop MARI.to 3.25 64.358 209.16 3.25 0.0%
7 Amerigo Res ARG.to 0.80 180.77 144.62 0.80 0.0%
8 Regulus Res. REG.v 1.07 101.85 108.98 1.07 0.0%
9 Chakana Cop PERU.v 0.60 93.2 55.92 0.60 0.0%
10 C3 Metals CCCM.v 0.115 375.17 43.14 0.115 0.0%
11 Aldebaran Res. ALDE.v 0.455 93.64 42.61 0.455 0.0%
12 Doré Copper DCMC.v 1.00 37.44 37.44 1.00 0.0%
13 Element 29 Res ECU.v 0.45 66.7 30.02 0.45 0.0%
14 Crown Mining CWM.v 0.105 87.53 9.19 0.105 0.0%
15 Chibougamau CBG.v 0.165 46.695 7.70 0.165 0.0%
NB: All stocks in CAD$ Portfolio avg 0.00%
Today is the day we do our new Copper Basket list and as 2021 is set tobe a big year for the
metal (and its miners), I’ve paid extra attention to the components as well as assign some
interesting new names. In putting the list together this year, I’ve gone with three themes:
 We’ve Downsized: As much as possible, we’ve always tried to highlight the junior
exploreco end of the copper world in this basket. This year, with a whole raft of stocks
making big gains, companies leave because they have got too big and new ones arrive
that are generally a lot smaller, with one obvious exception.
 We’ve Gone America: The list covers juniors in The Americas this year, we cover
Canada to Chile and all points between. At first it was almost accidental, as the short-
list didn’t have many non-Americas ideas. Then I decided to make it a theme, as overall
I personally feel more comfortable covering companies on the dual continent.
 We’ve Dropped Producers: There are still a couple to keep the representative mix
(CMMC.to, ARG.to) and in MIN.to we should leave the year observing a free cash flow
positive company, but there’s a conscious effort to get back to the “mainly exploreco”
theme, especially as there are plenty of new companies to choose from.
However, before the notes on the new guys (SLS, CCCM.v, CWM.v, with ECU.v done in a little
more detail above) a few words on the four Leavers:
Capstone Mining (CS.to): This was the easiest decision of them all, as at a market cap of
C$951m, for our purposes at least CS and Darren Pylot are victims of their own success
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(ha). Our task is to represent what is going on in the juniors, with an emphasis on
explorecos. Capstone is neither and filled a useful gap while the market was in The
Doldrums.
Trilogy Metals (TMQ) (TMQ.to): After all-but deciding to keep it in this year, Trilogy is left
out for the growing suspicion that in TMQ, the world doesn’t have a typical copper stock
that goes with the flow of others. The company’s fate is binary, resting on the day
South32 buys them out. It will continue to get coverage in the stocks to follow list of
course, the M&A is the reason I remain long, patient and with eyes on the long-term and
obvious prize. In that way, if the stock lags I while it’s less of a nuisance .
Imperial Metals (III.to): Also left our for the main reasons at CS, its $655m market cap
this weekend and its producer status are not representative enough in a year such as
2021, with a whole range of new and/or improved copper companies to choose from.
Atico Mining (ATY.v): Left out because it’s a producer. Left out because in Colombia and
Ecuador, it has a strange and risky CSR mix. Left out because they are conservative to a
fault with their mine planning. Left out because I think they made a big mistake by
moving into Ecuador, no matter how close the VMS rocks are to the type they already
mine. And because it’s been in the list too long, a spring clean does some good.
That was then and this is now, time for notes on the 2021 Copper Basket components. We
concentrate our efforts on the four new names (ECU.v above), but below please find notes and
at least a few thoughts on all basket stocks this year. Finally, please remember that themes,
listings, components and interesting new stocks are all well and good, but the overriding
objective of The Copper Basket is to provide a representative basket to show the state of the
junior copper sub-sector. Now for notes, newbies up first:
Element 29 Resources (ECU.v): As this is the most interesting of the newcomers, I gave it
more room in the otherwise unused Fundies section today. See above for the overview, but
here as a sidebar I’m sure many of you are like me and remember this new company’s chosen
ticker, ECU.v, was once used by the horrid ECU Silver.
Solaris Resources (SLS.v): Overall, the strategy this year is to better represent the
explorecos and grassroots copper companies. Due to this, larger producer companies such as
Capstone and Imperial have been axed, in their place some smaller companies with lesser
known stories. The exception is Solaris Resources (SLS.v), the junior set up after much
corporate dealing and wheeling once companies either directly or indirectly connected to David
Lowell had been put together, taken apart and then split in different ways. From the corporate
fun eventually emerged the kernel of what is now Equinox Gold (EQX) and to the other side,
Richard Warke and his group took on many of
the copper assets. Solaris is the result and
they brought in ex-sell side analyst Daniel
Earle to head the company with the IPO last
year, all with resounding success to date:
SLS has quickly become a copper exploreco
leader, doing plenty of volume and with
speculators and insto holders alike. All good,
but as we’ve also tracked on these pages SLS
and its flagship Warintza project in Ecuador
may be subject to sustained anti-mining
pressure in the year(s) to come, which also
makes it an excellent bellwether to follow for
the Ecuador mining sector. By no means cheap at a market cap of over $600m, SLS is also
more than Warintza and, as it has proven capable of reviving an old and out-of-fashion project
in Ecuador, we may see it do the same in Argentina, Mexico, Chile or anywhere it decides to
develop a second string asset.
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C3 Metals (CCCM.v): Long-term readers of the Weekly won’t be surprised to see this name
form part of the 2021 basket, what with its recent market moves and nascent promotional
campaign. We’ve covered CCCM.v in the last two editions, with the main overview in IKN604
that outlines the project and people entitled “C3 Metals (CCCM.v) drilling for “cobre” in Peru”.
We can expect this stock to come under heavy promo push in the early part of 2021m and
while it’s not a company that appeals to me as a trade (in the slightest, I might add), its profile
appeals to IKN readership (pace mailbag feedback in the last fortnight, thanks all). As such, we
will keep tabs on its progress in the year ahead by making it part of the weekend data. We wish
them fortune with the drillbit, but they will likely know exactly where they want to put the first
holes already and there will be less luck involved in getting a good first assay NR on the table.
All part of the promo plan, I suppose.
Crown Mining (CWM.v): The first thing to know about CWM is that its name is probably
changing soon, as on November 30th the company announced (5) it would “…take appropriate
action to affect a name change of Crown Mining Corp. to US Copper Corp (“US Copper”) to
more accurately reflect its current business activities and assets.” So now you know.
CWM was recommended to me last year for the 2020 basket by reader SP, so when the request
went this time, he pointed out that the 3c stock he picked out for me had tripled. Quite right
too and I remember passing on CWM the year before, thinking it was too tiny and too early
stage. That’s now changed, we’re in a different market for copper stocks and as such, we bring
in more small caps. And thank you kindly, SP, your mails are always appreciated. Smart pick.
Up to recently CWM has been running on fumes, but in November it completed a $1.5m raising
by selling 30m units at 5c (unit = 1 share + full warrant at 10c strike and a three year shelf
life). That generous warrant is already in-the-money so I’d expect some profit taking from the
smart people who bought into that cheap raising, which is what the chart tells us as well:
We saw 13c, that’s now 10c or so. As for its project, that’s the Moonlight-Superior Copper
Project in Plumas County, California USA and it’s going to be a rare pain to permit, but it’s
nowhere as bad as the clearly ill intended Rise Gold (RISE.cse) and when CWM talks of its 43-
8

101 compliant resource of 2Bn+ lbs copper with Au and Ag credits, and its 27 year mine plan
under PEA, there is substance to go on (6). The company website will tell you more, including
the benefits of its large land package. All these items are positives and they add up to a
tradable, speculative copper company. Not one to examine too closely as these stocks tend to
be cheap for good reasons, but for under U$10m market cap you get a clean balance sheet
with cash to go do things in the year to come. The only caveat on the corporate structure is its
warrants, as there are 48.3m of them and if CWM turns out to be a good trade in 2021, 30m of
them become shares. Good for treasury, not so good if you want your share structure tight.
Excelsior Mining (MIN.to): I firmly believe 2021 is MIN.to’s year and, along with Copper
Mountain and Trilogy, it carries plenty of my copper conviction cash as well. We know how
2020 went wrong for one and all, but MIN made the most of the quiet and ironed out enough
glitches in its process to be able to state near the end of last year that it’s now ready to roll.
That was the catalyst for the rally that made a 62c into 112c stock in less than two months.
This year will be all about execution, as MIN moves out of the neutral gear used during
covidified 2020, and up through the gears as it first starts producing copper cathode, then goes
free cash flow positive. On that subject, some sort of extra raising due to the delayed timeline
wouldn’t surprise this desk but I’d also expect it to be a popular financing, so no frets.
Copper Mountain (CMMC.to): One of the larger caps, but not as big as Capstone. A
producer, but one that needs higher copper prices for the leverage. A set of company financials
that have always either slightly weak or weak, but is now showing the way to a strong balance
sheet. And the fact I now own shares in CMMC as well as getting them recently at a good price.
Since producers were let in, CMMC has been in all the Copper Baskets and there’s no need to
change that now. As for 2021, the 15m shares CMMC added in November (7) in order to raise
C$17.25m (gross) in exploration funds allows it to open a second newsflow front. That means
Eva and Ingerbelle, also its acquired Australia assets may see real news for the first time.
CMMC.to: Shares Out
240
220
200
180
160
140
120
100
80
60
40
20
0
Oroco Resources (OCO.v): 61% owner of the large Santo Tomas copper project in North
Mexico, OCO will certainly get that to its full option earn-in of 80% once it has spent the
9
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source: company filings
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required $30m on the property. If the only reason to keep OCO in is its sector star status in
2020, that alone is enough. What we will have this year is a company that has to get on,
develop what is still a relatively early stage project, do the legwork and justify what is (for my
money) an expensive current market cap for such a junior exploreco. It will be a market leader
in its sub-set and the volume it trades makes for clear signals be they from fundy catalysts,
promotional pushes or profit-taking periods (for whatever reason). We know Santo Tomas is
big, what we don’t know yet is how big and that’s why I remain leery, its share price reflecting
a project that would normally be more advanced.
Marimaca Copper (MARI.to): What was once Coro Mining has brought its flagship Marimaca
oxide copper project to the stage where it’s ready to talk M&A. MARI had an excellent 2020, up
exactly 100.0% and as the latest corporate presentation mentions (8), even where we are
today only represents 0.3X NPV. With exploration upside and the assumptions of economic
sulphides below, the mid-cap that offers $5 will probably get a deal.
Western Copper & Gold (WRN.to): It’s a stalwart of the list and often reflects Canadian
appetite for speculation in copper. Big,
low-grade, expensive to build and in the
middle of nowhere, the day somebody
does something with Newmont’s (NEM)
inherited Coffee project nearby is the day
there’s something real to trade here. The
C$28.75m in gross proceeds recently
raised (9) means it can sit and let the
world decide about its sale value almost
indefinitely. A stock that gauges the
temperature of the Cu scene in Canada,
well worth its place.
10

Amerigo Resources (ARG.to): One I lost money on which has rebounded well thanks to the
run on copper, ARG now has the water supply at its mine and the opportunity to repair the
financial damage it did to itself in 2019 and 2020. The problem with being a shareholder here is
that you come behind a long line of creditors (which include company chair Zeitler and his
1.5c/lb personal royalty), as well as the need to put in a few regular quarters that hit guidance
and don’t disappoint. If copper remains high, expect it to start paying a cash dividend.
Chakana Copper (PERU.v): Another that was under judgment, but we keep PERU.v in for
2021 for two reasons. Firstly, its out of the Tiny Dogs basket due to market cap, second I want
to keep an eye on it because this year is when it drills Huancarama (at last) and starts to
demonstrate whether the theory mining several tourmaline breccia pipes at the same time is a
viable mine plan or not. Last year PERU.v gave up trying to be a serious junior and went the
route of the paid promotion, which worked well due to it agreeing to pay in cheap shares which
were then pumped out successfully. The promoters are richer and happy and will stay around,
it’s also the one Gold Fields (GFI) invested in, the insto backing another reason to keep it in. All
things that make PERU one to watch, though don’t expect me to buy back in.
Regulus Resources (REG.v): It’s sure to be an eventful year at REG whatever happens, so
the stock is a central piece of the 2021 Copper
Basket. With the current delay to drilling and the
summer recess, REG is staring at another long
gap in assay results once the upcoming near-
complete holes (3/4 perhaps) give their assays.
That should be any day now, so a potential
catalyst early in the year followed by an
extended wait, but once that is over and the
drills turn again we should get plenty of real
news on rocks.
11

Aldebaran Resources (ALDE.v): From the same stable as REG and also poor performer last
year, ALDE nearly got the chop until I reflected on the lack of Argentina exposure in the
portfolio. Unlike the producer basket and its small side bet that we try to beat the GDX, there’s
no target to beat the street for The Copper Basket” and what we want is representation.
Therefore ALDE stays in, as I couldn’t find a better junior copper name to replace its profile.
The market cap is low, the Altar project is big, the company and its peer-respected geology
team is going about re-working the data and finding the key to unlocking the concession
(chasing higher grades for quicker early payback, normally)
Doré Copper (DCMC.v) and Chibougamau (CBG.v): These stay in because of the upturn
in interest in the (Lake) Chibougamau region and the potential it shows to become a copper
camp in the East of Canada (something the Quebec government would welcome). As noted
previously, I prefer the riskier and more speculative CBG at this point, if I were eventually to
place a bet it would be on the area play potential and CBG is leverage on that, holding a lot of
land at a low price. Meanwhile DCMC will definitely be more dynamic in 2021, I will always
wonder about that 60/40 asset ownership with a private company, though.
And that’s your lot, the 2021 Copper Basket components, active tracking starts next weekend.
We now get back to a small slice of regular programming and our regular look at copper
inventories, data from Chile’s state-run stats people for the mining industry, Cochilco:
 It was another largely quiet week, but the return of Shanghai trading saw some
arbitrage action begin between SHFE and LME. Overall, 4,974 metric tonnes (mt) were
added to world stocks and the total stands at 265,008m. A sliver less thin.
 The SHFE was centre of attention, as stocks finally arrived to push the warehouse total
up 12,439mt to close at 86,661mt.
 Most of that seems to have come from The LME, as 8,150mt left its warehouses on
12

likely arbitrage action, as SHFE begins its annual re-stock period. LME copper stocks
closed at 107,925mt and threatening the Red Alert Alarm Bell line at 100k again.
 Comex added a modest 685mt to close at 70,397mt, numbers to start the year.
The Shanghai-only inventories “How Low Can You Go?” stakes may have found its low this
week, with 12k mt Cu added to stocks and a bounce that should hold. This is the right time of
year for the re-stocking to begin, the pattern obvious from our long-tem chart:
Shanghai Futures Exchange Warehouse Stocks, Dec'15 to date
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
13
ht6ced 6102
dr3naj
ts13 ht82 ht72 ht42 dn22 ht91 ht71 ht41 ht11 ht9 ht6voN ht11 ht8 ht5beF 7102
ht5raM
7102
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 9102
ht31naj
ht01 ht01 9102
ht7rpa
ht5yam 9102
dn2nuj
ht03 ht82 9102ht52pes dn22 ht02 9102ht71von ht51 0202ht21naj ht9 ht8 ht5rpa 0202dr3yam ht13 ht82 0202ht62luj dr32 ht02 ht81 ht51 0202ht31ced
Mt Cu
source: Cochilco
No notes on stocks this week, more than enough above. Instead your author picks on an old
victim as we focus on Chile’s Cochilco and its price predictions. Here’s how they predicted 2020,
on five different occasions and with new data every time:
Strangely enough, the calls they made in 2020 about the average 2020 price were all wrong,
but the July 2019 call of U$2.90/lb for the year to come was spot on to the penny. For the
record, Cochilco is currently forecasting copper at an average of U$3.08/lb for 2021.
The Producer Basket
The new list, comments below:

company ticker price 1/1/20 Shares out Mkt Cap (Bn) current pps gain/loss%
1 Newmont NEM 59.89 803.36 48.11 59.89 0.0%
2 Barrick GOLD 22.78 1779.04 40.53 22.78 0.0%
3 Agnico Eagle AEM 70.51 242.99 17.13 70.51 0.0%
4 Kirkland Lake KL 41.27 272.984 11.27 41.27 0.0%
5 Kinross Gold KGC 7.34 1260 9.25 7.34 0.0%
6 Pan American PAAS 34.71 210.17 7.30 34.71 0.0%
7 Endeavour Min EDV.to 29.62 246.2 7.29 29.62 0.0%
8 B2Gold BTG 5.60 1064 5.96 5.60 0.0%
9 Alamos Gold AGI 8.75 392.73 3.44 8.75 0.0%
10 Pretium Res PVG 11.48 187.254 2.15 11.48 0.0%
Prices in U$, NYSE/NASDAQ tickers, except EDV.to in CAD$ Portfolio avg 0.00%
A reminder: The focus of The IKN Weekly is and always will be juniors and we use the three
basket sections in order to retain focus. The Copper Basket follows a key sub-sector of interest,
The Tiny Dogs watches the smallest of companies and allows us to compare their progress with
our sector and here too in The Producer Basket, we follow and compare to how the juniors are
doing. However, in this basket we also run a secondary line as we try to beat the street every
year, GDX as our benchmark. With that in mind, there are three changes to the 2021 list:
OUT: Buenaventura (BVN), Franco-Nevada (FNV), Royal Gold (RGLD)
IN: Kirkland Lake (KL), Endeavour Mining (EDV.to), Pretium Resources (PVG)
Below find brief notes on the new arrivals but first a word on the companies swapped out
beginning with Buenaventura (BVN), because it’s the easiest to explain. A perennial under-
performer, two years of seeing it drag down the selected basket was enough. As for the other
two, that is less a call on the undoubted qualities of FNV or RGLD, more a forecast that royalty
and streamer plays will under-perform this year. Reasons abound, beginning with the way
mining companies now have plenty of other options of the table for financing than the classic
royalty or stream deal. Costs of capital are dropping across the board as new money seeks
margin, financiers will compete at keen rates. It’s no surprise to hear from companies such as
SAND and FNV that deal flow is at an ebb, meanwhile smaller royaltycos will feel the change
even more sharply. Theirs is a sub-sector ripe of disruption, as the new crop of
royalty/streamers will no longer attract deals on their hardball terms (I talk with plenty of junior
CEOs, several have informed your author about certain new streamercos and their “take it or
leave it” deal offers) As such, not only do we lose all the royalty exposure in the basket this
year, but I also plan to run a weekly chart plotting the evolution of the sub-sector against the
market.
With that half the strategy, the other half is to replace with low cash cost gold operations. The
choice of Kirkland Lake to replace the size of Franco-Nevada was all-but forced, however the
other two represent the type of leverage to gold I believe will pay dividends this year. So
without further ado…
Kirkland Lake (KL): The massive winner of the 2017 to 2019 period took a year off in 2020,
but its underperformance won’t go on forever and it re-joins our basket in the anticipation that
2020 was KL’s transition year. Already we’ve seen more aggressive messaging from the
company about its exploration upside around Detour Lake, the company looking to lift the
weight caused by the limitations now known about the Fosterville deep very-high-grade (who
remembers Makuch and his reveries of 50m and 8om oz of gold there?). Anyway, after a fallow
year KL may become an out-performer in 2021 on simple market timing, but the strategy to
include is even more straightforward; better leverage to gold than FNV.
Endeavour Mining (EDV.to): This stock enters the Tier 2 world thanks to its growth in Africa
in the last years, plus two major acquisitions in 2020 as first EDV swallowed SEMAFO, then
recently announced its friendly acquisition of Teranga in an all-paper deal with a ticket price of
14

approximately U$6Bn. The share price is off slightly since then, but our pro-forma shares out
number of 246.2m (177m puts its market cap well above CAD$7Bn, more than enough for our
purposes. The other advantage EDV gets from London listing is exposure to new markets and
the company plans to replace TGZ’s with one of its own. Big enough for our needs now, with
TGZ added EDV gives us clear exposure to the profitable but politically and socially volatile West
Africa region and, geographically, dovetails with B2Gold and its portfolio of assets nicely.
Pretium Resources (PVG): Third and last of the new names in the 2021 basket is a company
I’ve loved to hate for as long as it has existed, it makes the list because these days PVG is
showing every sign of overcoming its longest-standing criticisms. For sure it’s a very different
beats than the ultra-high-grade selective bulk mining we were told about in the FS and the
sales brochure, these days it’s a quite high grade fairly bulk mining operation running
substantially extra tonnage through its machine. However, numbers show it has reached some
sort of steady state in operations and 2021 is set up as the year is becomes a reliable producer.
If that happens, the recent sale of property to neighbour may turn into the first prelude of the
long-sought M&A action. In sum, there’s enough here to like at this share price and PVG gives
the type of leverage risk I want.
The Tiny Dogs
Here are our new ten for 2021:
company ticker price 1/1/21 Shares out Mkt Cap current pps gain/loss%
Antler Gold ANTL.v 0.205 61.348 12.58 0.205 0.0%
Aston Bay BAY.v 0.045 163.975 7.38 0.045 0.0%
Constantine Met CEM.v 0.17 45.4 7.72 0.17 0.0%
Contact Gold C.v 0.115 240.757 27.69 0.115 0.0%
Golden Pursuit GPR.v 0.22 40 8.80 0.22 0.0%
Manitou Gold MTU.v 0.045 230.79 10.39 0.045 0.0%
Precipitate Gold PRG.v 0.240 106.241 25.50 0.24 0.0%
QC Copper QCCU.v 0.315 105 33.08 0.315 0.0%
Red Pine Expl RPX.v 0.040 477.22 19.09 0.04 0.0%
Warrior Gold WAR.v 0.090 91.818 8.26 0.09 0.0%
Prices in CAD$, data from TSXV basket avg 0.00%
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 cases 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.
Welcome to your new Tiny Dogs basket, with six of last year’s left in because…
Aston Bay (BAY.v) may become rebound trade on their copper projects
Constantine Metals (CEM.v) gives us base metals and also a company in tight JV
Contact Gold (C.v) was beaten up last year, but will now concentrate on advancing the good early
numbers from Green Springs
Manitou Gold (MTU.v) is a horrid thing and its 2020 campaign was a blowout, but the sock is cheap
15

and it will see trading and newsflow
Red Pine Exploration (RPX.v) is one to follow if it ever gets its deal done to gain 100% control of
Wawa
Warrior Gold (WAR.v) has just closed a placement and with war chest in place, will try for better
grades and widths at the promising Goodfish-Kirana
…but four have gone and the choices were easy, as Chakana, Wolfden, Radius and Salazar had
all out-grown the market cap limit for these companies. We now follow with the new arrivals
(no new write-ups on last year’s survivors, and offer notes, always in alphabetical order:
Antler Gold (ANTL.v): This stock almost picked itself, as three readers wrote in and
suggested it as a Tiny Dog for 2021 and I thank you all. The first mail received, from reader
BM, was also the most descriptive and as BM’s brief write-up has turned out to be both fair and
accurate (in my view), you also get to read his words:
Antler Gold is a true exploration company. It has licenses in Namibia, close to the
property of Osino Resources and the producing Navachab gold mine. It is exploring a
region that has seen only limited exploration, but in the early 90’s the property did have
some positive exploration results, e,g . 6m at 3.32 g/t and 7m at 2.07 g/t. Nothing
spectacular, but still very solid for the potential project they are looking for: i.e. low to
mid-grade and open pit. Antler started it's first drill program (7000m) a few days ago,
so there will be a lot of news flow in early 2021. Management are quiet achievers and
have experience in plenty of companies. Antler Gold would give the Tiny Dogs basket
exposure to Africa, which is a good thing imho.
Its recent financing raised enough cash to go drilling, but ANTL still boasts a tight share
structure and for C$12.5m you get a lot of potential leverage upside if the drills hit something
good this year. Here’s the website (10).
Golden Pursuit (GPR.v): My thanks to A. Reader for the heads-up on this idea, a company
I’d hardly registered before looking for the first time last month. What we have is a good, old
fashioned TSXV exploreco dog (11):
16

For the longest time a dead stock chasing a mediocre project in The USA, in October GR
changed tack and acquired five properties around one it already held in the Gordon Lake district
of NWT. On the back of this move, GPR currently has a 20c financing (unit = 1 share + full
warrant at 30c) to raise gross proceeds of $675k open, with $500k of the deal already taken by
a German fund. Once that is closed, we can expect some sort of promo to begin.
If the financing closes as expected, GPR will have a pro-forma count so close to 40m that I’m
going to round up and means that at this weekend’s 22c, it’s an C$8.8m company and the right
price for speculators and second-guessers. I like the idea of following what is essentially a dog
stock trying to reinvent itself, we get to watch the European promo and, eventually, whether
they get lucky with the drill machine.
Precipitate Gold (PRG.v): The reasons to track this one are the same reasons I started to
track PRG in the last quarter of 2020; its
proximity to LatAm’s largest gold mining
operation, Barrick Pueblo Viejo in Dominican
Republic, and the decision by Barrick to JV with
PRG in order to explore its concessions. A stock
that’s on my personal potential shopping list as a
high risk trade, putting it in the Tiny Dogs basket
means it gets tracked for sure. The latest
corporate presentation from PRG (12) is slightly
dated at November, but goes into the JV
program and highlights the miner-friendly
credentials of the new Dom. Rep government.
Any personal trade will be on solid drill numbers
rather than speculative hype because a tinycap
junior either impresses a company like GOLD, or it gets dropped. Watching.
QC Copper (QCCU.v): When I decided to include QC Copper (QCCU.v, ex-Powerore) in the
2021 Tiny Dogs list, it was early December and the market cap was still under CAD$20m. Then
over the Christmas holidays I returned, saw the
market cap was up to CAD$25m or so but
decided to confirm the stock on the list anyway,
rationalizing that it was still under U$20m. Which
means today start the 2021 with one stock that’s
already breaking the rules, as QCCU.v was one of
several copper tinycap stocks that ran hard over
the end-year period as speculators zeroed in on
the unloved copper stories. Run by Stephen
Stewart, who make the most of tight budgets
and runs successful marketing campaigns on
shoestrings, we get a guaranteed aggressive drill
program from the company in 2021 and all the
noise that a tinycap can make from one. The
latest corporate presentation for the rose-tinted version, here (13).
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
An overview of regional politics in 2021
The LatAm regional political year in 2021 will be marked by several major elections though for
our purposes as mining investors, this year all the action is in South America. North of the
17

Darien Gap there are some important parliamentary and municipal elections in Mexico in July,
then there are Presidentials in Honduras due to happen in March but, frankly, it’s a country is of
minor concern to our normal mining radar. To wrap up CenAm, the main question around
Nicaragua’s scheduled Presidential election in November isn’t who wins but by how many votes-
Also, will there be any sort of social protest around this one, as pre-decided elections tend to
bring out the opposition in protest and we know Daniel Noriega isn’t going to lose.
Enough of all that, the real political action this year is further South. We have three major
Andean South America elections to contend with this year, nations either known for their mining
or wanting to be known and those elections are in order:
 Ecuador Presidential elections February 7th, with second round run-off in
March or early if required (Easter falling last week March/1st week April may
alter exact plans)
 Peru Presidential elections April 11th, with second round run-off in June.
 Chile Presidential elections November 21st, with second round run-off
December 19th if required.
These are big elections for mining countries and the region, as three right-wing administrations
face electors who have already shown a tendency to shift left in recent elections. Coming up
are the official previews to all three, though the theme running through them all is not whether
South America is about to take a step to the Left, it’s more a case wondering just how far left it
goes. If my calls on the two upcoming votes are right, then it’s a step left with a run toward
extremism with the return of “Correa-ism” in Ecuador and the shift to a politically centrist
government in Peru, the type that bring governments offering social programs but keep the
economy based on solid neoliberal ideals. We shall see.
Ecuador February 7th election: The nearest to hand, which is one reason it’s had closer
coverage than the others to date here at the Weekly. The other is that because this election
matters for mining, as the anti-mining stance taken by Pachakutik (let’s call it an “indigenous
ecological” party to keep it simple) and its candidate Yaku Pérez is a clear threat to the
country’s nascent mining industry. As Álvaro Noboa’s candidacy has now been ruled
inadmissible and there’s more clarity on the field, this graph taken from the two latest published
surveys (14) (15) probably sums up the situation best:
18

With Noboa removed, we have a three horse race with up to 35% as yet undecided on their
vote. However, both recent polls also indicate a softening in support for the remaining major
right wing candidate Guillermo Lasso, who led in early polls but is now firm second in all serious
studies. All polls have Yaku Perez in 3rd, some slightly further back, including the other recent
survey out of regarded pan-Americas pollster AtlasIntel, which also has Andrés Arauz leading
and Lasso second and Yaku Perez the obvious kingmaker in the round two run-off between the
frontrunners. This flows with many local political analyst opinions that the country is heading
toward “National Ingovernability” (pundits create these mouthfuls in Spanish, I merely
translate) and a split executive and congress that hands tacit power to municipal governors.
As for any eventual run-off between the two frontrunners, Andrés Arauz and Guillermo Lasso,
two frames from the Atlas report shows the right’s problem:
Here we see that Andrés Arauz enjoys most of his support from the lower socioeconomic strata,
with Lasso’s coming at the higher end. Which mean to begin Lasso’s potential support base is
smaller, as the middle class has contracted dramatically in Ecuador under Covid-19. Second, his
is the image of “the candidate of the rich”, or “the banker’s candidate” that even early in the
campaign has been an easy and effective attack line against him. That works because of what
we see in the second frame:
The only people that approve of Guillermo Lasso are committed to voting for him already. His
negative image at 51% negative image is high an the “don’t knows” are few; he’s a known
entity and most people don’t like what they know. Meanwhile, his main rival polls eight points
better on this metric and with the same amount of public visibility as the more established
Lasso, which indicates is out from under the wing of mentor Rafael Correa and has overcome
the “who are you?” factor quickly.
Finally, we should take into account media bias in Ecuador, which is strongly skewed toward the
right wing and the sitting government (Lasso is President Lenin Moreno’s main chance of
staying out of serious trouble when is time is up). It wouldn’t be the biggest surprise to end in a
situation somewhat similar to Bolivia, where polling and voter intention for the left wing MAS
candidate Luis Arce was significantly and suspiciously lower at all times than the actual election
day (expect for a very few polls that got it right, one of them AtlasIntel). This adds up to an
election shaping in the following way, as your author predicts:
 We will get a second round run-off in Ecuador. Unlike Bolivia, Ecuador needs 50%+1
vote for a first round win, highly unlikely even if polls are skewed.
19

 We’re on course for Arauz vs. Lasso in round two and if so, expect Lasso to come up
short for the second election in a row and be beaten by the centre-left, Rafael Correa
supporting Arauz. The left-turn in Ecuador is not driven by ideology, it’s-the-economy-
stupid and Ecuadorians are going to tel their leadership exactly what they think of the
Moreno-led financial rescue package with the IMF, predicated as always on austerity.
The latest in many measures was the re-imposition of 15% sales tax in the country in
October and the country’s voters are moving toward the more populist message of the
left. Back pocket money is the biggest issue in the country and not Covid-19, and the
whole “IMF thing” is the policy set Lasso must try to defend.
 A fractured congress with no simple majority. This allows power to the opposition
groups and in a normal country that is not a bad check/balance on a Presidency.
However this is the Mini Basket Case country and all arrows point us to an effectively
blocked parliament and in this situation, Ecuador political analysts to a person expect
the next President, no matter who, to make liberal use of executive orders. Getting
laws passed through congress will be between difficult and impossible, so executive
orders come into play and they become unpopular with electorates very quickly.
 In-country, the Yaku Pérez/Pachakutik party showing is surprising many with the way
support is holding. Here is a new real force in Ecuador, specifically its voting block in
Congress for the next four years and in its rural, regional powerbase. If Pachakutik can
take 1.5m or so votes of the total 10m approx popular vote, it will be difficult to get
things done in “the sticks” without Pachakutik support and, as they have anti-mining as
one of their chief policy points, that does not bode well.
The above are not guaranteed (obviously, this is South America), but they do lay out the new
most likely path for the Ecuador elections in 1q21. The main takeaway in early campaigning has
been the reduced path to victory for Guillermo Lasso, his early frontrunner position eaten by
the younger Arauz, who benefits from an image unstained by decades in politics as well as the
hard core Rafael Correa support among lower socioeconomic strata. The incognito remains
Yaku Peréz, who has already laid out his serious problems with the two main rivals and won’t
give his second round support cheaply.
Peru April 11th election: Second of the three big elections this year, Peru votes its next five
year President, as well as Congressional and regional/municipal elections and the whole nine
yards. At this time, the best we can hope for is that Interim President Sagasti gets the country
to April 11th and the all-but certain run-off in one piece. Today we run down the main runners
and try to pick a winner, all the time keeping our focus on the country’s mining sector and as
we haven’t had a new set of polls since Christmas, the visual used in a previous edition still sets
the scene accurately:
Peru Presdential Poll: IEP survey
25% (Dec 1-8, MoE +/-2.8%) 22.4%
20%
14.7%
15%
9.1% 9.1%
10% 7.9%
6.3%
4.5% 4.1% 5.1% 5.3%
5% 3.1% 2.9%
2.0% 1.8% 1.7%
0%
20
htysroF namzuG azodneM iromijuF ítserrU onacseL otoS
eD
yrrevlaS alamuH añucA arevilO rehto ATO
enoN
wonk
t'noD
tollab
liopS
source: La Republica
George Forsyth is current frontrunner and enjoying the benefits of not being an established
politico in the country. Instead, he is a relative newcomer to politics having been elected mayor

of one of Lima’s largest neighbourhoods (La Victoria) in the last cycle and coming from a
background in professional football (his name is known everywhere due to his years of playing
goalkeeper in the Peru 1st divisions). His drawback will be a lightweight image and the same
lack of experience, as well as potential issues from an ex-sentimental partner who accuses him
of mistreatment when in the relationship.
Julio Guzmán, running second in the polls for his centrist Morado party. He was frontrunner for
a while in the last election before his candidacy was barred for technical reasons, since then he
has built the party into a national machine all with this 2021 election in mind. Like Forsyth, the
Morados and Guzman also play heavily on their new broom credentials, criticizing the current
system and promising “a new way of doing politics” at every turn. Potential negatives include
the ruling class dislike for Guzman (unlike Forsyth, they see him as potentially out of their
control) as well as more potential dubious private life goings-on, there has been constant talk of
his connection to “Lava Jato” corruption cash, plus there was an apparent secret lover in the
background a couple of years ago at the point of being revealed, his enemies may have been
waiting for the moment of max pain to tell more.
Veronika Mendoza is the biggest threat to Peru’s mining industry. Perhaps that should be re-
written, she’s less of a threat to Peru’s miners, more of a threat to the companies operating in
the country as seen in IKN604 recently and that laundry list of policy items she plans for the
industry. In order to have all information in one place, here it is again (16):
 Reorganization of concessions that allows locals more say in future development
 Better environmental controls and EIA studies done by third parties, not the mining company
 Obligatory prior consultancy for indigenous communities
 Respect for the labour rights of mine workers
 The replacement of the concessioning system with a “permit to explore” system
 The elimination of third party contracts between police forces and mining companies (police often provide
“heavy handed” security at mines, the personnel being officers on their days off work).
 A revision of tax laws for mining companies
 Raising of royalties on sales, rather than profits
 Windfall tax at time of high metals prices
Those look bleak, but the investor in Peru mining companies should not rush to sell. The threat
from Mendoza and the Peru left wing will be felt most keenly in the first round of campaigns
and the vote, she has enough hard support in the country (esp rural areas) to stay relevant
through the campaign, she has the right message for the millions of previously newly affluent
who slipped back into poverty due to Covid-19 and with the field fractured as it is, it wouldn’t
be a massive surprise to see Mendoza make the second round run-off. That would seriously
spook the market, but it would also be a gift-wrapped present for whoever is against her in the
run-off because it’s extremely unlikely Peru elects the combo of Lefty and Woman as its next
President (cruel reality does not come in politically correct words). The lefty side is an easy
attack, the cultural trigger being Sendero Luminoso, anyone to the left of centre is branded a
communist and terrorism apologist, it usually works. The woman side is another thing, as Peru
(let’s put this diplomatically) is not the most socially emancipated society out there. For good or
evil, machismo is still a big thing in the country and many people won’t vote for her simply
because she wasn’t born with the appropriate set of sexual organs.
After her comes the last candidate worth mentioning, Daniel Urrestí. He is the dark horse of this
election, with he and his Podemos Peru party expected to run on a populist right wing agenda
that frames him as “Peru’s Trump”. His message will go down well with the lower
socioeconomic strata who until now have been staunch Fujimori voters (first Alberto, then
Keiko), it’s also one for the urban dwellers of Lima more than the provinces. He is ex-army,
worked as Interior Minister in the Ollanta Humala government and is a controversial figure,
which includes having a criminal case open against him for the murder of a journalist in the
1990’s (the case is apparently strong, but the hearing keeps getting mysteriously postponed).
The last candidate mentioned isn’t worth mentioning as a valid candidate, but Keiko Fujimori is
important in context as her low polling shows how far her party has fallen in the last five years
21

due to corruption scandals at many levels. Her hardcore remains, but “Los Fujis” in this election
are more about where her ex-voters decide to land.
Chile November 21st election: Third and final election on our list, this is the one that could
cause systemic shocks in the region’s mining sector. Although we all have other things to worry
about in the next eleven months and Chile’s presidential isn’t going to be even a market factor
for months, it’s an election we must watch closely for three reasons:
 The right wing in Chile is also having a hard time, opening the door for the left. The
regional trend may get its own local boost, what with current President Piñera polling
around 7% approval and the world fed up of austerity measures against Covid-19.
 Covid-19 is an obvious factor everywhere, but much of this election will be on the Chile-
specific issue of the new constitution, now in process after the riots of late 2019 and
the political decisions arising from it. The November 2020 vote will influence what goes
in that new constitution and has the potential to shift Chile away from its high ranking
among jurisdictions in which to do business in LatAm.
 We’re going to have a new President. The last years have seen Sebastian Piñera (right
wing) and Michelle Bachelet (centre-left) pass the baton between them, this time
neither is likely to run and their dauphins are positioning.
Now for a little on the early candidates, but first we need to set the scene as since the end of
the Pinochet dictatorship and particularly in the last decade, Chile has been run by coalition
governments on the left and right but that is set to change this year. La Concertación de
Partidos por la Democracia, normally “Concertacíon” (no translation required) is the grouping
that kept Michelle Bachelet in power, made of left wing parties of all stripes including its
Communist party. Then to the right, Piñera came to and retained power via the Renovación
Nacional (RN) party, which grouped other right wing parties around it in loose alliances called
“Alliance for Chile” and then “Let’s Go Chile”. This time, we’ll see the left alliance continue but
without Bachelet leading, while to the right the old parties have largely dissolved and in their
place we have Evópoli (E), expected to act as a more coherent alliance than the previous loose
groupings. However, once again there will be no Sebastian Piñera running and no Michelle to
the left, so without getting too detailed or enthusiastic about any of the candidates we now
consider the early names for Chile’s next President:
 Daniel Jadue, mayor of the lowbrow Recoleta district. A member of the Communist
Party, he is given 7% voter intention at this stage. A working class leader who pushes
social programs
 Joaquin Lavín, mayor of the Los Condes district. A high profile, long-standing, classic
right wing Chilean politico. Notably, when asked for preferences Chileans give the right
wing candidate Lavín 6%, but when asked who they think will be next President, he
scores 17%. His would be a win for the establishment.
 Francisco Vidal: Centre left, one of the mainstays in the previous Bachelet governments
and supposedly retired from politics, he opposes the radical left in the “Concertación”,
many see him as the left’s best alternative for consensus.
 Evelyn Mattei, mayor of the Providencia district, on 6%. The tendency to climb the
slippery pole in Chile via the role of large city mayor is established, Mattei brings her
right wing credentials and is one of the alternatives if Lavín’s track record becomes too
much of a burden.
 Pamela Jiles, member of Congress and ex-journalist, on approx 5%. She courts
controversy (recently offering to publish a nude photo of herself taken 30 years ago if
she gets to 500,000 Twitter followers), she has gained popularity recently by being one
of the most vociferous backers of the plan to allow Chileans to withdraw 10% of the
cash held by their private pension funds (AFP).
 Paula Narvaez: From the left wing Socialist Party, she got a big boost just before
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Christmas when Michelle Bachelet (of the same party) picked her as her successor and
backed her Presidential campaign.
That’s enough for these very early days. With voter intentions at a maximum of 7% it’s
obviously early days for this race and until the coalition internal elections are done, we won’t
have a good idea of how the race shapes. Though minor today, this election will begin to loom
large as 2021 unfolds, not least due to Chile’s position as world leader in copper production.
Following up on the Argentina “Lemin” bond issue
Over the years, I have learned that when more than one reader mails in with queries or
confusion about a piece in the Weekly, it’s the fault of the writer and not the reader. Example
last week and the note “Argentina launches “Lemin”, mining companies get good forex”, which
in retrospect got off to a bad start by calling latest developments “surprisingly good news” as,
retrospect, “less worse” would have been more accurate first line.
When we first reported on Argentina’s plans to introduce a special bond for mining companies
in IKN591 it looked like a bad idea with the central being the 180 day holding period which
meant 1) companies would lose out by holding a devaluing currency for longer than needed
and 2) in the meantime, anything it needed to do would have to happen at the unofficial “Dolar
Blue” exchange rate, close to double the current official rate. That has now changed. Due to
the fact that the Argentina government LEMIN bond can be liquidated by the mining company
after 30 days, the slowdown in cash flow isn’t hardly as bad. For one thing, the company enters
and leaves the bond at the same official rate, so there’s no loss by exchanging back at the
expensive Dolar Blue rate. Secondly, by getting in and out in 30 days, most companies won’t
need to tap the unofficial market as their cash flow issue now stays neatly inside any given
financial quarter and the loss of money velocity isn’t as stifling.
In so many words, mining companies will be able to operate in Argentina under the new rules.
However, it’s not costless either and the real world effects of holding a currency whose official
rate has already dropped from 75/1 to 80/1 since we first reported the initiative in IKN591.
Assuming that continues, then adding in the other tax on mining exports (now dropped from
12% to 8% as seen in IKN593, but still heavy), we assume friction of around 10% on profits
made in Argentina when they try to leave the country. This will of course encourage companies
to keep their money in-country, either held as treasury or further invested in assets.
Peru: The “Mining Corridor” is blocked again
In fact it’s been blocked for 21 days and counting by the latest dispute by the community of
Velille, separate than that of the early December eight
day roadblock set up by a different community with
different gripes. And of course, also different to the
2019 and early year roadblocks that caused China’s
MMG to declare force majeur on deliveries after around
one month.
The reason behind the interminable strikes and protests
should be clear by now to anyone who has picked up a
map and taken a look at what Peru calls its “Mining
Corridor”:
The corridor includes all the infrastructure as seen, but
the problem zone is in thick red as this is the road
running past dozens of small hamlets and communities
that has seen villagers’ lives turned upside down by
constant truck traffic. Here, in this detail of the same
zone, you can also appreciate the location of mines
including the big ones, Las Bambas and Antapaccay.
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There are an estimated 50,000 people living on the sides of the “mining corridor” roads in that
map, each village or hamlet a small black dot on the road (e.g. this close-up is of the current
centre of protest, the community of Velille, black dots abound).While
considering the first map above, railtracks included, it’s worth
reflecting on how Las Bambas was first approved by locals and given
its EIA because Feasibility Study plans included a rail link or sluice
pipe, either of which would have meant far less traffic on the mining
corridor. However, once the permits were granted, Glencore Xstrata
(at the time) decided that would add too much capex. The result is the
makeshift solution of trucking the concentrate out, which became
permanent without any sort of permission asked for or granted by locals. This is how vicious
circles start as the most affected town protests first, blocks the road and then (perhaps after a
few arrests and bloodied heads) they finally get a hearing by the company/government and get
what the want.
The result of bad government planning, lax permitting laws, corner-cutting capitalism and new
owners who are all-too happy to continue using trucks, in Las Bambas Pery created a rod for its
own back. We will see intermittent roadblocks and protests there until the cows come home, as
just for one example the current round of protesters are demanding nothing less than a change
in the constitution. What will happen is that they agree on a “social fund” sum and the trucks
are allowed through again and the corporate/government process of putting out fires moves on,
continuing at other villages. Lather rinse repeat, especially during election periods.
Market Watching
Chesapeake Gold (CKG.v) redux
We noted the marketing push that was ramping up at Chesapeake Gold (CKG.v) on the back of
24

the change in top management in the note “Chesapeake Gold (CGK.v) tries to rouse a monster”
of IKN603, dated December 13th.That was one day before the stock’s highest close at over
C$6.00, here’s how the price chart finished December:
It’s given back roughly half the pump difference, which is bound to please Fibonacci fans. In
IKN603 we wrote…
“In the days ahead, as CKG is rolled out as a new hot trade potential, you are sure to
hear that it has 18m oz of gold (plus good silver and zinc kickers) on many occasions.
That 18m is solid M+I as well, forming the backbone to two 43-101 compliant Pre-
Feasibility Studies (PFS) on Metates to show its economic potential.”
…as part of the reasoning behind the trade potential, however hat promo push has not yet
started and isn’t likely to do so until new boss Alan Pangbourne and his proprietary metallurgy
technology arrives. However, just because the timing is an incognito does not mean this isn’t
about to be pushed hard and offered to willing Chinese money at the end of the process.
Raul Benavides retires from Buenaventura (BVN)
The big news in Peru’s rather insular mining world this weekend is the announcement that Raul
Benavides, with official title “Vice President Business Development” and real role of running the
company (along with brother Roque) has retired after 40 years at the company (17). The only
thing we on the outside need consider is whether this will change the long-term corporate
strategy or direction at the company. After a few minutes of consideration the answer is “no”,
though people who deal with BVN at the C-suite level will probably enjoy the buffer of dealing
with somebody less ornery (who then goes and deals with the brothers). I cannot see this
changing anything at AntaKori, for example.
Conclusion
IKN606 is done, we end with bullet points:
 Never my favourite edition of the year, it always ends up looking like a list of
companies. It’s now done, we should get back to normal market action this week,
better times ahead.
 Happy New Year to you all, here’s hoping for a great 2021.
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
25

Footnotes, appendices, references, disclaimer
(1) https://www.e29copper.com/
(2) https://iknnews.com/shooting-geologists-in-peru/
(3) http://fortecopper.com/
(4) https://www.e29copper.com/_resources/presentations/corporate-presentation.pdf?v=0.306
(5) crownminingcorp.com/wp-content/uploads/2020/12/2020-11-30-NR-Name-change-and-changes-to-directors-1.pdf
(6) http://crownminingcorp.com/projects/
(7) https://www.cumtn.com/investors/press-releases/2020/copper-mountain-closes-c-17-25-million-bought-deal-2057/
(8) https://marimaca.com/wp-content/uploads/2020/12/Marimaca-Exceptional-Development-Potential-Outstanding-
Exploration-Potential-December-2020_Final.pdf
(9) https://www.newswire.ca/news-releases/western-copper-and-gold-closes-28-75-million-financing-865351845.html
(10) https://www.antlergold.com/
(11) https://www.goldpursuit.ca/
(12) https://www.precipitategold.com/investors/presentation
(13) https://qccopper.com/investors/presentations/
(14) https://twitter.com/cwgranda1/status/1343891923489222658/photo/1
(15) https://www.atlasintel.org/poll/ecuador-national-2020-12-30
(16) https://larepublica.pe/politica/2020/12/18/mendoza-en-el-sector-minero-tambien-se-necesita-un-nuevo-regimen-
laboral/
(17) http://www.rumbominero.com/noticias/mineria/buenaventura-anuncia-la-jubilacion-del-ing-raul-benavides-despues-
de-40-anos-de-servicios/
Stocks To Follow Closed Positions 2020
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
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
26

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
27

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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