IKN #617Premium

The IKN Weekly
Week 617, March 21st 2021
Contents
This Week: Trade heads up, In today’s edition, Theft of The IKN Weekly, A moot week.
Fundamental Analysis: Buy Canada.
Stocks to Follow: Pucara Gold (TORO.v), Copper Mountain (CMMC.to), Minera IRL
(MIRL.cse), Minera Alamos (MAI.v), Great Bear Resources (GBR.v), Royal Road (RYR.v).
Copper Basket: Overview, Solaris Resources (SLS.to), C3 Metals (CCCM.v), Regulus (REG.v).
Producer Basket: Overview, Newmont (NEM), StreamerWatch.
Tiny Dogs: Overview, Red Pine Exploration (RPX.v).
Regional Politics: Peru Presidential election: A tentative call on round two, Ecuador
Presidential election update, Colombia’s government pushes its copper concession auction,
Argentina: Chubut on ice, Your brief regional Covid-19 update.
Market Watching: Tinka Resources (TK.v) sees a new strategic investor.
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
“
Trade heads up
I’m a buyer of Cartier Resources (ECR.v) next week, in order to take advantage of the growing
interest in Canada-based gold assets. See today’s main Fundamentals section for more.
In today’s edition
 With the newsflow of last week, the number of deals done with or around Canadian
located mining assets in 2021 increased and the trend now seems set fair. Another
example of how Covid-9 has changed the world, we consider the implications, suggest
four trades to take advantage of the tendency. Of the four, Cartier (ECR.v) is the one I
am buying next week.
 Last week’s moves in US Bonds and gold weren’t as dramatic as they might have been
because the battle wasn’t engaged. There’s still plenty of time for yields to drag gold
down, we return to the fray this week. Today’s intro.
 Copper took a break from its climb up the price charts, but there’s still a lot to like
about the metal and its prospects and in The Copper Basket, inventories levels are
telling us the bull run is not over yet.
 Peru’s presidential election is a concern for the mining industry and, with just three
weeks left before the first round vote, it’s also impossible to call at this point. However,
we’re now down to a just a few scenarios of likely or possible and the potential trade
set-ups are beginning to appear.
Theft of The IKN Weekly
Some time toward the end of last year, I was made aware of a Twitter account pretending to
1

be me and mentioned as much about it on the blog (1). I made it clear the Twitter impostor
was not me, but the subject was unimportant and I quickly forgot, there’s no burning personal
desire to rag at somebody pretending to be me for their own weird amusement.
However, last week that changed when a friend contacted me to ask whether I was aware of
the Twitter account which is publishing screenshots of The IKN Weekly to all and sundry. I
wasn’t. But I am now, and sure enough, it’s the same idiot from last year, here’s the link (1)
and here’s an example screenshot:
Plenty more where that came from, this latest one blithely giving away the names of the
companies covered and discussed in the subscriber weekly. Other tweets have content of the
pages of The IKN Weekly, this latest one is bad enough but by no means the worst of a whole
series of tweets of a publication clearly marked not for forwarding, or reproduction. This is theft
and the person behind these acts is a criminal. Playing spoof on blog matters is one thing (I
wish they’d stop, but it’s only a personal preference), but using the Weekly material and giving
my work away for free is quite another. Therefore, a message to the person behind that fake
Twitter account because if you have access to the Weekly you are now also reading this. Listen
carefully, I am giving you two choices:
1) Refrain from publishing a single word that appears in The IKN Weekly ever again. That
includes copypastes, screenshots, whatever.
2) Continue to publish my subscriber-only material.
If you choose 1), you will have no further problem with me. If you choose 2), you will have a
mountain of problems. Be clear, this only applies to contents of The IKN Weekly, you have no
right whatsoever to steal and use it for your own gain. Do what you want with the open blog,
but if you reproduce any item from The IKN Weekly, from this moment and in perpetuity, I will
make it my job to discover your identity and at that point, your online world will begin to crash
into your real world in very ugly ways. As you have taken it on yourself to damage my
professional life, you get to discover out just how vindictive I can be. I will make a point of
doxxing you to your employers, friends, family and associates, they will know you are a thief
and so will the rest of the internet, your professional reputation will be tarnished, your credit
rating may even take a hit. In brief, once I’ve finished with you your name will be mud,
featured in multiple blog posts seen by the entire mining community. And by the way, don’t
make the mistake that many have made before you as I can guarantee that you, like every
other member of the human race, are not anonymous on the internet. I haven’t started looking
for you yet, do not give me reason to begin.
A moot week
It was a good week for gold, and once the Fed communiqué passed without much of a hiccup,
it became clear gold wasn’t going to drop despite the rise of the now infamous T-10 yields. We
even had a net gain to GLD on Friday, not easy to see the 3.5tonnes added which left the
2

weekly total almost unchanged on the chart, but it’s there. More importantly it was the first net
addition to vaults in three weeks.
GLD gold holdings, 2020/2021 to date (metric tonnes)
1400
1350
1300
1250
1200
1150
1100
1050
1000
950
900
850
800
3
91/21/13 02/1/02 02/2/9 02/2/92 02/3/02 02/4/9 02/4/92 02/5/91 02/6/8 02/6/82 02/7/81 02/8/7 02/8/72 02/9/61 02/01/6 02/01/62 02/11/51 02/21/5 02/21/52 12/1/41 12/2/3 12/2/32 12/3/51
mt
source: SPDR GLD data
Last week was the market failing to decide whether it wanted to square off against the Fed. It
was the Fed saying “You want higher yields or you want higher equities? Choose, you can’t
have both”. It wasn’t the big showdown as advertised, instead the market went on autopilot
and nothing got resolved. That means last week’s call on potentially lower gold prices is equally
as valid today and the move to 2+% yields is still intact. Because of gold’s grace under
pressure, the miners were bid up and overall, it was a pleasant week to have forecast
incorrectly. However, last week didn’t change anything either, the same risk is still present and
tensions around bonds yields have not gone away.
All the same, we shouldn’t worry too much about the near-term machinations of gold and its
related financial devices, the negative effects of inflation in the pipeline shouldn’t last long and
in the medium-term, we expect gold and the other PMs to be swept along with everything else.
It’s only in this first stage, when the markets are liquidating safe haven vehicles in order to
reach for yield, that gold is set up to lag for a while.
Fundamental Analysis of Mining Stocks
Buy Canada
After “Sell Peru” in a recent note, today we “Buy Canada” as Covid-9 has changed the world in
many ways. One of the changes has been to see how deal flow in mining has moved away from
the riskier world zones (e.g. South America) and centred on the safest mining jurisdictions in
the world. As the dearth of action continues in Peru, we’ve witnessed plenty of deals go down
between North American companies in North America and, as the chances are the trend will
continue, the plan is to put some money into play and profit from the growing trend. A
combination of factors has come to a head and, PDAC 2021 seems to have been a catalyst, at
least among the mining companies that finally found time and space to talk with each other,
even if it was only virtually. Companies have always had to pay a premium for concessions in
“serious countries”, but even taking that into account mining land assets in North America
(mainly Canada) are seeing significant upward re-rating and plenty of interest from buyers. Our
job is to take advantage of the trend. So before getting to the best house ideas for four trades
on rising land prices, we check out the latest news of similar deals.
New Gold (NGD) with GUS.v and then HRT.to: The latest move to revalue North American
exploration assets came from our own successful holding, New Gold (NGD), last week. In two
separate NRs, first on Thursday we learned NGD was the sole taker of the recent $3.5m
financing run by Angus Gold (GUS.v), a junior developing its project near Wesdome’s Eagle
River mine outside of Wawa. That did this to GUS.v shares:

The next day, Harte Gold (HRT.to) announced (2) NGD was taking a 14.9% position in the
company by spending $24.8m on shares, the proceeds to go toward paying down company
debt. That did this to the HRT stock price on Friday:
I readily admit zero knowledge of Angus Gold, though its 16 page corporate presentation (3)
makes for an interesting read. On the other hand, I do know about Harte Gold and its Sugar
Zone Mine and to begin, I really like these deals from an NGD shareholder’s point of view. With
the transformation year of 2020 behind it and the gold hedges now off, NGD has shown us a
clue of how it sees the company future by investing in local juniors. In this way it also plays
catch-up to peers in the fashionable Strategic Investment game. As for Harte in particular, it
strikes me as an excellent fit for NGD so don’t think they are going to stop at 14.9%.
HRT is a recent poster child of why juniors run by geologists shouldn’t accept financial debt
from bankers. A victim of poor financial planning, onerous debt that needs to be paid back no
matter whether you’re in production or not, and highly dilutive placements that sapped all
upside away from the stock, since an emergency change of management HRT has at least
steadied the ship but is still drowning under debt. Meanwhile, NGD under CEO Renaud Adams
has become expert in turning round exactly this type of problem a mine under onerous debt.
Add the fact that Sugar Zone is highly regarding by geologists known to this desk and has
plenty of expansion potential and it adds up to a company NGD could well buy out completely.
At $24.8m, this is a bigger deal altogether than GUS.v, it represents a significant move by the
newly financially free company.
Trade suggestions: Last week’s moves by NGD were not the first deals done on Canadian
assets, either. GT Gold is now under Newmont offer, Moneta Porcupine has merged its Golden
Highway project with O3’s Garrison next door, the list continues. As such, it’s time to think
ahead and try to pick stocks that should see price moves as Canada’s turf gets more expensive.
When it comes to listing juniors in Canada to benefit from a rise in land values, you are going to
need a long piece of paper. This publication doesn’t pretend to be all inclusive, but what you
get are four trade ideas to fit the current trend and growing momentum for companies that will
4

see their shares rise if mining land gets expensive in Canada:
Harte Gold (HRT.to): Travelling no further than NGD’s target, HRT isn’t cheap but NGD is
obviously interested in Sugar Zone and it would be a good fit. Assuming closure, HRT now has
a cool 1.04 billion (with a B) shares out, implying a C$176.8m market cap. That makes it too
expensive to be a spec junior trade, instead a purchase here would be to second-guess the
NGD buyout
Red Pine Exploration (RPX.v): A company we’ve followed closely on these pages recently,
RPX operates in the same region as Angus Gold (GUS.v) and with its recent deal to secure
100% of its poject plus a big corporate re-jig, RPX could turn out to be the in the right place at
the right time. Last week saw the stock split move forward, part of the corporate re-
organization, which when all done should leave RPX a company with around 85m shares out
and enough cash to go exploring in 2021. Notably, after a rough start post split RPX was boght
up strongly at the end of the week, the same time as its neighbours deal was announced.
Strategic Metals (SMD.v)
A holding here already, we bought into SMD recently due to the amount of quality land assets it
had under its influence, both in its own suite of concessions and the ones with which it has
already done deals. Our main feature on the company was in IKN610 dated January 31st and
included this list of reasons to own:
 2021 will see an upsurge in exploreco activity: New explorecos require valid properties, SMD has
a lot of land on its books.
 As day follows night, when the price of gold rises so do mining land values. The sector-wide
improvement in land asset values does not yet reflect in the SMD share price.
 The exploration and discovery potential of SMD properties (or those at companies in which it has
a large equity position). Both its 100% owned properties and the projects at partner companies
look set to return newsworthy results this year.
 A low profile. SMD has flown under the radar since post crash rebound, which is understandable
as the heavily marketed juniors have dominated the scene. This company is the 180° opposite of
a marketed or promotional junior and the Covid-19 related lack of general exploration newsflow
has also helped taken it off many people’s radars.
 Seasonality also plays is role in “Yukon Stocks”, their shortened exploration season and longer
winters also make for quiet news periods this time of year became clear.
The seven weeks that have passed since then have only gone to underscore those points. At
that time, SMD had 116 wholly owned properties on its nooks and was in JVs with five other
companies. That’s now changed because SMD has added Honey Badger Silver (TUF.v) to its list
of partner companies, with another typical shares-for-land deal that makes SMD a strategic
minor shareholder. Here’s how its third party holdings are looking along with cash:
Equity positions and cash held by SMD
Ticker S/O PPS Mkt cap SMD % SMD NAV
RK.v 208.036 0.15 31.21 33.5% 10.45
GGL.v 44.946 0.2 8.99 38.9% 3.50
TUF.v 137.5 0.14 19.25 19.9% 3.83
PRG.v 106.241 0.185 19.65 19.2% 3.77
SNG.v 81.98 0.22 18.04 18.7% 3.37
ATC.v 162.384 0.195 31.66 8.5% 2.69
TG.v 57.887 0.12 6.95 2.6% 0.18
subtotal 27.80
Terra 4.2
Treasury 9.0
Total C$m 41.00
You get a lot for its current C$44.5m market cap, just the third party positions all-but justifying
the share price. However, the current prices and values are not the reason to like this model, as
in a time when land property values start shooting higher, the investor does best by getting in
on the land prices as early as possible. SMD is in the right spot for us retail; a company that, if
5

fortunate, could provide multi-bagger wins from any of its concerns but even if there’s no magic
drill hit, SAMD is still well positioned to ride a fixed asset wave higher, its business model allows
us to be in at the grassroots level. However, it’s one I already own and the size is right for the
time being, so in order to bring more exposure to Canadian-domiciled explorecos I need to add
another to the portfolio. Step forward Cartier Resources (ECR.v):
Buying back Cartier Resources (ECR.v)
SMD is a good way of playing the rising value of Canadian mining land, but it’s one we already
own. The main action I’m taking on this new trend is to buy back Cartier Resources (ECR.v),
the exploreco with its flagship Chimo project, near Val D’Or. To start here’s a reminder and
update on company structure:
Shares out: 215.9m
Options: 16.35m
Warrants: 1.31m
Fully diluted shares: 233.54m
Current share price: C$0.31
PF Market Cap: C$66.9m
Approx cash per S/O: 2c
All prices are in Canadian States Dollars unless stated. Forex U$0.80=CAD$1
Chimo is the flagship at ECR, but as this map shows that’s not the only reason to like this stock.
While owning previously, we made little play of the Benoist, Fenton and Wilson projects but
with land now coming at a premium, all four assets at ECR have a part to play in the company
valuation.
But before we get to the land we check the corporate side of ECR. This look at its latest
financials doesn’t bring us right up to date as we still await the year-end numbers, plus the new
Fenton acquisition will alter the shape of the
company again in Q1, but results to Q3 show a ECR: Assets, per qtr
40
company in good financial shape and that’s not
35
about to change dramatically.
30
25
The change in liquid assets in Q3 (right) is the
20
result of the equity financing that quarter, when
15
ECR raised C$9.36m by selling 21.778m flow
10
through shares at C$0.43 apiece. That cash
5
injection puts the company in good financial shape,
0
with more than enough treasury to execute on all
plans in 2021 and beyond (recall the way this
company sips cash and gets a lot of bang from its
6
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3
C$m
fixed
other current
Cash&Eq
source: company filings

drilling bucks). Liabilities have moved up, but that’s the non-cash liability ECR (or any other)
company takes when it sells flow through shares. That drops to zero as the cash is used.
ECR: Liabilities, per qtr
6
5
4
3
2
1
0
7
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3
C$m
LT liab
current liab
source: company filings
From the placement, shares out have moved up to 214.58m but we know that’s now unlikely to
change for several quarters (of at all if Chimo sells for cash):
ECR: Shares out (m)
38.751 79.361 19.671 50.771 11.771 11.771 11.771 11.771 11.771
36.191 36.191 36.191
85.412
S/O (m)
220
200
180
160
140
120
100
80
60
40
20
0
3q174q171q18 2q183q18 4q181q192q19 3q194q10 1q202q203q20
source: company filings
Finally, as a hack on a set of rather tedious P+L charts that show tiny changes over long
periods, the working capital chart from the balance is enough to show how ECR expenses its
operations and occasionally tops up cash.
ECR: Working capital, per qtr
16
13.904
14
12.112
12 10.75 11.021
9.71
10 8.496
7.404 7.422
8 6.5236.216 6.207
5.614
6
4
2
0
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3
C$m
source: company filings
The bottom line to financials: Clean and simple, ECR runs a tight ship and we find it in 1q21
with a full treasury, enough to go about its business for many quarters. Now for the real reason
to own ECR, its land assets and the three that matter are Chimo, Benoist and Fenton.
Chimo: Beginning with the flagship, here’s the latest resource count for Chimo, though the
numbers should update and get bigger soon:

At present the Chimo all-categories resource stands at just below 1.2m oz gold, but ECR has
drilled with plenty of success since that time and demonstrated continuation at depth. They’d
also be justified in raising their economic parameters, as by using the current U$1,300/oz gold
price they turn plenty of rock that’s ore at U$1,700/oz gold into waste. The company has also
been successful with the drill bit, and overall they have guided to get to around 1.7m oz all-
categories gold in the next update. As for that resource update, it’s now somewhat late, as it
was supposed to come in late Q4, then early 2021. However, management seems unruffled by
the delay and CEO Cloutier has made recent noises about the update coming soon.
Benoist: For a long time the fallow #2 project at ECR, in the words of the company Benoist is
now “Poised to be Cartier’s next high profile project.” The end of last year saw ECR becoming
more active around Benoist, then in January the company announced (4) a 30,000m drill
program to expand the known resource and search for outlaying mineralization. This was a
more aggressive move from ECR, as previous it planned to look for a JV partner to fund and
drill Benoist. Instead they have moved away from drilling Chimo and have re-started their value
adding process here, without the financial aid of a partner.
In a nutshell, ECR’s strategy at Benoist will be to reproduce its success at Chimo: Pick up a
cheap and under-explored asset, drill and improve its resource under 43-101 and add value via
the drillbit, with a view to eventually selling a large gold deposit to the highest bidder. There
are differences, for example Benoist is not a past working mine and its 43-101 resource is
derived from past owners’ exploration work. But we can expect plenty of newsflow in 2021 from
30,000m of drilling the way ECR does it, the main drill holes then splaying to get as much bang
per deep hole buck as possible.
Fenton: This isn’t the only asset left on ECR’s books, but it’s the most topical as on February
23rd, ECR announced it was buying the 50% of Fenton it didn’t own from erstwhile JV partner,
SOQUEM (5). This move shows ECR knows what it wants to do with its raised cash, it also puts
a third string in behind Benoist that now automatically becomes the number 2 project when
Chimo is sold. ECR has paid $300k cash and $300k in shares for the 50% it didn’t own, the best
place to see what it gets is the small 3D video on this link (here’s a screenshot, but not easy to
capture a clean image, go see the video (6))
Seeing this deal done shows ECR moving forward and is another indication that Chimo is now
on the block, waiting for the right offer.
8

Discussion and conclusion
On selling ECR in November last year, after a two year hold and a decent win, my thoughts
were that Chimo had missed the deal window and we would have to wait a while longer for the
ECR’s print. That was then, this is now and while that call has held for four months, the market
for just the type of asset ECR is selling, good grading underground gold in a near-shovel-ready
project in a safe jurisdiction where lots of other mining companies do business, has suddenly
taken off.
ECR’s intentions are also clear; we still await the final resource update that may (or may not)
get us to 1.7m oz gold I+I, but the company has already shifted its exploration attention away
from the flagship and to its second string Benoist. That, plus the securing of 100% of Fenton
recently, flags that Chimo is no longer an object on which they can add value. They’ve
expanded the resource, shown its economic viability and even run models on hoisting capacities
to demonstrate tonnage throughput parameters, all that’s left is for a mining company to buy
and put it into operation. However, even if Chimo doesn’t sell in the near future ECR is on the
right track in its business model. This trade is predicated on the bonanza win we can expect
from a sale of Chimo, but it’s made more attractive by the held land assets that are set to
appreciate further in value as Canada based projects command greater premiums.
As for what ECR is worth today, a lot of that will depend on what sort of resource count it
deliver. Here’s an update of the in-situ valuation table for Chimo, using current share count and
different price ranges for the gold, depending on how much is there.
ECR at Chimo: In-situ valuation per share
in-situ All categories res count (Moz Au)
gold C$/oz 1.183 1.7 2
20 0.11 0.16 0.19
25 0.14 0.20 0.23
30 0.16 0.24 0.28
35 0.19 0.28 0.32
40 0.22 0.31 0.37
50 0.27 0.39 0.46
60 0.33 0.47 0.56
70 0.38 0.55 0.65
80 0.44 0.63 0.74
90 0.49 0.71 0.83
100 0.55 0.79 0.93
source: ECR data, IKN calcs
There’s nothing set in stone, but if we assume the guided 1.7m oz is correct and the ounces sell
at the type of price that leaves profit for the
buyer (best house guess between C$60 and
C$80 per ounce), the deal would have a positive
cash effect on shares of between 47c and 63c.
Or in so many words, a deal would double the
price of this stock even before the benefits of
higher Canadian land values begins to kick in. A
return to Cartier Resources (ECR.v) may get
lucky on the timing of any sale of Chimo, but the
strategy is based more widely and about the way
Canadian juniors are now being bought simply
because they are in Canada. The world’s new
found appreciation for political rick and ESG. I
plan to buy shares in ECR next week and the
stock makes its return to the Stocks to Follow list, as from next weekend.
9

Stocks to Follow
On the week, the ETF proxies for gold bullion (GLD up 1.09%) PM miners (GDX up 2.48%) and
juniors (GDXJ up 3.23%) performed as per the handbook, with one percentage point added for
each level of risk. Our portfolio marched in-step, with three week-over-week losers (CMMC.to,
TMQ, MIRL.cse) from our 14 open positions, then one other unchanged (MIN.to). That means
ten winners, among them came big rebounds from Pucara (TORO.v up 14.8%), Aurelius (AUL.v
up 11.1%) Great Bear (GBR.v up 10.6%) and Royal Road (RYR.v up 10.1%), notably all among
the smaller positions. Meanwhile, the larger sized precious metals holdings rose on the tide,
while the copper names took a rest.
We currently have 14 open positions on the Stock to Follow list, one below our maximum.
Seven of our stocks are in the green, one is unchanged 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$0.60 185.7% New $1.14 tgt Aug'20 #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.80 -3.6% $1.58 tgt, bot again Nov'20
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$1.40 22-Nov-20 C$3.15 125.0% Added Dec'20, trade for FY21
Trilogy Metals TMQ STR BUY U$1.84 15-Sep-19 U$2.20 19.6% Added Dec'20, Cu for 2021
Strategic Metals SMD.v STR BUY C$0.40 31-Jan-21 C$0.40 0.0% Asset $ trade, proj generator
New Gold NGD STR BUY U$0.76 9-Feb-20 U$1.79 135.5% 3q20 tgt $2.80
Excelsior Mining MIN.to STR BUY C$0.98 10-Mar-19 C$0.79 -19.4% Delayed, but still great value
Royal Road Min. RYR.v BUY C$0.155 17-Mar-19 C$0.38 145.2% Model paying off in Nica
Great Bear Res GBR.v BUY C$15.83 26-Aug-20 C$17.14 8.3% M&A major tgt, added IKN590
Orezone ORE.v BUY C$0.79 21-Jun-20 C$0.99 25.3% M&A now or re-rate later
Aurelius Res AUL.v spec buy C$0.075 28-Jun-20 C$0.05 -33.3% Drillbit good, mkt bad. Spec buy
Pucara Gold TORO.v hold C$0.65 4-Oct-20 C$0.31 -52.3% Strike One
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.13 -33.3% hold until further news
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.65 6-Dec-20 C$0.60 -7.7% LT bet on jockey&horse,will add
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Mining NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
2015 to 2020 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for some notes on covered stocks:
Pucara Gold (TORO.v): Not Strike Two. The main good news from the TORO.v NR last week
(7) was that the company isn’t going to continue at Lourdes with second stage drilling until it
has drilled its other main target, Pacaska. They want you to forget about Lourdes, which is
good because up to last week, TORO planned to continue drilling at the target where they got
dusters before. As for the target, the NR gives an overview and then the roundtable discussion
linked gives more, but I know that the SAND geology team have liked Pacaska for many years.
This is exploration stage drilling and the risk of failure is always high, but the potential reward is
there and if size and grade shows, they may even end up with the mythical “next Yanacocha”
that Peru has been waiting on for over 20 years. Finally, from the NR we also learned that with
$5.2m in treasury, TORO is fully funded for 2021 and we don’t have to worry about a financing
if they hit something at Pacaska.
10

The house position on TORO is simplicity itself; They have between Lourdes (fail) and Pacaska
(we await) to hit something interesting, else I will sell my small position and move on. Although
two purchases big, this is still a small position and tantamount to a foothold for me, strong drill
assays could see me add quickly.
Copper Mountain (CMMC.to): It took a breather along with peers. Still fully bullish, still
cheap compared with copper at $4.00/lb.
Minera IRL (MIRL.cse): Here’s the MIRL year to date chart:
After the MIRL screed in IKN616 last weekend, we saw one large-ish 200k seller marking down
the price, then the stock staying in its new range on low volumes for the rest of the week. The
seller is probably a reader of these pages and I for one don’t blame them. For the record, I am
holding (and those doubts voiced last weekend were more a manifestation of my annoyance at
time of writing last weekend than anything I’ll ever act upon).
Now, to field the main inquiry received from fellow shareholders during the week and, in order
to explain why I want no part at all with any activism movement, an explanation: With MIRL as
with all other companies, my professional stance is to defend the corner of retail investors
(because I’m one of them). In the case of MIRL and back in time after the untimely passing of
CCC, that meant opposing the asset stripping attempts (plural) by those who tried to take
control, Messrs Hodges, Pinto, Valdez etc. It so happens that the defence of the shareholder
position meant alignment with Diego Benavides, he was on the right side of the argument and
eventually, we won out.
Which meant that back in the day my name was feted at Minera IRL, but that is no longer the
case. These days I’m a nuisance best ignored, as in order to defend our retail corner I need to
shine light on how MIRL has been woefully mismanaged since CEO Benavides took control and,
as a direct consequence, has put Ollachea back under a time clock. The combination of
inaction, inertia and bad decision-making outlined last weekend means Minera IRL has lost any
market momentum for the funding of its project and there’s now the looming threat of outright
asset loss, but ask the company and the problem is the messenger, not the manager. According
to CEO Benavides the problem isn’t mismanagement, it’s that the public has found out about it
in March instead of having to wait until August or September for the penny to drop.
Long story short, the company has ignored me for months and that didn’t change last week. To
be honest that’s fine, the last personal vestiges of any desire to be active around MIRL and find
resolution came to an end January, after the announcement MIRL had engaged Haywood. It
was at least a step forward, so I reached out to MIRL CEO Benavides to say we should meet,
with a view to presenting a common front for mutual benefit during any sales process (and to
find out more details, of course). The reply from MIRL? They thought I was looking for some
kind of cash payout, or was angling for a financially beneficial deal now that a brokerage was
involved. It was so annoying I didn’t bother to reply*.
11

Bottom line: CEO Diego Benavides of Minera IRL refuses to engage with me on a professional
basis, underscored by the way he decided to ignore my mail this week, too. He doesn’t like me?
Big deal (and fwiw the feeling is mutual), but the petulance smacks of a bad executive decision
because surely, the person to whom to convince on the corporate plans for Ollachea is the
person who has the ear of his fellow shareholders. But it is what it is and, knowing Benavides,
I’d be all hindrance and no help in any process to get Ollachea funded at a right price. The
solution isn’t necessarily a change in management, either, but I assure this audience I am not
the person who will be able to change the entrenched and self-serving opinions of the MIRL
CEO. I remain more than happy to analyze the company from the outside and I remain a
shareholder with a view to making a profit on the trade.
*If it needs repeating, I will: I do not take money from mining companies, period.
Minera Alamos (MAI.v): Up four cents last week, MAI was perkier all week and company
president Ramshaw is starting to show on the Virtual speaker circuit again. We also got an
incentive options award on Thursday (8) that brought some negative comments, mostly about
the size of the 7.25m options and less about the strike price, which at 72c means these really
are for incentive. Also, the vesting conditions are connected to production and on inquiry, I was
told that MAI would need to reach over 200,000 of cumulative gold production for all the
incentive options to come out of escrow. In other words, the total may be large but this is a
real incentive options award and not the type of fakery timed to news releases that has given
the bonus a bad name.
It’s also the time you’d want to see them awarded, as we know MAI is about to crank up the
real news as from Q2 and will have several fronts from which to report. With a strike at 72c, it
wouldn’t surprise me to see all of them worth $1.72 soon enough and I for one hope the new
owners of those options get stinking rich.
Great Bear Resources (GBR.v): GBR was already having a good week before Friday came
around, thanks to more buyers on Monday and more news of drill assays on Tuesday (9) (the
return of “only” 25.12 g/t Gold Over 4.25 m not enough to wake the GBR cynics. But then
Friday came along and GBR was one of several juniors pushed high by a sudden influx of
buyers. We’ll find out eventually who is behind the move, but it’s the style of a larger fund
wanting to make its name present. nyway, GBR was one of several stocks this new money
bought and you’ll no hear no complaints from this desk about that.
Royal Road (RYR.v): More strong drill results from the brand new Caribe discovery in
Nicaragua, which is shaping up to be a 1g/t gold open pit resource (and we know that grade
works). There’s a whole lot more to work out of course, not least the size of the deposit and
the new, more powerful rig now on-site will help that knowledge move forward. In trading, RYR
performed well last week but is only bouncing around in the 30c, it cannot seem to break
higher.
12

The Copper Basket
After eleven weeks of 2021, The Copper Basket shows a gain of 19.52% to level stakes.
company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.08 104.67 878.18 8.39 38.0%
2 Copper Mtn CMMC.to 1.81 207.5 653.63 3.15 74.0%
3 Oroco Res OCO.v 1.85 185.11 357.26 1.93 4.3%
4 Marimaca Cop MARI.to 3.25 64.358 295.40 4.59 36.9%
5 Western Copper WRN.to 1.57 135.6 244.08 1.80 14.6%
6 Excelsior Min. MIN.to 1.12 239.063 188.86 0.79 -29.5%
7 Amerigo Res ARG.to 0.80 180.77 173.54 0.96 20.0%
8 Regulus Res. REG.v 1.07 101.85 123.24 1.21 13.1%
9 Chakana Cop PERU.v 0.60 117.2 62.12 0.53 -11.7%
10 C3 Metals CCCM.v 0.115 375.17 48.77 0.13 13.0%
11 Aldebaran Res. ALDE.v 0.455 93.64 46.82 0.50 9.9%
12 Doré Copper DCMC.v 1.00 40.938 39.71 0.97 -3.0%
13 Element 29 Res ECU.v 0.45 66.7 30.68 0.46 2.2%
14 Crown Mining CWM.v 0.105 87.53 19.26 0.220 109.5%
15 Chibougamau CBG.v 0.165 46.695 7.47 0.16 -3.0%
NB: All stocks in CAD$ Portfolio avg 19.52%
In a consolidation week for the sub-sector, just one of our 15 basket names remained
unchanged (MIN.to), with seven losers
(CMMC.to, OCO.v, ARG.to, PERU.v, CCCM.v, The Copper Basket 2021, weekly evolution
ALDE.v, CWM.v) and seven winners (SLS.v, 35%
WRN.to, MARI.to, REG.v, DCMC.v, ECU.v, 30%
CBG.v) splitting the field. Most of the moves 25%
were inside established trading ranges, with 20%
just one big winner (SLS.v up 17.3%) and two 15%
big losers (CWM.v down 22.8%, CCCM.v 10%
down 13.3%). 5%
0%
As for the metal, copper was modestly lower
for the week but what really matters is the
visual in the monthly chart:
Here we see the peak of the run-up, when copper found that U$4.30/lb was too much too
soon, but since then the trading range has been set in place and we are now bouncing between
U$4.00/lb and U$4.15/lb and if any copper miner you hear of complains that’s too low, short
the company.
13
ts1
naJ
ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12
source: IKN calcs

Also, to ring the changes and provide a different perspective here’s the long dated copper price
chart which takes in the Global Financial Crisis (GFC) among other events. The similarity of the
recent rush-up in copper prices to the period after GFC is obvious to the eye and market
circumstances, that of world governments all hitting the stimulus button in order to float away
from recession, is also striking. Ten and fifteen years ago, the market put a limit on the price it
would pay for copper, after that it held a new level for a while, but eventually even U$3.50lb
was too much for the long-term. Cut to today and our new $4.00/lb level, we had our first rush
up and if history is guide, we will either see a push higher or at least, the new priceline holding
for the indefinite future.
FWIW, the original 2021 call on these pages was for copper price to move sharply higher in
1q21 on straight supply/demand dynamic. That largely worked out, but we didn’t get the type
of panic spike to shoot it to the U$5-handle that I thought possible at the time. We’re now the
other side of the warehouse squeeze, for a while at least, so further demand-driven price rises
are less likely until the (Chinese) market digests its 1q21 physical purchases.
Moving on, Reuters explained last week’s macro and modest copper weakness like this (10):
Copper prices fell on Thursday as rising global inventories and falling premiums in top
consumer China stoked demand worries and offset support from a weaker dollar amid
dovish U.S. central bank comments.
What bunkum. First those premiums, which at $67/t are hardly collapsing and merely reflect
the lull period in the annual refinery cycle (which, unsurprisingly, follows on from the impex
cycle), that’s normal for March. As are those “rising global inventories” that the Reuters reporter
wants to worry about. Here’s a little more from the same note:
Meanwhile, stockpiles are rising in exchange warehouses, with LME copper inventories
MCUSTX-TOTAL hitting their highest since Dec. 30 at 107,275 tonnes, and ShFE stockpiles CU-
STX-SGH were last at their six-month high of 171,794 tonnes.
Using an LME that’s modestly off near record LOWS as a reason for price concern is one thing,
but using the SHFE data and screaming “Six Month Highs!” when one look at the normal stock
cycle will tell you why…that’s a different level of stupid. So in order to combat the
disinformation we move to our regular weekly copper inventories section and get the real story:
 Aggregate copper inventories in the world’s three official systems rose sharply last
week, stocks up 27,793 metric tonnes (mt) to reach 356,231mt this weekend. added
was a more modest total and brings with it another hint of supply drought.
 The SHFE is into 15k adds, with last week’s 15,578mt the third week in a row. This
weekend stocks stand at 187,372mt, which is a definite improvement of course but it
has to be taken in context with seasonality.
 The LME moved up by 11,500mt, that’s good news for the market and means stocks by
Friday were back over 100k, at 104,950mt. However, our Reuters reporter is getting
14

too enthusiastic if they think this is a bearish influence on the metal, anything under
200k is tight for LME and it’s been under that line for a long time now.
 At the Comex stocks rose modestly once again, this time by 715mt and closing the
week at 63,909mt.
Here is the Shanghai-only inventories chart, the re-stocking spike is there but is not as strong
as in previous years.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
15
31'13ceD ht9 ht81 ht72 ht5tco ht41 dn22 5102
dr3yam
ht21 ht02 ht92 ht7bef ht71 ht62 ht4peS ht31 ht92 ht9 ht81 ht72 7102
ht5von
ht41 ht52 ht01 ht91 ht82 9102
ht6naJ
ht71 ht62 ht4gua ht31 dn22 0202ts1ram ht01 ht91 ht72 0202ht6ced ht41
Mt Cu
|
source: Cochilco
Here’s a comparative of the first 11 weeks of stocks in 2019, 2020 and 2021, we see this year’s
replacement is lagging far behind and end March is normally the peak for stocks, too.
Change in SHFE Cu stocks Jan-Mar 2019, 2020, 2021
mt Cu
400000
350000 2019
300000 2020
2021
250000
200000
150000
100000
50000
0
1 2 3 4 5 6 7 8 9 10 11 12
source: SHFE Cochilco
Now for notes on a few of our basket companies:
Solaris Resources (SLS.to): Now a member of the big board TSX, Solaris is the stock that
trades and acts totally separately to the rest of the copper juniors, the coper market, indeed the
miners. The newsflow has always been regular and bringing development either on the ground
(six rigs now turning and another six being added by midyear) or at a corporate level, the latest
news (11) this week being the appointment to the board of Kevin Thompson, a senior Barrick
suit. The corporate roll-out is slick and news comes regularly, typical of a well planned Richard
Warke development enterprise and we’ve seen the M.O. before, Rosemont, Ventana Gold,
Arizona Mining three examples of the successful strategy. Next up, we’re bound to see an
acceleration of drill assay NRs and Warintza will always be able to deliver a cut to impress
watchers (that isn’t anything new, but in passing it’s also notable how well SLS has packaged its
“discovery”), so 2021 will get plenty of momentum NRs to boot. All good, but the way in which
the shares are bought and bought again is distinct from the rest of the market, SLS shares defy
gravity on a daily basis and with ease.

A most impressive price chart, SLS reacts to all good news (e.g. last week) and takes any
reversal in its stride, buyers waiting for any dip. This isn’t the same as other stocks, you see
this on rare occasions when a mining stock will march to its own completely separate beat.
Examples that come to mind from the past include NovaGold (NG) when the Electrum guys took
control (the Saudi money simply poured in) or Tahoe Resources (TAHO) and the way it tripled
mere months from its IPO, ignoring the market around it. SLS is another, a stock that is being
bought by big money working on knowledge aside from the obvious and declared. As for what
that is, it’s not the first time that the China Connection has been mentioned on these pages
around SLS, but the way it trades now suggests we’re at the point where traders assume SLS
has customers queuing at the door for Warintza already, it’s merely a question of when and at
what price the sale is made. That may indeed be true and to his utmost credit, Chair Warke is
exceptionally good at timing the market on both the cycles for metals (buying and selling zinc
properties at the right times) and countries (selling Ventana at a massive profit to people who
still haven’t been able to put it into production, due to Colombia country risk). The “what price”
is likely to be driven by 2021 drill results and the “when” could be any time, as SLS would
surely like to wait until full value can be demonstrated in a PFS or even PEA, but if the right
offer comes in at the right time the deal will happen before).
As for the eventual buyer of Warintza, it’s obviously China (via one of its front companies, but
it’s a moot point as to whether MMG, Tongguan or some other company is the nameplate of the
China S.A. suitor). A list of synergies:
 The big (and CSR troubled) Mirador copper mine is its near neighbour
 China is an active business partner in Ecuador, that’s not going to change. Free-market
Guillermo Lasso won’t play any Nationalists’ flag and welcomes FDI, while favourite for
the run-off, Andrés Arauz, has stated that if elected he’s do “lots of deals with China”.
 China is “less concerned” (let’s say) about the human rights of indigenous locals or
communities around its mines and operations, which allows it to buy where others fear
to tread (e.g. Buriticá in Colombia)
 On the flipside, recent blocks on deals for mining assets in North America (e.g. TMAC
Hope Bay) means China is forced to narrow its search for natural resources to countries
amenable to deals.
Add to this the hint from last week, Warke making the executive comment in the NR:
"We are pleased to welcome Kevin to the Board. His mergers and acquisition
experience will be a valuable asset to the Board as we continue to progress the
Warintza Project in south-eastern Ecuador.”
Another nod and a wink toward dealing with China. There’s an air of destiny around SLS, the
corporate roll-out remarkably similar to the way Ross Beaty spun out “the Lumina properties”
into Northern Peru Copper was one of the first and, by the time the last asset Taca Taca found
its buyer, he had just about perfected the strategy of drilling, funding, developing and selling
such large resources to willing buyers. Warke is doing the same here and now Ecuador’s next
President, be it Lasso or Arauz, will welcome FDI at a national level and will make all the right
16

pro-mining noises for the international stage, the local level problems (and they are big) are the
only real risk (and they depend on how angry local get, so keep people happy temporarily and
the reality of a country ungovernable from a national platform won’t manifest itself. Warintza
will have to be both big and attractive to justify even the current company market cap, but with
SLS following the aggressive path to eventual M&A we won’t have to wait long to find out if it
does.
C3 Metals (CCCM.v): Somebody took profits on
Friday. That’s the first time we’ve seen that type of
selling in C3, a single larger speculator cashing in.
Next week may bring clues as to whether it was an
one-off, whether it’s company related or maybe a
wider political risk decision.
Regulus Resources (REG.v): In its January 7th
NR discussing the final semi-holes out of AntaKori
before being chased off by locals, REG CEO John
Black stated (12), “Drilling at the Anta Norte portion
of the AntaKori project is currently temporarily suspended while we address concerns about
potential impacts from drilling. Discussions are progressing well and we anticipate that we will
reinitiate drilling soon. It is our intention, upon recommencing drilling, to move onto our 100%
owned ground to test the most promising targets.”
Also at that time, The IKN Weekly pointed out that due to the rainy season and then the
election we wouldn’t get any action out of REG until April minimum, with first drill results
unlikely before June minimum and more likely July. We are now late March, the election is
round the corner and, as forecast, REG cannot even publish the “rig teams are being deployed”
NR to presage any real activity.
Or maybe April for drill re-start and July for results is what CEO Black meant by “soon”, it all
depends on what your definition of the word is, I suppose, but from a company with a long-
term record of failing to meet deadlines it’s a word that grates. Or to contrast with another
company mentioned today, I personally wouldn’t expose a penny of my mining investment cash
to Ecuador but you have to compare and contrast the corporate organization of Solaris and
Regulus at some point. SLS hasn’t just eaten REG’s lunch as South America’s premier copper
exploration story just because of the rocks and assays.
The Producer Basket
After eleven weeks of 2021, the Producer Basket shows a loss of 7.90% to level stakes.
company ticker price 1/1/20 Shares out Mkt Cap (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 803.36 49.75 61.93 3.4%
2 Barrick GOLD 22.78 1779.04 37.18 20.90 -8.3%
3 Agnico Eagle AEM 70.51 242.99 14.74 60.67 -14.0%
4 Kirkland Lake KL 41.27 272.984 9.55 34.99 -15.2%
5 Kinross Gold KGC 7.34 1260 8.76 6.95 -5.3%
6 Pan American PAAS 34.71 210.17 7.00 33.32 -4.0%
7 Endeavour Min EDV.to 29.62 246.2 5.45 26.55 -10.4%
8 B2Gold BTG 5.60 1064 4.97 4.67 -16.6%
9 Alamos Gold AGI 8.75 392.73 3.26 8.29 -5.3%
10 Pretium Res PVG 11.48 187.254 2.08 11.09 -3.4%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -7.90%
17

It’s less the fact that all ten of our components rose last week and more the way in which they
all rose together. The only outliers were the continually under-performing Kirkland Lake (KL up
1.4%) and Endeavour Mining (EDV.to up 8.9%) that was on the rebound from an abnormal
close two Fridays ago. All the others rose on the same tide, between 2.5% and 5% around the
+3.5% median. This week traded on rails for miners, nothing new and nothing old, just a
sector taking its normal place in the hierarchy of capital markets
The 2021 Producer Basket: Weekly performance and 4%
comparative to GDX control
0%
-4%
-8%
-12%
-16%
-20%
Everything is still red YTD, too.
StreamerWatch: Our three examples of small (MTA.V) medium (SAND) and large (FNV)
streamers and/or royalty plays have done this, to date in 2021:
Newmont (NEM): It’s not easy to get written reports and the only one found is a hard left
wing newspaper (12), but there has been enough talk of a large outbreak of Covid-19 at NEM’s
Cerro Negro mine in Santa Cruz, Argentina to take it at face value. Notably, NEM first tried to
keep the outbreak quiet and instructed employees to continue as normal, but this weekend the
mine is on essential works only and employees on a five day isolation quarantine in their
quarters, with all on-site employees getting a Covid-19 test at the start and the finish of
quarantine. No word on whether production will be affected, though the quarter may turn out
to be sub-par as workers told the leftie paper the outbreak has been going on “for weeks”.
The Tiny Dogs
After eleven weeks of 2021, the Tiny Dogs show a gain of 17.14% to level stakes.
18
ts1
naJ
ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12
The 2021 Producer Basket: Percentage difference between
GDX benchmark and basket (negative = IKN basket ahead)
3.5%
3.0%
2.5%
2.0%
basket 1.5%
gdx control
1.0%
0.5%
0.0%
source: Google, IKN Calcs
ts1
naJ
ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12
source: IKN calcs, NYSE/Nasdaq/TSX data

company ticker price 1/1/21 Shares out Mkt Cap current pps gain/loss%
Antler Gold ANTL.v 0.205 61.348 14.11 0.23 12.2%
Aston Bay BAY.v 0.045 163.975 8.20 0.05 11.1%
Constantine Met CEM.v 0.17 45.4 10.44 0.23 35.3%
Contact Gold C.v 0.115 240.757 26.48 0.11 -4.3%
Golden Pursuit GDP.v 0.22 40 6.00 0.15 -31.8%
Manitou Gold MTU.v 0.045 230.79 20.77 0.09 100.0%
Precipitate Gold PRG.v 0.240 106.241 20.19 0.19 -20.8%
QC Copper QCCU.v 0.315 105 23.10 0.22 -30.2%
Red Pine Expl RPX.v 0.400 47.22 37.78 0.80 100.0%
Warrior Gold WAR.v 0.090 91.818 8.26 0.09 0.0%
Prices in CAD$, data from TSXV basket avg 17.14%
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 representing the state of play in the
sub-sector of tinycap exploration company stocks. At least, that’s the plan.
 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.
Another largely positive week for the Tiny Dogs,
their tails still wagging and causing concern.
Tiny Dogs, 2021 weekly tracker
20%
Seven stocks went up (ANTL.v, BAY.v, CEM.v,
18%
C.v, MTU.v, PRG.v, RPX.v), one was unchanged 16%
(QCCU.v) and two were weekly losers (GDP.v, 14%
12%
WAR.v). Most of the moves were small, the
10%
biggest up Red Pine (RPX.v up 14.3%) and the 8%
6%
biggest down Golden Pursuit (GDP.v down
4%
11.8%) 2%
0%
Red Pine Exploration (RPX.v): RPX went
thru its 10-for-1 reverse split last week, a
moment that often brings its own liquidity
moment and selling from legacy holders. We saw some, but then buyers moved in for the stock
and by the end of the week, RPX was sitting well.
FWIW, I feel slightly sheepish because one day last week a subscriber asked whether it was a
good place to buy. Normally it’s not good form to tip trades like this, but I replied that they
might want to fish at 60c. That same day, it dropped to 61c and then rebounded, ending the
week at high recent highs and as I didn’t hear back from the person, I hope they fished around
60c and didn’t put in an order for that exact price.
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.
19
ts1
naJ
ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12
source: IKN calcs, TSX data

Regional politics
Peru Presidential election: A tentative call on round two
Despite there being no new opinion polls of real worth last week, the only ones published of the
type that closely appeals to the editorial line of the commissioning newspaper, the race for next
President of Peru does seem to be narrowing down to just four candidates, two of whom go
forward to round two. The four hopefuls are:
 Rafael López Aliaga: Hard right wing
 George Forsyth: Centre-right wing
 Yonhy Lescano: Socially conservative left wing
 Veronika Mendoza: Left wing
It’s tentative but of the four, the most likely to get to the run-off is now Yonhy Lescano. He is
ahead in nearly all polls by two or three points and in a highly fractured race, that’s suddenly
looking like a big advantage. Also tentative, this is not a confident prediction but with gun to
head, I would choose George Forsyth to make it to round two. He’s held onto his core vote and
with his candidacy now ratified, was back on the campaign trial last week and getting plenty of
cameras to follow him. The hard right winger Rafael López Aliaga is still making plenty of
headlines, but Peruvians have been turned off by his odd personal life and over this weekend,
he did himself no favours by appearing drunk at a party rally in the city of Tacna. He’s probably
peaked. Finally Veronika Mendoza and the big fear is a little less today, Vero has seen her vote
intention clipped by Yonhy Lescano to the right of her (who offers a ore socially conservative
socialism) and another candidate further down the list, one Pedro Castillo, who is running on a
full-on Communist ticket and has drawn votes away from Veronika’s left. It’s still not done deal
though, a late surge in Lima that picks up a lot of undecided votes would be enough to chnge
everything.
As for trading the election, the main rule is not to be long going into the first round of voting
(April 11th) Once we know which two candidates have made the run-off, the second round
campaign will either present a buy window either earlier or later into the run-off campaign, with
June 6th set for the vote.
Ecuador Presidential election update
On Thursday, Yaku Pérez bowed to the inevitable and desisted in his campaign to prove fraud
in the first round of elections, meaning that Round two now goes ahead between Guillermo
Lasso (right wing) and Andrés Arauz. In his statement, Pérez said (translated) (14):
“Nevertheless, I do not believe or trust in the final candidates. They stole the
2021 elections from us, but they didn’t steal our hope. We are the third way,
together we will make the Ecuador we dream of from opposition.”
You get that statement from the 3rd place loser for two reasons:
 By confirming he will not endorse either candidate (Lasso had a chance, but the round
one mess ruined it), Andrés Arauz is at the same time confirmed as hot favourite to win
the run-off (poll margins are currently between 5% and 10%, but Ecuador polls are not
to be taken too seriously).
 He is growing politically. Pérez found out during the disputed results period that
national/international level politics is dirty and ugly, he reacted the way a newcomer
reacts and that won’t happen again. He’s also aware of the power he has from the
political bloc of Pachakutik seats in the upcoming parliament.
As per last week, Ecuador risk is no longer acute and concerned with next month’s election
result, the problems are deeper and chronic. We need not look to the long-term either, the
ingovernability of much of the country for whoever becomes the next President is why you
should avoid any exposure to Ecuador like the plague, the deterioration of CSR and community
20

relations we witnessed before the election began will only get worse now.
Colombia’s government looking to move mining forward
In Colombia, plenty of hot air is now getting wafted around the upcoming auction of mining
concession blocks holding promising copper targets, as noted in IKJN616 last weekend.
According to Colombia’s mining minister the belt running through Arauca and Cordoba
provinces is the continuation of the great copper bearing system that runs from Chile all
through the Andes, the only difference is that Colombia hasn’t taken advantage of its geology
yet. All this is exactly why our enterprising exploreco Royal Road (RYR.V) took the choice
concessions in the South of the country on the border with Ecuador, but the hot politics there
make that a longer-term project. Nearer now are the auctions for blocs further North, with the
marketing prelude reportedly creating plenty of interest among potential bidding companies.
Also new on deck on Colombia are the results of a study that could see Colombia emulate Chile
and set up a sovereign wealth fund (SWF) in order to fund mining projects. The plans involve
raising around U$40Bn on the world credit markets, which would then be invested in Colombia
domiciled projects. Bonds payments would come from taxes raised first on the sector, then self-
funded from eventual profits in working mines (15).
Argentina: Chubut on ice
The program for Congressional business for the current session of parliament in Chubut was
published on Thursday and notably, the debate and eventual vote on the Zonification of the
Meseta region was missing from the agenda. That means the law project is unlikely to get a
hearing for at least six months and puts the Navidad project back on ice.
In this way, the move to get Navidad permitted over the last six months has officially failed and
it’s no small failure, either. This project was back by the national government of Alberto
Fernandez, the local government of Mariano Arcioni, all the major industrial unions, plus of
course PAAS and the other mining companies with the type of marketing budgets to out-spend
the opposition. The pro-mining camp pushed hard to get Chubut’s congress on its side and, in
effect, only had to secure a 14-13 vote in order to outflank all the anti-mining opposition, but
even with all forces working together they failed to break the strong anti-mining sentiment in
the province. This has consequences at a national level too and it was telling to hear Mining
Secretary Alberto Hensel talk of “project by project” review of companies in Argentina last week
(16). That was last year’s policy, before Hensel started pushing the united national front policy
and trying to get all provinces to agree on the same framework for mining projects. With
Chubut saying no to the Navidad, that is now waste.
In the same webinar, Hensel also noted that the government was looking at ways to reduce the
fiscal burden on mining in Argentina, above all in order to promote development of projects.
That got the report headlines, however changes to the national tax law are unlikely and the
issue of trying to lower tax on major mining projects will be looked at on… yes, you guessed
it…a project-by-project basis. And with that, we bring to a close our focused coverage on
Navidad as seen these past few months. It had the potential of changing the fortunes of the
industry for the entire country but, it was not to be. The end of another chapter of mining in
the Basket Case Country, avoid Argentina.
Your brief regional Covid-19 update
The top Covid-19 crisis story in LatAm continues to be Brazil, as it continues on its journey to
become the world’s first Failed State due to Covid-19:
21

Three weeks ago Brazil scientists forecast a near future of 3,000 deaths per day and President
Bolsonaro waved the fears away, two weeks ago Lula da Silva appeared on the scene, now with
deaths on the move to the 3k Bolsonaro is taking it all very seriously. Recent opinion polls show
that even though he hasn’t officially declared his candidacy, Lula da Silva would beat Bolsonaro
in next year’s Presidential election easily, both the first round and any eventual run-off. The big
issue is Covid-19, Lula’s messages are resonating and now, Bolsonaro is doing everything in hs
power to ramp up the country’s vaccination program. Not a moment too soon and for morally
sickening reasons, of course, but still very welcome because those same scientists who
Bolsonaro now listens to said last week that there are seven regions of the country where
Covid-19 is now “out of control” (quote/unquote), including the two main conurbations of Sao
Paulo and Rio.
Also predicted, we are now seeing problem infections in countries neighbouring Brazil, for
example Uruguay, which has been praised on these pages and in many other places for its
effective battle against Covid-19 all through 2020 and 2021, but is now finally seeing hospitals
in its border towns with Brazil overflowing with Covid-19 patients (17). In reaction, Uruguay’s
government has reassigned its latest consignment of Sputnik vaccines to the border towns in
order to “seal Uruguay off from Covid”.
Meanwhile in Peru, the other sick country that matters most to South American mining, a third
wave of infections is now a clear and present danger. The February lockdown may have
stopped a bad January from getting a lot worse, but the month of loosely-adhered rules didn’t
make a dent in the numbers and once again, they are rising. Peu now faces Easter week (there
will be big groups of people passing viruses from one to another) and then the Presidential
election campaign (ditto) and vote on April 11th (also), all this on top of a country that has gone
back to its normal way of life if the streets of Lima are any guide. Once again, we stress that it
would take a lot to close the country’s main industries down again and mining is the most
critical of them all, so don’t expect massive supply crimping as seen in 2020. However,
infrastructure and logistics could be hit by a big rise in Covid-19 cases so modest supply issues
could show in the next couple of months as shipments make slower progress than normal.
Bottom line: Be less concerned about metal supply in Peru than deaths in Peru.
22

To wrap up, a small personal observation on Covid-19 in South America: As your author
watches on as the industrialized nations roll out their vaccine programs, compares to what he
sees around him in Peru and laments. No matter if you’re not in Israel (in practical terms
covered unless forced vaccinations begin), The USA (100m jabs in arms) or The UK (40% of
total population covered), you’d have to live in Central Africa to witness a worse program and
roll-out. On top of the privilege scandal where top government officials, friends and family
jumped the queue for their shot, we have a country and capital city that is being split into its
economic subgroups by the virus. The nature of “haves versus have-nots” has always been
stark in South America, it doesn’t take much investigation to find example of how very rich can
live next to very poor, but Covid-19 has made the social split into a chasm. Lima today is akin
to 16th century plague London, where the size of your back pocket was the prime determinant
on whether you were well or sick (or even die). In the Europe of plagues 500 years ago,
countries and cities would first suffer a big wave of cases, then came the residuals that would
cropped up for years after. However, that didn’t stop people from living in places such as
London and the world still went about its business. People applied common sense, they used
things like kerchiefs and nosegays (often perfumed), they washed their hands and other
extremities more regularly (including feet, I am told) and avoided disease hotspots if possible.
It all sounds rather familiar, and as the “avoid hotspot” advice was in essence "don't go to poor
neighbourhoods if you don't have to", it meant the more educated and richer in society got less
plague. They were the ones who would follow scientific and understood the power of basic
hygiene. They could get others to do their (literal) dirty work for them, which again sounds
familiar to an author who still shops at supermarkets, but thanks to a friendly App on his phone
somebody else now gets to push the trolley around the shop and then drive it over to his
house.
Market Watching
Tinka Resources (TK.v) sees a new strategic investor
Vehicle of this publication’s long-term and ultimately failed trade on zinc, Tinka Resources
(TK.v) woke up last week when the company was (18)…
“…pleased to announce that Nexa Resources S.A. ("Nexa Resources" or "Nexa")
(NYSE and TSX Symbol: NEXA), one of the largest zinc producers worldwide, has
acquired 29,895,754 common shares (the "Shares") of Tinka from an arm's length
shareholder in a private transaction at a price of C$0.26 per share, a 13.0% premium
to the Company's closing share price on TSXV on March 16, 2021. As a result, Nexa
Resources has become a new shareholder of Tinka holding approximately 8.8% of the
issued and outstanding common shares of Tinka. No special rights are attached to the
acquisition of the Shares.”
Here’s what TK shares have done in the last ten days:
The big volume was Wednesday, but 2.9m shares also changed hands on Thursday before
23

near-term enthusiasm for the deal started to wear off on Friday.
The market reaction mirrors the reality of the news. It’s good that Brazil’s Nexa with its strong
presence in Peru is on board, it’s an obvious eventual operator for any mine at Ayawilca.
However, TK has been notably reticent in identifying the counterparty, that’s because it’s
Sentient and that’s not so great news. From inception, Sentient has been the prime sponsor of
Tinka Resources (and other juniors in the Mawson stable) and up to last week, was the only
holder aside BVN with enough shares to sell 8.8% of them to the market. As BVN’s 9% is still
under lockup and standstill until December 2021, it means Sentient is the only possible seller.
The reasons for the sale may not be all bad, as Sentient can justify the sale by creating buyer
tension between Nexa and Buenaventura, but even with that element it’s difficult to get round
the fact that Sentient is losing faith in this company and its story.
As for Nexa’s position, they have a cheap entry (almost the same size and price as BVN
purchase two year previous) and can now sit back with a strategic position and wait for the
2022 PFS delivery, at which point they can decide what to do. There’s certainly no reason to
expect a quick M&A from the news of last week, both strategics are serious miners that will
want to see all the infill drilling done and then the PFS parameters. TK rose on the news last
week but, unless there’s a third strategic waiting in the wings, the only people willing to pay
above 25c for these shares at the moment are block buyers. This company isn’t a short any
longer (thought the thought crossed my mind recently, it’s too small to be a practical short) but
neither is it a buy. If you really need to have zinc exposure, there are precious few juniors
worth any thought but Wolfden (WLF.v) continues to make more appeal than TK.
Conclusion
IKN617 is done, we end with bullet points:
 Cartier Resources (ECR.v) is back, a quality company in the right place at the right
time. Selling Chimo is the plan, but ECR will also benefit from the growing momentum
in Canada mining dealflow in the same way as SMD (and others)
 The near-term warnings on the price of gold a still in place however, the market did not
provide any resolution last week.
 This turned out to be a sub-standard edition of The Weekly, perhaps because nothing
really interesting happened. Or perhaps it’s the calm before the storm, but either way
it’s not my best work. Improvement next week.
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 trading fortune, ladies and gentlemen.
Mark
Footnotes, appendices, references, disclaimer
(1) https://twitter.com/IknMark/status/1371969255533637638
(2) https://www.hartegold.com/news/harte-gold-announces-24.8-million-strategic-investment-by-new-gold-and-
indicative-proposal-to-reschedule-senior-debt-payments/
(3) https://www.angusgold.com/assets/pdf/2021-03-18-GUS-CP.pdf
(4) https://ressourcescartier.com/press-releases/cartier-launches-30000-m-diamond-drill-program-on-the-benoist-
24

property/
(5) https://ressourcescartier.com/press-releases/cartier-signs-letter-of-agreement-with-soquem-to-own-100-of-the-
fenton-property/
(6) https://www.youtube.com/watch?v=HNspGpT6-Ys
(7) https://finance.yahoo.com/news/first-cobalt-evaluates-canadian-silver-120000642.html
(8) https://finance.yahoo.com/news/minera-alamos-announces-stock-option-163100185.html
(9) https://finance.yahoo.com/news/great-bear-drills-high-grade-113000046.html
(10) https://www.reuters.com/article/global-metals-idUSL1N2LG0B7
(11) https://www.solarisresources.com/news/press-releases/solaris-appoints-kevin-thomson-to-board-of-directors
(12) https://finance.yahoo.com/news/regulus-extends-mineralized-footprint-antakori-135400358.html
(13) http://www.laizquierdadiario.com/Mina-Cerro-Negro-debio-frenar-actividad-tras-semanas-con-decenas-de-casos-
de-covid-19
(14) https://twitter.com/yakuperezg/status/1372679066466279425
(15) https://www.larepublica.co/economia/fondo-soberano-con-impuestos-futuros-de-la-mineria-seria-de-us40000-
millones-3140383
(16) https://www.elchubut.com.ar/nota/2021-3-19-11-8-0-argentina-podria-reducir-los-tributos-a-empresas-mineras
(17) https://www.icndiario.com/2021/03/covid-19-hospital-publico-de-livramento-en-la-frontera-de-brasil-pide-ayuda-por-
medicinas-a-uruguay/
(18) https://finance.yahoo.com/news/nexa-acquires-9-equity-interest-210000598.html
a new Strategic Investor:
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
25

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
26

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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