IKN #622Premium

The IKN Weekly
Week 622, April 25th 2021
Contents
This Week: Trade heads-up, In today’s edition, Happy ANZAC Day, FOMC and gold on deck,
Bugging for copper.
Fundamental Analysis: Copper Mountain (CMMC.to): Target price review and trade decision,
Buying a small starter position in QC Copper & Gold (QCCU.v).
Stocks to Follow: Pucara Gold (TORO.v), Copper Mountain (CMMC.to), QC Copper & Gold
(QCCU.v), Minera IRL (MIRL.cse), Rio2 Ltd (RIO.v), Trilogy Metals (TMQ), Royal Road (RYR.v),
Aurelius Minerals (AUL.v), Minera Alamos (MAI.v).
Copper Basket: Overview, Marimaca Copper (MARI.to), The Peru copper stocks (REG.v,
PERU.v, CCCM.v, ECU.v), Chakana Copper (PERU.v).
Producer Basket: Overview, Pan American Silver (PAAS) and First Majestic (AG) (FR.to).
Tiny Dogs: Overview, Contact Gold (C.v).
Regional Politics: Peru: Reality sinks in. Ecuador: The mining sector prefers propaganda over
reality.
Market Watching: Cartier Resources (ECR.v) 2020 year-end and 4q20 financials, Rio2 Ltd
(RIO.v) 2020 year-end and 4q20 financials, Strategic Metals (SMD.v) 2020 YE and 4q20
financials, New Gold (NGD) 1q21 production numbers, Buenaventura (BVN) and its upcoming
1q21 Conference Call.
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
Our normal top-of-the-shop paragraph, to make sure everyone sees my proposed trades. I plan
the following:
 Selling Pucara Gold (TORO.v), see Stocks to Follow for that (but the reasons are
straightforward)
 Selling Copper Mountain (CMMC.to) into next week’s financial results, see today’s main
Fundamentals section for more.
 Buying a small starter position in QC Copper & Gold (QCCU.v), in order to maintain
exposure to copper by adding a risk/reward exploration play. That’s also in today’s
main Fundamentals section.
Details below, heads-up complete.
In today’s edition
 Today’s edition is full of numbers, as quarterly reports for companies large and small
cover the last two quarter in the next couple of weeks. We get plenty of charts done as
a result, but the main event is around Copper Mountain (CMMC.to) in the Fundamentals
section because I’m selling and taking profits this week.
1

 Also leaving next week is the remnant trade In the big percentage loser Pucara Gold
(TORO.v). I was originally willing to stick this exploreco risk trade out until its second
asset saw drilling, but Peru’s macro has taken precedence.
 However, there’s a new buy on deck as well. In order to keep copper exposure up as
CMMC leaves, the plan is to start a small position in QC Copper & Gold (QCCU.v) next
week. The outline and thinking behind this small (repeat small) trade is also in today’s
Fundies section.
 In other news, today’s Regional Politics section was going to be 100% Peru, the story is
a big one for the future of the mining industry in the region, not just the country. Make
no mistake; things in Peru will get worse. However, a short extra on the Mini Basket
Case country crept in, as well.
Happy ANZAC Day
As April 25th falls on a Sunday this year, I get to write a line in memory of some of the most
selflessly heroic people ever to have worn military uniform. Lest we forget.
FOMC and gold on deck
A reminder that the upcoming week includes an FOMC meeting, with the standard communiqué
on Wednesday. Expect the world to pore over its wording for signs of inflation and expect those
who see inflation coming soon to see it. Regarding that, the 10 year yield has calmed its curve
again and that, above all, was the mechanism in play last week that allowed gold to move
higher. We’re nearly back at the mooted U$1,800/oz line, not a bad recovery from a metals that
shook off the permabear narrative very easily, this time around. And now, in an attempt to
compress this week’s intro into something more palatable, we move quickly on from thoughts
of inflation to our preferred GLD charts. Holdings at the ETF went to 1021.7 metric tonnes on
Monday evening and stayed there, not budging an inch all week even as gold while the gold
prices around it first moved up then corrected slightly.
The market has stopped demanding its physical gold of GLD, the drop of the last six months
now flattening out. You can see that a little more easily in the chart right, as long as you allow
me one week of April
GLD gold holdings, 2020 to date (metric tonnes)
1400
1350
1300
1250
1200
1150
1100
1050
1000
950
900
850
800
The month Biden got voted in GLD bullions stocks dropped by over 53mt and the month they
finally got his opponent out of his new office,
another 64mt went. So far this month, less
than 16mt has left GLD, we’re ready to turn
it around. That’s also the continued
message from the Inventory/Price ratio, as
Wall St will have to buy a lot of gold to catch
up with the market once it turns. It will turn.
2
91/21/13 02/1/21 02/1/42 02/2/5 02/2/71 02/2/92 02/3/21 02/3/42 02/4/5 02/4/71 02/4/92 02/5/11 02/5/32 02/6/4 02/6/61 02/6/82 02/7/01 02/7/22 02/8/3 02/8/51 02/8/72 02/9/8 02/9/02 02/01/2 02/01/41 02/01/62 02/11/7 02/11/91 02/21/1 02/21/31 02/21/52 12/1/6 12/1/81 12/1/03 12/2/11 12/2/32 12/3/7 12/3/91 12/3/13 12/4/21
mt GLD Holdings at end month, August 2020 to date
source: SPDR GLD data
5.1521 9.8621 7.7521
8.4911
7.0711 5.7511
5.3901
5.7301 7.1201
1300
1250
1200
1150
1100
1050
1000
02'guA pes tco von 02'ceD 12'naJ bef ram *rpa
NB: cut down Y axis source: SPDR *to date
dlog
sennot
cirtem
8.50 GLD: Inventory/Price Ratio, 2016 to date
8.25
8.00
7.75
7.50
7.25
7.00
6.75
6.50
6.25
6.00
5.75
5.50
61/4/1 61/61/3 61/62/5 61/8/8 61/81/01 61/92/21 71/41/3 71/42/5 71/4/8 71/61/01 71/72/21 81/21/3 81/22/5 81/2/8 81/21/01 81/42/21 91/8/3 91/02/5 91/13/7 91/01/01 91/02/21 02/5/3 02/51/5 02/82/7 02/7/01 02/71/21 12/3/3
Source: SPDR data, IKN calcs

Bugging for copper
An interesting OT for today’s introduction, this scientific paper published April 21st (1). Entitled
“Copper mining bacteria: Converting toxic copper ions into a stable single-atom copper”, it’s not
the first time “bugs” have been proposed as an extraction method for metals, but this
discovery-cum-research has real potential. Here’s the abstract from the page:
The chemical synthesis of monoatomic metallic copper is unfavorable and requires
inert or reductive conditions and the use of toxic reagents. Here, we report the
environmental extraction and conversion of CuSO4 ions into single-atom zero-valent
copper (Cu0) by a copper-resistant bacterium isolated from a copper mine in Brazil.
Furthermore, the biosynthetic mechanism of Cu0 production is proposed via
proteomics analysis. This microbial conversion is carried out naturally under aerobic
conditions eliminating toxic solvents. One of the most advanced commercially available
transmission electron microscopy systems on the market (NeoArm) was used to
demonstrate the abundant intracellular synthesis of single-atom zero-valent copper by
this bacterium. This finding shows that microbes in acid mine drainages can naturally
extract metal ions, such as copper, and transform them into a valuable commodity.
To be clear, the “CU ZERO” mentioned in the abstract is zero valency copper. In other words,
the bacteria in question eat the mineral (in the example, copper sulphate) and excrete pure
copper. The fable of the Goose that Laid the Golden Egg isn’t so far-fecthed, after all.
Fundamental Analysis of Mining Stocks
Copper Mountain (CMMC.to): Target price review and trade decision (in CAD$)
This time last week, your author’s idea for this weekends overview of our successful copper
producer trade, Copper Mountain (CMMC.to), was to set the scene tomorrow’s much-
anticipated 1q21 earnings announcement, which includes the delivery of production numbers,
expected pre-bell tomorrow morning (8) (with conference call details on that link, but it starts
at 07:30am Pacific time). However, last week had other plans for CMMC.to shares:
The stock put in a serious move, up 10.5% on the week and closing at a new recent high of
C$3.88, all against the grain of the mining sector as seen by COPX above. Add the way CMMC
was popular all Friday and we now suppose a leaky boat. That wouldn’t be the first time at this
company, so we’re now likely holding CMMC into a strong quarter. The result of the move has
been not just to preview CMMC, but now requires us to revisit the current C$3.80 price target,
taken out on Monday and repeated on Friday. Therefore, let’s start today’s main note with the
quickest re-cap of previous IKN coverage:
 IKN600 dated November 22nd 2020: Your author finally realizes he is wrong to oppose
copper, calls bull on the metal and outlines CMMC as our “call option” on the metal. The
price was $1.31, the house got on at $1.40.
 IKN607 dated January 7th 2021: In the main fundies note “Copper Mountain (CMMC.to)
4q20 production and 2021 guidance” we raise the stakes and set the new, C$3.80 price
3

target. At the time, a C$2.36 stock.
 Then most recent close coverage was “Copper Mountain (CMMC.to) 4q20 and annual
results”, IKN613 dated February 21st, which chewed over the annual numbers and
reiterated our target price. That was the correct call, it was the same day as our
original “Sell Peru” call, as well.
Today therefore, we stick our neck firmly out, as less than 24 hours before the real numbers
are known, the job is not only to guesstimate tomorrow, but to make a call on the price target
and a new trade decision. We begin here:
CMMC: Copper production and sales, per qtr
4
030.02 114.02 382.81 216.71 826.02 134.91 016.81 843.91 054.81 139.71 203.61 120.71 885.81 895.71 274.71 268.71 290.81 978.81 439.81 428.71 350.32 217.81 000.22 000.22
26
24
22
20
18
16
14 12 10
8
6
4
2
0
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
Mlbs Cu
Cu prod (mlbs)
Cu sales (mlbs)
source: company filings
If CMMC beats the 22m lbs production and sales numbers then that is good, but until then we
assume numbers that fit wit guidance. Gold production and sales is very tricky to predict and
what’s more, gold is a significant contributor to overall revenues and economics. Today we go
with 7,500 oz sold (production is moot), allowing surprises to the upside:
CMMC: Gold production and sales, per qtr
4256 4846 2357 9436
4218
5747 7217 6207 2296 4407 8946 0046 0026 8006 9316 4636 9947 9826 0366 2326
9598
3527 0057
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
Oz Au
Au prod
Au sold
source: company financials, IKN sales est 4q20
The other main change is with received prices, which are now in-line with LME averages for the
quarter. We use U$3.85/lb copper, U$1,750/oz gold (and U$25/oz silver, as that metal is good
for U$2m or so per quarter), as from 2q21 we go with a flat U$4.00/lb for valuation purposes.
CMMC: Received copper price vs. AISC Cu/lb produced
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1 tse12q2
U$/lb
Cu AISC U$/lb
Cu received price U$/lb
source: Company filings, IKN ests

The approximate revenues mix to date at CMMC has been 80% Copper, 17.5% gold, 2.5%
silver. As from this quarter, we expect copper’s weighting to rise to around 84% as a function
of price and improving volumes and once we add up the numbers, we get this:
CMMC.to: Revenues
5
649.77 402.48 27.06 941.37 78.68 441.56 307.26 347.37 465.94 980.19 299.49 1.601
331
140
130
120
110
100
90
80
70
60 50 40
30
20
10
0
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
$m
source: company filings
Our previous estimate was for top line revenues of C$127m, that’s now up to C$133m and we’ll
find out in hours just how much egg I’m wearing in the face over this call. There are several
moving parts to revs at CMMC, not least of which the price adjustment from previous quarters
that has benefited the company greatly as copper has risen. It added C$11.9m to the top line
last quarter, this time around our best guess is C$10m and there’s no pulling the wool over
eyes here at the Weekly, it truly is an educated guess and nothing more.
This new revenues total now implies a gross profit of C$68m, COGS unaltered.
CMMC.to: Quarterly Earnings overview
160
140
120
100
80
60
40
20
0
-20
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
source: company filings, IKN ests
srallod
fo
snoillim
revenues COGS Gross profit
And once modest office charges are done, operating profit is set to look handsome at CMMC
tomorrow, in CAD or per-share terms at your preference:
CMMC.to: Operating profit
A company that can provide 31c operating profit in one quarter and point to improving volumes
and margins in quarters to come will attract plenty of applause from the market tomorrow and,
0.81-
8.82 3.93 5.04
0.56 0.96 0.27 0.97
100
90
80
70
60
50
40 30
20
10
0
-10
-20
02q1 02q2 02q3 02q4 tse12q1 tse12q2 tse12q3 tse12q4
source: company data, IKN ests
srallod
fo snoillim
CMMC: Operating EPS, per qtr
0.50
0.40
0.30
0.20
0.10
0.00
-0.10
-0.20
-0.30
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1 tse12q2 tse12q3 tse12q4
source: company data, IKN calcs
retrauq
rep erahs/$C

as long as copper prices behave, anything sub-C$4.00 is likely to look cheap to the market. I’m
expecting CMMC to be a popular ticker tomorrow on the back of a strong quarter plus
aggressive guidance in terms of profits from their operations, as well as planned organic growth
from their development assets in both Canada and Australia.
And that’s why I plan to sell. To begin, though copper has traded like a dream recently and
been plugged for good measure by Goldman Sachs, there is a near-term top to its move and I
don’t think we’re far away (there’s a little more on that in The Copper Basket today). But more
importantly for this trade, we are now past the sweet spot for leveraged share price growth at
CMMC. As copper’s spot price zooms into the U$4.00 zone CMMC’s relative high cash cost
becomes a thing of the past, or back in IKN607 we put it like this:
“…there’s a simple hack on the stock price sensitivity to spot copper fluctuations, as if
CMMC produces 85m lbs Cu in 2021, every U$1.00 price rise adds CAD$102m to the
annual top line, or 49.4c/share (at 1.2/1 forex). Therefore…
U$3.50/lb copper = C$3.80 price target for CMMC
U$3.75/lb copper = C$3.92 price target for CMMC
U$4.00/lb copper = C$4.05 price target for CMMC
U$4.25/lb copper = C$4.17 price target for CMMC
…et cetera.
In IKN407 and subsequently, we called a C$3.80 price target for CMMC based on U$3.50/lb
copper and its expected 2021 production guidance, our assumption taking the company’s
midpoint of guidance and targeting 22m lbs copper per quarter. With CMMC.to at C$3.88 this
weekend it’s mission accomplished, but with copper now priced at the U$4.25/lb band [EDIT
Sunday evening; And moving higher tonight] there’s mathematical reason to hold for more.
However, if my hunch is right and CMMC returns a blowout quarter tomorrow morning (as last
week’s market seemed to expect), there comes a point when any further price rises are more
modest and in-line with peers.
CMMC over the last six months has better a mighty out-performer to its sector and that’s a
good thing for the portfolio, but with the sweet spot for share price growth now behind us and
an excellent opportunity to sell into a bullish liquidity event, I am leaving the C$3.80 price
target as stands and, as a result, taking profits on Copper Mountain (CMMC.to) in
the days to come. The position will be closed by this time next week, I wish continued
holders of this stock the very best of fortune and hope they make me look stupid. As CMMC is a
long-established public company I’ll round off with its long-term chart, because if this stock
goes to C$8 again, I’ll deserve all the mockery I get.
6

Buying a starter position in QC Copper & Gold (QCCU.v)
This is going to be one of those simple and low-key buy decisions on a stock here at the Weekly
as the reasoning behind the trade is as important as the company. As the decision to sell
Copper Mountain took hold this weekend, so did thoughts of how to add back copper exposure
to the portfolio and this stock came quickly to mind. This opening note on QC Copper & Gold
(QCCU.v) will reflect its planned small starter position, we’re not making a big fuss today but for
those wanting to know more, the company website is a good one. The latest corporate
presentation is an easy read that also explains how QCCU is one of the Stephen Stewart “Ore
Group” companies, out of Toronto. As the market stands, it’s fair to say QCCU is his group’s
flagship company and he is CEO here, with father Alex as Chair (no worries while still small).
Find those links here (3) and here (4).
The company
A relatively new entity previously called PowerOne, QCCU was re-named in September last year
to go chase copper targets in Quebec, Canada. It made The Tiny Dogs list this year because
I’ve wanted to keep an eye on its progress and, after a quarter and a bit of 2021, this tinycap
copper play has done very little so far. Here’s the 12 month chart, which shows how far this
weekend’s 16c price is off from the 31.5c at the start of the year.
The corporate structure here, via our standard corporate structure Top Box:
Shares out: 112.253m
Options: 11.075m
Warrants: 40.418m
Fully diluted shares: 163.746m
Current share price: C$0.16
Market Cap: C$17.96m
Approx cash per S/O: 4.7c
All prices are in Canadian States Dollars unless stated. Forex U$0.80=CAD$1
This visual provides two of the reasons I am interested in this trade. Firstly, this company is
cashed up after a recent successful raising, secondly it’s cheap. For
sure there are plenty of shares out, but you don’t ask for perfection
at the sub-C$20m market cap level and there’s enough to like about
its team and the main asset.
The time is right for news
Another reason to like this stock is because it’s now moving into a
period of what can only be described as intense newsflow, it’s
certainly set up to make a lot of noise for the next two quarters
compared to its modest market cap. The newsflow driver is
Opemiska, its flagship property in the Chiboumagau district of
Quebec (here right an inset from its latest corporate presentation,
but I’m not filling up this note with things you can see there).
7

On the back of its recent raising, QCCU has embarked on a 75 hole drill program at Opemiska.
The shallow holes are designed to test mineralization left behind at the old Opemiska UG
operation, previously mined for its high grade veins. The theory at QCCU is that the old miners
left behind a lot of lower-grading stockwork tonnages and it can be mined economically. The
plan is, therefore, to take advantage of the relatively shallow depths of the old UG mine at
Opemiska and turn it into a new, open pit mine.
Drilling began a few weeks ago and results have started to appear. According to CEO Stewart,
with whom I exchanged yesterday Saturday via mail for the first time regarding his company
(pleasant and very efficient) we can expect batches of results from now until mid-summer, at
which point the 75 shallow hole program wraps up. They will then move to immediate bring a
first-pass resource on Opemiska to market. As for what to expect from that, this recent result
gives an idea of grade parameters (5):
QC Copper Reports 126 Metres of .44% Copper Eq and 35.0 Metres of .88% Copper Eq
That copper Equivalent is a bit misleading, as they throw in minor gold, then very minor silver,
zinc and even cobalt into the CuEq mix to pad it out. I’d accept the potential of gold credits at
this stage, but that’s all. What matter here is the copper content and that seems to average
around ¾ of total CuEq, that’s not high but the economics of this project don’t need high grade
rock. The result reported two weeks ago also fit in with company expectations, as noted in the
VP Exploration’s comments:
“ The observed mineralization in this program's drill core is very consistent with our
expectations, and with assays now starting to arrive, our expectation is for batch
results to arrive once or twice a week until the end of program,” commented Charles
Beaudry, VP Exploration and Director of QC Copper and Gold Inc. Who continued "We
are entering break-up conditions on the Opemiska Property, but fortunately we planned
the program so that all the holes drilled during this period are on high ground, which
should allow us to drill right through to summer conditions with minimal disruptions.”
This brings forward more reasons to like this stock: It’s the right time to get on before the news
begins. As for the 43-101 resource report at the end, one thing will be to build tonnes and
another will be to drop the currently high assumed strip rate. This is achievable, as the drill
program is designed to convert what is currently assumed to be waste into presumed ore. As
for conceptual size, the company thinks it can reach 100m tonnes eventually but that is going
to require more than one season of drilling. Around 20 minutes with diagrams of Opemiska got
me to see 50mt as an obvious, low end resource number and it wouldn’t surprise me to see
QCCU reporting perhaps 75mt of 0.8% CuEq before Labor Day. And to take ballpark math one
step further and push my luck hard, if ¾ of the CuEq is copper, 75mt of 0.6% Cu t 90%
recoveries is a potentially economic resource of 890m lb copper, with by-product credits, at an
asset with likely low start-up costs in an area that welcomes miners with open arms.
Finally, the Quebec angle needs noting, particularly by somebody living and working in a
suddenly very politically risky zone. In order to prepare a paragraph, I asked QCCU CEO
Stewart for 50 word on the advantages of Quebec. He went so overboard that it’s best just to
quote his e-mail reply wholesale:
Quebec is unquestionably the best exploration jurisdiction in Canada, arguably the
best in the world.
Flow-through. Very established and generous (tax wise) flow-through financing regime.
The most generous in Canada, with a large number of dedicated funds and retail who
are willing to throw money at Quebec project as a result.
Government pension funds – big investors. Sidex, FTQ, Sodomex, James Bay Fund,
Investissement Quebec and Caisse Depot are all mandated to invest in Quebec
projects. People call it Quebec Inc. Companies look for the stamp of approval from
Sidex and James Bay, then try to graduate to the larger cheques from I.Q and the
Caisse. To my knowledge, QC is the only province that offers this sort of support.
Retail audience. Quebeckers, like to invest in Quebec projects. That’s unique and
8

something you don’t see in other provinces.
Plan Nord. Massive government funded infrastructure program whose purpose is to
develop the north. Brilliant really. I wish Ontario followed suit – but they are way
behind. For example, PN is building the rail line from Chapais (QCCU) to Rouyn
(Horne). Bottom line is that PN writes big infrastructure cheques and develops the
north.
First Nations. By and large, they are Cree. Very sophisticated relative to FN in other
provinces. BC would be the exception. The QC Cree understands the benefits of
exploration/mining/development and are quite experienced with contracts and
mining/exploration. For early stage exploration, they generally stay away and let you
spend those first risky dollars. Companies must ‘pay up’ upon the definition of
economics. Of course, you must take the appropriate care and measures, but if you
do, you’ll have few(er) problems.
Permitting. A little cumbersome, as gov’t affairs always are, but you’re going to get
your permits. Except with uranium – QC doesn’t like U - but neither do you.
The community at large. In northern Quebec, the people understand that it is forestry
or extractive industries – or nothing. The region has been mined for well over 100
years, people are used to it, in fact they welcome it. Makes a big difference.
Power. Cheap because of hydro electric. A massive engineering feat took decades, but
now QC has some of the cheapest power in North America. Last I heard it was seven
cents per kwh.
Endowment – huge territory with great in place rail, road and power that extends right
up to the far north - and is chalk full of minerals of all flavours.
Discussion
With the decision made to sell Copper Mountain (CMMC.to) and take profits this weekend, the
need to fill a large copper-shaped hole in the personal portfolio arose. The solution is to buy a
small starter in QCCU (much smaller than the sales this week) and go further out on the risk
curve, exposing smaller cash to a potential leveraged gains. The decision was helped by a
convergence of factors around QCCU:
 Right price: It’s sold off and, at 16c, at half the price of its end-2020 spike.
 Right people: CEO Stewart is keen, honest, pushy, wants to make a name for himself.
 Right time: QCCU is moving into a strong newsflow period capped in style by a 43-101
 Right location: Quebec and the Chibougamau camp are optimal political risk
 Right metal: Copper is hot and people will be looking for trade ideas.
With cash and a hole to be filled in the portfolio, a modest starter position in QCCU was an easy
decision to make. Expect to see it as part of the ‘Stocks to Follow’ list as from next weekend.
There’s no nominal target price as yet, for that we’ll need to see how the drill development
goes, but sub-C$20m for this much leverage to 2021’s hottest metal is the right place to start.
Stocks to Follow
A strange week. Once the rollercoaster had stopped most of the Stocks to Follow were down,
the ten losers were mostly small losses inside standard ranges. The only out-sized loss came
from Minera IRL (MIRL.cse down 18.2%) as the company malaise and the national scene
around it make for understandable sellers. Two stocks remained UCH on the week (WLF.v,
AUL.v) which leaves four winners (MAI.v, CMMC.to, ECR.v, TORO.v) and as they include a Top
Pick (MAI.v) and a 10.5% winner (CMMC.to), even though the count was against the portfolio
on the week, personal financial damage was minor.
9

We currently have 16 open positions, one over the limit, but we duck back down next week
with the cutting of Copper Mountain (SMMC.to) and the disposal sale of Pucara Gold (TORO.v)
shares, set against the new gateway position in QC Copper & Gold (QCCU.v). Seven stocks are
in the green, eight in the red and one unchanged on its overall cost average.
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$0.72 242.9% New $1.14 tgt Aug'20 #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.83 -7.2% $1.58 tgt, bot again Nov'20
Recommended stocks (In order of preference)
Copper Mountain CMMC.to SELLING C$1.40 22-Nov-20 C$3.88 177.1% tgt hit, selling
Trilogy Metals TMQ STR BUY U$1.84 15-Sep-19 U$2.28 23.9% Added Dec'20, Cu for 2021
Strategic Metals SMD.v STR BUY C$0.40 31-Jan-21 C$0.45 12.5% Asset $ trade, proj generator
New Gold NGD STR BUY U$0.76 9-Feb-20 U$1.70 123.7% tgt $2.80 end '21
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$0.355 129.0% Model paying off in Nica
Wolfden Res. WLF.v BUY C$0.30 11-Apr-21 C$0.30 0.0% near-term Zn trade
Great Bear Res GBR.v BUY C$15.83 26-Aug-20 C$14.49 -8.5% Binary M&A trade, wait for print
Cartier Resources ECR.v BUY C$0.32 21-Mar-21 C$0.31 -3.1% Binary M&A trade, wait for print
Orezone ORE.v BUY C$0.79 21-Jun-20 C$0.95 20.3% Binary M&A trade, wait for print
Aurelius Res AUL.v spec buy C$0.075 28-Jun-20 C$0.06 -20.0% added on further drill hits Apr'21
Pucara Gold TORO.v SELLING C$0.65 4-Oct-20 C$0.28 -56.9% Cutting under new Peru politics
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.09 -53.8% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.63 6-Dec-20 C$0.56 -12.7% 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 notes on moves in a selection of covered stocks over the shortened trading week:
Pucara Gold (TORO.v): Selling. Steve Zuker will be pleased. Up to this point, the plan has
been to hold out for the drilling at its second-string Pacaska target to show first results, give the
company its fair crack at the exploration whip and then, once its second main target has given
solid news, make a sell/hold/add decision. However, events in Peru have overtaken the
company and small this holding may be, I see no reason to wait any longer before selling as for
one thing, the eventual drill program may take a long time to happen and for another, even
when results show up and even if they’re good, they are bound to be used as a liquidity window
and that will at least delay any run-up in the stock (enough time to decide whether to jump
back on again, for sure).
Peru’s political backdrop is the final straw, this big percentage loser and that second badly-
timed purchase gets the cut this week. A will not sell tomorrow Monday, but by next weekend
they will be gone. We all take our bath on Peru exposure this year, one way or another.
Copper Mountain (CMMC.to): Selling. To underscore the decision in today’s main fundies
note, I am taking profits in Copper Mountain (CMMC.to) and moving on. Also as noted in the
above piece, even though copper is plenty higher than our U$3.50/lb valuation assumption, the
10

1q21 financials tomorrow may see overbuying because there’s a strong chance CMMC gets
sectorwide re-ratings. However, that’s as far we go with CMMC this cycle, we caught the cream
part of its bull run and this desk sees enough future baked into the current share price to
search for value elsewhere.
QC Copper & Gold (QCCU.v): Buying. As per today’s note above, I plan to take a small
initial position in QC Copper (QCCU.v) in the days ahead. The price is right, the newsflow is
guaranteed and if copper holds its new U$4.00/lb+ as we expect, eventually the rotation into
smaller names will happen.
Minera IRL (MIRL.cse): We repeat the words of the main fundamentals note on Minera IRL
(MIRL.cse) in IKN619 dated April 4th, the weekend after the non-release of the news required to
move this stock:
Minera IRL cannot wait any longer on the whims of a failed CEO, the luxury of
indefinite timelines has disappeared once and for all, the current CEO either doesn’t
see that clear truth, or he is being wilfully obtuse in order to cash a few more of those
juicy monthly salary cheques. Either way, either it moves to revitalize now or the share
price is decimated. We the retail shareholder have a straightforward agenda, buy
low/sell high, and as we get closer to the September 2022 payment deadline every
extra month will shave real cash dollar value from the price the company can
command for its asset. This is no longer an abstract issue, or one that allows debate
over strategy or the best way to run a mining company, this is direct dollars and cents.
In stark black-and-white, if CEO Benavides leaves now and a replacement announced
the MIRL.cse share price will go up. If he stays, the share price will go down and it will
continue to go down until it is at zero dollars and zero cents. Which would you prefer,
fellow shareholder? Personally, CEO Benavides’ assumption that the news of his
departure would “make me happy” is not a simple call: MIRL is a complicated story and
for just one example, his failure as a CEO is my own failure as an analyst to recognize
the weaknesses inherent in the company. As an analyst and letter writer I’m not proud
of the MIRL coverage, but as a shareholder the answer is much easier: Yes, he has to
go and he has to go immediately, because I want to sell high.
This chart should not come as a surprise to any of us:
Minera IRL has an entrenched CEO with a fiduciary duty to do what is best for the share price
of his company. He knows the only way MIRL reverts and moves higher is on news of his
departure, instead he refuses to budge and prefers to drive his company into the dust. I
continue to hold all my shares.
Rio2 Ltd (RIO.v): I met up for a coffee with CEO Alex Black last week and, in the approx
three minutes of our 30 dedicated to RIO.v and its much-awaited financing news, got a snippet
of interest out of him. He didn’t give me any names, but we can confirm the financing has three
moving parts from three different groups (or backers or financiers, I don’t have enough detaisl)
and as one of the three portions comes at a particularly low cost of capital RIO is keen to get as
much under that part of the deal as possible. Also, CEO Black then mentioned the timeline to
production and made a point of stressing the financing deal isn’t critical path (that’s the
11

permitting, in its regimented Chilean way). I think I’m supposed to put two and two together
and conclude that RIO is relaxed about its
situation, even if the financing deal is delayed.
That’s all I have, it’s a little cryptic (even to
me) but above all, it indicates to the outsider
looking in that RIO is on the cusp of its deal.
Alex Black was certainly happy and smiley the
rest of the time, which we mostly spent on our
newly crazy local politics.
In trading RIO.v dropped 6c, which is a lot but
also inside normal ranges. It’s going to drift
until the deal is forthcoming. This chart is
lacklustre and not why I signed on for this
trade. Omm.
Trilogy Metals (TMQ): Not the first time TMQ refuses to run with other copper stocks, I
doubt it will be the last as we wait for the obvious end-game and South32 pulling the trigger. In
the meantime, a little Inside Baseball for you today that gets to kill two birds with one stone:
 Patrick Donnelly is a top notch IR executive. Always on the ball, info at hand (or within
minutes) and ready to promote the company’s cause to a wider audience whenever he
can.
 The blow is why you’ll read a bunch of mining analysts come to the same conclusion
about TMQ in the next 24 to 72 hours .
Donnelly sent the following out this Friday afternoon to his mailing list, informing of a good
article written on the progress of the “AIDEA Road”, a key element in the eventual success of
Ambler and the larger mining camp. I reproduce the mail, word for word:
Good day everyone,
This well-researched article by Shane Lasley of North of 60 Mining News delves into
the significance of the industrial access road linking the Ambler Mining District to the
Dalton highway and then to Fairbanks. Concentrate from the district is planned to be
trucked down to Fairbanks, where it can tag into existing infrastructure, which includes
the Alaska railroad, and then travel down to the port of Anchorage for shipping to world
markets.
The article summarizes progress made to date on advancing the road, thanks to
partners such as the Alaska Industrial Development and Export Authority (AIDEA) –
the state-owned infrastructure bank, and NANA Corp. – the Alaska Native regional
corporation for Northwest Alaska.
Check out the article here…
ttps://www.miningnewsnorth.com/story/2021/04/23/news/ambler-road-takes-a-step-
toward-reality/6782.html
…and feel free to contact me if you have any questions.
Cheers,
Pat
To all junior mining C-suiters tuning in, IR execs or not: That is how you do it.
Royal Road (RYR.v): Most otherwise trendy and progressive companies pay lip-service to
Earth Day, so it’s ironic to see a junior mining exploreco getting active and doing something to
improve the planet. The Nicaragua end of RYR added to its already constant and extensive
community outreach program at the community of Wasakin (next to its promising Caribe
project) by organizing a river clean-up day, concentrating on plastic and other waste found
12

along the banks of the river Bambana. The company made sure its efforts were officially noted
by the Earth Day people (6) and for those interested, RYR IR sent over this Google Drive of
photos of the event they ran in Wasakin last week (7). To reiterate, Tim Coughlin is my kind of
exploration geologist. Happy to sponsor this company and happy he’s making us money, too.
Aurelius Minerals (AUL.v): Fe errata, as last week I wrote the recent AUL financing came
with a half warrant attached. That is incorrect, there were no warrants, please accept my
apologies for bad information. Also, one mailer found my comments on AUL a little cryptic last
week, for which I also apologise. I’ll make the house position clear in that, a couple of Mondays
ago I added some more AUL at 7.5c, just a couple of days before the current financing was
announced. That’s my hard luck but I’m not worried, as the price is fair and I fully agree with
the CEO Mark Ashcroft’s strategy to go to market at this point. With those that would be greedy
now being filled to their heart’s content via the placement, the lid on the stock price should
come off and with more drilling then a 43-101 compliant resource first pass to come, I’m
getting plenty of exposure to the right kind of exploreco for a cheap price (high grade gold in a
safe political zone).
This is the Weekly’s idea of a good pennycrapper risk for 2021, the one that if it hits something,
makes me look way more intelligent than I am about rocks. They often fail, they sometimes win
and, so far in 2021, drill results have given enough to get me to add to the initial foothold
position. In the case of AUL they also have that promising initial pass from the open pit target
as well, but for me the ace in the hole will b the 43-101 initial resource, as the inferred ounces
in such a system may well surprise those casual observers who dismiss AUL headline results as
“skinny” or “smeared”. They are neither, they are standard saddle geology.
Minera Alamos (MAI.v): The weekend of IKN615 dated March 7th 2021, MAI.v was a 50c
stock and this desk called it a Top Pick. This weekend, it’s a 72c stock, up 44% in six weeks
and this desk’s opinion on the company hasn’t changed one iota. Top Pick.
The Copper Basket
After sixteen weeks of 2021, The Copper Basket shows a gain of 22.49% to level stakes.
company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.08 104.67 945.17 9.03 48.5%
2 Copper Mtn CMMC.to 1.81 207.5 805.10 3.88 114.4%
3 Oroco Res OCO.v 1.85 185.11 440.56 2.38 28.6%
4 Marimaca Cop MARI.to 3.25 64.358 361.05 5.61 72.6%
5 Western Copper WRN.to 1.57 135.6 229.16 1.69 7.6%
6 Excelsior Min. MIN.to 1.12 273.585 216.13 0.79 -29.5%
7 Amerigo Res ARG.to 0.80 180.77 198.85 1.10 37.5%
8 Regulus Res. REG.v 1.07 101.85 77.41 0.76 -29.0%
9 C3 Metals CCCM.v 0.115 375.17 56.28 0.15 30.4%
10 Chakana Cop PERU.v 0.60 117.2 55.08 0.470 -21.7%
11 Doré Copper DCMC.v 1.00 40.938 46.26 1.13 13.0%
12 Aldebaran Res. ALDE.v 0.455 93.64 45.42 0.485 6.6%
13 Element 29 Res ECU.v 0.45 66.7 26.01 0.39 -13.3%
14 US Copper USCU.v 0.105 87.53 15.76 0.18 71.4%
15 Chibougamau CBG.v 0.165 46.695 7.70 0.165 0.0%
NB: All stocks in CAD$ Portfolio avg 22.49%
A strange week. After much huffing and puffing and with five winners (CMMC.to, OCO.v,
WRN.to, MARI.to, ARG.to), nine losers (SLS.to, MIN.to, REG.v, PERU.v, CCCM.v, ALDE.v, ECU.v,
USCU.v, CBG.v) and one unchanged stock (DCMC.v), the basket average managed to add just
0.29% to last weekend. The larger amount of winners and their biggest droppers US Copper
13

(USCU.v down 16.3%) and Regulus (REG.v down 10.6%) were cancelled out by winners that
included big moves in Marimaca (MARI to up
24.9%) and Copper Mountain (CMMC.to up The Copper Basket 2021, weekly evolution
35%
10.5%), all hoorah for Chile and BC.
30%
Instead of the usual glance-and-move-on, a 25%
closer look at the tracking chart (right) may 20%
be worth our time today because, while our 15%
Copper Basket neatly reflected the move in 10%
copper spot prices during the Perfect Storm 5%
phase for the metal, it has failed to move
0%
back up from whence it came. This despite
copper the metal now back at U$4.30+/lb
and with a tailwind provided by Goldman
Sachs and its bullish long-term call on the metal. We have some ground to make up and it’s not
just the events in Peru that have held the basked back. If copper continues North this coming
week, another rush up may be in the cards as money returns to the exploreco end of copper.
For today’s copper chart we move our attention to the July 2021 futures contract, as while most
traded volume is still in the May contract, open interest has shifted to majority July’21 as the
normal rollover develops so we roll with the market. Over the week, copper added a cool 4.1%
and flew back to its previous February highs and it’s at this point we put a damper on the near-
term potential for copper, as talk runs through Chile and Peru of a China about to open the
sluices on its strategic copper stockpile, generally estimated to hold between 2m and 3m tonnes
(call it 10% to 15% of world annual production). The market for copper is clearly hot, with the
Vampire Squid paper of the previous week juicing speculation.
We move to our regular weekly copper inventories section and the dataset is developing much
along the lines expected. Less requirement to bang on the table now GS has the world focused
on this precise dataset, the leading edge where physical supply meets demand:
 Aggregate world copper inventories stopped rising and started dropping again, we’re
down by 11,035 metric tonnes (mt) to close the week at 419,289mt.
 All three official systems showed inventory outflows this week, but SHFE dropped by
just 27mt to stay basically unchanged, just over to 200k line at 202,437mt.
 The biggest change came at the LME, which saw that recently European delivered in
Europe move out of its warehouses. By Friday, stocks had dropped by 9,625mt (-5.8%)
to close at 155,750mt. Bullish.
14
ts1
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ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52
source: IKN calcs

 Also downward movement at the COMEX, its stores losing 1,383mt copper to close at
61,102mt.
Here is the Shanghai-only inventories chart, the 2021 peak much lower than in previous years.
This will knock on into the rest of 2021 and is an exemplary indicator of today’s copper supply
tightness.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
15
ht5naj ht61 ht52 dr3gua ht21 ts12 5102
ts1ram
ht01 ht91 ht72 ht6ced ht41 ht42 6102
dr3luJ
ht11 ht72 ht5beF ht61 ht52 7102
dr3pes
ht21 ts12 8102
ts1rpa
ht71 ht62 8102
ht4von
9102
ht31naj
ht42 9102
dn2nuj
ht11 ht02 ht92 ht8 ht71 0202ht62luj ht4tco 0202ht31ced ts12
Mt Cu
|
source: Cochilco
Back in 2010 an 2011, the Chinese government signalled the very top of the copper rally by
releasing strategic stockpiles when the price reached around U$4.50/lb. We know three things:
 China has re-built a substantial stockpile and has the volume to crimp the price run, at
least in the near-term.
 China does not like paying too much for its input costs, copper as one of its major
imported raw materials will be on its collective mind as the price zooms
 They’ve done it before and we should expect the Chinese government to intervene
again at some point.
However, we don’t know when. We remain bulish and 100% clear that the fundamental drivers
of copper are not going away in the next few of weeks or months, but comodities do not go up
in a straight line indefinitely. The house solution is to take some money off the table by selling
half of a big winner this week and half next month (May), moving further out on the risk curve
but exposing less cash. That’s a mouthful of words to remind readers I’m selling CMMC.to and
buying QCCU.v. Now for notes on a couple of basket stocks
Marimaca Copper (MARI.to): MARI came in for improved buying early in the week, which
turned into heavy buying and a big weekly gain once it had released its news (8) on April 22nd.
The company reported results from a mineralization target zone on its property, the “Roble
Target” (Oak, for what it’s worth), and the bullet points at the top of the long and information-
packed NR lay out the case:
 Roble Target extends over 3km of strike
 Strong geochemical anomaly identified extending 1,500m by nearly 500m
 50m x 50m grid soil sampling completed
 Reconnaissance and outcrop mapping identified widespread copper oxide mineralization
 Numerous high-grade rock chip samples, including:
 30% CuT, 2.21% CuT, 1.69% CuT, 1.66% CuT, 1.54% CuT, 1.08% CuT and 0.94% CuT
 Widespread mineralization in rock chip samples above 0.1% CuT
 Construction of drill pads at Roble commencing at the end of April for drilling prior to the end of
the first half of 2021
MAI then added three other bullet points on activities in other areas of Marimaca planned for
this year:
 Cindy Target drilling to commence towards the end of April 2021
 Mercedes Target drill pad and access infrastructure preparation underway expected to be
completed at the end of April 2021

 Marimaca Sulphide Target drilling complete, awaiting assays which are expected towards the end
of April 2021
The market liked all that a lot:
However (and without special knowledge) that Friday push looks analyst-driven and
overbuying. MARI has got real momentum going for it now and has the right time/place/metal
make-up. My issue is that every time I look up, the stock has already departed without me and
every bone in my value investor body hates chasing a price. Sometimes good trades pass you
by and I’ve been at fault with MARI for two years, not just 2021.
The Peru copper stocks (REG.v, PERU.v, CCCM.v, ECU.v): Last week, we noted that all
four of our Peru-exposed copper juniors in this year’s basket had lost ground. We predicted that
despite the bullish backdrop in copper stocks, they would lose more ground. We predicted
Regulus would be worst off:
That’s three out of three and I wish I were as accurate about predicting good news.
Chakana Copper (PERU.v): But a special extra word goes to Chakana Copper (PERU.v) for
its April 22nd NR (9) “Chakana Announces Appointment of Douglas Silver to the Board of
Directors”, so mendacious in its message that it made it to the blog. To begin, not mentioning
that Doug Kirwin was stepping down in the title line sets the scene: This is the person who
proposed PERU explore Soledad for its Tournaline breccia pipe potential, instead of the deep
porphyry target that took up all exploration time under previous companies. Indeed, David
Kelley was interested in picking up the property for his old bosses as long as ten years ago in
order to drill for the big prize, but PERU was set up for different purposes.
Now, with a $9m placement just closed (they wanted to raise $10m, telling), Gold Fields as
strategic partner and the exit of Kirwin (who keeps his role in the other tourmaline breccia pipe
exploreco he sponsors), the future is obvious: GFI gets to control the search for a big copper
porphyry, the one that’s ruined at least three juniors at Soledad before it and will now ruin a
16

fourth. The timing is telling too, with the Peru political backdrop worsening by the day and the
recent results from the big Huancarama target failing to match expectations (after a delay of
almost two years to get the drill into it). There’s no need at all to hold this stock as their story
changes, as first the price will drop, then it stays low for at least a while. However, if dreams
come true and PERU.v hits the porphyry and
makes a major discovery there will be plenty of
time to jump back on board to make money.
When a story changes, run away. PERU will
begin its cynical pivot with a couple of
exploratory deep holes, maybe making up a
story about them filling in time before the 43-
101 resource is published. After that, watch
them drop the breccia pipes for exploration and
waste all your money on 900m holes. Doug
Kirwin’s exit, along with his near-3.5m shares
which he will now be able to sell without
informing the world, begins this process. The
NR of last week was sophistry of the highest
order and all-too typical of the self-serving attitudes and mushroom politics in juniors run by
clever geologists who also happen to be business idiots.
The Producer Basket
After sixteen weeks of 2021, the Producer Basket shows a loss of 2.71% to level stakes.
company ticker price 1/1/20 Shares out Mkt Cap (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 803.36 52.80 65.72 9.7%
2 Barrick GOLD 22.78 1779.04 39.51 22.21 -2.5%
3 Agnico Eagle AEM 70.51 242.99 16.06 66.11 -6.2%
4 Kirkland Lake KL 41.27 272.984 10.51 38.51 -6.7%
5 Kinross Gold KGC 7.34 1260 9.26 7.35 0.1%
6 Pan American PAAS 34.71 210.17 7.10 33.77 -2.7%
7 Endeavour Min EDV.to 29.62 246.2 5.85 28.50 -3.8%
8 B2Gold BTG 5.60 1064 5.39 5.07 -9.5%
9 Alamos Gold AGI 8.75 392.73 3.38 8.60 -1.7%
10 Pretium Res PVG 11.48 187.254 2.07 11.03 -3.9%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -2.71%
A strange week. While gold (GLD up five cents) and the juniors (GDXJ up two cents) were all-
but flat, the bigger GDX index dropped by 1.25% as most stocks saw profit-taking. However, it
was certainly the bigger the better as on our list, the Tier 1 stocks out-performed the mere
mortals in the U$1Bn to U$10Bn market cap range. Our three winners on the week (NEM, AEM,
KL) come from the top four places and even the other one, Barrick (GOLD down 0.13%) didn’t
lose much. As for the losers, medium size was Pretium (PVG down 3.8%), all others minor.
The 2021 Producer Basket: Weekly performance and 4%
comparative to GDX control
0%
-4%
-8%
-12%
-16%
-20%
17 ts1
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ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52
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
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ht01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52
source: IKN calcs, NYSE/Nasdaq/TSX data

Our basket lost a little more ground to the GDX benchmark, logical under the circumstances as
the ETF has higher weightings of larger cap stocks, while we equally weight large and small.
Pan American Silver (PAAS) and First Majestic (AG) (FR.to)
Slightly off-topic, while dialing up charts on Pan
American Silver (PAAS) versus the market a
different observation showed when adding First
Majestic (AG) (FR.to) to the mix). The 12 month
chart (right) now shows the lift First Majestic (AG)
got compared to the rest of the silver sector,
easily out-performing PAAS as well as the metal
(SLV) and the benchmark (SILV).
This is something mentioned on these pages
previously, but when opening out the timescale to
24 months in order to even out the effects of last
year’s crash period, something else shows:
All AG has done is to play catch-up to peers in the last six months or so, which makes far more
sense to this fundies analyst than considering AG a market leader. Silver price pop or not, AG is
still a financially risky proposition, particularly at current prices, so if you’re in the market for
large silver PAAS is still more attractive. This desk will wait under Jerritt Canyon is fully
incorporated in Q2 before jumping to too many conclusions about the new AG, but it’s difficult
to see how that asset brings new stability to the stock. We shall see.
The Tiny Dogs
After sixteen weeks of 2021, the Tiny Dogs show a gain of 12.61% to level stakes.
company ticker price 1/1/21 Shares out Mkt Cap current pps gain/loss%
Antler Gold ANTL.v 0.205 61.348 11.04 0.18 -12.2%
Aston Bay BAY.v 0.045 163.975 6.56 0.04 -11.1%
Constantine Met CEM.v 0.17 45.4 11.35 0.25 47.1%
Contact Gold C.v 0.115 240.757 24.08 0.10 -13.0%
Golden Pursuit GDP.v 0.22 40 5.40 0.135 -38.6%
Manitou Gold MTU.v 0.045 230.79 26.54 0.115 155.6%
Precipitate Gold PRG.v 0.240 106.241 17.53 0.165 -31.3%
QC Copper QCCU.v 0.315 105 16.80 0.16 -49.2%
Red Pine Expl RPX.v 0.400 95.341 72.46 0.76 90.0%
Warrior Gold WAR.v 0.090 91.818 7.35 0.08 -11.1%
Prices in CAD$, data from TSXV basket avg 12.61%
18

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.
After sixteen weeks, The Tiny Dogs basket has found a trading level. Its composition is also
turning out well and the concept of choosing 10 tinycappers as a representative bunch of the
sub-sector is going well: Three big winners among seven mediocre/bad performances is typical
of the sector, the mix is looking good as an indicator for the rest of the year (as long as we get
more volume). There was only one winner on the week, however, the 15.0% added by Manitou
Gold (MTU.v). Five others were unchanged (ANTL.v, BAY.v, C.v, QCCU.v, WAR.v) leaving four
small losers, the biggest drop Golden Pursuit (GDP.v down 10.0%).
Now for notes on just one of our covered stocks, though QCCU gets more above:
Contact Gold (C.v): Shareholder-unfriendly and bound to cause bad blood among retail
owners of this company in the months to come, the news that Contact Gold (C.v) is
redomiciling to BC Canada will drag heavily on its share price. Not only have they created a
corporate mess, they go about fixing it by annoying their own shareholders. I’ve sent this lax
and disrespectful attitude before, when Regulus (REG.v) spun Aldebaran (ALDE.v) out of its
structure and ignored the effects it would have on US holders of REG shares. The ensuing
process was different, but the striking similarity is how the company, in this case Contact Gold
(C.v), delivered the news (10) that shareholders MUST do this and MUST do that in order to
maintain their ownership in good standing. But Contact Gold, like ALDE before it, clarly thinks
its obligations and responsibilities stop with the publication of a list of instructions, delivered
without an ounce of empathy on show.
Have these people learned anything from the last ten years? Would it have been difficult to
offer help to any of its shareholders to complete the form or offer a FAQ page? Instead, a
tinycap company with 10c shares barks orders at people and threatens them with a tax loss if
they don’t do as they are told. Check your head, MLK, before all stakeholder good will goes out
the window.
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
Peru: Reality sinks in
A strange week here in Peru, your author watching the country go through its process of denial
almost as if on cue. To the right side of politics, Keiko Fujimori has done exactly as expected
and gone with the full-on campaign to remind those living in the provinces (the Pedro Castillo
stronghold) how her father defeated Sendero Luminoso in the 1990’s and how Castillo ushers in
the same politics and eventual fate for the country. Meanwhile, polite society has dropped its
underwear, bent over and also done exactly as expected with no end of sources begging and
pleading their fellow Peruvians not to ruin the country by electing Communists.
19

With the publication today Sunday of a new poll from IEP giving Pedro Castillo 41.5% versus
Keiko Fujimori 21.5%, it has finally begun to sink in among the “political class”, as they say
down here (for an anecdotal, it was interesting to see Fernando Pickmann squealing with
middle-class horror on his social media today). Their problem (and in fact mine, but I complain
less and my real world is not for these pages) is how rank-and-file Peruvians are simply not
responding to their heartfelt pleas “…to think, to reflect on all we’ve achieved as a nation, we
need to vote for the least worst and even though Keiko is…” from people who have used
Crocodile Tears once too often. José Publico senses the celebrity pleading to “save our Peru” is
only saying “save my Peru”, the one s/he enjoys behind that gate at the end of that luxurious
looking residential road. As for the intellectual end of the commentariat, Castillo roundly ignores
them. His reaction to Mario Vargas Llosa was one sentence, “He has nothing to do with us”,
and there’s a real atmosphere growing that “Peru’s Deplorables” are taking revenge over their
self-styled superiors, the same wave of sentiment Trump rode to victory and parlayed into his
four years of populist government. However let us be clear, no matter your political stripe Pedro
Castillo is far more dangerous than Trump ever was for his country. He is more dangerous than
the extremely bad Jair Bolsonaro is for Brazil. He will be worse for Peru than anything AMLO in
Mexico could conjure, this desk cannot underscore the danger level of letting a Communist
party get its hands on the levers of power in an institutionally weak and politically apathetic
country such as Peru. I will now climb down off my soapbox and return to the task at hand.
We’ve also had other polls, with Friday’s Datum poll for newspaper Peru21 showing the same
type of read as the IPSOS poll of the previous weekend (as featured in IKN621), Datum’s 41%
to 26% call similar for Castillo with IPSOS (42%), lower for Keiko (IPSOS 31%). However, it’s
the IEP poll released today that’s thrown a bucket of iced-cold water over any vestiges of hope
in middle class Lima (and word is another leading pollster publishes tomorrow Monday with
similar results). IEP goes into more detail about the socio-economic and regional breakdowns,
showing Castillo wins everywhere bar Lima/Metro, and even there he’s made ground. Perhaps
most telling, however, is that according to IEP all but 13.5% of Peruvians have made up their
minds. They will vote Castillo first, then it’s tight for second between Keiko and the spoiled
ballot option, then there aren’t enough undecideds to change things much. Therefore:
Be like Lima today: No more dreams of comebacks, no false hopes. Castillo wins this, period.
Meanwhile on the left of the political equation, Pedro Castillo is making all the right moves and
shown political watchers he’s nobody’s fool (IKN621 last week asked you to eschew the naïve
provincial local hat-wearing image). Moving to the centre? Check. Choosing targets for
nationalization talk carefully (Camisea gas) when quizzed over his plans for mining? Check. Tell
the world the PL manifesto pledge to nationalize everything would be a “last resort” after “much
dialogue? Check. The tell on his well-weighted answers is noting how the things he says are
interpreted the way the listener prefers, for example when quizzed about his relationship with
Perú Libre (PL) party founder, president and arch-Communist Vladimiro Cerrón, once a
governor himself but now in jailed for corruption. So when Castillo says, “Make no mistake, I
am the leader” one centre-left media channel delivers it as him moving away from the hard
communism of his mentor, as Castillo “marking distance” (as they say in Spanish) from the
party line. In other words and as predicted last week, the progressive Left has fallen into line
and will back the much larger and broadly felt “Never Keiko” movement not just with votes, but
with media channels that wouldn’t dare actively fight FOR Castillo, but will obviously lean
toward him as least worst when the moment arrives. This is the whore Left wing of Peru,
choosing ideology over an active threat to democracy and let’s throw in the Internationalist Left
Wing observers from around the world into the mix as well, the same accusation they lanced at
Trump and his January 6th Big Lie Fest of Shame.
The Right wing media (i.e. most of it in Peru) make no bones about their position toward Pedro
Castillo and, as a result, most of them are now calling for Peru to vote for Keiko in the second
round. In that sentence, please note the word “most” as in any other case or candidate it would
be “all”, another indication the depth of feeling against Keiko among the general population.
She is so unpalatable by many, even people on the political right wing, that some national
20

media channels have joined the “official abstention” social media backed movement that wants
Peruvians to spoil their ballot on June 6th (no idea if it will take off, but Yaku Pérez in Ecuador
added around 7% to the abstention rate last month and probably tipped the election to Lasso).
There are even a few normally sane and unbiased media voices getting behind Pedro Castillo
simply because it’s impossible for them to forgive, forget or support the name Fujimori and all
its connotations. On a personal note, I’ve talked to plenty of smart and intelligent Peruvians and
most have genuinely suffered in their decision-making processes, even if they eventually opt for
Keiko. And again, lower/middle/upper-middle Limeños with jobs and disposable income have
told me they are voting Castillo, because nothing could be worse than another Fujimori in
power. It really is that deep here, which is why this weekend’s poll sent a chill over the country.
We round off with a snapshot of how last week went for the business world, starting with a
wholesale quote of a Reuters piece (11), curated as typical:
Peruvian socialist presidential front-runner Pedro Castillo assured the Andean nation
on Thursday he would not nationalize companies and would honor the rule of law, a
move aimed at calming jittery markets after a second opinion poll showed his lead
growing against right-wing rival Keiko Fujimori.
Castillo remains in pole position to win the presidency in a second round ballot set for
June, according to a Datum International poll that showed him garnering 41% against
26% for former lawmaker and three-time presidential candidate Fujimori.
Peru's sprawling mining industry, the world's No. 2 copper producer, has expressed
some alarm about Castillo, who has gained increasing support in Peru's rural
hinterlands and has proposed to redraft the country's constitution.
But Castillo blasted detractors, telling Radio Exitosa they had put words in his mouth. "I
completely reject those that say that Pedro Castillo is going to nationalize," he said.
Though the poll revealed a yawning lead for Castillo, it also showed that 18% of those
surveyed had yet to settle on a candidate, while 15% responded that they would annul
their ballot or would not vote for any of the candidates.
Peru's sol currency plunged to a historic low on Thursday following the poll's release,
then recovered slightly to 3.755/3.759 to the dollar, a 1.24% drop. The Lima stock
exchange (.SPBLPSPT) tumbled 2.2% on Thursday.
Castillo's Peru Libre party has promised in filings to the country's elections agency that
it would nationalize "strategic sectors" of production, including the mining sector.
But Castillo rejected those proposals, which he attributed to the party's leftist fringe,
and brushed off those who liken him to Venezuelan leader Nicolas Maduro.
"There is no Chavismo here," Castillo said, referring to the brand of government
installed by Maduro's socialist predecessor, Hugo Chavez. He urged Maduro to "first
fix his own problems" before attempting to influence Peru. "The one who is going to
govern is me," Castillo said.
Castillo's rival Fujimori, who has advocated pushing forward with Peru's free market
economic model, said the front-runner's statements were contradictory.
"He is a real clone of Hugo Chavez," Fujimori said in a television interview. "He says
one thing then does another."
For what it’s worth I think Reuters does a good job in that piece, but finds itself reporting on
reporting more than the campaign, as it tries its best to remain neutral. Regarding the stock
market drop it mentioned, this week on the BVL went very much as predicted by these pages
(proxy EPU):
21

Among the mining companies, tendency has also been to skew to the optimistic when asked for
a quote from the press or business world, but in their case at least it’s justified by the standard
business practice of putting as good a light on affairs as possible. In other words, “he’s going to
win, don’t upset him” or at worst “where there’s life there’s hope” but like Ecuador below, the
sector as a whole is still guilty of over-optimism.
As for an opinion from the local mining industry, the difference between on-record and off-
record comments from mining executives is now measured in nautical miles (for a start, off-
record replies often contain swear words). But today we need the Peru on-record response to
the rise of Pedro Castillo and the PL party and for that, step forward Peru’s mining mouthpiece
Victor Gobitz, who since his CEO stints at several Peruvian mining companies is now the go-to
for an opinion on the sector and even more now he heads up the IIMP. Here’s the official line-
quote-on-record-with-Reuters (12) the official and exact political and diplomatic line all Peruvian
mining, from company boardrooms to the Chamber of Mining to the Ministry:
Victor Gobitz, president of the powerful Peruvian Institute of Mining Engineers (IIMP)
chamber, told Reuters that if the sector wanted to grow then it needed "dialogue and
consensus" with the winning candidate.
Gobitz, who is also president and CEO of the local Antamina mine controlled by BHP
(BHP.AX) and Glencore (GLEN.L), said the polarized current position was sparked by
years of political confrontation and the economic crisis due to the pandemic.
"We hope that soapbox speeches seeking votes soften a little and that reflection
comes," said Gobitz, speaking in his capacity as IIMP representative.
Pure milquetoast nonsense, the critic says they lack the guts to tell the truth because they all
know who’s going to win this election and come August 2021, nobody wants to be first enemy.
The diplomat says the same without ruffling feathers. Even high-powered local voice and sworn
enemy of both PL party and Castillo, BVN’s Roque Benavides, won’t launch into the guy (yet).
Be clear, BVN is going to have all sorts of issues under a President Castillo government, the
history of Buenaventura the company and the Benavides family started on Castillo’s doorstep
with the Coimolache mine, and the bad blood in Cajamarca is legendry. Even Roque, up to lose
most from a Communist from Cajamarca in power, wants to scream out loud for the world to
vote for his political ally Fujimori. But business is business, he doesn’t have academic freedom
like Mario Vargas Llosa, so limits himself in the article above to these words about Castillo:
"Castillo is not moderating his positions at all and it seems that he won't do so," said
Roque Benavides, Chairman of miner Buenaventura. Benavides said he was not ready
to call any candidate an "enemy" of the sector and that dialogue was key.
However, he said Castillo appeared more radical than former Peruvian President
Ollanta Humala, who after winning the 2011 election softened his anti-establishment
rhetoric and shifted away from leftists like Venezuelan socialist leader Hugo Chávez.
"It will be more difficult for (Castillo) to change."
That is a list of veiled truths, the thinly veiled ones come later and then the outright calls for
action.
Bottom line: Peru’s markets sold off last week, they will continue to do so in the days ahead.
We made our call on the country nine weeks ago and underscored it I no uncertain manner on
the announcement of the first round results. Nothing has changed since then and the recent
polling numbers show the real chances of stopping Pedro Castillo from becoming the next
President of Peru are fading fast. Then, and only then, do the bad things start to happen.
Ecuador: The mining sector prefers propaganda over reality
I know I’m not the only person to have watched last week’s webinar on Ecuador, hosted by Red
Clou because subscriber RB sent the link over to me later (kind of you, sir) and here it is (13, I
think it still works). Aside from the Red Cloud guy, the two experts on the gig were María
Amparo Albán and Diego Benalcazar both with long CVs of relevant experience in the Ecuador
mining sector from their distinctive angles (lawyer and mine operator, respectively) and both
keen to offer only one side of the story. For example, when focus turned to the Cuenca
referendum result that got overwhelming support in the local region and is now statute, the
22

“debate” mentioned the legal opinion that the vote and any new laws* won’t affect mining
projects or operations already in place. Now, that’s one opinion of the issue but five minutes in
Spanish language Google will tell you it’s hardly the only one! What this “debate” offered was
pro-mining propaganda, balance was rare and this is the exact recipe that makes for broken
hearts and broken share prices, down the line. The fact remains, nobody knows how the
Cuenca vote will be enacted and, with the Pachakutik party now with an unprecedented bloc of
power I the upcoming Congress, a Lasso government that has already talked of far stricter
controls on mining may find the South of Ecuador (where no progress on mining is going to be
made anyway) a useful bargaining chip. That’s just one possible scenario, there are all types of
others but you’d hardly know it form listening to online experts that care more for their agendas
than the reality of Ecuador in 2021. I’ve gone into detail about one item discussed to labour the
point, but the show last week was guilty of offering one-sided opinion as generally accepted
fact on a number of occasions.
I didn’t want to stray further than Peru in the Regional Politics section this week, as that has
been my near-exclusive subject of interest, but Ecuador is still as messy as ever and telling the
world half the story is a recipe for problems down the line. Avoid Ecuador, it is in essence
ungovernable.
*It will be built around the constitutional decision as part of the organic mining law
Market Watching
Cartier Resources (ECR.v) 2020 year-end and 4q20 financials
Plenty of numbers, charts and content in today’s Market Watching, as we use our catch-all
space to get up to date with the financials of three of our exploreco trades. We begin with
Cartier Resources (ECR.v), which posted its 2020 YE and 4q20 results on April 21st and if you
don’t want to read it all, there were no surprises in the numbers and everything looks in oreder.
Now to pad out that statement, we present to you in concise form the following notes and
thoughts:
Assets have seen the recent sharp move in cash as placement treasury came in, then the
longer-term trend of current assets becoming fixed as Chimo spend is capitalized. Unless I’m
mistaken (see below) ECR will go back to expensing most of its work in 2021.
ECR: Assets, per qtr
40
35
30
25
20
15
10
5
0
Liabilities are tiny and remain tiny. Nothing to worry about with the recent hike in current
liabilities, for one thing we’re talking an absolute of around C$2m for a C$67m market capper
and for a far more important other, that’s just the recent flow through placement which will
unwind to zero as the cash is spent.
The best news, and something we’ve always liked about this company: Not only is it cashed up
and ready to move on its new project, but their parsimonious attitude toward treasury means
23
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4
C$m ECR: Liabilities, per qtr
7
fixed
other current 6
Cash&Eq 5
4
3
2
1
0
source: company filings
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4
C$m
LT liab
current liab
source: company filings

we’ll get a full year out of the new treasury total even if Chimo doesn’t sell.
ECR: Working capital, per qtr
24
409.31
211.21
57.01
17.9 694.8
404.7
325.6 612.6
224.7
702.6 416.5
120.11 180.11
16
14
12
10
8
6
4
2
0
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4
C$m
source: company filings
Shares out have crept up even since the 3q20 placement, with some derivatives becoming paid-
up shares. We are now at 217.745m and that’s now a substantially different number to the
177m or so at the company when I first bought some shares.
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 88.512 52.712
220
200
180
160
140
120 100
80
60
40
20
0
71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 WON
S/O (m)
source: company filings
The bottom line to balance sheet items: no surprises. All at the P+L as well so once again, I’m
skipping the nitty-bitty of quarterly operating expenses, G&A etc. Instead we jump to the MD&A
and the main insight from last week’s filings, summed up in three lines:
 The 2021 work budget for Benoist: $8,000,000
 The 2021 work budget for Chimo: $500,000
 The 2021 work budget for Fenton: $200,000
One has seven figures, the other six. As noted previously, ECR’s work at Chimo is largely done
and the budgets above for this year show
that fact. Today is not for trawling over the
obvious recent mistakes in strategy arising, if
you care enough see the last two or three
weeks’ worth of rants on these pages,
instead today we note ECR moving on and
getting back to its areas of expertise. In
Chimo, ECR now owns a valuable fixed asset
(whether it sells or not) and, in Benoist, an
asset and treasury to do the same over the
next two to three seasons. Works for me,
less time-wasting in endless webinars aimed
at the wrong audience, more value adding.
Rio2 Ltd (RIO.v) 2020 year-end and 4q20 financials
There’s a little gossip on the company above in ‘Stocks to Follow’ this week, here we do the

concise overview of financials as our Chilean gold developer and Top Pick Rio2 Ltd (RIO.v) filed
its 1q21 financials last week. As with other financial overviews of juniors today, this one is as
brief as possible and the TL:DR is “no problems found, in-line” but we run the charts anyway,
this time starting with quarterly expenses:
other
C$m RIO.v: Quarterly expenses breakdown
G&A
4 Expl. Costs
3.5 share comp
prof fees
3
employment costs
2.5
2
1.5
1
0.5
0
-0.5 source: company filings
-1
1q18 2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20
RIO.v was not a cheap exploreco to run in Q$ and, while there’s clearly a rhythm to its financial
year that includes extra obligations year-end, the proximity to the financing, a build decision
and eventual construction means the company has to pad out its employment roster now.
Expect a higher cadence of employment costs in 2021 as the project rolls out. Moving on, the
more fundamental balance sheet items starting with the simple assets overview. By adding the
figures for fixed assets it’s easy to see where RIO spent its money last year, that’s C$14m
added to Fenix.
RIO.v: Assets overview, per qtr
The change in long-term liabilities pertains to the standard closure liability that came with its
Lince purchase last year (the strategically important purchase which gives RIO water, land and
a base for local operations) and not an issue. Current liabilities ticked up in $q however, the
company leaving bills to pay for the next quarter. That did this to cash and working cap:
25
279.96
381.27
925.27
185.27 563.47
957.37 329.08 370.48 808.88
C$m C$m RIO.v: Liabilities overview
10
100
9
80 8
7 LT liab
60 6 current liab
5
40 4
3
20 2
1
0 0
4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20 4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20
source: company filings source: company filings
RIO.v: Cash&Eq, per qtr
611.12
174.91
297.41
47.9
579.9
373.4
C$m C$m RIO.v: Working capital
25
25 20.492
20
20 15.819
13.962
15
15 9.288 9.912
10
10 5 1.524 1.858
5 0
-1.218 -0.757
0 -5
4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20 4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20
source: company filings source: company filings

Working cap looked dangerously low at year-end, however it’s not as bad as that visual would
have you believe. We’re in a low cash burn period
for the company (no drilling required) and, as noted RIO.v: Shares out
220
by RIO.v in its MD&A, subsequent to year-end the 200
company “…received $5,684,416 from the exercise 180
160
of 8,745,256 warrants.” That has kept the coffers in
140
place as the financing is finalized, so with a little 120
luck and a following wind the deal is announced 100
80
soon and the flow of cash dovetails nicely into a
60
company with no need to look elsewhere for money. 40
20
0
Shares out are now around the 200m level, which is
still okay because the RIO.v plan from here has
always been not to dilute any further, instead the
capex for Fenix comes via other channels. At 200m
we’re fine, but any further would start eating into the upside we long-term equity holders
require (and fully deserve, I’d add).
The bottom line to RIO’s 2020 year-end financials: In-line. The cash burn is faster than I’d like,
but it’s simply more expensive to do business in Chile than other parts of South America, the
up-front price to pay for jurisdictional security later. Cash looked tight at first, but with the
fortunately-timed warrants exercise the company is set to make it to the key financing moment
without observers on the outside ever seeing the join between equity cash and debt cash. The
books of a junior about to transform and grow, all in line for 2020 and Top Pick reiterated.
Strategic Metals (SMD.v) 2020 YE and 4q20 financials
Before getting to the charts and the overview of SMD at year-end, we add the new news from
SMD to today’s note. The news is good too, another deal
announced on Thursday (14) this time a more standard
earn-in on the project it drilled itself last year, Mount
Hinton silver target in the Canadian Yukon (close to
Alexco and KHSD, which is of course now going back into
production). SMD is dealing with a private concern this
time, one of those well-funded explorecos that moves a
project forward on its own geological work, then goes
public at its leisure.
This is another positive result from the SMD model,
seeing the property chosen to develop getting flipped to
another third party is exactly what this company is about.
However, when it comes to market reaction the wider concerns were bigger than the SMD news
and it dropped with the rest of them. An undeserved result to a good corporate week for the
company, SMD now gets to choose another of its 130 properties to develop this year.
So to the year-end financials, as posted to SEDAR on Thursday. We begin with assets, as SMD
expanded its mining asset carry to over C$70m
(and added just under C$10m to this line item on
the year).
Liabilities (next page left) show how the bump
from the non-cash flow-through liability is
working down as the company commits the cash
to Canadian land targets. The main lump is till
the approx $5m tax liability SMD carries and that
would only be triggered if it starts claiming on its
C$53m of tax offsets on future profits from
mining. In other words, it’s accountancy stuff
26
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
M s/o
source: company filings
SMD.v: Assets 100
90
80
70
60
50
40
30
20
10
0
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4
$m fixed
other current
cash
source: company filings

and of zero issue to SMD in 2021.
SMD.v: Liabilities per qtr
11
10
9
8
7
6
5
4
3
2
1
0
27
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4
source: company filings
srallod
fo
snoillim
LT liabs
current liabs
Summing up so far, it’s in-line and boring at SMD to December 2020 so to add some more
relevant information, here are the cash treasury and working capital charts updated with our
best guesses to end 1q21:
SMD.v: Cash treasury per qtr
20
18
16
14
12
10
8
6
4
2
0
We know SMD has been aggressively doing deals with junior exploreco partners and part of
those trades has been to buy equities on occasion. We also know the company has around $9m
at bank today because they told us just that in a recent presentation, which allows us to
quantify the moves SMD using the war chest raised in 3q20. For our final chart, we move to the
P+L:
other
SMD: Quarterly expenses breakdown
C$m Share based comp
1.6 research exp
prof fees
1.4
mgmt admin salaries
1.2 mgmt admin fees
IR/shareholder
1
G&A
0.8 Cons fees
0.6
0.4
0.2
0
1q18 2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20
source: SMD filings
This overall expenses chart is a bit busy, but packs in plenty of information. As usual,
everything is small scale at SMD and there are zero issues with the numbers, but we can
observe how expenditures stayed at the same approximate level in Q4, despite SMD not being
in the field or drilling. That’s a new direction showing, the company has hired IR and beefed up
its corporate side somewhat, which means 1) we can expect them to make more noise and be
more aggressive in the summer 2021 campaign and 2) it’s going to cost more to run the
company this year. Fair enough, it has the cash and if IR is an essential element these days,
this desk only hopes it chooses well.
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
source: company filings/IKN ests
srallod
fo
snoillim
30 SMD.v: Working Capital per qtr
25
20
15
10
5
0
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1
source company filings/IKN ests
srallod
fo
snoillim

New Gold (NGD) 1q21 production numbers
How stupid do I feel? Allow me to illustrate via one of then mail exchanges last Monday
morning from admirably well-mannered reader “J”:
Hey Mark. Thanks for all your input as always. I was looking forward to your views on
NGD and particularly whether you felt this quarter's production was as "in-line" as
management wanted to claim. I honestly had not monitored the body language and
sequencing of guidance throughout the year enough to know whether clearly
inadequate Q1 run rates to hit guidance were in fact to be expected.
Anyway, I was surprised to see you mention that production would not be provided
until May when it appears they made the usual release last week
Maybe I am seeing something totally wrong (wouldn't be the first time) but thought I
would ask since it seems to contradict what you wrote.
I honestly do not know how I missed the fact that NGD had announced its 1q21 production
quarter on April 15th (15), but miss it I did and now my mental health is back in the spotlight,
maybe I’ll seek out that psychiatrist after all. Also, all I have at this point is to play catch-up to
news that’s already baked into the market price, so an overview plus a preview of the
financials, due filed on April 30th is for today. Come those financials we’ll take the close look
that’s been lacking so far.
OzAu NGD: Quarterly gold production
110000
100000 Gold NA
90000
Gold RR
80000
70000
60000
50000
40000
30000
20000
10000
0
4q19 1q20 2q20 3q20 4q20 1q21 2q21 3q21 4q21
source: NGD filings, IKN ests
First the charts that show the miss starting with gold production from both assets. To start, a
reminder that we also include NGD’s minor silver production at Rainy River in our numbers, as
differences are small and the math is neater. At Rainy River, production was guided lower in Q1
due to period of lower grades in their mining sequence, but the miss was still bigger than
expected. At Rainy River, production was hit by the tragic and fatal mud rush accident and its
ensuing stoppage. That shows in copper production too, which needs to average around 18m
lbs /qtr for 2021 to hit guidance, but returned 13.8m lbs in the quarter.
NGD: New Afton copper production and sales, per qtr
28
2.22 3.12 4.02 6.91 7.12 5.02 8.02 7.91 5.91 2.02 6.12 3.81 1.02 6.02 3.81 3.71 5.81 7.71 9.61 3.51 2.81 5.71 5.81 5.71 8.31 3.31 81 71 81 71 81 71
Mlb Cu
24 Cu prod
22 Cu sales
20
18
16
14
12 10 8
6
4
2
0
1q182q183q184q181q192q193q194q191q202q203q204q201q212q213q214q21
source: NGD filings, IKN ests
Adding in the consolidated gold sales numbers…

NGD: Gold production vs Sales, Oz per qtr
29
41006 60106 12647 58407 19167 41657 25869 65048 91108 00109 86958 45948 99029 99768 94676 95527 51576 92596 72156 26616 61208 49867 69038 69088 70586 12356 00078 00078 00078 00078 00098 00098
130000
120000
Total Au prod
110000
Total Au sales
100000
90000
80000
70000
60000
50000 40000
30000
20000
10000
0
1q18 2q18 3q18 4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20 1q21 2q21 3q21 4q21
source: NGD filings, IKN calcs
…gives a clearer idea of the extent of the 1q21 shortfall. When combined with a downward-
adjusted average gold price (we are now estimating U$1,770/oz average received price= and a
slightly higher copper price (we assume U$3.85/lb for 1q21), the result is gross revenues now
estimated at U$160m:
NGD: Quarterly Earnings Overview
9.761
9.68 2.16 8.91
1.551
1.58 6.35 4.61
4.861
7.49 4.16 3.21
2.931 2.501
4.46 4.03-
3.241
7.98 25 6.0
5.821
2.66 6.04 7.12
7.371
7.68
7.94 3.73
9.891
3.79
8.05 8.05
061
59 15 41
522
001 25
37
242
001 35
98
250
225
200
175
150
125
100 75
50 25
0
-25
-50
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 tse12q1 tse12q2 tse12q3
$m
revenues
op-ex
deprec/deplet
Mine Op Earnings
source: company filings
That’s a big difference from the U$220m of before and means NGD is now forecast to give a
Mine Operating Earnings of just U$14m, basically breakeven in the much-vaunted quarter
without hedged gold. It’s also why I’m feeling particularly sheepish about missing this note and
update last weekend, as if we compare NGD to sector peers GDX and WDO.to…
…its under-performance last week is clear. We’re still two weeks away from the earnings,
scheduled for May 5th. On the day, we may see headline reaction from a lower than expected

bottom line but on the whole, the market has now probably baked in the worst for NGD’s Q1.
The last time we looked at NGD in any detail was in IKN615 dated March 7th, in the note “The
New Gold (NGD) valuation model under new market circumstances”. The stock had just been
hit by more than its fair share of selling over a weak couple of days for gold and was back at
U$1.60. Here’s how the overview ended:
“…the selling we saw last week brought many stocks down from overbought highs, but
it also threw several proverbial babies out with the bathwater. NGD is one of them, its
recent rough patch of news not helping as it tries to re-gain momentum. That I believe
will happen with the 1q21 production and sales results, the moment when the market
finally realizes what a cash cow NGD has turned into under CEO Adams. If you are like
me and think the gold rebound back to U$1,800/oz and beyond is best chased by
small and medium sized producers with cash flow and profits, look no further for the
excellent leverage NGD also brings to the table. The model works at lower prices and
today’s stock can justify even lower gold and still be profitable. Meanwhile, upside
potential is very strong as NGD moves through the gears in 2021, as long as gold
accompanies NGD could double or triple again.”
And now for a checklist of items from that paragraph:
 The 1q21 production numbers were not great as predicted, in fact as we’ve just seen
they were a fat miss. Wrong.
 To date the stock is up 10c at U$1.70, the right direction without impressing anybody.
 Yes, I still think gold’s rebound back to U$1,800/oz and beyond is best chased by small
and medium sized producers with cash flow and profits.
With NGD always guiding toward stronger production
later year, the market will forgive its lapse and the
bad news is now largely baked into the stock. There
may be a buying opportunity through earnings day,
as NGD is now covered and held widely by Wall St
types who tend to look at bottom lines and hit
buttons quickly. NGD still fits the bill as a trade to
profit from rising gold and I see no reason to
abandon the current U$2.84 price target. I am
holding through a lacklustre quarter and expecting
greater things to come.
Buenaventura (BVN) and its upcoming 1q21 Conference Call
Rarely can one call a mining company’s quarterly financial results Conference Call a must-listen
event, but there’s one coming up this Friday (16):
LIMA, Peru--(BUSINESS WIRE)-- Compañía de Minas Buenaventura S.A.A. (NYSE:
BVN; Lima Stock Exchange: BUE.LM) will hold its First Quarter 2021 earnings
conference call on:
Friday, April 30, 2021 10:00 AM (Eastern Time) 9:00 AM (Peru Time)
Participating on the call to review Buenaventura’s First Quarter 2021 financial and
operating results will be Leandro García Raggio, Chief Executive Officer, as well as
other members of the senior management team.
First quarter results will be issued on Thursday, April 29, 2021 after market close.
Here’s the link to the live webcast (17). It promises to be one of the most interesting anal ysts
Q&A sessions possible on Peru, as BVN and its people are much less likely to mince their words
in a strict business environment.
Conclusion
IKN622 is done, we end with bullet points:
 The decision to sell Copper Mountain (CMMC.to) and take profits also frees up personal
30

capital and replenished account treasury, please remember my calls are always
influenced by personal circumstances.
 Also to sell this week, Pucara Gold (TORO.v) shows that I’m as stupid as ever about
stocks.
 Peru isn’t getting any better, it’s getting worse and it will spread a wave of resource
nationalism in mining over the continent. Another reason I’m buying North American
exploreco land over South American at the moment, with QCCU following on form
Wolfden (WLF.v) of a couple of weeks ago. Not a coincidence.
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.
Best, Mark
Footnotes, appendices, references, disclaimer
(1) https://advances.sciencemag.org/content/7/17/eabd9210
(2) https://www.cumtn.com/investors/press-releases/2021/copper-mountain-mining-announces-first-quarter-202-2683/
(3) https://qccopper.com/
(4) https://qccopper.com/investors/presentations/
(5) https://qccopper.com/news/qc-copper-reports-126-metres-of-44-copper-eq-and-35.0-metres-of-88-copper-eq/
(6) https://cleanup.earthday.org/
(7) https://drive.google.com/drive/folders/12VWQmtliinSYlBLlCHoaNP4e0WSR4Ex7?usp=sharing
(8) https://marimaca.com/marimaca-identifies-new-oxide-target-at-roble-with-high-grade-rock-chip-samples/
(9) https://www.chakanacopper.com/news/2021/chakana-announces-appointment-of-douglas-silver-to-the-board-of-
directors/
(10) https://finance.yahoo.com/news/contact-gold-announces-corporate-reorganization-113000342.html
(11) https://www.reuters.com/world/no-chavismo-here-peru-socialist-candidate-castillo-seeks-calm-jittery-markets-2021-
04-22/
(12) https://www.reuters.com/business/energy/copper-price-boost-perus-socialist-swerve-worries-miners-2021-04-20/
(13) https://event.webinarjam.com/t/click/34ll2tgvhowb33a8oxgim5mszxnbq
(14) https://www.strategicmetalsltd.com/news/2021/04/22/strategic-metals-ltd-options-mt-hinton-project-yukon
(15) https://www.newgold.com/investors/news-releases/news-details/2021/New-Gold-Reports-In-Line-First-Quarter-
Operational-Results-and-Provides-an-Early-Stage-Exploration-Update/default.aspx
(16) https://www.nasdaq.com/press-release/buenaventura-cordially-invites-you-to-its-first-quarter-2021-earnings-
conference-call
(17) https://services.choruscall.com/mediaframe/webcast.html?webcastid=mFNQn7HC
31

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
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
32

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
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
33

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.
34