IKN #634Premium

The IKN Weekly
Week 634, July 18th 2021
Contents
This Week: In today’s edition, Gold is still doing its job in your portfolio, When the only news
is Twitter.
Fundamental Analysis: Buy Peru.
Stocks to Follow: Mene Inc (MENE.v), Copper Mountain (CMMC.to), Argonaut Gold (AR.to),
Cartier Resources (ECR.v), Strategic Metals (SMC.v), Minera IRL (MIRL.cse), Aldebaran
Resources (ALDE.v), QC Copper & Gold (QCCU.v), Rio2 Ltd (RIO.v), Amarillo Gold (AGC.v)
Copper Basket: Overview, Element 29 (ECU.v), Chakana Copper (PERU.v), C3 Metals
(CCCM.v), Regulus Resources (REG.v), Solaris Resources (SLS.to).
Producer Basket: Overview, Kirkland Lake (KL).
Tiny Dogs: Overview, Precipitate Gold (PRG.v)
Regional Politics: Deferred.
Market Watching: A Harte Gold (HRT.to) redux, Kuya Silver (KUYA.cse) redox, Regarding the
Orezone Inc (ORE.v) webinar, New Gold 2q21 production numbers, McEwen Mining (MUX) and
another bad week.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
“
In Today’s Edition
 It’s one of those edition that doesn’t seem to carry a single number or chart. Today’s
main fundamentals note on why the worst is over for Peru. I may not be in a hurry
personally, but that’s only because my money is deployed elsewhere. As from today,
buy exposure to Peru with no fear.
 I am exaggerating of course, as we do numbers and charts on several followed stocks
in ‘Market Watching’ today. Most interesting is New Gold (NGD), which didn’t impress
the market with its Q2 production numbers and looks cheap again.
 Today’s intro is what happens when somebody send in a screenshot that matches
something that been annoying me for a while. I’ve wanted get this rant off my chest for
a while, the worsening quality and standards of information are a danger to the retail
investment public.
Gold is still doing its job in your portfolio
Gold proponents can be irritating and boring people, with an unchanging message and often a
dark message of financial clouds on horizons. And I’m one of them, so let’s rub it in. Last week,
the intro included this:
Gold bullion is one of the ultimate defensive plays and last week, it did its job in my
overall portfolio, offsetting some of the losses in the equities. However, current Fed
policy means I plan to have my cake and eat it in the near future because the Fed’s
fixation on maintain (sic) a stable Dollar means everything else will go up.
1

All true one week later, grammar slips aside: Also last week, we were happy about the way the
GLD tracking charts were developing and for the trifecta of horn-toots, the high CPI reading,
followed by Jay’s appearance at Congress, played out as if by command. Next week we have
PPI and the third chance for hard money advocates to tell you to buy silver against US
hyperinflation. Not here though, IKN continues to take the under on the hard money hype
because the first impulse when recession rears its head is always deflationary and if you don’t
believe me, look at what the price of silver did last week. What matters more to us the gold
advocate (rather than the silver hype merchant) is how PMs react after this first turn and that’s
where gold comes into its own. The USA can act as economically confident as it wants, in fact
we’re still in the same “Whatever It Takes” world that began last year to keep things afloat and
it will stay that way until talk of Taper becomes real deed (and tapering is going to be quite
literally something easier said than done this time around). We have the right ingredients for
the gold bull punchbowl: Jay Powell, Janet Yellen and those positions of financial power are still
in “Whatever It Takes”, so Powell’s insistence last week that inflation will be a temporary blip
leaves him the intellectual space (as well as any data at hand) to open the USD spigot further.
The ten-day chart comparing gold bullion (GLD proxy), precious metals miners (GDX proxy) and
the broad market (S&P500 proxy) is an object lesson in their interaction, so to round off the
intro let’s consider the visual:
With two negative impulse days for the broad markets over the last two weeks, the effect on
PM miners (GDX) is obvious. However, note the more subtle interaction between the SPX and
gold, which sees the equities out-perform during expansionary periods but gold is there as a
defensive position when markets turn South. Come Thursday last week, bullion held clear
advantage and GDX was back level with the board market performance despite its heavy hit the
previous week, it took Friday’s news and the deflationary impulse to send everything skittering
lower. So, what would seem like “back to square one” for mining stocks, at least on that chart,
but you’re going to have to forgive me for not changing our bullish outlook on the sector. The
same inflationary pressures that sent gold over 2k last year are in the air and as the chart
above underscores, current policy designed to prop equities is also bullish for anything else.
When the only news is Twitter
Social media has changed the way information travels in many ways, most of them beneficial to
the consumer and the ever-expanding suite of social media tools are now essential to every IR
desk. Perhaps Twitter is first among equals for this and has become the information channel of
choice for junior mining companies. Your company’s IR executive is now online to answer your
queries and up to and including the CEO of your preferred junior miner is available on Twitter
so ask ‘em what you want. Now that’s okay as stands, but these days the lines are being
blurred, and oftentimes deliberately, by mining companies with the latest version of “get round
the rules” dissemination of information.
The issue stems from the way companies aren’t just using Twitter, Facebook and similar to
complement their previous channels, but using them exclusively. Juniors find they can say a lot
2

more things by ignoring the rules surrounding The SEDAR Regulatory Filings and simply not
releasing official news. Companies must files all RegFs and that’s mostly quarterlies and
annuals, though other documents such as the (always useful for nuggets, make a point of
checking it out) Management Information Circular. These are where the company is obliged to
tell the truth or else, so it’s also where they add the least amount of varnish. But they must also
file copies of all official News Releases there too. The rules are less strict than the RegFs, but
there are still plenty of things they need cover.
Of course, non-regulatory corporate literature has always existed and there’s always examples
on display. Go to a company website and you’ll find plenty of pro-company information, that’s
normal and healthy. Expect rose-tinted specs in project overview pages, executive biographies,
Fact Sheets and corporate PDF presentations. As always it’s a question of degrees and it’s not
wall-to-wall pump jobs, these days plenty of juniors take pride in integrity and willingness to
discuss all aspects of company performance, not just the parts that suit best.
Also, a company will still be liable for its written declarations,
no matter whether an annual financial or a Tweet. It’s
certainly faster and looser in an official corporate social
media channel, but they still need to be careful about
liability. However, the way social media is used is of less
concern to this desk than the way it is abused (1) (right):
I left Twitter way back and haven’t returned, not even a
ghost or tracking account, but I do get sent interesting things
by the people who do and here’s an example of information
control. It begins with Neil Ringdahl, a dyed in the wool
mining guy and corporate executive. He’s become part of the
Twitter mining commentary firmament with nearly 4,000
followers and you can bet, at least some of them are on the
constant lookout for “the inside scoop”. In our sequence of
events from last month, 1) Ringdahl voices his displeasure at
the way REG had traded recently, then the next day 2)
follows up with positive information and a far more positive
outlook on the company after an hour-long phonecall with
the REG CEO, John Black. Now, whether not the Tweet string
was staged by Ringdahl or whether it was real-deal stream of
consciousness at the time is beside the point; for one thing,
his apparent digging and revealing of information is part of
the way this very this desk earns its crust and it’s tough to be too cynical when a complaining
long gets a feel-good call from a CEO and tells others about it. No issues about that at all,
what’s more interesting is the way Regulus Resources now carefully manages the way
information is disseminated. Clearly au fait with Twitter and with an open corporate account of
its own (2), the company hasn’t published a thing since April 14th.
However, they are happy to phone influential people with Twitter accounts. A full hour in fact,
after which we are nodded and winked via a third party who gets plenty of eyeballs and respect
on mining on how everythin’ gonna be alright at AntaKori, despite nothing said about the sticky
politics. Equally, go to the website and you’ll find the latest corporate presentation dated July
2021 and recorded for the Rick Rule symposium (3), but the last official NR from the company
was April 13th (4) Again, let’s stress that this desk has no issue with a company promoting itself
and trying to reach a wider audience, but there’s something amiss when 100% of corporate
information comes via back-channels and unofficial observers. It hardly needs to be said, if
reality doesn’t match the newly rosy opinion on REG voiced by Neil Ringdahl on June 15th after
spending an hour on the phone with John Black, corporate liability for errors, mis-statements or
over-hype is precisely zero. Regulus Resources (REG.v) is an example of a trend toward the
dissemination of information via social media, but done in a darker way, with a deliberate
choice to have as little corporate liability as possible. It’s a logical example for this desk as well,
3

having followed the story carefully over the years and, as a shareholder with the ear of its CEO
at the time, I was already moaning about its corporate IR to him privately before publishing
words on the matter. It’s also a good example because of this:
As Ringdahl was uncomfortable with his accrued loss on the 15th, we can only assume he’s even
less comfortable now at 72c. Or perhaps we need him to Tweet about it first, just to be sure.
Fundamental Analysis of Mining Stocks
Buy Peru
If memory serves, this is the first time a purely political note is the main Fundamentals piece for
an edition of The IKN Weekly. But there’s a
first for everything and, even though the
whole Peru election and Pedro Castillo issue
has been dragging on for nearly all of 2021
already, Peru politics is our main event today
because of new and actionable information.
In IKN613, dated February 21st 2021, we
called sell on Peru due to the deteriorating
political landscape in the run-up to the first
round Presidential elections, here in the
Fundies section in a mostly political note
which went on to make three personal sale
calls. At the time we identified the rise of the
Left wing as the main threat, but erroneously
expected its champion to be the long-time left-
wing figurehead Verónika Mendoza instead of a
teacher from a small upland town in Cajamarca,
but instead Pedro Castillo became the centre of
the national protest vote. Since then, Peru stocks
have done this (right):
The 2021 year-to-date chart is good enough, but
Peru stocks were at a 24 month high last February
on our call and since then, EPU has dropped 27&
while the S&P 500 has risen by nearly 12% (see
12 month comparative chart, right). We therefore
made the right call, which brings context to
today’s note and on that subject, here’s the TL:DR in bullet form:
 Last week your author did a bit of cloak-and-dagger and met up with some sources, the
pool of information has confirmed several key issues.
4

 The second round election result will be ratified by the relevant Peruvian electoral body,
The JNE, on Tuesday July 20th.
 Intellectual support for the Peru right wing’s electoral fraud claim then takes a hit when
Mario Vargas Llosa withdraws his support for the Keiko Fujimori cause.
 This leaves the way open for a smooth handover of power on July 28th (the week after
next).
 However, despite the apparent loss of their favoured candidate, the Peruvian right wing
establishment has done an impressive job on Pedro Castillo and, in political terms at
least, has scared the living daylights out of him.
 As a result, Pedro Castillo’s apparent political ideology has shifted to what can be
described as “Ollanta Humala Parte Dos”, something this desk expected in part but
certainly not to this extent. Details on my errors and the change in stance below.
 This is good news for Peru business, for Peru FDI, for the Peruvian currency and the
Peruvian mining industry, of course. It’s difficult to predict too far out, but as a result
we are changing stance this weekend and calling buy on Peru.
Summary done, now for words.
Some cloak and dagger
To begin, two paragraphs with some details deliberately missing and no names either, however
rest assured that the contacts have reliable knowledge of their spheres. I did not go on a site
visit last week, as stated on the blog (5). That was a subterfuge, in order to go offline and
disappear from electronic media of all types for a couple of days without raising eyebrows. After
receiving some interesting information early week regarding backroom manoeuvres in Peruvian
politics, a couple of friends and I decided to get together, compare notes and indeed, the way
in which information and our oft-separate strands of intel dovetailed is the reason this report on
Peruvian political machinations and dealings is this weekend’s main event.
I am neither James Bond nor Austin Powers, this isn’t the plot for some deep international
mystery spy thriller and I guarantee, the reality was far more prosaic and tedious than the
written word might invoke. In fact and without detail, what transpired was a series of brief
person-to-person meetings with several people here in the city of Lima over the space of a day
and a half, with some getting two or three visits. However, due to a combination of Covid-19
restrictions and the need to keep all contact anonymous, we decided as a group to go offline
so, at the drop of a hat, I invented that ruse about going on a site visit then if friends or family
asked further, they got told I was doing a quick overland scouting job as a private commission.
You all got white-lied, including my mother and father. Please accept my apologies, I didn’t
even get 20km from this desk as the crow flies last week.
The election ratification and next ten days
This weekend has seen the final legal and judicial efforts by the Peru hard right wing to block
the declaration of the second round election result. That’s now set to happen this Tuesday July
20th and while I’m no lawyer, there’s now consensus that the last-ditch efforts will fail and
Pedro Castillo gets to be President-Elect for one week, before assuming the real job. The
upcoming declaration by Peru’s JNE electoral body is important for protocol matters, as it then
allows foreign leaders of all types to write in, congratulate Peru on their successful democratic
election, wish the new guy the best of fortune, etc. For sure the LatAm Left wing governments
will be first in line (Argentina, Bolivia, Mexico, Venezuela) but the diplomacy of positive cheer
will come from across the political spectrum and, with the words of Presidents Piñera, Lasso
and Biden to show his compatriots, in local terms it’s game over for Keiko’s chances.
But wait, there’s more! We understand that this official declaration should also come with an
extra level of support to calm local nerves, specifically among the Lima middle class right wing
and for this, we need a little background on Peruvian Nobel Laureate novelist and intellectual
commentator Mario Vargas Llosa, or MVLL as he’s usually known in print. MVLL was also the
Presidential candidate who ran against Alberto Fujimori in the early 1990’s and, from that time
until this year, sworn enemy of the Fujimori’s and their deeply corrupt method of politics.
5

However and in a famous U-turn just after the first round result, MVLL decided to swallow his
pride and made public support Keiko Fujimori in the second round run-off this year, “The
Communist Threat” etc. That was one error, his second has been to compound and continue
the fight against Castillo’s ratification by often voicing the same “It was a fraud” talking points
used by Keiko Fujimori and her supporters in their rearguard action (to this day). This brings us
to last week. Our next character in this story is local centre-left political figure Pedro Cateriano,
the ex Prime Minister in the Ollanta Humala government who also happens to be a close
personal friend of Mario Vargas Llosa. Unknown by most, last Wednesday Cateriano got on a
plane to visit MVLL at his home in Spain. The message taken by Pedro Cateriano has several of
the elements in the report below regarding the better economic outlook in the upcoming
Castillo government, but was also a friend-to-friend heads-up designed to calm waters and,
above all, provide MVLL with a logical and reasonable exit from his current strident anti-Castillo
position. By all accounts, the evening between friends went well and, as a result, not only will
we get those messages of official congratulations from nations around the world, but also a
public statement from MVLL, offering his support to the upcoming President. The scenario also
offers MVLL the opportunity to put the boot into Keiko Fujimori. Whether he takes it is his
choice, but the pathway of eating a little humble pie and admitting to the world that he, an old
man, was duped by the Keiko rhetoric on fraud. The door then opens to resume his previous
default position as staunch opponent of anything Fujimori. Not a difficult stretch of the
imagination for anyone, less a Nobel Prize winner for fiction novels.
This is the roadmap that gets Peru from the political uncertainty of this weekend, with legal
suits flying back and forth, to the smooth handover of power on July 28th. The plan rolls out in
the next 48 hours and by this time next weekend, the world should have a better and brighter
outlook towards Peru the country. Not least because behind the scenes, Pedro Castillo has been
on the receiving end of realpolitik.
Pedro Castillo’s move to the political centre
Despite the apparent loss of their favoured candidate Keiko Fujimori, the Peruvian right wing
establishment has done an impressive job on Pedro Castillo and, in political terms at least, has
scared the living daylights out of him. In real terms, what we have seen is a line of figures from
across the political spectrum line up have their meeting with Pedro Castillo, declare him “not a
Communist” (George Forsyth) or “A good man” (Hernando de Soto) and then offer him another
helping hand as he tries to form a workable administration and with each meeting and
agreement, the upcoming admin’s policies have moved further from the hard Left wing Perú
Libre manifesto and especially when it comes to anything financial. Socially he has stronger
footing and he is now pushing the “Constitutional Assembly” as his flagship policy, promising a
new and better Constitution for Peru and framing it as the best bicentennial gift a government
could offer their country. This appeases the traditional Peru Left wing intellectuals (Vero
Mendoza et al) enough to keep their eyes away from the lack of nationalizations happening, or
even the delay into the indefinite future of any significant tax burden.
Another increasingly important actor over the last two weeks has been Julio Velarde, head of
Peru’s Central Bank and the reason behind the sequence of events that has improved the
outlook for Peru’s fiscal and monetary policy. It began when election winner Pedro Castillo got
down to the thorny problem of forming a government. He quickly fell into line with left wing
economist Pedro Francke, whose name has been mentioned on these pages on many occasions
as next likely FinMin. Pedro Franke is certainly left wing and would espouse a loose monetary
policy, but he’s also pragmatic and understood how keeping Julio Velarde on as head of the
Central Bank would go great lengths in calming nerves in finance/business. We then had the
little pas-de-deux we reported a couple of editions ago, in which Pedro Castillo first informally
and then formally invited Julio Castillo to stay on as head of the BCRP, with Velarde formally
replying “I’ll think about it.”
That was then and, at the time, this desk believed Velarde was only putting on a front in order
to calm markets through the handover an inauguration. In fact, we now understand that Julio
Velarde made a firm offer to Pedro Castillo and Castillo accepted it: He Velarde would stay on if
6

the President-Elect chose a Minister of the Economy and Finances (MEF) he could work with
and that shortlist did not include Pedro Francke. It did however include Alonso Segura, the ex-
FinMin under Ollanta Humala and proponent of orthodox economic policy. He’s a FinMin who
worked his shift in Peru without ruffling many feathers with an economic ideology wouldn’t be
out of place in a government in Colombia, Chile or Mexico. And this is where we are today, with
Peru’s financial gossip all about whether Castillo will stick with Pedro Francke and risk losing the
good auspices of Julio Velarde, or opt for Alonso Segura who would then get Velarde on board
and send a strong “Business As Usual” signal to the country and the rest of the world. A perusal
of the papers this weekend sees the debate going back and forth, with some op-ed writers
insisting that Francke is a near-certainty for the job and Alonso Segura is not a serious option:
We beg to differ, and in the next few days we expect the rumours to firm up around the
likelihood that Francke will step aside and allow President-Elect Castillo to form a business-
friendly cabinet, which then gets the good auspices of Julio Velarde who stays on as BCRP
head.
We stress that the final decision still hasn’t happened, but this desk understands Pedro Castillo
didn’t think twice about dropping Pedro Francke and preferring the Alonso Segura/Julio Velarde
package. Why this may be so is up for conjecture, and another matter is whether Francke
agrees to step aside easily or whether the Left makes an ideological stand. Therefore at this
point on Sunday morning July 18th (edit, also true Sunday evening) there’s no firm decision, but
we expect Alonso Segura to be given the nod in the days ahead.
If the news on Segura (or perhaps another person not named Francke) is confirmed in the days
ahead, it would also be another example in the markedly change demeanour of Pedro Castillo.
A reasonable orator but never a firebrand, he has shown his more introverted nature after
winning the second round run-off and decamping to Lima. We’ve made allusions to this in
previous editions, but his shift to the political centre has accelerated sharply in the last couple
of weeks and coincides with the arrival of Ollanta Humala as an increasingly frequent presence
at the shoulder of Castillo. I’m sure that ex-President would have explained by now how his
opponents screwed him into the ground until he was in jail on (trumped up?) corruption
charges. How his newly-found enemies are implacable. How the only real option is to work with
them to achieve longer-term goals. Things of that ilk, but whether Humala or not, somebody
has got to the ear of Peru’s quasi-President-Elect and told him a few homes truths. He’s listened
too, as in the last few days his cabinet plans have begun to leak out and, Constitutional
Assembly aside, the only potentially radical policies are centred on improving schooling and
healthcare in provincial and rural Peru, faster Covid-19 vaccine coverage and better social
services to lower earning classes (free school meals, free neonatal care, etc) along the lines of
policies successfully enacted by Evo Morales in his first period of government in Bolivia. Or how
about the way Pedro Castillo last week pronounced on the social protests currently going on in
Cuba, but took the side of the protesters who, he said, were a people repressed for decades.
Not the rhetoric you’d expect from a (literally) card-carrying Communist, but it’s a clear
indication that Castillo’s social conservatism is a greater personal influence than his party
politics. So here’s a prediction for you: In the next six months, President Castillo is going to get
into trouble more with the Left wing than the Right wing and more likely to cause a commotion
from his views on homosexuality (just for one example) than the economy.
What this boils down to is one thing; There’s little to be afraid about in this President’s ideology
any longer. Now out of Cajamarca and faced with some harsh political realities in the Capital,
he’s chosen the route of consensus and bridge-building in order to form a government. That
means his administration has moved to the centre-left and, banner policy pushes on a new
Constitution or a Windfall Tax on mining profits aside, to the admitted and great surprise of
your author Pedro Castillo no longer poses any meaningful threat to the financial well being of
Peru. That includes businesses, FDI and mining companies as well. Our focus sector is going to
get more attention on a National level and pay more State burdens, but even those novelties
are likely to be watered-down and introduced later rather than sooner.
7

The actionable call
The change in outlook in Peru mean is positive, therefore the basic call is easy: Buy Peru. With
that out the way, here are the three actionable scenarios today:
 President (Elect) Castillo appoints Alonso Segura as FinMin: If our intel is conformed,
this will also mean Julio Velarde stays on at Peru’s Central Bank. Bullish.
 President Castillo appoints A. N. Other as FinMin. Also likelt to be bullish, the option to
find a different FinMin acceptable to all still exists. If s, this is also likely bullish
 President Castillo appoints Pedro Francke as FinMin. Though he’s still talked as
favourite for the job this weekend, Francke is now less likely. He would be a negative
signal, as it would mean Julio Velarde was leaving.
However, the above scenario is also why Peru is a clear buy this weekend: We are assuming
Alonso Segura gets the FinMin job and Velarde then stays on, but even if Castillo changes his
mind again and offers the job to Pedro Francke, the implications of that decision won’t be
apparent to the world. With Francke expected for the job, his potential influence has already
been baked into prices and the announcement is not going to create a stir. There’s also a clear
and easy window of time between the announcement of the first ministerial cabinet and the day
which Julio Velarde need announce his retirement, in September. On that day yes, the markets
will sell off sharply on the news Julio Velarde is retiring but by then, we speculators in Peru
would be long gone and without losses.
Therefore the call today is to reverse the decision made in February and call buy on Peru. This
isn’t a call with a long date, the country is going to need constant monitoring over the medium-
termm, but today and for the near-term we can expect the new President Pedro Castillo to
adopt standard economic and financial frameworks to run his government. There are plenty of
ways to “buy Peru” as well, perhaps one of the beaten-down copper stocks as featured in
today’s Copper Basket is your method, or perhaps the EPU index tracking ETF. The currency,
the bonds, there are many channels but the trade advantage is the same one; the market has
overprice risk into the upcoming Castillo presidency. On a personal level, I am more exposed to
the country than via the portfolio, but speaking strictly stocks I won’t be buying back into Peru
immediately because for the time being, the portfolio is long enough. However, as from this
point all Peru trade options and alternatives are back on the table and just for one example, I
have one less reason to worry about Kuya Silver (KUYA.cse) is I eventually pull the trigger.
Bottom Line: To my surprise, Pedro Castillo has followed the Ollanta Humala line very loosely
and his upcoming government will be acceptable to business and to mining. Buy Peru.
Stocks to Follow
It’s one of those week’s in which the optimistic writer begins with “It wasn’t all bad”, as despite
the selling that accelerated into Friday we managed to return five week-over-week winners on
the list (AR.to, MIN.to, ALDE.v, ECR.v, AUL.v). But there is no escaping the 11 losers on the
week, losses headed by the base metals trades in Copper Mountain (CMMC.to down 10.9%),
Wolfden (WLF.v down 10.0%) and Trilogy (TMQ down 9.2%), as well as the anomalous drop in
Mene Inc on Friday (MENE down 18.8%).
We remain at 17 open positions on our Stocks to Follow list, two over our self-imposed limit and
uncomfortable about the idea. Six stocks are in the green, the other eleven are in the red and
Rio2 is one of those.
8

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$0.61 190.5% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.72 -13.3% $1.58 tgt, finance capex due
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$3.51 18-Jun-21 C$3.36 -4.3% re-buy, Q2 earnings catalyst
Argonaut Gold AR.to STR BUY C$2.92 25-Jun-21 C$3.11 6.5% New prod. turnaround pick
Trilogy Metals TMQ BUY U$1.84 15-Sep-19 U$2.18 18.5% Cu for 2021, going well
Amarillo Gold AGC.v BUY C$0.31 30-May-21 C$0.29 -6.5% add at 30c/32c, capex NR soon
Strategic Metals SMD.v BUY C$0.42 31-Jan-21 C$0.32 -23.8% Canadian land asset bet
Excelsior Mining MIN.to STR BUY C$0.93 10-Mar-19 C$0.56 -39.8% Delayed, but still great value
Aldebaran Res. ALDE.v BUY C$0.68 16-May-21 C$0.70 2.9% Bet on big copper, pol risk okay
QC Copper &Gold QCCU.v STR BUY C$0.205 25-Apr-21 C$0.175 -14.6% Cu Jr, fast-tracking resource
Royal Road Min. RYR.v BUY C$0.155 17-Mar-19 C$0.285 83.9% Model paying off in Nica
Wolfden Res. WLF.v spec buy C$0.30 11-Apr-21 C$0.27 -10.0% Zn trade needs to move soon
Great Bear Res GBR.v BUY C$15.83 26-Aug-20 C$14.08 -11.1% Binary M&A trade, wait for print
Cartier Resources ECR.v hold/sell? C$0.32 21-Mar-21 C$0.265 -17.2% Thinking of selling
Aurelius Min. AUL.v spec buy C$0.75 28-Jun-20 C$0.44 -41.3% has until its 43-101 to improve
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.075 -61.5% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.68 6-Dec-20 C$0.69 1.5% LT bet, added again July'21
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
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
2015 to 2020 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered stocks:
Mene Inc (MENE.v): A fact of life, sometimes a junior does this to you on a Friday afternoon:
This type of Friday selling into illiquid bids used to be a person concern, not least for the
cosmetic performance numbers in The IKN Weekly every weekend. Not any longer, mining
stock or not I didn’t lose a moment’s sleep this weekend over MENE.
9

Copper Mountain (CMMC.to): Its position as (one of the) lead speculation vehicle for copper
producers for Canadian trading desks
means volatility and market beta,
something we retail longs enjoy more on
the way up than the way down. On days
like Friday, easily-handled trading losses in
some stocks become a little more
stomach-churning in CMMC:
But rather than wallow in misery, I look to
the way CMMC has tended to snap back
recently along with the pending 2q21
financials out tomorrow morning. I’ll be on
the numbers tomorrow and if there’s any
change to the house call you will receive a
Flash update, but assuming the quarter
comes in acceptably, we’ll run a closer examination next weekend in IKN635.
Argonaut Gold (AR.to): An indication you’re
onto a good thing is “Up in a down week”,
that’s doubly true for PM producers and AR
has done it two weeks running since our
incursion into the stock. This comparative
chart is better than any thousand words of
purple prose:
Argonaut traded like a true champ on Friday,
too. This week should see the date set for
AR.to’s 2q21 operational and financial results
(they no longer pre-announce production) and
if history is our friend, that will be during the
second week of August.
Cartier Resources (ECR.v) and Excelsior Mining (MIN.to): A strange pairing at first sight,
but when you lay their recent price performances against each other…
…we see the fingerprints of a seller that finished selling both around the same time. My eyes
were on the MIN tape Monday and Tuesday and the period to midweek wasn’t the start of price
weakness in either stock, more a culmination of a longer period. So Tuesday’s 48c close in MIN
was admittedly uncomfortable and the Wednesday rally very welcome, so it looked even better
on seeing ECR on the same pattern: That above is a seller with no more left to sell, confirmed.
QC Copper & Gold (QCCU.v): If “Word from Opemiska is good”, as I claimed last week, why
the continued under-performance? Copper’s price slide didn’t help of course, but this small
10

company still flies under the vast majority of radars. The company’s job is to change that, and
its best weapon will surely be the upcoming 43-101 (now late August) with which to make a
noise.
On that score, QCCU won’t be backward coming forwards and ‘Ore Group’ head and QCCU CEO
Stephen Steward already produces his own in-house promotional videos for his suite of
companies, something he has mentioned to this desk as being highly cost-effective compared
to the webinar channels and specialist online marketing companies, now firmly part of the IR
scene. We got the latest corporate video on QCU last week and this link (6) takes you to 34
minutes of time well spent for any current or prospective shareholder.
Rio2 Ltd (RIO.v): We are likely to feature Rio2 Ltd (RIO.v) as main event next weekend. Here
we note that trading in the stock was healthy last week, with Friday’s decent resistance to
pressure a decent clue as to where the baseline of the upcoming financing is going to be, but
the skittishness in the wider sector doesn’t come at a good time, so for once I’m going to have
a worry about the way gold trades tomorrow and light a candle to the market Gods on Monday
night, asking for friendly pricings. Not so Alex Black, who when asked this weekend about last
minute concerns, “(We) will take what we can get. Then we roll up our sleeves and get this
mine built.” I like that. Until next week, when we can write more freely about the re-rating to
expect at Rio2.
Amarillo Gold (AGC.v): The selling wave was so strong on Friday, even AGC managed to
drop under 30c again and even some stone-cold arbitrage of a few percentage points against
Eric Sprott’s plans couldn’t tempt instos to add.
The Copper Basket
After twenty-eight weeks of 2021, The Copper Basket shows a gain of 30.25% to level stakes.
company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.08 107.53 1375.31 12.79 110.4%
2 Copper Mtn CMMC.to 1.81 207.5 697.20 3.36 85.6%
3 Oroco Res OCO.v 1.85 186.96 568.36 3.04 64.3%
4 Marimaca Cop MARI.to 3.25 87.737 340.42 3.88 19.4%
5 Western Copper WRN.to 1.57 135.798 294.68 2.17 38.2%
6 Amerigo Res ARG.to 0.80 181.79 210.88 1.16 45.0%
7 Excelsior Min. MIN.to 1.12 273.585 153.21 0.56 -50.0%
8 Aldebaran Res. ALDE.v 0.455 125.24 87.67 0.70 53.8%
9 C3 Metals CCCM.v 0.115 438.56 78.94 0.18 56.5%
10 Regulus Res. REG.v 1.07 101.85 73.33 0.72 -32.7%
11 Doré Copper DCMC.v 1.00 53.304 47.97 0.90 -10.0%
12 Chakana Cop PERU.v 0.60 111.41 35.65 0.32 -46.7%
13 Element 29 Res ECU.v 0.45 68.281 34.14 0.50 11.1%
14 US Copper USCU.v 0.105 87.53 14.44 0.165 57.1%
15 Chibougamau CBG.v 0.165 53.077 13.27 0.25 51.5%
NB: All stocks in CAD$ Portfolio avg 30.25%
A sharp leg down for The Copper Basket last The Copper Basket 2021, weekly evolution
70%
week. We know holders of juniors of all
60%
types rushed for the door, this sub-sector
was no exception and in the rush, traders 50%
hardly noticed the underlying strength 40%
exhibited by the metal late week. When the 30%
dust had settled there was just one week- 20%
over-week winner on our list of 15, so a
10%
11
0%
ts1
naJ
t01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52 n2yam ht9 ht61 dr32 ht03 ht6nuj ht31 ht02 ht72 ht4luj ht11 ht81
source: IKN calcs

small cheer for Excelsior Mining (MIN.to), then two others were UNCH (REG.v, DCMC.v). That
leaves a heavy 12 losers, with biggest hits taken by Canadian copper spec vehicles Western
Copper (WRN.to down 13.2%) and Copper Mountain (CMMC.to down 10.2%). At this point
(and to clear up a mail query), a reminder that The Copper Basket, along with Producer and
Tiny Dog baskets, are NOT lists of recommended stocks. In the case of this section, the 15
names above are chosen to be representative of what’s going on in the junior copper world, be
they heavy budget big stories that manage to power over a billion dollars market cap (e.g.
Solaris), development plays (MAI.to, OCO.v), small producers (ARG.to), to early-stage drill plays
(CCCM.v, ECU.v, ALDE.v) or the microcap end (USCU.v, CBG.v). For sure all the choices are
interesting stocks and companies in their own way, but unless they move to the active portfolio
I have no money in them.
This week’s chosen copper price chart is left big, to make a point:
Playing its own part in the new recession fears, China released its 2q21 initial GDP reading of
+7.9%, below the consensus 8.1% forecast. With the “uh-oh, new coronavirus outbreak”
excuse now wearing thin, China proceeded to follow its now script to the letter and blamed the
higher cost of primary imports for the miss. In other words, they don’t want to pay U$4.50/lb
copper but, with The USA now using its influence over the US Dollar as primary tool to keep
growth on track (that there MMT), this desk forecasts that the China jawbone (and occasional
inventory dump on to the LME) will only have a limited effect.
To expand the argument a moment, China as a country cannot have its cake and eat it. It has
spent the last decade going round the world, Africa, Asia and South America, buying up as
much industrial metals verticality as possible and with plenty of emphasis on explorecos with
resources for sale, so if that is how China sees the future of copper, complaining about price
rises will only get me a shrug and “What did you expect?”. This in turn exposes the strange
decisions people make around copper stocks, selling them at times like last Friday for reasons
that are wholly monetary (Treasurys, Taper Tantrums, etc) and still under the control of the
Fed and its famous toolkit.
Last week is not when you sell copper stocks. Last week is when you buy copper stocks.
This week’s version of “buy the dip, copper bull” because Chinese appetite for the metal is not
about to drop. To risk boredom via repetition; Whatever the bankers and stats people might
want to infer, China is going to buy more and more copper in the years to come, stone-cold
guaranteed. Aside the chance to dress like a spy, another bonus of stepping away from the
desk and going offline last week was to gain perspective. Maybe I’m wrong and I too should
join the voices of concern about inflation who got noisy as from Wednesday, or perhaps the
wholesale selling of copper stocks on Friday (along with others) is only a presage of things to
12

come. But I don’t think so, in fact I’m quite sure, as all we need do is remember how much
copper China needs in 2022. Now for our standard weekly inventory data:
 The Northern summer is here. A quiet week for copper inventory movements, with an
aggregate of just 4,755 metric tonnes (MT) in the three world systems over the week.
Stocks closed under the 400k line again, 393,791mt.
 The SHFE was closed for its summer break, no change to the 129,469mt of last
weekend.
 At the LME, 5,825mt of copper was added mostly to its Asia warehouses and stocks
reached a total of 222,625mt. The large inventory dump of three weeks ago is still on
the LME books, but with cancelled warrants now down to just 6.6% of total stock we
can expect more tonnage to go under warrant soon.
 The Comex continued its recent trend by dropping another 1,070mt, this weekend’s
total stock 41,697mt
Here’s the Shanghai-only inventories chart, both squiggly line and house narrative unchanged
from last week:
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
13
8102
ht7naj
ht81 dr3nuj ht21 ts12tco
8102
81'ht03ced ht01 ht91 ht82 91'ht6tco ht51 dr32 0202dr3yam ht21 ht02 ht92 1202ht7beF ht81 ht72
Mt Cu
|
source: Cochilco
Now for notes on a couple of basket stocks:
The Peru copper stocks (REG.v, PERU.v, CCCM.v, ECU.v): In light of our revised position
on Peru, it’s only right this weekend to revisit our occasional “The Peru copper stocks (REG.v,
PERU.v, CCCM.v, ECU.v)” segment we ran
over many issues during 1q21 and 2q21.
Here, four opinions on the renewed
prospects of the four stocks in light of our
improved political backdrop and they come
in personal order of preference, too:
Element 29 (ECU.v): At this weekend’s
50c, ECU.v is my idea of the best risk-
reward bang for your buck as Peru’s
economic and mining outlook improves
during 3q21. The company will be drilling
soon and the Elida project looks ripe for
headline-making drill holes to get
momentum running. An honest team of
geologist/explorers who have taken their time to get to this point, if they can show a live
prospect for an open pit copper resource in Peru there’s no reason why the company should be
priced at half that of peers C3 and Regulus.

Chakana Copper (PERU.v): For the underlying reason behind the recent volatility and price
weakness in Chakana Copper (PERU.v), this chart covers 24 months and I think you can spot
the moment when the company first got in specialist help to find a buyer for a persistent and
large seller of the stock, then decided to hire expensive new consultants and run a marketing
campaign:
Unsurprisingly, PERU then ran a $10m placement in early 2021 to take advantage of its new
normal, so it was telling that it only managed to
raise $9m total and that with the automatic pro-
rata tranche taken by main strategic partner, Gold
Fields (GFI). Since then, PERU has sold off and
without reaching the pre-marketing price deck yet,
is a long way from the prices supported by the
market until the placement closed. All that is a long
way of saying that, these days, PERU.v this is a
heavily marketed stock that burns a lot of its
money on the promotional side of the game. Not
so great for current holders, but with prices now
low and Peru about to get an upswing in investor
sentiment, expect this stock to be at the forefront
of mail blasts and social media campaigns.
With its resource and mine plan that still has the look of a science project, even after all these
years, and a track record for corporate shortcomings that beggars belief even for this sector,
PERU.v is not a trade for me. However, we all know how cycles work and if you are a better
near-term trader than I you may want to consider PERU.v at its pre-Labor Day promo prices
C3 Metals (CCCM.v): A company that was carefully promoted out the door to this market
cap, the risk looks to the downside. Of course, one drill hole can change that and make me look
stupid, but he way this company was constructed through its RTO leaves a lot to be desired.
What’s more, knowing the people behind the company makes it easy not to trust. There’s
always the opportunity for speculative trading around one the heavily promo’d tinycap juniors
and as long as you go in with eyes wide open, the original concept behind this company is to
mine paper and not metal.
Regulus Resources (REG.v): It’s not merely personal taste that puts this stock at the bottom
of the list, because REG at AntaKori has more problems than most other stocks exposed to Perú
due to its precise geographical location. Pedro Castillo may be off to live in Lima for the next
five years, but a newly empowered local Perú Libre party which will NOT (capitalized,
underlines, bold type) dilute its hard Left wing message is now ruling the roost in the
Cajamarca region and specifically in the Huagalyoc/Bambamarca/Chota micro-region. This zone
hosts big mining operations such as Yanacocha, Coimolache, Gold Fields and of course AntaKori
and is now a quasi-fiefdom of Vladimir Cerrón and his allies. So despite the improving risk
scenario for the rest of the country, the way in which mining and the vast amounts of money
that come from the zones’ large mines mean the local political risk will stay too hot to handle.
Even if I’m wrong and REG sets off on a fast price rebound, other Peru stocks will benefit as
well without coming with a potential Black Swan moment of their own, later. Avoid.
Bottom line: I liked and owned ECU.v before the bottom fell out of the Peru political scene and
two quarters later it’s still the most attractive junior exploreco on the list. There are trade/flip
opportunities in PERU and ECU, as there are in REG and in fact, there’s no reason why any of
these companies should truly miss out on any macro rebound for Peru and Peru mining stocks.
However, preference is for ECU.v for several reasons, including relative price and good CSR that
will now allow it to go about its business without issues.
14

Solaris Resources (SLS.to): My comment in IKN633 last weekend that Ecuador wouldn’t let
Warintza happen got mail feedback, so we unwrap that here. When writing that Warintza will
be “…a lot of money to lose when Ecuador decides not to allow the mine to happen”, I wasn’t
referring to the government or current President. Far from it, as in this case “Ecuador” is the
heavier influence of the local community. We have noted on several previous occasions how
SLS sows discord among locals by setting very near neighbours against the wider regional
authorities, a deceitful and divisive policy that makes for splashy NRs to please casual
observers, but is a policy that leads to failure and will come home to roost here one day, too.
However, my opinion matters little to the reality of
SLS, which continued its apparently unstoppable
run last week despite losing a few pennies week-
over-week. Well inside its trading range, SLS gave
a glimpse of the money involved last Thursday
when somebody controlling half a million shares of
SLS decided to cash in. The price weakness lasted
from less than an hour and before you knew it,
$6m in shares had been easily absorbed by the
market. There are very few exploreco stage
companies one can say that about.
The Producer Basket
After twenty-eight weeks of 2021, the Producer Basket shows a loss of 11.97% to level stakes.
company ticker price 1/1/20 Shares out Mkt Cap (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 805 49.69 61.73 3.1%
2 Barrick GOLD 22.78 1778.04 37.09 20.86 -8.4%
3 Agnico Eagle AEM 70.51 244.187 14.96 61.26 -13.1%
4 Kirkland Lake KL 41.27 267.056 10.90 40.80 -1.1%
5 Kinross Gold KGC 7.34 1261.07 7.82 6.20 -15.5%
6 Endeavour Min EDV.to 29.62 252.568 6.01 28.57 -3.5%
7 Pan American PAAS 34.71 210.262 5.70 27.11 -21.9%
8 B2Gold BTG 5.60 1051.697 4.16 3.96 -29.3%
9 Alamos Gold AGI 8.75 392.739 3.09 7.86 -10.2%
10 Pretium Res PVG 11.48 187.833 1.73 9.22 -19.7%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -11.97%
As for or list, we managed to return three winners from the ten names (KL, EDV.to, AGI) and
perform slightly better than the GDX benchmark. There were seven losers though, the biggest
loss taken by the silver-exposed Pan American (PAS down 4.9%). All in all, a week to forget for
the miners.
The 2021 Producer Basket: Weekly performance and 20%
comparative to GDX control
15%
10%
5%
0%
-5%
-10%
-15%
-20%
15
ts1
naJ
t01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52 n2yam ht9 ht61 dr32 ht03 ht6nuj ht31 ht02 ht72 ht4luj ht11 ht81
The 2021 Producer Basket: Percentage difference between
GDX benchmark and basket (negative = IKN basket ahead) 8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0% basket
0.0% gdx control
source: Google, IKN Calcs ts1
naJ
t01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52 n2yam ht9 ht61 dr32 ht03 ht6nuj ht31 ht02 ht72 ht4luj ht11 ht81
source: IKN calcs, NYSE/Nasdaq/TSX data

Our normal ETF trackers provide telling data this weekend, with gold bullion proxy GLD
managing to improve by 1.18%, while PM producer ETF GDX dropped by 1.31%. Good for the
metal, bad for the miner and even worse for the junior stocks, which took the brunt of the sell-
off as witnessed by GDXJ, down 3.75%.
Kirkland Lake (KL): It’s been a while since we’ve reported KL as a market out-performer, but
last week’s 2q21 production report did good things to the stock:
No prizes for guessing the NR was published pre-open on Tuesday July 12th (7), though as
Monday shows there was already good vibes for the KL number. Fosterville and its 157k oz got
top billing from most commentators, a near 50k improvement on its soft Q1. Macassa also out-
performed, but for me the interesting result for the longer-term was from Detour Lake, with
grade now trending back up to 0.96 g/t Au and apparent glitch-free operations, considering the
tonnage throughput. It produced 165,880 oz, 13% from 1q21.
Finally, those of you uninterested in following the change of command in Peru on July 28th and
29th and Pedro Castillo’s first moves as its new President may want to tune into the KL 2q21
Conference Call, discussing the results
published that morning (8). A look at a longer-
term chart (12m right) also shows how KL got
to the end of its run of under-performance
around March or April this year. Added to the
recent pop on this quarter’s production
numbers, let’s see whether one of the market
stars of the last five years can regain its mojo
in the next two quarters.
16

The Tiny Dogs
After twenty-eight weeks of 2021, the Tiny Dogs show a loss of 10.02% 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 7.67 0.125 -39.0%
Aston Bay BAY.v 0.045 163.975 7.38 0.045 0.0%
Constantine Met CEM.v 0.17 45.4 10.22 0.225 32.4%
Contact Gold C.v 0.115 240.757 20.46 0.085 -26.1%
Golden Pursuit GDP.v 0.22 40 6.40 0.16 -27.3%
Manitou Gold MTU.v 0.045 230.79 16.16 0.07 55.6%
Precipitate Gold PRG.v 0.240 106.241 9.03 0.085 -64.6%
QC Copper QCCU.v 0.315 105 18.38 0.175 -44.4%
Red Pine Expl RPX.v 0.400 95.806 49.82 0.52 30.0%
Warrior Gold WAR.v 0.090 91.818 6.89 0.075 -16.7%
Prices in CAD$, data from TSXV basket avg -10.02%
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
20% Tiny Dogs, 2021 weekly tracker
reputations.
16%
The Tiny Dogs basket average and tracking 12%
chart went South sharply last week, less 8%
connected with massive loser and more with 4%
how they all went the same direction for once. 0%
There was one winner (ANTL.v) and two -4%
others UNCH on the week (BAY.v, GDP.v), but -8%
the other eight were losers with losses headed
-12%
by Precipitate Gold (PRG.v down 19.1%), on
the back on dusters in DR.
Precipitate Gold (PRG.v): I’ve made no secret of the fact PRG is my preferred way into the
mining sector of The Dominican Republic, if it offered the chance of a trade. Sadly, it’s not just
politics, deal-making and sound land positions that make a successful trade, you need geology
to go with you and in this case, the returns from the drilling done by JV partner Barrick on PRG
land East of its Pueblo Viejo mine turned up little of economic mining cheer.
So the JV holes showed dusters (9), but PRG (along with GoldQuest GQC.v) is also a lesson in
political hype. After the sector had climbed out of the Covid-19 in 2020, Dominican Republic
took centre stage for a while as new, pro-business and pro-mining President Abinader was
sworn in (August 16th) and this desk clearly recalls the wishful thinking around the country and
its mining industry at the time. Now a year on from Luis Abinader’s victory, we don’t hear much
about the Dom Rep mining sector in the trade press aside from the ever-present complaints of
slow permitting and congressional antipathy.
17
ts1
naJ
t01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52 n2yam ht9 ht61 dr32 ht03 ht6nuj ht31 ht02 ht72 ht4luj ht11 ht81
source: IKN calcs, TSX data

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
Deferred: Nothing happened outside of Peru that cannot wait.
Market Watching
The summer weeks and Doldrums make this another light Market Watching section, in this
edition we go with a little standard reportage on production results and trading patterns from
followed companies.
A Harte Gold (HRT.to) redux
Following on from our analysis on Harte Gold (HRT.to) last weekend and our contention that its
apparent debt-stress price level is more solid than meets the eye, we note trading in the stock:
Generally available at 8c and 8.5c all week, Thursday afternoon and all day Friday saw Bid(Ask
move down a notch and the stock trading 7.5/8. Not only that, but 1m of the 2m shares traded
on Friday went through as a block in late trading.
Market concern is obviously centred on a date rather than the circumstances, with July 30th
being the new line in the sand for the special committee to come back with meaningful
findings. In the event HRT announce a financially negative corporate development (e.g. a bank
18

foreclosure), the stock would likely spike sharply lower, but only on knee-jerk and we point
readers to the central actor in this corporate transaction. That’s Appian and they will not walk
away from HRT without a third party, in this case likely New Gold, paying a correct amount for
the 23% of HRT shares they own. This is a nice entry point, block out the noise.
Kuya Silver (KUYA.cse) redux
Our improving outlook on Peru political risk isn’t entirely new, for example in IKN632 we
highlighted Kuya Silver (KUYA.cse) as a newly competitive trade idea for silver. Since then,
we’ve seen the stock do this…
…and while I don’t own any myself for the moment, clearly the point of featuring the stock two
weeks ago was to highlight its trade potential to this audience. Which means a big fail to date,
so if we dial up a longer-dated chart that takes in KUYA since its IPO and compares it to the
market…
…the pattern looks remarkably similar to that of Chakana Copper (PERU.v) above in the notes
section of The Copper Basket. Both companies also used recent price highs to raise money at
market in placements and you may believe in coincidences of this sort at your leisure. As well
as Peru, KUYA has been hit by weakness in silver and didn’t escape the selling of last Friday,
which combined with the expected turnaround in political sentiment offers an even better entry
point this weekend than it did in IKN632. KUYA is also likely to have more things to say for itself
of worth, with its secondary drill program at Kerr about to report and the main Bethania
campaign results for 2021 close behind.
Regarding the Orezone Inc (ORE.v) webinar
The webinar mentioned last weekend came and went on Monday, with CEO Downey
concentrating his talk 100% on the company strong points and preferring not to mention the
obvious issues caused by his recent leaky boat. I didn’t stay for the Q&A, the company decided
not to prepare comment and preferred not to approach the subject. That’s its prerogative:
19

However, the market took the opportunity of the liquidity event on Monday as a place to sell,
rather than buy further. It wouldn’t be the first time that the “ignore it and it will go away”
strategy to a corporate weak point works, but I see no reason to return to this trade at the
moment.
New Gold 2q21 production numbers
Before we dig into the numbers, a reminder that New Gold (NGD) is a house favourite at the
moment. After buying nicely in 2020, we sold the position at the end of May to make room for
Amarillo Gold (AGC.v) and for general portfolio treasury and…
…by luck or judgement, that’s worked out well. Last week added to the trend too, when NGD
announced its 2q21 production numbers on Thursday July 15th (10), the announcement coming
with a bit of unlucky market timing and the selling of the next day. Our question today is to ask
whether NGD deserved to be whacked so hard on this news, as we now have until August 11th
for the Q2 financials its next potential catalyst. Meanwhile, the stock this weekend is back at
U$1.63, a price last seen in early April when gold bullion was 5% lower than today.
20

So to the Q2 results and as usual, we lump together all the gold produced at Rainy River and
New Afton, then add the small amount of Rainy River silver as AuEq. The New Afton copper is
best kept separate:
NGD: Gold production vs Sales, Oz per qtr
21
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 15296 62407 00009 00009
000201 000201
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
This chart is a bit busy, but look to the right and you’ll see the 2q21 production column of
69,261 oz gold and sales of 70,426 oz. Those were only marginal improvements on the
company’s disrupted Q1 and are a miss in terms of production.
The company reiterated its guidance for the year but guided us to the low end. That means
270k oz gold and in light of that, please consider the estimates added for 3q21 and 4q21, as
that is the type of production NGD will have to deliver in order to make even the low end of
guidance now. As for copper, the below chart notes production at New Afton at 18.2m lbs Cu
and sales during the quarter of 16.9m lbs. Those are in-line with expectations.
NGD: New Afton copper production and sales, per qtr
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 2.81 9.61 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
With NGD now free of its gold hedge program, we can plug average spot prices into our model
and make an estimate for the upcoming quarterly financials. Here’s the main overview chart:
NGD: Quarterly Earnings Overview
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
9.461
9.39
1.54
9.52
4.491
001
94
4.54
250
225
200
175
150
125
100
75
50
25
0
-25
-50
91q3 91q4 02q1 02q2 02q3 02q4 12q1 tse12q2
$m
revenues
op-ex
deprec/deplet
Mine Op Earnings
source: company filings

If our top line estimate of U$194.4 revenues is exactly right it would be pure luck. It would also
point us to an over mine operating earnings number of U$45.4m, or 6.6c/share. That’s not a
big number, in fact it points us to a “meh” quarter and a slight miss. We’ll leave the rest for
August 11th and the filing of NGD’s 2q21 financials, as the real reason to like NGD will be its
forward guidance, rather than this somewhat mediocre quarter. From the latest corporate
moves at NGD, it seems CEO Renaud Adams is also aware that the turnaround story is now
over and NGD needs to find market traction in another way, hence its recent spate of strategic
financings.
Bottom line: a soft quarter from NGD, but the ensuing selling means the stock may be a
bargain once its outlook is known and for that, we wait for the quarterly filings. NGD isn’t a sell
on a single poor quarter, but the first half of 2021 hasn’t gone as well as the company would
have liked and it needs to step up the pace in H2. As its production guidance has always been
to the back end, NGD is probably at a good entry point today for those with enough patience.
McEwen Mining (MUX) and another bad week
I don’t mind being accused of obsession around this stock at the moment; its case study and
ongoing operational and corporate financial issues are fascinating in their own right (perhaps
even as a morality tale for other mining executives), but McEwen Mining (MUX) also comes with
the potential to nail a turnaround investment win if (and only if) the company delivers on its
latest set of promises. So if being obsessed with trying to make a profit on a stock trade is a
crime, guilty as charged.
Today we stay away from Los Azules and copper, instead offering three charts that track the
2q21 production numbers out of MUX last Tuesday (11). We start with consolidated production:
MUX: Quarterly GEO production
50
45
40
35
30
25
20
15
10
5
0
1q182q183q184q181q192q193q194q191q202q203q204q201q212q21
source: company filings
22
OEG
zoK
San José 49%
Own GEOs
Unlike many companies (and my new Argonaut Gold (AR.to) is particularly guilty of this one),
MUX does the right thin by its Gold Equivalent Ounces (GEO) calculation and adjusts to the
prevalent gold/silver ratio. That was 68:1 in 2q21 and by rhe time the quarter was done, it has
produced 22.5m of own GEOs and received 18.3m GEOs from its 49% holding of San Jose
(operator HOC.L). That was a better performance and the main difference was a return toward
normal production at Gold Bar, which produced 14,100 GEOs.
So the production side of last week’s news was fine, perhaps not anyone’s idea of a blowout
quarter but still perfectly acceptable. However, the financial side of things isn’t so great. MUX
reported receiving $2.5mn in dividends from San Joseé when in 1q21 they got $5m. Then
under the “financial results” sub-header last week, we learned MUX liquid assets stood at
U$44m. That’s low and what’s more, I see no reason why MUX should include the approx
U$3.6m in restricted cash it holds in its assets ledger; it’s booked as a long-term asst for a
reason and they can’t use the cash. Instead, let’s estimate the MUX cash position and working
capital:

Working cap is estimated back at U$27m and the latent threat of a cash crunch rears it head
again. If MUX can complete its production transfer to the Froome zone of the Red Lake on time
they should be okay, but that cash treasury leaves little in the way of wriggle room for time or
glitches.
MUX: Cash treasury position
80
70
60
50
40
30
20
10
0
The bottom line: MUX today is as risky as it was when we considered the stock just six weeks
ago, in IKN628 dated June 5th. Back then it was a U$1.44 stock, today it’s 19% lower at U$1.17
and on chart pattern that screams of falling
knives (and how one should not try to catch
them). The cash position as reported by MUX
end 2q21 has again raised the potential that the
company might go back to market and raise
capital, the selling last week points us in the
same direction.
It remains easy to pass on MUX for the moment,
this desk having identified Argonaut (AR.to) as a
superior value proposition at the moment. Avoid
until further notice.
Conclusion
IKN634 is done, we end with bullet points:
 I was right to call sell on Peru in late February. I’m right about buying back the country
in July as well.
 Copper continues to be the scenario for the bull/bear battle between end user China
and the world, but all the near-term bearish noises the country can muster cannot hide
the long-term reality.
 Next week’s edition is likely to write itself, with Copper Mountain (CMMC.to) reporting
its quarter tomorrow morning and the expectation of real news our of Rio2 (at last).
 We’re done in 26 pages this week, next week’s will be longer.
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
23
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 tse12q2
$m MUX: Working Capital per qtr
50
45
40
35
30
25
20
15
10
5
0
source: company filings
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 tse12q2
$m
source company filings/IKN ests

Footnotes, appendices, references, disclaimer
(1) https://twitter.com/NeilRingdahl/status/1404940127705743362
(2) https://twitter.com/IncRegulus
(3)
https://regulusresources.com/site/assets/files/4201/the_antakori_project_a_giant_with_significant_growth_potential_july
_2021_rule_symposium.pdf
(4) https://regulusresources.com/news/2021/
(5) https://iknnews.com/a-site-visit/
(6) https://www.youtube.com/watch?v=ZLNvJ25aZik
(7) https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Reports-Record-Production-In-
Second-Quarter-2021/default.aspx
(8) https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Announces-Details-of-Second-
Quarter-2021-Conference-Call-and-Webcast/default.aspx
(9) https://www.precipitategold.com/news/2021/precipitate-provides-results-from-barricks-drilling-at-pueblo-grande-
project-dominican-republic
(10) https://www.newgold.com/investors/news-releases/news-details/2021/New-Gold-Reports-Second-Quarter-
Operational-Results/default.aspx
(11) https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2021/McEwen-Mining-Q2-
2021-Production-Results/default.aspx
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
24

Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Ago-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Set-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Ene-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Set-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Ene-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Set-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Ago-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Abr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Set-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Abr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Set-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
25

Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-ago-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-ene-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-abr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-abr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-ene-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-ene-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-abr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-abr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now
available on request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all
material within should not be construed as accurate or reliable or be utilized as advice for investment or business
purposes. Independent due diligence and discussions with ones own investment and business advisor is strongly
recommended. Accordingly, nothing in this report should be construed as offering a guarantee of the accuracy or
completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any
security or as an endorsement of any product or service. All opinions and estimates included in this report are subject to
change without notice. It is prohibited to copy or redistribute this report to any type of third party without the express
permission of the author.
26