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The IKN Weekly
Week 637, August 8th 2021
Contents
This Week: In Today’s Edition, Updating the MMT macro call on metals, As for US Inflation…
Fundamental Analysis: A Tale of Two Debt Crises, Harte Gold (HRT.to) 2q21 financials and
update on Side Bet trade, An update on Minera IRL (MIRL.cse).
Stocks to Follow: Rio2 Ltd (RIO.v), Minera Alamos (MAI.v), Rio2 Ltd (RIO.v), QC Copper &
Gold (QCCU.v), Argonaut Gold (AR.to).
Copper Basket: Overview, Element 29 (ECU.v)
Producer Basket: Overview, Kirkland Lake (KL) again.
Tiny Dogs: Overview, Antler (ANMTL.v), Constantine (CEM.v).
Regional Politics: Peru this week, Ecuador: President Lasso begins the descent to conflict,
The Chile Presidential election is on-deck. A strategy call on Chile, Argentina’s Strategic Mimning
Plan now in the pipeline.
Market Watching: Kuya Silver (KUYA.cse).
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
 Harte Gold (HRT.to) gets more feature than I expected, a small bet that deserves a
closer look after posting its 2q21 financials. That is today’s main fundies work.
 Also in the main Fundamentals section, we have news on Minera IRL that is unpleasant,
but may offer a route to better things for us shareholders.
 Copper is going higher. That’s the Copper Basket, that’s also the point of today’s
extended intro that revisits the MMT call made in May and finds plenty of agreement.
 Regional Politics has to feature the Peru mess, but Chile and Ecuador have events and
developments as well, while Argentina’s latest push for more mining investment is set
to begin soon.
 The summer market of drudgery continues last week, keep holding the Dog Days.
Updating the MMT macro call on metals
Back in IKN623 dated May 2nd 2021, the intro first dumped a little on Bill Maher’s naivete about
the way the financial world works then got to its point: The USA under Joe Biden (plus Yellen
and Powell) had set off on its course of economic recovery using Modern Mone(tar)y Theory,
(MTT, the parentheses to head off debate because only economists care, I do not, both work)
and one of the key macro calls would be to watch and see if it worked. Set against the
Trillionaire stimulus packages being pushed through Congress at the time, we noted The Fed
was already keen on using jawbone, official FOMC communiqués and tweaks-not-changes to
money supply to keep the dollar steady against world currencies. Their plan is to maintain a
1

steady USD, watch The USA accelerate out of the Covid-19 trough and keep the edifice afloat
without attracting inflation and now, I get to be boring and quote myself. This from IKN623
that day:
“Or so the theory goes, but here in May 2021 we can say that if Jay Powell,
Janet Yellen, Joe Biden and whoever else you want to blame are successful in
their stimulus strategy, the current inflation impulse we’re seeing in
commodities of all sorts will pass and the US Dollar index (DXY) flatlines
roughly where we are today, 92X. Which means this for gold:
If the US Fed can control the US Dollar against other major world
currencies*, gold will not move significantly higher in this upcoming
phase of the market.
IKN637 back and, it so happens that the week after the May 2nd was when gold (et al) legged
up, as inflation expectations began to do the rounds, “The Fed Is Wrong!” op-eds easy to find
and The IKN Weekly is as guilty as anywhere else. I dropped the grand philosophical theme the
way I tend to do once junior mining stocks get peppy, as I much prefer to write about the
junior miners and stick to the true focus of this publication. Here’s what’s happened since then:
I’m confident last Friday’s dump under U$1,750/oz was an overreaction, because overreacting
and then checking back is what this Fed policy is all about. The other control was to look out for
a steady USD, so here’s DXY:
We even mentioned 92 as the number to watch. Back in IKN623, we wrote that if the Fed plan
works it should show in better price performance for base metals over precious metals and I’d
argue that is what we’ve seen, notwithstanding new geopolitical factors in the copper market
and a China that is trying hard not to pay what the market wants to charge. Another place that
we forecast would show sentiment are the GLD tracker charts, which would “…eventually revert
2

because it always does”, with the big mystery on timing. Here are those charts and how they’ve
developed:
GLD gold holdings, 2018 to date (metric tonnes)
1400
1300
1200
1100
1000
900
800
700
600
500
Gold holdings at GLD have essentially flat-lined, which fits the forecast. Our Inventory/Price
chart bottomed in late May and then rebounded, but then did a double-dip back to 6.0X and
that also fits the forecast scenario of a Fed with everything under control. Which leaves one
major elephant in the room and for that, you have the most basic chart possible:
Spot copper traded consistently North of U$4.50/lb in May and well into June. Then the drop,
then the recovery and most recently, the concerted efforts by China to jawbone and manipulate
the price of copper lower, with scrap copper now part of its geopolitical strategy (see The
Copper Basket below). Our call on higher copper has not happened, but it is simply a matter of
time before the artificial efforts to suppress industrial commodity prices fail. The combination
of…
 A level-weighted US Dollar
 Higher demand for commodities into economic expansion
 Long-term supply crimp that gets worse before it gets better
…is a powerful economic tide, rather than a near-term influence. The bottom line is to agree
with Goldman Sachs; while gold looks set to continue sideways and stay revolving around the
U$1,800/oz mark, copper goes up from here and then continues to go up. Even in this modern
world of ours, Adam Smith 101 counts.
As for US Inflation…
…for more on whether Jay Powell’s clever plan is working and inflation kept to a one-time
pulse, we watch this week’s US CPI number due out Wednesday. According to current
consensus, the reading will be +0.5% CPI and +0.4% core. So look out for the over, because if
crack begin to show in MMT, gold becomes a natural inflation hedge thanks to low interest
rates and rate rises that get pushed back into the never-ending future.
3
81/1/1 81/3/1 81/5/1 81/7/1 81/9/1 81/11/1 91/1/1 91/3/1 91/5/1 91/7/1 91/9/1 91/11/1 02/1/1 02/3/1 02/5/1 02/7/1 02/9/1 02/11/1 12/1/1 12/3/1 12/5/1 12/7/1
mt 7.40 GLD: Inventory/Price Ratio, 2018 to date
7.20
7.00
6.80
6.60
6.40
6.20
6.00
5.80
source: SPDR GLD data 5.60
2/1/8102 11/2/8102 32/3/8102 2/5/8102 11/6/8102 12/7/8102 03/8/8102 9/01/8102 81/11/8102 82/21/8102 6/2/9102 81/3/9102 72/4/9102 6/6/9102 61/7/9102 52/8/9102 4/01/9102 31/11/9102 32/21/9102 1/2/0202 21/3/0202 12/4/0202 13/5/0202 01/7/0202 91/8/0202 82/9/0202 7/11/0202 71/21/0202 62/1/1202 7/3/1202 61/4/1202 62/5/1202 5/7/1202
Source: SPDR data, IKN calcs

Fundamental Analysis of Mining Stocks
A Tale of Two Debt Crises
“It was the best of times, it was the worst of times,
it was the age of wisdom, it was the age of foolishness,
it was the epoch of belief, it was the epoch of incredulity,
it was the season of light, it was the season of darkness,
it was the spring of hope, it was the winter of despair.”
A Tale of Two Cities, Charles Dickens, 1859
It is pure coincidence that today’s Fundies section is taken up by two companies in apparently
similar situations. Harte Gold (HRT.to) and Minera IRL (MIRL.cse) are both small producing gold
miners, both with weak balance sheets due to financial debt, both threatened with bankruptcy if
things don’t improve fast. They also happen to be personal shareholdings as well, but at this
point the similarities end.
 Harte Gold (HRT.to) is making a concerted and likely successful effort to dig its way out
of problems and add value to the current share price.
 Minera IRL (MIRL.cse) is not, its CEO more interested in feathering his own nest and
pilfering the company than trying to save it.
Preamble done, we begin:
Harte Gold (HRT.to) 2q21 financials and update on Side Bet trade
Today you get the good news first, we begin we Harte Gold (HRT.to) and while there was no
plan to run a longer fundies analysis on this company during my current and admittedly small
“Side Bet” long position, the cards have fallen this way and it would now be remiss not to do
the numbers this weekend. However, before that, we had other significant news from HRT the
day before its quarter was filed. I don’t know how many times I warned about the high-risk
nature of this spec trade in the last few weeks, but it came to mind on Wednesday and the
stomach-churn event delivered by Appian, the company holding both shares, debt and off-take
of HRT and Sugar Zone which had its representatives resign from the board two weeks ago. By
filing its notice of default (1), Appian set off the formal process that will result in the eventual
bankruptcy of HRT if all parties have not reached an alternative agreement by then. The news
sent a shiver through the stock price and that morning there was all the 6.5c shares you could
have wanted (my own cost average) and even a few trades on Wednesday and Thursday
morning that went through at 6c. However, the drop was more knee-jerk over fear than
anything truly new in the mix. We knew Appian has stepped back to look after Appian and we
know the main lender and senior secured debt holder BHPP is good about giving them another
60 days, therefore the Appian paperwork to trigger default in 135 days is all about a company
covering its rear end. We also note that HRT already knew of this Appian decision, as seen in
the financial filings the next day. I’m not trying
to pretend it’s a wonderful situation, I am saying
that nothing new happened that surprised
management last week.
Then the rot was stopped, as post-open
Thursday (unusual) HRT announced the filing of
HRT’s 2q21 financials and MD&A (2) and while
modest compared to recent volume flurries, HRT
found enough buyers to move it back to 7.5c
come Friday’s close (right). Even more
impressive when we consider the market was all
about selling mining stocks on Thursday and
Friday, so to understand why let’s check out the
2q21 results via the usual suspect charts.
We begin with production and the headline number, HRT producing 11,283 oz gold in 2q21,
4

with closely-matched sales of 11,855oz. However, you’ll also notice I’ve added an estimate for
3q21 that is substantially higher than recent quarters.
HRT: Gold oz produced, per qtr
5
6745
4577
9606
7357 7108
0
8126
53801 67711 38211
96651
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
Oz Au/qtr
source: company filings
, this on the back of last week’s information that HRT
raised throughput rates to 905tpd in July and ran
better-grading material as well. This small inset from
the latest corporate presentation shows how HRT
produced over 6k oz Au in July and this makes sense
under the circumstances, a gold mining company
sapped for cash and needing as much leverage as it
can muster with its creditors is always going to high-
grade its mine.
HRT: Mill head grade (g/t Au)
Here were see average mill head grade, at 6.1g/t for 2q21 and we estimate 7.2g/t for the
current quarter. Equally, HRT has sent clear signals that 1) it ran its mill hard in July 2) that
production levels have reached a medium-term steady state and that average 7g/t feed should
be attainable. Assuming the normal 94% recoveries are hit, that puts 3q21 production over
15,000oz and would be a real fillip for the company at an important moment.
We move to consider how production turned into money in 2q21, revenues of C$26.1m slightly
lower than 1q21 due to lower sales.
9.4 9.4
6.3
0.5 5.5
0.0
7.5
7.7
1.6 1.6
2.7
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
g/t Au HRT: Average daily mill throughput, per qtr
900
800
700
600
500
400
300
200
100
0
source: company filings
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
tpd
source: Company filings
HRT.to: Operations overview
1.8
5.01 3.21
1.9
9.41 1.51 5.41
0.21
7.51
1.11
7.3 7.2
2.21
0.7
0.22
3.21
4.72
0.71
1.62
5.51
0.13
0.71
35
30
25
20
15
10
5
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
CAD$m
revenues Prod. costs
source: company filings/IKN ests

However costs came in better than the IKN forecast, with C$15.512m in mine production costs
the main element and here’s the breakdown:
HRT.to: Costs overview
30
25
20
15
10
5
0
6
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
CAD$m
Prod. costs depletion
Royalty/Exp Care&Maint
G&A Expl & Eval
|
Source: HRT.to filings, IKN ests
That’s around $1.5m lower than 1q21, but still higher than anything last year and along with
the corporate cost-cutting messages, attests to long-term cost creep at the mine even while we
applaud the company for slashing into near-term costs during Q2. We model for 3q21 to come
in slightly more expensive, as we know HRT ran its mill at over 900tpd average during July and
now guides for 800tpd average.
As a result, HRT delivered a Mine Operating Income of C$3.458m, which is better than nothing
but once G&A and exploration were backed out, the operating loss was C$1.102m.
HRT.to: Operating Earnings
10
5 2.3
0.4
0
-1.3 -0.9 -1.1
-5 -3.8 -2.7
-10 -7.5 -6.9
-10.2
-12.0 -15
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
source: company filings
srallod
fo
snoillim
But as you can perceive above, the good news is on the horizon, As we can ignore the negative
effects of below-the-line financial costs through the current grace period, as long as gold prices
hold together we expect HRT to be able to return an operating profit during the current quarter
as the company bolsters treasury and its negotiation position:
C$m HRT: Financial Expenses, per quarter
25
20
15
10
5
0
-5
-10
-15 source: Company filings
8 8 8 8 9 9 9 9 0 0 0 0 1 1
1 1 1 1 1 1 1 1 2 2 2 2 2 2
1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q
And before moving to balance sheet items, we note shares out up to 1046.1m as HRT services
its obligations with share-based payments. The sooner a line is drawn under this chronic
dilution, the better.

HRT.to: Shares Out
7
8.034 1.444 8.454 6.894 8.945 3.275 4.675 4.185 7.995 2.006 6.406 9.356 0.776 0.776
2.648 0.368 6.478
9.9301 1.6401
1200
1100
1000
900
800
700
600
500
400 300
200
100
0
61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2
source: company filings/IKN ests
serahs
fo
snoillim
Moving to balance sheet items and for the record, I hazard no guesses on how the 3q21
balance sheet will look because it all depends on corporate restructuring decisions, rather than
production. Assets remain largely as-is (below left) and we separate out the item of most
interest, cash treasury (below right):
HRT: Assets breakdown, per qtr
220
200
180
160
140
120
100
80
60
40
20
0
The pattern of raising cash only to throw it down the Money Pit continued in 2q21. Meanwhile,
we got bigger changes to liabilities (below left) and, as a result, working capital (below right)
The shifts you see in the 2q21 columns is the $25m of subordinated debt owned by Appian,
which moves from long-term to near-term due to its letter of default last Tuesday. The overall
debt burden has in fact dropped in 2q21 thanks to HRT paying down some obligations, but the
clock is now ticking and the working cap number of negative C$56.7m matters most.
Finally, on opening this trade a couple of weeks ago, we recognized that by rights and if things
go badly, HRT shares drop to zero. This we see in the book value chart, which stays just under
zero.
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2
C$m
HRT.to: Cash treasury per qtr
fixed 30
other current
25
cash
20
15
10
5
0
source: company filings, IKN ests
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2
source: company filings/IKN ests
srallod
fo
snoillim
10 HRT.to: Working Capital per qtr
0
-10
-20
-30
-40
-50
-60
-70
-80
-90
-100
-110
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2
source company filings/IKN ests
srallod
fo
snoillim
HRT.to: Liabilities breakdown per qtr
220
200
180
160
140
120
100
80
60
40
20
0
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2
source: company filings
srallod
fo
snoillim
LT liab
current liab

HRT: Book Value, per qtr end
150
100
50
0
-50
-100
8
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2
C$m
source: company filings
Discussion and conclusion
Judging by a couple of mails received last week, at some point in the recent coverage of Harte
Gold (HRT.to) I may have failed to mention that this is a sub-10c tinycap stock with a mountain
of debt that’s now in-play among greedy people. The drop to 6c on Wednesday was no fun at
all, but did you expect smooth sailing from a penny-crapper with a mountain of debt and facing
the clock? However, Thursday and the 2q21 financials brought better news and three lines of
information:
 HRT management were aware that Appian would file its default papers, the news was
only new to outsiders.
 HRT put in a reasonable 2q21, with financials in-line. Other companies may be
disappointed with that, but a normal and uneventful set of financials is good news for
HRT
 It’s putting in a strong 3q21, high grading its mine and running the mill as hard as
possible in order to generate free cash flow and a true operating profit this quarter.
We’re by no means out of the woods, but last week was certainly a net positive for the fortunes
of Harte Gold (HRT.to) as well as my Side Bet trade. The bad news delivered by Appian was
only news to casual observers, meanwhile the company has its mine working okay and with
enough leeway to raise production and flatter itself as the financial re-working process comes to
a head in September/October (a sale to NGD being most likely). With BHPP onside until end
September minimum and Appian looking after Appian, our trade thesis of “Shadow Appian” and
buy a few shares in a company where it owns 23.1% should work out. I’m not trying to hide
the risk from anyone reading these words, we’re all over 18 years old and if you follow this
trade, go in with eyes wide open. Last week has affirmed my position in this trade and I will
hold through to resolution.
An update on Minera IRL (MIRL.cse)
Today’s update on Minera IRL bring no pleasure to report, however it may be the detail we
need to break the logjam. We point readers to the recent appointments at Minera IRL, in the
recent NR that began like this:
LIMA, PERU – (July 27, 2021) – Minera IRL Limited (“Minera” or the “Company”)
(BVL:MIRL) (CSE:MIRL) is pleased to announce the appointment of Steven Ngatai as
Vice President of Projects, Susan Gabbie as Chief Communications Officer, and Pedro
Valdez as Vice President Investor Relations. All of the appointments are effective as of
August 1, 2021.
From the start, I found this news strange because all MIRL has done in the last six months is
lay off office and mine staff, even while CEO Benvides refused to give up a penny of his own
heavy salary. But when you start to look at the people behind these new appointment, as I did
last week (better late than never) there’s an air of sham jobs:

Susan Gabbie has been hired as Chief Communications Officer at Minera IRL, an executive
position for which she offers scant experience. According to her publically available LinkedIn
profile (3), before joining MIRL Ms. Gabbie was a retail salesperson in an interior decorations
business in New Zealand. Prior to that, she worked as a part-time English/Spanish sworn
translator in Lima. However, further back in her CV we see Ms Gabbie worked in “Business
Development and Support Latin America” at ADEN Services Panama for over two years to end
2019 and from LinkedIn, here’s Ms. Gabbie’s own description of her job:
An integral team member of an Integrated Facility Management provider to one of South
Americas largest Copper Mining Projects located in Panama. This role required direct
consultation with the client for strategic deployment that provided solutions for the non-core
services on-site, ensuring ongoing competitiveness but also recognising the unique
environment of a remote site location. This role required participation in the development of
new business projects and an awareness of the market and the actions of competitors. I had
a proven r ability to communicate on all levels and could confidently and strategically network
to provide the company with an advantage.
In fact, ADEN Services is a catering and cleaning subcontractor that supplied third party
services to Cobre Panama as it was built out. We can sum this up easily enough, Ms Gabbie
does not have the experience to take the job as Chief Communications Officer at an
operating, publicly listed mining company.
Steven Ngatai does have more experience in mining, his LinkedIn profile (4) showing how
he has moved from machine operator to Project Manager. Having spent the last two years
running a Stracon GyM project in Guyana, he is now at MIRL, but suddenly much higher in the
corporate hierarchy as Vice President Projects. Without any further knowledge, one would
expect such a CV to be adequate for his new role, but it’s still significant step up and under
dubious circumstances
Pedro Valdez is the new VP Investor Relations en Minera IRL Limited, despite having no
qualifications in investor relations or corporate communications. He is in fact a sworn
translator who lives and works in Lima, providing technical translations often for the mining
industry. He has also previously worked at Cobre Panama. His translation company TISOL,
employed Susan Gabbie as a part-time translator.
All very cosy and now the three of them are together at Minera IRL, on significantly better
money than they’ve been used to recently. So far so bad, Minera IRL has apparently hired three
people with inadequate experience to fill otherwise vacant roles at head office. However, it then
gets worse:
 Susan Gabbie and Steve Ntagai are a couple in a permanent relationship, though
whether or not they are formally married is unclear. There is plenty of evidence to
confirm this, for example before arriving in Lima they lived at the same address in New
Zealand.
 Steve Ntagai and Pedro Valdez are personal friends, having worked together at the
same time for the same company in Panama.
 Pedro Valdez and Susan Gabbie also have a clear relationship, with Valdez having hired
Gabbie for translation work on a number of occasions.
 Susan Gabbie is a close personal friend of Patricia Kent of decades standing. Patricia
Kent is a closely associated with Minera IRL, having been one of the early members of
the Minera IRL team who worked at the company during the time of CCC.
 However, Patricia Kent also is the romantic partner of Minera IRL CEO, Diego
Benavides. Although (I believe) they are not married, they have resided at the same
address in Lima for over a decade and have been a couple in a permanent relationship
9

in all that time.
There are two potential issues, both serious:
 The most likely situation is that Diego Benavides has drafted in friends to fill positions in
an attempt to make it look as though work is getting done. In fact, the reason MIRL
cannot attract the necessary talent to move forward is the CEO himself. No competent
executive worth their salt is going to waste their CV on MIRL until wholesale changes
are made, which makes the three recent appointment a smokescreen, designed to
appease irate shareholders and maybe even getting him through the AGM vote in
December. If this situation is as serious as it seems, i.e. a CEO deliberately hiring
unqualified friends into high-salary jobs, this is cause for dismissal.
 However, there is a darker alternative. In Peru, the practice of inviting in known people
(often friends/family) to high-paying jobs and then charging them part of their salary is
such a common corruption it has a slang term, the “cupo”. This may be happening in
MIRL today and if so, it is more than enough illegality to fire Diego Benavides with
cause tomorrow morning along with anyone brought in to milk company treasury.
Let us be clear, it is highly likely that these executive roles have created for personal friends of
Diego Benavides, people with little or no relevant experience for their purported officer
positions. So in order to get the views of Diego Benavides and Patricia Kent on this set of facts,
this week I have made multiple attempts to contact Diego Benavides and Ms. Kent via
telephone, WhatsApp and mail, all with a view to getting an immediate, face-to-face meeting
with the company and its new employees However, it’s all been to no avail as my mails have
been ignored, my calls either ignored or blocked and the WhatsApp messages and calls (even
video calls) disconnected by the other end, every single time.
That is the sorry tale and with this new information, I believe it is imperative to get to the truth
about these new hires as soon as possible. Less for the G&A savings, mind, because if CEO
Benavides has done what I believe he has done we the shareholders can kick him out with
cause tomorrow morning, at the same time saving a very fat severance fee, and get the
company share price moving again. Therefore, and as CEO Benavides refuses to take my calls,
his Peru phone number is 993523948 and his personal mail address
diego.benavides1@icloud.com. I will not supply the contact details of Patricia Kent, as she does
not officially work for the company, but you can be sure she is standing next to her man and
reading your mail from Diego’s phone. The difference between the fight being put up by Harte
Gold and the defeatism at Minera IRL is stark and it’s all to do with the people in charge. Things
must change and I will be happy to coordinate with anyone who would like to take my place,
put their call into CEO Benavides and can find out the truth behind the nasty stench emanating
from Minera IRL head office this weekend. Finally, I would like Diego Benavides to know I am
available for a meeting at a moment’s notice and will happily show at IRL head office tomorrow
Monday 9am if given a slot.
10

Stocks to Follow
A bad week for the money. The metallic week was dominated by Friday’s US BLS report, which
blew away expectations and caused plenty of algos to re-set, all during our quiet August period.
As a result, no fewer than twelve of our 17 open positions were losers last week, with two
others unchanged (SMD.v, MENE.v) and just three week-over-week (WoW) winners (MIN.to,
RYR.v, WLF.v). All others were losers, but only one dropped by more than 10% (AR.to, down
11.6%) and points to how all boats dropped on the same tide.
We live in a world ruled by Van Eck and GDX/J and remain at 17 open positions on our Stocks
to Follow list, two over our self-imposed limit and uncomfortable about the idea. Six are
winners, one is UNCH, ten are losers.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v STR BUY C$0.21 13-Oct-19 C$0.60 185.7% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.67 -19.3% $1.30 tgt on capex raise, Jul21
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$3.51 18-Jun-21 C$3.52 0.3% reaffirmed buy on strong Q2
Argonaut Gold AR.to STR BUY C$2.92 25-Jun-21 C$2.97 1.7% All right signs, avging up
Trilogy Metals TMQ BUY U$1.84 15-Sep-19 U$2.12 15.2% 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 hold C$0.42 31-Jan-21 C$0.32 -23.8% Canadian land bet/Value trap?
Excelsior Mining MIN.to STR BUY C$0.93 10-Mar-19 C$0.60 -35.5% Delayed, but still great value
Aldebaran Res. ALDE.v STR BUY C$0.68 16-May-21 C$0.62 8.7% Bet on big copper, pol risk ok
QC Copper &Gold QCCU.v 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 0.29 93.5% Model paying off in Nica
Wolfden Res. WLF.v spec buy C$0.30 11-Apr-21 C$0.235 -21.7% Zn trade needs to move soon
Great Bear Res GBR.v BUY C$15.83 26-Aug-20 C$14.33 -9.5% Binary M&A trade, wait for print
Cartier Resources ECR.v hold/sell? C$0.32 21-Mar-21 C$0.245 -23.4% Thinking of selling
Aurelius Min. AUL.v hold/sell? C$0.75 28-Jun-20 C$0.37 -54.3% has until its 43-101 to improve
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.085 -56.4% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.68 6-Dec-20 C$0.85 25.0% 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 a few notes on some of our covered stocks after a quiet week.
Rio2 Ltd (RIO.v) and Minera Alamos (MAI.v): The shortest of commentaries on our two
Top Pick stocks to show the boring reality:
11

That is an accurate visual of the August 2021 miners’ market, current sentiment is more
influential than anything our two Top Pick stocks can tell us by way of development news. Hold
the dog days, esteemed readership.
Rio2 Ltd (RIO.v): We hear there was a slight paperwork adjustment required to the legal
stuff for the current financing rounds, nothing negative or problematic, but it was enough to
stop the formal closing of the financing last Friday. Not an issue, we can expect it to close in
the next 24 to 48 hours and once done, Rio2 will at last be in a position to explain in detail how
this next period of construction and commissioning goes down.
QC Copper & Gold (QCCU.v): With just about all drill result data now in from its 2021
resource definition program QCCU has finally gone quiet on us and there was no news release
last week. The team is now all about putting the data together and getting the third-party 43-
101 compliant resource published and CEO Stewart told me this weekend the company is on
schedule and they have decided to wait until Labor Day to publish the new resource. That’s fine
by me, a week either way doesn’t matter and surely, the market will be more attentive by then.
Argonaut Gold (AR.to): Hindsight. we are back to square one on the eve of what promises to
be a strong earnings report from AR and the stock price has dumped back under $3.00. Expect
analysis on these results next weekend and, if sufficiently interesting, a Flash update.
The Copper Basket
After thirty-one weeks of 2021, The Copper Basket shows a gain of 30.08% to level stakes.
company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.08 107.53 1532.30 14.25 134.4%
2 Copper Mtn CMMC.to 1.81 207.5 730.40 3.52 94.5%
3 Oroco Res OCO.v 1.85 186.96 523.49 2.80 51.4%
4 Marimaca Cop MARI.to 3.25 87.737 346.56 3.95 21.5%
5 Western Copper WRN.to 1.57 135.798 301.47 2.22 41.4%
6 Amerigo Res ARG.to 0.80 181.79 227.24 1.25 56.3%
7 Excelsior Min. MIN.to 1.12 273.585 164.15 0.60 -46.4%
8 Regulus Res. REG.v 1.07 101.85 79.44 0.78 -27.1%
9 Aldebaran Res. ALDE.v 0.455 125.24 77.65 0.62 36.3%
10 C3 Metals CCCM.v 0.115 438.56 72.36 0.165 43.5%
11 Doré Copper DCMC.v 1.00 53.304 44.78 0.84 -16.0%
12 Chakana Cop PERU.v 0.60 111.41 44.56 0.40 -33.3%
13 Element 29 Res ECU.v 0.45 68.281 32.77 0.48 6.7%
14 US Copper USCU.v 0.105 87.53 13.13 0.15 42.9%
15 Chibougamau CBG.v 0.165 53.077 12.74 0.24 45.5%
NB: All stocks in CAD$ Portfolio avg 30.08%
12

The tide went out in no uncertain style, the approximate 6% added the week before last was
taken back immediately, so much for the
summer mini-rally. The count is 13 of the The Copper Basket 2021, weekly evolution
70%
15 basket components losing ground, the
60%
only wins registered in YTD-
50%
disappointments Excelsior (MIN.to up
7.1%) and Regulus (REG.v up 4.0%). The 40%
macro nature of this thin market was 30%
evident, as the losses uniform in nature and 20%
no stocks moved more than 10%, with
10%
small-cap US Copper (USCU.v down 9.1%)
0%
the biggest loser
Copper the metal continues its battle
between USA (bull) and China (bear) and this week, you also get Sunday evening’s early
trading in the metal (as I forgot to print the chart out yesterday).
As for macro news, Andy Home of Reuters put the spotlight on one factor China has used to
bring copper back under control in this August 2nd column (5), that of scrap. China has quietly
rolled back its high-profile announcements of 2019 and 2020 about no longer importing scrap
copper in order to improve the environment, the result is a new source of supply and a bearish
wind on prices. Here’s an excerpt:
Shipments declined sharply over 2019 and 2020 ahead of a proposed ban on all “solid
waste” at the end of last year. That was partly reversed in November to exclude higher-
grade recyclable material.
Imports of scrap have accelerated since. The first-half tally of 821,000 tonnes was up
91% on the year-earlier period.
Flows from the United States in particular have kicked back in after two years of steady
decline. China imported 104,000 tonnes of U.S. recyclable copper in the first half of
this year, up from just 31,000 tonnes in January-June 2020.
And here’s the chart that accompanied Home’s words:
13
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 ht52 ts1gua ht8
source: IKN calcs

I’m a big fan of Andy Home and my mancrush is long-established, but this time he’s swung and
missed. Yes, agreed, the glut of scrap copper reaching China is compensating for the metal that
didn’t arrive in 2020, but we have seen umpteen markets do the same sort of post-Covid-19
readjustment before returning to a normal pattern and this is just another one. The current
scrap glut may be a temporary factor of the price of copper, but it bears little against the long-
term deficit we all know is coming and as such, just another brick in the wall of worry.
Time for our weekly check-up on world copper inventories, with data supplied by Chile’s
Cochilco:
 Copper stocks made little overall move last week, the drawdowns in one place
compensated by the arrivals in another. Friday’s close saw 376,183 metric tonnes of
copper in the three official futures systems, up 816mt on the week.
 At the SHFE, a small addition to stock of 5,396mt wasn’t enough to get the total back
over 100k, the Friday close 99,486mt.
 Little in the way of action at the LME as well, with a drop of 4,400mt on the week to
put the total at 235,250mt.
 The Comex saw 180mt of stock leave warehouses, this weekend’s total 41,447mt.
Here’s the Shanghai-only inventories chart, the 5k addition on the right not easy to see:
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
14
31'13ceD ht9 ht81 ht72 ht5tco ht41 dn22 5102
dr3yam
ht21 ht02 ht92 ht7bef ht71 ht62 ht4peS ht31 ht92 ht9 ht81 ht72 7102
ht5von
ht41 ht52 ht01 ht91 ht82 9102
ht6naJ
ht71 ht62 ht4gua ht31 dn22 0202ts1ram ht01 ht91 ht72 0202ht6ced ht41 ht52 1202ht4luj
Mt Cu
|
source: Cochilco
To get a more practical view, we continue with the comparative chart of 2021’s SHFE
warehouse levels (black line) compared to the evolution of the previous three years:
MT Cu SHFE copper inventory levels, 2018 to 2021 Jan to Aug
400000
2021
350000 2020
2019
300000
2018
250000
200000
150000
100000
50000
0
1 2 3 4 5 6 7 8 91011121314151617181920212223242526272829303132
source: Cochilco data
Simply put, SHFE has 50kt less than normal in stock. And, with 100k or so stored, is now at the
beginning of the normal and cyclical Q4 destocking period with the amount it normally holds at
the end. Tight market.

Element 29 (ECU.v): As featured on the blog last week, ECU managed to screw up what is
normally a positive catalyst for share prices by announcing the start of its dril program at Elida
and…the sudden and unexpected resignation of its CEO, Brian Booth. I have no special insight
as to why Booth made this decision and frankly don’t care much, though the fact he is a close
personal friend of Kevin MacArthur (ex-Tahoe Resources) may have something to do with the
way he has turned his back on Peru and the fight to add shareholder value.
Solaris (SLS.to): Hearing President Guillermo Lasso say to the press last week that he would
like prior community consultancy on any mining project to be limited to the communities closest
to the project was like listening to CEO Dan Earle of SLS whispering the talking point straight
into his ear. This is going to end badly, avoid.
The Producer Basket
After thirty-one weeks of 2021, the Producer Basket shows a loss of 12.72% to level stakes.
company ticker price 1/1/20 Shares out Mkt Cap (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 805 48.16 59.82 -0.1%
2 Barrick GOLD 22.78 1778.04 36.98 20.80 -8.7%
3 Agnico Eagle AEM 70.51 244.187 14.78 60.53 -14.2%
4 Kirkland Lake KL 41.27 267.056 10.95 41.02 -0.6%
5 Kinross Gold KGC 7.34 1261.07 7.81 6.19 -15.7%
6 Endeavour Min EDV.to 29.62 252.568 6.21 29.50 -0.4%
7 Pan American PAAS 34.71 210.262 5.62 26.74 -23.0%
8 B2Gold BTG 5.60 1051.697 4.07 3.87 -30.9%
9 Alamos Gold AGI 8.75 392.739 3.02 7.69 -12.1%
10 Pretium Res PVG 11.48 187.833 1.69 9.00 -21.6%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -12.72%
All ten Producer Basket stocks dropped, they all dropped by roughly the same amount and as a
result, the Producer Basket allows some analysis:
The 2021 Producer Basket: Weekly performance and 20%
comparative to GDX control
15%
10%
5%
0%
-5%
-10%
-15%
-20%
The uniform nature of the losses in producing miners is all you need to know, so to ram the
point home here are our ten names again:
 BTG down 7.6%
 AEM down 6.4%
 KGC down 5.6%
 AGI down 5.3%
 NEM down 4.8%
 PAAS down 4.7%
 GOLD down 4.5%
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 ht52 ts1gua ht8
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%
basket 1.0%
gdx control 0.0%
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 ht52 ts1gua ht8
source: IKN calcs, NYSE/Nasdaq/TSX data

 KL down 4.0%
 PVG down 3.5%
 EDV.to down 0.7%
And AEM isn’t that much of an outlier, either, so with BTG and EDV as the exceptions the rule is
straightforward and when they move like that, it’s the influence of cash entering and exiting
GDX/J and other ETFs of size. Last week, mostly exits.
Kirkland Lake (KL): We stay here for a second week of brief comment, because KL has taken
on the mantle of bellwether (right). Last weekend in
IKN636 we reported its strong quarter plus market
reaction. This week’s ten-day snapshot chart shows
the flipside of sentiment, recall how KL was soft going
into earnings and as a result, that great quarter plus
strong forward guidance has been reduced to around
+2% to peers. That’s oversold and another indication
of the macro nature of Friday’s dump, the top-down
selling from GDX affects all issues equally. To expand
the macro strategy thoughts a little further (while
providing zero fundies talk, IKN going for lazyboy
analysis today), I expect nearly everyone who reads
these pages will recognize what’s going on in this
chart, the last five years of Kirkland Lake:
Back in late 2016 Fosterville was mainly talk and theory, we know what happened afterwards.
However, if we now move in a little closer and consider the same comparative chart over three
years…
16

…and add some overly-busy scribbles to make the chart difficult to read, we see the influence
of its decision to buy Detour Lake (ex-DGC). Timing was also rather unlucky and KL was in a
weak position when the Covid-19 crash came, the result is above. Therefore, after getting
thoroughly hosed by John Paulson and a virus KL became one of the pack, with unexceptional
results and everyone looking for signs of depletion at Fosterville.
Which brings us to today and the KL long-term plan. At the time of the Detour Lake purchase,
CEO Makuch relied on the promise of future improvements at Detour Lake to push the deal
through and has held that line consistently and to his credit, the strategy is now bearing fruit
(see KL 2q21 filings for more). As a result, KL spent all July showing positive divergence to GDX
for the first month in over a year. There’s a lot to like about KL now,
The Tiny Dogs
After thirty-one weeks of 2021, the Tiny Dogs show a loss of 2.39% 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 5.83 0.095 -53.7%
Aston Bay BAY.v 0.045 163.975 7.38 0.045 0.0%
Constantine Met CEM.v 0.17 45.4 18.61 0.41 141.2%
Contact Gold C.v 0.115 240.757 19.26 0.08 -30.4%
Golden Pursuit GDP.v 0.22 40 6.00 0.15 -31.8%
Manitou Gold MTU.v 0.045 230.79 16.16 0.07 55.6%
Precipitate Gold PRG.v 0.240 106.241 10.09 0.095 -60.4%
QC Copper QCCU.v 0.315 105 18.38 0.175 -44.4%
Red Pine Expl RPX.v 0.400 95.806 42.63 0.445 11.3%
Warrior Gold WAR.v 0.090 91.818 7.35 0.08 -11.1%
Prices in CAD$, data from TSXV basket avg -2.39%
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.
There were five losers (ANTL.v, CEM.v, C.v, QCCU.v, RPX.v), two unchaned stocks (BAY.v,
MTU.v) and three winners (GDP.v, PRG.v, WAR.v) from our ten Tiny Dogs last week. When we
add the fact that only one of them moved in double figure percentages (WAR.v, up 14.3%) it
adds an extra dimension to the current quiet market: For sure it was negative for miners last
week and especially Friday, but the tidal moves don’t reach down to the smallest stocks. For
real sellers’ panic to take hold, we need to see participants dumping everything they own and
that includes all these sub-$20m tinycap stocks and in August 2021, that is not happening.
Antler Gold (ANTL.v): Here’s a classic exploreco chart pattern, it says “Broken Stock”:
17

Fair to say that ANTL will not form part of the 2022 Tiny Dogs list. This was never a “pumped
up” Canadian exploreco (the way the company hasn’t even updated its corporate presentation
since November tells you they don’t pay attention) and at first sight, there’s nothing nefarious
going on. Here is a story where interesting early-stage, first pass results (under 2,000m of RC
drilling) raised legitimate hopes of an economic discovery, only to see further work diminish the
prospectivity rather than increase it. Erongo in Namibia is now probably dead and the stock
price reflects that, but not all failed stocks were created to rip off investors.
Constantine Metals (CEM.v): After its big move of the week before, CEM opened even
higher last week and went on to trade the days at 50c, before Friday sellers saw it close slightly
down on the week. The YTD chart now has a clearer picture, one in which A. Person has taken
a large speculative position to pre-empt the market. That makes sense, as CEM is a stock that
traditionally delivers its most interesting news in months 8 to 10 of the year. What also makes
sense is to see the stock track back to the recent block trade price unless we get a new set of
buyers.
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 this week
I have learned to hate that working title. Let’s do the money first, moving the “Tracking the Buy
Peru” call from its normal place in Market Watching. The chosen charts show how the bad news
is now largely baked in, first the stock market and the main Lima stock market ETF tracker
(EPU) dropped a little further, the other representative Peruvian lines (BVN and SCCO the
miners, BAP the bank) doing the same thing and GDX there to provide metalheads with
international context:
18

Despite that, the country’s currency didn’t fare as well as expected last weekend and the news
Pedro Francke had been installed as FinMin saw a pop early at the bell Monday, but the greater
political uncertainty became the greater influence as the week wore on:
The Peruvian Sol (PEN) is now 4.10 against the USD and with the institutional changes now
known, the movement of the USD against PEN is the best method for outsiders to take the
pulse of the country and its mistrust of the Castillo government’s economic plans. The PEN/USD
fluctuations are now the best gauge on economic optimism (or otherwise) in Peru and in order
for Peru to drop its financial nerves, new FinMin Francke needs to roll out plans as quickly as
possible. One person not helping is Julio Velarde, who is playing his cards smartly and saying
the right type of positive things about possibly staying on as head of the Central Bank, without
actually committing. He knows that if he says yes or no to something now, come September
the entire political backdrop may have changed around him.
But back to Francke as he tries to calm economic nerves and in an extended interview this
weekend (6), Peru’s new Minister of Economy and Finances explained his (self-imagined?) role
of ministerial guardian of peace. He tells the reporter in the linked Q&A in Peru’s Centee-lEft La
Republica (as friendly an audience as possible) how he is against confrontation, happy to work
with the current cabinet of ministers and expects the cabinet to be ratified when PCM Bellido
appears before Congress this month. Francke is an excellent example of the intelligent fool,
who seems to think his mere presence in the cabinet of ministers will bring political moderation.
In the interview he talks price controls (not happening), help for the average family (hand-outs
are a near certainty, it’s a question of how), the current inflationary pulse (transitory and due to
world events, according to Francke) though he had no alternative but to admit the PEN/USD
forex rate is due to the political uncertainty and backdrop. However, I’ll stick with the part on
mining for our translated quote:
Reporter: You have said on repeated occasions that we must take advantage
of the strong prices for metals (at present). There’s talk of a windfall tax on
mining company profits, how do you expect to advance this issue?”
Pedro Francke: We are in full technical analysis in the fiscal field regarding the
19

best alternatives for this. A subject that needs a certain amount of technical
work and can’t be resolved correctly in just five days, this will combine in the
medium-term with the promotion of private investment, mining and non-
mining. We keep with the current forecasts of economic growth for Peru of
around 10%. There are various mining projects that are developing at a good
rhythm, next week we are having meetings with diverse business groups and
chambers of commerce, not just the main ones, to unblock problems and
identify difficulties.”
Francke doesn’t just have the Windfall Tax (WFT) as a possible mechanism, though. The
government will look to raise more from mining companies any way it can and the normal entry
point is higher taxation. However in Peru the playing field is not level and a blanket tax increase
would be ignored by many of the largest mining companies. There are some 25 “fiscal stability”
agreements between companies and previous governments, done to attract the investment and
guarantee they would not pay extra burdens. That’s now in doubt, the Castillo government
wants to move the goalposts and the mining industry in Peru is now ready for its conversation.
The signal coming last week from Raúl Jacob, who is both CFO of Southern Copper (SCCO) and
this year, president of the country’s main mining lobby, the SNMPE. Here’s what he said to
reporters on the subject of extra tax burdens last week (6a):
“In fact we can always converse, even more so when the (country) authority asks us to,
but we need to realize that companies make investments according to established
agreements. There’s always space (to talk), but one must realize that the country’s
competetivity is in play here…in the next five years, there are projects worth around
U$20Bn to develop, those mustn’t go to other countries.”
All very well-meaning I’m sure, it’s clear the mining industry isn’t going to start paying extra
taxes without a fight. But we return to the to the macro situation and steer away from mining,
because this weekend the deepest fears held by Peru (better said, the Lima-based ruling class)
is the scenario first laid out in these pages way back in April and May, in which President
Castillo closes down Congress and looks to rule by executive decree. With three months of
perspective behind us that scenario is still a potential outcome, however the dynamic has
changed and the Perú Libre party isn’t being openly hostile on the subject, rather keeping it as
some sort of latent threat. The political mechanism works like this and is an extension of the
scenario outlined last weekend:
 President Castillo chooses his Prime Minister (PCM) and cabinet
 The PCM then goes to Congress to get ratification
 In any other year, that’s a rubberstamp job, but this Castillo cabinet will be voted down
by Congress
 Then also in theory, Castillo chooses a new PCM and cabinet and the process repeats,
but with a big difference; if Congress refuses to ratify the second cabinet, President
Castillo then has the option to close down Congress and rule by decree.
That is Lima’s idea of a Socialist bloodless coup d’etat which then converts the country into
Communism by Christmas or so, if the line of logic being used this week is followed to its
conclusion. In reality, the second ratification will not happen because if Castillo tries to push
through a second cabinet packed with Hard Left party cohorts, Congress will pre-empt any
closure and move to “vacate” the President, call new elections and we arrive at resolution. As
noted last weekend, I’m not calling for plain sailing in Peru for the rest of 2021 and there are
bound to be rough passages of risk when the outcomes include the throwing out of a Head of
State. None of this should be taken lightly but the bottom line call remains the same: Peru is at
its low point now, 3q21, and will move up when the inevitable happens. Either Castillo
moderates or Castillo will not be President for much longer and there are enough people who
relaize this even in heart of his Perú Libre party. The best example of the week was one Betssy
Chávez, a brand new member of Congress for Pedro Castillo’s PL party. In an interview, Chávez
recognized her part has no mandate from the country and pushed back against her own party
leadership (7):
20

“Perú isn’t Perú Libre”, she said, and added, “To believe that Peruvians during
this electoral process voted for PL for its ideology is a mistake. They think the
majority of people have read the 70-odd pages of their manifesto and later,
after a didactic conversation, have decided to give their vote to Pedro Castillo.
That’s not real, in fact a “Panetón Tottus” or a stone would have beaten Keiko
Fujimori”.
The “Panetón Tottus” mentioned being a cheap supermarket version of the famous
Christmastime sweetbread treat).That’s the sound of a nascent left wing politician who can see
more than three months into the future and would like to become part of the longer-term
conversation. Betssy Chávez is not alone among the newly empowered Left wing either and it’s
a mistake to think the PL party is a hermetic and united front.
With the noise stripped away, therefore, we are still in the same position as last weekend. The
next key moment in Peru’s 2021 will be when PCM Bellido appears before Congress. In the
likely event that his cabinet is rejected, he then resigns and takes the current cabinet of
minister with him. It is at that point when President Castillo has his decisions to make;
moderate and stay in the job, or continue the confrontational attitude driven from behind him
by his Communist and Hard Left party colleagues and watch Peru explode politically. Your
author lives in interesting times.
Ecuador: President Lasso begins the descent to conflict
The start of the political fight over mining in Ecuador began last week, when newly installed
President Lasso spent extended time at an Ecuador business fair and exhibition and made
plenty of pro-business, pro-mining noises to the assembly. He also took the opportunity to time
and sign into action a new Presidential decree (and thanks to Ecuador’s newspaper of record,
you can read the full decree 151 on PDF here (8)), in which the President sends his extractive
industry people away to work out how to move mining forward in the country and put an end
to to illegal mining. The relevant bodies, mainly the mining vice-ministry, has 100 days to report
back to the President with its proposals to develop the country’s mining industry and along with
mandates to speed up permitting and improve the lot of mining bureaucracy, they are bound to
include the type of milquetoast proposal on prior consultancy he was pushing at the trade fair,
in which only the government sets the rules on exactly who is local and who is not. As we have
seen in Guatemala, that one ends in tears. Meanwhile President Lasso also invited the
opposition to mining development to debate and converse at the Presidential Palace. The
invitation was chiefly directed at indigenous umbrella group CONAIE, now newly powerful
thanks to its bloc of congressional seats (9). CONAIE’s position now closely matches that of its
de facto leader, Yaku Pérez, in opposing all large-scale formal mining development and with
Congress now putting shape to its won law bill to control or even ban mining outright, the clash
of ideologies is now a matter of time. However, that time is not now and we the investor should
expect lower levels of anti-mining noise out of Ecuador this year compared to, let’s say, Peru or
even Chile. The timing of events and the South American political cycle now point us to 2022 as
the year for active political conflict over mining, so without predicting things to get better for
the mining sector there at least they won’t get any worse for the next six months or so. These
pages expect Ecuador mining bulls to work up quite a head of steam for the rest of 2021 and in
Solaris, they have their idea of a poster-child developer story as well. There are plenty of other
smaller sized juniors working Ecuador today as well and any of those should also be able to
make positive marketing and promotional capital out of the 100 day process and its results,
assuming a half-decent investor relations team. I, however, will continue to avoid Ecuador like
the veritable plague and once avoided, wash my hands thoroughly.
The Chile Presidential election is on-deck
The end of July marked the unofficial start of election campaigning in Chile for the upcoming
Presidential, Congressional (about half of seats up for grabs) and municipal elections, with the
vote set for November 21st. The unofficial gun has sounded mainly because the field has now
settled out. The July primaries run by the main coalition groups of the main left wing and right
21

wing groups came and went successfully, which mean each side bring a…hmmm… (yeah, okay,
let’s use the term) united party candidate to the election round one. So before we get any
further, the two names you’ll hear most about from Chile’s political arena until one is chosen as
next President:
 Gabriel Boric is 35 years old, an intellectual left winger and member of parliament
from the South of the country. The archetype “rising star of the Left”, he is a good
orator and has the image down to a tee, up to and including the slightly unkempt and
voluminous beard. An esrthwile student leader (he was one of the main players
alongside Camila Vallejo, now also a member of Congress- Most recently, Gabriel Boric
political star has ascended on the back of the Constitutional Assembly vote result, in
which Chile voted for the deeper reforms demanded by the Left and his “Apruebo
Dignidad” (I approve of dignity) alliance beat out the established political voices calling
for less drastic changes to the constitution.
 Sebastián Sichel is a Chilean right wing candidate from Central Casting, a product of
the country’s old school ruling class and political ally to current President Piñera who
resigned as President of Chile’s Central Bank to run for president this year. It is to the
credit of the Chilean right that they have chosen a younger, more progressive
candidate who also exactly represents their interests and views, there’s no hidden
agenda with Sichel and this is wholly positive.
They are our two players, having risen from the ranks and from multi-party coalition votes. Polls
(see below) put them in a head-to-head race and the rest are unlikely to make enough gains to
stop Sichel and Boric from making the near-inevitable second round run-off in December 2021.
However, we need to take another paragraph and explain a third, as although still undecided
until August 21st the now likely candidate from the centre-left “Unidad Constituyente” coalition
is Yasne Provoste. She hails from the ranks of Michelle Bachelet’s political ranks and is currently
president of the Senate. This coalition suffered heavily against the Left wing in the recent
constitutional referendum and holds no real chance of winning, but the late drafting-in of
Provoste, up against Paul Narvaez and Carlos Maldonado in the internal primary in two weeks’
time, is to solidify voter base and bring potential kingmaker qualities to round two (anyone with
Bachelet’s support is politically relevant in Chile).
As for what to expect on November 21st, latest polls suggest that the decades-long unbroken
run of elections going to a second round will not be broken. Chile’s election system is simple; if
the top candidate doesn’t receive 50% +1 vote in round one, it goes to ballotage with the
second place candidate and a vote 30 days later (max). One of Chile’s high-quality pollsters,
Plaza Pública CADEM, gave its first snapshot of the race last week (10) and placed Gabriel Boric
(left wing) in a tidy lead, with 30% of voter intention. Sebastián Sichel (right wing) is in second
place on 25%, then behind the centre-left Yasna Provoste on 12% and with the assumption she
is picked from her ranks. Behind those comes right-wing José Kast with 8% and the rest is
noise. That means CADEM agrees with the rest of its country, this one is gong to ballotage and
for the second round, things are much tighter in all combinations but for the most likely, Lefty
Boric currently beats Righty Sichel by 46 to 42. That’s a slight advantage to the Left, but in real
terms this race is now live and there to win for either side.
A strategy call on Chile
The combo of the Royalty Debate, the upcoming strikes and the election and Lefty Threat
means the political noise on Chile is loud today, but that means any bad news is being baked in
now and this is the time to invest in Chile’s mining sector, the discount to entry is the lowest
you’ll see for years to come. Much along the lines forecast on these pages, the “Chile Royalty
Polemic” is melting into nothing as the mining companies get busy on lobbying the type of
increase of fiscal burden, rather than whether or not one should happen. Personal dislikes set
aside, President Piñera was smart enough to get real about a new royalty long before his fellow
right-wingers resigned themselves to delaying any changes (at best). That’s seen him lead
them back to the current mutually-convenient impasse. We’re now August 2021, Chile votes for
its next President in November, the chances of any meaningful legislation being enacted into
22

law before the next administration takes charge are between slim and none.
As for the strikes, there will be noise for 30 days and then they go away, the poster child being
La Escondida which tomorrow will vote to Strike and make headlines in trade wires. But he
regimented way of Chilean industrial action laws mean that it’s reasonably easy to guess what
happens at La Escondida, the world’s largest copper mine majority owned by BHP. First there
will be another 5 day last-ditch period, then by next weekend the mine will be on strike. That
continues for 30 days, at which time the unions have the right to go back to work with the pay
deal unresolved. Once back they then have 18 months to find a deal. Bottom line: September
mining again
Finally on the politics, of course it’s an election period and hey will be noisy, but the market is
behind the curve. FDI has decided the country will turn sharply left and install a radical
government, but with the positioning the pro-Bachelet Centre Left as self-appointed “Guardian
of Democracy, the chances of Chile “Doing a Peru” are zero and in fact, right-wing Sichel may
even win the day. It all adds up to the same total, no matter what you may have heard recently
Chile is not about to lose its mantle as the best place to go mining in South America. The only
difference is that in 2021, we get a discount window to join them.
Argentina’s Strategic Mining Plan now in the pipeline
We are getting closer to the moment when Argentina unveils its Strategic Plan for Mining
Development, with Mining Secretary Alberto Hensel dropping big hints on the plan during an
online seminar last week as Argentina business think thank, FundAr. His moneyline was “In the
Andes, there’s another pampa”, referring Argentines to the richness of its famous agricultural
and arable farming and telling them there’s as much wealth to create by developing (copper)
mines (11). The plan will apparently encompass a full 30 years of development plans for
mining, which sends a little shiver of nerves down the spine as Argentina is normally incapable
of looking 30 weeks into the future, but waiting for the contents is wiser.
Market Watching
Kuya Silver (KUYA.cse) propping its PPS
Further to last week’s thoughts on the sub-standard message coming from Kuya Silver
(KUYA.cse) regarding its promises for 2022 at Bethania, while only fours days’ worth of trading
there’s a lesson to be learned from the near-term KUYA price chart:
The timing of recent events is also important:
1) The last NR, announcing its thin but high grading silver vein intercepts, happened on
Monday July 26th and the first day shown on the chart.
2) However, the big recent price took until Thursday to appear. What’s more, a Thursday
morning on no news, aside from the fact David Stein was appearing on the webinar
23

later that afternoon.
3) After a long weekend, somebody was very keen to pay the ask at the bell and prop the
stock as high as $1.82.
4) Despite low volumes and a couple of sharp drops at the open on Thursday and Friday,
KUYA then found buyers willing to pay 10% extra for a few shares.
You could counter my cynicism by noting that it’s August, volumes and trade interest is thin and
it’s smart business practise to protect the share price until momentum builds again. And that is
perfectly fine by me, as it doesn’t really matter whether a stock price is being propped for noble
or nefarious intentions; a prop is a prop.
Conclusion
IKN637 is done, we end with bullet points:
 Hiring unqualified friends for high-paying executive positions in mining companies is
enough to dismiss CEO Benavides with cause before any AGM or EGM. The man has
some explaining to do.
 Harte Gold (HRT.to) is a risky trade, but betting on the same numbers as Appian
mitigates the risk. With a decent Q2 done and HRT high-grading in Q3 to impress
onlookers, signs are right.
 Be long copper.
 A am looking forward to the Argonaut Gold (AR.to) financials, what’s more its newly
lowered entry point at sub-C$3.00 once again looks like tremendous equity value.
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
24

Footnotes, appendices, references, disclaimer
(1) https://www.hartegold.com/news/harte-gold-receives-notice-of-default-from-appian/
(2) https://www.hartegold.com/site/assets/files/3584/harte_gold_corporate_presentation_-_august_2021.pdf
(3) https://pe.linkedin.com/in/susan-gabbie-38a9ab96
(4) https://pa.linkedin.com/in/steven-ngatai-50678872
(5) https://www.reuters.com/article/metals-copper-ahome-idINL8N2P92MC
(6) https://larepublica.pe/politica/2021/08/08/pedro-francke-yo-estoy-en-contra-discrepo-de-una-politica-de-
confrontacion/
(6a) https://www.google.com/url?rct=j&sa=t&url=https://elcomercio.pe/economia/peru/snmpe-mineros-peruanos-
abiertos-a-conversar-sobre-renegociacion-de-contratos-de-estabilidad-tributaria-nndc-noticia/
(7) https://larepublica.pe/politica/2021/08/07/betssy-chavez-creer-que-los-peruanos-han-votado-por-peru-libre-por-su-
ideario-es-una-equivocacion/
(8) https://www.elcomercio.com/actualidad/negocios/lasso-decreto-explotacion-minera-plan.html
(9) https://www.elcomercio.com/actualidad/politica/guillermo-lasso-conaie-palacio-gobierno.html
(10) https://www.cnnchile.com/pais/cadem-boric-ganaria-segunda-vuelta_20210726/
(11) https://www.ambito.com/economia/mineria/gobierno-lanzara-plan-estrategico-n5243399
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
25

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

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