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The IKN Weekly
Week 646, October 11th 2021
Contents
This Week: In Today’s Edition, Happy Thanksgiving Canada and Happy Macro USA, The
miners lead the metals.
Fundamental Analysis: The inertia of The IKN Weekly Top Picks in 2021.
Stocks to Follow: Argonaut Gold (AR.to), QC Copper & Gold (QCCU.v), Strategic Metals
(SMD.v), Great Bear (GBR.v), Royal Road (RYR.v), Mene Inc (MENE.v).
Copper Basket: Overview, Doré Copper (DCMC.v), Chibougamau Independent Mines (CBG.v).
Producer Basket: Overview, Agnico (AEM) and Kirkland Lake (KL), Pretium (PVG).
Tiny Dogs: Overview, Antler Gold (ANTL.v).
Regional Politics: Peru: Wiser heads prevail, Ecuador: Lasso’s honeymoon is over.
Market Watching: Tracking the Buy Peru call, One month on from the four Beaver Creek
standouts, Sandstorm Gold (SAND) (SSL.to) and a buyback, Orezone (ORE.v): From cheap to
compelling, A Minera IRL (MIRL.cse) Concerned Shareholder update.
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
 As this report eventually made it to publication Monday evening (see the intro to
today’s main Fundamentals section for the reason why) closing numbers for metals and
non-Canadian listings may be different. Please assume it’s the weekend and also,
please accept my apologies for the late arrival of this edition.
 We are suddenly in a target-rich environment and with buyers now emerging for mining
companies, your author stamps his fully bullish credentials in today’s intro, for the near-
term future of the sector. Also due to this, find plenty of company names mentioned
and discussed throughout the issue, most of them in a favourable light.
 The juxtaposition between the size of my two largest positions and the lack of recent
coverage in Top Picks Minera Alamos (MAI.v) and Rio2 Ltd (RIO.v) is addressed today.
Glad I don’t have to do this every weekend.
 Today’s Regional Politics section focuses on Ecuador, though Peru continues to be
impossible to ignore and gets yet another update. This time, news is wholly good and
the house “Buy Peru” call has finally got the macro backdrop.
Happy Thanksgiving Canada and Happy Macro USA
As this note goes out Monday evening, this intro piece gets a little re-write as the first job was
to remind that the Canadian stock markets (TSX, TSXV, CSE, etc) were Monday October 11th
for Thanksgiving. As that’s now history, it looks slightly odd but it’s not to be confused with The
USA’s Thanksgiving, that happens late November.
Meanwhile in The USA (and by definition the world), markets have eyes on US macro numbers
1

out this week. The numbers set for publication are always part of the monthly cycle, but their
market-moving abilities tend to ebb and flow and normally, are secondary to the main BLS Jobs
numbers. However, when inflation is one of the narratives driving the market, the numbers up
next week become more important and the US BLS Consumer Price Index for September is
first, with current CPI consensus at +0.3% (+0.3% core) on Wednesday. Then on Thursday it’s
September Producer Price Index (PPI) and for both, all eyes will be on inflation signals. With
PPI expected +0.6% (+0.5% core) there will be grist for the dissenters to the Jay Powell/Janet
Yellen position of 2021 being the year of the transitory, temporary inflation pulse. And a final
cherry on the US Macro cake next week, we also get retail sales Friday, the market expecting
+0.2% and woe betide the USD if that one falls short.
The miners lead the metals
Gold did what it’s supposed to do for yet another week and, aside from my waking after a vivid
dream about gold dropping U$99/oz at the
open and scrambling for my phone early on
Thursday morning as a result (feel free to
psychoanalyze that one), continued to
anchor the portfolio as ever. As for silver on
following on from last weekend’s near-term
bullish call on the metal, we saw some
improvement but truth told, there remains
the same opportunity/threat as last weekend
(right). Again, depending on how you see
the broad market backdrop and to continue
the purely personal take, that hasn’t changed
since last week. And the call is still alive and
in the ballpark, those geopolitical market
nerves of last weekend were indeed
overblown and the shrill cries of “Recession!”
easy to make, harder to prove. Last weekend’s call that silver’s “…current U$22/oz floor level
holds” also worked OTOH trading gains were scant, unless you were a sophisticated silver
trader and that’s not me. So far at least, “bullish silver” is a wash and all this aside from a more
basic point, The IKN Weekly is a steadfast proponent of gold as the monetary metal and a true
asset class. Silver doesn’t even come close, we’ve been over why too many times to count.
However neither gold nor silver are the ultimate focus of The IKN Weekly and that’s when news
gets better. Your visual today, a ten-day comparative chart with proxies for miners (GDX),
precious metals (GLD) and the broad market (S&P500):
That’s a good-looking chart, the one we see when miners lead metals. The week before last the
miners beat the broad market thanks to the lift they got from gold. Then this week, the miners
ignored the flat gold price and were lifted by the rally in broad markets. A most interesting set-
up, as more often than not PM miners get the short end of “head I win, tails you lose” from the
market. Instead, PMs enjoyed both tailwinds in turn and over two weeks, have taken 4% out of
the headline indices without any meaningful change in the gold price.
2

So if miners lead metals, GDX at or around U$30 would
be a level that greatly pleases technical analysts, this
long-term chart just one example of timescales carrying
the same message and a quick extra note on the red
box in the chart (right), as volumes through GDX have
increased massively sine the last miners’ boom. GDX
these days has so much money aimed at so few quality
stocks, it ends up owning 10% of everything and the
tail wags the dog. With our GLD inventory tracker
charts continuing to indicate a slow decadence in
physical bullion held by the ETF and the lack of interest
in ownership, graphic evidence of a long-term chart
indicating a turn point is difficult to ignore and more
than a little intoxicating.
7.60 GLD: Inventory/Price Ratio, 2021 to date
7.40
7.20
7.00
6.80
6.60
6.40
6.20
6.00
5.80
5.60
These days, geopolitics and Central Bank purchases don’t change the price of gold, its
important price changes are effects of the “big rules” of world economics applied to the most
basic of monetary building blocks. Regarding those, you have the right to believe “Whatever It
Takes” will either not be used or will not work and the world will slip in to recession. If so, you
shouldn’t be holding gold. Or mining companies, for that matter.
For the rest of us, we aren’t here to argue the economics or the politics of inflation, instead we
consider it a fact and try to make money. For whatever reason, prices for goods and services
are now rising around us. We know that the price of “stuff” never rises without gold and you
don’t need to be of the Austrian school to agree, even widely differing economic schools of
thought will line up behind that statement (they’ll still argue about the causes, though).
However, we haven’t had a big move from gold recently and that’s not so surprising, either.
Gold’s role in times of economic stress, aside from being the safest of all anchors, is also to
indicate when excesses are apparent and is why its progress is never a smooth line. Even
through “Whatever It Takes”, the world financial and monetary authorities haven’t had the gas
pedal to the floor at all times, it’s only recently that the excesses of the recovery are showing
(fuel, logistics, employment, etc). Gold may be king, but it gets big moves in dollar terms as
well, they happen with changes in trends and so, with higher prices for “stuff” now prevalent,
the next turn for gold in the new inflationary environment can only be in one direction.
Bottom line: Be they copper or gold opportunities, your author is unashamedly bullish on the
mining sector in 4q21, it ticks the boxes for right time, place and price. Exact timing of any tidal
change is always difficult (in fact it’s luck), but unless the market truly collapses it’s only a
matter of time before gold moves higher. With that hardcore goldbug fanboy rah-rah closing
out today’s intro, it’s now time to eat a slice or two of humble pie.
3
2/1/0202 1/2/0202 2/3/0202 1/4/0202 1/5/0202 13/5/0202 03/6/0202 03/7/0202 92/8/0202 82/9/0202 82/01/0202 72/11/0202 72/21/0202 62/1/1202 52/2/1202 72/3/1202 62/4/1202 62/5/1202 52/6/1202 52/7/1202 42/8/1202 32/9/1202
GLD gold holdings, 2020 to date (metric tonnes)
1400
1350
1300
1250
1200
1150
1100
1050
1000
950
900 Source: SPDR data, IKN calcs
850
800
02/1/1 02/2/1 02/3/1 02/4/1 02/5/1 02/6/1 02/7/1 02/8/1 02/9/1 02/01/1 02/11/1 02/21/1 12/1/1 12/2/1 12/3/1 12/4/1 12/5/1 12/6/1 12/7/1 12/8/1 12/9/1 12/01/1
mt
source: SPDR GLD data

Fundamental Analysis of Mining Stocks
The inertia of The IKN Weekly Top Picks in 2021
Preamble
This note is the reason IKN646 is delayed by one day and, by way of apology, you also get a
little insight into the dynamics of writer’s block:
 After a mail exchange with a subscriber, in IKN645 your author decides to address the
lack of coverage and recent mediocre price performance of Top Picks Rio2 Ltd (RIO.v)
and Minera Alamos (MAI.v).
 However, it becomes a problem to write and I struggle with the theme. Meanwhile last
weekend there was an active trade in QCCU on deck, so instead of publishing a half-
baked note I decided to defer the article to get it right.
 A week passes, it’s time to write IKN646 and the note on the lack of coverage and
recent mediocre price performance of Top Picks Rio2 Ltd (RIO.v) and Minera Alamos
(MAI.v) is agenda but, as always, there are other matters on deck as well. And most of
them are more interesting.
A sketch of how writer’s block, a demon of one’s own design, paints you into a psychological
corner. Well me, in fact. Suddenly it’s Sunday evening 8pm and while everything else in IKN646
is finished, the block on a subject promised for the edition threatens first the normal deadline,
then midnight, then the argument you want to make, then your own sanity.
The Real Preamble
Therefore, instead of putting something together in four hours last night that would not have
fully explained my position, I decided to take four hours last night and six hours today to make
sure the message is on-point (and weed out more typos). There were two other factors in the
decision to delay the Weekly, the first being Canada’s Thanksgiving Day (markets were closed).
As for the second, it so happens that even before I'd decided to delay publication to Monday
evening, RIO.v CEO Alex Black and I had scheduled a coffee a chat today, Monday morning. It
wasn't the reason this edition is a day late, but it was a minor influence and below you’ll see
perspective added from our conversation this morning.
The subject is an elephant in The IKN Weekly room, the way in which we have largely ignored
the lacklustre performance of Top Picks Rio2 Ltd (RIO.v) and Minera Alamos (MAI.) during 2021
and we begin by presenting the guilty parties. Here’s the 2 month chart of Top Pick Minera
Alamos (MAI.v), which shows how recent trading has dragged the company stock price back to
that stomach churning oversold low back in February:
As MAI quietly re-tests old lows, Rio2 Ltd (RIO.v) just waited and then sunk in 3q21, like many
other sector stocks. Here’s 12 month chart of RIO.v:
4

Those charts make unpleasant viewing on several levels, mine start with the significant drop in
personal net worth over the last month. However, context is required and before the next
charts, here’s some extra information on a pet hate of mine:
 A two-year chart would have been very flattering to both MAI.v and RIO.v against GDXJ
 A 12 month chart would have been slightly flattering to MAI.v and RIO.v against GDXJ
In going with the 2021 year-to-date chart of MAI and RIO against the main sector benchmark
GDXJ, we’re not cherry-picking. Quite the contrary, this is the most negative look for our stocks:
And it’s not bad, because when the rubber hits the road neither Rio2 nor Minera Alamos have
been losers compared to peers. Agreed they have not done anything interesting and to date,
agreed RIO.v has been weaker in the last two weeks, agreed MAI.v underperformed in March,
agreed that this type of stock price performance isn’t going to make The IKN Weekly famous or
its proprietor rich but they do at least get the credit of “market perform”, no more no less.
We now focus on the common issues at our Top Picks and this is where mea culpa comes to
the mix. IKN Weekly overage has indeed been lacking recently for our two most important picks
(as well as my biggest personal holdings) as, by coincidence or otherwise, both companies have
found themselves in extended periods of relative news blackout. Not every stage of a mine
development is sexy and exciting, with Minera Alamos doing the build-out at Santana (and
somewhat hamstrung on marketing until the delayed construction is complete) and Rio2 doing
its key technical and permitting work rather than providing the drill and assay results from
which the market can react. All fine and as an analyst, it makes for straightforward continuation
of coverage (as long as things stay on track), but it also means that other companies, stocks
and stories take over the headlines and report sections of the weekly. Compounding the lack of
news is the lack of upside in the share price, which has the knock-on in crimping coverage. No
matter if you have $1k or $1m wrapped up in a company, it’s tough to keep enthusiasm high
for a story that is simple and stays on track, but with a boring stock price that loses 2c a week.
A focus on Minera Alamos (MAI.v): We now focus on some specific company issues,
5

starting with MAI an example of the way it’s been ignored came a couple of editions ago, as
even though MAI’s price action was poor over the summer I held off pinging MAI President
Doug Ramshaw until MAI hit 50c to the downside. At that point and on checking, all was indeed
on track at Santana and since then we've had more confirmation, which forms the basis of this
section. First we note that in the latest MAI corporate presentation dated September (1), in
which the company calls itself an “Upcoming Producer” and that “mining operations have
commenced”, which is as close as the rules allow you to get. We also see it in the October 4th
NR (2), in which CEO Koningen’s comments closed with, “A full update on the operational ramp
up and gold recovery will be provided in the coming weeks.” In other words, as soon as MAI
can tell the world it’s in production, you hear about it.
Checking in on the MAI financials, this has been the most straightforward of companies to track
into production, with its shoestring capex and nothing taken on liabilities. This balance sheet is
about to change direction and in a couple of years, this visual of reported quarters plus model
estimates for 3q21 will be of zero importance to the price of the stock. But…
40 MAI.v: Assets
35
30
25
20
15
10
5
0
…as today is about reassurance and reminding one and all that Minera Alamos is so good it’s
boring, a consideration of its assets and liabilities, as well as working cap and cash treasury…
…to recall that MAI has never been swimming in cash, but has ample left over after its Santana
build-out to move forward immediately on its growth plans, both at Santana and its next
development asset, be that Cerro de Oro (likely) or La Fortuna (still possible). And while
443.5m shares out is a big number, retail float is estimated at 50% the total and while talking
open market, one of the main buyers recently has been company President Doug Ramshaw,
who continues to add to his position and recently added (3) another 35k shares. He now owns
just under 5.6m shares, Ramshaw’s attitude toward eating his own dinner another facet of his
exemplary approach toward investor relations and running a transparent operation.
More importantly, this long weekend’s C$0.51 share price means MAI is a C$226m market
capper, or U$180m. That can only be re-rated when Santana announces commercial production
and provides proof of concept, but this isn’t “MAI’s 50k oz per annum gold mine”, it’s just the
6
61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
$m MAI.v: Liabilities per qtr
10
fixed 9
other current 8
7
cash 6
5
4
3
2
1
0
source: company filings
61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
source: company filings
srallod
fo
snoillim
LT liabs
current liabs
30 MAI.v: Working Capital per qtr
25
20
15
10
5
0
-5
61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
source company filings/IKN ests
srallod
fo
snoillim
500 MAI.v: Shares Out
450
400
350
300
250
200
150
100
50
0
61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
source: company filings/IKN ests
serahs
fo
snoillim

first of many MAI 50k operations and this small company is already doing the groundwork for
its second build-out.
Once again, the market has misunderstood the risk involved with owning MAI.v shares. What it
requires is the specific de-risking moment of first production, or first pour, then commercial
production and positive free cash flow. At that point, the market will love MAI and want all the
shares, we however, understood that from today October 2021, MAI is already de-risked and its
ramp into the headline-making moments is all-but automatic. As we watch the process and
wonder why this certain near-term gold producer isn't more expensive, the larger world waits
for the signals it requires to buy mining stocks. That can be through ignorance but you can take
that literally, too: Indeed, I've recently had a few exchanges with market professionals on insto
desks who tell me they'd love to buy certain names, but are prohibited by internal rules until
there's at least gold pour. As such, I expect an influx of cash to Minera Alamos (MAI.v) shares
once they publish an official "we are producing at Santana" NR. That's not long in the future.
A focus on Rio2 Ltd (RIO.v): As for the lack of news in our other Top Pick, we leave
common issues aside but this time, no charts as the financials provide little clue. Minera Alamos
has simple and organic balance sheet, RIO’s is different and about to be bent and shaped by
first the planned entry of cash along its construction track, then to operations and positive cash
flow for its Stage One 20ktpd. Instead, we talk political and construction risk in Chile and, as
the conversation this morning with CEO Black covered the main points, that’s the basis which
has allowed me to break the block.
In some ways, it is about the financials because in RIO.v we’re buying into the start of a long-
term growth story with an indefinite number of milestones in its future. While enjoying my
americano this morning (Alex is an espresso guy) I reminded CEO Black that, on the cash flow
model alone, the Stage One 20,000 tpd operation at Fenix isn't worth more than $1.00/share at
250m shares out. He readily agreed that RIO.v at Fenix was going to be an ongoing growth
story, in ounces and tonnage terms, for years to come. The company is clear and understands
where it is today, the market doesn’t get it yet.
The difference between market perception and reality is, in my view, stark. It’s not surprising
that the world doesn’t follow the blow-by-blow of Chilean politics, but if it did it would know risk
for mining companies of all sizes in Chile is minimal. Mr. Market doesn't pay up for RIO.v shares
as it sees risk ahead, what it fails to appreciate is that the major risk hurdle is complete! The
most difficult stage of Rio’s development track is not in the future, but in the past and now it
has up to U$150m on hand, its mine and all its plans are fully funded. From here, with the
successful procurement of funds to build Stage One, subsequent stages of growth are
automatic. The other headwind specific to Rio2 today is political risk and the country risk
backdrop as, rarely for Chile, 2021 has the country getting bad press from the business world.
This manifests as a permitting risk that does not exist, plus a national risk that’s overblown.
As for the permitting risk, Chile stands separate and superior to all other Latin American
countries (and most others in the world for that matter). Its permitting track for mining projects
is not the quickest, but it’s carefully regimented and only rarely slip out of an agreed timeline.
Both government and company know where they stand and with established laws, what they
must achieve for successful permitting. Just as one example of the advantages aside from
specific timelines, the permitting track in Chile allows companies to plan ahead and make long
lead time purchases, confident that the plant or supply won’t have to hand around for months
or years before use. Consider a conversation between Mr. Market and Mr. Reality about the de-
risking of Rio2:
Mr. Market: Rio2 needs to raise financing, that’s difficult.
Mr. Reality: True.
(Rio2 secures its financing package)
7

Mr. Market: Okay, but Rio2 now needs EIA permits and that’s difficult, too.
Mr. Reality: In fact, Rio2 is on track for permit award and as the process is regimented,
there’s also a fair idea of when the permit appears.
Mr. Market: Okay, but Rio2 needs more permits. Water, construction, road use...
Mr. Reality: With EIA permit in-hand, the other major permits come on their own
regimented and time-specific tracks, with nothing that could affect critical path
Mr. Market: Well, Rio2 needs to build its mine, that’s difficult.
Mr. Reality: In fact, this is a straightforward build in the hands of a world-class and
proven team
Mr. Market: Rio2 needs to supply water to the mine, that’s difficult.
Mr. Reality: Stage One supply is fully covered
Mr. Market: Rio2 doesn’t have the water to cover production increase, it’s stuck.
Mr. Reality: Rio 2 has several options for direct supply as the mine grows, it’s more a
case of which one to choose.
We could continue but the illustration should have made its point by now; Our friend Mr. Market
hasn’t woken up to the fact that Rio2 Ltd has already successfully negotiated the single most
difficult element on its path to 100,000 tonnes per day production throughput, and not merely
to the 20ktpd that others seem to consider the end of the story. Untrue, 20ktpd is when the
company share price starts flexing its muscles.
Today in 4q21, RIO and other Chile-exposed stocks are being marked down on increased
political risk in Chile. Be it perceived, real, or a little of both, the rise of the Left wing in Chile
and the headline-making decision by its Congress to raise an extra royalty on copper and
lithium production this year have dented the country's reputation. However, and as ranted
clearly a few editions ago, it's a temporary thing. We should expect the logical world market
nerves to continue to and perhaps through the Presidential election process in November and
December, there will also be noise from the Constitutional Assembly in FY22 and beyond as
Chile wrestles with the contents of its Magna Carta. But, it will pass. Chile is mining and no
matter whether lefty or righty, party leaders do not commit political suicide by "opposing the
mining industry". Yes, there are and will be issues around the margin, for example the Glacier
Law, or the aforementioned hot-button royalties law project, still at Senate level. But forest for
the trees lades and gents! This is Chile and mining is its lifeblood, Fenix is a dead cert to
happen and in it, Rio2 has a fully-financed gold mine project on the most solid of late-stage
permitting tracks in the best address to build a mine on the continent. That's to say, if you were
given a map of South America and asked for the lowest risk zone for mining, the correct answer
is a finger on North Chile and the Atacama and that’s where Rio2 is building a mine that will
extract over 4m ounces of gold.
To wrap up today’s main Fundies note (and get it out the door), though the two Top Picks
haven’t been sexy or dynamic stories recently, that shouldn’t be confused for waning interest
or, more importantly, a lack of future opportunity for buyers of RIO.v or MAI.v shares at today’s
prices. Call them out of favour if you like, but in both cases share price upside is assured by the
most solid of growth tracks. That is, after all, why they are Top Picks.
Stocks to Follow
It was a sub-standard performance of The IKN Weekly Stocks to Follow list. While GDX
improved by 4.57% on the week and GDXJ by 6.34%, our week finished with five winners
(CMMC.to, QCCU.v, SMD.v, GBR.v, MENE.v) and ten losers (MAI.v, RIO.v, AR.to, TMQ, MIN.to,
ALDE.v, APN .v, RYR.v, AUL.v, MIRL.cse). We can at least report two good percentage winners,
8

thanks to the moves in Great Bear (GBR.v up 18.3%) and QC Copper & Gold (QCCU.v up
14.3%). However, having 10 losers out of 15 on a week such as last week isn’t good and they
came with a few larger losers, such as Minera IRL (MIRL.cse down 15.8%) and Aldebaran
(ALDE.v down 14.3%). It’s quite possible that the stocks on our list suffered a time lag to
GDX/J due to lack of trade volume and liquidity. If so, you’d expect a decent rebound from our
list of stocks in the week ahead, if not it will tell you too much about my stock-picking ability to
be comfortable.
We currently have 15 open positions, our self-imposed limit. Five of our open stocks are in the
green and ten remain red, but it wouldn’t take more than a week of good gold trading to
change that to our advantage.
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$0.51 142.9% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.53 -36.1% $1.30 tgt on capex raise, Jul21
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$3.42 18-Jun-21 C$3.04 -11.1% Top value Cu play, overweight
Argonaut Gold AR.to STR BUY C$2.95 25-Jun-21 C$2.73 -7.5% All right signs, added more
Trilogy Metals TMQ STR BUY U$1.84 15-Sep-19 U$1.79 -2.7% Cu for 2021, going well
QC Copper &Gold QCCU.v STR BUY C$0.26 25-Apr-21 C$0.415 59.6% already a double,
Strategic Metals SMD.v BUY C$0.42 31-Jan-21 C$0.30 -28.6% Canadian land bet/Value trap?
Excelsior Mining MIN.to BUY C$0.93 10-Mar-19 C$0.48 -48.4% Delayed, great value if it works
Aldebaran Res. ALDE.v SPEC BUY C$0.68 16-May-21 C$0.60 -11.8% Promo begins Q4
Altiplano Metals QCCU.v BUY C$0.31 17-Sep-21 C$0.29 -6.5% Cheap entry, about to re-rate
Royal Road Min. RYR.v BUY C$0.155 17-Mar-19 C$0.27 74.2% Model paying off in Nica
Great Bear Res GBR.v BUY C$15.83 26-Aug-20 C$16.21 2.4% Binary M&A trade, wait for print
Aurelius Min. AUL.v hold/sell? C$0.75 28-Jun-20 C$0.245 -67.3% has until its 43-101 to improve
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.08 -59.0% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.68 6-Dec-20 C$0.90 32.4% 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
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Resources ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
2015 to 2020 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on a couple of our covered stocks:
Argonaut Gold (AR.to): I continue to kvetch about the volatile base forming, however
there’s also something of a dilemma approaching. As a couple of you already know, after
adding recently on the back of the latest analysis, the size of AR in my personal portfolio means
another add would make AR a Top Pick sized position:
9

And that is a very buyable chart. As seen in today’s main section, I am not a seller of either of
the established Top Picks so hat would mean carrying a third. Perhaps AR’s price has been
affected by the recent protests against its Cerro de Gallo project in Mexico, if so that’s a) not
new news and b) of minor import, as the project is marginal at best. In fact, CdG is another
example of AR’s financial largesse while focused on Mexico, these days its move to become a
primarily North America exposed miner is welcome.
The combination of the exciting Magino project and AR’s fast-improving financial position makes
this company such value at anything under $3.00: The blueprint for Magino lives next door at
Island Gold, the gold price makes its economics shine, the cash flow as AR bolsters its financials
during this current cash “harvest period” (their imagery) will allow the company to “Do a
Wesdome” and develop a flagship asset organically. We’ve run the numbers and the direction of
the balance sheet could not be clearer, AR long-term reputation as financially lax is no longer
deserved and its improving financial status coincides with its decision to pivot and become a
North American PM miner. The market hasn’t noticed yet, that’s all.
QC Copper & Gold (QCCU.v): QCCU has been main Fundies section feature two issues in a
row and the point should now be clear, so until the next significant milestone is reached we’ll
likely follow it from stock notes, here. However, it’s still a fanfare story and QCCU gets extra
column inches today, there’s news to report and momentum in the stock price. The market has
latched onto the name, as well:
In no uncertain manner, as between the 1) excellent MRE, 2) the good results from minority
holding Baselode (FIND.v) that came with clear strategic timing all while 3) Ore Group
executives led by CEO Stewart hit the media airwaves to great effect. The result was further
price appreciation, even after QCCU announced two (in fact three) financing moves.
A block sale of FIND.v shares. On checking in with CEO Stewart, he explained that due to the
Canada insider rules they have to register the block sale and then wait a week, then do it.
That’s why they cannot price them yet. As for the buyer, it’s not our problem but you can be
sure they are going to strong hands. For the deal terms, go to the EWD section of the NR (4):
10

As of the date of this news release, prior to the sale, the Company beneficially owned,
controlled or directed 17,857,143 shares of Baselode, presenting approximately
23.28% of the outstanding shares. Following the sale, the Company will beneficially
own, control or direct 10,714,287 shares, representing approximately 13.97% of the
outstanding shares
FIND.v closed at 82c last week, after a further speculative pop
was calmed by the block sale news. It looks to me as if a price
between the parties is decided and it’s going to be around 80c or
85c, which means we assume C$5.7m to treasury for QCCU once
the deal is done. Then on the same day, QCCU also announced a
60c flow through financing which was upsized that same evening
to a maximum of 10.1m shares (5), then as we assume the
1.515m overallotment also fills, which is gross proceeds of
C$6.97m and we assume C$6.5m of that makes it to treasury.
This flow-though offering has been particularly popular for Quebec residents and is a smart way
to raise capital.
So far QCCU has raised a war chest of over C$12m for its 2022 campaign and, as the company
was looking to raise between C$15m and C$20m the last time I talked with its CEO, that means
there’s one more component for this round of financing to come. It’s almost certainly the
innovating raising before, it’s almost certainly that and as the plan required EGM approval, look
to the upcoming AGM/EGM agenda materials for details. I’m now expecting QCCU to raise
closer to $20m than $15m and that suits me fine, it’s building an aggressive 2022 campaign
and will have money to see it through to mid-2023.
[SIDEBAR: Junior CEOs/C-suiters with media presence reading these words would do
well to study the way Stephen Stewart has gone about the promo aspect of QCCU in
the whole of 2021, or at least get your IR person to study the subject and report back.
Unless your last name is Ramshaw, he’s doing it a lot better than you]
Bottom Line: QCCU is now a double from our original position and raising capital, which means
we’ve likely seen the best of the initial explosive move up. Those of you looking to take quick
profits on an early trade, or maybe take partial profits and lower your cost average to
something very low, have arrived at the right time window but personally, I’m not selling a
single one of these. Profit-taking at this point is understandable and anyone selling has my
unalloyed respect, but the long-term gains in this space come from identifying the real multi-
bagger potential winners, adding while they are still cheap and then holding on tight. There’s
no avoiding buying losers in this sector, so it pays to make the most of the winners
Strategic Metals (SMD.v): Up a penny on the week, but still very easy to buy as this ten day
chart illustrates:
As noted somewhere else, the problem is not this well-run company, rather the strategic
mistake of buying Strategic Metals at the wrong time in the cycle. In other words, my bad and
nothing to do with Doug Eaton.
11

Great Bear (GBR.v): The big winner of the week, GBR moved up after a new set of strong
drill assays from Monday that has fuelled renewed talk of a buyout (at the right time), the
AEM/KL deal pepping interest in our sector (hopefully it lasts). This continues to be a binary
trade for the portfolio and since inception, has tended to revolve around my entry price
average. That makes it easy to hold while the directors talk about prices.
Royal Road (RYR.v): The news Friday wasn’t great, as RYR announced (6) the resignation of
director and recently appointed non-executive chair Liz Wall. However, it is understandable and
while it’s not good to lose a quality person from your board, RYR won’t suffer unduly and its
team remains top notch on ESG/CSR. On inquiry, your author learned that Liz Wall has always
pursued and preferred a more academic track to geology, with Rhodes Scholar and Masters in
her CV to date and very recently, was offered an excellent opportunity to further her academic
career in a scholarship position to boot, the sacrifice being having to leave public directorships.
Hence the news last week and, while RYR may seem to be a bit of a revolving door á la
McEwen mining, that’s just bad luck on timing.
Mene Inc (MENE.v): Meanwhile at the most low-key price breakout ever…
…this stock is obviously being accumulated. Not as fat a finger as two weeks ago, but owners
won’t need to wait long to sell at 90c now.
We await a Q3 preliminary sales NR from the company.
The Copper Basket
After forty weeks of 2021, The Copper Basket shows a gain of 23.55% to level stakes:
12

company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.08 107.53 1411.87 13.13 116.0%
2 Copper Mtn CMMC.to 1.81 207.5 630.80 3.04 68.0%
3 Oroco Res OCO.v 1.85 186.96 448.70 2.40 29.7%
4 Marimaca Cop MARI.to 3.25 87.737 330.77 3.77 16.0%
5 Western Copper WRN.to 1.57 135.798 255.30 1.88 19.7%
6 Amerigo Res ARG.to 0.80 181.79 234.51 1.29 61.3%
7 Excelsior Min. MIN.to 1.12 273.585 131.32 0.48 -57.1%
8 Regulus Res. REG.v 1.07 101.85 91.67 0.90 -15.9%
9 C3 Metals CCCM.v 0.115 438.56 89.90 0.205 78.3%
10 Aldebaran Res. ALDE.v 0.455 125.24 75.14 0.60 31.9%
11 Doré Copper DCMC.v 1.00 53.304 46.91 0.88 -12.0%
12 Element 29 Res ECU.v 0.45 68.281 38.24 0.56 24.4%
13 Chakana Cop PERU.v 0.60 111.41 36.77 0.33 -45.0%
14 Chibougamau CBG.v 0.165 53.077 11.68 0.22 33.3%
15 US Copper USCU.v 0.105 87.53 9.63 0.11 4.8%
NB: All stocks in CAD$ Portfolio avg 23.55%
Our basket average returned a slight gain on
60% The Copper Basket 2021, weekly evolution
the week, thanks to nine winners (SLS.to, 55%
50%
CMMC.to, WRN.to, MARI.to, ARG.to, REG.v,
45%
PERU.v, DCMC.v, CBG.v) and just four losers 40%
(OCO.v, MIN.to, CCCM.v, ALDE.v), with two 35%
30%
unchanged stocks making up the numbers 25%
(ECU.v, USCU.v). Most of the moves were 20%
15%
small, the exceptions being two to the upside 10%
(DCMC.v up 23.9%) (PERU.v up 10.0%) and 5%
0%
two to the downside (ALDE.v down 14.3%)
(CCCM.v down 10.9%). So overall a decent
week for our sub-sector, but as the weekly
tracking chart (right) shows we’re not
threatening any sort of breakout and the complex has been range-bound since at least the
Northern summer.
The stocks took their cue from copper the metal’s trading and, instead of just the last few days,
this longer-dated view of the most active futures contract shows how lower highs are setting a
new tone:
Copper was certainly ready for Friday, when the US BLS jobs report miss (+194k when the
market wanted a lot more) saw the USD re-adjust and industrial commodities of all types rally.
13
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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 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tco ht01
source: IKN calcs

Your curated headline from this week is from Reuters (7) and is as prosaic as it is accurate:
“METALS-Copper steady as low inventories offset growth fears” which segues us nicely into our
regular weekly segment on inventories, data as always sourced from Chile’s Cochilco:
 World aggregate copper stocks in the three official systems took another leg down,
another 11,373 metric tonnes (mt) leaving for end-users and the short-term market
signalling more to leave soon. Friday close was just over the 300k lne, at 300,553mt.
 For once the Shanghai SHFE wasn’t the centre of attention and, for the first time in a
long time, we saw an inventory add of 6,537mt on the week. SHFE stocks closed at
50,062mt but one week is not a trend changer. Still uber-tight.
 Meanwhile the real action moved to the LME, where not only did we see a big drop of
17,925mt from stocks to close the week at 199,250mt, but cancelled warrants cover
113,375mt of the total left in stock and may start leaving physically soon. While the
world markets might want to ignore the SHFE inventory drawdown, there will be no
whistling past graveyards in LME stocks suddenly drop bigtime.
 The Comex added 15mt (fifteen) metric tonnes of copper to its warehouses to close at
51,241mt. No biggie.
Here’s the Shanghai-only inventories chart:
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 dr3yam ht21 ht02 ht92 ht7bef ht71 ht62 ht4peS ht31 ht92 ht9 ht81 ht72 ht5von ht41 ht52 ht01 ht91 ht82 ht6naJ ht71 ht62 ht4gua ht31 dn22 202ts1ram ht01 ht91 ht72 0202ht6ced ht41 ht52 1202ht4luj ht21
Mt Cu
|
source: Cochilco
Again, perhaps a better look from this alternative presentation of the same data:
MT Cu SHFE copper inventory levels, 2021
300000
280000
260000
240000
220000
200000
180000
160000
140000
120000
100000 2021
80000 2020
60000 2019
40000
2018
20000
0
17181920212223242526272829303132333435363738394041
source: Cochilco data
Now for notes on two basket stocks and, with QCCU.v doing so well recently and thoughts of a
potential mining camp renaissance for the Chibougamau Lake region of Quebec, we consider
two other stocks with locality exposure:
Chibougamau Independent Mines (CBG.v): The other way we have identified as playing
increased interest in the region as a mining camp, CBG has the most extensive land concessions
in the area and will be happy to see QCCU blazing a trail:

CBG made that volume-induced spike in May (I assume a newsletter reco of some sort), since
then the price action has been very predictable and we’re almost back from whence we came.
Bargain hunters will line up at the 15c line, so I’d be more interested in buying now at 20c
Doré Copper (DCMC.v): The good news is that
last week, DCMC moved up sharply on the release
of a Maiden Resource (MRE) for its Corner Bay
property, one of a suite of assets it controls in the
region. The resource isn’t massive but it doubles
the previous historic estimates and is a starting
point for a PEA, now underway (8). The not-so-
good news is that DCMC often moves up (and
down) sharply and last week was more the stock
rebounding to previous levels. DCMC has tried four
times to stay above the c$1 line in its near-two
years of corporate existence, so far every attempt
has failed to hold.
The Producer Basket
After forty weeks of 2021, the Producer Basket shows a loss of 15.85% to level stakes:
company ticker price 1/1/20 Shares out Mkt Cap (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 805 43.72 54.31 -9.3%
2 Barrick GOLD 22.78 1778.04 32.93 18.52 -18.7%
3 Agnico Eagle AEM 70.51 244.187 13.18 53.98 -23.4%
4 Kirkland Lake KL 41.27 267.056 11.58 43.36 5.1%
5 Kinross Gold KGC 7.34 1261.07 7.15 5.67 -22.8%
6 Endeavour Min EDV.to 29.62 252.568 6.31 30.00 1.3%
7 Pan American PAAS 34.71 210.262 5.04 23.99 -30.9%
8 B2Gold BTG 5.60 1051.697 3.84 3.65 -34.8%
9 Alamos Gold AGI 8.75 392.739 2.91 7.41 -15.3%
10 Pretium Res PVG 11.48 187.833 1.95 10.38 -9.6%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -15.85%
The producer basket sprang in good style, with ten out of ten winners as money flowed back
into the sector from the top-down (of course). Our basket went with the flow and even
managed to beat the GDX benchmark, thanks to the out-performing bride/bridegroom Agnico
and Kirkland, as well as having more leverage coming from midcaps B2Gold (BTG up 7.7%) and
Pretium (PVG up 7.3%). The least best of the week was Newmont (NEM up 1.4%) and that
allowed GLD, AEM and its Tier 1 peers to catch up a little, but there’s no doubt which big cap
15

owns 2021. NEM is next favourite to get back to UNCH on the year, no small thing for the
world’s biggest PM market capper.
The 2021 Producer Basket: Weekly performance and
20%
comparative to GDX control
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Agnico (AEM) and Kirkland (KL): The comparative chart the main PM equities (plus the GDX
benchmark) last week indicates the AEM/KL deal is now Full Greek Cheese, feta complete or
however it’s spelled. With the news breaking and digested two Tuesdays ago, the market
rewarded AEM for the deal and that advantage has only grown, leaving vanishingly little space
for any aggressive third party:
This merger is now assumed, perhaps another reason Great Bear (GBR.v) got extra interest on
its NR last week and the other majors switch focus for the next opportunities.
Pretium (PVG): Our current bullish opinion toward Pretium (PVG) began in IKN638 dated
August 15th, as seen by quoting the last words written by myself on PVG that day: “Bottom line:
A great quarter from PVG and with regularity now becoming an attribute, consider this doubter
won over”. We then tracked PVG’s reasonable performance compared to peers over the next
three editions, so with Q3 now history today we revisit and…
16
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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 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tcO ht01
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%
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 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tcO ht01
source: IKN calcs, NYSE/Nasdaq/TSX data

…while hardly gangbusters, our bullish call on PVG
August 15th is now looking good. The stock has
improved around 4% since IKN638, while GDXJ going
South by roughly the same amount. Maybe we’re right
for the wrong reasons, as the merger between AEM
and KL saw speculative cash moving into those stocks
considered M&A targets and on that, PVG still fits the
bill. I rarely trade the large caps and covering them is
mostly an academic exercise for these pages, but PVG
has the right look today, ticking the boxes for right
metal, time and location. We underscored the VoK
operations of today bear little resemblance to the plans
of that infamous PFS way back when, but neither does
it matter because this is now a highly profitable mine on its own account.
The Tiny Dogs
After forty weeks of 2021, the Tiny Dogs show a gain of 1.45% to level stakes:
company ticker price 1/1/21 Shares out Mkt Cap current pps gain/loss%
Antler Gold ANTL.v 0.205 66.365 10.95 0.165 -19.5%
Aston Bay BAY.v 0.045 163.975 8.20 0.05 11.1%
Constantine Met CEM.v 0.17 45.4 16.34 0.36 111.8%
Contact Gold C.v 0.115 240.757 12.04 0.05 -56.5%
Golden Pursuit GDP.v 0.22 40 4.80 0.12 -45.5%
Manitou Gold MTU.v 0.045 230.79 13.85 0.06 33.3%
Precipitate Gold PRG.v 0.240 106.241 8.50 0.08 -66.7%
QC Copper QCCU.v 0.315 105 43.58 0.415 31.7%
Red Pine Expl RPX.v 0.400 95.806 54.61 0.57 42.5%
Warrior Gold WAR.v 0.090 91.818 5.97 0.065 -27.8%
Prices in CAD$, data from TSXV basket avg 1.45%
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.
The basket average improved enough to get
back into the green for the year, with five 20% Tiny Dogs, 2021 weekly tracker
winners to report (ANTL.v, BAY.v, GDP.v, 16%
QCCU.v, WAR.v) and inside those, big 12%
percentage moves from Aston Bay (BAY.v up 8%
25.0%), QC Copper (QCCU.v up 15.3%) and 4%
Golden Pursuit (GDP.v). As October rolls around 0%
I’m beginning to make the long-list for 2022 -4%
basket component stocks and the first job is to -8%
17 -12%
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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 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tcO ht01
source: IKN calcs, TSX data

discard from this year. Obviously QCCU.v and RPX.v won’t be Tiny Dogs in 2022 and for the
best reason; they are no longer so tiny. As for the others, there are at least two others that are
bound for the chop, however I’ve changed my mind on at least one of the companies and
Antler Gold (ANTL.v) is now set to stay. Here’s why:
Antler Gold (ANTL.v): We last mentioned Antler Gold after its disappointing 2021 field
program had broken the stock price, we’re now a long way from the hyped-up promise of a
year and a half ago. However, between then and
now ANTL ran a 10c placement, with insiders taking
3m of the 5m unit financing (unit = 1 share + ½
warrant fixed at 15c) and just before that, the
company apparently started a pivot toward rare
earth (REE) exploration by picking up a project in
Zambia. The final notable thing about ANTL’s
September was the traded volume, which suddenly
picked up after Labor Day and has seen the stock
price regain momentum. All well and fine, but I’d
point to ANTL as a managed stock price today. With
the recent placement going free trading in the
second week of 2022 and this stock likely to see
selling pressure as Canadian Tax Loss Selling
Season* becomes a market influence, it’s one that makes the frame for a promotional campaign
ramp up in 1q22.
Do not be confused, I’m not suddenly interested in this stock as a live and serious investment
alternative. Instead, it gets comment as a potential for those who like second-guessing and
front-running those ever-so wholesome and always honest paid promo campaigns. Personally, I
will watch from the sidelines but at least it gives reason to leave the stock on the list for 2022.
With a market cap of under C$11m, there’s plenty of leverage available.
*Best capitalized
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’s possible in the future
I may buy shares in one or several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Peru: Wiser heads prevail
In the end, I wasn’t that far out with the house prediction on President Castillo and his moment
of truth. The mistake was to assume he’d face it when Congress refused to ratify his first Prime
Minister, Guido Bellido, and his cabinet. Instead, we watched as Congress decided to ratify the
cabinet and give them enough rope to hang themselves and, sure enough, it was the smart
political play (. As the crass nature of Guido Bellido was revealed to the world it was only a
matter of time before Castillo would have to act and, with other ministers also under fire for
reasons too boring to detail in a mining publication, decided to accept Bellido’s resignation.
It was then, Wednesday evening through a rumour-strewn Thursday as we awaited the name
of the next Prime Minister that the scenario we painted previously happened in real life. At that
point, President Pedro Castillo had the choice of picking another militant radical Left winger
from his own party, or choosing one of the candidates deemed “democratic” and “suitable” by
Lima and the political class. Last weekend we’d already noted him making clear moves toward
the political centre and away from the radical Left position adopted by his Perú Libre party and
its president, Vladimir Cerrón. Sure enough, his choice of Mirtha Vásquez from the ranks of the
Left wing Frente Amplio party (that of Veronika Mendoza) was the signal everyone was waiting
for. Though still clearly on the political Left, Mirtha Vásquez is considered a smart choice and
18

her lawyer’s background will help Castillo move forward on certain policies, while having the
political nous to let others drop. Those include the much-vaunted Constitutional Assembly,
which was a centrepiece of Castillo’s election campaign but is now “not a priority” according to
his new PM (9). The reaction from world markets to the news was immediate, with the Peru Sol
gaining 4% against the dollar and Peru-exposed stocks all gaining (see Market Watching,
below). Even the militant side of the Peru Libre party seems resigned to accepting that Castillo
will now govern more from the political centre. As for Peru’s mining ministry, the mining militant
Ivan Merino has been replaced by a hydrocarbon engineer with his own private company that
produces low-cost electricity generating turbines from small Amazon basin villages. This is likely
connected to an upcoming negotiation between government and the owners of the oil&gas
concessions in the Amazon basin, mining is now a lesser matter. The main problem is another
episode of revolving door ministers, which means whole departments can change personnel
inside MINEM and slow down the already very slow permitting process inside Peru. We on the
outside should not expect a sudden return to the neoliberal policies that have run Peru for the
last 20 years, neither is there going to be a shift further Left. With Castillo choosing Vasquez,
Peru’s flavour of Socialism is more akin to Michelle Bachelet’s Chile than Nicolas Maduro’s
Venezuela.
UPDATE Monday: We take advantage of the delayed publication to note that in Peru saw
relative political calm today, the country caring more about the result of the World Cup
qualifiers than anything happening at the Presidential Palace. Accordingly the Peru stock market
continued its rally, up 0.5% on a negative day for US and world markets (neighbour Brzil
dropped 1.5%). And the currency continued its rally, the S/4.13 to the USd of last week now all
gone and S/4.04 to S/4.07 the typical forex on the streets today.
Ecuador: Lasso’s honeymoon is over
He got perhaps four good months, so even though President Guillermo Lasso enjoyed a better
than expected honeymoon period than most in Ecuador after assuming office in May, that good
feeling has now come to a shuddering halt. In the space of six weeks, public opinion has made
a 180° switch and along with a sharp drop in voter popularity, he may even face impeachment
and destitution from the job due to involvement in The Pandora Papers. His the honeymoon
finished long before last week, when in September Lasso grasped Ecuador’s most difficult nettle
and passed a decree to eliminate most of the high subsidies on hydrocarbons enjoyed by its
citizens. Ecuador’s famously cheap fuel is suddenly not so and that has caused widespread
protests, marches on the capital and as from last week, a formal negotiation table between
government and the powerful indigenous pressure group, CONAIE.
The political landscape also changed in May when Yaku Perez resigned as head of the
Pachakutik party, the political arm of CONAIE that he led to its current position of
unprecedented political power in Ecuador’s Congress. He first returned to his previous roles
social work and legal activism, but has recently formed he own political party called “Somos
Agua” (We Are Water), which will clearly be an ecological movement. Yaku Pérez has been
quick to take advantage of the gorwing scandal around the Pandora Papers in Ecuador, filing
charges against the President and making loud calls for his investigation.
As for the world of mining, while its ministry and spokespeople have made plenty of noise
19

about the progressive future for the industry in a Lasso government, it’s mostly marketing until
we have results of the 100 day report-compiling period set off by President Lasso’s Decree 151.
Signed on August 5th the decree seeks to reform the mining and non-renewable natural
resources laws and by mid-November latest, the committee must publish its detailed findings on
what laws should be replaced, altered or expanded in order to speed up permitting, bring more
jurisdictional security and tighten up commission-holding and environmental laws. As Ecuador
has already re-joined CIADI/ICSID under President Lasso, international mining concerns will be
more willing to invest in a country that now allows appeals to a recognized international
courtroom. The reaction from the indigenous pressure groups (10) was to demand that Lasso
immediately annuls all law projects connected to the development of hard rock mining and
hydrocarbons extraction, saying that they were concerned Decree 151 aims to make Ecuador
more attractive to mining when many of its member communities and regions had already
declared themselves free of mining activity. They added, “We do not want this new attempt to
impose a mining policy to become a justification to increase attacks and stigmatize those people
who oppose mining activity.”
Up to a couple of weeks ago, those against the development of large-scale mining in Ecuador
(and there are many) had kept quiet while the process continued, but the fuel price protests
and now Pandora Papers have emboldened opposition. The lack of vociferous opposition toward
mining since Lasso took power should not be confused with public opinion suddenly changing
and with the Lasso now under political pressure, those assuming some smooth path toward a
modern mining law and industry are going to be disappointed. Ecuador continues to be a very
easy avoid despite the current benign climate, my exposure to the country will remain at a
minimum.
Market Watching
Tracking the Buy Peru call
We finally got a clear positive reaction on Peru from the markets, as President Hat chose a non-
antagonistic Prime Minister to replace the hard Left wing Guido Bellido and the world duly
applauded the fact there were finally adults in the room. Here’s the 10-day chart that tracks the
Lima BVL index proxy (EPU) against the equivalents in Brazil, USA and Chile:
Chile had its own dollop of negative news with the start of criminal proceeding against sitting
President Sebastian Piñera over revelations in the “Pandora Papers”, released last weekend.
However, Peru’s pop is unmistakeable and clear, a trend-changing moment as finally, my “Buy
Peru” call of earlier this year sees some love from events. Being too early to a call is akin to
getting it wrong, the timing was more difficult but now Peru is at bargain levels. On the news,
I got a few mails asking about the best was to play any Peru rebound and, what with the
audience being of the mining ilk, questions on whether Buenaventura (BVN) or any number of
juniors operating in the country would be good trades. My answer to all (and now to this
audience has been to look beyond the miners and either trade EPU itself, or the most liquid way
to get leverage on an improved macroeconomic backdrop for Peru and that’s Creditcorp Ltd
20

(BAP), the country’s biggest private bank that does its business under the brand name BCP
(Banco de Credito).
Above is a chart of BAP compared to the EPU index and the big gold miner Buenaventura (BVN)
and already you can see the positive divergence of the bank stock. Here below is the BAP 12
month basic price chart, no squiggles or notes added:
Consider this short note a start to any DD, definitely not the finish.
[A Monday update: While EPU climbed 0.43% on Monday in NYSE trading, BAP added 1.46%]
One month on from the four Beaver Creek standouts
In IKNb642 dated September 12th (i.e. a month ago, we picked out four companies as
interesting cases from the Beaver Creek conference. They were Unigold (UGD.v), Vox Royalty
(VOX.v), Fireweed Zinc (FWZ.v) and Fiore Gold (F.v) and, as next week sees the start of the
next round of industry conferences (namely the one-on-one in NY, followed by Mines and
Money in November), here’s how those four have done since being featured and mentioned:
GDXJ has been virtually UNCH in the same month, so the three negative performances of the
four are also below market (though Fiore Gold (F.v) has in fact held up very well and seen
21

plenty of buying recently). The big loser so far is Unigold (UGD.v), that hasn’t seen any traction
yet on its early 2022 permitting plans and as it only take a penny or two to move the
percentage dial, it’s a clear tail-ender. Which leaves the clear winner, Vox Royalties (VOX.v),
also had a great day on Friday to break out higher on news last week that the A$7m royalty
purchase it made in March this year on a specific concession of a Zijin gold mine operation in
Australia will go into production next year. VOX anticipates the royalty is god for between
A$1.5m and A$2.5m per year when fully operational and at current resource tonnages, we can
expect an eight year mine life from the operation. That’s a smart deal from VOX and testament
to their claim of being able to source lucrative deals, even in a mature market for streamers.
Sandstorm Gold (SAND) (SSL.to) and a buyback
Stating with the royalty world, Sandstorm Gold (SAND) (SSL.to) has been quiet recently. It
seems the world of royalty and streamer companies has grown around it, with a handful of new
companies loudly closing deals around them but nothing from SAND, the dealbook empty.
However last week saw a flurry of news from the company, with first on Monday (11) SAND
3q21 preliminary sales of 15,500oz gold equivalent, a lower number than expected:
SAND: AuEq sales per qtr
22
58641 56441 41341 05141 17041 00461 98271 00161 39331
02901 86021
59751 00471 40081
00551
18000
16000
14000
12000
10000 8000
6000
4000
2000
0
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
AuEq Oz
source: company filings
Revenues were also pre-announced, at U$27.6m for Q3, the tracking chart changes thus:
SAND: Quarterly Revenues
Then on Wednesday, SAND announced (12) it had raised its credit line to U$350m, a deal
which includes interest rate bonuses if the
company meets specific ESG standards over
the next four years. Then on Friday evening
(and the latest date legally possible) SAND
finished its news flurry by filing to SEDI a
buyback of 2,278,430 shares at an average
price of CAD$7.90. The shares have been
extinguished at treasury, with the transaction
dated September 30th (so it makes it into the
3q21 filings). That large share buyback was
timed at a market low, and the September
30th date screams of an insto or larger holder
592.51 351.31 955.51 784.21 582.51 924.51 680.21
368.9
483.31 907.51 518.61 364.61 428.81 660.61 939.71 644.51 74.91 339.81 982.71 854.71 861.81 394.12 877.52 599.32 233.12 37.81 762.32
696.92 799.03 3.23
6.72
40
35
30
25
20
15 10
5
0
41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
U$m
source: company filings/IKN ests
SAND: Shares Out
NB: please note cut-down Y-axis
180.88 178.89 177.64 175.32 177.23 174.21 190.80 191.07 195.25 194.50 194.89 192.70
220
210
200
190
180
170
160 150
140
130
120
110
100
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 tse12q3
source: company filings/IKN ests
serahs
fo snoillim

that wanted out, SAND happy to mop up its own shares at a discount. Share buybacks tend to
be popular with Wall St. and at least SAND has the financial power to take advantage of other
people’s nerves.
On the other hand, while there’s reason to expect this trade to put a line under its share price
in the near-term, the chart shows SAND has hardly been a market darling recently and even the
rosiest of spectacle tints only gets a “market perform” verdict. Not enough from what is (or
was) supposed to be an aggressive growth story, that mantle seemingly taken away by upstart
streamers such as Vox Royalty (VOX.v), mentioned as an impressive new team a couple of
editions ago. Your author cannot shake the image of a company resting on its laurels and see
no real reason to buy back on last week’s news flow, the 3q21 financials destined to be “in line
with expectations”.
Orezone (ORE.v): From cheap to compelling
“In that case, let us wait twenty minutes; when the
enemy is making a false movement we must
take good care not to interrupt him.”
Napoleon Bonaparte, 1805
We begin this catch-up on Orezone (ORE.v) with a reminder of our last real coverage, with the
bottom line of the note “We need to talk about Orezone” from IKN640, dated August 29th:
Bottom line: Insider trading in the Vancouver office or not, what matters now at
Orezone is the build-out of the mine under Lyco in Burkina Faso. With that on track,
ORE’s share price can only appreciate through the re-rating process and as long as
gold doesn’t cave in on us, it’s difficult to see how ORE shares remain under C$2.00
for much longer. Fully cashed up and not about to surprise us with a financing, ORE
will be pushing its story hard during conference season and from its current price
base, represents compelling value for both near and long-term players. Personally I’m
still debating whether to buy back in and won’t mind missing the first 10c or so or any
move, I’m also considering another add to Argonaut (AR.to) before any new trade. But
those of you looking for a leverage play on gold with guaranteed asset appreciation,
look no further. Great entry point this weekend, too.
That day, ORE.v shares were priced at C$1.21 and now, after further incessant selling, the
stock is another 20% lower from a price considered “a great entry point” six weeks ago. More
fool me, but at least I didn’t buy and see a
bunch of you follow me into near-term
losses. As for the company today, we’ve
talked over the insider sales situation earlier
this year at ORE but no matter how dirty it
was, the Bomboré project continues on track
as seen last week and the latest update
video from the company, dated October 5th
(13). Check it out and all looks good, but
perhaps ORE should have kept quiet because
the news was greeted as a liquidation
opportunity, instead of a price booster.
23

We seem to be in one of those periods when the stock prices of solid, well-founded junior
mining stories get walloped for no fundamental reason. At times like these, equity prices can be
pressured down from good, to great, to outstanding an finally to crazy, drop-jaw bargain prices.
Today in the market, I am forced to consider my own portfolio and see Argonaut, Copper
Mountain, Minera Alamos and Rio2 in this boat, to name but four. Orezone is another and, at
C$1.01 is a fundies no-brainer. Back in IKN640, we made a reasonable estimate of the Bomboré
NPV as pertains to ORE at U$720m once construction is done. That means the company is
currently trading at 0.38X NPV, when it can be reasonably expected to double and move toward
the type of multiple demanded by producers (e.g. Victoria Gold’s Eagle gets 0.9X NPV). In other
words, assuming the build-out goes as planned ORE’s share price can double and it will still look
cheap to producing peers.
I am a watcher and not a buyer, of ORE shares next week. There’s clearly a bug seller out there
so let’s not get in the way of their plans, also as stated six weeks ago I’d much prefer to leave
the first 10% of the move to somebody else and buy Orezone once it has gained momentum.
However, it’s one we should all watch closely, the deep value of Bomboré compared to the
current market cap is compelling.
A Minera IRL (MIRL.cse) Concerned Shareholder update
Two matters this weekend first concerning a couple of filings made by MIRL during the week,
second some intel gleaned last week. I’ll add this note to the SI board tomorrow Tuesday.
First we do filings and on October 5th MIRL filed two documents to the CSE, both found here
(14) on its CSE dedicated page. First its monthly report and as noted on the blog last week (15)
the company once again failed to report its “highly qualified” new executive appointments to
the market authorities. Once again, these rogues are trying to escape any sort of liability and
due light was shone upon their omission.
On the same day, we also got the notice of record for the AGM and here’s the main page (16):
We now know that agenda items must be filed by the above date, so it also means the current
internal audit must be wrapped up well before that time.
From this point, the intel: The following text has been vetted and approved by the person I
met, we also agreed on the title “An associate of a MIRL director”, deliberately vague but allows
you the reader to understand that the person I talked with acted in the role of intermediary, at
24

least to a certain extent. We agreed to meet Friday evening post-close by personal choice and
had an approximate 45 minute conversation, agreed as off-record before sitting down, at a
restaurant in Miraflores, Lima (full disclosure: I didn’t pay and it was very nice, so maybe I’ve
been corrupted). From the conversation comes three items, with a personal note on each:
 We can expect the internal audit to wrap up by the end of next week. The main point;
the committee wants time between the audit initial findings and the AGM material
publication. I consider this a positive.
 The committee is taking this internal audit seriously and are not paying mere lip service
to their roles. This was mentioned on several occasions during our conversation.
 The Associate understands that without our insistence, the committee would not have
been formed or acted. However, they would like space in which to act effectively and,
as I am personally satisfied this isn’t a whitewash job, have agreed not to publish
“incendiary material” (agreed phrase) on MIRL until the audit committee has reported
back. I consider this fair.
For what it’s worth The Associate went above and beyond to assist last week, would never pass
for an actor and was sincere. In my opinion there’s no reason to disbelieve the main messages.
Finally, it’s worth remembering that no matter if they try some sort of legalistic game with the
AGM materials, we have the votes and the Scorched Earth intention to vote down anything
offered that supports the cause of Diego Benavides. In so many words, we will get answers to
our questions about corporate governance and oversight, what remains to be decided is who
asks what to whom. At this point, we are letting the directors “do their job” and audit the acts
of this CEO. They get to ask the questions, but if answers are not forthcoming (or worse,
falsified), they should know by now that our Scorched Earth will require them to be on the
other end of the line and answering the difficult questions next time.
Conclusion
IKN646 is done, we end with a couple of brief bullet points:
 We reflect on how QC Copper & Gold (QCCU.v) announced a raising at 60c this week
and got knocked over in the rush. Not even a month ago, nobody cared at 20c. That’s
the junior mining sector in nutshell.
 Thank you for your patience with this week’s edition, I’ll try not to paint myself into a
corner in the same way again  but it was a required and overdue note. Rio2 and
Minera Alamos both offer compelling value, they’re so obvious I’d call them a buy at
double their current prices.
 We have a double from QCCU, traders and profit-takers shouldn’t be afraid to take
advantage of this financing period. But not me and not this time, QCCU is starting to
shape as one of those special tinycaps you hope never get bought out, the ones that
become legitimate ten baggers.
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
25

Footnotes, appendices, references, disclaimer
(1) https://mineraalamos.com/site/assets/files/4051/mai_september_2021_presentation.pdf
(2) https://mineraalamos.com/news/2021/santana-project-pit-optimization-drilling-continues-to-extend-mineralization/
(3) https://www.canadianinsider.com/node/7?menu_tickersearch=MAI+%7C+Minera+Alamos
(4) https://qccopper.com/news/qc-copper-annouces-sale-of-baselode-shares/
(5) https://qccopper.com/news/qc-copper-announces-upsize-to-private-placement-of-flow-through-shares/
(6) https://www.newsfilecorp.com/release/99040/Royal-Road-Minerals-Announces-Resignation-of-Director
(7) https://www.reuters.com/article/global-metals/metals-copper-steady-as-low-inventories-offset-growth-fears-
idUSL1N2R40FF
(8) https://www.dorecopper.com/en/news-releases/dore-copper-announces-significant-mineral-resource-increase-for-
corner-bay-%cc%b6-preliminary-economic-assessment-underway/
(9) https://gestion.pe/peru/politica/app-espera-que-mirtha-vasquez-ratifique-ante-el-congreso-que-la-asamblea-
constituyente-no-es-una-prioridad-nndc-noticia/
(10) https://www.eluniverso.com/noticias/politica/movimiento-indigena-exige-a-guillermo-lasso-anular-decretos-sobre-
petroleo-y-mineria-nota/
(11) https://www.sandstormgold.com/news/press-releases/sandstorm-gold-royalties-announces-2021-third-quarter-sales
(12) https://www.sandstormgold.com/news/press-releases/sandstorm-gold-royalties-increases-credit-facility-to-350-
million-first-royalty-company-sustainability-linked-loan
(13) https://www.youtube.com/watch?v=a6A3dhhGcXk
(14) https://thecse.com/en/listings/mining/minera-irl-limited
(15) https://iknnews.com/minera-irl-mirl-cse-the-company-cfo-carlos-ruiz-de-castilla-has-been-a-naughty-boy/
(16) https://sedar-filings.thecse.com/00029807/2110051000113696.pdf
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
26

Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Ago-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Set-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Ene-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Set-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Ene-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Set-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Ago-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Abr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Set-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Abr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Set-19 C$0.16 -46.7% tiny trade, word of probs in co
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
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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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