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The IKN Weekly
Week 649, October 31st 2021
Contents
This Week: In Today’s Edition, A big week for US macro, Real world on silver.
Fundamental Analysis: Coast Copper (COCO.v): Nuts about copper on Vancouver Island.
Stocks to Follow: Discovery Silver (DSV.v), QC Copper & Gold (QCCU.v), Minera Alamos
(MAI.v), Aldebaran (ALDE.v), Copper Mountain (CMMC.to).
Copper Basket: Overview and entended analysis on copper inventories.
Producer Basket: Overview, Barrick (GOLD), Pretium (PVG).
Tiny Dogs: Overview, Warrior Gold (WAR.v), Red Pine Exploration (RPX.v).
Regional Politics: Colombia denies Quebradona, Peru: People power hits the provinces, Peru
Peru’s mine tax plans, Chile: Piñera in serious problems, More Chile: It’s Kast versus Boric in
round two, Ecuador’s slippery slope.
Market Watching: (Nearly) two months on from the Beaver Creek picks (UGD.v, VOX.v,
FWZ.v, F.v), Fiore Gold (F.v) bought by Calibre Mining (CXB.v), Capstone Mining (CSto) 3q21
financials, GoldSpot (SPOT.v): Selling shovels, Minera IRL (MIRL.cse): A brief CS 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
 More cupricentric content this weekend, as we continue to bang the table about
copper’s bullish prospects. Those who like Capstone (CS.to) should buy this dip, those
who like crazy Vancouver marketing pumps should put the potentially Loco Coco, a.k.a
Coast Copper (COCO.v), on their radars.
 In Regional politics we stay in the Andean region, with bad news out of Colombia,
protests out of Peru and a Chile which is now headed for a Hard Left versus Hard Right
showdown in December. At least Ecuador should manage to remain out of the limelight
for a few weeks.
 The copper basket continues to be a main focus as we go over the fun and games at
the LME last week. The chop may have been hard, but all arrows still point toward
higher prices.
A big week for US macro
We have a key FOMC meeting, in which the Fed is expected to start the tapering of asset
purchases. We get the two day meeting, with communiqué Wednesday 2pm and this time, Fed
Head Jay Powell is scheduled to hold a presser. This FOMC is set to move the market (one way
or the other) and while the taper announcement will not surprise, the world will of course be
scouring the language used to get an idea of how fast, how deep and how long for the new
policy direction.
Then after that on Friday and assuming Presidential Press Secretaries haven’t given Covid-19 to
1

Presidents, the headline news will be the BLS Employment Report for September (yes, it comes
round quickly) and at the moment, consensus after the August big miss is +413k NFP jobs
added, with the headline unemployment rate down to 4.7%. As always, for more details as the
events occur, check out the always-reliable Calculated Risk (1).
Real world on silver
Before we immerse this edition in copper (once again, a few slightly overdue words on the
house position for silver going forward and for the TL:DR, as silver doesn’t look like going any
lower than the bottom of its current trading range, we can expect a constructive price market
and eventually, a price breakout when demand finally meets expectations. We begin with a
silver chart:
The long-term chart takes in the breakout moment we called badly in nid-2020, but since then
the house position on silver has improved:
 We rightly mocked the "silver squeeze" nonsense in early '21, an episode that exposed
several self-styled market gurus to cruel reality.
 We correctly forecast a tight trading range for the metal in the Biden era. The focus is
of course gold and how that would revolve around U$1,800/oz as long as Jay Powell
considered MMT successful . So far so good on that, but its natural leverage aside the
same has applies to silver. It too has kept in a tight price range in the last six months,
in-line with house expectations.
 Best of all, in Discovery Silver (DSV.v) last week I've snagged an excellent trade on the
metal, my purchase coinciding with a near-term ebb in the price of silver.
So with credentials suitably franked (by me ), today's opening op-ed now explains why silver
isn't going any lower and let’s begin by agreeing that “they” run the metal’s price so hey, why
not use that fact to your advantage for once? We know “silver is manipulated" on the futures
market, we also know prices are kept on a tight rein around expiries. Therefore and by
definition, until we get a sea-change in its market fundamentals that shows at Comex levels, it's
going to trade technically and inside a range that suits its contollers best. We can also state
that below U$22/oz on the above chart is a bad place, if silver breaks lower it means a lot of
other things do at the same time. Therefore, if you believe a recession signal is likely in the
near-term you should short silver but for the rest of us, silver looks to me as in the bottom
quartile of its multi-tested trading range and recovering nicely.
Looking further out, at some point I agree that real demand for silver will exceed supply. At
that point the stubborn U$30/oz line might even be in-play, but it's tough to put a date on the
move as sentiment would have to build beforehand. As for breakdowns on the fundamentals of
supply and demand for silver, we’ve been over data on several occasions and speculative
2

hoarding aside, we are yet to see the type of new real-world demand that changes the future
markets. For sure, pages of The Silver Institute tell us demand for photoelectrics and the fast
growing solar power generation industry will need a lot of silver, but on this point, The IKN
Weekly has also made the right call over time: Yes demand moves up but to date, rosy
forecasts have exceeded reality and the silver supply landscape has had no issues in supplying
its new customers (mostly because silver layers are made thinner). That might nor be what
your online Twitter guru said would happen to silver prices, but virtual reality is exactly that.
Fact is, we won't see the paradigm price shift for silver in the real world until real supply into
Comex cannot cover real contract demand, by which I mean you must phase out the noise and
consider only the ~0.1% of contracts that mature to delivery. So wash your neurons of the
bunkum the Weimar Preachers Of Hyperinflationary Doom tell you about open interest on
Twitter (the world simply doesn't work that way so leave others to their fantasies) and look for
the signal the futures contracts will eventually offer. At some point, Ag will see the collar taken
off the current price deck and the price allowed to trade higher by market that’s in control of
silver and wants to remain in control.
Fundamental Analysis of Mining Stocks
Coast Copper (COCO.v): Nuts about copper on Vancouver Island
A different fundamentals head-up this weekend, as the stars start to align on what promises to
be a full-court Vancouver junior promo, with plenty of noise, lots of effective marketing to “sell
the sizzle”, and splashy drill results from the target project all-but guaranteed. We begin by
putting all links into one neat space, with the note referencing (2) the latest COCO corporate
presentation, the deal NRs (3) (4) (5) that brought the Empire mine into what is now COCO and
the latest from COCO’s new flagship property (6) (7) (8). However, today’s analysis is rather
different because it’s less about the company and project it plans to develop, more about the
people involved.
First and introduction to the stock and Coast Copper Corp (COCO.v) is always going to make
me think of coconuts, because its new ticker is the Spanish word. COCO has recently
cosmetically changed from Roughrider Exploration and is controlled by Vancouver promoter and
mining figure, Scott Gibson. Here from the recent corporate presentation, a useful snapshot of
current structure:
The bad first, and it’s clear that before anything happens, COCO needs to raise capital. Now for
the good and it’s an apparent tight shae structure with no debt, plus insiders certainly have skin
in the game. Main figure Scott Gibson has 4.487m shares, new CEO Adam Travis has 4.317m
shares Other insiders own around 20%, then come instos and retail. Insiders include the vendor
of the new flagship Empire project on Vancouver Island, one Denis Pelletier, an experienced
3

land flipper who considers Empire his jewel in the crown. He has reportedly waited for the right
opportunity to come along and with Gibson, Travis and COCO he believes he has found it. He’s
probably right and his deal has left him well
off and aggregates …”cash payments of
$1,250,000, issuing 3,000,000 common
shares of the Company and undertaking
work commitments totaling $2,000,000
over a five year period”, as well as a 2%
NSR on the property.
The Empire property: As for the project
Pelletier brings to the table, there’s no
doubt Empire is highly prospective and its
historical grades and widths mean getting
eye-catching drill assay headlines will be a
lay-up for the new exploreco. Here right is
just one visual from COCO (then
Roughrider) literature, pointing out a
plethora of high-priority targets, many next
to historic workings or assays that confirm
grades.
That’s the job of CEO Adam Travis and here’s his biography as per COCO.v literature:
Adam Travis, B.Sc
CEO and Director
Mr. Travis holds a B.Sc. Major in Geology earned at UBC in 1990 and has been
involved in the exploration sector for over the last 30 years. He was fortunate early on
in his career to have been a team member with Keewatin Engineering and the Ron
Netolitzky group of companies on a number of exploration projects such as Snip,
Eskay Creek and Brewery Creek which later became mines and numerous other
advanced projects and small mines in Africa, Mexico and Alaska. In 2004 Mr. Travis
joined the Hunter Dickinson Group of companies initially in target evaluation and
acquisition with Amarc Resources where he honed his large project management
skills. Later he assisted with the field management of Northern Dynasty's Pebble
Project and Continental Mineral's Xietongmen Project in Tibet. Mr. Travis then
managed the greatly expanded exploration program at Taseko Mines Gibraltar Mine in
2007. Throughout the later years Mr. Travis started his private company Cazador
Resources Ltd. which focused primarily on the acquisition of exploration projects in
British Columbia and subsequent optioning to junior exploration companies. He is
widely recognized in the industry for his enthusiasm, project management and
experience on advanced projects, target evaluation and acquisition and deal
negotiating skills.
Mr. Travis served as President and CEO of QuestEx Gold & Copper Ltd (formerly
Colorado Resources Ltd) from 2010 to 2018, and Director from 2010-2019.
IKN crib notes: CEO Travis is a career mining executive, his time at the HD Group stands out on
his CV. He entered Roughrider (now COCO.v) when hi private company Cazador was brought
into the structure by Scott Gibson, mainly for the BC exploration project now on the back
burner. However, we also know Adam Travis left Colorado under a cloud. The bad blood
involved was made public later, when Travis launched an unsuccessful proxy slate to try and
take control of the company. He did apparently succeed in getting a better severance package
due to his complaints but that's about it and, as you might expect, while the proxy was live
directors had some choice words to say about their ex-CEO. You can find examples in the links
below, suffice here to say that after eight years, directors had had enough of his ways.
Cut to 2021 and, via Travis's private company being folded into a Scott Gibson vehicle, back in
business and with a live drill prospect. For serial Vancouver suit, COCO must be a dream come
true and while his next efforts must centre around raising funds if he wants a drill program
4

soon, one of the COCO CEO’s first acts after the corporate change was last week: COCO
ispending on a $180,000 investor relations and outreach programs with these people:
Before broaching the subject and tackling the elephant in the room,, I’d like to point out that I
personally know several of the people in that frame and vouch for them as industry
professionals (particularly Nisha Hasan, who did a top job at Excellon EXN.to) while there). This
is not about professional ability and in all cases I have no doubts or questions, but as my uncle
would have said, “How many pretty women do you need in a room before you realise you’re in
a room with a lot of pretty women?” In some ways it’s good to see tables turned and a bunch
of smart, attractive women taking advantage of we Neanderthal males, but seriously people, is
that the best we can do? Is a whole bureau built around THE base trigger the most cutting-
edge idea Vancouver has to sell its mining companies? I mean, we know the demographic but
it’s not even that blatant on Fox News any more, the subliminal message sent by Mars IR Inc
cannot be written more clearly in crayon and if that gets me into trouble for being backward
double anti-sexist or something, so be it. I’m not politically correct and if you feel the need to
cancel me, I can’t stop you. That many beautiful women on one IR shop catering for the mining
sector tells me any junior exploreco hiring the services of Vancouver-based Mars Investor
Relations Inc is looking to sell sizzle, as well as steak. Bite me.
The man behind COCO
When the COCO.v Reg Fs noted the company had an officer in common with the newly
contracted Mars IR Inc this desk was not surprised, because it’s time to consider the role played
5

by Vancouver kingpin promoter, Scott Gibson. To begin, note that 4.4m shareholder Gibson
hates publicity and much prefers to live in the background. In this case, he has done everything
in his power over the years to keep his name off Roughrider, now Coast Copper (COCO.v).
Before Adam Travis came in, Scott Gibson was CEO for six years as the company searched for a
project worth its time, but during that period Gibson made sure his VP Exploration signed off as
many NRs as possible. These days, check out the Coast Copper website and on the director
roster, they’ve strangely left off Gibson’s name and biography. Gibson also has plenty of form
with COCO CEO Adam Travis, the relationship going back to at least the days of Travis’s
stewardship of Colorado Resources (now Questex) when Gibson’s suite of IR and marketing
companies were hired over the long-term. And all this without mentioning his mastery of the
mining promotion and marketing world., now he throws his own junior into the ring on a
selected project.
Discussion and conclusion
The above, plus the news that Scott Gibson controlled COCO has pulled the trigger on a
contract with a marketing company controlled by Scott Gibson and built for the average junior
punter, tell us this chart is about to change:
But don’t run into this stock because there’s bound to be a financing in the near future and
after that, we’ll know more about the insider strategy as well as COCO’s drill timeline to first
assays. Now is not the time to buy this stock, in my opinion at least, as it's likely to be at least
as profitable but less risky to watch as COCO.v rolls out its financing plans. The way funds are
raised is as important as when and to what size, but once cashed up we can expect COCO to
move promptly to drill its brand new Empire flagship property. At that point, the promo will be
well and truly on and aside the Mars IR team, expect Eric Coffin to lead the newsletter promo
charge on this story. It's likely to be one that runs and runs, too, I'm quite sure COCO had been
primed to expect funding and initial drill success, from there the company will do its best to
capitalize on its chances. But no matter how things go for COCO.v over the medium-term, the
trade out the gate is such an obvious set-up and for this alone, it’s worth watching news 0ut of
Coast Copper Corp (COCO.v) during the final weeks of 2021 and then 2022. On radar.
Stocks to Follow
Only four weekly winners from the 15 on our Stock to Follow list last week (DSV.v, QCCU.v,
RYR.v, GBR.v) and one unchanged stock (SMD.v), so that means ten losers but most of those
were small and slightly annoying, rather than worrisome. The outliers of the week were
Discovery Silver (DSV.v up 9.9%) to the upside while to the downside, Minera IRL (MIRL.cse
down 15.9%) and Mene Inc (MENE.v down 11.1%) let the side down somewhat.
With the addition of Discovery Silver (DSV.v) we are back up to 15 open positions, our self-
imposed maximum of stocks held and covered at any given time. Nine of our open stocks are in
positive territory since inception/to the personal cost average, six are in the red and we’re
moving back to a better balance in the portfolio.
6

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$0.52 147.6% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.62 -25.3% $1.30 tgt set Jul21, building now
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$3.42 18-Jun-21 C$3.80 11.1% Top value Cu play, overweight
Argonaut Gold AR.to STR BUY C$2.95 25-Jun-21 C$3.14 6.4% Very cheap on Magino promise
Discovery Silver DSV.v STR BUY C$1.77 24-Oct-21 C$1.77 0.0% A serious Ag play, big&cheap
Trilogy Metals TMQ STR BUY U$1.84 15-Sep-19 U$2.15 16.8% Cu for 2021, going well
QC Copper &Gold QCCU.v STR BUY C$0.26 25-Apr-21 C$0.365 40.4% already a double. Easy hold
Strategic Metals SMD.v BUY C$0.42 31-Jan-21 C$0.33 -21.4% Canadian land bet/Value trap?
Aldebaran Res. ALDE.v SPEC BUY C$0.68 16-May-21 C$0.64 -5.9% Promo begins Q4
Altiplano Metals QCCU.v BUY C$0.31 17-Sep-21 C$0.305 -1.6% Cheap entry, about to re-rate
Royal Road Min. RYR.v BUY C$0.155 17-Mar-19 C$0.295 90.3% Model paying off in Nica
Great Bear Res GBR.v BUY C$15.83 26-Aug-20 C$17.35 9.6% Binary M&A trade, wait for print
Aurelius Min. AUL.v hold/sell? C$0.75 28-Jun-20 C$0.345 -54.0% 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$0.80 47.1% 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
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
2015 to 2020 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered stocks:
Discovery Silver (DSV.v): Position opened and not much more to say, last week’s note
was long enough. By chance, Friday’s close matched my average purchase price from early
week. Also FWIW, the DSV management got in touch and said they liked the note, which isn’t
surprising at all. Ladies and gents, I am in, you have a month or so to get positioned before the
PEA hit and the world realizes.
QC Copper & Gold (QCCU.v): Two pieces of
news last week, firstly QCCU did some land
consolidation by paying a modest amount for a
strategic block near its Opemiska flagship, which is
good business practice (9). Then the next day
Wednesday 27th the company closed its near-C$7m
financing on time and in good order (10), which is
also good news (but will never move the share
7

price). As for price action, here above is the ten-day chart and the market seems to have
decided upon a 35c to 38c trading range for QCCU shares. Which is bizarre, as they are worth a
lot more than that.
Minera Alamos (MAI.v): A brutal close Friday and in some ways, it’s lucky MAI didn’t tick
under 50c that afternoon as another million shares got dumped on the bid. We also know from
SEDI filings on Monday (11) that Osisko Gold Royalties is the big seller, so the repeat
performance on Thursday and Friday makes Sean Roosen the most likely seller again. At least
we don’t have to scratch our head and wonder why MAI is under-performing, but last week’s
developments were not welcome.
And that’s an issue in the near-term, because OGR still owns an IKN-estimated 66m shares of
MAI. Osisko Gold Royalties has form on this type of decision too, as your author distinctly
recalls selling pressure on Victoria Gold (VIT.to) in its pre-commissioning period, before Orion
took OGR’s 150m share off its hands at 46c per share.
OGR kept the royalty, though history shows how Orion’s purchase of VIT shares was a lot
smarter than Osisko’s sale, so if I were a Canadian pay-to-play stock promoter worth his salt, I
wouldn’t be wasting my time trying to shakedown tinycap explorecos down for a $5k or $10k
fee to write them up in glowing terms. Instead, I’d be hitting the phones to the real money and
snagging myself the FF commission on a block trade worth maybe C$35m.
Seriously guys, I know you all read me. Go do the math.
You connect Sean Roosen to enough money that’s smart enough to hear your pitch and then
see the advantage of getting 10% of the bottom rung of Ramshaw/Koningen success story
that’s about to hit the gates, you can kiss the Minor Leagues and Twitter shilling goodbye
forever. Now, that may be a little tongue-in-cheek, but as Roosen has form on selling large
blocks of shares at bad moments there’s also more than a grain of truth.
Aldebaran (ALDE.v): It seems as though next week is the start of the marketing push,
beginning Tuesday and this live presentation by Messrs Black and Heather on Aldebaran
entitled. Here’ the link to register (12) and here’s
the blurb:
Reawakening a Copper-Gold Giant:
Aldebaran at the Altar Project
Join Aldebaran Resources' Chief Geological Officer,
Dr. Kevin B. Heather, to hear his explanation for how
Aldebaran plans to unlock value at their Altar project
this season, with an extensive drill program targeting
higher-grade zones and potential discoveries. CEO &
Director John Black will join Dr. Heather for Q&A
following the presentation, in which all attendees are
free to participate.
8

The long-term chart of ALDE shows its tendency to spike on marketing and news, and also that
a break over 70c would be blue skies ahead and that’s what we are here for. The plan is to get
out of this at a higher level and move into Joemaria (JOSE.v) next door, the company run by
competent management.
*Pity they aren’t as forthcoming about Regulus (REG.v), now six months and counting since any NR.
Copper Mountain (CMMC.to): CMMC reports tomorrow morning, so the lack of nerves in
Friday trading was a good omen:
That’s a chart showing fine relative strength to
both copper (HG00) and the miners (COPX)
over a two-week period that saw the metal
trade from $4.80/lb to $4.40/lb.
Expect a close look at this important covered
stock for The IKN Weekly next weekend in
IKN650, but if there’s enough news to make
CMMC’s quarter a real market-mover, you’ll get
a Flash update sooner than that. Bated breath
and on the subject of copper…
The Copper Basket
After forty-three weeks of 2021, The Copper Basket shows a gain of 32.85% to level stakes:
company ticker price 1/1/21 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.08 107.53 1532.30 14.25 134.4%
2 Copper Mtn CMMC.to 1.81 207.5 788.50 3.80 10.0%
3 Oroco Res OCO.v 1.85 186.96 572.10 3.06 109.9%
4 Marimaca Cop MARI.to 3.25 87.737 368.50 4.20 29.2%
5 Western Copper WRN.to 1.57 135.798 281.10 2.07 31.8%
6 Amerigo Res ARG.to 0.80 181.79 236.33 1.30 62.5%
7 Excelsior Min. MIN.to 1.12 273.585 125.85 0.460 -58.9%
8 Regulus Res. REG.v 1.07 101.85 103.89 1.02 -4.7%
9 C3 Metals CCCM.v 0.115 438.56 87.71 0.20 73.9%
10 Aldebaran Res. ALDE.v 0.455 125.24 80.15 0.64 40.7%
11 Doré Copper DCMC.v 1.00 53.304 45.31 0.85 -15.0%
12 Element 29 Res ECU.v 0.45 68.281 43.02 0.63 40.0%
13 Chakana Cop PERU.v 0.60 111.41 38.99 0.35 -41.7%
14 Chibougamau CBG.v 0.165 53.077 12.21 0.23 39.4%
15 US Copper USCU.v 0.105 87.53 7.88 0.09 -14.3%
NB: All stocks in CAD$ Portfolio avg 32.85%
After another bumpy week that finished 60% The Copper Basket 2021, weekly evolution
55%
with four winners (SLS.to, OCO.v, DCMC.v,
50%
CBG.v), four unchanged stocks (WRN.to, 45%
PERU.v, CCCM.v, USCU.v) and seven losers 40%
35%
(CMMC.to, MIN.to, MARI.to, ARG.to, REG.v, 30%
ALDE.v, ECU.v), though most of the moves 25%
20%
were not large and the only to cros into 15%
double figure percentage term on the week 10%
5%
was Element 29 (ECU.v), down exactly
0%
9
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 ht71 ht42 ts13
source: IKN calcs

10.0%. The best wins came from Solaris (SLS.to up 8.4%) and Oroco (OCO.v up 8.1%). As for
copper-the-metal, last week saw prices continue to drop back from whence they came after
Trafigura’s speculative intervention:
The peak of October prices came a day before the LME special committee acted and, to a
greater or lesser extent, the market authorities move to ensure orderly market has returned
copper to its previous trading range. In subsector news, the big number out of Chile was very
big and the world’s number one copper producing company, Chile’s Codelco, which on Friday
announced “excess” (i.e. profits for this State-run company) of U$5.429m for the first nine
months of 2021, compared to the same period of 2020:
Codelco: 9 months of FY20 and FY21
period 3T20 3T21
Excess ($Bn) $5.429 $1.124
EBITDA ($Bn) $7.426 $3.437
Op cost/Lb (C1) $1.269 $1.299
Net cost/Lb (C3) $2.16 $2.195
In USD source: Codelco
We recall the minor hit taken to Chile’s 2q20 copper production numbers as the country decided
to keep its major mines open, so while production is up slightly (1.2%) the lion’s share of the
vastly improved profits come from benefiting from the copper price (13). Perhaps most
interesting is the cost base, which in Chile hasn’t risen in the same sharp way as for other
places, so far at least.
It’s the end of another month, time for the long-term copper inventory tracking charts and no
surprises that the visuals are bullish:
Key Cu inventory aggregate, last six months
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
10
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes
Mt Cu
Comex
Shanghai
LME
source: Cochilco
As we consider these charts, a reminder there’s still over 100kmt of LME copper under cancelled

warrant and expected to move out:
Copper inventories: percentage held per exchange
80
70
60
50
40
30
20
10
0
11
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes
LME Shanghai Comex source: Cochilco
The monthly charts underscore our repeated narrative, that the current tightness in the copper
market, particularly end-user demand in Asia, is unprecedented. But what the long-term charts
do bring to the table is a reminder that if history is our guide, it's only going to get worse in
November (and probably December, too). The more you consider the likelihood of the usual
scramble by Chinese businesses of all types to secure supply before western calendar year-end,
the more you realize that Trafi wasn't joking about holding its current market position in order
to ensure end-user supply.
Now for the weekly update on world copper inventory levels, with data from Chile’s Cochilco:
 World aggregate copper stocks in the three official systems dropped once again last
week, a total of 11,032mt copper going from “the last resort” to end users” leaving
241,143mt, which is spread over the three systems in the following way:
 We finally saw a net inflow at the Shanghai SHFE, stocks up 9,488mt as the extreme
backwardation of the market and its resulting spot premium, reportedly the highest for
14 years in Shanghai, finally attracted enough copper to cover outflows. SHFE stocks
rose by 9,488mt to finish the week at 49,327mt.
 No surprise where the SHFE copper came from however, with LME stocks down a total
of 21,375mt to close the week at the low we saw above, 140,175mt. The key data
point is that the totality of the LME drop was covered by copper leaving European
warehouses (Germany and Holland), which means the apparent improvement in SHFE
stocks is in-paper only. As physical copper now pledged to SHFE warehouses almost
certainly still resides in a warehouse in Rotterdam, it’s going to take longer than
December’s contract expiry date to reach its end-user on the banks of the Pearl River.
 To round out Comex stocks added an inconsequential 855mt to its inconsequential
51,641mt total this weekend.
That’s because the whole story is China and here’s the Shanghai-only inventories chart, as we
bounce off last week’s historic low:
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
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

The gap between 2021 and any other year closed slightly last week, but the gap is still yawning
and in effect, the near-10k improvement in SHFE stocks was due to paper-driven arbitrage
between two warehouse systems: The premium offered by SHFE became juicy enough to
accept and as LME still has all-but 31kt of its 141kt total under cancelled warrant (i.e., the
control of Trafigura), this desk still predicts a short squeeze going into the December futures
rollover period.
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
17181920212223242526272829303132333435363738394041424344
source: Cochilco data
If you asked for the right ingredients for Dr. Copper’s price to move not just higher, but sharply
higher at market, you’d be happy with this mix:
 A futures market with a high level of open interest (you have three: COMEX, LME and
SHFE)
 A dominant position on LME copper futures with a vested interest to see prices higher
(Trafi)
 Real fundamental reasons to presume a supply squeeze for copper (three months of
banging this same drum should make the house opinion clear by now)
 While in the background, the world uses a loose USD policy to buy its way out of
recession
Congratulations ladies and gents, you’ve got ‘em all. On the other hand, it’s difficult to swallow
talk of “A China recession” pace the increasingly random Cathie Wood and ARK Fund,
somebody who bet and won on Tesla, all fair. However, she grabbed for the limelight with both
hands and now tries to live up to world guru status by making Big Calls On Big Issues (seen this
movie before). I will readily admit a temporary slowdown in Chinese economic activity, they are
having their power generation problems as much as anywhere in Europe, but for one thing, I t
won’t last long and for another….this is the futures market! To make the same point as last
week in a different way, consider the (in)famous John Maynard Keynes quote, “The markets
can remain irrational longer than you can remain solvent.”, That’s normally a point of rhetoric,
or maybe part of a philosophical discussion on chat boards, but around options expiries in the
commodities futures market it becomes very real and comes at you fast. Recall, we live in a
world that may-or-may-not have a near-term surplus of copper, and most predict improved
world warehouse tonnages in the first quarter of 2022. That should take the pressure of end-
user demand, but that does not necessarily presage a drop in copper prices as we also have a
clearly predicted deficit for copper in 2023 and for at least two years going forward. Plenty of
modellers to choose from too, some more bullish than others but all agree, we have a copper
supply trough to get over in the middle of this decade. Therefore be clear, with Trafi now
controlling the daddy LME contract and with the pockets required to roll, roll and roll over again
while delivering metal to end users at high prices, anyone attempting to short the copper
market on expectations of a Chinese recession are in for a hard lesson in market reality.
For the bottom line we repeat one that you may be bored with by now but as it’s still true,
Goldman Sachs was right and copper is going higher so be suitably positioned to a U$5.00/lb
copper market, it’s coming soon. No notes on other basket stocks this weekend, there wasn’t
that much news between them and for the last few weeks, we’ve been considering better
copper trades in other sections of the Weekly. Also, the only idea I have is to gripe that Regulus
12

hasn’t given us a NR for over six months and I’m a broken record on that stock.
The Producer Basket
After forty-three weeks of 2021, the Producer Basket shows a loss of 12.58% to level stakes:
company ticker price 1/1/20 Shares out Mkt Cap (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 805 43.47 54.00 -9.8%
2 Barrick GOLD 22.78 1778.04 32.66 18.37 -19.4%
3 Agnico Eagle AEM 70.51 244.187 12.95 53.05 -24.8%
4 Kirkland Lake KL 41.27 267.056 11.26 42.17 2.2%
5 Kinross Gold KGC 7.34 1261.07 7.58 6.01 -18.1%
6 Endeavour Min EDV.to 29.62 252.568 6.62 31.44 6.1%
7 Pan American PAAS 34.71 210.262 5.38 25.61 -26.2%
8 B2Gold BTG 5.60 1051.697 4.35 4.14 -26.1%
9 Alamos Gold AGI 8.75 392.739 2.92 7.44 -15.0%
10 Pretium Res PVG 11.48 187.833 2.27 12.08 5.2%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -12.58%
When gold drops (our GLD proxy down 0.67% on the week), we don’t normally see the more
leveraged mid-cap producers (proxy GDXJ down 2.86%) performing “less worse” than the
larger caps (proxy GDX down 3.88%). But this week was different, dominated by poor earnings
returns from many of the largest cap stocks when NEM taking a particularly hard whack, down
6.3% on a sharp increase in costs. As NEM and Barrick (GOLD) mine and produce largely hand-
in-hand these days (most of Nevada, Pueblo Viejo, other), the knock-on effect was analyst
forecasts cuts for Barrick’s Q3, due this coming week (and a word on that, below). So, none of
our ten stocks were losers but we also got a boost for having Pretium as one of our ten, PVG up
6.8% and bucking the trend on solid exploration news.
As for the 2021 semi-serious competition, our squiggly line gets ever closer to the GDX
benchmark and there’s just 0.61% in it this weekend, six points better than July.
The 2021 Producer Basket: Weekly performance and
20%
comparative to GDX control
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
Barrick (GOLD): Despite the pummelling taken by NEM last week, this desk says you should
take the over on earnings, this week’s announcement due pre-open on Thursday, November
4th. For one thing, the market is now expecting negativity and increased costs out of Barrick
thanks to its close rival Newmont (NEM) posting a big fat miss last week. For another, Barrick
tends to beat analyst expectations and has done so the last two quarters. With 2q21’s EPS of
29c as our rough benchmark, this weekend’s 23c consensus from analysts (14) looks low to me
and while costs are surely up, it wouldn’t surprise me in the least to see more cost control
coming from Bristow’s stewardship this quarter. So to repeat, bet the beat on GOLD earnings
and chew me out later for that call.
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 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tcO ht01 ht71 ht42 ts13
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%
ikn 0.0%
gdx control source: Google, IKN Calcs ts1
naJ
t01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52 n2yam ht9 ht61 dr32 ht03 ht6nuj ht31 ht02 ht72 ht4luj ht11 ht81 ht52 ts1gua ht8 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tcO ht01 ht71 ht42 ts13
source: IKN calcs, NYSE/Nasdaq/TSX data

Pretium (PVG): This week’s star turn is beginning to make me look stupid, in the same way
Orezone (ORE.v) ran without me recently, so PVG has done exactly what was required of the
stock since the recent and relevant coverage of Pretium (PVG) started on these pages in
IKN638, dated IKN638 dated August 15th. That’s when scales fell from this doubter’s eyes and
PVG’s financial results were no longer deniable, this was a company that had got its act
together (at last).. Then the latest mini-update of note came in IKN646 three weeks ago, in
which we noted the relative strength seen in PVG during 3q21. With the recently-announced
KL/AEM merger at that time, our viw was that PVG was positioned even more favourably and
might attract M&A spec trading. IKN 646 finished by reiterating that I personally… “…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”, as well as
other favourable things.
At the time, August 15th, I had no idea how good that call was:
Seriously, why don’t I listen to myself more often? Last week PVG split from the pack and with
its NR on Monday (15), one of those that we can let the headline speak for itself:
New High-Grade Gold Exploration Discovery at the Golden Marmot Zone Affirms the
District-Scale Potential of Brucejack with 72.5 g/t Gold Over 53.5 Meters, including
6,700 g/t Gold Over 0.5 Meters
That ultra-high skinny hit found among a stockwork that strongly suggest further micro-vein
gold depositing ticks all the boxes to the discovered and developed VoK, comparatively next
door to Golden Marmot and also part of PVG’s Brucejack concession. There are plenty of visuals
available, but I’m going to stick with this one
that goes some way to explaining how a small
change in drill location has delivered the goods
for PVG, compared to previous exploration
programs at the target. As we heard later in the
week, at least some of the credit for that goes to
tech start-up GoldSpot (SPOT.v) and we take a
brief look at that company in ‘Market Watching’,
below. As for reaction…
14

…the market loved the news and gives a reminder of why we bother in this crazy sector. Be
clear; the stock isn’t just up, it’s up 10% over the first two weeks of the Q3 earnings period that
has seen misses from key sector stocks and that chart is a remarkable move.
Next likely catalyst for PVG, be it up or down, is likely is 3q21 operational and financial results,
set to be filed post-close Thursday, November 11th with the ConfCall next morning, Friday
November 12th 8am EST so set your alarm clocks for that one, Vancouver.
The Tiny Dogs
After forty-three weeks of 2021, the Tiny Dogs show a loss of 0.19% 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 10.62 0.16 -22.0%
Aston Bay BAY.v 0.045 163.975 6.56 0.04 -11.1%
Constantine Met CEM.v 0.17 45.4 14.98 0.33 94.1%
Contact Gold C.v 0.115 240.757 13.24 0.055 -52.2%
Golden Pursuit GDP.v 0.22 40 5.60 0.14 -36.4%
Manitou Gold MTU.v 0.045 230.79 16.16 0.07 55.6%
Precipitate Gold PRG.v 0.240 106.241 11.69 0.11 -54.2%
QC Copper QCCU.v 0.315 105 38.33 0.365 15.9%
Red Pine Expl RPX.v 0.400 95.806 47.90 0.50 25.0%
Warrior Gold WAR.v 0.090 91.818 6.89 0.075 -16.7%
Prices in CAD$, data from TSXV basket avg -0.19%
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.
With just two months left on 2021 the Tiny Dogs basket average continues to send a neutral
signal for the year, which on balance I consider fair. However, we’ve slipped back into the red
very slightly, due to five losers (ANTL.v, BAY.v, GDP.v, MTU.v, RPX.v) crowding out four
15

winners (CEM.v, PRG.v, QCCU.v, WAR.v) with one stock UNCH on the week (C.v). There were
no standout percentage moves among our ten charges, all within recent trading ranges whether
up or down.
20% Tiny Dogs, 2021 weekly tracker
16%
12%
8%
4%
0%
-4%
-8%
-12%
16
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 ht71 ht42 ts13
source: IKN calcs, TSX data
War Eagle (WAR.v): I find this ten-day chart slightly more interesting than before, because
after weeks of flat-lining WAR caught a modest bid
on Friday, the day after GoldSpot (SPOT.v) pointed
out its involvement in Pretium’s (PVG) discovery,
announced a day earlier. Confused? Okay, the
sausage is made by first PVG announcing the high
grade hits and discovery at Marmot. Pretium stock
zoom, then SPOT.v announces its role at Marmot and
moves higher, then WAR caught a bid because it’s
hired SPOT.v to work on its (to-date disappointing
Goodfish-Kirana project, outside Red Lake.
And so the world turns.
Red Pine Exploration (RPX.v): RPX continues to catch the eye with corporate strategies in
2021. The main event was the restructuring and capitalization of the company that came with
the consolidation of 100% of Wawa to RPX, but last week’s financing was also well conceived,
timed and priced. As such the immediate upsizing of the deal on October 29th (16) came as no
surprise and sole book-runners Haywood has one in is win column for the year. The terms of
the deal are flow through at 65c and as we now assume Haywood will fill its 15%
overallotment, that’s 12.92m shares and gross proceeds of C$8.4m, give or take and on the
subject of the latter, Haywood does have a good deal here; The fee is 6% of gross plus 6%
broker options so, assuming full take-up, that’s a cheque for C$504k and 775,200 options
priced at 50c (and you can bet your bottom dollar they will be made whole before the 24 month
limit is up…long before, in fact). Nice work if you can get it, particularly for a solely owned book
with a queue of clients wanting in.
RPX will be too big for the 2022 Tiny Dogs list, but it will stay on the house radar as one that
could deliver next year or beyond. It’s also in the right geographical location, with the Western
Ontario mining camp that’s developing roughly around the town of Wawa. Alamos mines at
Island, Wesdome at Eagle and Argonaut is now building its Magino mine, we also have Tiny
Dog components Manitou and RPX in the region. There is life West of the Cadillac, after all…
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
Colombia denies Quebradona
In which the country’s mining sector shoots itself in the foot once again and sets back its
country risk optics by another five years. In the end, Colombia’s environmental permitting
authority has only shelved (literally “archived” in the Spanish) its EIA permit award for Anglo’s
massive Quebradona copper/gold project, the effect is the same as an outright permit denial.
For any “unshelving” to happen, Anglo and Quebradona have to re-submit with more details on
several key areas including the impact on local communities, flora and fauna.
Colombia’s environmental and anti-mining communities are celebrating this week, a they know
Quebradona was the project that the Duque government wanted as their flagship, the one that
would show the way and clear the bureaucratic logjam I the country. With that now turned to
dust, Colombia is in the same position as ten years ago with exploration companies doing their
thing, but the permit ceiling mean any given project cannot develop into production. A for the
root cause of all this, be clear that the mining companies are as guilty as the government in
creating this impasse, what’s more they were led by the major guilty party Anglo. The “official
blind eye” turned to community relations and grievances by both public and private sector is
now getting its payback, with the wave of emancipation running through provincial Peru hardly
an isolated case.
Peru: People power hits the provinces
And most the time it hits the mining companies in the provinces. Up and down provincial Peru,
from Antamina to Las Bambas and several points between, the country has seen a spate of
protests directed against mining companies and there’s an air of long-term grudge about
several of the cases. In places where the presence of a mine has been resented by its local
communities for an extended period of time, it’s been payback time. Of course, “protests in
Peru” is hardly a new headline, we know the lead taken by the locals around the Las Bambas
mine, as well as other large-scale copper operations on Peru’s denominated ‘Mining Corridor’
such This week saw Las Bambas lead the news as new Prime Minister Mirtha Vasquez arrived
on site and got the two sides to a solution that lifted the latest blockade (in short, Las Bambas
will pay a royalty to locals as from 2022). The Constancia (HudBay) mine on the Mining Corridor
also has its protests and blockade, but the latest round include new and more violent protests
aimed at specific targets, with two instances this week showing common cause in the province
of Ayacucho. First a protest and roadblock against the massive Antamina mine quickly turned
violent and confrontational, with injuries and arrests as well as burned–out camp buildings and
plant at the mine. Then this Friday Apumayo mine run by Peru’s largest private PM miner was
attacked by angry locals, this mine has been hated for many years due to its track record of
polluting and of ignoring government edicts and then fines for its poor environmental track
record. So in some cases these protests around mining operations are aimed at squeezing the
company for money (and anyone who’s ever visited the zone around Las Bambas knows this),
but in other cases the hatred felt for mining companies is heartfelt by locals. The advent of the
Castillo government has emboldened these communities to sound their protest out after many
years of quiet resentment, so don’t confuse all of this as a simple grab for cash as in many
cases, flashpoints are the result of the emancipation being felt by communities in provincial
Peru under a President from their ranks.
Which is why Lima can hardly wait to get rid of him, of course. Meanwhile in the political
margin, normally the announcement of arrests in a case of institutional corruption in Peru
wouldn’t make The IKN Weekly, but the arrest of Governor of Arequipa Elmer Cáceres last week
has three angles of note:
 Cáceres is the same populist and out-spoken governor who backed the anti-Tia Maria
(SCCO) campaign, run by locals around the site for the last 15 years. We made mention
of his rise at the time and one of his strategies was to back locals against the mining
company.
 The corruption case is big, with the investigation going on for over a year. There’s no
17

apparent direct link to mining companies (which is very good) but extent of the
corruption is apparently deep, as Cáceres’s arrest came with another 20 or so other
arrest warrants including many top figures in Arequipeño regional bodies. The arrests,
along with the arrest just two days ago of the regional governor of Puno on separate
corruption charges, have sent a chilling effect through regional public bureaux to the
extent that the local water authorities, roadways management, city planning authority,
etc offices are in effect closed for business and nothing is getting done.
 It so happens that once upon a time, Elmer Cáceres was my neighbour when I lived in
Arequipa. He literally lived around the corner and we’d occasionally pass in the street
and greet each other in a neighbourly way. After that, he got lucky in politics by first
becoming mayor of a small town in the Arequipa hinterland, then parlaying that into
running for and winning the regional Governor race due to the field being highly
fractured (and his clear willingness to “spread the love”).
Knowing the man personally, there wasn’t much surprise about the news, Cáceres is the type
that considers five years in jail followed by the easy life for him and his family, living from
squirreled away ill-gotten gains, as “El Buen Negocio”, the good deal and a reasonable trade-
off. As such, his political demise is unlikely to change the stance taken by the region of
Arequipa toward Tia Maria; Opposing the Tia Maria copper project is a vote-winner and every
prospective candidate looking to replace Elmer Cáceres as next regional governor knows that.
Peru Peru’s mine tax plans
Away from the Provinces, Peru politics was dominated by the cabinet confirmation proceedings
in Congress that have dragged into next week, but in all likelihood the new Vasquez cabinet
gets its rubber stamp. Then again, nothing surprises this desk in Peru politics, any longer-
We do have real news for the Peru mining sector, however. Peru’s FinMin Pedro Francke has
placed plenty of his political capital on pushing through a tax reform with two broad aims of 1)
bringing more of Peru’s informal economy and 2) raising levies on businesses, with a special
focus on mining companies and their current out-sized profits. As a result and in around wo
weeks’ time, Francke is expected to deliver his law project and while the devil will be in the
details (and numbers), there are details leaked and we now expect (17) around 2% added to
mining company burdens. They come from higher corporate tax rates, plus a Windfall Tax
(WFT) for all mining companies, including those under stability agreements (they get round the
legal claims by calling it a “special payment” rather than a tax…or something like that). We’re
still a long way from seeing Peru raise taxes on mining, but the process has begun and in all
likelihood the 2022 burden will be higher due to at least some of Francke’s package passing into
law.
Chile: Piñera in serious problems
The opinion poll result of the week came from Chile (18), in which 60% of Chileans are now in
favour of Constitutional charges being laid against sitting President Sebastian Piñera for his
involvement in the Pandora Papers and the Dominga mine deal (the permission award for the
mine is now central of the major scandal).
More Chile: It’s Kast versus Boric in round two
Partly fuelled by Piñera’s fall from grace, partly by time as the Round One vote approaches, the
battle lines cleared last week in Chile’s Presidential election and it’s now increasingly obviously
that the rise in hard Right candidate José Antonio Kast will take him into the second round run-
off against Left wing candidate, Gabriel Boric. While Boric’s voter intention has largely remained
firm, the improvement in Kast above all other candidates now puts him either slightly in front or
slightly behind the long-time poll leader Boric. The rise in Kast and the disgrace being heaped
on Piñera has seen the strange sight of two candidates for Senate in the UDI party, part of the
coalition backing government candidate Sebastián Sichel, opportunistically hitching their own
campaigns to a “Kast for President” ticket. We also heard the president of another party in the
government coalition, Renovación Nacional’s Francisco Chahuán, telling his party members they
were no longer oblige to support the government candidate Sichel and telling press later (19)
18

that (translated), “We would prefer a candidate from our sector over Gabriel Boric”, making
sure everyone know they will back Kast in round two. We also note the final Televised
Presidential debate is set for this evening, but José Antonio Kast has taken the advice of his
handlers and will not show for the debate. Expect two months of increasingly polemic Chilean
politics and a rarefied atmosphere as we move to a second round run-off vote between José
Antonio Kast and Gabriel Boric.
Ecuador’s slippery slope
Last week saw opposition to President Guillermo Lasso flexing its muscles and Lasso trying hard
to ignore his compounding problems, led by his legal woes around the Pandora Papers. The two
day national strike didn’t have Pandora Papers in its crosshairs, instead Lasso’s sweeping legal
reforms and ending of fuel subsidies. It was location-specific in nature and the government
tried to paint Quito’s relative calm (the capital saw one violent outbreak, quashed by the army)
as the mirror of the nation, but the message sent from the provinces and mainly by CONAIE,
both before and after protest rallies and marches that produced several violent flashpoints and
arrests on public order charges. Once the two day protests were done, CONAIE published its
seven demands (20) in order to halt any further protests which include the rolling back of
recent hikes in fuel prices and the halt in plans to privatize Ecuador’s primary infrastructure
(water, electricity, etc). Lasso has already promised to “freeze” the law that removes subsidies
from fuel, but he won’t repeal it and in response this weekend, Lasso continued with his
politically nuanced version of the “La La La I Can’t Hear You” strategy. Alongside his earlier
invitation to “official talks” with CONAIE on November 11th, his reply (21) was to charge his
communications team to explain the benefits of his sweeping changes “to the public opinion”
before his next attempt to send the same law straight back to Congress, contents unchanged
and timeline undetermined. Another signal of a President trying to buy time is a sudden batch
of interviews and Q&As between Lasso and reporters from friendly media channels, not once
fielding or having to answer questions on his deepening problems around the Pandora Papers
directly. On that subject, last week saw more evidence of his recent involvement in offshore
account movements, the new reports coming at the same time as the nationwide protests and
more lines of criminal inquiry opened against Lasso.
Bottom line: More protests are a certainty in Ecuador, but they don’t come all at once and
there’s a political tango to dance between now and 2022. Lasso’s growing opposition want
action as soon as possible, but will largely respect the agenda set by the government and then
take their time to organize the next set of protest marches, so from here to December I’m
expecting more talk and less action (unless the Pandora Papers really blows up in his face).
Market Watching
(Nearly) two months on from the Beaver Creek picks (UGD.v, VOX.v, FWZ.v, F.v)
The plan was to wait until next week and two calendar months for this second update update,
but events have taken over so here we are today. To remind readers, in IKN642 dated
September 12th (i.e. nearly two months ago) we picked out four companies from the 29
presentations (plus one-on-ones) as my idea of best in show the Beaver Creek gig that week.
The pings were for Unigold (UGD.v), Vox Royalty (VOX.v), Fireweed Zinc (FWZ.v) and Fiore
Gold (F.v) and while I made clear I wasn’t an immediate buyer of any, they were all interesting
long ideas that seemed to pass muster and I
came away with improved impressions of each
story, certainly enough to mention them in
the ‘Market Watching’ section of The IKN
Weekly twice, as we ran a first Here’s how
the four have done since then:
With GDXJ as benchmark, we need to beat
+8% over the period since Beaver Creek and
two of them have done just that, so let’s take
them in reverse order:
19

Unigold (UGD.v) is down 20% but still not my idea of a disappointment, here there’s a growing
opportunity for a trade around 1q22 when the company makes its permitting applications.
Volume has been low, UGD continues under observation.
Fireweed Zinc (FWZ.v) has flatlined, the company continues to do the rounds of conferences
but we haven’t had a NR from FWZ for a while and the market is waiting for the inevitable news
on financing for 2022. It’s a positive environment for zinc and its stories, FWZ could make a
jump higher on its resource update.
Vox Royalty (VOX.v) is the first of our two quick winners and it turns out, The IKN Weekly
wasn’t the only place impressed with the company’s 20 minute presentation slot that day. In
the style of Sandstorm (SAND), VOV.v provides the market with a regular update on partner
company operations, the NRs coming roughly every month and the last one October 20th (22)
typical of the style. Originally, I planned to excerpt some of the VOX.v NR here but on further
consideration, I urge all interested readers to click through to the NR (23) and read it all, as the
bold-typed “Vox Management Summary” sections are some of the most effective corporate
marketing of royalty companies I’ve seen.
Well okay, perhaps just one : Here’s VOX reporting on partner Jangada’s Pitombeiras project
and after several factual bullet points on developments, we get this:
And that for a 1% NSR, one of many and several key streams are now flowing cash. Summing
up so far, UGD was always going to be a wait’n’see story, while FWZ’s flat-lining isn’t a surprise
or disaster, merely a transitory period of underperformance. Meanwhile VOX has been an
excellent trade over the last two months but even so, laurels go to our final pick and for that
we run a slightly longer note.
Fiore Gold (F.v) bought by Calibre Mining (CXB.v)
Monday saw new dealflow in the junior space, always welcome and even more so when the
target is a stock featured on these pages. You know I don’t currently own Fiore Gold (F.v) and
even if I did, zero credit would be due to The IKN Weekly for being long when Calibre Mining
(CXB.to) announced its friendly offer for F.v on Monday (24). Here’s the price chart, it helps cut
down the word count:
The Fiore/Calibre link-up makes sense and while we can argue the toss over money F.v CEO
Warman may or may not have left on the table, there's no denying the logic of the deal and
since its new management was aggressive enough to take on B2Gold's Nica assets, CDB has
the right back connections as well as plenty of appetite. So while agreeing this weekend's
C$1.51 is a little thin for a merger bonus, nearly all holders are going to walk away in profit.
The bottom line is that IKN defends the F.v board's and CEO Warman's decision to sell, there
have been worse deals than this one.
Two trade ideas from the Fiore/Calibre deal
Following on from the Calibre decision to buy out Fiore Gold, it’ only natural to consider what
target might be for an aggressive consolidating company. As a result and after putting the
thinking cap on, here are two ideas that I don’t plan to trade immediately, but if the market
starts to hot up they would be obvious targets.
Elevation Gold (ELVT.v) (ex-Northern Vertex): Until very recently Northern Vertex, the name
change reflects how company would like to bury its price performance to date. Elevation Gold
(ELVT.v) has had a troubled existence but all the same, stands out as the most likely next
target. Officers at both ELVT and CXB were colleagues at Newmarket Gold (sold to Kirkland
Lake, of course), ELVT is the right size and location of junior producer to attract the attention of
20

the hungrey CXB and mot interestingly, both companies are ultimately controlled by the same
backers and groups. It makes all the sense in the world to see CXB's next empire building move
in this direction, so put this down as my best speculative idea around a CXB/F that’s almost
certain to go though as stands
Contact Gold (C.v): The second idea is more tenuous and certainly very speculative, but
that's par for the course. We are big boys and girls who know considering a sub-10c stock
includes being prepared to flush a fair percentage of it down the toilet things don't work.
C.v today is two projects, as it continues with its budgeted plans at the nominal flagship Pony
Creek property, on the South Carlin trend and looking for bigger near-neighbour Gold Standard
(GSV) to find success. Meanwhile its "semi-flaghip" Green Springs project South of the Carlin
has also seen plenty of attention and drilling, it will need a lot more before its full resource
potential is unlocked. Which is where the CXB/F Newco may come in, as Green Springs is
located close to Fiore's growth Gold Rock
project. Either the asset or all of C.v would
make a logical bolt-on for a company looking to
improve its foothold on the main USA mining
regions, as it consolidates on a clear corporate
policy to grow by adding small precious metals
operations and projects. Here right is a chart of
both C.v and ELVT.v, compared to Fiore Gold
(F.v) for the last three months. Clearly they’ve
attracted scant attention, so rather than wading
in and then expecting immediate M&A action,
your author suggests a period of chart-watching
for each stock, to see if sentiment improves.
Capstone Mining (CSto) 3q21 financials
On Tuesday post-close, mid-cap copper miner Capstone Mining (CS.to) (CSFFF) reported its
3q21 financials (25) and while this isn’t a company currently owned or covered by The IKN
Weekly we take time out for an overview look at its numbers. The useful reasons include how
Capstone (CS.to) is one of the first copper producers to report in the cycle and always a useful
benchmark. However, there’s extra interest in our case, as comparing CS’s results to those of
Copper Mountain (CMMC.to) tomorrow may be particularly useful exercise. But most of all, we
look at CS today because the market did this to the stock last week:
The bell after the release is marked, as CS saw flash selling but also found buyers. However it
didn’t last and, in the type of insto-driven morning selling patterns we’re getting used to seeing,
CS.to returned to the sell-off prices as the week closed (meanwhile copper spot and COPX were
basically UNCH over the last three days of trading). So under its headline “Capstone Increases
Net Cash Position to $208 Million; Reiterates Annual Guidance as Cozamin Mine Achieves
21

Record Quarterly Production in Q3 2021” CS clearly disappointed, with main anal yst gripe the
higher than expected costs schedule. However, dial back an extra week and compare CS’s price
performance (right) to see CS had spent the previous week being bought up, on speculation the
company would return good numbers. Capstone’s results didn’t match that optimism, but the
stock price only saw the near-term speculative air being let out the balloon.
Time to take a look at the CS.to 3q21 results and, in a longer note, we could pick over its
production results. They were poor, so were physical deliveries, as a result we hack straight to
the P+L and operational revenues:
CS.to: Topline revenues, per qtr
22
58.801 92.311
129.28
95.311
253.07
47.401 55.031
31.841
60.402 4.902
14.561
220
200
180
160
140
120
100
80
60
40
20
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
U$m
source: company filings, IKN ests
Despite a strong copper price, Capstone saw both production and sales misses which ended
with a fat miss in gross revenues. Once you dig into the data, Pinto Valley and its severe
weather incidents is the culprit (we had NRs at the time, there’s also a reasonable blow-by-blow
account in the CS 23q21 MD&A). Ass CS reports production now back on track, as well as
concentrate back up for sale at the end of September, there’s every reason to expect a rebound
in sales from the company next quarter. Regarding the other side of the P+L coin and costs, CS
was quick to point out (on slide 6 of its ConfCall
PDF, to be exact (26)) that the worst was baked CS.to: Production costs (COGS)
in and, by reiterating its established 2021 costs
guidance at U$1.75 – U$1.90/lb Cu, sent the
implicit message that this quarter’s U$1.96/lb
average would not get any worse. We’d agree
with that by taking a different route and this
aggregate chart:
That is one boring visual. Capstone is a classic
case of a company whose fixed costs will always
dominate operations, so selling fewer pounds of
copper into a static overall costs schedule results
in a higher headline cash cost. The market
seems to have taken one look and added Capstone into the “Q3 Opex Blowout” basket that was
filled last week by Newmont, Agnico and others, but I think Capstone got a raw deal, so expect
CS to record significantly lower costs in Q4 than this quarter and get its marke darling status
980.16
46.38
125.36
489.38
487.86 495.86
822.97
732.96
746.48 726.28 445.08
100
90
80
70
60
50
40
30
20
10
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
U$m
Source: CS filings, IKN ests

back when it does (perhaps an early January production NR?). Once Capstone’s straightforward
BTL financials are factored in (we’ll consider the debt pile in the balance sheet items), we get
this results chart:
$m CS.to: Quarterly Earnings Overview
200
180
160
140
gross profit
120
Op earnings
100 Net earnings
80
60
40
20
0
-20
-40
-60
1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20 1q21 2q21 3q21
source: company filings
A miss on gross means a miss on net, but Capstone still delivered a clear profit and in perhaps
the most important operating metric for a growth story like this, operating earnings per share
(right), if that c/share result is due to a one-time production miss on severe weather and
13c/share isn’t enough for you well frankly, I think you’re missing the point.
CS.to: operating earnings per share
0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
-0.05
-0.10
23
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
cents
source: company financials/IKN ests
Moving to the balance sheet, we simplify as
much as possible with the overview assets and CS.to: Assets
2200
liabilities charts but on the other hand, as
2000
Capstone is one of the longer-running companies 1800
under IKN watch, let’s roll out the loooong term 1600
1400
balance sheet charts for a more sweeping view
1200
of how Darren Pylot arrived at 2q21 Starting with 1000
assets (right), the main takeaway is the large 800
600
capital carry value of CS’s mining assets (in order
400
of importance Pinto Valley, Santo Domingo and 200
Cozamin), that dominate so let’s switch to the 0
more interesting charts:
31q4 41q2 41q4 51q2 51q4 61q2 61q4 71q2 71q4 81q2 81q4 91q2 91q4 02q2 02q4 12q2
$m fixed
other current
cash & eq
source: CS filings
CS.to: Cash treasury per qtr
220
200
180
160
140
120
100
80
60
40
20
0
31q4 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 12q3
source: company filings
srallod
fo
snoillim
220 CS.to: Working Capital per qtr
200
180
160
140
120
100
80
60
40
20
0
31q4 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 12q3
source company filings
srallod
fo
snoillim

Note that CS proudly trumpeted how its treasury was over $200m in the NR headline but
working cap, you see this is a capital raise or loan facility coming into play. The difference is
payments left on the U$120m owes to KORES for its 30% of Santo Domingo, therefore the real
message here is “we cover our purchase with liquidity unaffected”, a positive signal. Clearly, a
lacklustre sales and revenue quarter isn’t changing any plans.
CS.to: Liabilities Breakdown per qtr
800
700
600
500
400
300
200
100
0
24
31q4 41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
source: company filings
srallod
fo
snoillim
LT liab
current liab
Regarding liabilities, CS has a large and long-term financial debt to service which it does with
relative ease. Once of the most remarkable things about this company is its tight share
structure and clearly, this is a board that will go debt, debt and debt again in order to grow. If
you consider that today’s shares outstanding count of 431.311m, even after the recent equity
raising, is up by less than 52 since the end of 2012! (as at 4q21 it was 379.284m and yes, I
have been covering this company that long, why do you ask? ). The CS debt book isn’t small,
but the terms are easy and while it’s unfashionable for mining companies to buy debt as part of
a merger, the CS terms would likely be an improvement on the interloper’s.
In other words, Capstone is riding high as it grows organically with two strongly profitable
operations feeding development at all three assets. For an idea on how much, this breakdown
chart goes back to 4q18 and the end of the Minto era, far back enough to see how ‘New
Capstone’ has been deploying capital:
CS: Mine prop/plant/equip breakdown, per qtr
8.017 6.807 1.117 6.807 3.917 1.117 2.707 6.317 3.227 3.717 1.827 2.037
129.6 129.6 137.1 139.4 151.0 155.0 155.2 156.9 155.4 156.5 165.7 171.2
9.042 5.342 4.052 9.452 1.952 5.162 1.362 9.562 2.862
9.763 4.573 2.183
U$m Other
1400 Sto Domingo
Cozamin
Pinto Valley
1200
1000
800
600
400
200
0
4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20 1q21 2q21 3q21
source: company fiings
Indeed, of the U$201m in asset value you see added in the above chart, start to finish, over
U$140m went to the Santo Domingo development asset. CS has not waited for the market to
catch on to the benefits of its organic pipeline, but this time last year the penny finally dropped.
The Capstone plans for Santo Domingo are medium-term and these days, they are guiding us
to expect a bigger and better copper/iron/cobalt Pre-Feasibility at the end of 2022, instead of a
big and good copper/iron PFS mid-year. That shouldn’t be cause for a sell-off, quite the
contrary, in fact; extra revenue streams and one as interesting as cobalt can only add to
Capstone’s attraction as a potential takeout target. Also, worth remembering Capstone isn’t
going to be in a hurry, it has trigger clause payments with KORES if they sell Santo Domingo
within 18 months, I’m sure CS would prefer all the mine to itself.

The bottom line to Capstone Mining’s (CS.to) 3q21 is that the company got a raw deal
from the market last week, so expect it to rebound. Nobody should have sold on a deteriorating
business outlook, its main producing mine got hit by severe weather conditions for two months
of the quarter, sales dropped and earnings were affected. All fair and while Pinto Valley is now
reported back on line, it was never the reason to buy or sell Capstone Mining (CS.to) in the first
place. The real reason is Santo Domingo, a mine
that will transform Capstone and put it into the big
leagues as that gets funded from the organic
company structure. As CS signalled this quarter it
has KORES payments covered and all budget plans
in order to the end of 2022, the continued growth
in value of Santo Domingo should show directly on
the share price.
At the turn of 2021 I remember making a couple of
small mentions about regretting the choice of
Copper Mountain (CMMC.to) to ride the copper bull
at the time, rather than CS. As things turned out CS
did indeed run a little faster and higher, but with a year behind us two performances have been
all-but identical (and notably better than the average, seen here in sub-sector proxy COPX).
That near-identical performance stands to reason as, differences in market cap aside, both
companies are mid-tier copper producers with the same costs profile and leverage to the rising
price in copper, as well as owners of substantial growth pipelines. Therefore, two trade ideas:
 Near-term, if copper pries are perky tomorrow Monday morning, consider CS.to as a
fliptrade on its catch-up potential to peers.
 Those of you unconvinced by my personal preference for Copper Mountain (CMMC.to)
are offered a real and valid alternative for a medium to long-term investment.
All CS.to needs to go higher form here is a benign copper market. End.
GoldSpot (SPOT.v): Selling shovels in the goldrush
The news that Pretium’s (PVG) new “Golden Marmot” discovery at Brucejack is at least partly
attributable to the partnership it has with GoldSpot (SPOT.v) caught the eye of many in the
market (27):
However, this company still looks remarkably cheap compared even to its 2q21 performance. In
its last reported quarter made a net profit of C$12.72m and as the company had 119.2m shares
out, this weekend’s C$1.07 share price gives the company a market cap of C$127.5m. Yes, that
is a forward EPS of 2.5X , If SPOT.v could repeat that financial performance, it would be a
crazily low forward EBIT/share this weekend and if my suspicions are right, the list of
companies signing on to partner with SPOT.v in light of this new success is only going to get
longer. This short note is a heads-up and nothing more, but SPOT.v has come a long way in
recent times and has brought plenty of proof of concept to market. Plus, of course, the more
25

real innovation and new tech in mining the better.
Minera IRL (MIRL.cse): A brief CS update
Aside from urging all shareholders to use the Ethics Hotline to make a whistleblower report, as
per the SI post, today’s is a brief update to confirm I am meeting with my previous “associate
of one of the directors” this Tuesday, a mutually agreed meeting at which I will stress the optics
of seeing the board directors happy to sign off on the MIRL 2q21 financials. We have given this
board a reasonable amount of time and occasion to run a real audit on the activities of Diego
Benavides at the company, from now on there is no reason to consider the board, stacked as it
is with his personal friends who then claim to be independent, as anything other than hostile to
its shareholders and likely a part of Diego Benavides’s financial corruption of the company.
Any information gained from my counterparty on Tuesday will be shared on the Silicon Investor
bullboard.
Conclusion
IKN649 is done, we end with a couple of brief bullet points:
 Copper Mountain (CMMC.to) on deck, as well as Barrick for the big names next week.
 Minera Alamos (MAI.v) will get over this iceberg and when it does, the true value of
this stock will shine through.
 I need a coffee.
I thank you in advance for any feedback. Our Top Pick stocks are Minera Alamos (MAI.v) and
Rio2 Ltd (RIO.v). Flash updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best, Mark
Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2021/10/schedule-for-week-of-october-31-2021.html
(2) https://coastcoppercorp.com/investors/presentations/
(3) https://www.bloomberg.com/press-releases/2020-06-24/roughrider-signs-l-o-i-on-northern-vancouver-island-s-
empire-mine-property-and-doubles-land-position
(4) https://www.newswire.ca/news-releases/roughrider-receives-exchange-approval-for-empire-mine-property-option-
agreement-829315299.html
(5) https://ca.linkedin.com/in/denis-pelletier-b12a0115
(6) https://coastcoppercorp.com/corporate/management-directors/
(7) https://www.marsinvestorrelations.com/team
(8) https://www.newswire.ca/news-releases/roughrider-extends-and-discovers-new-mineralized-zones-with-ip-and-
prospecting-at-empire-in-final-preparation-for-drilling-program-896743181.html
(9) https://qccopper.com/news/qc-copper-gold-acquires-land-package-to-expand-opemiska-copper-project/
(10) https://qccopper.com/news/qc-copper-closes-7-million-private-placement/
(11) https://www.canadianinsider.com/node/7?menu_tickersearch=MAI+%7C+Minera+Alamos
26

(12) https://6ix.com/event/reawakening-a-copper-gold-giant-aldebaran-at-the-altar-project/
(13) https://www.biobiochile.cl/noticias/economia/negocios-y-empresas/2021/10/29/se-abulta-la-billetera-de-chile-
codelco-genera-excedentes-casi-4-veces-mayores-al-periodo-anterior.shtml
(14) https://www.nasdaq.com/articles/earnings-preview%3A-barrick-gold-gold-q3-earnings-expected-to-decline-2021-
10-28
(15) https://www.pretivm.com/news/news-release-details/2021/New-High-Grade-Gold-Exploration-Discovery-at-the-
Golden-Marmot-Zone-Affirms-the-District-Scale-Potential-of-Brucejack-with-72.5-gt-Gold-Over-53.5-Meters-including-
6700-gt-Gold-Over-0.5-Meters/default.aspx
(16) https://finance.yahoo.com/news/red-pine-announces-upsize-previously-132600031.html
(17) https://www.bnamericas.com/es/noticias/legislacion-minera-de-peru-bastaria-para-captar-altos-precios-de-metales
(18) https://www.elmostrador.cl/noticias/pais/2021/10/28/caso-dominga-le-pena-al-presidente-pinera-encuesta-ipsos-
revela-que-60-esta-a-favor-de-la-acusacion-constitucional/
(19) https://www.cnnchile.com/lodijeronencnn/chahuan-segunda-vuelta-candidato-sector-sobre-boric_20211030/
(20) https://www.vistazo.com/politica/nacional/conaie-pone-siete-condiciones-al-gobierno-para-detener-movilizaciones-
a-nivel-nacional-LX981683
(21) https://www.elcomercio.com/actualidad/politica/muerte-cruzada-queda-constitucion-lasso.html
(22) https://www.voxroyalty.com/_resources/news/nr-20211020.pdf
(23) https://www.voxroyalty.com/news/announcements/
(24) https://www.newswire.ca/news-releases/calibre-announces-acquisition-of-fiore-in-nevada-creating-a-diversified-
americas-focused-growing-mid-tier-gold-producer-855920141.html
(25) https://finance.yahoo.com/news/capstone-increases-net-cash1-position-214500158.html
(26) https://s25.q4cdn.com/701614211/files/doc_financials/2021/q3/Q3-2021-Webcast-Slides-FINAL.pdf
(27) https://finance.yahoo.com/news/goldspot-targeting-results-high-grade-132400226.html
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
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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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