IKN #650Premium

The IKN Weekly
Week 650, November 7th 2021
Contents
This Week: In Today’s Edition, The annual call for Basket Cases.
Fundamental Analysis: Overview, Coast Copper (COCO.v): The promotion set-up begins,
Copper Mountain (CMMC.to) 3q21 financials, Minera Alamos (MAI.v) is a gold producer.
Stocks to Follow: Argonaut Gold (AR.to), Great Bear (GBR.v), Discovery Silver (DSV.v),
Aldebaran (ALDE.v), QC Copper & Gold (QCCU.v).
Copper Basket: Overview, Oroco Resources (OCO.v).
Producer Basket: Overview, Barrick (GOLD).
Tiny Dogs: Overview, Antler Gold (ANTL.v).
Regional Politics: Nicaragua’s fake elections, Peru: Social conflicts will continue, Chile: The
left loves mining, Ecuador update.
Market Watching: Harte Gold (HRT.to) gets volatile, Fortuna Silver (FSM) (FVI.to) and its
Mexican EIA permits, Fiore Gold (F.v) neighbour play update, Aldebaran (ALDE.v) vs Josemaria
(JOSE.to) isn’t going well for IKN, Excelsior Mining (MIN.to) is served, Minera IRL (MIRL.cse):
Demotions.
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
 This week’s main event almost seems outdated in our current market, as we report on
and duly consider last Monday’s 3q21 financial results from our preferred copper
producer pick, Copper Mountain (CMMC.to).
 With the news that Minera Alamos (MNAI.v) has finally joined the ranks of the
producing mining companies, we take a look at the contents of the BNR and find a lot
to like. Still a firm Top Pick, find that in today’s main fundies section as well.
 Last week saw significant news out of Minera IRL (MIRL.cse), the company’s hermetic
wall has been breached and now we have cause to press our claims to remove the
company management and board of directors. The real fight starts as from now.
 Last week’s fundies note on Coast Copper (COCO.v) was serendipidous in its timing.
Between last weekend and this, the backers and promoters of this trade moved to raise
financing. The size and timing of the raise gives clear indications of what’s to come and
once this small raising closes, we can expect the noise to start.
The annual call for Basket Cases
This normally happens at the end of November, but this year you get a couple more weeks of
prodding and urging. For those new to The IKN Weekly, as the year closes out your author
starts considering the make-up of our three representative and tracking baskets for the year to
come. The Copper Basket, Producer Basket and also the newer Tiny Dogs baskets get renewed
1

and refreshed, with companies leaving the lists and new ones coming in, but before making the
final call on companes we throw the subject out to the collective mind of readership and ask for
suggestions. As usual, I already have long lists of potential companies for all three and also as
usual, I’d greatly appreciate suggestions because you people always come up with a few ideas
that are better than mine. So, here’s the framework and as the baskets are somewhat different
in make-up, first a reminder of what type of company we need in each list:
 For The Copper Basket: We look for a group of 15 stocks that as a whole represent the
junior copper mining world. The maximum market cap is $1Bn, but preferably I like
them lower to better reflect our sector of interest. We welcome tinycaps, as a cross
section is required. As we’re not trying to beat the street and want a faithful reflection
of the sector, always happy to include bad copper companies or dog stocks if they bring
something to the table.
 For The Producer Basket: There is no upper limit in market cap size, but we do require
a minimum market cap of U$2Bn. For this list, I’m looking for suggestions for precious
metals producers that will out-perform in 2020, because of the less important (except
for my own ego) of trying to beat the GDX benchmark on the year.
 For The Tiny Dogs: First and foremost, for this list we require companies with a market
cap of $20m maximum, as The Tiny Dogs tracks market moves of the smallest
companies. However, at this level of market cap there are many broken stocks and
dead companies with projects going nowhere. They are not interesting, as although we
cannot expect operational or managerial perfection at this level the company still needs
to “have a pulse” and be a reasonable trade or speculative alternative.
Every year sees me wanting tro change between three and five companies on each list. If you
have a good candidate for any of them, perhaps a company you already own, you are welcome
to write in to the usual addresses and nudge me in the right direction. Thanks in advance and
that’s all the intro today, the house call of “gold U$1,800/oz under Biden” is more than enough
macro for the year, let alone the week and I’m quite sure you’ve had enough “inflation
coming!” script recently. Instead, The IKN Weekly has plenty of company stuff to get through.
Fundamental Analysis of Mining Stocks
Overview
We normally feature just one stock or company in this section, occasionally two, but rare are
the weeks in which three stocks make the main fundies section of The IKN Weekly. IKN650 is
different because 1) Copper Mountain (CMMC.to) has a quarter to analyse, 2) Top Pick Minera
Alamos (MAI.v) last week delivered the news all its longs (aside from perhaps Osisko Gold
Royalties ) had been waiting for. That’s two in the frame, but when 3) last week’s feature
company Coast Copper (COCO.v) came out with its own news, setting the ball rolling on this
trade, there was no other logical place for the update. So, three stocks for you and here we go:
Coast Copper (COCO.v): The promotion begins to set up
Although briefer than most fundies notes featured in our main section, last week’s spotlight on
Coast Copper (COCO.v) entitled, “Coast Copper (COCO.v): Nuts about copper on Vancouver
Island”, turned out to be well-timed. Last week saw a significant news release out of the
company (1) and here’s the pay dirt information, as revealed pre-open Friday November 5th:
“...up to 8,000,000 flow-through units of the Company (the "FT Units") at an issue price of
$0.13 per FT Unit and up to 5,000,000 non flow-through units of the Company (the "NFT
Units") at an issue price of $0.10 per NFT Unit for gross proceeds of up to $1,540,000
(the "Offering").
Each FT Unit will consist of one common share in the capital of Coast Copper and one-
half of one non-transferable common share purchase warrant, with each whole warrant
entitling the holder to acquire an additional common share of the Company at an
exercise price of $0.15 per share with an expiry date ("Expiry Date") of 18 months after
2

completion of the Offering...”
The terms of the deal, partly flow-thru and part “normal”, brings
the working capital COCO needs to start its drill campaign at
Empire, as well as nearly 20m new shares and derivatives into
existence. If we make a quick revisit to the small table included
in last week’s note (right), we see that COCO.v is now scheduled
to move its share count to first 54.33m and then, assuming those
half warrants are made whole (which have a trigger clause at
22.5c), to just under 61m shares.
That 61m count is a better place to value today’s COCO.v (ex-
roughrider exploration, you will recall) and at this weekend’s 13c...
...gives us a de-facto market cap of C$7.93m. That’s the type of low market cap that allows
plenty of leverage to good early drill results and that’s what we expect now, as the path
seemingly chosen by the real boss of this promo, Scott Gibson (with CEO Adam Travis his Mini-
Me sidekick), is well trodden:
 Set up your company structure
 Assure it will be strongly marketed
 Run a small placement for “friendly money”
 Use the cash to drill and return strong early results. PPS up.
 Run a larger placement to fill treasury and assure multi-year exploration budgets (as
well as executive salaries and enough left over for that expensive marketing campaign)
We have moved quickly to point number three here at COCO.v, and though accredited investors
reading these words may try to get in on the current open placement (feel free, it’s not a bad
idea) this desk strongly suspects that the answer received by anyone outside the circle of
preference will be “sorry, already filled” as this small financing is not for any retail grunt.
But the round of financing also makes COCO.v an active, rather than theoretical or passive
trade set-up and once the current financing closes, we should get a series of news releases as it
gears up to work its Empire property. With the newly signed IR firm Mars Inc (owner also Scott
Gibson) waiting in the wings to push the company story, it’s only a matter of time before this
ball starts rolling.
I’m somewhat tempted to buy a few COCO next week, but will hold off a while longer as the
promotional aspect isn’t likely to start until 2022. However, I also recognize that my
procrastination this weekend may turn lout to be an error, as this has all the hallmarks of a
Vancouver “Sell The Sizzle” special and on timing these type of trades, only those at the very
centre of the plan will know the exact timing. Speculators, please take note.
Copper Mountain (CMMC.to) 3q21 financials (in Canadian Dollars unless stated)
Now one week old, today’s main numbercrunch on Copper Mountain isn’t particularly time-
sensitive, so no big narrative and storyline today. Instead, we start at the finish and the general
3

conclusion to Copper Mountain (CMMC.to) 3q21 financials. Here’s a chart to visualize the house
view of its 3q21 financial results as reported to the market last Monday (an age ago in our
current reactionary market atmosphere):
As well as comparing CMMC to the main copper producer ETF (COPX) the chart includes
Capstone Mining (CS.to), the company covered last weekend. A week earlier with its 3q21, in
IKN649 our conclusion was that CS had “...got a raw deal from the market last week, so expect
it to rebound” and that...(a)ll CS.to needs to go higher from here is a benign copper market.” In
fact, CS underperforms on the above 10-day chart, but last week lost no ground to either of the
above squiggly lines. Therefore, we can state with confidence that the market took CMMC’s
results in its stride, the type of “In Line....Next Please!” judgment which doesn’t move the share
price up or down against peers, but it surely went better than the earnings day at Capstone. If
that’s all you need to know about CMMC’s quarter, feel free to skip the next couple of pages of
charts and thoughts (though maybe check out the discussion and conclusion at the end). For
the rest of you...
CMMC 3q21 financials: As this report starts back-to-front, let’s continue by running the pure
financial charts first. Later and below, find considerations of balance sheet and P+L charts and
analysis of production numbers, tonnages processed and metals sold etc. Finally before diving
in, we also include our estimates for the current 4q21 quarter based on CMMC’s guidance.
From the top, we go with balance sheet items and the general assets and liabilities charts.
CMMC: Assets breakdown, per qtr
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
On the assets side, in general terms we see the result of a profitable mining company
expanding its balance sheet. Fixed assets rose by $41m and cash&eq by just under $39m, both
strong numbers as the profits roll in and CMMC deploys some of the earnings on expansion
projects. However, we also note a drop in accounts receivable is partt of the mix, down $21m
as company calls in monies due. Meanwhile and as a slight sidebar, through today’s note you
will see our 4q21 estimates, based on expected quarterly profits with some of the cash moved
into fixed assets in much the same way as this quarter.
4
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
C$m fixed CMMC.to: Liabilities Breakdown per qtr
600
Inventory
550
A/C Rec 500
cash&eq 450
400
350
300
250
200
150
100
50
0
source: CMMC filings
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
source: company filings, IKN ests
srallod
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LT debt
current debt

As for the liabilities chart, there we see the result of the loan refi that went through early 3q21.
We knew current liabilities would drop as a result and, before earnings, we’d assumed a modest
drop from the $120m in currents reported in 2q21. In fact the drop was sharper, current
liabilities now stand at $92.01m and the overall burden is down to $533.818m. However, overall
there’s no big issues standing out from the debit ledger and we can move on to consider the
main liquidity monitors, cash and working capital:
Another profitable quarter, plus the lessening of
near-term debt from the refi and the result is
seen above. CMMC is collecting cash quickly and
working cap also moved up, despite having its
own drags. As at end 3q21 CMMC had built a war
chest of $183.333m and we expect that to top
$200m year’s end. There’s a reason for that, see
the conclusion for more. Before we move to the
P+L, here’s the share count which has hardly
budged (right). That’s 210.66m shares, zero
expectatrions of forward dilution and zero issues.
All good, let’s check the quarter’s profits:
CMMC.to: Quarterly Earnings overview
180
160
140
120
100
80
60
40
20
0
-20
5
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
source: company filings, IKN ests
srallod
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250 CMMC.to: Cash and ST
200
150
100
50
0
revenues
COGS
Gross profit
The above earnings overview chart is the most representative visual I have for you to explain
the CMMC quarter. In one sentence, a profitable company with rising costs:
 Topline revenues at C$137.176 compare to the house estimate of a rounded C$150m.
 COGS came in at C$70.535m, compared to the house estimate of C$60m.
That’s what I got wrong. In fact, we’d already flagged costs would come in higher due to the
cost creep affecting the sector (and particularly North American-based operations, it seems) so
that didn’t come as a surprise, while the house earnings estimate missed due to unforeseen and
minor production issues (see below). The result is a gross profit for the quarter of C$66.641m
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
CMMC.to: Working Capital per qtr
200
160
120
80
40
0
-40
-80
-120
source: company filings, IKN ests
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
source company filings, IKN ests
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240 CMMC.to: Shares Out
220
200
180
160
140
120
100
80
60
40
20
0
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
source: company filings
serahs
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when I’d guessed $90m. Sometimes you just get it wrong, but what strikes in the visual above
is the relative regularity of earnings in recent quarters, something we expect to continue in Q4.
The other good news is that at CMMC, gross profit gets less friction below the line:
The operating profit may have missed my estimate of C$81m, but the C$66.228m total is still
almost 30c/share which, on a forward basis, gives a price/op earnings ratio of just 3.1X this
weekend, CMMC shares priced at C$3.70. Therefore, the basic reason to own CMMC shares
remains fully intact, it’s still a serious moneymaking machine in 2021 with copper prices where
they are, and its shares are seriously cheap compared to that earnings power. Book value per
share rose to $2.13, pricing CMMC at just under 1.6X book and that leaves plenty of room for a
healthy and profitable company to run to the upside (and as a slight sidebar, that 4q21
estimate of C$2.31 would put CMMC at over C$4.00 on the same low multiple, by the time we
get 2.0X book and a more reasonable valuation, that would imply CMMC ends 2021 at
$4.62/share. Bottom line to financials atr CMMC: Today’s $3.70 is great value on fundamental
metrics.
We move to production numbers and get to the
reason behind the minor money miss (compared to house estimates at least):
CMMC: Tonnes mined, per qtr
22
20
18
16
14
12
10
8
6
4
2
0
6
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
CMMC.to: Operating profit
mmt
waste mined
ore mined
source: company filings
Ore mined dropped to 3.053mmt, waste stayed at roughly the same level (11.43mmt), resulting
in a 3.7:1 strip rate, higher than the 3.0X to 3.5X averages of the previous four quarters.
3.3 7.61
1.21-
8.4 9.91 5.1-
4.5- 2.05- 0.81-
8.82 3.93 5.04
1.58
0.77
2.26
0.66
120
100
80
60
40
20
0
-20
-40
-60
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
source: company data, IKN ests
srallod
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CMMC.to: operating earnings per share, per qtr
0.50
0.40
0.30
0.20
0.10
0.00
-0.10
-0.20
-0.30
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
C$
source: company filings
CMMC.to: BV/share
2.60
2.40
2.20
2.00
1.80
1.60
1.40
1.20
1.00
0.80
0.60
71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
source: company filings, IKN ests
CMMC: Mill head grade, per qtr
43.0 82.0 03.0 92.0 82.0 62.0 13.0 03.0 82.0 92.0 04.0 24.0 024.0 073.0
0.50
0.45
0.40
0.35
0.30
0.25 0.20 0.15
0.10
0.05
0.00
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
% Cu 6 CMMC: Strip ratio, per qtr
5
4
3
2
1
0
source: company filings
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
source: company filings

So strip rate went higher in the quarter and shifting more waste costs money. The second
factor was the deliberate decision by the company to process more slowly through the mill.
CMMC is still processing relatively high grading ore (0.37% Cu head grade average in 3q21,
compared to resource median 0.29%) but due to the rock type currently being processed, leach
kinetics are not as fast. The copper is still there and coming out of the rock (albeit more slowly)
so overall production figures were still good, just not quite as sparkling as previous quarters:
CMMC: Copper production and sales, per qtr
7
016.81 843.91 054.81 139.71 203.61 120.71 885.81 895.71 274.71 268.71 290.81 978.81 439.81 428.71
350.32
217.81
625.52
105.72
515.52 696.12 604.22 614.42 000.32 000.32
30
25
20
15
10
5
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
Mlbs Cu
Cu prod (mlbs)
Cu sales (mlbs)
source: company filings
However, sales of copper did stay strong, with 24.416m lbs shipped during the quarter and at
this point, let’s dial up the inventories tracker:
CMMC: inventories
50
45
40
35
30
25
20
15
10
5
0
91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3
C$m
Cu conc
crushed ore stockpile
ore stockpile
supplies
source: CMMC filings
In total, inventory holdings dropped by C$7.7m with the lion’s share of the total, a touch over
$5m, due to the copper conc drawdown. That’s a company playing catch-up with shipments
and a normal part of mining life. Crushed ore stockpiles and general supplies also dropped a
little, but well inside tolerance ranges. Mining operations have never had the luxury of going full
“Just In Time” and that is an advantage in late 2021, no reason to expect serious production
glitches in the months ahead based on the evidence in that chart. Indeed, CMM reported no
significant supply glitch in Q3. As for the other payable products...
CMMC: Gold sold, per quarter
7217 2296 8946 0026 9316 9947 0366 9598 7818 7267 9447 0057
10000
9000
8000
7000
6000
5000 4000
3000
2000
1000
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
Oz Au CMMC: Silver sold, per quarter
source: company filings, IKN ests
08226 70756 52275
32668 61008 62168 81418
439441 484061 379741 789431 000041
180000
160000
140000
120000
100000 80000
60000
40000
20000
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 tse12q4
Oz Ag
source: company filings, IKN ests

...both gold and silver production and sales were also largely in line with expectations, those
credit metals kept the AISC to a decent U$1.77/lb Cu. Regarding the outlook for 4q21, CMMC
reiterated its upgraded guidance for the year and here’s a quote from the MD&A:
The Company reaffirms its upward revised 2021 production guidance of 90 to 100 million
pounds of copper and the Company expects to be at the top end of the 2021 AIC
guidance of US$1.80 to US$2.00 per pound due to inflationary pressures on the costs of
fuel and steel used inoperations.
As at 3q21, nine month AIC at CMMC was U$1.97/lb (not AISC, as AIC is the “full enchilada”
including, capex, exploration costs, investment costs, loan payments, etc), with the recent
quarter being the most expensive at U$2.17/lb. This implies the overall industry cash cost
increase was fully swallowed by CMMC in Q3 and as long as CMMC delivers on its guidance
confirmation, the AIC number cannot be any higher than U$2.09 in 4q21, i.e. lower than 3q21
by some 8c/lb.
Discussion and conclusion
The main takeaway is two words, “In Line”. CMMC didn’t blow any estimates out the water,
instead it delivered another strong and profitable quarter. Costs are up, but as long as they
deliver on guidance we won’t see any further increases in Q4. The company had a reasonable
production quarter, facing and working around the type of day-to-day mining issues faced by
any mature operation.
As for the financial message, that is more positive. CMMC is currently in cash collection mode
and treasury accumulation is the main message from the financials, we can expect the company
to move into 2022 with C$200m+ at hand and this is the reason to be long this company. Even
though its earnings multiples are already very cheap compared to peers (3.7X op earnings!)
CMMC will become a serious growth story in 2022 on multiple fronts. We’ve seen it bring in new
geology talent, that means more aggressive development of its pipeline assets in both Canada
and Australia next year. CMMC is running out its 2021 game plan, but we can expect a different
and more bullish message next year as production improves and the next mines are brought
closer to production. CMMC didn’t do enough to warrant me buying any more this week, but it
did more than enough to leave me a happy holder. With the leverage it brings to copper, 2022
is set to be a year to remember for Copper Mountain, the years growth plans leave the drawing
board and become reality. With that treasury at hand, they have all the firepower they need.
Minera Alamos (MAI.v) is a gold producer
Unlike most of the NRs this year out of our Top Pick Minera Alamos (MAI.v), the long and
detailed NR filed on Thursday (2) was written by CEO Darren Koningen and not company
President Doug Ramshaw. That’s because we finally got the news we have been waiting for,
the company is a gold producer, so it was all about the facts on the ground. We got happy
quotes, we got photos of the dore (400oz should start the treasury ball rolling nicely) and we
got the thank-you messages, such as this from President Doug Ramshaw:
“We also couldn’t have reached this point without the strong support of each and every
shareholder of the Company except Jabba the Hutt, whom have shown great patience
with the advancement of the Santana gold mine and we look forward to continue to deliver
exciting news to warrant the support we have received to date.”
I may have added four extra words there.
Anyway, the result was a rally at the bell
Thursday, but we also need to consider how
it is rallying from a very low level (right). A
77c stock this weekend last year, MAI moved
up by 4c on volume Thurday morning but, as
this ten-day chart shows, even that the initial
burst to a relatively low 59c didn’t last and
the reeling-in began again.
8

Therefore, we also know that Osisko Gold Royalties (OGR) is still selling down its large (approx
60m shares) position in the open market and suppressing the price. One the one hand that’s
annoying (especially for embedded longs such as I) but on the other we should perhaps thank
Sean Roosen, because MAI now offers an extremely low entry point as it quickly de-risks. With
production now flowing and the certainty of commercial production in the near future, a lot of
deep pocketed funds and instos will finally have the opportunity to buy this stock and we small
retail have a two month window to get in front of them.
Today’s note on MAI is not just strategy talk however, the company gave us enough
information for a fair idea of how the ramp-up is going. So let us move into the weeds of the
NR and quote CEO Koningen for once, instead of the samo samo Ramshaw:
Despite some fleet optimization and maintenance activities early in the month, the total
material mined for the month of October approached 200,000 tonnes which was close to
double the production rates achieved in the prior month. Late in the month mine
production rates approached initial design start-up levels on multiple days and efforts
continue to maintain these levels on a consistent basis during the remaining ramp up
phase.
With substantially more than 50% of the mineralized material, stacked on the leach pad to
date now under active leaching for gold extraction this percentage has grown steadily. As
the area under leach has expanded the gold concentration in the feed to the plant has
continued to rise in parallel with the increase in flow rates coming from the leach pad.
Gold content in the pregnant leach solution pond (feed to the carbon recovery plant) has
risen steadily from a range of 0.2 and 0.3 ppm in September as the new gold solution
flows started accumulating in the pond (contained dilution water from the end of the rainy
season) to in excess of 0.8 ppm in the second half of October. At the same time the
process plant solution throughput has also steadily increased from an average of 1400-
1500 m3 per day over the month of September to in excess of 3000 m3 per day on
occasions later in October.
First up, we look backwards for a line or three and nobody used to mining operations would
have been surprised to learn how Santana run rates started low, improved through September
and improved again through October. We could of course, attempt a best guess on ounces
already produced in the early stage of this current commissioning period, but as we know
they’ve just sold 400oz of doré and are not yet commercial (and have plenty of treasury) it’s a
moot point. Way more interesting is how the company ended October and moved into
November, because that gives us a peek into what’s to come (and when). We know that leaving
October mineral mined “approached 200,000 tonnes”, which was “almost double” the
September total. That’s how ramping works and in late October, MAI flexed and ran at a rate
that would likely be commercial. For sure, ramp-ups don’t run in a straight line and on
consulting with President Ramshaw this weekend, he made sure I understood that November
and December won’t see steady increments on a daily basis; the plan is to be commercial by
January 1st 2022, no need to push everything all at once. However, the above quote from CEO
Koningen’s part of the NR is more enlightening. The text mixes litres, grams and parts per
9

million, so here’s a breakdown of the information, beginning with “end October” as our
benchmark in which Santana started to show what it’s capable of achieving. We know that in
the period, “...in excess of 3000 m3 per day on occasions” of pregnant solution was delivered to
the holding ponds. We are also told that coming out of October gold in the pregnant solution
had reached concentrations of 0.8ppm (parts per million). From that, some math:
 As a matter of mathematical fact 1g = one part per million of one tonne.
 Therefore 0.8ppm of gold in one cubic metre of water is the equivalent of 0.8 grams in
one tonne.
 Therefore, as (a rounded) 3,000m3 of water was running into the collecting pond per
day, we can reasonably assume that by the end of October, (3,000 x 0.8) 2,400 grams
of gold were being added to the pond per day. That’s around 77oz gold and, when
multiplied by 30 days for the month, gives an estimated gold production level going
forward of 2,315 oz per month, or 6,944oz per quarter.
 We round that to 7,000oz per quarter, which puts us at 28,000oz per year.
 That puts us to within 20% of the IKN Weekly original estimated annual production at
Santana, which we marked at 35,000oz/year in our original calculations.
Ladies and gentlemen readers, new mine ramp-ups are rarely as smooth as this. With the
expected quick leach kinetics showing through as well, we should now expect MAI to mnove
Santana through to commercial production
quickly and the obvious date is now
1/1/22. Therefore, you have until then ton
take advantage of Roosen’s largesse and
buy all the sub-60c MAI shares you desire,
because as from 2022 there will be a lot
more buyers competing with your coin.
This weekend, Minera Alamos isn’t just a
Top Pick, it’s one of the most obvious Top
Picks with clear near-term catalysts I’ve
ever featured here at The IKN Weekly.
Own some.
Stocks to Follow
The Stocks To Follow portfolio’s performance last week has a cleavage point, with precious
metals companies doing better than the base metals choices. Seven of our 15 stocks returned
gains (MAI.v, RIO.v, AR.to, DSV.v, RYR.v, GBR.v, AUL.v) and for the first time in what seems
like ages, both Top Pick stocks returning gains. As for the big moves, the best was Great Bear
Resources (GBR.v up 15.1%) as Barrick tipped its hand. To the downside, eight losers
(CMMC.to, TMQ, QCCU.v, SMD.v, ALDE.v, APN.v, MIRL.cse, MENE.v) with the biggest drop out
of the ever volatile Trilogy (TMQ down 11.2%).
15 open positions, our self-imposed maximum of stocks held and covered at any given time.
Samer as last weekend, nine stocks are in the green and six are in the red.
10

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$0.56 166.7% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.64 -22.9% $1.30 1st tgt, building now
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$3.42 18-Jun-21 C$3.70 8.2% Top value Cu play, overweight
Argonaut Gold AR.to STR BUY C$2.95 25-Jun-21 C$3.33 12.9% Very cheap on Magino promise
Discovery Silver DSV.v STR BUY C$1.77 24-Oct-21 C$1.84 3.8% A serious Ag play, big&cheap
Trilogy Metals TMQ BUY U$1.84 15-Sep-19 U$1.91 3.8% Cu for 2021, going well
QC Copper&Gold QCCU.v BUY C$0.26 25-Apr-21 C$0.36 38.5% already a double. Easy hold
Strategic Metals SMD.v BUY C$0.42 31-Jan-21 C$0.32 -23.8% Canadian land bet/Value trap?
Aldebaran Res. ALDE.v SPEC BUY C$0.68 16-May-21 C$0.62 -8.8% Promo begins Q4
Altiplano Metals QCCU.v BUY C$0.31 17-Sep-21 C$0.28 -9.7% Cheap entry, about to re-rate
Royal Road Min. RYR.v BUY C$0.155 17-Mar-19 C$0.32 106.5% Model paying off in Nica
Great Bear Res GBR.v STR BUY C$15.83 26-Aug-20 C$19.97 26.2% Barrick now suitor, M&A play
Aurelius Min. AUL.v hold C$0.75 28-Jun-20 C$0.355 -52.7% has until its 43-101 to improve
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.075 -61.5% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v LT Hold C$0.68 6-Dec-20 C$0.77 13.2% 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 Min 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 Res 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:
Argonaut Gold (AR.to): In much the same way as we marked cards for the CMMC.to quarter,
please note that our midcap gold producer Argonaut Gold (AR.to) is set to report its 3q21 pre-
open on Monday, November 15th (3). That’s in eight days’ time from now and means that if you
want to take an active position in the company and/or trade round earnings, you need to be set
fair by this coming Friday. Meanwhile, AR had a good week but it’s still inside trading ranges
and a very cheap stock compared to what Magino will do its earnings power.
Great Bear (GBR.v): It is alive. After what is basically a year of revolving around an
uninteresting price point (i.e. my cost average), GBR broke out last week on the news Barrick is
prowling. We summed up the situation with a blog post on the morning of the news (8) that
GOLD/ABX.to was going into a JV option with two tinycap explorecos, the only common
denominator being their proximity to GBR and its main Dixie discovery. The earn-in deals with
Red Lake Gold (RGLD.cse) and Dixie Gold (DG.v) are straightforward and give Barrick operator
status (to drill whever they please) and a known policy from Barrick (their JV deal with
Precipitate (PRG.v) in Dominican Republic is very similar) but there’s absolutely no doubt what
11

the real prize is here.
We should consider GBR now “stealth in-play” and
once the company reports its 43-101 MRE for
Dixie, the gloves will come off. Barrick’s failure to
close the Kirkland Lake deal, then CEO Bristow’s
recent declaration of love for Canada and alls
things Canadian makes the new interest in all
things Dixie an obvious cue to re-rate the stock.
The trade picking up steam as the week wore on
and providing strong gains and volume.
Discovery Silver (DSV.v): Our new silver trade had a decent week, closing up seven cents at
$1.84 and putting our new trade modestly in the money. However, this chart shows...
...that despite silver’s drop over the two week period, DSV’s good start is nobody’s idea of
sector out-performance. That’s okay by me at this early stage, as we have a month (or so)
before DSV drops what I believe will be its major price catalyst, the upcoming PEA. For reasons
on why, please see the opening coverage not in IKN648 but this short extract (including table)
should jog the memory. By using U$254/oz silver and U$1.20/lb zinc (the two main payable
metals), cash flow quickly ramps and we can expect something in the region of U$0.5Bn (with a
B) per year once the mine matures:
DSV at Cordero: Condensed income statement (U$m)
case Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8
Sales (U$m) 69.9 364.0 476.1 476.1 605.6 735.2 735.2 735.2
Cash COGS 0.0 70.0 105.0 105.0 140.0 175.0 175.0 175.0
Depreciation 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0
G&A 0.0 7.0 10.5 12.6 13.0 17.5 17.5 17.5
fin. Costs 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0
royalty 0.3 1.8 2.4 2.4 3.0 3.7 3.7 3.7
Op income 39.6 255.2 328.2 326.1 419.6 509.0 509.0 509.0
Exploration 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0
Worker profit share 2.5 19.8 25.6 25.4 32.9 40.1 40.1 40.1
Tax 7.3 56.8 73.6 73.2 94.7 115.2 115.2 115.2
Net income 21.8 170.5 220.9 219.5 284.0 345.7 345.7 345.7
Shares out (m) 400 400 400 400 400 400 400 400
EPS 0.05 0.43 0.55 0.55 0.71 0.86 0.86 0.86
Capex 10 10 10 10 10 10 10 10
FCF 0.12 0.49 0.61 0.61 0.77 0.93 0.93 0.93
Sources: DSV data, IKN estimates
12

QC Copper & Gold (QCCU.v): The new drill campaign at Opemiska is now underway, with
6,000m planned. The rig count is set to rise at the beginning of 2022, but for the time being
the company is moving ahead with one drill turning. Targets include the (now highly
prospective) Saddle Zone and on exchanging with CEO Stephen Stewart this weekend (via
WhatsApp), I learned that the rig is averaging an impressive 120m per day. As most of the
holes aren’t too deep, there’s every reason to expect that type of rhythm to continue and as
anything above 100m/day is a good clip, averaging 120m is excellent.
CEO Stewart also told me he was on-site tomorrow Monday to check on progress and make
sure the team was in shape, the trype of pro-active leadership we all prefer. If only we could
say the same about every Canadian junior CEO...
Aldebaran (ALDE.v): I came away from last week’s presentation on ALDE thinking about how
the comportment and attitude of this management team has changed over the last couple of
years, and not to the good. Please see ‘Market Watching’ below for more, in which I have a
good old moan and than bring up the replacement trade idea of Josemaria Resources (JOSE.v)
again. Unimpressed with the roll-out, at least ALDE is now drilling at Altar. We expect a mix of
deeper (more interesting) and shallower (faster turnaround) holes from the three rigs now
turning and, we’ll probably get first assay results before the end of this year.
The Copper Basket
After forty-four weeks of 2021, The Copper Basket shows a gain of 30.09% 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 1378.53 12.82 110.9%
2 Copper Mtn CMMC.to 1.81 207.5 767.75 3.70 104.4%
3 Oroco Res OCO.v 1.85 192.584 516.13 2.68 44.9%
4 Marimaca Cop MARI.to 3.25 87.737 359.72 4.10 26.2%
5 Western Copper WRN.to 1.57 135.798 270.24 1.99 26.8%
6 Amerigo Res ARG.to 0.80 181.79 239.96 1.32 65.0%
7 Excelsior Min. MIN.to 1.12 273.585 131.32 0.48 -57.1%
8 Regulus Res. REG.v 1.07 101.85 98.79 0.97 -9.3%
9 C3 Metals CCCM.v 0.115 438.56 85.52 0.195 69.6%
10 Aldebaran Res. ALDE.v 0.455 125.24 77.65 0.62 36.3%
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 46.43 0.68 51.1%
13 Chakana Cop PERU.v 0.60 111.41 37.32 0.335 -44.2%
14 Chibougamau CBG.v 0.165 53.077 13.27 0.25 51.5%
15 US Copper USCU.v 0.105 87.53 8.32 0.095 -9.5%
NB: All stocks in CAD$ Portfolio avg 30.09%
A negative week for copper and its mining
60% The Copper Basket 2021, weekly evolution
companies, the five week-over-week 55%
50%
winners from our 15 basket stocks shows
45%
the simple count against longs ansd when 40%
we consider the winners (MIN.to, ARG.to, 35%
30%
ECU.v, USCU.v, CBG.v) they were mostly 25%
the small and tinycap end of the range. 20%
15%
True also for the only UNCH stock last 10%
week (DCMC.v) which means nine losers, 5%
0%
including the two double figure
percentage losers (OCO.v down 12.4%,
SLS.to down 10.0%).
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 ht7von
source: IKN calcs

The weakness in copper stocks was caused by weakness in the copper price, natch. The ever-
thinning level of copper inventories around the world was ignored by the price-setters for a
week, worries first centred on “what the Fed will say” and when Wednesday came and went
without serious macro issues, the narrative changed to one of slowing Chinese demand. That
would cause a copper surplus in 2022, rather than deficit, according to this view and is
predicated on the narrative of a slump in Chinese economic activity, so seeing China post
October imports that actually grew this weekend put a dent in the bearish story.
For the record, I don’t believe the bear aergument for a second and neither should you. For
one, let’s recall how the same corpus of copper analysts call for an annual tonnage surplus
every single year, for another this link (5) and the following extract from it should remind us
about the ulterior motives for trying to talk copper down now:
LME data shows there are still more than 17,300 contracts outstanding that will need to be
settled before the November contract expires, meaning sellers will either need to buy the
contracts back or find copper to deliver into LME warehouses. The open interest in
November contracts is equal to 433,775 tons, nearly 14 times the amount of metal that’s
available to buyers in the LME’s warehouse network.
Talk is cheap, futures contracts when you are in a hole can be very. But very expensive. There
are a lot of people sweating on the futures rollover, particularly the Nov and Dec contract
renewals and seeing permabear Robin Bhar as the only person willing to give reporters a quote
is equally as suspicious. Check out this quote from the independent analyst (6):
“Copper does look dangerously overbought. It’s the weight of money, the enthusiasm for
the green revolution,” said independent consultant Robin Bhar.
Sound familiar? That’s the same rent-a-quote wheeled out last week by Reuters, but way back
on November 30th 2020 when copper had just closed at U$7,760/tonne! Same hymnbook,
different year, same bad call. The moral of this story is not to believe a single word these so-
called independent experts say or do, they have people behind who make them way less indy
than you’d imagine. So read numbers and not words and on that subject, here comes the
weekly update on world copper inventory levels, with data from Chile’s Cochilco, that once
again underscores why you should be long Dr. Copper:
 World aggregate copper stocks in the three official systems dropped sharply once again
last week, a cool 27,716mt spirited away to end users. The weekend total stands at
213,708mt and for context on that numbers, just one month ago the LME alone held
more tonnage in its warehouses (217,175mt), forget Comex and SHFE.
 But there’s no way we can forget the Shanghai SHFE, its stocks dropping once again by
11,845mt to a new record low of 37,482mt under the same extreme backwardation
reported last weekend. SHFE premiums on spot are now so high that LME tonnages are
moving over to SHFE warehouses, but even that wasn’t enough to prop inventory.
 And so to the LME, where stocks dipped another 17,575mt (so much for weak China
14

demand!) and finished at 122,600mt. The bulk of that number left its Rotterdam
warehouses (12,825mt) and that can only be pure arb with SHFE.
 Comex stocks added 1,704mt, perhaps bears think this exchange is important and the
price discovery. It isn’t. This weerkend’s total is 53,626mt.
Here’s the Shanghai-only inventories chart, last week’s bounce is history and we’re back
marking historic lows:
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
15
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
Now for notes on just one of our basket stocks:
Oroco Resources (OCO.v): Even though a bigger cap member of the list, I’ve largely ignored
Oroco (OCO.v) this year because every time I look at its valuation for its part of the non-100%
held Santo Tomas property in Mexico, it looks expensive compared to peers (and there’s “that
river diversion” thing, always in the background). I’m ignorant of exactly why it should have
dropped 10% in its earnings week, the quarter didn’t show much in the way of big changes and
the cash burn was low. Here’s the balance sheet copypaste...
...that shows a benign quarter, cash dropping of course but still plenty of resources for this and
next year in treasury. We presume some holders took the opportunity of its release to be a
liquidity event in a mediocre week for copper price action. You won’t find me going long at
these prices, but the company has plenty of loyal shareholders and they shouldn’t fret about
their favourite copper stock going much lower (no matter if my opinion is to buy any one of
these stocks in front of OCO.v:
 Copper Mountain (CMMC.to)
 Trilogy Metals (TMQ)

 QC Copper & Gold (QCCU.v)
 Strategic Metals (SMD.v)
 Aldebaran (ALDE.v)
 Josemaria Resources (JOSE.v)
In my condiered opion, any of those six are better trade ideas than Oroco, which continues to
be richly valued compared to its fundamental substance.
The Producer Basket
After forty-four weeks of 2021, the Producer Basket shows a loss of 9.65% to level stakes:
Mkt Cap
company ticker price 1/1/20 Shares out (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 805 45.37 56.36 -5.0%
2 Barrick GOLD 22.78 1778.04 34.85 19.60 -14.0%
3 Agnico Eagle AEM 70.51 244.187 13.09 53.60 -24.0%
4 Kirkland Lake KL 41.27 267.056 11.27 42.20 2.3%
5 Kinross Gold KGC 7.34 1261.07 7.83 6.21 -15.4%
6 Endeavour Min EDV.to 29.62 252.568 6.94 32.99 11.4%
7 Pan American PAAS 34.71 210.262 5.46 25.99 -25.1%
8 B2Gold BTG 5.60 1051.697 4.60 4.37 -22.0%
9 Alamos Gold AGI 8.75 392.739 3.12 7.94 -9.3%
10 Pretium Res PVG 11.48 187.833 2.27 12.10 5.4%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -9.65%
The GDX improved by 3.28% week-over-week and our list of ten stocks did about a tenth
better than that, which means the gap is down again, allowing me to dream of winning out the
year around Christmas in a photo finish. All ten of the stocks in our list went up last week but
there was a larger range of moves than in recent times. The top moves came from Barrick
(GOLD up 6.7%) as its 3q21 earnings met with market approval, the same +6.7% from Alamos
Gold (AGI) as well. Then come the others, with the bottom rungs taken by Kirkland Lake (KL up
0.7%) and Agnico (AEM up 1.0%), those two now jpoined at the hip. With the AEM/KL deal
now looking unstoppable and no third party interloper likely, their market has settled.
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%
0.0%
The IKN Weekly is not (and never will be) your source for analysis or advice on senior stocks,
The Producer Basket exists primarily as a foil for the juniors upon which we focus. However, a
small chart fearturing all ten of our charges sat against GDX over the last ten days shows how
these seniors and large Tier 2 producers have fared:
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 ht7voN
The 2021 Producer Basket: Weekly performance and
20%
comparative to GDX control
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
source: IKN calcs, NYSE/Nasdaq/TSX data
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 ht7voN
ikn
gdx control source: Google, IKN Calcs

The company that’s emerged recently as our favourite of the ten, Pretium (PVG), takes the
laurels over the Q3 earnings period.
Barrick (GOLD): It wasn’t a big beat, but there was enough in Barrick Gold’s (GOLD) (ABX.to)
numbers and forward guidance for the final quarter to lift the stock. As far as these pages are
concerned, Barrick’s move to begin its open prowling of our small open position in Great Bear
Resources (GBR.v) was the more important news out of the company and you won’t find many
gold mining analysts saying that.
The Tiny Dogs
After forty-four weeks of 2021, the Tiny Dogs show a gain of 0.90% 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 13.27 0.20 -2.4%
Aston Bay BAY.v 0.045 163.975 6.56 0.04 -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 5.20 0.13 -40.9%
Manitou Gold MTU.v 0.045 230.79 15.00 0.065 44.4%
Precipitate Gold PRG.v 0.240 106.241 10.62 0.10 -58.3%
QC Copper QCCU.v 0.315 105 37.80 0.36 14.3%
Red Pine Expl RPX.v 0.400 95.806 49.82 0.52 30.0%
Warrior Gold WAR.v 0.090 91.818 6.43 0.07 -22.2%
Prices in CAD$, data from TSXV basket avg 0.90%
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.
17

Another nondescript week for the tiniest stocks in the mining game, as tracked by our
representative list. We saw just three winners
(ANTL.v, CEM.v, RPX.v) and one unchanged 20% Tiny Dogs, 2021 weekly tracker
stock (BAY.v), with six losers from the ten (C.v, 16%
GDP.v, MTU.v, PRG.v, QCCU.v, WAR.v) but 12%
despite being out-numbered, the winners were 8%
enough to lift our basket average back over the 4%
zero line and into the green. That was almost 0%
completely due to Antler Gold (ANTL.v up -4%
25.0%), the biggest mover in either direction -8%
by some distance and the oulier of the week. A -12%
few words on that strock below, plus Contact
Gold (C.v) gets a brief mention in ‘Market
Watching’, further down today.
Antler Gold (ANTL.v): Up on no news and the 25.0% added was enough to pull the whole
basket average into the green. The ten-day chart of ANTL shows just how quickly this tinycap
has rallied recently:
However, it also shows the low volume and the flimsiness of this sharp upmove. Tinycap stocks
can rally on nothing in this way, until they do it’s best to watch on the outside.
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
Nicaragua’s fake elections
Today Daniel Ortega is doing what many autocrat-wannabe country leaders can only dream
about and the result of Nicaragua’s Presidential election is in no doubt. Here are a couple of
excerpts from this AP report (7), as carried by the US NPR website:
In the run-up to Sunday's election, Ortega, who turns 76 on Nov. 11, has jailed dozens of
opponents, including seven people who said they wanted to challenge him for the
presidency. Student leaders, businesspeople and journalists have been rounded up, and
tens of thousands of Nicaraguans have gone into exile.”
...
Opponents are urging voters to sit this election out and are using a slogan from the
coronavirus pandemic, "Quedate en Casa" or "Stay at Home," to urge Nicaraguans not to
go to the polls. The hashtag #MiCandidatoEstaPreso, or #MyCandidateIsIncarcerated, is
being pushed on social media.
18
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 ht7voN
source: IKN calcs, TSX data

We note that our only direct portfolio exposure to Nicaragua comes from Royal Road (RYR.v), a
company that splits its efforts between this country and the equally tricky South Colombia
region. Also, RYR moved up last week by 8.9% which again underscores how a “stable
government” (irony) is good for capitalism.
Peru: Social conflicts will continue
In last week’s note “Peru: People power hits the provinces” we highlighted the growth of social
protests in areas around mining operations and made sure Antamina was up in the list. That
mine got plenty of publicity during the week, first for the hard blockade put around the
company (mostly by inhabitants of the local town, Acquia), then for the police repression that
saw dozens injured and arrested, then for the continued blockade after the classically Peruvian
heavy-handed police tactics had caused indignation among the population. It took intervention
at the highest level, with Prime Minister Mirtha Vásquez playing chief peacemaker, to get the
situation under control and lift the blockade.
This weekend at Antamina (in fact, Acquia), there’s an uneasy truce between the two sides.
The mine’s back at work and the two sides are at least talking, with Antamina stating that it will
not press charges against those detained during the blockade and the locals allowing trucks to
pass. However, don’t mistake a near-term truce as the end of the long-term complaints from
locals and we need plenty of negotiation between the mine and the community before the
situation is calm. In a nutshell, locals are using emancipation to their advantage and their
complaints date back decades (not months or years) so nobody should expect all issues to go
away in one week and behind a few official platitudes.
At this point, it’s worth dialing up the opinion of Peru’s main mining company collective, the
SNMPE (Sociedad Nacional de Minería, Petróleo y Energía and I think I can leave that there
without translation). Here’s the current SNMPE president, Raul Jacob (of Southern Copper)
talking to Bloomberg last week (7a) and stating that the growth of social unrest in Peru is
eroding business confidence. No prizes for insight, but later on comes the money quote from
Jacob (translated):
“We are worried about the rise in social unrest in Peru, the business climate is
deteriorating and that’s not good for private investment. The governmnent must be more
proactive in finding solutions to the protests.”
The classic Have Cake/Eat Cake position of the Peruvian mining executive and precisely the
mindset that has brought the country to this point. Businesses want nothing to do with
government authorities in Peru, but when their autonomous policies end in violence they go
running to the President and authorities for help. Ultimately, Antamina and all other mines that
are experiencing social protests in Peru at present have only themselves to blame for the way
locals view them, years of disdain and neglect doesn’t disappear with police batons.
Chile: The left loves mining
In response to the rise and rise of Chile’s hard right wing Presidential candidate José Antonio
Kast, the other frontrunner for this year’s Presidential election in Chile, left wing Gabriel Boric,
has already anticipated the run-off and has started moving to the political centre. As well as
testing positive for Covid-19 last week (get well soon), Boric and his team were out telling the
world that his government would be good for the mining industry and that the sector had
“nothing to fear” from his eventual left wing Presidency and and government. This Bloomie
headline plus the first three paragraphs will do the job for us in the English language (8), a
copy of dozens of Spanish language headlines out of Chile last week:
Copper Giants Safe in Our Hands, Chile Leftist’s Campaign Says
Mining heavyweights such as BHP Group and Anglo American Plc have nothing to fear if
former student protest leader Gabriel Boric becomes Chile’s next president, according to
one of his top advisers.
While a Boric government would raise taxes to help fund a green transformation, it
wouldn’t overburden the industry by removing incentives to invest, said Willy Kracht in a
telephone call Thursday. The left-leaning candidate wants the state to play a more active
19

role in technology projects and lithium extraction, but has no plans to interfere in any
existing concessions.
“There’s no intention to change the rules of the game, just to strengthen institutionality so
that things function better,” said Kracht, who is head of the mine engineering department
at the University of Chile and a director at copper research center CESCO.
As for latest news on voter intention, as from today we are under the two week blackout on
polling in Chile (the country’s law) and that means final polls this weekend. We’ll go with the
two main Chilean pollsters, with ‘Criteria’ putting Boric on 24% and Kast on 23%, while ‘Data
Influye’ on Wednesday returned Boric at 32% and Kast at 27% (of total valid votes, rather than
all population). As mentioned last week, this is now almost certainly the run-off as third and
fourth place candidates, Yasna and Sichel, are both 15 points behind the leaders.
Ecuador update
Last week, the message was that while President Guillermo Lasso isn’t going to get off the hook
for his involvement in the Pandora Papers scandal, we’re first likely to see a period of relative
calm before the storm breaks again. We can consider Ecuador a three-cornered battle between
Lasso and his government, the UNES party of Rafael Correa and the increasingly powerful
indigenous presssure group CONAIE which, thanks to the congressional bloc won during the
election, has become a force to be reckoned with.
Lasso has chosen to attack UNES and its leader Rafael Correa, this weekend accusing it and him
(9) of “promoting a coup d´etat” and “destabilizing the country” by pushing through on a
congressional investigation into Lasso’s links to illegal offshore accounts. To this, Correa today
replied “Madness!”, later tweeting “Our President is a national shame” and “The world accuses
Lasso, and Lasso insults me. What an honour! In his desperation, he doesn’t understand that
over 600 journalists over 90 countries are calling him corrupt.”
Meanwhile Leonidas Iza, head of CONAIE, has refused the invitation for talks with Lasso next
week and today Sunday was behind the CONAIE communicado whish states that the links
between Lasso and the Pandora Papers mass leak (10) (translated) “adds to the already
existing crisis and social unrest that has swept across Ecuador for multiple reasons: the lack of
employment, the walking back of labour rights, long-standing insecurity and a new wave of
migrants entering the country”. This He-Said-She-Said period will likely continue into 2022, but
at some point the social protests and mass marches are a certainty to riose again. Lasso is
already a hamstrung President and from every angle, clearly has skeletons in his financial
cupboard that he’d prefer not to reveal.
Market Watching
Harte Gold (HRT.to) gets volatile
Our small “side bet” trade in Harte Gold (HRT.to) was based on the current balance sheet woes
at the company, its extremely beaten-down share price and how we expect New Gold (NGD) to
step forward to snap up the asset. It’s also predicated on the truism that Canadian juniors
never truly go bankrupt and get rescued (often last minute) by a third party which thinks it can
do a better job. Last week that theory came under pressure when HRT announced (11) the
following as part of its 3q21 financials:
At the time of issuing this news release, the Company does not expect that the Strategic
Review Process will result in a transaction which would provide any value for holders of
Harte Gold’s equity securities (including securities convertible into or exercisable for equity
securities). As a result of the foregoing, holders of Harte Gold’s equity securities (including
securities convertible into or exercisable for equity securities) are cautioned that trading in
such securities is highly speculative, and that the trading prices for such securities may
bear little or no relationship to the actual realization of value, if any, by holders thereof at
the ultimate outcome of the Strategic Review Process. Also, there can be no assurance
that the Company’s common shares will continue to trade on the TSX or on any other
trading platform.
20

The share price reacted as seen here:
Ouch. That was a big dump and part of the risk involved with playing at this end, but I haven’t
given up on this trade. The clock on the strategic review process has the month of November to
run and it’s hardball deal time, I’m not a buyer at the new 3c level (as the “good money after
bad” rule also applies), but neither should any of us give up on HRT producing a deal. I will
continue to hold through on this small “side bet” trade as it was always that, a small
speculation in the margin of the portfolio and high risk money.
Fortuna Silver (FSM) (FVI.to) and its Mexican EIA permits
“The more laws,
the less justice”
Marcus Tullius Cicero
One of those notes that falls between “Regional Politics” and ‘Market Watching’, but as it affects
a specific company (and poitentially it stock price) I’ve gone with putting it on this sidce of the
fence. The concept of the breach between law and justice was already understood in depth in
Roman Empire times, as the brief and pithy quote attributed to Cicero attests. There’s a
problem brewing at Fortuna Silver’s (FSM)(FVI.to) Mexican arm, the specific issue being the
apparent non-renewal of one of the company’s key environmental permits. As ever in and
around San José de Progreso, Oaxaca, it’s difficult to get a definitive handle on the problem as
the town is very anti-mine, while FSM and its large workforce naturally generate their own
support. The company is always quick to point to the facts, for example in how they have been
through no end of inspections from the relevant authorities without ever having suffered
(serious) consequences. The bad blood between town and company stretches back to when the
company first landed and set up in Mexico (I was a shareholder and covered FSM...never again)
with townfolk staging regular and often long-term protests outside the mine gates.
The problems for FSM have increased under the new AMLO government, as it has installed its
own people in the public sector apparatus. This is also true for SEMARNAT, the Mexican
environmental authority and today, the bureau that FSNM needs to deal with in order to keep
its EIA licences in good order is under the control of its secretary, Albores González. Apparently
connected to the anti-mining groups in Oaxaca and South Mexico, before getting his new job
Señor González made repeated statements against the presence of FSM at San José. The issue
is now coming to a head. As at any other operating mine, FSM operates according to the law
and under several EIA licenses, emitted and renewed on a rolling basis. FSM currently has a
total of six EIA permits in-hand, with four of them posing no issues and due renewed in 2022,
2025, 2026 and 2029 respectively. Aside those four, FSM has a minor “order of regularization”
EIA, recently emitted that demands the company make repairs and improvements to a range of
small matters (that can be literally as small as changing a water faucet, or making cosmetic
changes to buildings) that is different to the normal EIA but poses no real issue.
The problem is with the sixth, a license FSM needs to operate and was due renewed on October
23rd this year. Since FSM started its renewal processfor the license in September 2020 (14
months ago) SEMARNAT has refused to emit the reneal and is denying FSM its permit.
According to local reports (12), this decision is entirely due to the decision of SEMARNAT
21

Secretary González. We are now at the point where the company has got its workforce to stage
“Keep the mine open” protests, which sounds a little desperate to this desk. To close, I’ll
translate the final section of the above report because it was well written and mainly
sympathetic to the mining company side of the argument, but summed up the anti-mining
position at the end:
“The problerm the mine faces is that SEMARNAT, via several of its public servants
including Albores González, have openly stated that it is their intention to close the mine
because its population does not want it there and it has not complied with environmental
laws. However, Señor Albores has not answered requests for meetings since September
2020. Also, that the head of SEMARNAT is close and friends with anti-mining activists in
Oaxaca, all of whom live outside of the mine’s area of influence.”
Fiore Gold (F.v) neighbour play update
Last weekend, we highlighted the Calibre Mining (CXB) friendly deal to buy out a previous
holding here at The IKN Weekly, Fiore Gold (F.v) and suggested two potential knock-on trades
arising, Elevation Gold (ELVT.v) (ex-Northern Vertex) and Contact Gold (C.v). Here’s a ten day
chart:
We mentioned Contact Gold (C.v) as the more speculative and tenuous of the two ideas, what
with it being a 5c stock (and a beaten-to-pulp one, at that) so the way it failed to move isn’t a
big shock. As for Elevation (EVLT.v), that company came out with two news items last week (8)
(13), first on Tuesday filing the previously announced 43-101 compliant technical report for its
flagship Moss mine, then on Thursday reporting a new batch of drill results from the
eponymous aset. The headline 76.2m of 0.73 g/t Au and 6.5g/t Ag, with mineralization starting
just 20m below surface, was a good hit but is only one of several reported in the NR and
overall, grades didn’t hang together quite as well. They were still reasonable, however, with the
company reporting good continuity of mineralization (important for low-ish grade bulk mine
herapleachers. Personally, I’m not in a rush to buy either of these stocks but would at least
understand if ELVT started running on M&A rumours.
Aldebaran (ALDE.v) vs Josemaria (JOSE.to) isn’t going well for IKN
No plan of operations extends with any certainty beyond the first encounter with the main enemy forces.
Only the layman believes that in the course of a campaign he sees the consistent implementation of
an original thought that has been considered in advance in every detail and retained to the end.
German Helmuth von Moltke (1800-1891)
Prussian military commander von Moltke (1800-1891) is most remembered for an essay written
in 1781, from which the saying, "No battle plan survives contact with the enemy” evolved. This
weekend, his wise saw is the only mitigation that comes to mind for my strategy of holding
ALDE and waiting to enter JOSE, as outlined in IKN645, dated October 3rd. One month ago, the
Market Watching section ran two notes, namely “Aldebaran (ALDE.to) begins its promo (and we
look for an exit)” and “Enter Josemaria Resources”, which compared the mediocre performance
(to that time) of Aldebaran Resources (ALDE.v) to that of its near(ish) neighbour Josemaria
Resources (JOSE.to), both exploring for big copper in the San Juan province of Argentina. As
the argument developed, the idea was to look for a spike on the start of the ALDE promotion
22

and marketing push as that company woke up, started drilling and marketing on the investor
circuit. Then, we’d look for a point to sell ALDE and transfer to the better managed and more
exciting JOSE.to, currently moving forward under the Lundin family flag and making better
headlines. The last paragraph of the two related notes went like this:
“As my trades stand today, it’s the right moment to hold on to the ALDE shares and see if the price
can bust through the 70c ceiling and into blue sky. If that happened, the temptation would be great to
take profits in ALDE and move the cash to a company less likely to upset people on a regular basis,
be they shareholders analysts of government officials.”
Here’s how the two stock prices have developed in the month (and four days) since:
That’s what a strategic error looks like in visual form, ALDE flart-lining in the lapse while
momentum and price has built at JOSE. Instead of waiting for ALDE to start its motors, my
better choice would have been to bite the bullet right there and then, dump and move over to
JOSE immediately. That mistake is now baked into the prices of both companies, what’s more
the start of ALDE’s marketing campaign didn’t come with much renewed interest in the stock so
thast call didn’t go to plan, either. The one hour ALDE live conference webinar run by 6ix was
more heat than light, with precious little new news on ALDE and its Altar project. Then on
Thursday, the fanfare of “drills now turning” was also largely ignored by the market. For what
it’s worth, during the conference last week I tried to ask the team about its problems at REG in
context with ALDE, asking them to explain why we should trust them on ESG/CSR etc whern
they had so obviously dropped the ball at AntaKori, which is supposed to be the more valuable
and more advanced of their companies and projects. It was like talking to a brick wall and
confirmed the growing suspicions that Kevin Heather, John Black and the team around them
are uninterested in the type of transparency and good IR practices they used to preach about.
It was also clear that the moderator of the conference had been instructed to avoid any difficult
questions.
So, what to do? One way would be to cauterize now, dump ALDE and shift to JOSE.to, but with
drills now turning ALDE is likely to continue its marketing campaign into the first drill assay
results. With Argentina the country about to unveil its new mining-friendly policies to the world
(after its November 14th regional elections) and the likelihood of better leverage from the
smaller market cap ALDE, even though the call has been a bad one to date I’m sticking with
ALDE and will give the plan until the end of the year (its low volume and modest price moves
on the year makes tax loss selling a minor concern). Therefore, until further notice this desk will
hold ALDE and look for the yearned-for price spike to show up. Then sell.
Excelsior Mining (MIN.to) is served
On Wednesday (evening at 9pm), our recently sold copper play Excelsior Mining (MIN.to)
announced the following:
Excelsior Mining Corp. (TSX: MIN) (OTCQX: EXMGF) (FSE: 3XS) ("Excelsior" or the “Company”) announces that it is
aware of a civil claim filed against the Company and certain of its officers and directors in the Supreme Court of British
Columbia by MM Fund (the “Action”). The plaintiff seeks certification of the Action as a class proceeding on behalf of a
class of all persons and entities, wherever they may reside or may be domiciled, who purchased the securities of
Excelsior offered by the Company’s Prospectus Supplement dated and filed on February 12, 2021 (the “Prospectus”).
The plaintiff alleges that the Prospectus contained misrepresentations related to the Company’s anticipated timeline to
23

achieve a production rate of 25 million pounds per annum. The plaintiff alleges that as a result of the misrepresentations
in the Prospectus, the securities of the Company were sold to the public at an artificially inflated price. The plaintiff
seeks an order certifying the Action as a class proceeding, a declaration the Prospectus contained a misrepresentation,
unspecified damages, pre- and post-judgment interest and costs.
Excelsior contends the allegations made against it in the Action are meritless and will be vigorously defended.
That’s bad news, the type that can tie up a company in expensive legal battles for months and
years and this weekend, even after recently selling and taking a big loss, I feel as though I’ve
missed a bullet. We know that even under the best of circumstances, it’s going to take a year
for Gunnison to show true Proof of Concept and that implies plenty of negative noise between
now and then. Though we’d all prefer it not so, sometimes in junior investment you need to
take a loss and so this brief comment is to jog any readers who previously followed me into thr
trade but haven’t left. A couple of weeks ago I sold MIN.to on the thought there were better
places for my copper exposure money but that’s not a thought any longer, it’s a certainty and
while asking for clients to a paid newsletter to sell at a loss is poor optics, noblesse oblige. Find
another place for your copper exposure, esteemed reader.
Minera IRL (MIRL.cse): Demotions
On Thursday evening, Minera IRL (MIRL.cse) filed its monthly report to the CSE, but instead of
just giving us the production numbers, the company added an important update in note 10,
seen here below, page split removed (14):
As noted on the Silicon Investor MIRL board the next day, this is a big development in our fight
to remove CEO Diego Benavides and rid this company of the people holding it back. These
“demotions” are specifically designed so that MIRL doesn’t need to file the CVs of Gabbie,
Valdez and Ngatai with the relevant market authorities and those of us following the story know
why; they are unqualified and were brought into the company on false pretexts, they are the
Potemkin Village set up by CEO and liar Benavides to attempt to pull the wool over the eyes of
shareholders and the market in general. However, they are still at the company and being paid
(for nothing) so the move by the board of directors has offered two clear insights:
1) The board has told the world that Diego Benavides is a liar.
2) The board continues to cover for him.
The motive for the cover-up is obvious: We the CS group have recently discovered that Diego
Benavides has been making long-term secret payments of company money to his personal
family members and close circle of friends, all via anonymous holding companies being paid
“consultancy fees” that add up to many millions of dollars over the years of his deceptions. We
know Benavides’ live-in partner, Partricia Kent, has been on U$5,000/month since 2014 for
doing nothing. That is fraud. We know he has installed his blood son as the legal desk for the
company’s Corihuarmi mine. That is also fraud and both are serious cases, enough alone for his
firing with cause, as well as eventual criminal prosecution. However, the latest revelation
regarding his son-in-law has brought an altogether more nefarious light on the MIRL story.
When the identity of the main legal counsel for a totally opaque subsidiary is kept in secret
from all outsiders and then turns out to be the son-in-law of the boss, we move into the realm
of serious, corporate-wide fraud and embezzlement. We note that the same son-in- Marco
Arevalo, worked for the company and was on payroll until 2018 but on leaving MIRL,
immediately afterward set up a private buffet in order to bill (what seems to be) his only client,
24

Minera IRL. The result has been that the pairing of Marco Arevalo and CEO Benavides have had
three years of secrecy and ample opportunity to do whatever they want with ther books,
getting a (likely unwitting) CFO to sign off on the public company books while thoroughly
cooking those of Minera SA and Kuri Kullu, all without declaring or say a thing to anyoneand
with friendly directors, willing to turn a blind eye. We are faced with two people with suspicious
back stories and family ties with the unfettered keys to the treasury of Minera IRL via its
subsidiaries. They are left to thier owen devices for three and a half years and we already know
Benavides likes handing out large fees to his family and sentimental friends. If Marco Arevalo
isn’t a corporate red flag, nobody is.
To return to the development last week, the motive of the July 2021 appointments, rather than
the fact, is now more important than anything connected directly to Gabbie, Valdez and Ngatai.
Ridding MIRL of those three is now the least of our concerns, this issue may have started with
fake jobs, bu h since then it has snowballed beyond a simple “fire that man with cause”.
Shareholders have rights and we must demand further information regarding the recently
completed internal audit, the board is answerable to us and we shouldmake them answer the
questions they don’t want to answer. The clearest way of ousting this corrupt management and
board is to get them to tell the truth and once they are gone, our shares will be worth
something. In the meantime, every day Benavides is in charge is a day he has the keys to the
treasury and likely to defraud us further. These people are covering up criminal activitry, this
isn’t just a CEO whose overstepped the mark any longer. As from last Thursday we have no
option but to consider all executives and directors at MIRL as whiote collar criminals.
Conclusion
IKN650 is done, we end with bullet points:
 Minera Alamos (MAI.v) provided the best news of the week and, with Sean Roosen
apparently intent on liquidating the large OGR position, we can buy very cheap shares
in 2021 before they fly in 2022. Top Pick and then some!
 Minera IRL (MIRL.cse) provided the revelation of the week, we now know the board is
covering for the corrupt liar Benavides. They must all go.
 Speculators, Coast Copper is beginning to set up as a trade. Investors, Great Bear is
now set-up as a trade.
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://www.newswire.ca/news-releases/coast-copper-announces-non-brokered-financing-for-up-to-1-54m-
854854262.html
(2) https://mineraalamos.com/news/2021/santana-project-achieves-first-gold-production/
grain of truth.
(3) https://www.argonautgold.com/English/news-and-events/news-releases/news-releases-details/2021/Argonaut-Gold-
Announces-Release-Date-For-Third-Quarter-2021-Operational-and-Financial-Results/default.aspx
(4) https://iknnews.com/red-lake-gold-rgld-cse-signals-barricks-true-intentions/
(5) https://www.bloomberg.com/news/articles/2021-11-02/aluminum-leads-metals-higher-with-power-rationing-to-hurt-
supply
(6) https://www.reuters.com/article/global-metals-idUSL1N2IG0JR
(7) https://www.npr.org/2021/11/07/1053275827/nicaragua-may-be-holding-presidential-elections-but-it-is-edging-
toward-dictator
(7a) http://www.sportlepsia.com/conflictos-sociales-obstaculizan-inversiones-en-mineria-peruana-afirma-raul-jacob/
(8) https://www.bloomberg.com/news/articles/2021-11-05/copper-giant-safe-in-our-hands-says-leftist-candidate-s-
adviser?utm_source=google&utm_medium=bd&cmpId=google
(9) https://trome.pe/mundo/ecuador-pandora-papers-gobierno-acusa-a-oposicion-de-promover-un-golpe-de-estado-
guillermo-lasso-nndc-noticia/
(10) https://www.eluniverso.com/noticias/politica/iza-dice-a-lasso-que-responda-al-informe-sobre-los-papeles-de-
pandora-nota/
(11) https://www.hartegold.com/news/harte-gold-reports-third-quarter-2021-results-and-provides-operational-update/
(12) https://www.ororadio.com.mx/2021/11/exhortan-a-semarnat-atender-conflicto-en-minera-cuzcatlan/
(13) https://finance.yahoo.com/news/elevation-gold-announces-filing-technical-130000094.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
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
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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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