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The IKN Weekly
Week 657, December 26th 2021
Contents
This Week: In Today’s edition, A Santa Rally, Appetite for gold continues to lag.
Fundamental Analysis: Bunker Hill Mining Corp (BNKR.cse): One to watch from the sidelines.
Stocks to Follow: Argonaut Gold (AR.to), Aurelius Minerals (AUL.v), Amerigo Resources
(ARG.to), Great Bear Resources (GBR.v), Discovery Silver (DSV.v), Minera Alamos (MAI.v).
Copper Basket: Overview, Chakana Copper (PERU.v).
Producer Basket: Overview, Kinross (KGC) and Barrick (GOLD).
Tiny Dogs: Overview.
Regional Politics: Chile and President-Elect Gabriel Boric, Colombia: A first overview of its
2022 Presidential election, Brazil’s 2022 Presidential election, Ecuador: CONAIE moves against
President Lasso’s pro-mining decree, Argentina: Chubut rolls back the Zonification law.
Market Watching: Mexico: Fortuna Silver (FSM) (FVI.to) and its local consultancy.
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
 The shortened edition this weekend was planned to be “bare bones only”, but it’s
turned out to be more abridged than minimal. You get a quick rundown of why I’m not
a buyer of the new promotion happening around Bunker Hill Mining (BNKR.cse), as well
as a Region Politics section that turned out to have plenty going on. As well as those,
shortened sections with the updated tables and comments, with emphasis on the
trades executed last week in ‘Stocks to Follow’ notes.
 The “Regional Politics” section expanded to cover the fall-out from the Chilean
Presidential election and following that, run a first overview of the important Colombian
Presidential vote coming next year (as well as Brazil’s election, further out). We also
cover the relevant news from the two Basket Case countries, Ecuador and Argentina.
 Without making the intro longer than the edition, the way in which copper rallied on
more bullish inventory data once again points to a chronic supply gap. Also, today’s
intro shows data that indicate continued sluggish demand for gold as the world gears
up for 2022. Both fit last week’s longer analysis and interpretation of the sectors.
A Santa Rally
And a welcome one too, thanks very much. The ten-day chart you see below takes in the
volatility we saw in “Fed Week” and a further drop last Monday, but after that the market
straightened itself out with broad and metals markets pointing North. GLD rose 0.7% on the
week and while the larger PM producers saw selling (GDX up 0.55% week-over-week), the
smaller and more leveraged stocks did well (GDXJ up 2.79% WoW).
1

As for the week ahead, on taking the post-Christmas market temperature today Sunday 26th
mid-afternoon most signs and plenty of pundits say we’re in for a continuation of the Santa
Rally. Fine by me if true and not a moment too soon; most capital is now deployed after
rotating into the portfolio as seen below and I see the same target-rich environment as at the
start of December. The continued rally would be better late than never.
Appetite for gold continues to lag
We dial up our preferred visuals to track gold’s momentum among the financial overlords and
wizards of Wall St, the GLD inventory charts:
GLD gold holdings, 2H21 to date (metric tonnes)
1070
1060
1050
1040
1030
1020
1010
1000
990
980
970
960
2
12/6/1 12/6/11 12/6/12 12/7/1 12/7/11 12/7/12 12/7/13 12/8/01 12/8/02 12/8/03 12/9/9 12/9/91 12/9/92 12/01/9 12/01/91 12/01/92 12/11/8 12/11/81 12/11/82 12/21/8 12/21/81
mt
source: SPDR GLD data
Last week, GLD tonnages dropped just shy of 5 metric tonnes (mt) to close at a new 2021 low
of 973.63mt, the mini-rally in ownership we saw at the start of December now fully reversed.
Meanwhile gold’s dollar price managed to go up a few notches which means the chart that
gauges appetite for the monetary metal among the big financial movers, our GLD
Inventory/Price Ratio, dropped back to 5.76X:
6.50 GLD: Inventory/Price Ratio, 2H21 to date
6.40
6.30
6.20
6.10
6.00
5.90
5.80
5.70
5.60
5.50
1/7/1202 5/7/1202 9/7/1202 31/7/1202 71/7/1202 12/7/1202 52/7/1202 92/7/1202 2/8/1202 6/8/1202 01/8/1202 41/8/1202 81/8/1202 22/8/1202 62/8/1202 03/8/1202 3/9/1202 7/9/1202 11/9/1202 51/9/1202 91/9/1202 32/9/1202 72/9/1202 1/01/1202 5/01/1202 9/01/1202 31/01/1202 71/01/1202 12/01/1202 52/01/1202 92/01/1202 2/11/1202 6/11/1202 01/11/1202 41/11/1202 81/11/1202 22/11/1202 62/11/1202 03/11/1202 4/21/1202 8/21/1202 21/21/1202 61/21/1202 02/21/1202
Source: SPDR data, IKN calcs
Not quite the low of the year but nothing in that above chart is cause for optimism. The ratio

Has spent nearly all this quarter below the 6.0X line, which in previous years served as a handy
indicator for total sentiment wash-out. Here below is the longer timescale of the same data,
going back to the start of 2016 before that year’s rally kicked in:
GLD: Inventory/Price Ratio, 2016 to date
8.40
8.20
8.00
7.80
7.60
7.40
7.20
7.00
6.80
6.60
6.40
6.20
6.00
5.80
5.60
5.40
5.20
5.00
3
61/4/1 61/61/3 61/62/5 61/8/8 61/81/01 61/92/21 71/41/3 71/42/5 71/4/8 71/61/01 71/72/21 81/21/3 81/22/5 81/2/8 81/21/01 81/42/21 91/8/3 91/02/5 91/13/7 91/01/01 91/02/21 02/5/3 02/51/5 02/82/7 02/7/01 02/71/21 12/3/3 12/11/5 12/22/7 12/1/01 12/31/21
Source: SPDR data, IKN calcs
In 2016, 2019 and 2020, seeing this particular squiggly line touch 6.0X was enough to think
we’d see a reversal in fortunes and buyers return to gold. That simply hasn’t happened in late
2021 and to illustrate, this chart below takes exactly the same data but cuts the head off the Y-
axis and adds red line at 6.0X:
GLD: Inventory/Price Ratio, 2016 to date
6.30
6.20
6.10
6.00
5.90
5.80
5.70
5.60
5.50
5.40
61/4/1 61/61/3 61/62/5 61/8/8 61/81/01 61/92/21 71/41/3 71/42/5 71/4/8 71/61/01 71/72/21 81/21/3 81/22/5 81/2/8 81/21/01 81/42/21 91/8/3 91/02/5 91/13/7 91/01/01 91/02/21 02/5/3 02/51/5 02/82/7 02/7/01 02/71/21 12/3/3 12/11/5 12/22/7 12/1/01 12/31/21
Source: SPDR data, IKN calcs
Sentiment dumped, but this time it has stayed in the dumpster. Some might blame that on
Bitcoin but I don’t see it, there’s enough room in the financial universe for more than one
alternative to the USD. Also recent weakness in BTC belies the more likely scenario, the one we
outlined last weekend when noting that currencies of all types are now offering attractive
alternatives to the USD as money reaches for yield. Yes true, gold moved up in USD terms last
week but with no obvious buying going on (see above), that was clearly gold reacting to some
near-term weakness in the USD. That showed in a DXY which dropped half a tick on
Wednesday and that would also fit into money moving towards yield in other countries. But
those are other observations for a publication that tracks junior mining companies, not world
currencies. Our main conclusion is that gold appetite remains in the dumpster, waiting for an
overdue catalyst to bring back the buyers and move GLD holdings above 1,000mt again.
Fundamental Analysis of Mining Stocks
Bunker Hill Mining Corp (BNKR.cse): One to watch from the sidelines
Last week, a company that’s been on the back burner of the junior scene for around a year and
a half since getting a corporate re-organization, Bunker Hill Mining Corp (BNKR.cse), hit the
airwaves with significant news. After spending a few hours on the story as a result, I think
there’s enough to fill this weekend’s “bare bones” edition with at least something of interest.

This isn’t going to be a long note, so in order to keep things succinct please check out the
company website (1) and, to get the quick handle on the company’s story and proposed
opportunity, the latest corporate presentation (2) does a good job of explaining what it wants
to do and how. Here today you get crib notes on why I was interested enough to run some
numbers, the decent background. The obviously serious team behind BNKR, but also why I’m
going to watch from the sidelines for the first months of its development, rather than diving in.
The Bunker Hill mine is famous in world mining circles as one of the biggest historic mines in
the “Silver Valley” of Idaho, USA. It’s also famous for the environmental mess it left once
mining stopped and finally, at IKN it’s somewhat infamous as being a vehicle which the
scamster Bobby Genovese tried to use in one of his endless string of pump & dump schemes
(he had Frank Giustra along for this ride at one point too, though these days butter hardly
melts in Frank’s mouth). The good news is that since then Genovese is gone (bar a 0.2%
shareholding he’s not even allowed to trade) and in his place, a new team of serious miners has
moved in to attempt to get the old mine cleaned up and working.
That extremely potted history complements information you’ll find at the BNKR website, now for
the news and last week, BNKR announced (3) it has reached a deal to finance its proposed re-
start of the mine with an arm of the Sprott financial empire,” Sprott Private Resource Streaming
and Royalty Corp” (led by Caroline Donally, who was headhunted from Denham Capital in 2020
to lead just this type of deal). The deal terms are somewhat complicated but the high
reputation of the Bunker Hill asset was enough to interest this desk, so after running a few
basic numbers it became clear there’s a potential trade in the works for the equity if all goes
well. Other people obviously thought so too, because…
…the stock rallied hard on the news and on impressive volume for a “Dot CSE” exploreco. As a
result, I made mention of the company on the open blog (4) and in the comments section of
that post, expressed some initial interest in the story. After that, I watched the 6ix webinar
presentation they put on and also exchanged a few mails with one of the company people, who
was both open and honest with your author at all times, while clearly being bullish about the
future of BNKR (he wouldn’t have joined otherwise, after all). To cut a long story short, the
asset has merit, the numbers “work on paper” and while the team clearly has lots of hard work
ahead to make it all happen, the prize is big enough to merit the attention of this desk. BNKR
as a junior story had “got past first base” in The IKN Weekly view, so it was time to poke
around a little more. When I did, this table caught my eye:
BNKR has 164.1m shares out, which at this weekend’s CAD$0.31 price gives it a market cap of
4

CAD$50.87m. However, it also has plenty of warrants out, with the biggest chunk from its
August 2020 financing. That was a popular round, during which BNKR looked to sell $10m of
units for 35c apiece but due to demand ended up raising C$20.1m. It sold units at 35c, with
one unit containing one share plus a full warrant priced at 50c (valid to Aug23, as seen above).
So far so good and, of course, your author was interested in who took up those shares. So
here’s the wrinkle with the CSE exchange and its rules: A few years ago, the TSXV eliminated
the need for companies to list the names and addresses of people and entities participating in
placements, but the rules of the CSE are still in that old style, so a person such as I gets to be
as nosy as they used to be and see who the takers are. Without going into detail and naming
names, the filings (5) (6) are “rich with the usual suspects” and it’s truly uncanny to see how a
company that managed to get so much immediate coverage from “The Vancouver Community”
also saw a long list of “Vancouver Community” players take part in the August placement. Now
of course, every one of them will claim innocence and I’m sure the company will insist its
dealing and placement was 100% legal, above board and proper. All good, but I don’t believe in
coincidences any longer and especially when a junior of this size and ilk can blast out the blocks
the way BNKR did last week, on volume and media noise befitting an established company
Please do not get me wrong, I am certain that BNKR today has done very well to get to where
it is. I can only imagine the amount of heavy lifting, both on site and in the corporate financial
world, that’s gone on to get the company to the stage where it could announce a solid financial
package and a clear road to re-starting the mine. I underscore one hundred times that this is
not a “scam company” or anything of the sort and, in people like CEO Sam Ash, they
have built the right team with exactly the right attitude and ability to make the Bunker Hill Mine
re-start happen. However, it’s one thing to sponsor a “serious junior” and another to stand in
front of a bunch of Junior Mining Players who’ve either been invited in for their promotional
abilities and “contacts”, or they’ve latched onto the story and company en masse anyway. In
this respect, BNKR today reminds this desk of a (financially more complex) Fiore Gold (F.v),
back when that junior started its engines and was promoted to all and sundry, only to see
massive stock sales drive the price down once the players had got what they wanted. Those
who remember that far back may recall how I waited on the sidelines, called the P+D moves
that were orchestrated by Giustra and run through pay-to-play “independent commentators”,
then, once the selling had done, I bought F.v shares and did well from them on more than one
trade. That’s the reason I’ll stay on the sidelines of BNKR during its current phase so, while I
remain very interested in BNKR and wish its team well, there’s no way I’m buying the stock
until its initial promo hype has finished and the people running the price (rather than the
company, a distinct difference) have done what they want to do.
However, if you think you can out-think and out-trade the people running Chapter One of BNKR
on the CSE (and then TSXV, it should move over soon), feel free to go ahead without me.
There are dozens of people who trade round this type of story better than I do, after all.
5

Stocks to Follow
Of the 14 stocks on our open trades list, eight made gains last week (RIO.v, CMMC.to, ARG.to,
TMQ, ALDE.v, APN.v, MIRL.cse, MENE.v and six were losers (MAI.v, DSV.v, QCCU.v, PA.v,
SMD.v, GBR.v). The biggest moves were to the upside, with Altiplano (APN.v up 28.0%) getting
a full Santa blast and Amerigo (ARG.to up 13.3%) making our new trade look very nicely timed.
With the sales last week of Argonaut (AR.to) and Aurelius (AUL.v) we’re back down to 14 open
positions, one below our self-imposed maximum. Seven stocks are in the green, the other
seven in the red, one decent week for copper and that balance will quickly shift in our favour
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v STR BUY C$0.21 13-Oct-19 C$0.51 142.9% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.63 -24.1% $1.30 1st tgt, building now
Recommended stocks (In order of preference)
Copper Mountain CMMC.to STR BUY C$3.40 18-Jun-21 C$3.34 -1.8% Top value Cu play, overweight
Amerigo Res ARG.to STR BUY C$1.27 12-Dec-21 C$1.45 14.2% 2022 Cu bet, mgmt change
Discovery Silver DSV.v STR BUY C$1.77 24-Oct-21 C$2.06 16.4% Serious Ag play, big&cheap
Trilogy Metals TMQ BUY U$1.84 15-Sep-19 U$1.68 -8.7% S32 suitor, stalled
QC Copper&Gold QCCU.v STR BUY C$0.26 25-Apr-21 C$0.295 13.5% Now drilling. Easy hold
Palamina Corp PA.v SPEC BUY C$0.295 21-Nov-21 C$0.235 -20.3% New, gold expl in S.Peru
Strategic Metals SMD.v BUY C$0.42 31-Jan-21 C$0.34 -19.0% Canada land bet+Zn in FY22
Aldebaran Res. ALDE.v SPEC BUY C$0.68 16-May-21 C$0.75 10.3% Waiting on drill assays
Altiplano Metals APN.v SPEC BUY C$0.31 17-Sep-21 C$0.32 3.2% Cheap entry, 1q22 re-rate
Great Bear Res GBR.v hold C$15.83 26-Aug-20 C$28.60 80.7% Under offer, possible counter
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.09 -53.8% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v adding C$0.66 6-Dec-20 C$0.62 -6.1% LT bet, adding slowly
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
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 tba -66.7% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
2015 to 2020 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on a few of our covered stocks:
Argonaut Gold (AR.to): POSITION CLOSED. As I wanted this cash for additions to Amerigo
(see below) I cauterized early, even though I suspected that AR would rally into the end of the
6

week once the fools such as I were done. That turned out to be the case, the stock getting
tailwinds on the Santa Rally and proving once and for all how bad I am at near-term timing. It’s
not something I try to hide ladies and gents, know your enemy before engagement.
The news and reaction to AR in December was a gut punch to the portfolio to end the year and
not one I’ll forget quickly. However, I do get to ignore it in print after today (or at least try to).
Gone but not forgotten, some losing trades hurt more than others.
Aurelius Minerals (AUL.v): POSITION CLOSED. I didn’t sell all my shares last week, which
is why you have tba above but it’s going to be a loss of around 66%, so I left a red number as
well. AUL rallied back on the Santa Rally and good for them. Though a big percentage loss
(when fully confirmed), these are the trades that you size small so that if they fail, don’t hurt in
real terms. Losing at explorecos is part of the territory, like it or not. The only thing to do is
own your failure and try to draw lessons from it for the next time. In this case, my lesson is
perhaps to see the writing on the wall earlier and sell at a lesser loss than this.
Amerigo Resources (ARG.to): ADDED. Frankly, selling Argonaut (AR.to, above) hurt much
less thanks to ARG last week. Firstly, the decision to move over to this stock and get a potential
bargain price thanks to “The Boric Effect” on Monday worked like a charm, the serendipitous
timing of the left-wing victory saw the type of knee-jerk sell-off this desk imagined. But then, as
the week unfolded, ARG first rebounded quickly and then broke into new trading territory faster
than this desk imagined and with my money safely on board:
For once, some lucky timing with a purchase and I’ll take it. The cat seems to be out the bag on
the reasons behind this trade, as volume in what would normally be a quiet trading week was
also indicative of fresh money and accumulation. We await the first real test of our 2022 theory
around ARG and its future, that’s the 4q21 production NR, plus the promised guidance for the
year ahead and also any news on dividend payment for the quarters to come. The game is
afoot.
Great Bear Resources (GBR.v): No reason to sell yet, but another week with no news or
much of a hint about a competing bid means we’re moving away from a competition for GBR.
So be it and I’ll still be happy with the approx 80% win once this trade closes. Holding, because
you never know.
Discovery Silver (DSV.v): DSV couldn’t hold onto the momentum of the strong gains we saw
the week before last and profit-taking showed
up, as seen in this chart pitching DSV against
the metal (SLV proxy) and its sub-sector (SIL
proxy). But there’s no way to be disappointed in
the way this stock has responded since silver
the metal bottomed out. And profit-takers are
allowed to take profits of near-term trades, this
is silver after all and highly volatile.
7

Minera Alamos (MAI.v): Another block trade came out of the stock Thursday, with 2m
shares taken from the Jabba Iceberg. We may be near to the moment when a large trade takes
the whole of the iceberg away or we may not, though eventually the logjam will clear. Just hold
yours and relax, or take the opportunity to add if you have room, fundies will out in the end.
The Copper Basket
After fifty-one weeks of 2021, The Copper Basket shows a gain of 23.57% 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 1705.43 15.86 160.9%
2 Copper Mtn CMMC.to 1.81 207.5 693.05 3.34 84.5%
3 Oroco Res OCO.v 1.85 192.584 387.09 2.01 8.6%
4 Marimaca Cop MARI.to 3.25 87.737 322.87 3.68 13.2%
5 Western Copper WRN.to 1.57 135.798 266.16 1.96 24.8%
6 Amerigo Res ARG.to 0.80 181.79 263.60 1.45 81.3%
7 Excelsior Min. MIN.to 1.12 273.585 119.01 0.435 -61.2%
8 Regulus Res. REG.v 1.07 101.85 103.89 1.02 -4.7%
9 Aldebaran Res. ALDE.v 0.455 125.24 93.93 0.75 64.8%
10 C3 Metals CCCM.v 0.115 438.56 65.78 0.15 30.4%
11 Element 29 Res ECU.v 0.45 68.281 39.60 0.58 28.9%
12 Doré Copper DCMC.v 1.00 53.304 37.85 0.71 -29.0%
13 Chakana Cop PERU.v 0.60 111.41 26.74 0.24 -60.0%
14 Chibougamau CBG.v 0.165 53.077 12.21 0.23 39.4%
15 US Copper USCU.v 0.105 87.53 6.56 0.075 -28.6%
NB: All stocks in CAD$ Portfolio avg 23.57%
With one week to go in 2021’s trading year, The Copper Basket gave us a modest overall gain
thanks to Seven weekly winners (SLS.to,
CMMC.to, WRN.to, ARG.to, ALDE.v, 60% The Copper Basket 2021, weekly evolution
55%
DCMC.v, CBG.v), six weekly losers (OCO.v,
50%
MIN.to, MARI.to, REG.v, PERU.v, CCCM.v) 45%
40%
and two unchanged stocks (ECU.v,
35%
USCU.v). The biggest loser was Chakana 30%
25%
Copper (PERU.v down 9.4%), while the
20%
only double figure percentage move in 15%
either direction came from Amerigo 10%
5%
Resources (ARG.to up 13.3%). That leaves 0%
the annual chart showing signs of its own
Santa Rally into the last week, so let’s see
what Omicron can do about that  and
before we move on, a quick note for fellow
nerds: As next week closes for business on
Friday December 31st, that’s where we’ll
mark the last date on The Copper Basket
rather than on Sunday January 2nd 2022. In
other words, next week has five days, not
seven .
The engine of the copper stocks rally was the
copper price rally and as this March futures
chart shows, once again we’re bumping up
against the ceiling U$4.40/lb level that’s held
8
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 ht41 ts12 ht82 ht5ced ht21 ht91 ht62
source: IKN calcs

(aside from the flash in the pan in October), for a good six months. So yes, we’ve been here
before and nobody should hold their breath for a breakout this time of year while traded
volumes are low, but it’s going to break at some point. Also, I’d rather be at $4.40/lb than
$4.20/lb.
No separate macro sector comment this week, instead we move straight to the inventories data
as that’s where the only real news is to be found.
 The aggregate total of copper stocks in the world’s three official systems totals 174,536
metric tonnes (mt) this weekend, down 3,413mt from this time last week. However,
inside that total there’s a couple of interesting moves.
 The focus once again is Shanghai’s SHFE, as it lost another 7,409mt last week to close
at a new modern era low of 27,171mt. That makes over 14kmt lost from stocks in the
last two weeks and another sign that end-users really are scrambling to cover 2022
inventories for the period up to the Chinese New Year. Stocks are scraping the bottom
of the barrel in Asia, it’s that simple.
 Asia got no relief from the LME, which saw a total add of just 125mt but as that was
arb between Europe and The USA, its Asia inventories hardly moved. This weekend’s
LME total is 89,725mt, still very low.
 And finally a real shift at the Comex, which seems to have attracted arbitrage action at
last and saw 3,871mt added to stocks, finishing at 58,090mt. If that repeats in the
weeks to come, we may have a shift in power on our hands that would ostensibly be
bullish for the metals’ pricing. It certainly would be interesting to see whether The USA
starts to use the futures market to price up copper in China.
Here’s the Shanghai-only inventories chart:
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
9
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 ts12
Mt Cu
|
source: Cochilco
That’s a record low, on the right, just when you (and I) thought it was bottoming out. Just one
brief note on one of the basket stocks
Chakana Copper (PERU.v): Considering that PERU.v has promised a Maiden Resource
Estimate for its Soledad tourmaline breccia pipe
project by the end of 2021, we can only
assume that it delivers the NR in the next few
days. We also assume that Gold Fields (GFI)
only sponsored this company and raised its
participation to 19.99% in February due to the
potential for a deep porphyry at the project,
because spending 50c a share on this exploreco
in 2021 doesn’t look smart any longer. With the
MRE out the door, expect PERU.v to try a Hail

Mary on some deep holes next year (and don’t hold your breath for discovery, it will be the
third company that’s tried). It cost me money in 2018, but I am glad to have worked out
PERU.v was a waste of time. Flashy drill results do not a project make.
The Producer Basket
After fifty-one weeks of 2021, the Producer Basket shows a loss of 12.86% to level stakes:
Mkt Cap
company ticker price 1/1/20 Shares out (U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 805 47.92 59.53 -0.6%
2 Barrick GOLD 22.78 1778.04 33.02 18.57 -18.5%
3 Agnico Eagle AEM 70.51 244.187 12.60 51.60 -26.8%
4 Kirkland Lake KL 41.27 267.056 10.90 40.82 -1.1%
5 Kinross Gold KGC 7.34 1261.07 7.02 5.57 -24.1%
6 Endeavour Min EDV.to 29.62 252.568 5.86 27.85 -6.0%
7 Pan American PAAS 34.71 210.262 5.26 25.02 -27.9%
8 B2Gold BTG 5.60 1051.697 4.05 3.85 -31.3%
9 Alamos Gold AGI 8.75 392.739 2.96 7.53 -13.9%
10 Pretium Res PVG 11.48 187.833 2.62 13.96 21.6%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -12.86%
A mini-Christmas miracle saw our Producer Basket list overtake the benchmark GDX with just
one week to go, only a couple of weeks after what seemed like the nail in the coffin when
Kinross agreed terms with Great Bear. But hope has sprung eternal and the rally in lower
market cap companies has suited our list over the GDX. We’re left with a slender 0.24% lead,
as all ten of our charges made gains, from the modest 0.4% added by Kinross to the decent
moves made at the bottom of the list (EDV.to up 3.9%, AGI up 4.0%, BTG up 4.3%, PVG up
4.3%). Those Tier 2 names made the difference (GDXJ moved up 2.79%) but it’s still neck-and-
neck into a final week which, like the Copper Basket above, gets dated to Friday December 31st.
Next weekend sees the new Producer Basket list. There will be changes as Pretium (PVG) and
Kirkland (KJL) are being bought out and won’t exist soon. The big names of NEM, GOLD and
AEM are difficult to ignore and will stay, but overall there are four new names coming in. Or
maybe five…still not totally decided .
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%
-1.0%
-2.0%
Kinross (KGC) and Barrick (GOLD): With another week gone since the Great Bear (GBR.v)
acquisition news, it’s now noticeable how many sector talking heads are comfortable about
public calls that Barrick wouldn’t try to out-bid Kinross for the exploreco and its Dixie prize.
That’s less a function of their insider knowledge, more simple calendar counting. However,
Kinross will certainly be a component of The Producer Basket next year as the other part of the
potential equation comes into play; perhaps Barrick is biding its time and will try to move on the
newly consolidated Kinross once the deal consummates. No predictions yet, but this section of
10
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 ht41 ts12 ht82 ht5ceD ht21 ht91 ht62
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 ht41 ts12 ht82 ht5ceD ht21 ht91 ht62
ikn
gdx control source: Google, IKN Calcs

The IKN Weekly is built for observing this size of PM producer so we’ll be watching closely.
The Tiny Dogs
After fifty-one weeks of 2021, the Tiny Dogs show a gain of 11.09% 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 12.94 0.195 -4.9%
Aston Bay BAY.v 0.045 163.975 9.84 0.06 33.3%
Constantine Met CEM.v 0.17 45.4 24.97 0.55 223.5%
Contact Gold C.v 0.115 240.757 10.83 0.045 -60.9%
Golden Pursuit GDP.v 0.22 40 5.20 0.13 -40.9%
Manitou Gold MTU.v 0.045 230.79 13.85 0.06 33.3%
Precipitate Gold PRG.v 0.240 106.241 10.09 0.095 -60.4%
QC Copper QCCU.v 0.315 105 30.98 0.295 -6.3%
Red Pine Expl RPX.v 0.400 95.806 48.86 0.51 27.5%
Warrior Gold WAR.v 0.090 91.818 5.51 0.06 -33.3%
Prices in CAD$, data from TSXV basket avg 11.09%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
chosen under the following criteria to put together a list representing the state of play in the
sub-sector of tinycap exploration company stocks. At least, that’s the plan.
 Market capitalization of under $20m. They have to be tiny. In two cases I’ve stretched the window a
little and allowed sub-U$20m market capper in that are just over the C$20m level, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right
size, but it was a particularly depressing exercise to trawl through the whole of the TSXV and find companies
that are small enough, but with life in them. The vast majority of sub-$20m stocks are broken stocks, either
traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2020. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
The basket average dropped a couple of points, influenced by five week-over-week losers
(BAY.v, GDP.v, MTU.v, QCCU.v, WAR.v) against three winners (ANTL.v, CEM.v, PRG.v) and two
unchanged stocks (C.v, RPX.v). With that, we
24% Tiny Dogs, 2021 weekly tracker
limp in to the last week of trading and while
20%
we shouldn’t expect much change, years with
16%
strong Santa Rallies often find the occasional
12%
tinycap making big percentage moves into the 8%
new year. If one of those happens to be on 4%
this list we may get a rousing finish, but it’s all 0%
moot. -4%
-8%
Next week we unveil the new list of Tiny Dogs -12%
and this list will see the most changes of all. A
few companies stay, most will be new names
for a fresh new year.
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 aretrictly neutral.
11
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 ht41 ts12 ht82 ht5ced ht21 ht91 ht62
source: IKN calcs, TSX data

Regional politics
Chile and President-Elect Gabriel Boric
The reaction to last Sunday’s election result went largely as expected by these pages and to
illustrate, here’s the iShares Chile stock market tracker ETF (ECH) as model:
We expected a knee-jerk dump on the news that “The Lefty” had won and that dump duly
arrived, but Monday’s U$21.52 close turned out to be eminently buyable and ECH managed to
recover more than a dollar before the end of the shortened market week. Meanwhile, the
outside world has begun to see much of the screaming about the “Commie Invasion” was about
election campaigning. On that score and to his great credit, losing candidate José Antonio Kast
did more honourable job of losing than the runners-up of many other Presidential elections in
other countries (e.g. Peru). Perhaps the 11-point gap helped, but Kast’s manner of accepting
defeat was universally applauded, nationally and internationally. A lesson that Brazil, just for
one country, should remember next year.
As for the mining industry, the massive sell-off predicted by social media fools simply did not
happen and for a simple reason. Though the Boric government will almost certainly enact the
royalty law proposal that made headlines in May 2021 when passing the lower house in Chile,
you don’t get to punish a sector twice for the same reason and the news was already largely
baked in, as this chart of Antofagasta (ANTO.L) demonstrates:
This stock was typical in having its Monday knee-jerk sellers, but the price also recovered and
confounded the prophets of doom. Finally, please recall Chile’s so-called “royalty law” is not yet
finalized, has already seen preliminary watering down of its effects and will only apply to copper
and lithium operations without previously agreed tax stability agreements in place. As for the
specifics, Boric pledged during the election campaign (7) to create a royalty on copper (and
lithium) sales and to add a sliding scale tax that would come to 1% of country GDP. While this
will clearly hit the bottom lines of private miners in Chile, the upside includes the “lowering of
tensions” with the growing environmental lobby as the funds received would go towards green
12

projects to improve Chile’s environmental footprint. Also, we underscore that gold or other
precious metals projects are not in the line of fire, so feel free to buy Rio2 at these prices. It’s
still an impressively cheap opportunity in the best mining jurisdiction in Latin America.
Finally, the official stance of Chile’s mining sector is well worth noting as, if we take the Chilean
Chamber of Mining (Camara Minera de Chile) as our guide, it was as reasonable and measured
as Kast during his dignified concession. The Chamber wrote on Monday December 20th (8)
(translated):
“We reinforce the importance of thinking in “green mining, in a planetary mining sector
that respects and brings dignity to humans, communities and nature, because the
world today is in ever greater need of a Chile that maintains its production leadership
to being plans of electro-mobility to fruition, in order to help decontaminate the planet
and mitigate climate change.
We reiterate our congratulation to the President-Elect of the Republic and our interest
in being expert collaborators in mining matters.”
Not exactly screaming “Commies Out!” like the English-speaking Twitter world, are they?
Colombia: A first overview of its 2022 Presidential election
First the dates and the rules: Colombia goes to the polls to elect its new President on May 29th,
and in the highly likely scenario that no candidate gets 50% +1 vote, the run-off between the
top two candidates happens on June 19th. The winner then gets four years in office, replacing
current President Ivan Duque.
Though players are already in “pre-campaign” mode and touring the country, the race isn’t
likely to begin in earnest once Colombia comes back from its January vacation season and
things start getting hot after the selection processes for the candidates from the political left,
centre and right. However, we already have something of a field appearing and as this election
will be very important for the country, the South America region and for the mining sector in
Colombia, today we mark your cards for the first time. Expect coverage to continue here at The
IKN Weekly as the first half of 2022 unfolds but at this point, the coalitions of parties in each
political bloc haven’t chosen which figure will lead them to the polls. In the case of the left wing
and likely the centre we can be fairly sure, the right wing is more difficult to call today, but they
will choose their person before too long and the field will then solidify. However, this election
also has an emerging wild card candidate who has been making progress in early polls. Here’s a
thumbnail on each corner:
To the left we have Gustavo Petro, who is a near-certainty to win the left wing coalition
nomination. The runner-up in 2018, lefty Petro lost to Ivan Duque and even at this early
stage, seems guaranteed to bag his place in the near-inevitable second round run-off for the
next President of Colombia. His left-leaning ticket hasn’t changed much in style or substance
in the last four years, but Colombia’s social unrest has moved the country towards his
politics. Be warned, mining people, he has a clear anti-mining agenda and just this week
was in Jericó, home to the AngloGold Ashanti Quebradona project, vowing not to allow
mining to take place in the region.
In the centre we have Sergio Fajardo: In 2018 Fajardo came in third place in the first
round of voting, just behind Petro. At that time he vowed never to run for President again
but, in classic politico style, he’s up and running for the 2022 job and is clear favourite to
win the Coalición Centro Esperanza (Centre Hope Coalition) nomination. Until recently
second in early polling, he is well-known nationally and has his chances.
To the right it’s a more difficult call: There are plenty coalition parties, each with their
candidate. At this point there are several in with a shout to be the right wing candidate on
May 29th so at this stage, it’s better for us outsiders to consider the right wing vote as a
bloc rather than behind a name. That said, this desk would very tentatively put forward
Oscar Ivan Zuluaga, from the still powerful Alvaro Uribe’s party and losing candidate in the
13

2014 election, as the potential pick. Even if he isn’t the eventual choice, the winner of the
internal coalition battle will be seen as the dauphin of current President Duque and there to
move forward the same type of agenda. The fact that Duque is leaving as an unpopular
President won’t help the right’s cause.
The wild card is Rodolfo Hernandez: Despite his age, he’ll be 77 next year, Hernandez
is without doubt the wild card in this year’s field and is already shaking up the field with his
populist attention grabbing style. A successful businessman in the housing and residential
land sectors, specifically around his home region of Bucaramanga, Hernandez has vowed to
make no pact or coalition with any other party (rare in Colombia) and even rarer, is funding
his own campaign. So far he’s made lots of noise on classic political talking points such as
corruption, security and migration, but his proposals are more difficult to pin down aside
from an insistence that he is a capitalist through and through. If you had to compare him to
a known entity, perhaps Ross Perot and his independent bid for the US Presidency comes to
mind, but with a much sharper and polemic style modelled on recent populist politicians
around the world (he has hired a couple of experienced Argentine publicists to run his
campaign). He has recently risen to be a clear second in recent polling, but as the final field
from the internal selection processes for the other candidates isn’t known yet that rise may
be short-lived. Or perhaps not, as he is clearly resonating in a Colombia fed up with the
same old same old political scene.
As for polling, early numbers have lefty Gustavo Petro in a clear lead with between 25% and
30% of national voter intention. Then comes wild card Hernandez on perhaps 13% to 15%
after recently moving up. Behind those two is a big mix, with all other candidates under 10%
but that will likely change once each coalition has its internal elections and picks its single
candidate. There’s still a long way to go and we will have a clearer idea of the field and its
potential in February or March.
Brazil’s 2022 Presidential election
Before we leave and after going into some detail on the upcoming Colombia Presidential
election, a word is required of “the big one” in South America later next year as, on October
2nd, Brazil will vote its next President and even at this early stage it looks as though we’re on a
collision course between incumbent right wing Jair Bolsonaro and perhaps Brazil’s most famous
(infamous?) political figure, Lula da Silva of the left wing Worker’s Party. In recent weeks,
Bolsonaro has opened the government purse strings and offered financial aid packages to the
lowest economic sectors, clearly with the election in mind. This policy has seen him cut into
Lula’s early polling lead and, even though the field is open to other candidates, a tight race
between ideologically very distinct parties and styles is set to rock LatAm’s biggest and most
important economy. Lula has vowed revenge of sorts for what he sees as his jailing and the
usurping of power by the far right wing. As for Bolsonaro, his world headline making policy
moves around Covid-19 may come back to haunt him and he knows he’s fighting for not only
his political life, but probably his own liberty as prison looks likely if he loses. Regarding that,
he’s already adopted a slogan for his 2022 campaign of seeing three paths for his future;
arrest, assassination or re-election. It promises to be a wild ride and one’s that’s impossible to
call at this point.
Ecuador: CONAIE moves against President Lasso’s pro-mining decree
In 2021 we saw the opening skirmishes between (still relatively new) pro-business and right
wing President Guillermo Lasso and the opposition forces in Ecuador, but the gloves are now
coming off. Top of the list this weekend is the battle now brewing between Lasso and
indigenous umbrella group CONAIE, its leader Leonidas Iza and the political wing of CONAIE,
the Pachakutik party with its large bloc of seats in Ecuador’s parliament. What’s more, mining is
now one of the central issues of the growing fight.
Cutting a long story as short as possible, CONAIE and the Lasso administration broke off talks
in November on a range of matters as the government pushes it pro-business agenda, with
CONAIE accusing Lasso of “lie after lie” and vowing to fight all types “neoliberal policies”. Then
14

on Tuesday Lasso upped the ante (9), accusing Iza of creating “an atmosphere of
anarchy…outside the institutional framework of the country and outside of democracy.”
President Lasso then said Iza would find himself up against the full force of the State and with
his “bones in prison” (a particularly ugly imagery), to which Iza replied (after wishing him a
happy Christmas), “President of the Republic, don’t take that fascist attitude; this simply
demonstrates his inability to solve problems of Ecuador’s people.”
Suffice to day, no love lost between the two sides recently and the deterioration of the
relationship covers several subjects. Then on Wednesday, CONAIE threw into the mix a new
case against Lasso’s August 2021 “decree 151”, on which Lasso is betting on to reactivate
Ecuador’s economy (10). Decree 151 included several different economic initiatives, including
specific ones to promote the mining industry. CONAIE Amazon Frontlines, the other pressure
group supporting the petition to the CC, have opened a case against the decree at the country’s
Constitutional Court (CC), the same body that recently made international headlines (and
Leonardo di Caprio happy) by reversing the Los Cedros concession (see recent editions).
CONAIE’s complaint is that the government cannot impose new concessions without prior
consultancy of locals, which will now become a test case as with the Los Cedros decision there’s
a clear precedent.
Specifically, the CONAIE denounced that Decree 151 is attempting to create new mining
concessions and make environmental permits easier in order to attract more investment in the
sector, but without “contemplating the conflicts that already exist, or the repeated violations of
human rights, collective rights and the rights of nature, specifically provoked by the mining
industry in the country.” CONAIE and Amazon Frontlines say Decree 151 is unconstitutional, as
it was published without the necessary prior consultancy and “puts the interests of private
businesses before the rights of people, communities, peoples and indigenous nationalities and
of the rights of nature.” It kind of goes without saying, but the CC rules in CONAIE’s favour it
will be another strike against for Ecuador’s “nascent mining industry” (as the cliché goes), but
the suit is also symptomatic of the rising ill-feeling in rural regions towards the Lasso
government, just this time they’re using mining as the piñata. The house call to avoid Ecuador
hardly needs more evidence, but last week brought more.
Argentina: Chubut rolls back the Zonification law
I could write reams on this, instead I’ve enjoyed my Christmas weekend and will keep it short.
Despite the way in which Governor Mariano Arcioni decided to repeal the law passed by his
parliament two weeks ago, there’s still plenty of life left in the “Zonification Law” and Pan
American Silver (PAAS) will now get national backing for its cause. The scenes out of Chubut
region, in which 17 buildings were ransacked by protesters as near-riot conditions broke out,
will also play a part in the future politics of the law project and against a Left wing that is
looking increasingly like the bad actors in this issue. Arcioni’s call for a region-wide referendum
will also be difficult to apply and above all players, he is the one that has lost most political
capital in a combination of playing his cards badly and seeing support withdrawn from his cause
by key allies, many of whom will now promote the law project for their own political gain. This
issue is complicated regionally but, with the increased likelihood of the national executive
getting actively involved, the law may see passage in 2022 after all. It’s certainly not as dead as
people in North America seem to think.
Market Watching
Mexico: Fortuna Silver (FSM) (FVI.to) and its local consultancy
One day after publishing that Fortuna Silver may have a “capitalist solution” to its permit issues
at San José, the company announced (11) that it had received its permit renewal from
SEMARNAT and the stock price flew:
15

However, the gap-up move from U$3.25 to U$4.00 approx still leaves plenty to recover since
the original news dropped and there may be a reason for that:
As noted last weekend, the circumstances around the SEMARNAT decision are somewhat
opaque, as the original edict from Mexico’s environmental body was to get prior consultancy
from 10 local communities around the mine but, in the end, six of those were ignored and the
ones that didn’t see SEMARNAT collect votes were the most against the mine. The local
pressure group has demanded an explanation and told reporters that according to SEMARNAT,
no formal EIA has been emitted. The anti-miners are demanding that SEMARNAT come clean
and tell the world whether FSM has been given its extension or not because if it has, it would
mean the environmental body has betrayed locals and “walked all over its rights” (12). There
may be more to this apparent result than meets the eye but for the time being, it seems that
FSM and its three “friendly politicians” from the ruling MORENA party have won the day.
However this is not a story I’d like to bet the farm on in 2022, as despite the favourable ruling
the local community obviously isn’t done with its campaign. Add in the poor ramp up at Lindero,
then the questioned Roxgold acquisition and on top of all that, the opaque way in which its
management team seems to like doing business and a Gertrude Stein quote comes to mind, so
to paraphrase the great lady, “Fortuna Silver has a certain syrup, but it does not pour.”
Conclusion
IKN657 is done, we end with bullet points:
 Done in 19 pages, not the shortest but definitely easier to write than the last two
editions . Next week’s won’t be the longest either, but we will wrap up the 2021
Copper, Producer and Tiny Dog baskets and present the 2022 lists. Expect potted
biographies on the new companies on the lists, along with why they’ve been included.
 The open blog may well remain quiet for a few days, as I have plans to do “other
16

things” for at least Monday and Tuesday. However, the main plan is to launch into 2022
will all batteries at full charge and raring to go.
 Be long copper. And as this is the last edition of The IKN Weekly for 2021, allow me to
wish all readers of The IKN Weekly a healthy and prosperous New Year with peace and
good cheer for you all. And be long copper.
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.bunkerhillmining.com/
(2) https://www.bunkerhillmining.com/investors/presentation/
(3) https://www.bunkerhillmining.com/news-and-media/news-releases/bunker-hill-announces-50-million-project-finance-
package-mine-purchase-and-us-epa-settlement-agreement-amendment
(4) https://iknnews.com/dear-bunker-hill-miningbnkr-cse-heres-the-deal/
(5) https://webfiles.thecse.com/Tranche_1_CSE_Form_9_-_Notice_of_Issuance_of_Securities_-_August_13_2020_-
_FINALv2.pdf?uohCnTjlohNdorGSP_jFmHJ7enxL2Wfo=
(6) https://webfiles.thecse.com/Tranche_2_CSE_Form_9_-_Notice_of_Issuance_of_Securities_-_August_26_2020_-
_executed.pdf?Zq0RnHmmd1Wj5yL1Dr0eFD.aYLqpyk1S=
(7) http://spanish.china.org.cn/economic/txt/2021-12/21/content_77944013.htm
(8) https://www.elzorronortino.cl/energia-y-mineria/camara-minera-de-chile-felicita-al-presidente-electo-de-la-republica/
(9) https://www.france24.com/es/minuto-a-minuto/20211222-lasso-acusa-de-generar-anarqu%C3%ADa-en-ecuador-a-
l%C3%ADder-ind%C3%ADgena-que-lo-tilda-de-fascista
(10) https://www.infobae.com/america/agencias/2021/12/23/indigenas-piden-la-anulacion-de-un-decreto-que-extiende-
la-mineria-en-ecuador/
(11) https://www.jornada.com.mx/notas/2021/12/21/estados/demandan-a-semarnat-aclarar-si-autorizo-ampliar-mina-en-
oaxaca/
(12) https://fortunasilver.com/investors/news/fortuna-receives-san-jose-mine-environmental-impact-authorization/
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
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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
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
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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
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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