IKN #658Premium

The IKN Weekly
Week 658 January 2nd 2022
Contents
This Week: Trade heads-up, In Today’s edition, The Santa Rally came through.
Fundamental Analysis: The New Copper Basket List, The New Producer Basket List, The New
TinyCaps Basket List.
Stocks to Follow: Trilogy Metals (TMQ), Amerigo (ARG.to), Great Bear (GBR.v), Discovery
Silver (DSV.v), Minera IRL (MIRL.cse), Mene Inc (MENE.v), Minera Alamos (MAI.v).
Copper Basket: Overview, year-end wrap-up, Aldebaran (ALDE.v).
Producer Basket: Overview, year-end wrap-up.
TinyCaps Basket: Overview, year-end wrap-up.
Regional Politics: A snippet on Josemaria Resources (JOSE.v).
Market Watching: Buying McEwen Mining (MUX).
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
Trade heads-up
I’m a buyer of McEwen Mining (MUX) in the week ahead but, as explained on the blog on
Friday, there’s going to be precious little analysis and reasoning for the trsade until next
weekend. Today I’m simply calling the trade and then getting back to the last few days of the
holiday season break.
Expect the full analysis in IKN659, next weekend, but there is a brief extra note stuck down in
‘Market Watching’ today. As in brief.
In Today’s Edition
 This is the final abridged edition of the festive period, with content lacking in most of
the normal departments. Full service returns next weekend, thank you for your
understanding and a Happy New Year to you all.
 However and as per the normal first edition of every year, we wrap up the three basket
sections and put a line under 2021 while doing so.
 There’s also plenty of content in the main Fundamentals section, as the new Copper
Basket, Producer Basket and TinyCap basket compositions and components are
unveiled. As it happens, there’s more content than usual in these presentations because
the main Copper Basket is going to be an important tracker for the year ahead. As for
the other baskets, I decided to write a little on each company no matter established or
new this year.
 The only section close to its normal size (apart from the fundies note and its 26 brief
company biogs) is The Copper Basket, as once again the market is flashing clear bullish
signals. Be long copper, ladies and gents, it’s the best call I have for you this year.
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 Finally, I am planning to buy an opening position in McEwen Mining (MUX) next week,
even though I don’t really tell you why. The reasons come next Sunday in IKN659, once
I’m off my break. Apologies in advance for being lazy.
The Santa Rally came through
Also mentioned this time last weekend, sure enough and ho ho ho…
…Santa delivered a happy holiday for one and all. No more in the intro today though, I’m sure
you can live without another weekend of random musing on metals prices and Fed decisions.
Fundamental Analysis of Mining Stocks
The new Copper, Producer and TinyCaps lists
This weekend’s shortened edition allows your author a break “from all that stuff”, so normal
stock analysis is thin on the ground. However, we do get important groundwork done for the
year ahead by introducing the components of the 2022 tracking baskets. Below please find the
new Producer Basket and TinyCaps baskets but to kick off today, the list that will probably
matter the most in 2022.
The New Copper Basket List
Here’s the brand new table, find notes below:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Copper Mtn CMMC.to 3.42 210.166 718.77 3.42 0.0%
2 Oroco Res OCO.v 2.04 192.689 393.09 2.04 0.0%
3 Marimaca Cop MARI.to 3.77 88.028 331.87 3.77 0.0%
4 Nevada Copper NCU.to 0.71 446 316.66 0.71 0.0%
5 Western Copper WRN.to 2.00 151.426 302.85 2.00 0.0%
6 Meridian Min MNO.v 1.18 153.735 181.41 1.18 0.0%
7 Hot Chili HCH.ax 1.75 109.223 191.14 1.75 0.0%
8 Regulus Res. REG.v 1.06 101.845 107.96 1.06 0.0%
9 C3 Metals CCCM.v 0.16 645.379 103.26 0.16 0.0%
10 Aldebaran Res. ALDE.v 0.84 114.495 96.18 0.84 0.0%
11 Kutcho Copper KC.v 0.88 103.94 91.47 0.88 0.0%
12 Doré Copper DCMC.v 0.79 66.123 52.24 0.79 0.0%
13 Element 29 Res ECU.v 0.58 79.24 45.96 0.58 0.0%
14 QC Copper QCCU.v 0.34 129.06 43.88 0.34 0.0%
15 Coast Copper COCO.v 0.13 41.335 5.37 0.13 0.0%
NB: All stocks in CAD$, except HCH.ax in AUS$ Portfolio avg 0.00%
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Before talking up the new list, a quick line or three on why the six stocks removed from the list
have gone:
 Solaris Resources (SLS.to): Now too big for our purposes, its C$1.8Bn market cap is a
triumph for the company but doesn’t fit our mandate of sub-$1Bn companies.
 Amerigo Resources (ARG.to): The two reasons to remove ARG are firstly, we have
decent number of stocks in the C$300m market cap level in this year’s list, one more
this size would make things too top-heavy. Secondly, as ARG is now a personal long
position we’re going to follow it closely in the ‘Stocks to Follow’ list. The plan is to hold
ARG for the longer-term as the trade and its boardroom changes unfold, no need to
cover it in two places.
 Excelsior Mining (MIN.to): It’s one thing to be a failure in 2021, another to show as a
broken stock and that’s what MIN is these days. With plenty to do to turn itself around,
Excelsior is dropped in preference to others of its market cap size.
 Chakana Copper (PERU.v): This is also a broken story and name, easy to drop. PERU is
not only a disappointment at Soledad, but has made rookie errors on a corporate level
over the years. Enough of its feckless management, we’ll leave it to GFI to nanny.
 US Copper (USCU.v): This was included last year as a potential example of a tinycap
that would get heavy promo and turn out to be more style than substance. That’s
almost exactly what happened, we thank it for participating and find a different
company as replacement.
 Chibougamau (CBG.v): I debated leaving this one in, but in the end and with QC
Copper now a member of The Copper Basket, it would have meant too much
concentration around Quebec names (as DCMC.v also stays on the list). A land/area
play more than straight exploreco, it’s still a reasonable speculative proposition but
preferred to others in this year’s representative list.
With the old gone, it’s time to present the 2022 components but before we get to the newbies,
the briefest of paragraphs on the survivors from the 2021 list. We always have one market
capper that’s bigger than the rest and although I own it, Copper Mountainc (CMMC.to) is the
best fit for the job so, slightly against my own preferences and will, gets the nod. Western
Copper (WRN.to) handily priced its stock at exactly C$2.00 at Friday’s close, but the real reason
is its bellwether status in the sector. Oroco (OCO.v) still looks interesting but the price is the
question and I’m intrigued enough to follow its fate. Marimaca (MARI.to) has recently lost its
Chile-based COO and now needs to deliver on plans. Next we have the sister companies
Regulus (REG.v) and Aldebaran (ALDE.v) and both now need to deliver on drilling to please
retail, both also need to avoid any further political controversy. Of the two, ALDE is the most
interesting as I’d take Sibanye over Buenaventura as partner any day of the week. C3 Metals
(CCCM.v) stays on but looks overpriced, while down at the bottom Element 29 (ECU.v) looks
cheap if it can show well with the drill at its two projects in Peru. Finally, I was in two minds on
whether to cut Doré Copper (DCMC.v) but, as the stock doesn’t have that broken look (yet), it
stays another year.
That’s the preamble done, now for the main course and below are brief overviews on each of
the six new components, plus a price chart from 2021 (normally 12 months) for context. So
without further ado and descending market cap order…
Nevada Copper (NCU.to): An unmitigated disaster and permanent money pit for main back
Vladmir Iorich (Pala Investments) since its inception, a look at the ten-year chart of Nevada
Copper (NCU.to) (1) gives an idea of the way the share price rollbacks and debt-laden balance
sheet has weighed on the company over the years. Take a good look at the Y-axis scale, ladies
and gents.
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However, NCU is back on the Copper Basket list this year because it’s just come out of another
round of capitalization and funding, shares rolled back and some of the debt pile relieved. It’s
also in production at Pumpkin Hollow, so maybe just maybe the “jam tomorrow” this company’s
board has promised for years finally shows up. The issue will continue to be its balance sheet
and the whole exercise seems to me to be another attempt by Iorich to claw back some of the
capital sunk into the company. With 446m shares out and a 2021 close of C$0.71, NCU isn’t a
cheap producer either and needs to start showing bottom line profits, rather than just
breakeven on operations. Often seen advertised online in places where casual investors look,
rather than mining sectors specialists, I’m not holding my breath on this stock but it’s an
interesting one to add to the list this year, if only to follow its financial progress. The 12-month
chart shows how trading interest has picked up in the last quarter and the stock does plenty of
volume (so perhaps those online promos work, after all).
Meridian Mining (MNO.v): Next newcomer for the 2022 list is Meridian Mining (MNO.v) (2),
unlike NCU a brand new company and an exploreco, developing the project in Brazil. It made
great strides last year, as seen in the six-month chart below which shows its IPO and progress
on the Canadian TSXV, since 3q21. The Company’s priority is on the Cabaçal project in Mato
Grosso State ans since acquiring this VMS project sat next to a past producing mine, it has
delivered the type drill results from its well-funded 10,000m program you’d want from this type
of deposit, the geology of VMS lenses now better understood. With nearly 154m shares out and
its price climb in the last six months, MNO is already a C$180m market cap company and that’s
not cheap, but it has serious money backing the company and a management team that’s more
of the financial background, rather than common-or-garden Canadian geological (its domicile is
the UK, a legacy of purchase from BP). Brazil is a trappy country in which to work, but these
guys seem to have all their ducks in line and somewhere in the future, thoughts of emulating
the success seen by Ero Copper must be on their minds (ERO.to is too big to feature in The
Copper Basket these days). One extra ingredient in the mix for MNO this year will be the
October Presidential elections and you can bet dollars to donuts that MNO will be rooting for
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current President Jair Bolsonaro over challenger Lula da Silva.
Hot Chili (HCH.ax) (HCH.v):
The crassly-named (3) Australian junior miner Hot Chili (HCH.ax) (HCH.v) (4) is a company this
desk has followed from the sidelines for years and indeed, longer-term readers of The IKN
Weekly will remember how it used to featured in The Copper Basket as it grew out its
“Productora” project in Chile. It’s back this year after several changes and is one to keep an eye
on as now Productora is in limited production (with Chile’s State-run Enami) its focus has
shifted to its other two projects, Costa Fuego and Cortadera, also located in Chile. Of the two,
the Cortadera project located just 15km from Productora is the main focus and already has a
JORC compliant maiden resource estimate (MRE) from 2020 of 451m tonnes grading 0.46%
CuEq (at a 0.25% CuEq cut-off) for 3.7Bn lbs copper, plus 1.9m oz gold and minor silver and
moly credits. More recently Hot Chili has made several changes to its corporate structure,
particularly in the last quarter of 2021 during which:
 Glencore became a 9.95% strategic holder (includes new director)
 It rolled back its multi-billion share count to clean
 It successfully closed a dual listing process on the TSXV, selling C$33.8m worth of
shares to Canadian clients. More than enough to give Canada plenty of new-found
interest in its progress in 2022.
Those are significant corporate moves for a company that, for nigh on a decade, tried and
failed to get share price appreciation in the ASX on the back of Productora. It’s corporate re-jig
comes with the new focus on Cortadera, which is large and has plenty of expansion potential
from a drilling program we’re bound to hear about all year (its low altitude makes access easy),
but is also low grade and needs both copper and gold grades to make the rock ostensibly
economic (the grade/cut-off ratio of under 2X is a clear weak point). Now with just over 109m
shares out and a price of A$1.75, it will begin trading on the TSXV in the next few days so
expect plenty of new noise in Canada. Finally, the advent of Glencore adds extra interest to its
corporate make-up (and we’ll see whether that’s good or bad). I’m not in a rush to buy HCH,
but do want it on my radar as the Canadian promotion rolls out. At some point in the near
future as once the stock shows regular trading, I’ll change the current Aussie Dollar price on the
list to the Canadian equivalent though to give an idea, it’s around C$1.61 at today’s forex.
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Kutcho Copper (KC.v): As the 12 month chart at the bottom of this brief overview shows,
Kutcho Copper (KC.v) (5) is a stock that made good progress in 2021 and if only for that,
deserves its place in this year’s list. The company’s main focus is its eponymous Kutcho project
in BC Canada, a high-grade copper/zinc (plus credits) deposit. In 4q21 it delivered a long-
awaited Feasibility Study on the project, which gives good economic parameters based on a
proven and probable reserve count of 17.3m tonnes grading 1.58% copper, 2.31% zinc, plus
minor credit metals silver (28g/t) and gold (0.39g/t). The FS came in largely as expected,
though the decent headline IRR of 25.0% was only achieved by using a U$3.50/lb copper base
case. Copper is the main payable metal but zinc is a key component of project economics too,
with more Zn than Cu produced on a pound-per-pound basis. Capex for the 11 year mine life
project is slated at C$483m for the combo open pit/underground project and on top of that, the
transition to UG implies another C$90m of sustaining capital. To its advantage, if they get over
the capex barrier the projected AISC of U$1.80/lb CuEq would make the mine an attractive
operating asset. That heavy capex lift for a relatively small project held by a C$100m market
capper is an issue, on the other hand KC already comes with the backing of large and deep
pockets such as Wheaton and Capstone, both strategic partners and on-board so, if they deliver
on the timeline, presumably the financing package is there as its reward. With the FS delivered,
KC.v now has to move forward on its permitting track in the year ahead so with the best
headline-grabbing news now out, plus that higher than expected base case price for copper, KC
is shaping as a play on copper leverage in the year ahead.
QC Copper & Gold (QCCU.v): The newcomer to The Copper Basket this year that doesn’t
need much introduction. A component of last year’s Tiny Dogs list, QC Copper & Gold (QCCU.v)
(6) is also a current personal holding and on the Stocks to Follow list. It took time in 2021 to
get moving and even after its excellent maiden resource estimate (MRE), the stock hit
headwinds and sellers that were at least partly due to unfounded negative gossip on social
media from sources that prefer greed over truth. However, the last few weeks has seen QCCU
find its feet again and it’s moving into 2022 with upside momentum.
Unlike Amerigo Resources (ARG.to), dropped from this year’s Copper Basket list because of its
coverage on Stocks to Follow, I decided to use QCCU because 1) it’s a natural graduation from
The TinyCaps list 2) it covers the size of company required on the list (compared to other,
larger issuers) and 3) I may end up selling QCCU during 2022 so this way we keep an eye on
things whatever happens. With dynamic management, funds for its plans and currently drilling,
QCCU is a likeable copper junior and I expect good things as Opemiska shows its full potential,
plus it has the bonus of holding Baselode shares to fund its gig via further sales to market.
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Coast Copper (COCO.v): We always include at least one tinycap in the Copper Basket list and
this year to honour goes to Coast Copper (COCO.v) (7). It’s also one this desk has already
mentioned in a few of the previous weeks’ editions as a potential fliptrade on its upcoming drill
results, with opening soft coverage found in the ‘Market Watching’ section of IKN6740 dated
October 31st, then a follow-up the next week in the main Fundies section of IKN650 dated
November 7th, plus a short note in IKN653 dated November 28th. That last one was entitled
“Almost a buyer of Coast Copper (COCO.v)” and the emphasis is on “almost”, as so far I’ve
desisted and have now deployed the cash to Amerigo (and soon McEwen Mining). Up to and
including its ticker symbol, COCO has all the ingredients of a “Sell The Sizzle” Vancouver story,
with promoters as backers, management pushing hard for early traction and making online
noise, plus of course the likelihood of COCO returning early and flashy drill intercepts from its
flagship Empire project on Vancouver Island. For more details of the project and the people
behind COCO (ex-Roughrider) IKN649 is the place to look (for those without a copy, you know
my address and I’ll forward with pleasure).
There’s no point in giving you the 12 month chart of COCO, its corporate ID has changed
significantly since the start of 2021, but the six month chart shows the burst of volume and
activity as the new structure was set up in early November. With 41.34m shares out and a 13c
share price, this tinycap C$5.4m company has plenty of potential leverage if its results and
promotion gain traction among retail. Coast Copper makes the list because it may become a
springer, a good example of a copper start-up and, of course, included for purely personal
reasons as unlike NCU and HCH, I may end up buying and trading it so I want to keep a close
eye on its progress.
Conclusion: And with that, we wrap up the intro to next year’s Copper Basket. Of the three
trackers this is the one most likely to matter in 2022, as this key year for the metal rolls out. It
goes without saying that a lot will depend on how copper-the-metal’s price action develops, but
the components of this year’s basket should demonstrate the effects of market bulls and bears
on the different strata of the smallcap, juniorcap (and madcap?) copper worlds. For what it’s
worth this intro took more time than expected, particularly for the final choices from the long
list but as the week developed, I saw it as time wisely invested for the year ahead. Finally, a
reminder that as in The Tiny Dogs list (and the producer basket, in fact) we’re not listing 15
recommended stocks. The job is to reflect what’s going on in the wider copper junior sector, no
more no less and due to that, I fully expect The Copper Basket to contain 2022 losers as well as
winners. Let the year commence.
The New Producer Basket List
This list is comprised of ten precious metals producers, all Tier 1 or Tier 2 and with a minimum
market cap of U$1Bn. The idea is to use the list as a way of keeping tabs of what’s happening
among the big players while The IKN Weekly gets on with its focus on junior mining stocks, but
as a side game I try to choose 10 stocks that, on a flat-weighted 10% per company, I believe
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will out-perform the benchmark GDX ETF over the year. So, primarily a tracking list but with an
edge of competition, here’s what we’ve plumped for in 2022:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 797.44 49.46 62.02 0.0%
2 Barrick GOLD 19.00 1779 33.80 19.00 0.0%
3 Franco-Nevada FNV 138.29 191.192 26.44 138.29 0.0%
4 Agnico Eagle AEM 53.14 453.5 24.10 53.14 0.0%
5 Wheaton PM WPM 42.93 450.3 19.33 42.93 0.0%
6 Gold Fields GFI 10.99 887.72 9.76 10.99 0.0%
7 Kinross Gold KGC 5.81 1320 7.67 5.81 0.0%
8 B2Gold BTG 3.93 1055.6 4.15 3.93 0.0%
9 Alamos Gold AGI 7.69 392.503 3.02 7.69 0.0%
10 Sandstorm SAND 6.20 191.4 1.19 6.20 0.0%
All prices and stock quotes in U$ Port. avg 0.00%
Compared to 2021, by necessity we’ve dropped Kirkland Lake (KL) and Pretium (PVG) from the
list as they are now both under offer and won’t exist for much longer as separate corporate
entities. Aside those, I’ve also dropped Endeavour Mining (EDV.to) from the list for the simplest
of reasons; it out-performed peers in 2021, so I’m looking for others to play catch-up to its lead
in the year to come. Finally, Pan American Silver (PAAS) is dropped because it’s looking more
exposed than most to ESG and CSR headwinds, and while perhaps for good reasons, the
timeline to production for La Colorada in Mexico is now being pushed back. As for what’s left,
the top three (NEM, GOLD, AEM) are all-but obligatory to include as we need to keep the main
purpose, that of tracking the bigcap sector, first and foremost. From there we can make
changes and here come outlines on the new additions. However, as all these companies are
household names (for this audience), the thumbnails are more about my own thoughts and
strategy to include each name. Here we go, and here are the stocks:
Newmont (NEM): Leaders gotta lead. NEM was least-worst of the major mining companies in
2021 and put fair distance between itself and its rivals, chiefly GOLD. Largely separated from
the current M&A battles, NEM prides itself on having its own strong pipeline of Tier 1 projects to
bring forward (though frankly, there are plenty of reserve ounces on its books that begin to
look marginal under the recent inflationary pulse). However, it could do no wrong among fund
managers last year and became a go-to defensive play in Q4.
Barrick (GOLD): The crown definitely slipped in 2021, as alongside its relatively poor
performance compared with main rival NEM, Barrick was reportedly late-stage talks with both
Kirkland Lake (KL) and Great Bear (GBR.v) before walking away from the both deals, apparently
on price. When Agnico and then Kinross stepped in behind them for those companies, it wasn’t
just the Newcrest deal to buy Pretium that gave Bristow a new and negative reputation for feet
of clay. Of course, discretion may become the better part of valour and we’ve yet to see if those
two near-consummated deals turn out for the best, but GOLD’s promise to expand into North
America and Canada in particular now seems shaky. Barrick looks more like a copy of Randgold
as the quarters pass, with only its Nevada JV with NEM and the same company JVing at Pueblo
Viejo stopping it from becoming very Africa-centric. If the rumoured Nevada spin-out happens,
one wonders what this company will have left to offer (aside from a very large cash treasury).
Franco-Nevada (FNV): The world’s best run precious metals company isn’t a real PM
producer, which is probably not coincidental. FNV was also a strong performer in 2022,
compared to its peers at least, and while its approx +5% to its stock price improvement over
last year would not have impressed followers of the S&P500, compared to the GDX benchmark
and most other major mining companies (bar the out-performing Newmont) it was quite the
star. It also did what the best defensive stocks tend to show by finding buyers while other
stocks got sold down, the type of action that speaks of rotation into quality when a sector’s
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prospects are negative instead of the cash abandoning the PM sector completely. Fund
managers running precious metals
portfolios of all sizes probably owe
at least some of their year-end
bonuses to FNV in 2021 and that’s
the way loyalty is built. As 2022 is
a year I expect to see further
consolidation of the sector under
a reasonably quiet gold price,
adding FNV is a defensive move.
Agnico-Eagle (AEM): First
please note we use the pro-forma
shares outstanding number which
assumes the deal to buy Kirkland
Lake (KL) goes through exactly to
plan. That’s going to need some
adjustment when we get the final
shares out figure, but the 453.5m S/O number above won’t be far away. As for the rest, AEM is
a virtual automatic pick this year and we expect it to out-perform the pack at least in 1q22, as
once the KL deal closes the short interest should come off (unless gold bullion prices have
worse ideas for us, of course). Meanwhile, the rise and rise of Tony Makuch continues, as just
over five years ago he was in charge of Lake Shore Gold when that was bought out for C$945m
by Tahoe Resources. Cut to 2022 and he’s now the CEO of a U$24Bn market cap company
aiming to take on the industry giants at their own game.
Wheaton Precious Metals (WPM): Without trying to nuance things too much, the reasons
to add Wheaton Precious Metals (WPM) this year are mostly the same as those for FNV, above.
However, there’s also the potential for more alpha from WPM as its portfolio has more exposure
to silver than to gold than its bigger cousin and, as the house call is for the Jekyll&Hyde metal
to have a better 2022 than the monetary metal, adding WPM to the 2022 list wasn’t a difficult
decision once the larger strategy of “let’s go for the streamers” was in place. Its 12 month chart
(below) also shows how WPM did better than the average PM miner in 2021 (as well as beating
GDX by a wide margin), the FNV model transferring here as well.
Gold Fields (GFI): A new addition for 2022, replacing the, smaller,under-performing and
politically exposed PAAS. Gold Fields has stuck to its knitting recently and concentrated on
building cash treasury instead of involving itself in the M&A fights, its strong 2021 and its higher
market cap gave it the nod for the 2022 list. A strong and newly profitable gold miner, this desk
expects it to continue in cash harvest mode for the year ahead. That and its active share
buyback plan should add equity backbone but the list gets GFI for its cash generation capacity,
above all.
Kinross Gold (KGC): Straddling the big cap Tier 1 names and the three choices for greater
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leverage below, Kinross (KGC) has been a regular pick for the list since its inception and with
the potential growing as an M&A target, it would have been foolish to leave it off this year. Its
move to buy out Great Bear (GBR.v) now looks like it’s going to be success at its first offered
price and that means they are doing better than I imagined. Special K seems to be another big
PM player now rotating toward safer political jurisdictions after its previous strategies took it to
Kupol, Tasiast and Fruta del Norte, a bag that can be diplomatically called “of mixed success”.
At this point, early January 2022, I’d class the potential for Barrick (or other) to bid for KGC as
“possible, not probable” but that’s more
than enough. Also, we still haven’t had a
truly hostile M&A show in the sector
during the current cycle so it’s high time
that changed. Either way, KGC’s purchase
of Dixie gets this desk’s vote of approval
and for that alone (plus its profitable
operations around the world including the
highly underrated Paracatu), KGC gets
another year on the list.
B2Gold (BTG): I thought long and hard
about cutting BTG, but in the end it in for
purely contrarian reasons and it gets one
more year to show it chops. It has such a
bad 2021 that it can’t continue in the
dumpster, plus its cash generation ability is now mature, so at some point it bottoms out
whatever the gold price or inflation do. The Clive has made some strategic mis-steps recently,
plus its exposure to West Africa political risk isn’t doing the stock any favours, however this
year is the one in which the long-fallow Gramalote project in Colombia should get to move
forward (Petro notwithstanding) and the company did well in reducing its exposure to
Nicaragua at the right time. As for operations, BTG will be driven by its Big Three mines and
one of those, Masbate, has political worries now abating. On a risk/reward basis BTG gets
another year and you never know, it may become a target for Bristow’s AfricaCentric Barrick.
Alamos Gold (AGI): The big advantages here are safe jurisdiction and strong free cash flow
from its operations, as well as an admirably clean and debt light balance sheet. That makes AGI
as much of a defensive platy as the larger caps above it and while McCluskey isn’t going to
allow any M&A talk while on his watch, at some point AGI must become an attractive target for
the Tier 1 companies looking for North American assets. Despite its lacklustre 2021, it was an
easy call to keep AGI on the list.
Sandstorm Gold Royalties (SAND): Rounding
out the newcomers is my joker in the pack, as
SAND is now over the U$1Bn line and qualifies for
the list. The picks of FNV and WPM make my
intentions clear for 2022, we expect the
royalty/streamer stocks to continue to out-perform
the miners on which they feed. However, I realize
I’m taking something of a risk with SAND as its
small size, plus exposure to the much delayed Hod
Maden project in provincial Turkey, makes it the
risk/reward addition to the 2022 list.
Conclusion: Summing up the 2022 list simply, it’s defensive. Not for nothing are there three
royalty/streamers in the list of ten name, not for nothing have I added more larger cap
companies and with poetic licence on WPM, five U$20Bn+ on the list of ten makes the 2022
Producer Basket the most top-heavy I’ve ever selected. The choices were made with the Fed,
the stronger dollar, the end of Covid-19 and the macro world’s fight against inflation in mind.
10

Also, as the house call that gold continues its relatively flat performance in the year to come the
selections are all once that make money (some of them very good money) at current prices.
The cream rises to the top, in other words.
A final reminder that while the ten selections were chosen to do battle with the benchmark GDX
over the year (for pure bragging rights), the main objective is to keep an eye on what the
bigwig stocks are doing and how they are performing compared to our focus sector, that of
junior mining companies. As such, The Producer Basket isn’t the most fundamentally important
segment of The IKN Weekly and its content waxes and wanes depending on the week in
question.
The New TinyCaps Basket List
First order of business is to note the small name change for this section of The IKN Weekly
going forward. Gone is the slightly disrespectful “Tiny Dogs” title, which although accurate and
part of the standard terminology of the juniors market, can sound a little off-putting to some.
Instead, we now go with the accurate and odourless “TinyCaps” moniker, one less mindgame to
hurdle if you decide to trade or speculate in any of the names included.
As a quick reminder of the rules, these stocks should have a market cap of under C$20m,
though if pushed I allow U$20m as the upper limit (and with KFR, I have ). That means, for
example, that Constantine (CEM.v) and Red Pine (RPX.v) are excluded from this year’s list.
Also, as plenty of the tiniest stocks in the TSXV and CSE will tend to flare and then burn, it’s
often a place where stocks get “broken” (e.g. this year we got to the end of the tether with
Contact Gold (C.v) and Warrior Gold (WAR.v). All that means there tends to be more changes in
this list than others and indeed, seven of this year’s companies are new names. For the record
the TinyCaps category got the most suggestions from you kind readers, several of the stocks
have been included for my own curiosity value after suggestions from the floor. However, as
long as they 1) had a decent story and 2) had a chart that doesn’t say “broken”, all candidates
were considered and as a result, several newbies this year are reader suggestions (for which I
thank you sincerely). Here’s the 2022 list, with notes below:
company ticker price 1/1/22 Shares out Mkt Cap current pps gain/loss%
Aurelius Min AUL.v 0.24 37.134 8.91 0.24 0.0%
Golden Pursuit GDP.v 0.13 34.638 4.50 0.13 0.0%
Infield Min INFD.v 0.06 48.276 2.90 0.06 0.0%
Kingfisher Met KFR.v 0.30 84.57 25.37 0.30 0.0%
Latin Metals LMS.v 0.12 57.296 6.88 0.12 0.0%
Manitou Gold MTU.v 0.06 344.47 20.67 0.06 0.0%
Melkior Res MKR.v 0.295 24.011 7.08 0.295 0.0%
Precipitate Gold PRG.v 0.105 129.322 13.58 0.105 0.0%
Signature Res SGU.v 0.07 238.4 16.69 0.07 0.0%
Winshear Gold WINS.v 0.08 61.585 4.93 0.08 0.0%
Prices in CAD$, data from TSXV basket avg 0.00%
In this section, notes are limited to a few lines on each company and focus on the reasons why
they were chosen for the list, rather than deep fundies on the company. If you want more
information, use the company website link provided and for context, you also get the 12 month
price chart. As with The Producer Basket, this year there’s a line or three on all ten picks no
matter whether the company be new or not. We also present the TinyCaps list, both today and
all year, in alphabetical order with no preferences and no listing for market cap size. Off we go:
Aurelius Minerals (AUL.v): The recently closed trade from the Stocks to Follow list is not
completely abandoned by The IKN Weekly, as the silver lining to Aurelius Minerals (AUL.v) (8)
abysmal share price performance in 2021 is that it now qualifies as a sub-$20m market capper.
11

It’s still prospective at Aureus (East and West) and while I’m no longer on board for the
moment it announces its maiden resources for Aureus East, expected in 1q22, at least this way
we can keep tabs on its progress (or otherwise). I cannot shake the feeling that I’ve made a
mistake by selling the recent low, AUL could surprise the whole market with a large, good
grading gold resource with its MRE. Time will tell, but at least this way I won’t be able to ignore
my potential mistake by selling. The downside to AUL these days is its treasury, it will need to
raise more working capital soon and that’s going to be rather dilutive for the first round takers.
Golden Pursuit (GDP.v): One of only three stocks to survive from last year’s list, GDP stays
on because it’s not dead yet. As from next year, GDP is moving its attention away from its
Nevada properties and toward the Gordon Lake project in NWT Canada, to which end it is
currently running a $900k financing. As most of the financing is flow-through, it has waited until
2022 to close the deal so it has all year to spend the money on ground in Canada.
GDP is another exploreco without a single idea of how to promote itself, which again is a
double-edged sword because if they find something interesting, its share price can spring out of
nowhere. On due consideration, it gets one more year to impress as it’s still at the right price to
make for an eye-catching speculative trade. On the other hand, another year of no news would
probably kill it (9).
Infield Minerals (INFD.v): A long-standing mailpal pointed this exploreco out to me in
October and it didn’t take long to make the decision. A relatively new company that started life
(in its current incarnation at least) six months ago, INFD is hunting for gold and silver targets at
two projects in Nevada USA, a good place to start. Its projects are called “M1” (breccia gold
between the Carlin and Long Canyon trends) and “Desperado” (epithermal gold/silver, located
East of Tonopah) and to date, the company has been on early stage target definition.
So far so speculative, but the reason INFD makes the 2022 list is the share price:
12

Born out of a RTO, the moment the stock went live its share price was hammer ed down to the
current measly 6c, giving the stock a market cap of less than C$3m which, more or less, is its
cash treasury (approx $2.5m today). At these prices it doesn’t take much for a stocks to rally
quickly and with the interesting and safe location, there’s enough to like about Infield to take a
punt on the name in 2022. I have the feeling that backers are in for a religious experience, the
only question is in which direction. INFD will need to finance at some point in 2022, so the
tight-ish share structure will have to become looser. All the same, the count is low enough for
the stock to double without many people noticing and as spec vehicles go, there are a lot worse
than this newbie (10).
Kingfisher Metals (KFR.v): I’ve pushed the envelope to get this stock into the 2022 TinyCap
list because it’s one that has previously gained my attention. So far in 2021 it promised great
things and delivered little, its 12 month price clearly showing the moment when the initial drill
results from the Cloud Drifter trend, a 3km long target that forms part of its large Goldrange
concession, disappointed the market. One of two explorecos currently being funded by an
Austrian family who made their money selling fruit, KFR has a very large concession package
and is by no means dead, even though its thesis came up dusters at its first target. One of
those companies that could swing and miss several times, only to rocket higher on a single drill
assay result later on and even if that holes doesn’t come from Cloud Drifter, the large land
package has plenty of other opportunities. Certainly speculative and arguably damaged after its
2021 season, but not a broken stock as yet and its price drop has allowed me to sneak the
company into our list (nominal C$20m market cap limit or not) (11).
Latin Metals (LMS.v): In one succinct phrase, “A Henk van Alphen area play” and that means
LMS could do anything. It also means the core shareholding isn’t something you should
consider with much trust. LMS has large, early stage concessions in Peru and Argentina, put
together from legacies of old HvA companies and trades and calls itself a “prospect generator”,
but has also brought in a reasonable director roster. Very quiet in 2021 while setting up, we can
expect LMS to start promoting itself as 2022 rolls out. Not a company I’m keen on backing with
my own money, but a good way to gauge the traction that explorecos and prospect generators
13

in LatAm might get from aggressive marketing. LMS will try to JV out its projects and use OPM
to push its share price higher. There are worse models (12) and at least it’s better than the
awful World Copper.
Manitou Gold (MTU.v): The third of the three survivors from last year, we’re willing to give
Manitou (MTU.v) another at-bat because of its cheap entry point and also because its big
neighbour Alamos Gold (AGI) is still keen on sponsoring the company. AGI took a large slug of
the recent MTU placement and now holds 18.9% of shares out, a percentage which climbs to
the magic 19.9% when its warrants and options are factored in. We can therefore expect MTU
to remain active and drilling its large land package in the same zone as WDO, AGI, AR, RPX and
others. It would only take on wide and high grading hit for McCluskey to look smart for his
continued sponsorship. At worst MTU isn’t going anywhere and if only for that, keeps its place
on the list (13).
Melkior Resources (MKR.v): Another subscriber suggestion (thank you BM) and one that
looks better than the average speculative vehicle. MKR has just raised C$0.84m in a placement
and now has $3m at bank. It’s also busy, with a JV 3,700m drilling program on its Carscallen
project close to Val D’Or, Canada being operated by Kirkland Lake (no less) as the big company
options in. Results are due back in 1q22 and be they good or mediocre, MKR is well funded to
do what it wants for the rest for 2022 and is hardly limited to Carscallen, with several other
early stage properties on its books. With an abysmally bad website that’s rarely updated, MKR
flies under a lot of radars because it doesn’t lift a finger to promote itself. That can be a good
thing, of course, as if the assays are good people tend to jump on this type of well-located
exploreco and drill play. In that respect, it reminds me a lot of a badly promoted Cartier
Resources and at its current C$7m market cap it offers plenty of leverage if the mother nature
is kind to its drill core. A worthy member of the 2022 list (14).
14

Precipitate Gold (PRG.v): This stock is an itch that I’ve yet to scratch. As readers may recall,
I’ve been close to pulling the trigger and buying some PRG on a couple of occasions recently
but, lucky old me, stayed away. That has turned out to be the right call and for three main
reasons: 1) its promising land position and viable trade in Dominican Republic, close to and in
JV with Barrick at Pueblo Viejo, has so far shown nothing. 2) PRG has got intro trouble with
locals around its 100% controlled concession East of PV and hasn’t managed to get the social
agreements it needs to drill its target. Then 3) its move to secure land concessions around the
newly hot Newfoundland region of Canada took a lot longer than expected to close and most of
the momentum was lost. However, it now has those Newfie concessions in good order and as a
classic neighbour-play chaser to the successful exploration companies in the zone (NFG et al),
we can expect PRG to at least make noise and attract attention as it generates targets and
then, hopefully manages to put a diamond drill into one or two of them as the year progresses.
While its DomRep plans are not dead, the fact PRG has branched out and back to Canada is its
own message about the prospects of doing meaningful exploreco work at what was its flagship
projects up to now (even Barrick has now been closed down by protesting locals and the very
anti-mining Catholic Church in the PV zone). Overall, PRG gets one more year to show us
something on the TinyCaps list and having just raised C$2.2m via placement, has funds to do
things in the first half of next year. Finally, this stock and management has a long relationship
with newsletter writer Eric Coffin, who’ll pump it up at the right time if he so desires (15).
Signature Resources (SGU.v): An interesting tinycap stock with a roster of “usual suspect”
funds on board, including Crescat, Sprott and Willem Middelkoop’s Commodity Discovery Fund.
In other words, win or lose this one will receive plenty of social media hoopla . On the same
score, the management team is a bit of a mixed bunch and while there is plenty of experienced
in the CVs, seeing Paolo Lostritto as Chair (ex-sellside analyst) is its own caveat. As for
substance its main focus is interesting enough, the Lingman Lake gold project has a historical-
level resource and they are now drilling to expand the small but high grade deposit. So far,
15

drilling has hit the same type of good 7g and 8g grades as previously discovered, but vein
widths of around are less impressive 2m. That won’t stop them putting together a new 43-101
compliant resource by the end of the year, however. SGU got my attention as a replacement
for Red Pine Exploration (RPX.v) on this year’s list; same metal in same type of target, same
Canadian region, but all for a market cap that fits in the TinyCap list (16).
Winshear Gold (WINS.v): Another highly speculative play, this company is sister to your
author’s current open trade in Palamina Corp (PA.v). Funded largely by the same people and
run by associates of PA CEO Andrew Thomson, WINS has taken large concession positions
early-stage and prospective areas in the same South Peru region as PA.v on the Eastern side of
the Andean continental divide (i.e. draining towards Brazil). This is all about large land
packages and the company strategy of 2022 will be to generate prospective targets. Its
treasury is small, its budget is low and along with PA, WINS could benefit from new regional
interest in one of the least explored necks of the Peruvian geological woods (17).
And that’s that for the three baskets for 2022, we now get back to an “abridged holiday” edition
that somehow turned into a 25 page Aristotelian monster of lists and heirarchies .
Stocks to Follow
The Santa Rally brought cheer and there were four losers (TMQ, PA.v, APN.v, MIRL.cse) and
ten winners from our 14 open positions, so we’re not listing all the winners, just the biggest
percentage moves from Mene Inc (MENE.v up 29.0%), QC Copper (QCCU.v up 15.5%) and
Aldebaran (ALDE.v up 12.0%). The only big percentage loser was Minera IRL (MIRL.cse down
16.7%) and if I must suffer from any stock, it may as well be the one run by liars and thieves.
We currently have 14 open positions, one below our self-imposed maximum. Eight stocks are in
the green and six in the red. It wouldn’t take much for TMQ and APN to join the green ink,
though MIRL is a long way underwater.
16

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$0.54 157.1% $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$3.40 18-Jun-21 C$3.42 0.6% Top value Cu play, overweight
Amerigo Res ARG.to STR BUY C$1.27 12-Dec-21 C$1.46 15.0% 2022 Cu bet, mgmt change
Discovery Silver DSV.v STR BUY C$1.77 24-Oct-21 C$2.08 17.5% Serious Ag play, big&cheap
Trilogy Metals TMQ BUY U$1.84 15-Sep-19 U$1.65 -10.3% S32 suitor, stalled
QC Copper&Gold QCCU.v STR BUY C$0.26 25-Apr-21 C$0.34 30.8% Now drilling. Easy hold
Palamina Corp PA.v SPEC BUY C$0.295 21-Nov-21 C$0.23 -22.0% New, gold expl in S.Peru
Strategic Metals SMD.v BUY C$0.42 31-Jan-21 C$0.35 -16.7% Canada land bet+Zn in FY22
Aldebaran Res. ALDE.v SPEC BUY C$0.68 16-May-21 C$0.84 23.5% Waiting on drill assays
Altiplano Metals APN.v SPEC BUY C$0.31 17-Sep-21 C$0.30 -3.2% Cheap entry, 1q22 re-rate
Great Bear Res GBR.v hold C$15.83 26-Aug-20 C$28.84 82.2% Under offer, possible counter
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 adding C$0.67 6-Dec-20 C$0.80 19.4% 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 0.24 -68.0% 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:
Trilogy Metals (TMQ): The Friday trading in TMQ may have flushed out the weakness we’ve
witnessed in the stock recently:
That was nearly 1.4m shares in a
sudden rush on the last day of the
year, at 5X average volume. The low
price on Friday was matched only by
three days in mid-December with
consecutive 0.5m volumes. Trilogy has
always been a “volume monster” and
needs to show out-sized trading at its
turn points. It has been a drag on the
17

portfolio in the last six months but, as the trade thesis is still intact, I’ve taken it on the chin
(and to repeat, being in at a good cost average has made it easier to hold through). We are
behest to South32 for out exit strategy, though presumably the stock would have to rise first
before any reasonable offer were tabled. In our trade thesis, TMQ has 2022 to deliver and get
its offer from S32. Holding.
Amerigo Resources (ARG.to): Unlike TMQ, I was very impressed with the way ARG traded
all last week, with the opening low of C$1.40 bought by bargain hunters and the week’s best
price at Friday’s close. All the hallmarks of being accumulated, which exactly matches the trade
thesis. We await the company’s first NR (or perhaps NRs) of the year, which should include
details of 4q21 production, the inaugural quarterly dividend, plus guidance on production for
FY22.
Great Bear Resources (GBR.v): Still not reason to liquidate and still the potential of a
counter happening, but once the planned opening purchase of McEwen Mining is done this
week the personal port will be scraping the very bottom of the cash barrel. Therefore, mentally
these shares are de facto cash and as such, if the need arises (or if I add more MUX sooner
than later), I’ll be forced into selling. As noted in the last couple of editions, every week that
passes brings down the likelihood of Kinross being contested.
Discovery Silver (DSV.v): Friday’s opening bell saw a single trade of 100k+ shares go
through in an otherwise quiet week for the stock. DSV traded with the tide of silver stocks, no
more no less.
Minera IRL (MIRL.cse): The one month chart of MIRL is a reminder of how badly this stock
has been broken by the liars and thieves running the company. Let’s give context, the chart
below comes around a contested AGM in which over 30% of shares voted against the board
and even the auditor, with the headcount of dissenting shareholders much higher. The
reprobates running MIRL had to rely on blocks of shares held under mysterious circumstances,
which does remind me of something Diego Benavides once said to me long ago while drunk (as
he often is, for the record). When, at some point
back in 2016 or 2017, I commented that his
insider holding was small, he corrected me
immediately and insisted (in a “tell you a secret”
voice) that in fact he owned more than 20m
shares of the company. It would be good to find
out whether connections in his delinquent family
were behind those blocks of shares that saved his
lying neck and those of his collusive board of
directors. But crime pays in the 21st century and,
as we can see, it only takes 5,000 shares to move
this stock 20% and knock $4.6m from an already
pathetic market cap.
Mene Inc (MENE.v): If ever a stock chart said “Tax Loss Selling in December” it’s this one
below. My glass is half-full after adding some while MENE traded at 60c and under, as well as
another small tranche last week that raised the personal average by a penny, to 67c. However,
it’s also half-empty because I fear we won’t see
those prices again.
As for real news, we’re on the cusp of a potentially
significant catalyst, the 4q21 sales NR which takes
in the big Holiday Season sales period. Sales
volume is the key metric, though we may also see
gross margins also improve as the festive season
sees more smaller trinkets moved.
18

Minera Alamos (MAI.v): Akin to Chinese water torture, but at least the reward once Jabba is
out will be worth the near-term pain. With MAI not likely to declare commercial production for a
few more weeks, if your plans for 2022 include adding or buying this excellent bargain you still
have a window of opportunity. It won’t last for much longer.
The Copper Basket
After fifty-two weeks of 2021, The Copper Basket shows a gain of 30.72% 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 1821.56 16.94 178.6%
2 Copper Mtn CMMC.to 1.81 210.166 718.77 3.42 89.0%
3 Oroco Res OCO.v 1.85 192.689 393.09 2.04 10.3%
4 Marimaca Cop MARI.to 3.25 88.028 331.87 3.77 16.0%
5 Western Copper WRN.to 1.57 151.426 302.85 2.00 27.4%
6 Amerigo Res ARG.to 0.80 181.79 265.41 1.46 82.5%
7 Excelsior Min. MIN.to 1.12 273.585 112.17 0.41 -63.4%
8 Regulus Res. REG.v 1.07 101.845 107.96 1.06 -0.9%
9 C3 Metals CCCM.v 0.115 645.379 103.26 0.16 39.1%
10 Aldebaran Res. ALDE.v 0.455 114.495 96.18 0.84 84.0%
11 Doré Copper DCMC.v 1.00 66.123 52.24 0.79 -21.0%
12 Element 29 Res ECU.v 0.45 79.24 45.96 0.58 28.9%
13 Chakana Cop PERU.v 0.60 111.41 33.42 0.30 -50.0%
14 Chibougamau CBG.v 0.165 53.077 12.21 0.23 39.4%
15 US Copper USCU.v 0.105 87.53 7.00 0.08 -23.8%
NB: All stocks in CAD$ Portfolio avg 30.72%
The 2021 Copper Basket finished on a strong 60% The Copper Basket 2021, weekly evolution
55%
note, with the Santa Rally providing plenty of
50%
tailwind and no fewer than 13 winners from 45%
40%
the 15 component stocks, with just one loser
35%
(MIN.to) and one UNCH (ECU.v). As for the 30%
25%
others, the biggest percentage moves came
20%
from the smaller market cappers, led by 15%
Chakana Copper (PERU.v up 25.0%) and 10%
5%
followed by Chibougamau (CBG.v up 17.4%), 0%
Aldebaran (ALDE.v up 12.0%) and Doré
Copper (DCMC.v up 11.3%).
The Christmas cheer was fuelled by copper
prices rather than eggnog, with the metal
trading up to its recent technical ceiling price
of U$4.50/lb without truly threatening to
break out from that range.
And that’s about it for 2021 and this edition of
The Copper Basket, from next weekend the
names are shuffled and new companies
brought in, always aiming for the same end to
represent the broader sub-sector dynamic as
closely as possible. As such, we wrap up 2021
with the comparative chart of component
stocks that ended with ten winners and five
losers over the last 12 months:
19
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 ts13ed
source: IKN calcs

178.6%
180% The 2021 Copper Basket components after 52 weeks
160%
140%
120% 89.0% 39.1%
100% 84.6%82.5%
80% 63.6% 27.4%
60%
28.9% 16.0% 10.3%
40%
20%
0%
-20%
-40% -0.9% -21.0%-23.8%
-60% -50.0%
-80% -63.4%
20
ot.SLS ot.CMMC v.EDLA ot.GRA v.GBC v.MCCC v.UCE ot.NRW ot.IRAM v.OCO v.GER v.CMCD v.UCSU v.UREP ot.NIM
source: TSX, IKN calcs
The relative performances were a personal curate’s egg. To my detriment, I would never have
picked Solaris as the runaway winner of the year and that goes to show how stupid I can be
sometimes. SLS ignored every Ecuador headwind available and powered through 2021 on the
back of excellent drill results and unmitigated and rock solid confident market accumulation.
Now well over a billion in market cap Solaris has outgrown The Copper Basket and its target
sub-sector. My other personal failure was the decision to hold through on the already-damaged
Excelsior Mining (MIN.to) trade for most of the year, so even though I eventually sold late into
2021 and got out before the lowest of the low prices, there’s no way round the fact that holding
through was a bad mistake. We also prune out MIN.to for 2022.
On the other side of the coin, as 2021 becomes 2022 I currently own the second, third and
fourth placed stocks on the list. Copper Mountain (CMMC.to) has a soft Q3, but its recent run
looks promising for 2022. Aldebaran (ALDE.v) took a long time to get moving but came
through, while recent addition to the personal portfolio Amerigo (ARG.to) has responded almost
too well to our special situation trade plan and strategy. That trade’s fate will be made clear in
the current 1q22 period, though please note ARG is being dropped from the 2022 Copper
Basket list because active portfolio coverage will be more than enough and we have enough
examples of its market cap range on the list as it is.
As for other 2021 components, US Copper (USCU.v) flared and faded in that sadly typical
tinycap style, one of those which promise much and deliver little. Oroco (OCO.v) was somewhat
guilty of the same and C3 Metals (CCCM.v) also performed as predicted by these pages (I’ve
learned to avoid such stocks). Finally, a word about Chakana Copper (PERU.v) which failed to
show much life and now has all the look of a broken stock. For that reason alone, PERU.v gets
dropped from the 2022 list as its price action is unlikely to represent the sub-sector of copper
juniors. So summing up the 2021 Copper Basket list, with the first and last placed stocks as
outliers I think it did a reasonable job of tracking market sentiment and that was the whole
idea. Onward to 2022 and the new list.
Changing gears, a development in the macro copper world was news (18) that Codelco has
wrapped up its 2022 cathode sales campaign earlier than normal, despite having raised
premiums for its Class A purity cathode product to U$105/mt over LME spot. This chart shows
how premiums demanded by Codelco in the key China market have adjusted over the years:
Codelco: Premium per metric tonne on copper cathode to China
331
89
27 57
88 88 88
501
U$/mt
140
120
100
80
60
40
20
0
2015 2016 2017 2018 2019 2020 2021 2022
source: Codelco

This year, Codelco opened a sales office in Singapore for the first time and it was clearly a
winning strategy, all contracts now sealed for the year ahead and at strong premiums. Add to
this that Taiwan, South Korea and Japan are reportedly paying the same premium as China in
2022 (though as usual, it’s all semi-secretive and off-record), plus word from Europe is Codelco
achieving premiums of up to U$125/mt for its cathode contract. It all points to the bullish
demand for copper in 2022 and for sure, buyers have had those very low SHFE and LME
inventory levels on their minds.
On that subject, it’s the end of the month as well as the year so we update with our long-term
inventory tracker charts:
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
21
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von
Mt Cu
Comex
Shanghai
LME
source: Cochilco
Copper inventories: percentage held per exchange
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von
LME Shanghai Comex source: Cochilco
We’re beginning to see inventory return to the three systems, but things are obviously still very
tight and end-users will be hoping to see a normal re-stock period in the next three months. We
do however note a pulse in Comex stocks, which have moved up more strongly than either LME
or SHFE in the month of December. That’s unusual and worth keeping an eye on as 2022
begins.
That’s the monthly numbers done, we round off this abridged week with the weekly inventories
data:
 The aggregate of copper inventory in the world’s three official systems rose by 14,839
metric tonnes (mt) to close the month and year at 189,375m this weekend. That should
be the start of the 1q22 re-stock and not before time.
 The Shanghai’s SHFE, lost 14kmt in the two weeks before Christmas, it added 11,011mt
back again last week to close at 38,182mt. We stress these ultra-low levels are still a
major concern to end-users, but with the ordering season for the first quarter of 2022
now officially over, we should see stocks climb in their normal style between now and
the end of Chinese New Year.
 Very quiet at the LME, just 325mt lost from the overall total of 88,950mt in warehouse.
That’s normal Christmas Week action for the LME, no biggie either way.

 Another 4,153mt of copper was added to Comex stocks, which makes over 8kmt in two
weeks and perhaps the start of a shift in sentiment. For long the backwater inventory
system of the three, if Comex continues to attract tonnages in this way we may have a
new dynamic afoot. Stocks closed the year at 62,243mt.
Here’s the Shanghai-only inventories chart:
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
22
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
Still bounding around its very low level, we now await the upward curve we get at this time
every year. The question is how high it manages to go.
Aldebaran Resources (ALDE.v): While updating the charts for the start of the 2022 Copper
Basket (and my own portfolio, of course) and dialing up the recently-filed 2021 Management
Information Circular for Aldebaran (ALDE.v), I was reminded of this:
No new information there of course, but along with the 7m or so shares held in aggregate by
directors a reminder of the tightness of the ALDE float. With 82m of the total 114.5m shares
out held in the tightest of hands, the amount of shares available to the general public is going
to be low until such time as retail and instos are offered access to a placement. With ALDE
planning to raise in 1q22, we may see the stock allowed to run earlier than I expected and
Route One only playing a minor role. A lot will depend on the first drill results of the season.
The Producer Basket
After fifty-two weeks of 2021, the Producer Basket shows a loss of 11.05% to level stakes:
company ticker price 1/1/20 Shares out MkCap(U$Bn) current pps gain/loss%
1 Newmont NEM 59.89 797.44 49.46 62.02 3.6%
2 Barrick GOLD 22.78 1779 33.80 19.00 -16.6%
3 Agnico Eagle AEM 70.51 244.187 12.98 53.14 -24.6%
4 Kirkland Lake KL 41.27 267.056 11.20 41.95 1.6%
5 Kinross Gold KGC 7.34 1261.07 7.33 5.81 -20.8%
6 Endeavour Min EDV.to 29.62 252.568 5.84 27.73 -6.4%
7 Pan American PAAS 34.71 210.262 5.25 24.97 -28.1%
8 B2Gold BTG 5.60 1051.697 4.13 3.93 -29.8%
9 Alamos Gold AGI 8.75 392.503 3.02 7.69 -12.1%
10 Pretium Res PVG 11.48 187.833 2.65 14.09 22.7%
Prices in U$ except EDV.to (share price in CAD$ and mkt cap in approx USD) Port. avg -11.05%

By the slimmest of margins, to be precise 0.05%, our basket beat the GDX benchmark in 2021.
Nothing to write home about of course, but a relief and something of a surprise after seeing the
rally in the second half of the year halted in its tracks by Kinross’s friendly deal to buy Great
Bear (GBR.v). Pyrrhic victory perhaps but I’ll take it and unlike 2020, it goes in the win column.
As for the week, the final count saw week-over-week eight winners (not listing them) and two
losers (PAAS, EDV.to) with the biggest moves to the upside, Kinross (KGC up 4.3%) and
Newmont (NEM up 4.2%) better than the pack at +2% or so.
Here’s the last chart of the year for the section, as we compare the relative performances of the
ten components over our 52 weeks:
The 2021 Producer Basket components after 52 weeks
22.7%
25%
20%
15%
10% 3.6%
1.6%
5%
0%
-5%
-10%
-15%
-20% -6.4%
-25% -12.1% -16.6%
-30% -20.8%-24.6%
-35%
-40% -28.1%
-45% -29.8%
23
GVP MEN LK ot.VDE IGA DLOG CGK MEA SAAP GTB
The 2021 Producer Basket: Weekly performance and
20%
comparative to GDX control
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
source: NYSE/TSX, IKN calcs
Winner by some distance was Pretium (PVG), thanks to Newcrest’s (NCM) decision to buy out
the company for a U$2.8Bn ticket price in November 2021. However and for me the best
performance of the year from the ten came from Newmont (NEM), the world’s biggest PM
market capper (public realm) out-performing its peers all year and putting serious distance
between itself and main rival, the disappointing Barrick (GOLD). The only other 52 week winner
was Kirkland Lake (KL) and that due to its own buyout, Agnico agreeing to a “merger of equals”
which isn’t so equal when the corporate name in the future is considered. Aside those, it was a
poor year for the producers and none worse than B2Gold (BTG), which managed to rally a little
in Q4 but the damage was already done. BTG and PAAS have been hit hard by their perceived
high political risk exposure, as the world now wants safe jurisdictions and the fear of resource
nationalism is now one of the biggest headwinds to price appreciation for all stocks, not just
mining companies.
That’s enough 2021, as from next weekend the new list takes its place in this section of The
IKN Weekly as we launch into a year that will see Fed rates hikes and, hopefully, the beginning
of the end of the Covid-19 crisis and Omicron and triple boosters and all that. The future is
bright and after all, what could possibly go wrong?
The Tiny Dogs
After fifty-two weeks of 2021, the Tiny Dogs show a gain of 21.49% to level stakes:
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 ts13
The 2021 Producer Basket: Percentage difference between
GDX benchmark and basket (negative = IKN basket ahead)
8.0%
7.0%
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
ikn -2.0%
gdx control source: Google, IKN Calcs ts1
naJ
t01naJ ht71 ht42 ts13 ht7bef ht41 ts12 ht82 ht7ram ht41 ts12 ht82 ht4rpa ht11 ht81 ht52 n2yam ht9 ht61 dr32 ht03 ht6nuj ht31 ht02 ht72 ht4luj ht11 ht81 ht52 ts1gua ht8 ht51 dn22 ht92 ht5pes ht21 ht91 ht62 dr3tcO ht01 ht71 ht42 ts13 ht7voN ht41 ts12 ht82 ht5ceD ht21 ht91 ht62 ts13
source: IKN calcs, NYSE/Nasdaq/TSX data

company ticker price 1/1/21 Shares out Mkt Cap current pps gain/loss%
Antler Gold ANTL.v 0.205 66.365 12.28 0.185 -9.8%
Aston Bay BAY.v 0.045 163.975 9.84 0.06 33.3%
Constantine Met CEM.v 0.17 45.4 31.33 0.69 305.9%
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 11.16 0.105 -56.3%
QC Copper QCCU.v 0.315 129.06 43.88 0.34 7.9%
Red Pine Expl RPX.v 0.400 95.806 49.82 0.52 30.0%
Warrior Gold WAR.v 0.090 91.818 5.97 0.07 -27.8%
Prices in CAD$, data from TSXV basket avg 21.49%
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 2021 Tiny Dogs basket rounded out the year strongly as tinycaps also joined in the Santa
Rally. Notably, many stocks put in technical
rebounds on the last two days of trading when 24% Tiny Dogs, 2021 weekly tracker
20%
Canada’s Tax Loss Selling season came to a close
on the 29th (three days needed to settle trades) 16%
12%
and five of our ten returned week-over-week
8%
gains (CEM.v, PRG.v, WCCU.v, RPX.v, WAR.v)
4%
including the biggest moves by Constantine
0%
(CEM.v up 25.5%) and QC Copper & Gold -4%
(QCCU.v up 15.5%). Four others were unchanged -8%
(BAY.v, C.v, GDP.v, MTU.v) which means just one -12%
loser on the week (ANTL.v).
So hats off to the big winner on the list for 2021,
Constantine Metal Resources (CEM.v) which, unlike other years when it has put in a big
percentage upmove, managed to hold onto the gains and consolidate them. These days it’s not
just the Palmer project and that’s the key behind its change in fortunes, but its market cap is
now too large for our purposes and so we wish the company and its management the best of
fortune in 2022. Two others being dropped from the list for the same reasons are Red Pine
(RPX.v) and QC Copper & Gold (QCCU.v), though the latter will get plenty of coverage here at
The IKN Weekly as 2022 rolls out in Stocks to Follow as well as in the Copper Basket list.
Meanwhile, 2021 did its worst to Contact Gold (C.v), Golden Pursuit (GDP.v), Precipitate Gold
(PRG.v) and Warrior Gold (WAR.v), with only PRG surviving on the 2022 list as its move to
Newfoundland looks interesting enough, plus Dom Rep may be on life support but as long as
Barrick tries to expand Pueblo Viejo it’s not dead.
Overall, the 2021 and final Tiny Dogs list (before the name change) was a good reflection of
the craziness of this bottom rung, with big winners and expensive losers to show for its year.
Next year’s list and its majority of changes will try to emulate the performance and keep tabs
24
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 ht72
source: IKN calcs, TSX data

on the smallest of explorecos, though we stress as ever that the table is NOT and never will be
a list of recommended stocks; same as The Copper Basket we trying for representation of the
sub-sector, no more no less.
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.
Regional politics
Argentina: A snippet on Josemaria Resources (JOSE.v)
It was going to be totally deferred but as this small news item caught my eye, you get just one
entry in this week’s politics section. According to regional reports (19), the province of La Rioja
is not happy about the way Lundin Group is handling the permitting track for its Josemaria
project in San Juan. That’s because a) the project is located very close to the border between
the two provinces and b) the new official estimate for water consumption for the mine is 550
litres per second (or 47m litres per day), which is double the estimate JOSE used in its EIA
application. That and the way JOSE apparently plans to use terrain in La Rioja for at least part
of the mine footprint has the neighbouring province making official complaints to San Juan. We
also hear that San Juan’s EIA agency has recently lost its boss, which may also put a spanner in
the works of a quick permitting track for the mine. All this is not sour grapes in having chosen
badly and picked ALDE over JOSE as my Argentina junior trade. Also, it might not come to
anything and if it doesn’t you’ll hear nothing again from anyone but as Argentina works in weird
and wonderful ways, this is the type of small story that can flare up and become a significant
headwind to what the national government hopes is their flagship project to move mining
forward. It’s also planned as a source of hard dollars, with LUN pledging to bring a cools
U$3.1Bn into the country over the next two years, the type of number that make s a difference
to the minister of the economy as he negotiates a bonds deal with the IMF.
Market Watching
Buying McEwen Mining (MUX)
After due consideration, I am going to call this trade and leave the motives and reasoning
behind the decision until next weekend. In IKN659, when back from my break, expect a full
analysis on why McEwen Mining (MUX) is set to be the turnaround trade of 2022. In any case,
please be clear that even though the cash position is low I expect to open my trade on McEwen
Mining (MUX) in the days ahead and while its January may not be as smooth as many would
hope, I’m confident that for once I’m getting into this stock at the right time and the right price.
The rest can remain a mystery until IKN659 next Sunday, I’m now going back to my break.
Conclusion
IKN658 is done, we end with three short bullet points:
 Lots of new names, plenty of script on the new 2022 lists. Job done.
 For once and at last, I’ve caught McEwen Mining (MUX) at the right time. Buying.
 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. And be long copper.
I wish you good trading fortune, ladies and gentlemen.
Best, Mark
25

Footnotes, appendices, references, disclaimer
(1) https://nevadacopper.com/
(2) https://meridianmining.co/
(3) https://iknnews.com/hot-chili-hch-v-and-its-initial-offering/
(4) https://nevadacopper.com/
(5) https://kutcho.ca/
(6) https://qccopper.com/
(7) https://coastcoppercorp.com/
(8) https://aureliusminerals.com/
(9) https://www.goldpursuit.ca/
(10) https://www.infieldminerals.com/
(11) https://kingfishermetals.com/investors/
(12) https://www.latin-metals.com/
(13) https://www.manitougold.com/
(14) http://www.melkior.com/
(15) https://www.precipitategold.com/
(16) https://www.signatureresources.ca/
(17) https://winshear.com/investors/stock-info/
(18) https://www.mineria-pa.com/noticias/codelco-logra-100-del-plan-de-expansion-en-el-sudeste-asiatico/
(19) http://fenix951.com.ar/nuevo_2013/noticia.php?id=213227
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
26

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
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
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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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