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The IKN Weekly
Week 667, February 27th 2022
Contents
This Week: In Today’s Edition, The reason for the abridged edition, Gold plays its role.
Fundamental Analysis: Deferred.
Stocks to Follow: Chesapeake Gold (CKG.v), Trilogy Metals (TMQ), QC Copper & Gold
(QCCU.v), Aldebaran Resources (ALDE.v), Palamina Corp (PA.v), McEwen Mining (MUX).
Copper Basket: Overview, Kutcho (KC.v), Copper Mountain (CMMC.to).
Producer Basket: Overview, Barrick & Newmont, Agnico Eagle (AEM).
TinyCaps Basket: Overview, Infield Minerals (INFD.v), Signature Resources (SGU.v).
Regional Politics: Argentina’s welcome initiative for country-level mining ESG, Peru: Pedro
Castillo’s government may fall sooner rather than later Nicaragua is Russia’s political ally.
Market Watching: A very brief note on Amerigo Resources (ARG.to) 4q21 financials.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In Today’s Edition
 As things turned out I didn’t take an entire weekend off, however today’s edition is
“bare bones only” and distinctly lacking in normal content. Please accept my apologies
and sleep patterns permitting, please expect service to return to normal as from next
weekend and IKN668. Three photos in today’s intro help with my excuses.
 Vladimir Putin has given us ample reason to own gold, we consider a couple of the
main ones in today’s intro.
 Argentina’s government is moving forward and getting serious about its mining industry
and, for the second time this year, it will pay sector observers to pay close attention.
The reason for the abridged edition
At 1:59pm local time, Friday February 25th, Joseph Vincent Turner Mesa was born:
1

Without going into details it wasn’t an easy delivery, but mother and baby got through the
ordeal and are doing fine. In fact, Dalila was very courageous and even managed to look good
for a couple of selfies the very next day. Apologies for adding my ugly mug and ruining the
photos:
And here’s the star of the show:
Named after my paternal grandfather, Joseph weighed in at 3.1kg (6lb 13oz) on Friday and
measured 50cm, tip-to-toe. He’s passed all his doctor’s tests, likes mummy’s milk, sleeps
afterwards and has already worked out the most effective way of telling us when he’s hungry
again. We made it home on Sunday afternoon and plan to sleep at some point this week, but
that’s a minor detail today. He is a God-given blessing, we are humbled as the most fortunate
of families and just in case it doesn’t show in that photo, he’s absolutely gorgeous.
Gold plays its role
Without labouring the point, last week’s highly volatile markets provided plenty of evidence to
underscore our twin statements on gold over the last couple of weeks:
 Geopolitical events do not affect the price of gold, not in the long-term anyway.
 Gold does not make you rich, instead it stops you from becoming poor.
We saw these in action on Wednesday and Thursday, when Russia’s invasion threats became a
reality and gold spiked hard on the news.
2

We then saw the gold rally fade almost as quickly as it arrived, as President Biden addressed
the crisis and made the case for a strategy of sanctions. The market rallied on the implication
that Russia would achieve its near-term goals without widespread disruption of world’s financial
system and gold became a source of funds for the market rally:
We also note that GLD inventories closed just 2.9mt up on last week, as Wall St still doesn’t
want to own the safe haven of all safe havens:
GLD gold holdings, 2021 to date (metric tonnes)
1250
1200
1150
1100
1050
1000
950
900
3
12/1/4 12/1/41 12/1/42 12/2/3 12/2/31 12/2/32 12/3/5 12/3/51 12/3/52 12/4/4 12/4/41 12/4/42 12/5/4 12/5/41 12/5/42 12/6/3 12/6/31 12/6/32 12/7/3 12/7/31 12/7/32 12/8/2 12/8/21 12/8/22 12/9/1 12/9/11 12/9/12 12/01/1 12/01/11 12/01/12 12/01/13 12/11/01 12/11/02 12/11/03 12/21/01 12/21/02 12/21/03 22/1/9 22/1/91 22/1/92 22/2/8 22/2/81
mt
source: SPDR GLD data
However, a weekend in a long time in politics. Volatility is bound to reign during the current fog
of war and the way in which the financial and political world has quickly hardened its line on
Russia’s aggression has likely changed the market’s view of the crisis over the weekend. On
Thursday afternoon the S&P500 rallied with (literally) chants of “USA USA” on the trading floor.
But that was Friday afternoon and before a litany of new and fast-breaking factors, such as
Ukraine’s staunch resistance to the Russian invasion, Europe’s change of position on cutting
Russia from the SWIFT financial payments system (if only partially), donations of weaponry and
other aid measures by a rapidly increasing number of countries to Ukraine, China’s position
being “less neutral” than expected by most, air traffic bans on Russian flights from a fast
growing list of nations, Putin’s rhetoric concerning Russia’s nuclear arsenal and this crazy list
can continue. You don’t need this publication to reiterate them all, from the grave situation
unfolding that has Kyiv (we spell correctly this time) as its focal point, Turkey’s decision to limit
Russian fleet access to the Black Sea, sanctions on specific HNW Russians, moves to exclude

Russia from a number of high-profile international sporting and diplomatic events, etc. One
incomplete and imperfect paragraph is enough, the message should be clear by now
While Ukraine’s crisis has myriad implications and many are far higher on my personal list of
importance, we are duty bound to attempt some focus on the gold price at The IKN Weekly and
its normal working brief. The easy answer on gold is “It will be volatile” and frankly, that’s all
the reason one requires to own but among the litany of major developments, two since Friday’s
close stand out and are the most likely gold price movers:
 The strength of resistance shown by Ukraine. This has added new uncertainty to the
outcome of the conflict. The rally in the Dow came after Biden’s speech in which he
talked up sanctions, hardball diplomacy and the long game seemingly required to beat
Russia back. The implication was an expected fall of Kyiv to Putin’s Russia in the near-
term and an end to hot war, but just three days later that’s not clear-cut. Ukraine’s
resolute defence has allowed political good will to run its way and the country now has
direct support from abroad via arms shipments and other aid. Therefoere, chances of a
quick end to the naked hostilities have dropped and callous though it may sound, the
market’s classic dislike of uncertainty means new reasons to own gold.
 However oblique, Putin’s recourse to talking up Russia’s nuclear option is nothing short
of spine chilling. He implied the subject when launching Russia’s assault, but there’s no
way the market doesn’t get spooked by what we’ve heard since then and particularly
this weekend. Again, The IKN Weekly isn’t the place and ,while I’ve read more than I’m
going to mention, there’s no doubt that you the reader can find better sources for
insight than these pages. I will limit myself to mentioning his public name-calling of his
enemies as “Nazis” and “drug addicts” and the way he seemed to expect Ukraine’s own
army generals to rise up against their democratically elected (and under the
circumstances, reasonably moderate) government and President. It’s the type of
dictator rhetoric the world has seen too many times from unopposed leaders immersed
in their own version of reality, but this one comes with a nuclear attack button.
The first factor is gold bullish because it adds uncertainty. Ukraine’s stalwart defence has
allowed political and financial support to move for Ukraine and away from Russia, causing a
new wave of uncertainty in the financial markets and that makes gold’s unfettered ownership
more attractive. Protracted hostilities may also imply more inflation added to the world financial
system and if that happens at the same time as The Fed backing away from its plans to tighten,
gold should run futher. However, “normal financial” mechanisms pale in comparison to the
second factor and we need to be clear, nobody in their right mind would want to see gold touch
the type of U$5,000/oz or U$7,000/oz levels I’ve seen predicted in some quarters this week;
the implications would be terrible and the price of gold would be the last thing on your mind.
Bottom line: Hardcore goldbugs may have been disappointed in the way bullion sold off as the
market rallied, but it was just gold doing its thing. First up, its flash run to U$1,980/oz on the
invasion event was a reminder of how you won’t go poor by owning it, whatever happens. Then
its re-trace showed another proof of the temporary nature of geopolitical events on its price in
our modern era. Gold in the portfolio brings peace of mind and, that is the reason to own some
and at best, we should expect the unexpected. So more volatility, more unknown factors to
move the markets and more reasons to anchor your portfolio with the monetary metal, no
matter what its spot price does in US Dollar terms. But at the same time, be careful what you
wish for.
Fundamental Analysis of Mining Stocks
Deferred on MUX
As noted below, by Tuesday I was working on the numbers behind some type of potential mea
culpa note on McEwen Mining (MUX). To date its price drop has been too steep and too regular,
4

company newsflow plainly disappointing in the first two months of 2022 and not of the standard
required from a “turnaround story” for this year. Then on Tuesday afternoon the real world
hijacked my week, so with apologies I now plan to address MUX and my poor trade to date
next weekend, in IKN668.
Stocks to Follow
By adding in the new position in Chesapeake Gold (CKG.v), four of the 14 open positions on our
‘Stocks to Follow’ list recorded gains last week (RIO.v, ARG.to, DSV.v, CKG.v), even though CGK
on is a 2c loser on the list below, due to my personal entry price. Then two others were
unchanged (ALDE.v, PA.v) which leaves eight losers (MAI.v, QCCU.v, MUX, TMQ, SMD.v, APN.v,
MIRL.cse, MENE.v) with two of those taking big percentage hits, in the shape of Trilogy Metals
(TMQ down 36.0%) and Mene Inc (MENE.v down 10.1%). If it weren’t for TMQ I would have
felt as though I’d gotten away with the week unscathed, but Trilogy’s news is too much of a
bummer to ignore.
With the addition of the small starter in Chesapeake Gold (CGK.v), we are up to 14 open
positions in our Stocks to Follow list, one less than our self-imposed maximum. Just four left in
the green and ten in the red, thanks Obama.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v STR BUY C$0.21 13-Oct-19 C$0.52 147.6% $1.14 tgt Aug'20, #1 idea
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.66 -20.5% $1.30 1st tgt, building now
Recommended stocks (in order of preference)
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.62 19.1% 2022 Cu bet, mgmt change?
QC Copper&Gold QCCU.v STR BUY C$0.275 25-Abr-21 C$0.265 -3.6% Now drilling. Easy hold
Discovery Silver DSV.v STR BUY C$1.77 24-Oct-21 C$1.87 5.6% Serious Ag play, 1st tgt $2.75
McEwen Mining MUX BUY U$0.89 2-Jan-22 U$0.77 -13.5% 1q22 trade, turnaround story
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$1.02 41.7% Drill results now coming
Trilogy Metals TMQ hold U$1.84 15-Sep-19 U$0.97 -47.3% major negative on permit
Strategic Metals SMD.v BUY C$0.42 31—2Jan1 C$0.36 -14.3% Canada land bet+Zn in FY22
Altiplano Metals APN.v SPEC BUY C$0.31 17-Sep-21 C$0.295 -4.8% Cheap entry, 1q22 re-rate
Chesapeake Gold CKG.v SPEC BUY C$3.17 20-Feb-22 C$3.15 -0.8% Leverage trade on $1.9k/oz Au
Palamina Corp PA.v SPEC BUY C$0.295 21-Nov-21 C$0.135 -54.2% Au expl in S.Peru, early dusters
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.085 -56.4% CEO change will move stock
Long-term non-mining hold
Mene Inc. MENE.v adding C$0.67 6-Dec-20 C$0.62 -7.5% LT bet, adding slowly
Closed in 2022 closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
2015 to 2021 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:
Chesapeake Gold (CKG.v): POSITION OPENED. Started as a small, foot-in-door trade and
if gold decides to go South as the newly bellicose world rearranges its financial apparatus I’ll
have no problem about dropping it. I am treating CKG as a fundies-based trade to a certain
extent, but even if the company met-based plans to re-work Metates show signs of working, re-
rating on that will come later in the year. Insofar as the met results and consequences go I’m
early on the trade, which means I’ve exposed some modest cash on the potential for CKG to
5

move up before then and that will be all about gold.
At U$1,900/oz gold, CKG will surely attract some attention at its current discounted PPS (much
lower than recent financings from the major backers) but if gold drops, it won’t. Therefore the
fundies are fun, but the reason to be long today is pure market-based “optionality on gold”, as
per last weekend’s title.
Trilogy Metals (TMQ): I made my position clear on the blog last week (1) in the post “The
USA is a high risk jurisdiction for mining”, regarding the extremely negative news out of TMQ
pre-bell Wednesday that did this to the stock:
Firstly, we’ve noted TMQ trading weak for several weeks and all on no newsflow, so the shock
isn’t finding out there’s a glitch with its permitting track. However, when it came the news (2)
was astounding, as there’s no hiding the fact the US government has rescinded a key
environmental permit that had been previously granted and for no apparent reason aside its
change in attitude. As pointed out on the blog, this is no ordinary permit and took a full five
years to go through careful process and before its award. I was angry about the news
Wednesday when publishing this...
That's the sound of The USA telling mining companies that their permits aren't worth
the paper on which they're written. How is any backer supposed to trust a country
under these circumstances? Why even bother trying to move a project forward, when
some-or-other department bureau chief can swoop in at any moment and reverse the
whole process at whim? In this case, we're talking about permits awarded in 2021 after
a slow and rigorous five year track that followed the process to the letter. And now that
doesn't count, because...lawsuit? Because moose? Because of what, exactly? Wasn't
five years enough to work this out?
…and I’m just as annoyed about TMQ and this trade now (though much happier for other
reasons). If a country wants to be strict on its environmental laws and careful about mining
impacts and permits that’s fine by me, sovereign nations have their rights of internal
government. But you simply cannot award a key permit, only to retract it a year later and
expect to be taken seriously afterwards.
Today with this news on board, I’m in two minds whether to hold this painful losing position or
cauterize and move on, but for the moment I’ll hold. There may be near-term legal relief if main
players behind the project, including South32, and its New York financial backers, fight back
against this draconian permitting decision via a law suit. If they did, it would see the share price
recover at least some of the loss.
QC Copper & Gold (QCCU.v): Cormark Securities opened coverage on QCCU on Friday with a
buy rating and an 80c target, the first of the established Canadian brokerages to notice this
exploreco story. Good news for QCCU’s exposure and, in theory at least, will mean it gets taken
more seriously in the oldschool corridors of mining power. Trading was reasonable in the stock,
but it suffered from the same and wholly understandable “gonna hold the weekend?’” nerves as
others in the sector on Friday. We’ve seen QCCU sell into the weekend many times, so although
a little annoying (for me at least, as I’m fully bought) there’s no real surprise, either.
6

Aldebaran Resources (ALDE.v): Two things: First up, last week ALDE released a “partial
hole” result from Altar, a strong and wide gold intercept from the QDM target at Altar, here’s
the main assay table from the NR (3):
The start of the CEO comment from John Black was also interesting:
We normally don’t report partial results from a drill hole, however due to the high-
grades associated with this interval we felt it appropriate to do so.
Indeed, “partial hole” results are not the normal way of this company, what with its desire to be
taken seriously by peers. We should also note that ALDE at Altaer is nominally a copper story,
but this was a strong gold intercept. Add to that the market timing, the NR coming Thursday
morning when gold spiked on the Russia invasion news (only to drop back later). Finally,
though I get somewhat bored reminding readers we need to recall that ALDE’s treasury position
is now low and will need topping up at some point in the near future.
Put those together and the optics of last week’s NR aren’t the greatest, to be honest. This NR
smacks of a company trying to take advantage of a market move in gold by rushing out news
that goes against its normal way of doing things. Perhaps due to the delayed start and drill
result newsflow, or perhaps it was mere coincidence that the news dropped when gold was at
U$1,960/oz and climbing, I can only hope last week’s broad gold intercept doesn’t turn out to
be a one-off in what is otherwise a copper story.
Perhaps the company can shed more light on why it thought such a NR was appropriate this
Thursday March 3rd, as at 11am ET (8am Pacific) ALDE is running a one hour webinar on this
link (4) and here’s the blurb from the registry page:
“In this live summit Aldebaran’s CEO, John Black & Chief Geological Officer Dr. Kevin
B. Heather will discuss the Company's exciting initial drill results and plans for the rest
of the 2022 drill campaign!”
Personally, I am far more interested in getting multiple, full-length copper drill assays from
ALDE at Altar than partial and deep gold hits, no matter how impressive.
Palamina Corp (PA.v): The Palamina Lima office is now apparently Covid negative so my
meeting with CEO Thomson is now slated for this week, assuming I wake up in time on the
right day. Expect notes next weekend.
McEwen Mining (MUX): As MUX continued to
slide early week a idea began to take shape in
note form for an article, working title “Have I
made a mistake in buying McEwen Mining?”. If
it weren’t for my personal circumstances this
weekend it may have become the main fundies
event of this edition, the continued drag on the
stock is certainly gnawing at me now.
Something needs to be done, even if that’s
admitting the error of bad timing and leaving
early.
7

The Copper Basket
After eight weeks of 2022, The Copper Basket shows a loss of 7.23% to level stakes:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Copper Mtn CMMC.to 3.42 210.166 741.89 3.53 3.2%
2 Marimaca Cop MARI.to 3.77 88.028 356.51 4.05 7.4%
3 Oroco Res OCO.v 2.04 192.689 354.55 1.84 -9.8%
4 Western Copper WRN.to 2.00 151.426 343.74 2.27 13.5%
5 Nevada Copper NCU.to 0.71 448.437 313.91 0.70 -1.4%
6 Hot Chili HCH.v 1.53 109.223 134.34 1.23 -19.6%
7 Meridian Min MNO.v 1.18 153.735 133.75 0.87 -26.3%
8 Aldebaran Res. ALDE.v 0.84 114.495 116.78 1.02 21.4%
9 Regulus Res. REG.v 1.06 101.845 104.90 1.03 -2.8%
10 Kutcho Copper KC.v 0.88 103.94 70.68 0.68 -22.7%
11 C3 Metals CCCM.v 0.16 645.379 64.54 0.10 -37.5%
12 Element 29 Res ECU.v 0.58 79.24 47.54 0.60 3.4%
13 Doré Copper DCMC.v 0.79 66.123 44.30 0.67 -15.2%
14 QC Copper QCCU.v 0.34 129.06 34.20 0.265 -22.1%
15 Coast Copper COCO.v 0.13 41.335 5.37 0.13 0.0%
NB: All stocks in CAD$ Portfolio avg -7.23%
A negative week for the junior copper space, as
The Copper Basket 2022, weekly evolution
reflected in our representative list of 15 names. We 4%
saw just four winners (CMMC.to, WRN.to, REG.v, 2%
0%
CCCM.v) and two unchanged stocks (NCU.to, ALDE.v),
-2%
which leaves nine losers (OCO.v, MARI.to, MNO.v,
-4%
HCH.ax, KC.v, DCMC.v, ECU.v, QCCU.v, COCO.v) and
-6%
of those, the biggest hits were taken by Kutcho (KC.v -8%
down 16.1%) and Hot Chili (HCH.v down 12.8%). -10%
However and to be fair, there wasn’t much sign of
wholesale panicking and massive sales going through
copper stocks, more a case of the sub-sector being marked down due to overall Risk Off and
with the situation in Ukraine, that’s understandable at least.
It’s the end of the month (minus one day), so we dial up the long-term copper inventory
tracking charts. The Shanghai SHFE seasonal re-stock has arrived, but with LME stocks
remaining at near-historic lows there’s little relief for physical end-users of the metal in the
aggregate chart:
8
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72
source: IKN calcs

Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
9
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 22
naj
Mt Cu
Comex
Shanghai
LME
source: Cochilco
As for the percentage breakdown chart, the main data point is again LME, which now covers
just 25.05% of world stocks in the official systems (and as the market keeps telling us, LME
“shadow stocks” are also at all-time lows).
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 22
naj
LME Shanghai Comex source: Cochilco
War in the Ukraine or not, there’s no avoiding the under-supplied copper market in early 2022.
Monthly charts done, we move to the regular weekly look at copper inventories:
 Overall aggregate stocks were again bolstered by the SHFE and its seasonal cycle, the
grand total up 20,358 metric tonnes (mt) to close Friday at 298,904mt.
 Shanghai’s SHFE warehouses added 22,723mt, its third week of major inflows that saw
Friday’s inventory total at 159,023mt. We again lead your eyes to the dedicated SHFE
chart below, as we’re only mid-way in the stock gains required for this time of year.
 The LME was about minor moves for yet another week,l with 800mt added to stocks for
a total of 74,875mt.
 Meanwhile, the change in direction we noted at Comex last weekend was confirmed
this week, another 3,165mt leaving stocks. That puts the total at 65,006mt, implies a
loss of 10% of copper inventory in just two weeks and in turn, speaks of strong
demand for copper in mainland USA.
Here’s the dedicated SHFE inventory chart, the third sizeable uptick since the Lunar New Year
pulling stocks toward a respectable figure, but there’s still space between here and the 200k
line.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
31'13ceD ht9 ht81 ht72 ht5tco ht41 dn22 dr3yam ht21 ht02 ht92 ht7bef ht71 ht62 ht4peS ht31 ht92 ht9 ht81 ht72 ht5von ht41 ht52 ht01 ht91 ht82 ht6naJ ht71 ht62 ht4gua ht31 dn22 202ts1ram ht01 ht91 ht72 0202ht6ced ht41 ht52 1202ht4luj ht21 ts12 ht03
Mt Cu
|
source: Cochilco

Now for notes on a few of the stocks in our 2022 basket:
Kutcho Copper (KC.v): Selling all the time, now that its re-worked deal with Wheaton
(WPOM) is closed.
Copper Mountain (CMMC.to): It may be off the
‘Stocks to Follow’ list, but CMMC is a company I’ll
continue to monitor closely and as it’s a member of
this list, here’s where it will happen until further
notice. The good news for longs is the way buyers
came for the stock Friday, bargain hunters showing
up and causing a quick reversal after its series of
losing days since earnings. In other words, for nine
days CMMC traded like an unloved junior but on
Friday, it finally rebounded and traded with the
large producers.
The Producer Basket
After eight weeks of 2022, the Producer Basket shows a gain of 6.45% to level stakes:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 797.44 54.15 67.90 9.5%
2 Barrick GOLD 19.00 1779 40.13 22.56 18.7%
3 Franco-Nevada FNV 138.29 191.192 28.13 147.13 6.4%
4 Agnico Eagle AEM 53.14 453.5 23.49 51.80 -2.5%
5 Wheaton PM WPM 42.93 450.3 19.80 43.96 2.4%
6 Gold Fields GFI 10.99 887.72 11.73 13.21 20.2%
7 Kinross Gold KGC 5.81 1320 7.30 5.53 -4.8%
8 B2Gold BTG 3.93 1055.6 4.31 4.08 3.8%
9 Alamos Gold AGI 7.69 392.503 2.92 7.43 -3.4%
10 Sandstorm SAND 6.20 191.4 1.36 7.08 14.2%
All prices and stock quotes in U$ Port. avg 6.45%
Sat next to the wild and volatile news flow, the broad market swings and the spike and drop in
the price of gold, the overall performance of gold’s main bullion ETF (GLD down 0.3%) and the
main PM stocks ETF (GDX down 0.3%) look bizarrely dull. Even more so if you consider we’re
deep into earnings season and big players such as Newmont (NEM) and Agnico (AEM) reported
last week, as well as quasi-majors like B2Gold (BTG). But no, it’s more likely sheer luck and the
arbitrary 4pm ET close providing a false snapshot of reality.
Of our ten stocks, we saw five winners (NEM, WPM, GFI, AGI, SAND) and five losers (GOLD,
FNV, AEM, KGC, BTG) with the biggest sin Sandstorm (SAND up 3.8%) and the two biggest
losers Agnico (AEM down 5.7%) and Kinross (KGC down 5.0%). Overall, our list again managed
to pick up the major losers and can’t seem to avoid itself early 2022, this time Agnico (AEM)
threw us the left-field hit.
The 2022 Producer Basket: Weekly performance and The 2022 Producer Basket: Percentage difference
14% comparative to GDX control 6.0% between GDX benchmark & basket (negative = IKN ahead)
12%
10% 5.0%
8%
6% 4.0%
4%
3.0%
2%
0% 2.0%
-2%
-4% 1.0%
-6%
-8% 0.0%
-10% 10 -1.0%
Jan1st Jan9th 16th 23rd 30th feb6th 13th 20th 27th
source: IKN calcs, NYSE data
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72
ikn
gdx control
source: NYSE, IKN Calcs

Barrick Gold (GOLD) and Newmont (NEM): Overall, the one week pair trade idea of Short
Barrick/Long Newmont into NEM’s earnings worked, but it was most effective to Wednesday
afternoon and before NEM returned its in-line quarter.
Agnico Eagle (AEM): Aside from anything Ukrainian, last week’s biggest sector news came
from AEM when, along with its in-line earnings release, announced that Tony Makuch was
resigning as CEO after just 16 days in the top job. That has to be a record for the shortest lived
CEO in a major miner and came as a total surprise to the market (and to me). Also, considering
the circumstances in which Makuch turned his back on a reported U$9.5m change-of-control
packages when AEM bought out Kirland Lake and preferred to become the new chief, it’s easy
to assume he was pushed rather than falling on his own account.
A look at the ten-day chart of AEM against its peers (GOLD, NEM and the GDX benchmark) here
shows how AEM was motoring on well until Thursday morning, but the news and its knock-on
effect on Friday reversed its performance quickly. AEM kept hermetic about the real reasons for
Makuch’s departure, which helped nobody.
I didn’t pay much attention to the PM market on Friday, but between now and next weekend I’ll
see what I can find out and report back if anything interesting shows
The TinyCaps List
After eight weeks of 2022, the TinyCaps show a loss of 1.47% to level stakes:
company ticker price 1/1/22 Shares out Mkt Cap current pps gain/loss%
Aurelius Min AUL.v 0.24 37.134 11.51 0.31 29.2%
Golden Pursuit GDP.v 0.13 34.638 4.68 0.135 3.8%
Infield Min INFD.v 0.06 48.276 1.93 0.04 -33.3%
Kingfisher Met KFR.v 0.30 84.57 19.45 0.23 -23.3%
Latin Metals LMS.v 0.12 57.296 6.88 0.12 0.0%
Manitou Gold MTU.v 0.06 344.47 24.11 0.07 16.7%
Melkior Res MKR.v 0.295 24.011 6.48 0.27 -8.5%
Precipitate Gold PRG.v 0.105 129.322 15.52 0.12 14.3%
Signature Res SGU.v 0.07 238.4 15.50 0.065 -7.1%
Winshear Gold WINS.v 0.08 61.585 4.62 0.075 -6.3%
Prices in CAD$, data from TSXV basket avg -1.47%
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
11

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 Tiny Dogs saw Risk Off hit them harder than 14% Tiny Dogs, 2021 weekly tracker
other sub-sectors and the overall average 12%
dropped into negative for the first time this year 10%
on two winners (GDP.v, MTU.v) and one 8%
unchanged stock (PRG.v) versus seven losers 6%
(AUL.v, INFD.v, KFR.v, LMS.v, MKR.v, SGU.v, 4%
WINS.v), with most of those losers in the 2%
neg10% to neg20% range, to boot. We now 0%
mention the same two stocks as last weekend, -2%
for disparate reasons:
Infield Minerals (INFD.v): Last weekend I wrote that INFD had dropped for no apparent
reason and that was my mistake. No excuses, I simply missed its news dated February 14th (5)
that brought no Valentine’s love to the company. The five hole campaign at the North Zone of
its M1 property in Nevada USA was designed to test promising rock chip returns from its early-
stage exploration of the property, but this sentence from the NR…
The Company believes the 2021 drilling campaign has sufficiently tested the North
Zone of the Property and notes that the mineralization intersected with drilling appears
to be limited to near surface.
…is enough, no need to include the assay table as well. In other words, INFD hit dusters on its
first pass and while they still have other promising targets to work, it was enough to see the
stock price sink even further, after its rotten 2021 sell-off.
Signature Resources (SGU.v): Meanwhile, the news late last week that the market
motivated SGU had increased its $1m placement to $2m didn’t come as a surprise.
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’s welcome initiative for country-level mining ESG
Last Tuesday February 22nd Argentina unveiled another piece in its plan to attract large-scale
investment in its mining industry. Superminister Matias Kulfas is the brains behind two new
government bodies, namely Memac and Siacam, both designed to bring transparency to the
mining industry and promote public opinion for the industry.
 Memac: This stands for “Mesa Nacional sobre Minería Abierta a la Comunidad” and let’s
translated that as “Open Round Table for Mining in the Community”. Memac is set up to
allow open dialogue on the mining sector, including debates between stakeholders,
workshops given by mining experts and technical reports on mining activity, also at a
micro and macro level.
 Siacam stands for “Sistema de Información Abierta a la Comunidad sobre la Actividad
Minera en la Argentina”, a nice mouthful that reasonably translates as “System for
Open Information in the Community on Mining Activity in Argentina. The idea for
12
dn2naJ ht9
naJ
ht61naJ dr32 ht03 ht6bef ht31 ht02 ht72
source: IKN calcs, TSX data

Siacam is to create the most accountable system for an industrial sector in the country,
which offers details on revenues, imports, exports, environmental data, workplace
accidents etc, so that the general public can verify the cost/benefit of the mining
industry at a macro and even at the company level.
According to Minister Sulfas, the government’s plan is to promote a sector that cares for the
environment, develops communities, generates productive growth and stimulates GDP growth
at the national level. In his words, “Mining is an activity that generates 30,000 direct jobs and
80,000 indirect jobs (and is) a sector that generates a lot of wealth.” Importantly, this new
initiative is not only a government push, instead the government has brought in the country’s
biggest and most important mining trade unions, including the Unión Industrial Argentina (UIA)
Unión Obrera Metalúrgica (UOM), as well as the major chamber of mining for the mining
companies such as the Cámara Argentina Proveedores de la Industria Petro Energética (Capipe)
and the country’s big business chamber, the Confederación General Empresaria (Cgera).
As in the previous report on the way the Alberto Fernandez government is getting serious on
promoting mining, we on the outside should not ignore this type of major, government-led
initiative that’s been put together with cross-industry support. Argentina is getting serious about
mining and understands that its major sticking point is its environmental, both in fact and public
opinion. Last week saw the government moving forward on its plans to make mining socially
acceptable to its population and should be fully welcomed by FDI (6).
Peru: Pedro Castillo’s government may fall sooner rather than later
Some moves were expected, others are new and surprising, but the upshot is that President
Pedro Castillo may not even make it to the end of next month, let alone the whole of 2022. As
predicted, Peru’s Congress is now aiming the new batch of suspect ministers on a one-by-one
basis, with the likely first in the firing line the quack doctor given the job of Health Minister.
However and as not predicted, while you’ve all been watching Eastern Europe this weekend a
new scandal has blown up in the face of the President and his close entourage. A suspect in a
corruption case that was rumoured to have involved the President has apparently turned State’s
evidence and submitted a confession that directly implicated Castillo and five of his main
ministers in corrupt dealings. If found to be true (and according to prosecutors, the confession
of the insider is highly reputable), Castillo’s position will be simply untenable and he will have to
resign, else be “vacated” almost immediately.
The next two weeks will decide whether this scandal grows to the point where it topples the
sitting President. If it does, the previous IKN playbook of “volatile near-term and positive
medium-term for Peru and its mining sector” is still 100% valid.
Nicaragua is Russia’s political ally
When it comes to political support for its incursion into Ukraine, Russia finds itself able to count
its allies on the fingers of one hand. Not only that, but the list of Belarus, Syria, Venezuela and
Cuba are a veritable rogue’s gallery of States. To which we must add Nicaragua, as Daniel
Ortega was one of the first world leaders to voice support for Putin’s original incursion into the
disputed Eastern states of Ukraine early last week. Not only that, but on the day Russia made
its main invasion and incursion move on Ukraine, we had this from Managua (7)
MANAGUA. Feb 25 (Interfax) - Russian State Duma Speaker Vyacheslav Volodin has
thanked President of Nicaragua Daniel Ortega for support of Russia's decision to
recognize the independence of the Donetsk (DPR) and Luhansk (LPR) People's
Republics.
"We are grateful to President of Nicaragua Daniel Ortega, who was one of the first to
support Russia's decision to recognize the independence of the Donetsk and Luhansk
People's Republics aimed at ensuring the security of people," Volodin said on
Thursday at a session of Nicaragua's National Assembly.
"Citizens of our country are grateful to Nicaragua for its support of Crimean residents'
decision to rejoin Russia and for recognition of the independence of Abkhazia and
South Ossetia," he said.
13

Indeed, the head of Russia’s Duma parliament was on a State visit to Nicaragua, welcomed with
open arms and got all the rhetorical support he’d ever want for Russia’s move that day, all from
a country President keen to get his hands on Russian military hardware in order to prop up
Nica’s own corrupt regime. Needless to say, this is bad news for any company with direct
exposure to Nica, such as gold producers Calibre Mining, Mako Mining or Mineros SA. Until the
clearly faked election and human rights abuses of November last year, your author held
exposure to the excellently run and socially responsible Royal Road, but even that company had
to go in light of Daniel Ortega’s excesses. With the world now picking sides actively and
sanctioning Russia and its allies, those with continued exposure to Nicaragua’s precious metals
mining sector are duly warned, once again, to get out while the getting is good.
Market Watching
A very brief note on Amerigo Resources (ARG.to) 4q21 financials
The quickest of mentions this weekend. I haven’t changed the plan of covering ARG in detail
next weekend and still think it best to wait for the conference call scheduled for tomorrow (or
any news on boardroom manoeuvres) before considering the details of what is now my largest
copper trade. However, it would be remiss not to make mention of the pleasant surprise from
the ARG earnings and how it has upped its dividend to 3c Canadian, from the previous 2c
Canadian of 4q21. For context, that implies a forward yield of 7.4% this weekend and that
would still be a strong 6% even if the ARG share price moved up to C$2.00.
Conclusion
IKN667 is done, we end with bullet points:
 In any normal week, the news out of Trilogy Metals (TMQ) would have caused a major
scandal in the mining sector, perhaps even at the national political scene. Last week
was not a normal week however and while clearly unfair, it’s difficult to work up too
much rage about the perceived injustice.
 As I put the finishing touches to this highly abridged edition this evening I note spot
gold up U$16/oz at U$1,906/oz and out-pacing silver. Bullion continues to do its job.
 My lack of sleep is bad, its nothing compared to what my partner has been through but
this weekend, it doesn’t matter to either of us. We’re on Cloud Nine and we may be
slightly biased, but Joseph is the most beautiful boy we’ve ever seen. Normal IKN
Weekly service resumes next weekend. I hope.
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.
Yours in bliss, Mark
Footnotes, appendices, references, disclaimer
(1) https://iknnews.com/the-usa-is-a-high-risk-jurisdiction-for-mining/
(2) https://trilogymetals.com/news-and-media/news/trilogy-metals-provides-update-on-the-ambler-access-project/
(3) https://aldebaranresources.com/news-releases/2022/aldebaran-intercepts-14.9-m-of-19.08-g-t-au-in-discovery-of-
new-high-grade-gold-zone-at-the-altar-copper-gold-project-san-juan/
14

(4) https://6ix.com/event/promising-initial-results-from-aldebarans-altar-project-2022-drill-campaign/
(5) https://www.infieldminerals.com/news-articles/infield-minerals-announces-exploration-results-from-the-2021-m1-
north-zone-drilling-campaign
(6) https://www.cronista.com/economia-politica/se-creo-la-mesa-nacional-sobre-mineria-que-se-busca-y-quienes-la-
integran/
(7) https://interfax.com/newsroom/top-stories/74189/
Stocks To Follow Closed Positions 2021
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-Set-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-Abr-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
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
15

Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Ago-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Set-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Ene-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Set-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Ene-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Set-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Ago-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Abr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Set-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Abr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Set-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
16

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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