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The IKN Weekly
Week 684, June 26th 2022
Contents
This Week: In Today’s edition, Gold and copper continue to get our vote.
Fundamental Analysis: Rio2 Ltd and its EIA permit.
Stocks to Follow: Discovery Silver (DSV.v), Aldebaran (ALDE.v), Minera Alamos (MAI.v),
Superior Gold (SGI.v), Amerigo (ARG.to), Element 29 (ECU.v), Altiplano Metals (APN.v).
Copper Basket: Overview, Copper Mountain (CMMC.to), Oroco Resources (OCO.v), Marimaca
Copper Corp (MARI.to), Western Copper & Gold (WRN.to).
Producer Basket: Overview, Kinross Gold (KGC), More Gold Fields (GFI) and Yamana (AUY).
TinyCaps Basket: Overview.
Regional Politics: Ecuador deteriorates rapidly, Colombia: Reaction to the Gustavo Petro
victory, Peru: Social protests and strikes now, political storm next, Argentina: The only bright
spot for Mining in South America…
Market Watching: Contango Ore (CTGO): Manh Choh in the spotlight, A brief update on
Anacortes Mining Corp (XYZ.v), Keynes does China.
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
 Today’s main fundies section is dedicated to Rio2 Ltd (RIO.v) as we examine the fall-
out from the news.
 Today’s Regional Politics section has four focus countries in ascending order of interest;
Ecuador is looking bad, Colombia is bad, Peru is waiting for the moment when we get a
change at the top, only Argentina looks good for the mining sector today. That alone is
a crazy thing to say.
 Despite the heavy selling pressure seen on the metal last week and the collapse of the
large majority of junior copper share prices, The Copper Basket this week outlines the
reasons why I’m hanging tough on this specific metal as markets move into rougher
waters.
 Connected to the defence of the copper trade, we consider how stagflation does not
discriminate and its effects are not the same as recession. In Market Watching, we
considers how iron ore is a model that’s now showing the difference.
Gold and copper continue to get our vote
Last week’s market was dominated by the growing sentiment toward an imminent recession in
The USA and Jay Powell’s two days of testimony to Congress fuelled much of that fire. The
resulting selling in commodities dragged all metals lower, with a headline-making hit taken by
Dr. Copper and even gold losing ground in USD terms. This desk agrees that it’s not the right
time to be exposed to most metals and last week’s sale of Discovery Silver (DSV.v) underscores
the position, we don’t have any direct exposure to zinc, lead, nickel, etc, but it still leaves plenty
1

of exposure to both copper and gold in the personal portfolio, as well as The IKN Weekly Stocks
to Follow list, and that’s the way I plan to stay.
For more on the rationale of toughing out the drop in copper prices, please see The Copper
Basket. Here in the intro we take one of our regular looks at the way gold is doing and for that,
we first need to consider the wider market levers starting with baseline US financials. Centre of
the radar at the moment is the yield curve, which reverted and last week almost tipped into
reversion last week, that classic signal of impending recession. To consider that, we go for the
easy-look yield curve visual below, in which the two year Treasury yield is subtracted from the
ten year Treasury yield.
From the days of the Carter presidency until now, every time the result touches or goes under
zero, the USA has subsequently gone through a recession period (grey background shading).
The signal from the 2y/10y relationship is long-established, part of the world financial macro
backdrop and goes something like this:
 If investors get nervous…
 …they seek more safe havens…
 …and as US Ten Year Treasury paper is considered the safest place of all…
 …more people buy Ten Year paper and its price rises...
 …which causes its yield to drop…
 …to the point where its yield drops under that of US Two Year paper…
 …and the indicator flashes “Recession On The Way”.
Considering that, the recent solid performance in gold is impressive:
What’s more, a look at the futures market for gold shows that it already has the expected Fed
rates rise priced in. This table shows the spread of Comex gold futures contracts as at Friday’s
close and they give a clue as to what the market expects of The Federal Reserve:
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With the gold price remaining largely neutral since this latest episode of ‘Fed Whatever It Takes’
began (the whack-a-mole game show run on the world’s most important economy) gold bullion
futures give a reasonable yardstick The 3.2% price gap between the Comex June 2022 (i.e.
now) and June 2023 futures contracts for gold indicate where the market sees the Fed base
rates going. Or if you prefer, the implied inflation between the August contracts is 3.6% (but
open interest on the 23 is thin). That tallies reasonably closely to the data in this (1) Reuters
market wrap note:
The market has also priced in a fed funds rates of 3.31% on Friday, from 3.51% a
week ago.
.And…
The dollar, up around 9% this year, has lost some of its shine since investors started
betting the Fed could slow the rate-tightening pace following another 75 basis-point
increase in July. They now see rates peaking next March around 3.5% and falling
nearly 20 bps by July 2023.
Hose rates fit right in with the implied rates in the gold market and indicate how the current
spot price is in reasonable equilibrium with the larger dollar market. Long story short, gold is
doing its Safe Haven thing in efficient and correct style. The way the market is now rolling back
its Fed base rates expectations from 4% at the time of the last FOMC to 3.5%, at the same
time as Fed jawbone has another 75 points hike now being talked at the next meeting into the
market and 50bps for September, means the world now expects the current very sharp
tightening schedule to come to a halt sooner, rather than later. Yes the Fed is slamming on the
brakes, but they’re clearly concerned about the stagflation potential of this emergency braking
move and for more on what stagflation might mean to the market, check out the Market
Watching segment on iron ore, below. Here we wrap up the intro without rattling on any
further about a subject that’s not part of IKN Weekly core competency by considering the small
drawdown in GLD physical inventory last week, but there wasn’t any particular weakness in the
insto side of the gold segment as the ratio chart demonstrates.
GLD gold holdings, 2022 year to date (metric tonnes)
1140
1120
1100
1080
1060
1040
1020
1000
980
960
940
920
3
12/21/13 22/1/5 22/1/01 22/1/51 22/1/02 22/1/52 22/1/03 22/2/4 22/2/9 22/2/41 22/2/91 22/2/42 22/3/1 22/3/6 22/3/11 22/3/61 22/3/12 22/3/62 22/3/13 22/4/5 22/4/01 22/4/51 22/4/02 22/4/52 22/4/03 22/5/5 22/5/01 22/5/51 22/5/02 22/5/52 22/5/03 22/6/4 22/6/9 22/6/41 22/6/91 22/6/42
mt GLD: Inventory/Price Ratio, 2022 year to date
6.40
6.30
6.20
6.10
6.00
5.90
5.80
5.70
5.60
source: SPDR GLD data 5.50
13/21/1202 5/1/2202 01/1/2202 51/1/2202 02/1/2202 52/1/2202 03/1/2202 4/2/2202 9/2/2202 41/2/2202 91/2/2202 42/2/2202 1/3/2202 6/3/2202 11/3/2202 61/3/2202 12/3/2202 62/3/2202 13/3/2202 5/4/2202 01/4/2202 51/4/2202 02/4/2202 52/4/2202 03/4/2202 5/5/2202 01/5/2202 51/5/2202 02/5/2202 52/5/2202 03/5/2202 4/6/2202 9/6/2202 41/6/2202 91/6/2202 42/6/2202
Source: SPDR data, IKN calcs

Fundamental Analysis of Mining Stocks
Rio2 Ltd and its EIA permit
There’s plenty to get through in today’s main Fundies section, so let’s begin with a price chart
and the news background to last week’s
trading action (right). The News release out of
Rio2 Ltd (RIO.v) on Thursday morning (2)
pre-bell saw the stock open at 38c after
closing the night before at 54c, but that was
only the start of the selling and by Thursday’s
close, the stock was at 23c and had lost of
halt its equity value. While the unfortunate
coincidence of timing the NR to a heavily
negative day for metals and mining stocks in
general did not help the cause, the reason for
the drop was in the NR and after a preamble,
this section had the bad news. We underline
and bold type the central point:
Rio2 notes the Environmental Assessment Service (SEA) published last night the
“Informe Consolidado de Evaluación” (Consolidated Evaluation Report) with the
recommendation to reject the EIA for the Fenix Gold Project. There are two key
considerations to note in the report:
 The Project fulfils all the applicable environmental regulations and meets the
environmental requirements for the granting of applicable sectorial environmental
permits
 It has been alleged that Fenix Gold has not provided enough information during the
evaluation process to eliminate adverse impacts over the chinchilla, guanaco, and
vicuña
The Consolidated Evaluation Report will be presented to the Comision de Evaluacion
Regional which includes 11 governmental institutions with environmental
competencies. These institutions will vote to approve or disapprove the EIA.
Fenix Gold has been working diligently throughout the environmental assessment
process to provide all the required information. Fenix Gold remains committed to
continue working with the SEA and other governmental institutions to resolve and
mitigate any potential impacts that need further consideration to secure approval for
the project.
A decision on the Fenix Gold Project’s EIA is expected within the next two weeks and
Rio2 will host a conference call the day that the decision of the vote is made public.
This will provide shareholders the opportunity to speak to management and ask
questions related to the Fenix Gold Project environmental assessment process.
The underlined words screamed at readers like me, they were a bolt from the blue for this desk
and anyone else on the outside looking in at Rio2 Ltd and its Fenix project in Chile. Also and
personally, for someone who had been following the progress of Rio2’s Fenix permitting track
closely it came as a complete surprise, the epitome of the “Unknown Unknown” risk that comes
from out of nowhere to whack you and your portfolio upside the head. Not only have I been
watching and reading the bureaucratic process of the EIA permitting process, but with
increasing frequency over the last few weeks have been bugging RIO.v CEO Alex Black for his
views and feeling of how the process was running. Due to this, I was aware we were getting
close to the day of the final decision on the EIA (and have written as much in a handful of
recent editions of The IKN Weekly) and due to this, knew that the process was going according
to plan and getting the required green lights and approvals from the regional government desks
required for an EIA in Chile. While CEO Black obviously knew more than me about the inside
workings of the process, I could read all the published documents and on every occasion, got
the clear message from the company that everything was going to plan.
Therefore with the bucket of cold water that had just been poured over my head on Thursday
morning it was time to get up to speed. The first job was to talk with the company, so a 30
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minute videocall with CEO Black (in dressing gown and the day’s first coffee) before publishing
the first of several blog posts on the subject last week “The Rio2 Ltd (RIO.v) environmental
report news” (3). That’s enough blow-by-blow reporting, as what we now know is that the
stock sank without trace Thursday but managed to recoup at least some of the heavy losses in
Friday trading that feature very heavy trade volume. RIO.v shares closed at 34c on Friday, a
week over week loss of 35.2% and here’s another price chart, this time with a three year time
axis and a little red ink:
Which brings us to today, we now attempt an analysis of what’s happened and what to expect
in the next few days so first and foremost, my personal position as shareholder of Rio2 and
recommendation of Top Pick on the company is to hold my shares and wait to see what
happens at the meeting that will decide whether the key EIA for Fenix permit is awarded,
deferred or denied. Call that the official position for the TL:DR who don’t want to wade through
the rest of this script (and I wouldn’t blame you for that, I’ve met the author).
Now we dive in. At this stage in the permitting process, with the advent of the key permit
award meetings and decision at hand, it would need a good reason to abandon my investment
in Rio2 Ltd (RIO.v) after holding it for many years, as well as holding and watching the
progress made by the company through Chile’s strict, regimented but ultimately understandable
EIA and construction permitting process. The permitting track began in April 2020 and this SEA
page (4) is where all the public documents that track the process are filed and up to last week,
there was no sign or indication that the EIA permitting track was in any sort of problem. This
was one of the first things I needed to know from the company while on the call with CEO Black
on Thursday morning and indeed, the decision taken by SEA on June 22nd also came as a
surprise to the company. Whether it was an unknown/unknown as it was for us on the outside
or a known/unknown is up for debate, because (as we will see below) Rio2 had fielded
observations and requests for extra information on fauna local to the Fenix project from SEA on
three occasions. However and as noted below, Rio2 complied with all requests in good faith and
in the complied with the requests. However, it’s clear the company was also shocked by the
result of the June 22nd meeting as until that moment, had been getting the same green lights
from all bureau for its permitting track as reported above.
The news also landed with an almighty thud in Chilean media circles but rather than take my
word on that, please consider this the body of a report dated June 23rd that headlined Chile’s
most viewed mining media outlet ‘Tiempo Minero’ and feel free to check my Spanish/English
translation by running this (5) through Google Translate:
In Light of Chile’s Servicio de Evaluación Ambiental (SEA, Chilean Environmental
Assessment Service) recommendation to reject the Fenix Gold mining project
Environmental Impact Assessment (EIA), Rio2 Limited issued a press release stating
its position. The company, via its subsidiary Fenix Gold Limitada, believes the SEA
recommendation does not have adequate technical support. The SEA considers that
Fenix Gold has not provided enough information during the evaluation period to
eliminate adverse effects on the chinchilla, guanaco and vicuña populations. However
5

the mining company, via its subsidiary Fenix Gold Limited, believes the contrary:
"Fenix Gold has worked diligently throughout the environmental assessment process
to provide the required information," the statement read. It added that the company
remains committed to resolving and mitigating any potential impact to ensure project
approval.
Rio2 Limited, via its subsidiary, is undergoing an Environmental Impact Assessment
(EIA) process for the Fenix Gold Project. According to the company, the project is an
example of modern gold mining, for which from the start a wide range of technical,
environmental and social considerations have been considered and designed.
The project is a significant investment in Chile’s gold mining sector for a junior mining
company. As for employment, the project will generate approximately 1,200 jobs
during its construction phase and 550 jobs during its 17 years of operation. The mine
will be a heap leach operation and does not require crushing or tailings storage
facilities, which minimizes overall impact and project footprint.
“From a social perspective, the support has the support of the six indigenous
communities directly related with the project. The Indigenous Consultation Process
(Proceso de Consulta Indígena) for the EIA was completed successfully, with the final
agreement signed in April 2022”, the company stated. In its press release, Rio2 also
stated that the report issued by the SEA includes conclusions that the project complies
with all applicable environmental regulations and complies with the environmental
requirements for the granting of applicable sector permits.
The Consolidated Evaluation Report will be presented to the Regional Evaluation
Commission, which is made up of eleven governmental institutions with environmental
responsibilities. The commission will vote to approve or reject the EIA. Finally, the
mining company said that it expects a decision on the Fenix Gold Project EIA in the
next two weeks and will hold a telephone conference call on the day the vote decision
is made public.
That report used the RIO.v NR as its baseline, but on publication made plenty of waves and
from sources in Copiapó, we understand the waves includes a tsunami sized wave from the
desk of the Regional Governor of Atacama region. He was dumbfounded on reading the report
and became plain angry when hearing the style of the negative recommendation, as well as the
substance. From what we now understand, the June 22nd meeting was called by SEA and
happened the day after a public holiday and long weekend. Those bureaux involved in the EIA
took it as read that the meeting would go in the same vein as all the other EIA track meetings
for the Fenix project to that date and as a result, more than one key members of the committee
were not present for the meeting. With hindsight, we don’t know whether the meeting would
have gone the same way if the full committee were present, whether the information would
have been presented the way it did or whether the full complement of members would have
come to the same conclusion and recommendation. What we do know is that 1) not all the
committee were present 2) the conclusion was to recommend the rejection of Fenix after the
project had received nothing but approvals to that point and 3) since hearing the result, the
Governor (i.e. the boss of the people at the meeting) has been on the warpath, demanding
answers as to why Fenix should be stopped for apparently spurious reasons.
The chain of events: It’s been a case of trying to piece together the circumstances, this is
what your author understands of the process based around the fauna issue that caused the
recommendation to deny. Back in April 2020 and after the original EIA permit request
submission, as usual in these permitting processes the SEA came back with what are called in
Spanish “observaciones”, i.e. queries and observations they have on the plan. In any normal
EIA permitting track, the company then goes about addressing the permitting authority’s
questions to the best of its ability, a process that’s typically back-and-forth for one, two or
several rounds until the permitting authority is satisfied. In the case of the Rio2 Fenix Gold EIA
submission, the SEA did not ask for any extra information on the local fauna at that moment
(and that’s not a small point). Then a few months later in a second set of observations, the SEA
asked Rio2 for monitoring data on nearby fauna. Although slightly odd that there wasn’t any
previous demand, the SEA had the right to do so and may have been prompted after chinchillas
were discovered in late 2020 near to another gold project nearby, the Gold Fields (GFI) Salares
Norte project. Therefore at the SEA request, Rio2 installed a camera trap close to the project
6

site for a period of time but recorded no nocturnal movement.
We move to round three of the SEA observations and for its reasons, SEA was not happy with
just one trap camera. It asked the company to repeat the data collection process in more detail,
so Rio2 installed 17 camera traps around its
project for a period of nearly two months.
As a result, one camera (Camera 13)
located around 1km West of the project site
boundary returned sightings of chinchillas.
At this, SEA requested further information
from the area around camera 13, so Rio2
installed 20 cameras in a grid pattern
around the location of camera 13 (as seen
in this visual from last week’s blog post
“Rio2 and the local fauna” (6)). After 14
nights of monitoring they reported sightings
of 19 chinchillas in the zone. The company
supplied data and studies on the sightings,
as well as data on whether the animals
were likely to be disturbed by the industrial
activity nearby once the project was underway considering all required aspects (noise, dust,
local activity, etc etc). After this, nothing was forthcoming from SEA until the June 22nd
meeting, at which SEA revealed it still wasn’t satisfied with the information collected and
supplied by RIO.v. Specifically, it said that 14 nights was not a long enough sample time and
wasn’t happy with the company’s grid location of 20 cameras around camera 13. It wrote that
Rio2 should have placed camera traps in some specific zones closer to the project boundary
that have better chances of hosting chinchillas (seen on the above map as arrows pointing to
the locations SEA preferred, this despite the SEA only using satellite maps to locate its preferred
target areas and not visiting the site).
And that’s where we are today, with a SEA report that recommends the rejection of the Rio2
EIA permit due to a lack of information on the local fauna. We do of course use the chinchilla
issue as our example, but the SEA also raised questions about the guanaco and vicuña
populations, as some examples have been sighted using the down valley area as a transit zone
(these animals spend most of their time at lower altitudes, typically in this particular region
around the salt flats down the hill). In the opinion of commentators and your author, the
questions raised regarding the guanuco and vicuña are of a similar ilk and likely the less
important of the three doubts. The overriding question for all three cases is whether RIO.v
made reasonable efforts to comply with the demands of SEA. Using the chinchilla as our
example, evidence shows how company first had no questions asked regarding nearby fauna,
then went through three rounds of demands and supplied information, but for SEA this wasn’t
enough (and though the details are different, the same applies to the vicuña and guanaco
cases). Alongside the monitoring efforts, Rio2 has also submitted a long list of voluntary
procedures to SEA on a range of environmental matters included in the EIA submission. In the
specific case of impact mitigation for local fauna, this screenshot shows the list of voluntary
measures RIO proposed to Chile’s SEA during its EIA evaluation period. The list was included in
SEA’s June 22nd publications:
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Here’s a translation of those points:
 Induction talks on fauna (for workforce)
 Quarterly monitoring of camelids (i.e. guanaco, vicuña, alpaca, llama)
 Signposting and restriction of access for camelid protection
 Satellite monitoring of camelids
 Visual registration of wild canines (foxes)
 Monitoring of short-tailed chinchilla, pumas and Andean wildcat via the use of camera
traps in rocky zones of the project area
 Monitoring of the protected zone of Chinchilla Chinchilla
 Zoning of protected zone of Chinchilla Chinchilla
 Diffusion and education program regarding the species Chinchilla Chinchilla
 Installation of warning signposts on highway 31-CH
Once again, we see Rio2 willing and able to go beyond the bare bones of the law to offer
mitigation measures and solutions to SEA. However, according to the report these weren’t
enough to satisfy the environmental body, either. This is where we stand today, with one
working week between us and the slated (though as-yet unconfirmed) date of the Regional
Evaluation Commission (REC) meeting on July 1st to decide on the Rio2 Fenix permit award. It’s
also why I wrote and published the op-ed as seen on the blog Friday (7) entitled, “The bottom
line to the Rio2 EIA permitting issue” which concluded like this:
With the greatest respect to that small family of chinchilla chinchilla who live next to the
Rio2 Fenix project area, if Chile is willing to knock back a project that's been
elaborated to the highest standards and passes all other environmental measures for
this small reason, it will stop any project from going forward. The bottom line is that on
July 1st, Chile under Gabriel Boric decides whether it wants to retain its mantle as the
top LatAm mining country.
Informal legal advice: After publishing the first blog post Friday morning your author
reached out to a Chilean friend, who in turn reached out to a lawyer who works in the sector in
Chile and has knowledge of what happened in the Gold Fields Salares Norte case, mentioned in
passing above. While the information gleaned was interesting and useful, it was also off the
record so I must be careful in what I write in the next couple of paragraphs. Regarding that
case, what we on the outside know is that in general terms:
 In November 2020, the final Salares Norte EIA and construction permits were withheld
because 25 chinchillas were spotted close to the project area (8).
 The two parties then entered into negotiations, Gold Fields (GFI) collated extra
information, agreement was reached
 A few weeks later GFI had its permits and in January 2021 it announced the start of
construction at Salares Norte (9).
Let us assume that it wasn’t just GFI’s goodwill and desire to improve data collection that freed
up the permit. Without being able to confirm the following formally, it’s possible to envisage
that at some point, GFI’s lawyers may have pointed out to the SEA and its permitting
committee that the fauna issue that had cropped up wasn’t a permitting dealbreaker. Instead,
the company may well have said that it had already complied with the letter of the law and had
complied with all SEA requests and observations. They may have argued that the discovery of
25 chinchilla (the same variety sighted near the Rio2 Fenix project boundary) close to its project
zone did not constitute non-compliance with the EIA permitting track, instead it was a
discretional item and, while there was good reason for further data collection and study of the
chinchillas at Salares Norte, they weren’t a valid reason to withhold permits. From there, it’s
possible GFI could have offered to collate further information and take proactive measures to
protect and guarantee the well being of the problematic fauna as an extra activity, done in
parallel to the initial periods of construction and build-out of Salares Norte. The Evaluation
Commission may then have felt free to vote up the permit award, but then use its legal right to
add contingency measures to the permit’s good standing (e.g. parallel study of the animals,
possible relocation programs, etc) that GFI could develop in parallel to construction, something
that the Commission could do according to Chile’s EIA laws.
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Possible outcomes. That’s the background and information gleaned, we now move to what
might happen when the 11 seat Regional Evaluation Commission (REC) meets to decide on the
Fenix project EIA permit. At this point, we understand that the meeting is slated but not
confirmed for this Friday July 1st, so for the time being we assume the meeting happens on that
date. As for that meeting, we know the SEA’s Consolidated Evaluation Report is one opinion of
several among REC committee members. We also know Rio2 has the support of several other
members of the eleven seat committee, for example the Ministry of Mining. However we must
be clear, the SEA report carries considerable weight in decision making processes such as these
and will give ammunition for any committee member of the REC who wants to oppose mining
on ideological grounds. Finally, please understand that the EWIA permit will be awarded by
simple majority vote, i.e. six votes decides the issue. Therefore and without going into every
nuance possible, there are five possible outcomes to next week’s REC meeting:
 The permit is denied and the company is given no way forward. This is extremely unlikely,
not only for Chile but for the fact that the only objection against a long list of criteria is the
fauna aspect.
 The permit gets put on hold until more extensive data is collated on fauna, for example a
season-long study that includes all annual patterns for the fauna in question. In real-world
terms, the harshest decision that the REC could take and we comment on this variable in the
conclusion, below.
 The permit is put on hold for a brief period, then awarded a few weeks later after extra data
is collated on the fauna. This would be akin to what happened to Gold Fields at Salares
Norte (see above) when its permit for Salares Norte was deferred due to the discovery of 25
chinchillas nearby, but green-lighted two months later. This is a logical possibility.
 The permit is awarded and Rio2 can move ahead with its project, but extra criteria are
added in order that the chinchilla, vicuña and guanaco populations are further studied and
mitigation policies put in place if required. This would be along the lines of the voluntary
plan proposed by Rio2 (see above) and is also a logical possibility.
 The permit is awarded with no further observations. In practical terms this would mean the
same as if further observations were added, but it would also send a pro-mining political
message. In this case, Rio2 would be sure to implement its proposed voluntary best
practices.
Conclusion and discussion: As noted in last week’s blog post, “…Chile under Gabriel Boric
decides whether it wants to retain its mantle as the top LatAm mining country…” because if this
permit is denied Rio2 at this late stage, the message for the rest of the country’ mining sector
would be loud and clear. While the SEA has the right (and obligation to report on the fauna
issues as seen at Fenix, the way it kept its judgment reserved until a key and late-stage
moment in the permitting track smacks of a political hijack and it’s no wonder the Regional
Governor of Atacama was reportedly hopping mad when learning what happened at the June
22nd meeting.
Your author had been following these important last few weeks of the Fenix permitting track
closely and up to Thursday, there was every reason to expect a smooth run into the final REC
meeting slated for July. He NR last week came as a bolt from the blue and its unfortunate
timing into a soft market for mining stocks saw the selling accelerate into a rout. I don’t mind
telling you this weekend that between watching a Top Pick sink the way it did and watching
copper lose support at the U$3.90/lb and U$4.00/lb level, it was one of the most depressing
days at market I’d had in years. However after a couple of days of DD, due consideration and
analysis, unless Chile does indeed take an ideological stand and deny the Fenix permit “just
because”, the worst that will happen to Fenix is a minor delay and in fact, there’s reason for a
positive result for the EIA when the REC meet.
That said, the final word today must be a word of caution: We have noted in the public blog
that recent decisions out of the SEA have also been against mining companies’ interests, for
9

example the permit denial for Anglo American’s Los Bronces expansion project. At this point,
with less than a week before the slated REC meeting (please note, the Fenix project EIA will be
awarded by the Regional executive, not the national) we cannot discard the possibility that
Fenix be used as a political football by this new, left wing government. Despite the rhetoric and
declarations out of President Boric and his team on wanting a healthy and vibrant mining
industry, his environment/green credentials are well-known and if there’s a hidden agenda in
this new government to block mining projects from going forward, that will show at the REC
meeting next week. If the REC decision turns out to be some sort of “defer until later” and to
boot forward permits to an undetermined future date, it would be a highly negative signal for
both Rio2 at Fenix and the wider mining sector in Chile.
Bottom line: Rio2 Ltd is a hold. Those of you willing to risk the potential that the Boric
government is about to make a political statement about stealth-blocking of mining projects
throughout its term may want to buy some RIO.v at these highly discounted prices, but
personally I own too many already and due to the wider macro backdrop, need to be strict
about keeping powder dry (it’s hardly the only deeply discounted deal offer out there, after all).
If you put a gun to my head, I’d say that Rio2 will get its permits and last week’s episode will
go down as a final and unpleasant hiccup, no matter if they are awarded immediately next
week or a short timeline extension happens. However, I’m also aware that just one week ago
this risk was a total unknown/unknown and not on the radar and I now have to wait for five
rather nervy days to find out whether the new administration has another political trick up its
sleeve. Holding.
Stocks to Follow
Even if we back out the mess caused by the drop in Top Pick Rio2 Ltd, it was a negative week
for the list. Of the 15 stocks left on the open list, three returned week-over-week improvements
(APN.v, ELBM.v, WRN.to) and one remained unchanged (MAI.v). That means eleven losers and
from those, there were two double-figure drops in the shape of the aforementioned Rio2 Ltd
(RIO.v down 35.2%) and QC Copper & gold (QCCU.v down 13.5%, that one has turned into an
expensive trade). As for the winners, the biggest by far was Altiplano (APN.v up 27.0%), a
small rally that followed the shellacking of the week before last.
With the cutting of Discovery Silver (DSV.v) we are down to 15 open positions, five fewer than
our self-imposed maximum. Just two are in the green and that sucks.
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, #1 idea on FY22 dev
Rio2 Ltd. RIO.v STR BUY C$0.83 22-Apr-18 C$0.34 -59.0% $1.30 tgt May22 permit catalyst
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.36 1.5% $2.40 tgt on FY22 guidance
Superior Gold SGI.v STR BUY C$0.95 3-Apr-22 C$0.81 -14.7% Au prod jr, right place/time
QC Copper&Gold QCCU.v SPEC BUY C$0.275 25-Apr-21 C$0.16 -41.8% Now drilling. Easy hold
Element 29 ECU.v HOLD C$0.58 6-Mar-22 C$0.345 -40.5% Cu exploreco w/ 2 Peru assets
SPECULATIVE TRADES
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$2.18 -29.0% Au leverage, small trade so far
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.64 -11.1% May sell on NR window
Palamina Corp PA.v SPEC BUY C$0.295 21-Nov-21 C$0.13 -55.9% Au expl in S.Peru
Altiplano Metals APN.v HOLD C$0.31 17-Sep-21 C$0.235 -24.2% Cheap entry, plan on track.
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.085 -56.4% CEO change will move stock
10

THREE TRADE IDEAS FROM IKN670, March 2022 (originally five) NB: I DO NOT OWN
Newcore Gold NCAU.v WATCH C$0.51 20-Mar-22 C$0.325 -36.3% tracking IKN670 idea
Electra Battery ELBM.v WATCH C$5.31 20-Mar-22 C$4.35 -18.1% tracking IKN670 idea
Western Copper WRN.to SPEC BUY C$2.41 20-Mar-22 C$2.00 -17.0% tracking IKN670 idea
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.66 6-Dec-20 C$0.50 -24.2% LT bet, adding slowly
CLOSED TRADES IN 2022 date 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
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
2015 to 2021 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for a few notes on covered companies:
Discovery Silver (DSV.v): Position Closed. By taking the early week prices I got out in the
high 1.40s, with the final overall average coming in at C$1.39 due to the previous partial sale at
lower levels. The GDX/J-induced bounce of two Fridays ago created a less-worse place to jump
off and while the booking of another loss this year is no fun, I’m glad to have moved away from
silver exposure and to have added more ammo to treasury for a later date.
Aldebaran (ALDE.v): First the price action, then
the fundies news because even though ALDE tried to
rally in the early days of last week, the combo of
wafer thin volume and the selling pressure all around
the copper sub-sector was far too strong.
Now for the fundies news, which is more pleasant to
report even though it hasn’t managed to translate
itself into the equity price yet. It was worth tuning
into the replay of the ALDE webinar last Tuesday last
week (on this link (10) in a couple of days’ time, I
believe), as the presentation told us two things:
1) Though not flush for cash, the recent warrant exercises have given ALDE the cash it
needs for the next quarter or two. While they are likely to go to market at some point
this year or early next, they aren’t running on fumes and can pick their moment.
2) They have an interesting hole coming up. The presentation was based around the
results of the IP Resistivity geophysics testing program recently run at the main Altar
Central zone, but deliberately mixed into the information was the fact that one of the
recently completed holes, #221 that reached a depth of no less than 1,487m
(impressive), ran straight down the middle of one of the most responsive result zones
for the IP testing. What’s more, it’s a spot where no other deep hole has been sunk by
ALDE or by previous operators so putting two and two together, it suggests hole 221
has the potential to add significantly to inferred resource numbers at the project. Once
the presentation was complete that hole and its location compared to the strong IP
results from around it begged an obvious question, so I asked it. While Black and
Heather were obviously keen not to overstep the mark and pre-announce on a hole
that’s currently in the assay labs, they made enough noises to make plain that they like
what they saw from the core as it was retrieved and expect good results from that
particular assay.
11

Long story short, keep eyes peeled for the NR with hole 221 assay results, it has the potential
to be a market mover.
Minera Alamos (MAI.v): The other company with a 6ix presentation last week was Top Pick
Minera Alamos (MAI.v) and on that show (11), CEO Ramshaw walked us through the company’s
plans for the next asset set for development, Cerro de Oro. That webinar was also sandwiched
between three NRs from the company, all related to the Cerro de Oro project. as first on
Tuesday 21st MAI announced (12) it had finalized surface rights at Cerro de Oro with the
closure on a deal for a small but strategically important piece of land inside the project
boundary. Then on Thursday 23rd we got two NRs, the first (13) announcing that exploration
around the greater Cerro de Oro location had shown promising results from zones not currently
included in the historic resource or previously considered mine plans. Then the second (14)
announced a fully subscribed non-brokered private
placement to sell 7,950,000 shares (no warrants
attached) at $0.55 for gross proceeds of
$4,372,500, with President Ramshaw taking
950,000 of them himself. That’s one of those
placements when we on the outside don’t really
know exactly how it went down, but there must be
good reasons. On asking President Ramshaw, he
replied (quote), “Given work that can commence
with surface rights agreement in-hand, it felt best
to approach that in a timely/optimal manner
rather than waiting on it being supported from
Santana cash flows.” Unquote. And that’s fair
enough.
In trading, MAI stayed UNCH on the week and continues to rattle around at the same low 50s
levels. Boring, but in this current market boring is good.
Superior Gold (SGI.v): Another boringly good market
performance came from SGI, which by all rights should
be a lot higher than it is with gold over U$1,800/oz, but
overall sentiment for the gold sector is what it is.
Amerigo Resources (ARG.to): Moving to relative
strength in the beaten-down copper space, ARG took its
big hit the week before last and I duly complained and
moand about that in IKN683. Last week it dropped two
cents and as this comparative chart with COPX and spot
copper (HG00) shows, that’s a lot better than the field.
ARG has now completed its NCIB share buyback program for the year, well ahead of schedule
and though copper prices are down, that means it banked enough cash in Q1 and Q2 to cover
the buybacks as well as cover the pledged 3c/share dividend. ARG has stated that its 3c divi is
12

good as long as copper stays above U$3.80/lb and we dipped under that level last week, but
when taking into account that the NCIB is now full, there’s every reason to expect the same
minimum dividend for the quarters to come as long as copper prices don’t collapse completely
(and they won’t).
Element 29 (ECU.v): And on the subject of near-term relative strength, ECU.v has lost 2.5%
over the last two weeks. Nobody is claiming the copper sector as a fun place to have exposure
at the moment, but relative strength to peers is always something you want from your stocks
no matter what the general direction might be.
Altiplano Metals (APN.v): The only stock on the list that managed a reasonable rebound that
stuck, this may be as much for its low profile and volume as anything else. It’s still mightily
cheap for what is, in essence, a self-supporting company that’s not dependent on the shark
pool of capital markets for funding.
The Copper Basket
After twenty-five weeks of 2022, The Copper Basket shows a loss of 42.44% level stakes:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Copper Mtn CMMC.to 3.42 210.166 386.71 1.84 -46.2%
2 Western Copper WRN.to 2.00 151.451 302.90 2.00 0.0%
3 Marimaca Cop MARI.to 3.77 88.118 267.00 3.03 -19.6%
4 Oroco Res OCO.v 2.04 203.4 183.06 0.90 -55.9%
5 Nevada Copper NCU.to 0.71 448.437 127.80 0.285 -59.9%
6 Hot Chili HCH.v 1.53 109.223 87.38 0.80 -47.7%
7 Meridian Min MNO.to 1.18 153.735 86.09 0.56 -52.5%
8 Regulus Res. REG.v 1.06 101.845 82.49 0.81 -23.6%
9 Aldebaran Res. ALDE.v 0.84 114.495 73.28 0.64 -23.8%
10 Kutcho Copper KC.v 0.88 103.94 37.42 0.360 -59.1%
11 C3 Metals CCCM.v 0.16 645.379 35.50 0.06 -65.6%
12 Doré Copper DCMC.v 0.79 66.123 29.76 0.45 -43.0%
13 Element 29 Res ECU.v 0.58 79.24 27.34 0.35 -40.5%
14 QC Copper QCCU.v 0.34 129.06 20.65 0.160 -52.9%
15 Coast Copper COCO.v 0.13 41.335 2.89 0.07 -46.2%
NB: All stocks in CAD$ Portfolio avg -42.44%
The carnage continues. First let’s get the details out the way, as Western Copper (WRN.to)
managed to improve by 1.5% on the week and
Coast Copper (COCO.v) remained unchanged,
The Copper Basket 2022, weekly evolution
5%
That leaves the rest and the charge South was
0%
led by Oroco (OCO.v down 17.4%) and followed -5%
-10%
by Marimaca (MARI.to down 16.5%), QC Copper
-15%
(QCCU.v down 13.5%), Hot Chili (HCH.v down -20%
-25%
11.1%), Copper Mountain (CMMC.to down
-30%
10.7%) and Regulus (REG.v down 10.0%), which -35%
is the list of double figure percentage losers only, -40%
-45%
six out of the thirteen. -50%
The reason was this:
13
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 t6raM ht31 ht02 ht72 dr3rpA ht01 ht71 ht42 1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62
source: IKN calcs

An unpleasant and uncomfortable week for your author the copper bull, not least because spot
copper made the officially move into bear territory, down 24% before buyers turned up Friday
to staunch the bleeding. So before we continue and make the case for continued optimism for
the copper sub-sector, a little Shakespeare (as well as a more modern equivalent):
perseverance, dear my lord,
Keeps honour bright: to have done is to hang
Quite out of fashion, like a rusty mail
In monumental mockery.
Troilus and Cressida, Act3,Sc3
And if you try to keep us down
we're gonna come right back
And you know we're hangin' tough
Hangin' tough, hangin' tough,
Are you tough enough?
New Kids on the Block, 1988
These pages do not ignore the standard playbook and know how the dominos are set to fall in
a recession scenario, the one that got firmly baked into copper last week. While oil is the flag-
bearer of the theory, copper is also a commodity and is prone to the same winds of change. We
know 1) the Fed wants commodities to drop so that 2) inflation eases through the pipeline and
3) its rate hikes close the gap as quickly as possible, so the playbook says that “slamming on
the brakes” and causing a slowdown in demand will bring baseline prices under control. Or if
you prefer, here’s how Australia’s Standard Chartered put it last week (15):
Standard Chartered said copper prices were linked to several ever-changing variables.
“Base metals remain pressured by a challenging demand outlook related to China’s
COVID-19 lockdowns and to monetary policy tightening raising recession fears over
the trade-off between inflation and growth,” the financial services company wrote in a
note.
“We expect the base metals complex to continue to take its cues from macro
developments, US dollar moves, external market moves and risk appetite trends.”
However, copper is the one that we expect will buck the trend. Not for nothing did I sell my
silver exposure (as well as avoid any of those very cheap looking zinc names, for one example)
and the second part of the SC is why I picked it out of a large bunch for our curated comment
this week:
China’s strict zero-COVID policy has seen the country bound to regular lockdowns,
hampering its economy and manufacturing sector in the process. Often perceived as
China’s achilles heel, Wood Mackenzie is projecting the country can only produce 16
per cent of the copper needed for it to reach carbon neutrality by 2060.
But if the factories aren’t open due to a lockdown, demand drops and the price flops
with it.
14

Because this is not all about The US Dollar. Copper dropped below the U$3.80/lb line last week
yes, but any demand lag in its most important market is not wholly dependent on the decisions
made by Jay Powell and as the example of iron ore in Market Watching (see below) notes,
China’s President Xi is now taking GDP growth matters into his own hands. Price drop or not,
China needs and will need all the copper it can get its hand on from the world market and we
expect its price action to reflect that as 2022 rolls out. In the comments section of the open
blog last week I commented about having to “tough out” the bullish view of copper during the
week and it was by no means pleasant to be wrong (in the short tem), when that also suggests
being wrong (in the long-term). However, I return time and again to the bullish fundamentals
for copper demand that are readily available for one and all.
And it’s not just me, let’s consider the words of the new chief executive of Chile’s State mining
company, Codelco. There’s no other country in the world that follows the price of spot copper
the way Chile does and when there are big market moves, journalists move to interview
Codelco bigwigs and get their thoughts. Being a State-run company their declarations will often
be tempered by at least some politics but even so, Máximo Pacheco’s quote to Reuters on
Friday was clearly optimistic about the future of copper (16):
SANTIAGO (Reuters) - Chilean state-owned copper miner Codelco, the world's top
producer of the red metal, sees a firm copper price ahead despite a recent sharp fall,
chairman of the board Máximo Pacheco told Reuters in an interview in Santiago.
The comments come as copper prices posted their biggest weekly fall in a year as
investors worried that efforts by central banks to stem inflation will stifle global
economic growth and reduce demand for metals.
"We may be in temporary short-term turbulence, but what is important here are the
fundamentals, the supply-demand balance looks very favorable to those of us who
have copper reserves," Pacheco said.
"In a world where copper is the conductor par excellence and where there aren't many
new deposits either, the price of copper looks very firm because the future looks very
electric."
It’s worth reading the rest of that report too, as the note goes into the background and
experience of Pacheco to underscore that while recently appointed by Boric, he’s highly
experienced in the metals market as well as bringing financial and economics qualifications to
the table, not a mere “political appointment”.
Another place showing the reality of continued strong copper demand is our regular weekly look
at world copper inventories data:
 The world copper stock aggregate dropped by 4,269 metric tonnes (mt) last week to
close at 241,949mt in the three official systems.
 The SHFE had a second week of modest additions, up 1,916mt to finish Friday at
57,153mt, but the moves are suspiciously low for a market that was supposed to be
moving up as offshore stocks arrived back in the Covid lockdown recovery period.
Supply remains tight as we leave Q2 and move to the quarter that traditionally sees the
sharpest drawdowns, as factories gear up for the winter season.
 The LME saw stocks drop by exactly 5,000mt, the type of number that tells us the
moves were paper and not physical. Inventories closed at 113,025mt on another quiet
week for end-user business, a better of poor sentiment in European markets.
 The Comex saw another small drawdown and lost 1,185mt from stocks, closing the
week at 71,771mt. As usual, no biggie.
Here are the dedicated SHFE charts and once again, no news is the news.
15

Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
16
31'13ceD dr32 ht02 ht51 ht01 ht5tco ht03 ht52 dn22 ht71 ht21 ht6pes ts1von 5102ht72ced ts12 ht71 ht21 ht7guA dn2tcO ht4ceD ht92 ht62 ts12 ht61 ht01 7102
ht5von
ts13 ht52 dn22 ht42 ht91 ht41 ht9 9102
dr3bef
ts13 ht62 ts12 ht51 ht01 0202ht5naj 0202ts1ram ht62 ts12 ht61 ht11 0202ht6ced ts13 ht82 dr32 ht81 ht21 ht7 2202dn2naj ht72 ht42 ht91
Mt Cu
|
source: Cochilco
SHFE copper inventory levels, 2018 to 2022
400000
350000
300000
250000
200000
150000
100000
50000
0
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2022
2021
2020
2019
2018
source: Cochilco data
Perhaps the world is being lulled into a sense of security about copper availability due to the
sharp price drop, but for this new low price deck to stick, we’ll need to see excess stock build
up in world inventories somewhere or other. So far at least, there’s little evidence.
Now for some notes on a few of the basket stocks and a focus on on four of the stocks
mentioned last weekend as Copper Basket’s “most tradable seven” during a week in which
copper prices dropped to the next floor level:
Copper Mountain (CMMC.to): Here we use a ten-
day comparative chart against spot copper (HG00) to
underscore the volatility in this name, its position as
one of Canada’s go-to copper trading vehicles is in
no doubt. We again note the sector oversold moment
on Thursday and the bounce back in equities, all they
needed Friday was a flat copper price and the broad
market bounce.
As a sector lead indicator, it would be good to see
other stocks follow CMMC’s example in the days
ahead.
Oroco Resources (OCO.v): One of the most
interesting copper juniors to follow last week as
there was clear capitulation selling going on.
This fits with the promotional background to this
stock, as noted on many occasions this company was
heavily promoted by a high-traffic YouTuber and

benefitted accordingly, but also means there are more shares than normal in the hands of
people not used to this most volatile of sectors. Thursday’s action was copybook trading for a
stock in which a whole bunch of small owners throw in the towel at the same time. The long-
term comparative chart (to COPX) shows its round-trip is now complete, something else you’d
want if this were a true capitulation moment.
Marimaca Copper Corp (MARI.to): Unlike many other copper stocks MARI’s weak moment
came on Friday, rather than Thursday, which makes me think of chinchillas. There was notable
weakness in other Chile exposed juniors on Friday,
for example Norsemont (NOM) dropped 18% , World
Copper (WCU) failed to rally with the sub-sector and
Copper Basket component Hot Chili (HCH.v) only
managed to close the week at 80c after a 1,000
share tape-paint trade Friday dragged it up from 73c.
While we’ve wanted weakness in MARI before
considering it a trade, it may now be feeling the
shadow of the irregular SEA decision that Rio2
suffered on Thursday as, if the permitting authorities
want to throw out one project on a technicality, it will
look to do the same with them all. Therefore,
whether or not copper and the sub-sector bounces in
the days ahead, M;ARI is best approached with caution until we have some clarity on the Rio2
Fenix permitting process. That should happen on Friday July 1st (and if not we’ll hear news), so
for one week only, MARI’s discount is best watched.
Western Copper & Gold (WRN.to): In the Stocks to Follow notes, we mentioned the relative
strength shown by Amerigo (ARG.to, which already has its permits in Chile) and in another
sector, that of Superior Gold (SGI.v). Here in the Copper Basket, best relative strength came
from WRN and notably, the 3c week-over-week price improvement came after its own sharp dip
on Thursday, after which bargain hunters moved in.
17

The Producer Basket
After twenty-five weeks of 2022, the Producer Basket shows a loss of 7.54% to level stakes:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 797.44 51.18 64.18 3.5%
2 Barrick GOLD 19.00 1779 33.41 18.78 -1.2%
3 Franco-Nevada FNV 138.29 191.192 26.47 138.47 0.1%
4 Agnico Eagle AEM 53.14 454.904 22.39 49.22 -7.4%
5 Wheaton PM WPM 42.93 450.3 17.20 38.20 -11.0%
6 Gold Fields GFI 10.99 887.72 8.47 9.54 -13.2%
7 Kinross Gold KGC 5.81 1296.5 5.19 4.00 -31.2%
8 B2Gold BTG 3.93 1055.6 3.81 3.61 -8.1%
9 Alamos Gold AGI 7.69 392.503 2.80 7.13 -7.3%
10 Sandstorm SAND 6.20 191.4 1.19 6.22 0.3%
All prices and stock quotes in U$ Port. avg -7.54%
There were “only” eight losers from our list of ten stocks last week, as Newmont (NEM)
managed to eke a 0.7% improvement week-over-week, while Alamos (AGI) was unchanged to
the penny. And of the eight losers, percentage drops weren’t quite as bad as the week before
either, but that’s not saying much. It’s still bad out there and while the end of the week brought
some relief in that rally, it’s still depressing to write up this edition of The IKN Weekly. The
biggest losers were the 3.9% lost by both Barrick (GOLD) and Gold Fields (GFI) and overall, our
list of ten didn’t slightly less worse than the GDX benchmark. We’re still well behind with nearly
half the year gone, however.
The 2022 Producer Basket: Weekly performance and
35% comparative to GDX control
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
Kinross Gold (KGC): This NR (17) published Monday June 20th invites the sector to what’s
bound to be a well-attended webinar:
TORONTO, June 20, 2022 (GLOBE NEWSWIRE) -- Kinross Gold Corporation (TSX:K;
NYSE:KGC) (“Kinross”) will host a virtual review session regarding its Great Bear project in Red
Lake, Ontario, as well as its Manh Choh project in Alaska and Curlew exploration project in
Washington State, on Tuesday, June 28, 2022.
Kinross’ management team will host a presentation and question and answer session at 9 a.m.
EDT to discuss the projects. The presentation will be accessible via audio webcast on
www.kinross.com, where it will be archived.
After paying C$1.8Bn to buy out Great Bear (ex-GBR) then ploughing more money into the
Dixie project, this will be the first occasion that Special K has to justify its investment. Finally,
while Dixie will clearly be the centre of attention, let’s watch out for what they have to say on
its Manh Choh project as well, with that project set to add high grade feed to its Fort Knox
operation as from 2024. The potential for an interesting trade on that is considered in ‘Market
Watching’, below.
More Gold Fields (GFI) and Yamana (AUY): A brief update on the proposed merger
between Gold Fields (GFI) and Yamana (AUY) and the way that the two squiggly lines that
18
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 t6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62
The 2022 Producer Basket: Percentage difference
between GDX benchmark & basket (negative = IKN ahead) 5.0%
4.5%
4.0%
ikn 3.5%
gdx control 3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
source: NYSE, IKN Calcs
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 t6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62
source: IKN calcs, NYSE data

should be trading in near-lockstep refuse to do so. Last week we commented on the way that
12% of the original 20% breach that appeared between GFI and AUY when the deal was
announced had been clawed back. This chart gives the last five days between IKN683 and
today for GFI and AUY (with GDX as referee), and…
…AUY lost another 2% to its supposed takeover partner. And once again, Peter Marrone of
Yamana popped up on a “let’s splain them” video last week (18). We remind readers once again
that the CEOs of the two companies have most to lose if this transaction falls through. For CEO
Griffith, a U$450m break fee cheque and a very large black mark against his name. For CEO
Marrone, a large change of control payment and a walk back to square one in his desire to sell
AUY and move on.
The TinyCaps List
After twenty-five weeks of 2022, the TinyCaps show a loss of 32.16% to level stakes:
company ticker price 1/1/22 Shares out Mkt Cap current pps gain/loss%
Aurelius Min AUL.v 0.24 45.836 5.50 0.12 -50.0%
Golden Pursuit GDP.v 0.13 34.638 3.12 0.09 -30.8%
Infield Min INFD.v 0.06 48.445 1.94 0.04 -33.3%
Kingfisher Met KFR.v 0.30 103.007 19.57 0.19 -36.7%
Latin Metals LMS.v 0.12 57.296 5.73 0.10 -16.7%
Manitou Gold MTU.v 0.06 344.57 8.61 0.025 -58.3%
Melkior Res MKR.v 0.295 24.011 5.64 0.235 -20.3%
Precipitate Gold PRG.v 0.105 129.322 10.35 0.08 -23.8%
Signature Res SGU.v 0.07 238.4 10.73 0.045 -35.7%
Winshear Gold WINS.v 0.08 61.585 4.31 0.07 -12.5%
Prices in CAD$, data from TSXV basket avg -32.16%
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.
19

The selling has reached the tiny end of the market and when these companies sell off, they
tend to jag down violently no matter how much
volume runs through them. Just one of our ten
15% TinyCaps, 2022 weekly tracker
stocks returned a week-over-week win (KFR.v), 10%
then three other remained unchanged (INFD.v, 5%
LMS.v, PRG.v). That leaves six losers and they 0%
-5%
were all double figure percentage losers, namely
-10%
GDP.v down 25.0%, MTU.v down 16.7%, AUL.v -15%
down 14.3%, WINS.v down 12.5%, MKR.v down -20%
11.3%, SGU.v down 10.0%. -25%
-30%
-35%
No company notes today, as aside from
reiterating my interest in KFR as a potential drill
spec trade on its current program results (for the
4th…5th? time?) there’s nothing much to say.
NB: Please be clear that The Tiny Dogs is NOT a list of recommended tinycap stocks. It is a list of companies with
market caps of under $20m offering a reasonable representation of the wider tinycaps market. It’s possible in the future
I may buy shares in one or several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Ecuador deteriorates rapidly
Today’s note on Ecuador will not focus on mining-specific events such as the attack on one of
the camps used by Solaris Resources (SLS.to) in and around its Warintza project in the South of
the country, or any anecdotal reports of friction and confrontation at other mining operations or
projects during the week. That’s partly because the hearsay cannot be substantiated, but
mostly because the blanket call of AVOID ECUADOR FOR MINING EXPOSURE is the most
important thing to say and that’s a macro analysis conclusion based on what’s happening in the
country as a whole. Therefore this weekend is a continuation of last weekend’s ‘Regional
Politics’ note “Ecuador social upheaval begins anew”, which it turns out was aptly entitled, as
the seven days between then and now have seen serious disturbances in Ecuador make
international headlines. That’s never a good sign for a South American country and even more
telling when there are so many international events competing for news minutes. The protests,
led by the indigenous umbrella group CONAIE and its leader Leonidas Iza, were conflictive and
violent in the first three days of the week as thousands of protesters descended on the capital
Quito as well and conducting marches and protests in many of the major towns across the
country. But the focal point was Quito, as marches were met by a President Lasso determined
to play the strongman role and face down the marches.
The result was four deaths, dozens of injured marchers
and police in rolling clashes and no end of footage of
tear gas canisters flying one way, stones the other.
There was brief respite on Thursday when the
protesters, who have been joined along the way by
many other groups opposed to Lasso and hid way of
government, gained a key concession. symbolic, but
one of the main objectives of the indigenous protesters
as from Monday was to take control of the large
amphitheatre in the North of Quito called the Casa de la
Cultura Ecuatoriana (CCE, the Ecuadorian House of
Culture) is as symbolic as it is strategic, but is typically
a physical rallying point as well as impromptu sleeping
quarters for protests that arrive in Quito. but in the first part of the week police (and army)
decided to use the CEE itself and blocked access, a decision behind of many of the early clashes
you may have seen on TV. However on Thursday the government took a step back, recalled the
20
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source: IKN calcs, TSX data

police from CCE and the surrounding zone. At that point the CONAIE marchers took it over,
packing thousands into the main amphitheatre to hear speeches from the protest leaders
(including the director of the CCE who welcomed his news guests and said they could stay as
long as necessary, the CONAIE head Leonidas Iza, who said this (19) among other things:
“At this time, the CCE has been taken over by people power, this is the first triumph.
We are not going to lose our bearings….here are the ten points (that we demand met)
and if President Guillermo Lasso falls it is not our fault. We need to be clear, we did not
come here to suffer deaths and injured just so other opportunists take over and
continue governing without our demands being met.”
The “ten points” here referred to are the ten demands of CONAIE, which include the return to
cheap fuel prices (heavily subsidized by the government), financial aid for those in debt and
facing reduced revenues from agro sales and other items, including of course that clause about
walking back development of mining projects in indigenous territories (which catches most
attention on these pages).
However, the newly triumphal CONAIE position, the renewed calls for all their demands to be
met and demands for Lasso’s resignation didn’t go down well with the government and that
evening, police teargassed the CCE and drove out the protesters. And that’s when things got
worse. Until Thursday Lasso retained enough institutional political support to fend off the
combination of the Rafael Correa and CONAIE political opposition, but his decision to continue
on a hard line and use the army as a bludgeon caused two more deaths among protesters
(we’re now up to six confirmed) and the political class to move against him.
Congress on Saturday called an emergency session at which his immediate impeachment and
the debate began on throwing out Lasso.
The session was suspended until 4pm today
Sunday and this paragraph was half written
by then, waiting on a result. The graphic
(right), lifted from Ecuador’s daily El
Telégrafo, shows the make-up of Ecuador’s
Congress and while the 49 members of UNES
(the Rafael Correa party) and 27 Pachakutik
seats (CONAIE’s political party wing) are sure
to vote Lasso down, they need others to join
them to get to the 92 minimum of the 137
seats total for this motion to prosper. At the
time of going to press Sunday evening, the
debate and process is about 50% done and
we may get a vote on whether Lasso stays
or falls in the wee small hours. The most likely result is a majority of votes in favour of
destitution of the President, but not enough to get to the 92 vote minimum (and it seems Lasso
is banking on that type of result). Meanwhile, this afternoon and evening has seen President
Lasso offer some minor concessions to the protesters, then telling them on a live TV to go
home else face more repression. In the other side of the fence, CONAIE and the protesters
have said they are not going anywhere until their ten demands are met.
However and at the same time as tonight’s debate on whether to depose Lasso directly, the so-
called “muerte cruzada” law (mutual crossfire deaths, I suppose) has again became a valid
option, one that Congress decided it was willing to undertake. Mentioned earlier this year on
these pages, the clause in the Constitution allows for Congress to be dissolved and the current
administration (under the official auspices of the Vice President, but it would still be Lasso at
the controls) then allowed up to one calendar year to rule by decree, in conjunction with the
Constitutional Court, before being replaced in new elections. Lasso rejected this option during
his first crisis period and lost key ministers by doing so, but with his presidency now hanging by
a thread “muerte cruzada” option now seems the most viable. As well as the highly unpopular
Congress, it means Lasso’s days are numbered and for many Ecuadorians, seeing them all go is
21

the best option of all.
As for us on the outside, let us be clear that all this is bad news for mining companies working
in Ecuador. The worst case is that CONAIE gets its way and mining developments are walked
back, which would mean the end for many of the projects currently under development in the
country and all sorts of demands and opposition rising against those not caught in any first
wave of restrictions. But even if we arrive at a situation where the demands against the mining
sector are watered down or dropped as opposed groups reach negotiated settlements, the
message of an uncontrollable country and fragile institutions would be loud and clear. At least
in the case of Ecuador these pages have seen the issues coming down the pipeline and warned
the readership of The IKN Weekly against exposure to the Mini Basket Case Country, as unlike
the situation now potentially showing in Chile (see Rio2 Ltd RIO.v above) we’ve consistently
maintained that Ecuador was an accident waiting to happen.
Colombia: Reaction to the Gustavo Petro victory
In general terms, the last week in Colombia has gone in the way imagined. For example, here’s
a chart with three stock market lines, namely
the S&P500, Peru’s index tracker ETF (EPU)
and Colombia’s index tracker ETF (ICOL).
Peru’s is added for context, as that list is
chock full of mining stocks that took their hits
the rest of them but even Peru’s beaten-up
market fared better than Colombia’s on news
of the Petro win.
There’s also our preferred financial sentiment
tracker for Colombia the nation, the main
COP/USD forex pair. As we went into the
election last weekend, the forex rate was
hanging around just South COP3,900 to the
US Dollar and we opined that we could see
COP4,200 once markets opened on Tuesday
(it was a bank holiday on Monday in both USA
and Colombia).
We’re not at 4200 yet, but Friday’s close of
COP4,143 is well on the way and this second
chart shows he first drop came on
confirmation of Petro’s win, then a second
sharp downleg happened later in the week
when Petro announced that close ally on the
Left wing and one of the big players driving
his election campaign, Roy Barreras, would be
the head of Colombia’s congress in the
upcoming government. Barreras is a controversial character (to say the least) and a divisive
pick which seems to indicate Petro is going to take a combative stance with Congress, where
his party holds a minority of seats.
22

On that subject, there’s been a lot of commentary built for financial houses and Colombia FDI
houses highlighting Petro’s main legislative bottleneck.
For example Sergio Guzmán of Colombia Risk Analysis (a smart source for political and financial
insight on Colombia) talked to Foreign Policy (FP, with right wing readership and Moises Naim
as owner) magazine about Petro’s energy plan, in which he wants to have cake and eat cake in
several ways. He opposes fracking and wants to deny new permits for all hydrocarbons
developments, but also wants to remove fuel subsidies at the same time as keeping fuel prices
low, as well as offering extra benefits to lower income families. He also wants to expand
hydroelectric power stations which sounds fine in theory, but is bound to get environmental
pushback from his plans from the ecology end of his alliance as well as any local or regional
community that prefers not to flood one of its valleys or have a massive civil works project on
its back door. In Guzmán’s words, “I think that members of [Colombia’s] Congress are going to
push back against Petro’s very ambitious plans,” and in the same note FP continues with, “The
grim global economic outlook of high inflation and low growth makes Petro’s proposals even
more challenging. Still, in backing him, many Colombians signaled they believe the transition
away from fossil fuels—however difficult it may be—cannot wait.”
Oil and energy is a pressing issue for the incoming Petro government, but we have a focus
sector to consider. When it comes to mining things are more complicated and we need to
separate the likely legislative bottleneck from the other problems that mining will inherit from a
Petro presidency. While more complicated than the following, there are two main issues that
must not be confused:
Petro is on record as wanting to ban open-pit mining operations and deny permits to all open-
pit projects, those are part of his campaign message (and were the same back in his failed
2018 bid. This proposed ban is as much for the large and lucrative coal strip mine operations as
for anything metallic, but an outright ban of this type means getting legislation through a
combative Congress, something that could take years if it happens at all. To cut a long story
short, the delays that have plagued legislative progress in Colombia for the last decade are not
going away, but this time the mining industry would benefit from the inertia and would be able
to work around threats of new laws as long as they remain stuck in committee.
But that doesn’t mean your Colombian mining investment dollars are in the clear, far from it in
fact. A Petro government will also be in charge of awarding permits, as well as having campaign
commitments to hand more decision-making power to local communities and for mining, this
opens up a world of problems. We already know any government with antipathy towards
mining can hold up passage and development, simply by dragging heels, finding excuses and
refusing to green-light. To this, we now add a Petro administration that’s is more likely to give a
fair hearing to communities affected by projects (during prior consultancy hearings, etc). “Being
heard” has been the major concern of anti-mining groups opposed to projects up and down the
country and many have complained about fake consultancy hearings that draw conclusions
against the will of local communities in order to ram projects through. It’s an easy call to see
opposition groups to specific operations and projects given more time and power.
It only took three days to get a prime example, too. The Soto Norte project owned in JV by
MINESA and Aris Gold (ARIS.to) has been trying to find a way through permitting for many
years. The JV has recently led the push to re-designate boundaries of the Paramo de Santander
in Bucaramanga, as a boundary change would allow them to move forward with their
underground mine project next to the Páramo. The Soto Norte JV pushed the pro-mining
government of the outgoing Duque for permits, despite facing persistent and long-term
opposition from a list of locals, pressure groups, environmental bodies ecology experts and
even the downstream city of Bucaramanga, worried about the effects on water supply. But
within three days of Petro’s win (20), the “Committee for the Defence of Water and the Páramo
of Santurbán” last week saw a legal action they filed in May accepted for consideration by the
court, which means the action now goes through a public debate period on its three points to
1) stop any new concessions 2) order the study of environmental damage already caused by
23

the project and 3) halt any arbitrary boundary line changes to the Páramo zone. Seeing this
legal complaint accepted by the courts is the shape of things to come in Colombia (and is also
why Aris Gold is a good shorting material). The entire sector is about to get bogged down in
legal red tape and any unpopular or controversial project has the proverbial snowball in hell’s
chance of getting green light permits through under Petro.
Avoid Colombia.
Peru: Social protests and strikes now, political storm next
To paraphrase the shopkeeper in Monty Python’s dead parrot sketch, the Pedro Castillo
government isn’t dead, it’s just restin’. Peru’s political madness has been through a lull for a
couple of weeks, not least because the latest ministerial reshuffle managed to bring a few
qualified people in as minister and a little sanity in a couple of government organizations. For
example the newly re-appointed Minister of Energy and Mining, Alessandra Herrera, who went
to work immediately and weeded out the unqualified and inept party lackeys people put into
high-paying ministry jobs by the last minister. This week and before taking five days off for
scheduled surgery, Minister Herrera “accepted the resignation” of one of the fools and fired
another who wouldn’t take the hint, which moved on the clean-up process further and
according to many sources, the MINEM creaking bureaucracy has started moving again and
permits have started to be emitted, paperwork signed and the necessary business of running
the mining sector has re-started.
This is good news for the mining industry at least, but the craziness goes on in Peru’s wider
political world, with the main event being the attempts to kick President Castillo out of office. It
seems all parties are trying to do this (even factions of his own party) and depending on the
political position, would prefer him to go, or want him to go or are utterly obsessed with kicking
him out in the worst and most embarrassing way possible. But we’re likely to see a month or
two of calm before the next big storm, as the game also involved jockeying for a position of
important political power, i.e. the next President of Congress. The Congress head is chosen
from its members and decided on a rotating annual basis, changed just before the country’s
independence day (July 28th/29th). A job typically decided when two or three candidates from
different parties are put forward, secret deals are cut in the idiomatic smoke-filled rooms and
the chosen one then gets to run Congress for the next 12 months in a high-profile role that’s
often the springboard for greater political things. The term of current Congress President,
Mariacarmen Alva of Accion Popular Party is up at the end of July and the parties and players
are now cutting their secret deals however this year, the position takes on extra importance.
This is because 1) there are legal proceedings now going ahead against Peru’s Vice-President
Dina Boluarte for breaking rules and remaining the head of different organizations after taking
the role of Veep (she signed off on financial deals for at least one association for which she was
a director, which is against the rules). Though somewhat minor, there’s plenty of evidence to
show Boluarte’s rule breaking and as such, she may have to resign as Veep. Then 2) the
pressure building against President Pedro Castillo, who is under all sorts of political pressure
from other parties and an increasingly hostile populace. His approval ratings are in the
dumpster, a nationwide transport strike is set to begin tomorrow Monday and the truck drivers
have been joined by smallholding farmers. If the strike drags on and Lima starts running out of
fresh veg and chickens, the hate Limeños have for their President will only increase.
But the equally hated Congress is trying to slow-play their hand, because whoever is picked as
next President of Congress not only sets the level of opposition rhetoric against Castillo, but
also just so happens to be third in line to the Presidency after the pressured President and the
legally troubled Vice-President. In other words, if Congress can kick out Castillo and get
Boluarte to resign, it gets to pick the next Head of State. Because of this, Castillo is keen get
some sort of ally (or even semi-friendly) candidate chosen to run Congress, while his most
fervent opposition want an anti-Castillo in charge.
Long story short, the strikes starting this week in Peru will make headlines and if they continue
24

for more than a few days, may weaken the President’s position further. But in all likelihood
Pedro Castillo will now make it to the end of his first year in office, get to give the annual
Presidential address to Congress on July 28th and only then will his opponents gang up against
him. So for the time being, Peru’s political madness is likely to make only national news
headlines, instead of international ones. That’s good up to a point and when it comes to the
mining scene, there’s a definite improvement in the country’s permitting bureaucracy since
Alessandra Herrera returned to head up MINEM and clean house of the worthless party lackeys
put into the ministry by the Peru Libre party. However, we’re still waiting for the storm and
when it breaks, Peru is likely to make plenty of “political chaos” headlines when (not if) Castillo
leaves office and the country works out whether the interim pout in his place was via legitimate
means or was a bloodless coup. So for the meantime we go with the words of Carlos Gálvez,
one of the long-established names in the local mining scene (ex head of the Brocal mine,
currently a VP at Buenaventura) who at the moment is also president of the country’s chamber
of mining (21) the SNMPE. He said last week (translated), “The only thing investors are waiting
for is the next government…it’s been made clear that Peru doesn’t interest anyone as a
destination for mining investment (under present circumstances).” He’s right.
Until Castillo falls or is pushed Peru remains a place to avoid new exposure, however things are
not as bad as in Colombia or Ecuador At heart Peru is a mining country and much of its
economy relies on the activity covered here at The IKN Weekly. The reason to cover its ongoing
political circus is as much to point out to the world that this pro-mining culture opposes the
current government and its (non)direction more than anyone on the outside looking in, which
cannot be said for Ecuador (where the government is pro-mining andf hated) or Colombia
(where the upcoming government is anti-mining in thought, word and deed and has just been
handed a mandate. So with Peru, this temporary bad period for the mining sector will blow over
and means that if you’re already exposed, there’s no need to run away.
Argentina: The only bright spot for Mining in South America…
…this weekend and saying something, just writing that is testament to how crazy LatAm mining
world is at the moment. Left to the end of the Regional Politics section in order to deliver sugar
to the pill, we catch up with Argentina’s new “Super” Minister of Productive Development,
Daniel Scioli. This is the ex-Presidential candidate who lost against Macri, then went to be
Argentina’s Ambassador in Brazil and is back to take over Argentina’s most important and
powerful government ministry from the fired Matias Kulfas.
On Thursday Scioli met up with the governors of Catamarca and Jujuy, with the Governor of
Salta joining them via videoconferencing. These three provinces all want to expand their pro-
mining credentials and are the centre of development for the lithium mining industry, as well as
hosting many gold (e.g. Lindero) and copper (e.g. Taca Taca) projects in their regions. Scioli
went to the meeting accompanied by the Secretary of Mining, Fernanda Ávila, which was a
positive signal in itself as Ávila is the functionary assigned the mining portfolio by previous
incumbent Kulfas. In the way of Argentine politics, this double-team appearance sends a
message to the world that the previous pro-mining policies and thrust developed in the Kulfas
era are ratified and endorsed by Scioli, that’s a good thing for the industry. Now for some
(translated) quotes taken from this report (22) on the trip to Argentina’s North West:
Scioli said, “I want to highlight the great work that’s been done by the governors to create
conditions to welcome investments of over U$4Bn.”
During the meeting, Scioli underscored the opportunities that the development of mining implies,
both for job creation and for the country. “The world wants what our country has, lithium and
copper. It’s a strategic sector with an answer to the problems faced by Argentina, that promotes
the arrival of investment dollars and generates job opportunities.
“(Mining) has an intensive employment demand, not only in the mine work and investments, but
also in the development of supply chains”, said the ex-Ambassador to Brazil. Scioli added that,
“The essence of this ministry id to mobilize the entrepreneurial force and we have to do that with
the governors (of Argentina’s provinces), taking advantage of each province.”
25

Market Watching
Contango Ore (CTGO): Manh Choh in the spotlight
Next week’s presentation from Kinross Gold (KGC) (K.to) that is set to update the market on
progress at its newly acquired Dixie project (bought from Great Bear) is also set to feature an
update on Manh Choh, the project Contango Ore (CTGO on the NYSE, not OTC) has optioned
out to Special K in return for a 30% free carry. The last we heard from K, Manh Choh’s
development budget was fully funded and the asset was set to go into operation in 2024.
Manh Choh isn’t CTGO’s only project, as it also has the high-grade Lucky Shot gold project, an
old mine it plans to put back into production, but
next week’s Kinross presentation may shine
suitable light on CTGO and underscore how cheap
this stock is compared to the current market
valuation.
With 6.836m shares out and the Friday closing
price of U$22.685, CTGO has a market cap of
U$155.1m, to that we add the $20m convertible
debt deal recently closed with (the smart people
at) Queen’s Road Capital (QRC.v…they like
converts) that pays 8% annual and will convert at
just over U$30 at the end of the term. We’ve
previously run the number of CTGO and while
Manh Choh isn’t expected to have a long mine life, the 30% free carry alone justifies a much
higher share price than the current market cap implies, even before we get to the reason QRC
is interested in the company, Lucky Shot. Tightly owned and with recent insider purchases from
CEO Rick van Alphabet, the downside is that CTGO traded volume is very thin (the old “trades
by appointment” joke is certainly apt here). Those of you looking for deep value in the PM
sector would need to take the same stance as QRC and look to the long-term if CTGO interests
you as a potential trade. Fundamentally CTGO has appealed to your author for a long time and
this is the third (or fourth?) time its name has appeared in the IKN Weekly ‘Market Watching’
section, that’s not by chance. Tons of deep value here.
A brief update on Anacortes Mining Corp (XYZ.v)
We make two weeks of soft coverage into three with a brief update on Anacortes Mining
(XYZ.v), as there are two things of note. First its price action was a distinct improvement to the
previous fortnight, with the stock closing at 91c on the week after a decent little rally from 79c,
with patches of reasonable volume thrown in for good measure.
The main driver of the price pop is the second part to today’s note, the NR from Wednesday
June 22nd (23) that told the market of progress in the current drill program at Tres Cruces.
Here’s the little table that accompanied the NR, with some details of the four holes sunk to
date. Of particular interest in the final column that explains the purpose and thinking behind
each hole and while 502 and 503 are set up to be less sexy (they’re part of the announced
26

resource confirmation and met testing programs), holes 500 and 501 are potential market
movers:
 Regarding hole ATC-500, we know the current footprint for oxide mineralization isn’t the
biggest so if XYZ can widen that and add tonnages laterally, it would be the easiest and
most attractive way to add oxide gold ounces.
 Regarding hole ATC-501, this is XYZ’s first opportunity to test its theory that the underlaying
sulphide mineralization contains a large number of as-yet unrecognized gold ounces. This
hole is the first of many but as proofs of theory go, a long and wide hit of gold
mineralization at depth would be a likely catalyst for share price appreciation.
The NR states that the hole samples are now at the labs and we should get assay results “in
the coming weeks” (quote/unquote), which is vague but sounds very much like July to me.
Keynes does China
If we are entering into a classic recession, then you’d expect a high bulk commodity with large-
scale world demand, one such as iron ore, to get decimated at market. That’s the playbook we
laid out in today’s Copper Basket and why the market for copper has reacted the way it has in
the last few weeks. But if the future is one of stagflation*, rather than plain vanilla recession,
the rules are different. Stagflation does not discriminate, it’s good for large and small and it’s
what drives headlines like this (24):
“Iron ore price rose on Friday despite a gloomy outlook for demand from top steel producer China.”
That was Friday, but the real iron ore news came on Thursday when contracts jumped sharply
after several days of losses. For the reason, here’s go-to source for bulk transport news,
Hellenic Shipping News (25):
GX iron ore climbed 7.4% on Thursday, rebounding from this year’s weakest close in
the previous session, after Chinese President Xi Jinping pledged to take more effective
measures to achieve the country’s economic and social development goals.
Xi’s remarks also buoyed the spot market, with the benchmark 62%-grade iron ore
bound for China trading at $117.50 a tonne on Thursday. It had dropped to $112.50
the day before, the lowest since Dec. 10, according to SteelHome consultancy data.
SH-CCN-IRNOR62
While “market confidence has been restored to a certain extent”, Sinosteel Futures
analysts said the absence of any additional and specific economic stimulus measures
from Beijing will limit any price gains for now.
In so many words, that’s a command economy putting the bottom into a key commodity via
full-blown Keynesian stimuli. To underscore the stagflationary (dat a word?) bias, the report
continues:
In China’s steel production hub, Tangshan city, 56 of the 126 blast furnaces were shut
for maintenance, according to Sinosteel, as mills struggled to cope with slumping
margins amid weak demand and high inventories.
COVID-19 restrictions, which have put downward pressure on the property sector, and
disruptions to construction activity caused by unfavourable weather are additional
headwinds for China’s mammoth steel sector.
The occasion for President Xi of China’s words was the opening ceremony of the BRICS
Business Forum, at which he spoke via video link on Wednesday. The meeting made more
27

headlines for a rather vague idea floated by the BRICs (Brazil, Russia, India, China) to create
their own reserve currency, which is strategically interesting but not something that’s about to
change the world agenda (for one thing, Lula’s likely win in Brazil will change the dynamics
inside the BRIC alliance). But Xi’s message of deeper coordination on economic policy in order
to keep a fragile recovery from being nipped in the bud was more immediate and without going
in to detail, he said that China would “step up macro-policy adjustments and take more
effective measures to achieve its annual economic and social development goals while
minimizing the impact of the covid-19 epidemic as much as possible.”
As a sidebar, while the sector is far from our normal wheelhouse here at The IKN, while
checking for reports on the BRICs conference I came across this (26), which reported on a
similar appearance by Xi that same day in another space:
Chinese tech shares in Hong Kong staged a strong rebound, rising 2.8%, after Chinese President
Xi Jinping chaired a top-level meeting that approved a plan for further development of large
payment firms and the fintech sector.
But back to our real focus and this iron ore price chart from this link (27) shows its 2021 spike
and drop, the recent rebound and now, potentially, where political market influences are now
about to put a bottom in the recent price action.
*As Mohamed El-Erian stated this very weekend in this interview (28):
“The baseline is stagflation — what we are experiencing now,” Mohamed El-Erian,
economist and president of Queens’ College at Cambridge University, said in an
interview with Yahoo Finance Live (video above). “So you have a baseline that is not
very comfortable, stagflation, and then you have a balance of risk which is the wrong
way — recession.”
Conclusion
IKN684 is done, we end with bullet points:
 That was a horrid week.
 Unless Chile decides to make an explicit anti-mining political statement, the selling we
saw in Rio2 Ltd (RIO.v) was overcooked and things will get better from here. Also, we
know that the permit decision is at hand, so one way or another we’re going to see
RIO.v re-rated. I hold my shares and will an keep close tabs on developments, any new
news will likely show up on the blog
 Keeping the faith with copper, China needs the stuff too much to ignore. As for gold, it
did its safe haven task in good style last week and if the new weakness in the USD
continues, bullion may even rally a little. Recession or stagflation, take your pick.
28

 Ecuador and Colombia are both untouchable as mining jurisdictions. It5’s one thing
being whacked by an unknown unknown, quite another to expose one’s cash to
countries that simply don’t want mining and are not afraid to tell you.
I thank you in advance for any feedback. Our Top Pick stocks are Minera Alamos (MAI.v) and
Rio2 Ltd (RIO.v). Flash updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
Footnotes, appendices, references, disclaimer
(1) https://www.reuters.com/markets/us/dollar-stumbles-rate-path-fuels-recession-worries-2022-06-24/
(2) https://finance.yahoo.com/news/rio2-provides-fenix-gold-environmental-120000839.html
(3) https://iknnews.com/the-rio2-ltd-rio-v-environmental-report-news/
(4) https://seia.sea.gob.cl/expediente/expedientesEvaluacion.php?modo=ficha&id_expediente=2146327395
(5) https://camiper.com/tiempominero-noticias-en-mineria-para-el-peru-y-el-mundo/chile-sea-recomienda-rechazar-eia-
del-proyecto-fenix-gold/
(6) https://iknnews.com/rio2-rio-v-and-the-local-fauna/
(7) https://iknnews.com/the-bottom-line-to-the-rio2-eia-permitting-issue/
(8) https://portal.sma.gob.cl/index.php/2020/11/20/sma-ordeno-medidas-urgentes-y-transitorias-a-proyecto-minero-gold-
fields-para-proteger-colonia-de-chinchillas-en-region-de-atacama/
(9) https://www.mining-technology.com/news/gold-fields-begins-construction-on-salares-norte-mine-in-chile/
(10) https://6ix.com/event/altar-project-drilling-program-update-and-exciting-results-from-deep-penetrating-ip-resistivity-
and-mt-geophysical-surveys/
(11) https://6ix.com/event/minera-alamos-corporate-update/
(12) https://mineraalamos.com/news/2022/surface-rights-agreements-executed-for-advancement-of-cerro-de-oro-gold-
project/
(13) https://mineraalamos.com/news/2022/regional-exploration-update-melchor-ocampo-area-zacatecas/
(14) https://mineraalamos.com/news/2022/minera-alamos-announces-fully-subscribed-non-brokered-private-placement/
(15) https://www.australianresourcesandinvestment.com.au/2022/06/23/why-are-copper-and-iron-ore-prices-slumping/
(16) https://finance.yahoo.com/news/exclusive-copper-giant-codelco-sees-042443414.html
(17) https://www.kinross.com/news-and-investors/news-releases/press-release-details/2022/Kinross-to-provide-update-
on-Great-Bear-and-U.S.-projects/default.aspx
(18) https://www.youtube.com/watch?v=UxkMEhpdHK4
(19) https://www.eluniverso.com/noticias/politica/indigenas-se-toman-el-agora-de-la-casa-de-la-cultura-ecuatoriana-y-
dicen-que-de-quito-no-se-van-con-las-manos-vacias-nota/
(20) https://www.infobae.com/america/colombia/2022/06/22/accion-popular-que-busca-frenar-la-mineria-en-santurban-
fue-admitida-por-el-tribunal-administrativo-de-santander/
(21) https://www.confiep.org.pe/confiep-tv/carlos-galvez-hagamos-de-la-honestidad-seguridad-y-transparencia-un-
modo-de-vida/
(22) https://www.memo.com.ar/economia/daniel-scioli-mineria-argentina/
(23) https://anacortesmining.com/2022/06/anacortes-mining-provides-update-on-tres-cruces-drilling-
program%ef%bf%bc/
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(24) https://www.mining.com/iron-ore-price-up-despite-gloomy-outlook-for-demand/
(25) https://www.hellenicshippingnews.com/dalian-iron-ore-edges-higher-after-record-10-session-slide/
(26) https://www.zawya.com/en/markets/equities/recession-fear-stalks-oil-copper-and-stocks-pplizvtu
(27) https://www.mining.com/iron-ore-price-rebounds-after-xi-pledges-to-meet-development-targets/
(28) https://finance.yahoo.com/news/recession-stagflation-el-erian-june-2022-130731066.html
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
30

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
31

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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