IKN #702Premium

The IKN Weekly
Week 702, October 30th 2022
Contents
This Week: In Today’s Edition, An abridged edition, FOMC and BLS Jobs on deck, A weak US
Dollar and apathetic gold.
Fundamental Analysis: An overview of Alamos Gold (AGI) 3q22 financials.
Stocks to Follow: Newcore Gold (NCAU.v), Goldshore Resources (GSHR.v), Pure Gold
(PGM.v), Minera Alamos (MAI.v), Amerigo Resources (ARG.to), Aldebaran (ALDE.v).
Copper Basket: Overview, Meridian (MNO.to).
Producer Basket: Overview.
TinyCaps Basket: Overview.
Regional Politics: Brazil: Lula wins (but will Jair concede?), Ecuador’s Minister of Energy and
Mining resigns, Ecuador: The Quito referendum gets its signatures, Nicaragua and the US
sanctions, Chile’s watered down copper royalty.
Market Watching: Wesdome Gold Mines (WDO.to) post-script.
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
 It’s an abridged edition this weekend, but we still manage to do some work and the
main Fundies section sees an overview of the results posted last week by Alamos Gold
(AGI). Not normal fayre for these pages and it wasn’t part of the plan to take a closer
look at this larger-sized producer, but the results deserve it as AGI has out-performed
peers readily this year and these Q3 numbers were good.
 The other section that gets some work done is Regional Politics, which sees Lula win
the vote against Jair, covers the happenings around Nicaraguan mining stocks last
week and the latest negatives out of Ecuador for its mining industry. Also, our
prediction that Chile’s mining industry would look attractive once the political drama
died down took another step in the right direction last week.
 The share price of out Top Pick Minera Alamos (MAI.v) took a hit last week, but by all
accounts it was nothing to do with the company and everything to do with market
shenanigans. That and some thoughts on the Pure Gold (PGM.v) implosion in today’s
notes section of Stocks to Follow.
 To borrow a football commentator’s cliché, this coming week is set to be a “game of
two halves” with nothing much happening until Wednesday lunchtime and then
everything happening after. The fulcrum is the FOMC and the Fed statement, see
today’s intro for a little more.
An abridged edition
As advertised last week, today’s edition is somewhat shorter than the normal IKN Weekly due
to time constraints this weekend. Normal service resumes next weekend but as luck would have
it, this weekend isn’t a bad one for a reduced edition. See below for the reasons.
FOMC and BLS Jobs on deck
1

A double dose of US macro fun next week, as first up we get the penultimate FOMC of the year
and an almost certain 0.75% added to the base rates in The USA. With the headline number a
near-given, all eyes will be on the Fed communiqué due to drop on Wednesday 2pm ET, then
all ears on FedHead Powell’s presser, half an hour later. We should note that the field has been
set by the ECB, which this week hiked by 0.75% and embraced the new monetary fashion (no
matter the cost to jobs) and the Bank of England is widely expected to fall into line and do the
same when it pronounces on Thursday, one day after the Fed. But there’s no doubting where
the main attraction is taking place and the world will first pore over the Fed Statement for any
subtle changes, then heed Jerome Powell’s every word. He’s sure to talk tough and underscore
his commitment to reeling in inflation but the devil will be in the details.
Then on Friday we have the BLS Jobs Report for October and according to the reliable McBride
at Calculated Risk (1), forward consensus is for the unemployment rate to click up one tenth to
+3.6%, with Non-Farm Payroll Jobs at +200,000.
A weak US Dollar and apathetic gold
“No, I will be the pattern of all
patience; I will say nothing.”
King Lear
In last week’s main intro note, “The hammer is the only tool”, we made the case for a relief
rally in the metals space due to the increased chance that the US Federal Reserve would soon
begin to signal a change in its sharp rate hike strategy. Perhaps not an overt “Fed Pivot” as yet,
but the market won’t need something as obvious and all we require is an indication that the
world’s premier money policymaker would start easing off its gas pedal in order to avoid a hard
landing/deep recession. We’re looking for a signpost, not a vehicle veering into a sharp turn.
Well so far at least that hasn’t happened and
as last week progressed the shadow of next
week’s FOMC loomed ever larger. The result
was a subdued market for mining stocks and
the metals involved, with this comparative
chart of gold vs. the US Dollar showing the
focal point of sentiment. At the risk of
anthropomorphism, gold has gone all
depressed and moody on us, displaying an
abject apathy toward the new weakness in the
US Dollar. The money that went to the safe
haven of bonds has ignored bullion completely
and piled into stocks, as gold’s safe haven
reputation doesn’t attract money seeking to
add risk. Gold proponents should be sobered by the fact that in the ten-day lapse of that chart,
while bullion did nothing the Dow (DJIA) rallied by 9%. Long story short, gold was ignored in
this market cycle and to add insult to injury, its popularity sank further last week among the big
money players. We see this in the GLD inventory levels, which dropped to a new low of
922.59mt on Friday, with the inventory/price ratio stuck at the washout 6X line and refusing to
move upward or show signs of life.
GLD gold holdings, 2022 YTD (metric tonnes)
1140
1120
1100
1080
1060
1040
1020
1000
980
960
940
920
900
2
22/1/3 22/1/31 22/1/32 22/2/2 22/2/21 22/2/22 22/3/4 22/3/41 22/3/42 22/4/3 22/4/31 22/4/32 22/5/3 22/5/31 22/5/32 22/6/2 22/6/21 22/6/22 22/7/2 22/7/21 22/7/22 22/8/1 22/8/11 22/8/12 22/8/13 22/9/01 22/9/02 22/9/03 22/01/01 22/01/02
mt 6.50 GLD: Inventory/Price Ratio, 2022 YTD
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 01/1/2202 02/1/2202 03/1/2202 9/2/2202 91/2/2202 1/3/2202 11/3/2202 12/3/2202 13/3/2202 01/4/2202 02/4/2202 03/4/2202 01/5/2202 02/5/2202 03/5/2202 9/6/2202 91/6/2202 92/6/2202 9/7/2202 91/7/2202 92/7/2202 8/8/2202 81/8/2202 82/8/2202 7/9/2202 71/9/2202 72/9/2202 7/01/2202 71/01/2202 72/01/2202
Source: SPDR data, IKN calcs

In the present world of finance, gold has only sellers and scant interest from buyers. Whether
or not that changes in the near-term depends on how the Fed speaks and how the broad
markets interpret those views so, until Wednesday is done, don’t expect much action from our
sector or any definition on trends.
Fundamental Analysis of Mining Stocks
An overview of Alamos Gold (AGI) 3q22 financials
We don’t normally cover the larger caps in great detail and what follows wasn’t part of the plan
for IKN702. In fact, with the relative calm (before the storm?) for our current batch of covered
stocks and/or possible candidates in the junior world, I wasn’t expecting to do anything in the
main fundies section of this concise edition. But as it turned the 3q22 financials reported by
Producer Basket component Alamos Gold (AGI) (AGI.to) on Thursday were impressive, so
rather than trying to cram them into a note in that section, I’m going to take advantage of a
slow week for juniors. Today’s Fundies section isn’t
much more than an overview of a multi-asset mine
that requires a lot more space and time to describe
well, but we can still this space to run through some
of AGI’s fundamentals this weekend, mostly via the
house Excel tracking data and the charts it generates.
This 12-month comparative against the GDX (right)
shows its out-performance and how, while all around
have faded in the second half of this year, AGI has
held its ground in USD terms. This despite delivering a
couple of lower than average production quarters in
1q22 and 2q22 of this year, but that was mostly due
to a programmed period of lower production from its Mulatos District operations as the Mulatos
“Yaqui Grande” expansion project ramped up. As this production breakdown chart shows…
AGI: Production breakdown, per qtr
3
00653
00092
00905
00983
00653
00054
00363
00593
00054
00723
00763
00005
00143
00683
00084
00624
00883
00782
00953
0049100132
00114
00693
00463
00213
00214
00084
00653
00224
00084
00953
00233
00154
00762
00082
00005
00132
00573
00915
0052200542
00915
00202
00373
00464
00724
00413
00394
00005
00063
00094
150000
140000
130000
120000
110000
100000
90000
80000 70000
60000
50000
40000
30000
20000
10000
0
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4
oz Au
Mulatos District
Island Gold
Young-Davidson
Chanate
source: company filings, IKN ests for 4q22
…the return of strong production numbers from Mulatos as Yaqui Grande moved into full
production on schedule along with continued guidance achievements from its Canadian mines,
Island Gold and Young-Davidson have largely justified the faith place din the company by its
shareholders. Unlike many other mining companies this year (too many to count, in fact), AGI
has delivered on its promises. Also and before moving on, the above estimates for 4q22 assume
AGI makes the midpoint range of its 2022 production guidance of between 440k and 480k oz
gold as well as the upper end of the recently announced 4q22 guidance range (2). However, it’s
not just production because 3q22 saw costs come back into line:

U$/oz Au AGI: Cost of Sales (Incl DD&A)
3500
3000 Young-Davidson
Island Gold
2500
Mulatos District
2000
1500
1000
500
0
4q18 1q19 2q19 3q19 4q19 1q20 2q20 3q20 4q20 1q21 2q21 3q21 4q21 1q22 2q22 3q22
Source: Company filings
The transition period at Mulatos saw costs move temporarily higher, which was part of overall
guidance but meant margins would see a temporary crimp. The 3q22 numbers indicate that
period is now over and we now expect a return to normal profitability at the company. Taking a
closer look at costs in absolute terms, these charts below show the P+L costs numbers and the
main chart (below left) includes the anomalous result from 2q21 when AGI sold its Esperanza
asset and took the necessary impairment hit at the time. So to get a more representative look
AGI: Costs overview
400
350
300
250
200 150
100
50
0
at costs we strip out the mining processing costs (above right), which show some cost creep
over the quarters but with Yaqui Grande now hitting
full speed, the U$104.2m for 3q22 is more than
acceptable. Particularly when one considers its
income (right), as adding $15m to costs becomes a
lot easier when you add $22.4m to top line
revenues. AGI has been a regular profit maker,
aside the anomalous 2q21 quarter and the soft
1q22, so the return to EBIT of $33.9 in 3q22 is in
the right direction and we can expect improved
margins as Mulatos hits top gear with no more
capital spending to incur in Q4.
4
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
U$m AGI: mine processing costs per qtr
Other exp
G&A
Royalty
DD&A
mining process
Source: AGI filings
05.28 09.76 02.67 00.68 07.29 01.28 05.48 02.29 04.59 02.98
02.401
110
100
90
80
70
60
50 40
30
20
10
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
$m
source: company filings
AGI: Revenues
9.671
2.621
4.812 6.622 4.722 1.591 0.891 1.302 5.481 2.191 6.312
240
220
200
180
160
140
120 100
80
60
40
20
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
U$m
source: company filings
AGI: Operations overview chart
5.04
6
9.58 8.58 1.57
7.271-
3.65
6.34
3.41-
2.03 9.33
300
250
200
150
100
50
0
-50
-100
-150
-200
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
C$m
revenues
Op earnings
EBIT
source: company filings, IKN calcs

Moving swiftly on in this whistle-stop tour of AGI numbers, the overview assets and liabilities
charts from the balance sheet are nothing to get excited about, but that’s not such a bad thing,
either. Near-term liabilities are low and the company is essentially debt-free, as the rump of
that long-term liability is deferred taxes ($652m)
AGI: Assets
4000
3500
3000
2500
2000
1500
1000
500
0
More interesting to us is its liquidity position and while cash has dropped in the last four
quarters, that only goes to show how AGFI has managed to fund its expansions (and
exploration costs) from cash flow and while not quite as robust as in previous years, it now has
Yaqui Grande to show for its efforts and without ever coming under liquidity strain. Going
forward AGI should now move into cash accumulation mode before its next growth project
(Lynn Lake in 2027) comes into view and with embedded DD&A a significant part of its COGS,
free cash flow should abound in the next couple of years.
Talk of its organic growth also brings up the question of share count and on this score, aGI
runs an exemplary ship (as good as Wesdome (WDO.to) as mentioned last weekend). This
share count (below left) chart speaks volumes for the corporate strategy of keeping the count
tight and we supplement that with the dividends schedule for the last four years (below right).
AGI currently pays 10c/year in 2.5c/qtr slices, not a King’s Ransom for an U$8 share price (we
much prefer Amerigo) but useful all the same. The final chart from the model is the derivative
5
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
U$m AGI: Liabilities Breakdown per qtr
1100
1000
900
800
fixed
700 other current
cash 600
500
400
300
200
100
0
source: AGI filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
source: company filings
srallod
fo
snoillim
long term
current
AGI: Cash treasury per qtr
8.281 7.412 3.102 1.472 5.022 2.832 9.332 4.112 5.271
2.421 5.121 7.611
300
275
250
225
200
175
150 125 100
75
50
25
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
source: company filings
m$U
AGI: Working Capital per qtr
762 4.303 4.103 5.382 5.623 8.263 2.443 8.043 203 9.423 3.062 9.532
400
350
300
250
200 150
100
50
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
source company filings
srallod
fo snoillim
AGI: Shares Out
193
70.193 52.193 93.193 7.293 87.293 47.293 49.293 5.293 98.193 41.293 96.193 44.293
500
450
400
350
300
250
200
150
100
50
0
91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
source: company filings
serahs
fo
snoillim
AGI: Dividends, per qtr
3
2.5
2
1.5
1
0.5
0
91.raM 91.nuJ 91.peS 91.ceD 02.raM 02.nuJ 02.peS 02.ceD 12.raM 12.nuJ 12.peS 12.ceD 22.raM 22.nuJ 22.peS
US Cents
source: AGI data

Price/Book ratio and while AGI has typically run an equity valuation of around 1.2X book in the
last couple of years, that now seems low to this
desk considering it has three fully paid-up
Alamos Gold (AGI): Price/Book ratio, 2019 to date
performing assets will now look to deliver cash to
1.8
treasury from operations. This company could easily 1.6
command a higher multiple moving forward and 1.4
1.2
with BV likely to grow from operations profits and
1.0
for context, a reasonable near-term re-rating to 0.8
1.5X book along with projected quarterly profits 0.6
0.4
would move its share price to U$10.70,
0.2
representing a 31% gain from this weekend’s price. 0.0
That wraps up three and a half pages of overview
on Alamos Gold (AGI), a mid-sized operator that
has beaten its peers this year and basically because
it’s done what it said it would do. The new improved production profile should see the company
trend toward 500,000 oz per year production in the next three years and with cash costs kept
to acceptable levels, they are all profitable ounces. There are worse stocks out there, congrats
to McCluskey and team for a strong quarter with continued good guidance.
Stocks to Follow
It was a bad week for my back pocket, even though the Stocks to Follow list saw seven winners
(ARG.to, CKG.v, ALDE.v, GSHR.v, MIRL.cse, ELBM.v, MENE.v) with four others unchanged
(NCAU.v, PA.v, ATC.v, XYZ.v) and among those, even the two new trades started in reasonable
style. The issue wasn’t even with the massive percentage loss on Pure Gold (PGM.v down
83.3%) because while it’s a nasty red stain on the table, the monetary loss is little more than a
shrug. Instead, the drop against the grain in Top Pick Minera Alamos (MAI.v down 16.0%) did
nearly all the damage and along with the other more modest losers (QCCU.v, RIO.v, APN.v,
WRN.to) hit the portfolio hard.
We currently have 17 stocks under consideration and after the two small purchases of last
week, I now own shares in 13 of them. Four are in the green, one is UNCH, the rest are red
and 2022 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$0.395 88.1% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.03 -24.3% CheapCu w/low downside risk
QC Copper&Gold QCCU.v BUY C$0.275 25-Apr-21 C$0.16 -41.8% Now drilling. Easy hold
Rio2 Ltd. RIO.v HOLD C$0.83 22-Apr-18 C$0.13 -84.3% Cheap on permit probs, appeal
SPECULATIVE TRADES
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$2.00 -34.9% Au leverage, small trade so far
Aldebaran Res. ALDE.v BUY C$0.72 16-May-21 C$0.73 1.4% trying patience
Newcore Gold NCAU.v SPEC BUY C$0.21 23-Oct-22 C$0.21 0.0% Near-term spec trade idea
Goldshore Res GSHR.v SPEC BUY C$0.18 23-Oct-22 C$0.19 5.6% Near-term spec trade idea
Palamina Corp PA.v SPEC BUY C$0.295 21-Nov-21 C$0.075 -74.6% Au expl in S.Peru
Altiplano Metals APN.v HOLD C$0.31 17-Sep-21 C$0.18 -41.9% Cheap entry, plan on track.
Pure Gold PGM.v hold C$0.14 26-Sep-22 C$0.02 -85.7% tiny trade, hit Ch11 wall
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.095 -51.3% CEO change will move stock
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
ATAC Res ATC.v SPEC BUY C$0.095 11-Sep-22 C$0.085 -10.5% Cheap Yukon neighbour play
Electra Battery ELBM.v WATCH C$5.31 20-Mar-22 C$4.06 -23.5% potential battery metals play
Anacortes Mining XYZ.v WATCH C$0.49 22-Jul-22 C$0.50 2.0% potential gold exploreco trade
Western Copper WRN.to SPEC BUY C$2.41 20-Mar-22 C$1.81 -24.9% potential copper trade
6
91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4
source: AGI, TSX

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
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
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 some of the covered companies:
Newcore Gold (NCAU.v): POSITION OPENED. Monday turned into a easy day for
purchases and it wasn’t difficult to get my desired modest chunk at 21c.
Goldshore Resources (GSHR.v): POSITION OPENED. Much the same as above, it quickly
became clear on Monday that there was no need to pay up for shares and once the open was
done, 18c was readily available.
Pure Gold (PGM.v): The Monday October 24th NR entitled “PureGold Provides Financial and
Operations Update” was filled to the brim with bad news and phrases that you don’t want to
read from any mining company, but the most important one was, “The Company is suspending
operations and placing the PureGold Mine on care and maintenance immediately.” With that,
we know its talk of potential default is not just precautionary and that its negotiations with key
stakeholders (Sprott and Anglogold Ashanti (AU)) are not in a good place. We can also make a
few assumptions, such as the reality of improved grade
and production as the Puregold mine operations
transition out of the inconsistent McVeigh zone and into
what was supposed to be higher grading and more
reliable muck from the South Austin zone was not all it
was cracked up to be.
As a result, the stock price did this (right), down from
12c last weekend to 2c this weekend as the world ran for
the exits on Monday, keen to rescue at last a couple of
pennies before PGM goes under completely. And quite
right too, as only some sort of last-minute and highly
painful deal will save this company from bankruptcy and the receivers. The company references
trying to do its best for all stakeholders going forward, but the two holding all the cards now
are Sprott and AU, who have clearly run out of patience with Mark O’Dea and are looking to
take the keys away from him and his team. This mine is far from dead and it would be zero
surprise to see a new company, or AU itself, take over and capitalize the operation to the level
required to straighten out operations and put together a workable plan. It’s difficult to see how
that happens under present ownership, however.
As for myself, there’s no hand-wringing about this trade or loss because from the start, it really
was the smallest of foothold positions (I think I mentioned it on a dozen or so occasions) and
as such, I’m going to hold through to see if O’Dea can rescue me a little more than 2c. That’s a
decision borne from the fact that from the start, I was willing to lose all this small bet but it’s
also a practical decision, as its almost literally not worth my while selling into the open market
7

at 2c, the trade commish costs on my trade take a large chunk of the gross proceeds (I did
mention it was a small one). So I’ll hold through to the bitter end and get the full learning
experience from PGM, but no regrets and nowhere near the pain that Superior gold caused a
few weeks ago.
Minera Alamos (MAI.v): Two statements:
 Am I worried about the future for the house Top Pick Minera Alamos and the
state of my largest investment in the sector? Answer, no.
 Am I annoyed about the way it traded last week? Answer, yes.
No prizes for guessing which of those statements is the more important, but that’s not the main
focus this weekend as we consider the price and market
action in MAI last week. Here’s a price chart:
Not that I was particularly happy with the 46c and 47c
of the week before, but the first alarm bell sounded on
Tuesday as the stock got ratcheted down on improved
volume on Tuesday. When the volume continued on
Wednesday but without any rebound, I pinged company
President Doug Ramshaw with a quick “everything ok at
the company ops?” message, to which I got “yes, no
problem” as a reply. Then came Thursday and what you
see above, a mini-waterfall drop that again happened
on no news. Thursday also brought a small flurry of
mails from subscribers and shareholders of MAI, quite right too so to make sure, I got in
contact with President Ramshaw again and made sure all bases were covered.
 Operations at Santana? All going to plan
 Cerro del Oro development track? On schedule
 3q22 financials? Due on schedule end November, numbers will be positive
 Mexico political risk? No changes, all is calm
 Water situation? No problems now
Etc. So whatever was causing the selling, it wasn’t to do with the company, its present, its
foreseeable future or its corporate financials. So thoughts turned to the possible reasons behind
the share price sell-off and for his part President Ramshaw was mystified by the sudden
downturn. In his words (direct quote), “This drawdown has left me struggling for an answer. At
least with ODV the selling and reason behind it was obvious.” For context, by “ODV he refers to
the selling we saw in 4q21 from Osisko Development on the open market that suppressed the
share price at that time. We then bounced a few ideas around with coming to any particular
conclusion, but afterwards and as the volume on Friday continued to pile on, the likelihood of a
plain old-fashioned short attack rose in my opinion. As I wrote in reply to a couple of your
mails, there’s a combination of factors that suggest MAI shares are in a vulnerable position
during the current time window and as such, there’s logic in seeing the short world use it to
make some money. For one, MAI shares aren't expensive to borrow and there's a big float. For
another, we’re in a period when MAI isn’t likely to have new news until it reports its 3q22
financials and those are four weeks away. Then there’s the gathering shadow of Canadian Tax
Loss Selling season because even though MAI had done better than most until last week, it’s
still going to find sellers using it to cover tax obligations. There’s also the way last week’s
market went quiet as the world waits for the FOMC and the big macro moves, with the chilling
effect on defending positions any further. In other words, put enough pieces of the same jigsaw
together and MAI was probably ripe for a speculative short attack.
However, I’ve decided not to care too much and for two reasons. Firstly, fundamentals will out
in the end and in MAI, I’m onto a long-term winner that is set to create real wealth, not just
play the zero-sum game of share movements. Not only is that the recipe for the big wins, it’s
also the type of company I want to sponsor with my own money. Secondly, if it is a short attack
8

and it goes on much longer, I will at some point step in and buy some ultra-cheap shares and
take advantage of the window. I may be way overweight the stock, but that won’t preclude
running a near-term trade with specific objectives for an extra win. There are simply too many
things about to go right with this company for it to stay discounted for too long, the short
speculators should realize that and if they’re smart enough move on.
Amerigo Resources (ARG.to): Our main copper play
managed to hold on to the $1.00 handle this week. While
these levels are still lower than I expected for a company
with the financial backbone it offers, recent trading has
seen buyers stepping up and bargains hunted, which is a
start I suppose. ARG also delivered good fundamental
news on Friday when announcing that MVC had
successfully completed its collective labour agreement deal
for the next three years. Never a bad thing, though this
type of news never moves a stock upwards (only
downward if it doesn’t happen).
Aldebaran (ALDE.v): ALDE filed its 2022 Year-End financials after the close on Friday and on
both first and second look, there were no surprise sin the numbers or the MD&A. The only issue
this stage is with funding for continued exploration, but the financials’ end-quarter snapshot of
treasury isn’t representative and a better idea comes from the notes:
As at June 30, 2022, the Company had working capital of $144,622, however,
subsequent to June 30, 2022, the Company closed a financing of 18,500,000 common
shares at $0.78 per unit for total gross proceeds of $14,430,000 (Note 14).
Accordingly, management believes the Company has adequate capital to sustain
operations for the coming 12 months.
What matters most is that last sentence, so with the next 12 months seemed funded, ALDE can
get on with doing what it needs to do to add equity value. In trading, volumes remain thin and
the price floated up 3c, but we won’t get a serious move without newsflow from the drills.
The Copper Basket
After forty-three weeks of 2022, The Copper Basket shows a loss of 47.74% level stakes:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Copper Mtn CMMC.to 3.42 210.166 388.81 1.85 -45.9%
2 Western Copper WRN.to 2.00 151.451 274.13 1.81 -9.5%
3 Marimaca Cop MARI.to 3.77 88.118 273.17 3.10 -17.8%
4 Oroco Res OCO.v 2.04 207.033 178.05 0.86 -57.8%
5 Nevada Copper NCU.to 0.71 448.437 114.35 0.255 -64.1%
6 Aldebaran Res. ALDE.v 0.84 138.579 101.16 0.73 -13.1%
7 Hot Chili HCH.v 1.53 109.223 89.56 0.82 -46.4%
8 Regulus Res. REG.v 1.06 101.85 82.50 0.81 -23.6%
9 Meridian Min MNO.to 1.18 153.735 61.49 0.40 -66.1%
10 C3 Metals CCCM.v 0.16 645.379 38.72 0.06 -62.5%
11 Doré Copper DCMC.v 0.79 84.1 26.49 0.315 -60.1%
12 Kutcho Copper KC.v 0.88 103.94 21.83 0.21 -76.1%
13 QC Copper QCCU.v 0.34 129.06 20.65 0.16 -52.9%
14 Element 29 Res ECU.v 0.58 79.24 19.02 0.24 -58.6%
15 Coast Copper COCO.v 0.13 41.335 2.07 0.05 -61.5%
NB: All stocks in CAD$ Portfolio avg -47.74%
The basket average got less worse by a sliver thanks to the six winners (CMMC.to, OCO.v,
9

NCU.to, MNO.to, ALDE.v, DCMC.v) just about managing to out-do the seven losers (MARI.to,
WRN.to, HCH.v, REG.v, KC.v, QCCU.v, COCO.v)
due to the slightly heavier percentage gains, with
just two remaining unchanged don the week
(CCCM.v, ECU.v). However, it was a generally
subdued market for the sub-sector and there was
only one double-figure percentage mover on the
list, the 10.9% added by Nevada Copper (NCU.to).
As the copper chart of the week tries to point out,
things also remain relatively calm in the copper
metal market. We did see some intraweek
fluctuation in the U$3.40/lb and U$3.50/lb ranges, but no definition on price trends as copper
also waits for next week’s macro fun to reveal itself
However, price is only one part of the copper equation, the other is physical supply and for
more clues on that, we dial into our copper inventory data. We begin with the long-term charts,
what with it being the end of another month (they come around quickly, it must be my age)
and here’s the main overview which shows how October 2022 added slightly to overall stocks
but the situation is still historically tight:
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
10
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes
The Copper Basket 2022, weekly evolution 10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Mt Cu
Comex
Shanghai
LME
source: Cochilco
The balance of storage is showing signs of changing again, with Comex inventories on the wane
and the recent additions to SHFE (Russian copper from LME?). However and clearly, the LME
remains the Daddy of them all and where price discovery continues.
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 ht6raM ht31 ht02 ht72 dr3rpA ht01 ht71 ht42 s1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3yluj ht01 ht71 ht42 ts13 ht7gua ht41 ts12 ht82 ht4pes ht11 ht81 ht52 dn2tco ht9 ht61 dr32 ht03 ht6von
source: IKN calcs
Copper inventories: percentage held per exchange
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes
LME Shanghai Comex source: Cochilco

Even though it’s the lesser of the three, the recent fall in Comex copper stocks is notable and
suggests North America (home to most of its
warehouses) is beginning to see the same influences
prevalent in Asian stockists. Stocks haven’t been this
low since the start of the Covid crisis and are down
by 50% in the last six months alone. The takeaway
from the long-term inventory data hasn’t changed
much all year; we know copper stocks are tight and
both this audience and Richard Adkerson of FreePort
McMoRan (FCX) know of the disconnect between
available and the price action in the world’s markets.
At some point, either supply loosens up or prices are
going higher and if the latest data is any indication, the latter is in the cards. On that note, we
move from the monthly copper inventory numbers to our regular weekly digest, data as ever
from Cochilco:
 A sharp drop in the aggregate total copper inventories last week, down by 43,604
metric tonnes (mt) to close the week at 216,815mt, a move that wiped out most of the
additions in October.
 After two weeks of sharp stock increases after its holiday period, the SHFE saw stocks
drop by a big 26,126mt to close at 63,440mt. That’s an ominous signal for the next two
months typically strong draw downs come before Christmas.
 But this time the LME joined in, with
headline inventories down 15,325mt to
close Friday at 119,375mt and to
underscore the demand shift, cancelled
warrants reached a new recent high of
77,075mt. We’ll never know for sure, but these moves again play right into the
narrative of Russian copper stocks leaving
LME Europe, arriving in SHFE Asia and
then being sold to ravenous end-users.
 To complete the trifecta, Comex stocks
also had a drawdown week as 2,153mt of copper left their stores. The total this
weekend is exactly 34,000mt, according to Cochilco.
Now for the dedicated SHFE charts and we see how the recent bump in stocks has started to
reverse in the first visual:
SHFE copper inventory levels, 2018 to 2022
400000
350000
300000
250000
200000
150000
100000
50000
0
11
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
Comex copper stocks, 2020 to date
80000
70000
60000
50000
40000
30000
20000
10000
0
MT Cu 2022
2021
2020
2019
2018
source: Cochilco data
02
naj
bef ram rpa yam nuj luj gua pes tco von ced 12
naj
bef ram rpa yam nuj luj gua pes tco von ced 22
naj
bef ram rpa yam nuj luj gua pes tco
mt Cu
source: Comex data
LME: Cu tonnage under cancelled warrant
00142
52074 57334 00714 52045 05205
52027 52418
52926 05694
57332
52271 05761 52511 57471
52581 52862 00642
00743 57924 00914 52975 05174 05803 04441 0588 0018 5786 00864 05386
57077 100000
90000
80000
70000
60000
50000
40000 30000 20000
10000
0
dr3rpa ht01 ht71 ht42 1.yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3yluj ht01 ht71 ht42 ts13 ht7gua ht41 ts12 ht82 ht4pes ht11 ht81 ht52 dn2tco ht9 ht61 dr32 ht03
mt Cu
source: Cochilco

The linear and longer-term chart shows again how stocks remain at historic lows and that’s
before the late-year period during which Chinese factories normally stock up on primary
materials.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
12
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 ht41 ht9
Mt Cu
|
source: Cochilco
We move to notes on some of our basket stocks:
Meridian Mining (MNO.to): MNO hit a low of 36 on a spike Wednesday, recovering to a 40c
close in thin action on Friday but as the chart suggests, anyone looking to sell will find very little
to support them on the bid.
The Producer Basket
After 43 weeks of 2022, the Producer Basket shows a loss of 19.50% to level stakes:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 797.44 34.18 42.86 -30.9%
2 Barrick GOLD 19.00 1779 27.24 15.31 -19.4%
3 Franco-Nevada FNV 138.29 191.192 23.85 124.76 -9.8%
4 Agnico Eagle AEM 53.14 454.904 20.55 45.17 -15.0%
5 Wheaton PM WPM 42.93 450.3 15.04 33.39 -22.2%
6 Gold Fields GFI 10.99 887.72 7.25 8.17 -25.7%
7 Kinross Gold KGC 5.81 1296.5 4.75 3.66 -37.0%
8 B2Gold BTG 3.93 1055.6 3.26 3.09 -21.4%
9 Alamos Gold AGI 7.69 392.503 3.19 8.14 5.9%
10 Sandstorm SAND 6.20 223.79 1.12 4.99 -19.5%
All prices and stock quotes in U$ Port. avg -19.50%

There was one week-over-week loser in B2Gold (BTG down 1.6%), which means nine winners
and the best performances came from Alamos Gold (AGI up 6.3%) and Agnico (AEM up 4.9%).
The others were small gains, but overall our basket beat out the sector median (GDX up 1.6%
WoW) and as a result, our lead over the benchmark improved slightly to +1.52%.
The 2022 Producer Basket: Weekly performance and
35% comparative to GDX control
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
The TinyCaps List
After forty-three weeks of 2022, the TinyCaps show a loss of 46.14% 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 3.21 0.07 -70.8%
Golden Pursuit GDP.v 0.13 34.638 4.50 0.13 0.0%
Infield Min INFD.v 0.06 48.445 1.70 0.035 -41.7%
Kingfisher Met KFR.v 0.30 103.007 12.88 0.125 -58.3%
Latin Metals LMS.v 0.12 57.686 6.35 0.11 -8.3%
Manitou Gold MTU.v 0.06 344.57 8.61 0.025 -58.3%
Melkior Res MKR.v 0.295 24.011 4.56 0.19 -35.6%
Precipitate Gold PRG.v 0.105 129.322 7.11 0.055 -47.6%
Signature Res SGU.v 0.07 238.4 2.38 0.01 -85.7%
Winshear Gold WINS.v 0.08 61.585 2.46 0.04 -50.0%
Prices in CAD$, data from TSXV basket avg -46.14%
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 2022. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
The TinyCaps list hit another new low and that
would have been worse if it hadn’t been for the
only winner of the week, Infield (INFD.v up
40.0%). That was a big move but it’s also a false
one, happening on just over 1,000 shares traded
and moving the stock from 2.5c to 3.5c. There
were four UNCH stocks (GDP.v, MTU.v, SGU.v,
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 dr3luj ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 t4pes ht11 ht81 ht52 n2tco ht9 ht61 dr32 ht03
The 2022 Producer Basket: Percentage difference
5.0% between GDX benchmark & basket (negative = IKN ahead)
ikn 4.0%
gdx control 3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
source: NYSE, IKN Calcs
-4.0%
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 dr3luj ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 t4pes ht11 ht81 ht52 n2tco ht9 ht61 dr32 ht03
source: IKN calcs, NYSE data
15% TinyCaps, 2022 weekly tracker
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
-35%
-40%
-45%
-50%
dn2naJ naJ t61naJ dr32 ht03 ht6bef ht31 ht02 ht72 ht6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 s1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3yluj ht01 ht71 ht42 ts13 ht7gua ht41 ts12 ht82 ht4pes ht11 ht81 ht52 dn2tco ht9 ht61 dr32 ht03 ht6von
source: IKN calcs, TSX data

WINS.v) and that leaves five losers (AUL.v, KFR.v, LMS.v, MKR.v, PRG.v) and of those, Aurelius
(AUL.v down 22.2%) was beaten up the most.
All in all, another week to forget for the tiny cap end of the spectrum.
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
Brazil: Lula wins (but will Jair concede?)
Just before 5pm EST this afternoon, the rolling count in the run-off vote between challenger
Lula da Silva and incumbent Jair Bolsonaro reached 70% of votes counted and Lula took the
lead for the first time. A reflection of the way Bolsonaro’s support tends to be in the urban
areas (first to report) and Lula’s support is more provincial (takes more time to report), we saw
the same pattern in round one and just after 6pm EST the country’s Supreme Electoral Court
called the result, with 98.86% of valid votes tallied:
 Lula da Silva: 50.83%
 Jair Bolsonaro: 49.17%
That makes Lula President-Elect of the largest country in Latin America, assuming Jair
Bolsonaro concedes, with the handover set for January 1st 2023. However and as we have
documented on many occasions, that’s not a given as the current President has made constant
pre-emptive accusations of voter fraud of all shapes and flavours for months on end (remind
you of anybody?). The approximate two point margin (or one point swing) is a tight result and
will provide fuel for such accusations, be they merited or not. However, even if Bolsonaro
concedes and decides not to contest the result, the narrow margin of victory is evidence in itself
of Brazil’s political rift and with Bolsonaro commanding narrow majorities in the largest
conurbations of Sao Paulo and Rio, there’s the potential for social protests whatever Bolsonaro
says or does.
Ecuador’s Minister of Energy and Mining resigns
Last week, a scandal broke in Ecuador around its Ministry of Energy and Mining that has
already seen its Minister, Xavier Vera, resign in disgrace (or “in order to defend my good name
against unfounded accusations” if you believe the now ex-Minister.) In a series of reports, a
journalist who closely follows the mining and oil and gas sector in the country, one Andersson
Boscán of La Posta, revealed that Xavier Vera was in the business of “cash for jobs” and had
offered payments to high level executives (e.g. he offered U$2m to an ex-executive of
Petroecuador) and had also demanded payment from others to place specific people in
executive roles (e.g. he asked for a payment of U$150,000 to get them a plum job in a regional
office of the Ministry of Mining). There’s also a separate investigation into deals done around a
hydroelectric contract that caused some rumblings earlier in the year that subsequently went
cold, but in the light of last week’s reports have re-gained momentum. The reports come with
detailed information and include audio recordings of Xavier Vera and one of the executives
carving up the jobs and to cap it all, the reporter also accuses the ex-Minister of paying off
reporters in order that they drop their investigative reports into certain stories.
The fall-out from this scandal is still happening this weekend, with police raids at the homes of
ex-Minister Vera as well as at least one of his alleged conspirators, a lawyer in the politically
sensitive mining region of Imbabura. This apparent colleague of Señor Vera’s had been put in
charge of cleaning up the illegal and highly lucrative gold mining scene in the Buenos Aires
district of Ecuador and one arm of the investigation has apparently discovered that a large
quantity of ore confiscated by the government in raids on the illegal miners subsequently
disappeared in (so far at least) mysterious circumstances.
As a sample of dozens of reports on this developing story, here are four links from local media
14

(4) (5) (6) (7) but there’s surely more to come from a story that has the potential of doing
significant damage to the Lasso government. President Lasso and Xavier Vera are reportedly
colleagues from before politics in their Guayaquil business days, Vera was originally given the
Vice-Minister of Mines job by President Lasso, was promoted to the full ministerial position last
April and Lasso has been a vocal supporter in the face of several lower-volume accusations up
to last week’s revelations. Lasso has pushed his anti-corruption image hard, often comparing
him and his government to the shady dealings in the Rafael Correa government, so ongoing
investigations into “his people” in government positions that move a lot of money in the
country, such as Petroecuador or the mining world, have the potential to ruin that image.
Ecuador: The Quito referendum gets its signatures
We reported on this issue in IKN662 and IKN663 in February this year, with a small update in
IKN679 dated April when the official petition period began but to jog memories, here’s a quick
re-cap: The central Quito region of Ecuador raised a petition for a referendum on whether to
ban mining in its territories, specifically in six small and sparsely populated cantons
(municipalities) which had seen an uptick in the award of mining concessions in recent years, a
development opposed by locals. In fact, the last straw for locals came in April 2020 when they
were subjected to a strict Covid lockdown, then told the local mines could continue to operate
as they were deemed of strategic importance (some sort of irony there). Locals demanded a
binding referendum to uphold their rights and after a protracted legal battle, Ecuador’s courts
ruled the referendum should cover all of the Quito region, including the heavily populated
capital. As a result, those wishing to move the petition forward would have to gather just under
198,000 signatures to pass the 5% minimum threshold of registered voters and call the
referendum.
Those organizers were given 180 days to gather the signatures and on Monday they handed in
their gatherings of over 380,000 signatures (8) (9), more than double the minimum required to
make sure if any were rejected, there was plenty of room to spare. The anti-mining organizers
plan to continue gathering signatures until the final cut-off date for the petition, November 3rd,
and expect the tally will top 400,000 once all done. From that date, Ecuador’s electoral control
body (the CNE) has 15 days to ratify the petitions have the minimum number of individual
signatures (and with nearly double the minimum required count, that looks certain) and if so,
the referendum will be almost certainly be an extra question on the local Quito ballot for the
upcoming February 5th national referendum called by President Lasso, in the style of a USA
state/regional Ballot Measure proposition.
We should not underestimate the problem this is setting up for the mining sector in Ecuador.
While the mining industry in the surrounding rural areas of Quito is relatively small, the capital
Quito is politically important and may now vote in favour of banning mining in its territory under
this referendum question. That sets up a difficult precedent for the government who are bound
to get protests from communities and regions more seriously affected by mining activity. The
calls of “If Quito can vote to stop mining, why can’t we?” and they are going to be difficult to
manage, particularly in those areas in which the government wants to impose projects (e.g.
Azuay and the Loma Larga project).
Nicaragua and the US sanctions
Monday midday Americas time saw an announcement from The USA of a tightening of
sanctions against Nicaragua that got plenty of coverage in the world’s press and made
headlines in the mining sector. Here’s how Reuters began its report on the news event (10):
Oct 24 (Reuters) - U.S. President Joe Biden's administration ratcheted up economic
pressure on Nicaraguan President Daniel Ortega's government on Monday through a
series of steps targeting the country's mining, gold and other sectors.
Biden signed an executive order that includes the authority to ban U.S. companies
from doing business in Nicaragua's gold industry, while the U.S. Treasury Department
imposed sanctions on Nicaragua's mining authority, along with another top government
official, the department said in a statement.
This news did not come as a surprise to this desk (or hopefully the regular readers of The IKN
15

Weekly’s Regional Politics section) as we have tracked the tightening of US sanctions against
Nicaragua for some time and also predicted that mining, one of the chief sources of hard dollars
for the nefarious Daniel Ortega regime, was in the firing line for further sanctions. The press
release from The Biden White House and related government departments went into details of
the whys and hows, but the bad news for mining companies in Nicaragua was mostly contained
in this section of the U.S. Treasury Department’s press release (11) on the body that controls
mining operations in the country and through which sales of gold and other metals are made,
the DGM:
GENERAL DIRECTORATE OF MINES (DGM)
DGM is a subordinate office within the Nicaraguan Ministry of Energy and Mines
(MEM). Since the June 2022 designation of Empresas Nicaraguenses de Minas
(ENIMINAS), DGM has managed most mining operations in Nicaragua on behalf of the
Nicaraguan government. As such, DGM is an important piece of state-controlled gold
operations in Nicaragua. Ortega and his cronies continue to use proceeds derived from
the production and sale of gold to line their own pockets and to pay off those who keep
the regime in power. The regime has used this power to intimidate and jail those that
speak out about the regime’s corruption and to sow instability around the world,
including by supporting Russia’s further invasion of Ukraine. By designating DGM,
Treasury aims to cut off the Ortega-Murillo regime from its ability to use gold proceeds
to oppress the Nicaraguan people.
DGM is being designated for being owned or controlled by, or having acted or
purported to act for or on behalf of, directly or indirectly, Salvador Mansell Castrillo,
who is the Nicaraguan Minister of Energy and Mines and whose property and interests
in property were blocked pursuant to E.O. 13851 on November 15, 2021. Today,
OFAC also issued Nicaragua General License (GL) 4, which provides a time-limited
authorization allowing U.S. persons to wind down transactions involving DGM. OFAC
also issued associated guidance noting that foreign persons generally do not risk
sanctions for engaging in activities that would be authorized by GL 4.
In response to this and the Daniel Ortega dictatorship last week created a new national
governing body as a workaround, the “Secretary of Promotion of Investment and Exports”,
which was created and made official in literally less than 24 hours. Hilariously, Daniel Ortega
and his partner in crime wife Rosario Murillo gave the job of director of this new government
entity to their son, Laureano Ortega (12). This new body has allowed mining companies in
Nicaragua to export their bullion legally for the last few days but it’s surely only a matter of
time before this game of whack-a-mole plugs this loophole and will likely pre-empt any further
fun and games of the same style.
As for the effect on mining stocks exposed to Nicaragua, though all these companies are quoted
on the Canadian exchange rather than the USA, there’s no doubt that the tightening of this
sanctions screw hit them hard. On the one hand, US resident holders of these stocks (and
Calibre Mining had plenty of those due to its Nevada operations) will have either sold already or
will feel the chilling effect soon. Secondly, these stocks are now de facto off-limits to any fund
or insto with US ties, as well as being radioactive
for any fund that factors in ESG to its investment
criteria. Finally, in practical terms the chances of
these companies being bought out by a larger
operation is now zero. All these factors will weigh
on the stock prices and the general 30%-or-about
hit taken by our sample here is understandable.
There may be more to come.
However, it’s not all bad news as long as we remain
agnostic on politics and focus squarely on capital
markets. Those with a memory for Sherritt
International (S.to) will know that Canadian
domiciled mining companies can and do operate in
countries considered as international pariahs by The USA and many other western democracies
without much flinching, so as long as Canada doesn’t get a sudden desire to alter its stance
toward Nicaragua there’s no reason to suppose that it will put the listings of Mineros SA
16

(MSA.to), Calibre Mining (CXB.to), Mako Mining (MKO.v) etc under pressure, that’s equally true
for the UK-listed Condor Resources (CNR.L). There is of course the flipside to last week’s news,
as from now on the companies exposed to Nicaragua are bound to trade at a significant
discount to peers. If at some point the Ortega regime falls and a decent government is allowed
to run the country, money would pour back into these stocks and re-flate equity valuations so,
while any Nica mining stock is now radioactive, it’s worth keeping an eye on the political
happenings as at some point in the future there may be a trade.
Chile’s watered down copper royalty
Another trip down memory lane for The IKN Weekly, as we have covered the Chilean mining
royalty issue in some detail since the polemic sprang up in early 2021. For an example of one of
the longer notes on the subject, see IKN624 and “Chile’s royalty false polemic” which noted that
the passage of the law bill in Chile’s Lower House of Congress had changed the original plan to
charge a 3% to 10% sliding scale of royalties to a flat 3% for copper and lithium operations in
the country. That note closed in this way:
This is a false polemic, because 1) the royalty won’t happen in reality until the next
government 2) it won’t be anywhere near as burdensome under the new copper price
deck and 3) once the rest of the world has taken its turn, Chile will be back at the top
of the league table for risk perception in mining.
We continued to follow the issue in other 2021 editions at the time, e.g. IKN630 that reported
how the bill got stuck in committee in the upper house and came as no surprise, reiterating our
conviction that Chile’s royalty would be a long time coming. But back to the IKN624 note
because that call has turned out well enough: 1) has come to pass, 2) has also come to pass
and 3) I’m still confident that despite the negative image projected by the new Boric
government on the Chilean mining industry this year, the country is back on course and will
retain its “serious mining” mantle as economic reality rears its head, as from 2023. In the
intervening year and a half since IKN624 and the original hoo-hah over Chile raising its royalties
to some draconian level we’ve seen the plan stalled and a new government take over, as well
as serious lobbying on the part of the mining industry, whose fruits showed last week as
reported by Reuters (13):
The amended proposal, announced by the finance and mining ministers, would impose
a flat-rate ad valorem tax of 1% on large-scale copper miners that extract more than
50,000 tonnes per year. The ad valorem tax would not be assessed if operating
margins are negative.
Additional royalties would be assessed at rates fluctuating from 8% to 26% based on
miners' operating margin, rather than being adjusted according to the price of copper
as was originally proposed.
Depreciation, as well as supply and work costs, would be taken into consideration in
calculating operating margins.
So after all that, the new royalty proposal is 1% on EBIT, rather than 3% on gross profits, and
while there’s the sliding scale extra royalty as proposed above its 8% to 26% numbers are likely
to be far scarier than the eventual effect. That’s quite a climbdown, but even so the mining
sector wasn’t going to make a silly mistake and say they are happy with the deal, so it was left
to Chile’s SONAMI chamber of mining to make the grumbling official statement (while dancing a
jig in private) (14):
Jorge Riesco, president of Chile’s National Mining Society (Sonami) which represents
76 medium and large companies including Anglo American, BHP and Glencore , as
well as associations representing more than 2,000 small-scale miners, said that while
the adjustments benefited medium-sized miners, he believed the tax burden would still
be too high.
“It is undeniable that this proposal still lacks if it wants to be at a level comparable to
other countries for attracting investment in terms of total tax burden,” Riesco said in a
local radio interview.
Finally, please note that whatever happens this new royalty will not affect our preferred copper
play Amerigo Resources (ARG.to), as its annual production of around 30,000 tonnes leaves it
well under the lower threshold for the new royalty.
17

Market Watching
Wesdome Gold Mines (WDO.to) post-script
What to make of the 55c or 6.9% rally put in by Wesdome (WDO.to) since our note in IKN701
last weekend? Well for one (right) it out-
performed the GDX over the week, but dial it
back to a 10-day chart (above) and you’ll see
WDO was merely catching up after the trough it
hit the week before…the very trough that took it
under C$8 and allowed these pages the room to
write up the stock as being oversold and cheap.
WDO also took a 5% tumble from the highs
registered on Wednesday and early Thursday
when it briefly traded above C$9, so while its
C$8.56 finish on Friday wasn’t bad, there’s
clearly plenty left in the tank if gold and the
sector decides to rally further in the days ahead.
Conclusion
IKN702 is done, we end with bullet points:
 The end of an abridged edition, just 21 pages including the bits below but we still
managed to get some work done. Back to normal next weekend.
 Ecuador continues to compete with Colombia for the quickest deterioration of mining
investment sentiment in The Americas. It’s a race to the bottom, so don’t back either
with your money.
 Among the financial data to look out for on Wednesday is the Fed statement from the
FOMC, another is Amerigo Resources (ARG.to) and its 3q22 results. Expect coverage on
those next weekend.
 If it is an uptick in short selling in MAI, it should show up in the market data soon. Also
if it is, I hope they get their hind quarters served to them on a platter.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.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.calculatedriskblog.com/2022/10/schedule-for-week-of-october-30-2022.html
(2) https://s24.q4cdn.com/779615370/files/doc_presentations/2022/10/Alamos-Gold-Q3-22-Results-
Presentation_FINAL.pdf
(3) https://www.larepublica.ec/blog/2022/10/28/lasso-acepta-renuncia-del-ministro-xavier-vera/
(4) https://www.eluniverso.com/noticias/politica/renuncia-de-xavier-vera-al-ministerio-de-energia-y-minas-no-desactiva-
investigacion-penal-ni-juicio-politico-en-su-contra-nota/?modulo=destacadas-uno&plantilla=home
(5) https://www.expreso.ec/actualidad/exfuncionario-control-minero-version-allanamiento-caso-xavier-vera-139378.html
18

(6) https://www.expectativa.ec/boscan-revelo-un-audio-en-donde-se-menciona-a-la-provincia-de-imbabura-en-donde-
se-habria-vendido-un-cargo/
(7) https://www.primicias.ec/noticias/economia/entrega-firmas-consulta-mineria-quito/
(8) https://www.telesurtv.net/news/entregan-firmas-ecuador-consulta-rechazo-mineria--20221024-0034.html
(9) https://www.reuters.com/world/us-imposes-new-sanctions-aimed-pressuring-nicaraguas-ortega-2022-10-24/
(10) https://home.treasury.gov/news/press-releases/jy1046
(11) https://100noticias.com.ni/politica/119374-nueva-secretaria-sanciones-ortega-exportacion-oro/
(12) https://www.reuters.com/business/energy/chile-amends-mining-royalty-bill-with-flat-1-ad-valorem-rate-2022-10-26/
(13) https://www.reuters.com/article/chile-mining-idUSL6N31R0C7
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-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
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
19

INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-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-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-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-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-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
20

Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-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-jan-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-apr-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-apr-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.
21