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The IKN Weekly
Week 705, November 20th 2022
Contents
This Week: Trade heads-up, In Today’s Edition, US Thanksgiving Day, Tax Loss Selling season
is upon us, Wanted: Basket Cases, The Fed won’t stop the jawbone.
Fundamental Analysis: Orefinders Resources Inc (ORX.v): Buying.
Stocks to Follow: Goldshore Resources (GSHR.v), Newcore Gold (NCAU.v), Western Copper &
Gold (WRN.to), Minera IRL (MIRL.cse), Amerigo Resources (ARG.to), Mene Inc (MENE.v),
Minera Alamos (MAI.v), QC Copper & Gold (QCCU.v).
Copper Basket: Overview, Copper Mountain (CMMC.to), Nevada Copper (NCU.to), Oroco
Resources (OCO.v), Doré Copper (DCMC.v).
Producer Basket: Overview, Franco-Nevada (FNV), Barrick (GOLD), Alamos (AGI) (AGI.to).
TinyCaps Basket: Overview, Melkior Resources (MKR.v).
Regional Politics: Ecuador: Indigenous opposition to mining, Chile: the GDP issue, Chile:
Lundin Mining (LUN.to) and the sinkhole.
Market Watching: Wesdome rockporn (WDO.to).
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Trade heads-up
As long as the price is right, the planned purchase announced today complements the two from
last weekend and makes our intention clear; it’s time to get longer. Orefinders (ORX.v) brings a
mix of diversified exposure to high-risk projects with potential high reward, adds extra length to
our trade in QC Copper (QCCU.v) and all with the type of strong financial backbone that limits
downside risk. Cheap stock, too. That’s the rationale, details in today’s main Fundies section.
In Today’s Edition
 Today’s main Fundies note lays out the strategic reasons to buy Orefinders (ORX.v) but
if you don’t want to read another overlong ramble on a minor tinycap, the main reason
is that it’s dirt cheap compared to what it owns.
 Copper failed to follow through on the week and dropped back to the U$3.60/lb range
as data from China caused a new set of headwinds and for the near-term at least, they
may have a point this time. That’s today’s Copper Basket.
 The main note in this week’s Regional Politics takes in the latest chapter in the ongoing
“Government vs. Indigenous” battle over mining in Ecuador.
 As for last week’s trades, both the purchase of Western (WRN.to) and the sale of
Goldshore (GSHR.v) happened at almost embarrassingly optimal prices. However, my
addition of Newcore (NCAU.v) saw me back at my standard random walk, I’m no
daytrader and never will be.
US Thanksgiving Day
A brief reminder that it’s the week of The USA’s Thanksgiving Holiday, which among other
things means that the US stock markets are closed all day Thursday and also close early on
Friday (1pm ET). There’s also turkey, Black Friday and the following Cyber Monday to consider,
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but those are not of concern to a junior mining newsletter.
Tax Loss Selling season is upon us
It depends on the year and its macro circumstances, it’s also highly dependent on the specific
stocks one might hold, but Canadian Tax Loss Selling season is now upon us and while the
main period of heaviest selling tends to be in the two weeks before Christmas, the effect can
start as early as mid-November and that seems to be the case in 2022. After all and let’s face it,
sellers will have plenty of choice.
While this audience is more sophisticated than most* and doesn’t need a blow-by-blow on what
to do and why, a friendly reminder via a couple of brief paragraphs doesn’t go amiss as it is
something to factor into your potential trade decisions for the next two months; not only do we
often see a dip in share prices for no other reason in December, but those prices will often
spring back come the end of the window and the New Year.
*Or at least I’d like to think so
Wanted: Basket Cases
Yes indeed it’s that time of year again, this desk’s annual call to pick the brains of its audience
so a quick re-cap for those new to The IKN Weekly. Every November/December, your author
puts together a long list (then a short list) of stocks for our three tracking baskets for the year
to come, namely The Copper Basket, Producer Basket Tiny Caps Basket. The normal year-end
sees some companies leave the lists and replaced by others and I already have a bunch of
ideas as to which companies will be swapped out and swapped in, but before making the final
list we throw the subject out to the collective mind of readership and ask for suggestions. Your
suggestions and prompts and always greatly appreciated and valued because without fail, there
are always some ideas that are better than mine. With that in mind, here’s the framework and
as the baskets are somewhat different in make-up, first a reminder of what type of company
we need in each list:
 For The Copper Basket: We look for a group of 15 stocks that as a whole represent the
junior copper mining world. The maximum market cap is $1Bn, but preferably I like
them lower to better reflect our sector of interest. We welcome tinycaps, as a cross
section is required. As we’re not trying to beat the street and want a faithful reflection
of the sector, always happy to include bad copper companies or dog stocks if they bring
something to the table.
 For The Producer Basket: There is no upper limit in market cap size, but we do require
a minimum market cap of U$2Bn. For this list, I’m looking for suggestions for precious
metals producers that will out-perform in 2020, because of the less important (except
for my own ego) of trying to beat the GDX benchmark on the year.
 For The Tiny Dogs: First and foremost, for this list we require companies with a market
cap of $20m maximum, as The Tiny Dogs tracks market moves of the smallest
companies. However, at this level of market cap there are many broken stocks and
dead companies with projects going nowhere. They are not interesting, as although we
cannot expect operational or managerial perfection at this level the company still needs
to “have a pulse” and be a reasonable trade or speculative alternative.
I normally look to change between three and five companies on each list, though as this year
has seen quite a few tinycap and copper exploreco stocks get broken, I may need a couple
more for those lists So if you have a good candidate for the Producer, Copper or TinyCap lists,
be they companies you own or not (or if it’s a doggish type of idea, perhaps “owned”) please
drop a line the usual addresses. Thanks in advance for any and all suggestions received and
expect this intro note to run for the next two or three editions. There’s no escape.
The Fed won’t stop the jawbone
Because the jawbone works, as seen last week when the Kabuki Theatre was on full display to
contradict what its own data and its own official communiqués now tell the world. Let’s re-cap
with a play in three acts:
2

1) Wednesday November 2nd the FOMC Statement: “In determining the pace of future
increases in the target range, the Committee will take into account the cumulative tightening of
monetary policy, the lags with which monetary policy affects economic activity and inflation,
and economic and financial developments.”
2) Thursday November 10th and The CPI Reading: Projected 7.9%, Actual 7.7%, cue a
wholesale dumping of the US Dollar and a 1,200 point rally on the Dow.
3) Thursday November 17th and a CNBC headline (1): “Fed’s Bullard says rate hikes have had
‘only limited effects’ on inflation so far”. Quite incredible, even more so that the market
swallowed the line wholesale. Or if you prefer, here’s AP on the same scheduled speaking event
in Louisville, Kentucky (2):
Bullard’s remarks followed speeches by other Fed officials in recent days that
suggested they see only limited progress, at most, in their use of steadily higher rates
to fight inflation. Bullard’s views have added significance because he is a voting
member of the Fed’s rate-setting committee this year.
The results can be seen in the broad market’s preferred whipping boy, good old gold…
…which was dragged lower early week and sold off on Thursday morning as the USD was
bought again. We also saw the effects on the GLD as 2022 inventories once again hit new lows
and the house ratio continued to signal utter despondency, rather than mere washout
sentiment for holding gold on Wall St.
GLD gold holdings, 2022 YTD (metric tonnes)
1140
1120
1100
1080
1060
1040
1020
1000
980
960
940
920
900
880
860
The above started before the depth and scale of the FTX implosion was known to the world
too, so you cannot blame crypto for everything, my goldbug friends. Also right on time, a new
raft of data from China saw copper drop, mostly on poor housing sales data and partly because
there are signs copper is beginning to stack up at Asia warehouses. In other words gold was
down on the week because the USA says supply still cannot match demand, and copper was
down on the week because China says supply is now greater than demand. Go figure.
The moral of today’s briefer intro on the metal macro is simple: The same influences that
3
12/21/13 22/1/01 22/1/02 22/1/03 22/2/9 22/2/91 22/3/1 22/3/11 22/3/12 22/3/13 22/4/01 22/4/02 22/4/03 22/5/01 22/5/02 22/5/03 22/6/9 22/6/91 22/6/92 22/7/9 22/7/91 22/7/92 22/8/8 22/8/81 22/8/82 22/9/7 22/9/71 22/9/72 22/01/7 22/01/71 22/01/72 22/11/6 22/11/61
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
5.50
5.40
source: SPDR GLD data 5.30
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 6/11/2202 61/11/2202
Source: SPDR data, IKN calcs

sprung gold and copper higher two weeks ago are still out there in the financial world. The
same long-term supply deficit for copper is going to happen, the same Chinese economics
stimulus via easy debt will give its economy and Keynesian boost, the same Fed Statement will
exist and predict smaller rate raises and an eventual top in rates, the same CPI reading says
that inflation is coming under control. No matter what they say in the near-term, you’re always
better off looking at what they do to prepare for the long-term
Fundamental Analysis of Mining Stocks
Orefinders (ORX.v): Playing the percentages
The job today is to outline why I’m looking to open a trade in Orefinders Resources Inc
(ORX.v), a tinycap junior with its fingers in many pies in Canada. ORX is a small company with
plenty of moving parts, so a full-scale DD note on all its interests could take up a dozen or so
pages of this edition (if I felt like writing that much on a tinycap) and could either lose its
readership in the weeds of the details, or at least bore them out of reading about the company.
However, that would also miss the real reason to like the trade potential in this stock at this
time so I’m going to try my very hardest to keep this note as brief as possible (famous last
words) and to help that, here are the three reasons why I like ORX today:
It has real assets:
 It’s cheap: at its current share price and market cap, you get a lot of equity leverage if
the market does what I think it’s about to do and rally. But there’s substance here too,
ORX isn’t an empty box junior backed by a thin treasury that gets burned away by the
“overenthusiastic marketers” of a one shot project. It real asset value, the type that
gives downside protection at current share prices
 It’s prospective: Its asset book is active and there’s plenty going on for such a tinycap
company, that means good newsflow and if a real discovery is made, quick share price
appreciation. We even have a live example of that thanks to its holding in recent
market springer, American Eagle (AE.v).
 It’s run by honest people. Part of the Ore Group, the ORX founders and management
team have plenty of skin in the game and have attracted strong insto backers, such as
Agnico Eagle and Eric Sprott. Honesty is not a guarantee of success of course, but as
they are fully aligned with shareholders and trustworthy, their success will also be ours.
In essence, ORX is as much a macro play on the predicted (dare I say “hoped for”?) turnaround
and improvement in the market for junior mining stocks. However, rebounds don’t treat all
junior tinycaps equally and on such occasions, the ones that spring first and fastest will
combine a deeply beaten down share price with real assets that can be taken seriously, the
type of company on which people look back later and think “How did that company get to be so
cheap?” I believe ORX fits the bill and with its finger in many pies, it’s also the type of company
that could deliver its own discovery bonus from any number of its interests.
Part of The Ore Group of companies, this desk has had ORX on its radar for the best part of five
years. As this chart from 2016 shows (right), it’s had mixed results over the years with rises and
falls in its share price, with its recently pain in-line
with many other junior and exploreco stocks.
However unlike many tinycaps, it has plenty of
tangible asset backbone and at current prices,
downside risk is minimal. Meanwhile, its book of
assets and current cheap entry point makes ORX a
valid and interesting alternative to play the
presumed inflection point in the mining sector and,
if our assumption that the worst is over is correct,
is the type of equity that can offer the “multi-
bagger” type win we look for from trades in this
4

most volatile and risky of sectors. Along with a respected and seasoned management team with
plenty of skin in their own game and strong institutional backing, ORX offers the right
combination of minimal downside risk at current prices and strong potential gains in an
improving market.
Background: ORX is one of the “Ore Group” companies, a family of exploration stage
companies that work almost exclusively in Canada and run by Alex Stewart (père) and Stephen
Stewart (fils). Stephen Stewart is the active executive in the group and the protagonist in most
of the companies (he spins a lot of plates) and they have assembled a core of management
around them to run the companies, as well as having specific dedicated officers for each one.
Here’s the Ore Group quicklist:
 Orefinders Resources (ORX.v)
 The uranium exploreco Baselode Energy (FIND.v)
 The mainly nickel exploreco Metal Energy (MERG.v)
 The mainly gold exploreco Mistango River (MIS.cse)
 The gold/copper exploreco American Eagle (AE.v)
 The copper/gold exploreco QC Copper & Gold (QCCU.v)
Our focus today is ORX, but most IKN Weekly readers will recognize at least QC Copper & Gold
(QCCU.v) from that list, as that stock has been a holding here since 2021. As for ORX, it’s
perhaps best considered as the central company of the six, something of a hub and with
sizeable shareholdings in three of the other companies. This gives ORX the potential to benefit
from the success of the greater group in “project generator” style, though there’s more to ORX
than just that model of junior. One of the reasons to like ORX today is its quasi-central position
in the Ore Group structure; it’s not quite the “hub company”, but it does play the role of feeder
to at least some of the group’s companies. Also, I understand that Ore Group is considering a
corporate re-organization at some point in the future (timing undecided) that would potentially
formalize ORX at the centre of the structure. On that, it’s certainly too early to compare these
smaller companies to Sean Roosen’s Osisko empire but that would be the model to consider in
a perfect world. I don’t mind admitting that aside the attractive entry point and the potential for
quick gains if the metals market runs our way in the next quarter or two, one of the reasons
I’m interested in opening coverage on ORX and making this first commitment is the potential,
however remote, of being in on the ground floor of “the next Osisko” and investing in a
company that becomes an investment vehicle in itself and turns into a feeder to support and
fund other Ore Group stories as they mature.
As for the integrity of the company, my touchstone and validation for ORX comes from my own
dealings with ORX Chair and central figure at Ore Group, Stephen Stewart. My first meeting
with Chair Stewart was in 2019, a couple of years before opening my initial position in QC
Copper & Gold (QCCU.v) and I’ve always found him to be open, honest and willing to talk over
both the good and the bad of his companies. He’s also the type of executive who doesn’t spill a
single bean of non-public material information and that’s something this desk greatly
appreciates. Also noteworthy is the way Stewart père et fils have collected and retained a
talented suite of officers and management around them, with low turnover and quality brains
trust in key roles at their companies. If you treat good people good, good people treat you
good, they say.
Financial overview: So much for the all Kumbaya of backing yet another honest and well-
meaning team of mining entrepreneurs, this is
capitalism and numbers matter. So first we
consider the share price and market valuation for
ORX and as this 2022 YTD price chart shows
(right), 2022 hasn’t been a great year so far.
However, ORX did show a pulse recently when
one of its satellite holdings hit a good discovery
hole (AE.v, more below) and after a welcome
spike in volume then some to and fro (perhaps
5

some bagholders using the chance to step away?), the price settled back to this weekend’s 4c.
At that market price and with 147.159m shares out, ORX today runs a market cap of C$9.89m.
In theory, that’s the type of cheap entry point in both headline share price (market punters take
pot shots at pennycrappers) and overall market cap that offers the chance of a big win for your
risk capital.
ORX.v: Shares out (m)
6
7.521 5.821
2.861 3.861
8.022 5.222 8.222 8.222
2.742 2.742 2.742 2.742 2.742
300
250
200
150
100
50
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4
source: company filings, IKN ests
So, what do you get for your money? For that we dial up some of the usual suspect fundies
charts with an emphasis today on the balance sheet, as that tells us most of what we need to
know about the company’s financial backbone, its burn rate and by plugging our estimates for
2023 into the model, how much we expect to be left in the tank this time next year.
ORX.v: Assets, per qtr
12
11
10
9
8
7
6
5
4
3
2
1
0
This assets chart shows cash at C$5.5m as at end October 2022 (the company’s financial year
end) and also assumes that for future quarters, ORX burns cash as per its expected 2023
budget. It also assumes that the value of its present shareholdings in other Ore Group
companies remains constant (we’ll get to those below). As for liabilities, we make a blanket
guess that things remain roughly the same as present. I’m the first to admit that both these
2023 estimates are rough and ballpark. During my exchanges with chair Stewart over the last
couple of weeks, it’s clear that the spend will come at irregular times and some months will
burn more than others. Also, the company will be able to use its liabilities ledger to defer cost
(if required) so that constant $1.2m guesstimate made mostly of accounts payable is unlikely to
work that way. But over the lapse of a year, the cash burn should work out as seen below left.
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4 tse32q1 tse32q2 tse32q3 tse32q4
$m fixed ORX.v: Liabilities, per qtr
other current 2.2
cash 2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
source: company filings/IKN ests
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings/est
srallod
fo
snoillim
LT liabs
current liabs
ORX.v: Working Capital per qtr
22.1 31.1
688.5 556.5 535.5 595.7 961.8 354.7 218.6 841.6 8.5 1.5 7.4 4.4 2.4
10
9
8
7
6
5 4 3 2
1
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4 tse32q1 tse32q2 tse32q3 tse32q4
source company filings/IKN ests
srallod
fo snoillim
ORX.v: Cash treasury per qtr
333.0 180.0 264.1 183.1 353.6 832.5 139.3 211.6 490.6 865.5 229.5 184.5 4.5 4 6.3 3.3 1.3
8
7
6
5
4
3 2
1
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings/IKN ests
srallod
fo
snoillim

The company expects a lot of the next year’s expenditure to come out early and once the
second quarter is done, burn should drop back to a little over the background burn (ORX sips
cash at around $200k/qtr). Below right, we keep the values of shareholdings in other Ore Group
companies constant and estimate working capital for the next five quarters.
Clearly, that working capital chart may vary greatly if the values of the shares ORX holds in
other companies changes (and change they most probably will), so it’s time to consider that
variable in this story. Here’s a table:
AE.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS value
AE.v 5.20 0.295 1.53
QCCU.v 5.06 0.155 0.78
subtotal $2.32
MIS.cse 24.71 0.045 1.11
subtotal $3.43
Est cash 5.00
Total C$8.43
This table aggregates three line items from the ORX balance sheet and ignores any sundry
current assets, as well as “traditional” fixed assets such as the mining properties held by the
company. The first two lines are the shares held in American Eagle (AE.v) and QC Copper &
Gold (QCCU.v), including the number of shares owned and this weekend’s share price, giving
the current value. These are held by ORX as “marketable securities” on its balance sheet, i.e.
there’s an assumption they may be sold for cash (though it’s unlikely for the moment).
Then comes the 24.71m shares ORX holds in Mistango River (MIS.cse), held by ORX on as an
“investment in associate” and a fixed asset. We then assume cash at C$5.0m this weekend (it’s
probably a little higher) and that brings us to a total of C$8.43m. That compares to this:
ORX mkt cap at various prices
PPS Mkt Cap
0.02 4.94
0.025 6.18
0.03 7.41
0.035 8.65
0.04 9.88
0.045 11.12
0.05 12.36
0.055 13.59
0.06 14.83
0.065 16.06
0.07 17.30
source: IKN calcs, ORX data
At its current share price of 4c, ORX has a market cap that’s 86% covered by the liquid assets
we’ve outlined above. That’s all at current prices of course, so while on the one hand we can
expect ORX to burn around $2m of its cash net in the next year, on the other we may see any
of its shareholdings change in price and if they go the right way. Exactly how ORX’s asset book
will look in a year’s time is up for debate but even if things don’t go well, the market doesn’t
turn and its shareholdings disappoint, it’s tough to see this stock go much under 3c/share
without offering bargain basement opportunities for speculators. That makes the current 4c
entry point attractive, even in a reasonable worst case the downside is limited.
But what about the potential upside? For that we need to consider what ORX has by way of
holdings and projects and for that, here’s a list:
 Its strong cash position
 Its 24.71 shares of Mistango River (MIS.cse)
 Its 5.2m shares of American Eagle (AE.v)
7

 Its 5.06m shares of QC Copper & Gold (QCCU.v)
 The Knight, Mirado and McGarry projects, all owned by ORX
 The GSL Zinc Project in Alberta CA, recently added to the company structure
Treasury: We’ve mentioned the first four bullet points already, but each get a quick paragraph
or two now. Regarding cash, the current $5.0m (or $5.5m) is set to drop by around $2m over
the course of the next year. These are IKN Weekly house guesstimates, but based on
conversations with company Chair Stewart and assume a reasonable estimate on the AEM JV
properties and its other plans on wholly owned assets (eg GSL Zinc), plus reimbursements from
AEM as per the operator agreement.
Mistango River (MIS.cse): The 24.71m shares of MIS owned by ORX represent around 19%
of its shares out and similarly to our focus company, other strategic holders include Eric Sprott
and Agnico. It holds a range of exploration properties and this desk encourages you to look at
the company as a potential separate entity (those with a higher risk tolerance may prefer this
as your trade, in fact) but main reason to like and consider MIS is its deal with AEM and the
properties it holds in the Kirkland Lake camp. Those are 1) “Kirkland West”, located next to
AEM’s Macassa mine and 2) Omega, close to the under development Kerr Addison property.
Macassa needs no introduction and it’s not a surprise AEM would want to have a handle on a
neighbouring concession in this way, one of these days the big company may decide it’s in the
mine’s favour to expand in the MIS direction. As for Kerr Addison, there’s plenty of talk about
the development and resource definition drilling going at the moment there and this past-
producer is rumoured to have defined 7m oz at around g/t, good numbers for an open pit
project with a history of production. There’s drilling going on and Kirkland West should see
results soon (drill play gamblers take note) and at the current $6.8m market cap, it wouldn’t
take much more than one good hole to see valuations pop quickly.
American Eagle (AE.v): And on that subject, here’s a price chart:
Two Mondays ago, AE released the first drill assay
result from the program at its NAK project (3)
under the headline “American Eagle Drills 125 m
of 1.02% Copper Equivalent from Surface within
851 m of 0.33% Copper Equivalent in maiden drill
hole at NAK” and that’s a great hole for any first
pass anywhere, let alone in BC where 0.33% CuEq
is profitably mined by established operators. As
the chart shows, it’s safe to say the market liked
what it saw and the price shot from 3.5c to this
weekend’s 29.5c on the news. Along with powerful
trading volume, there’s plenty of speculation on
what happens next and we should see more assay
news soon, as AE has already delivered holes 2 to
5 to the labs and results should be forthcoming. The NAK project came to AE when ORX farmed
it to its Ore Group sibling and in a separate deal (4), ORX has also funded this first round of
drilling by moving over $1m of flow through money it held to AE, in exchange for $1.5m in
either cash or shares 18 months down the line. As it’s virtually certain AE would prefer to issue
shares to ORX and strengthen mutual ties, at some point down the line the current ORX holding
of 5m shares will get bigger (and it will all depend on the share price at that time).
This massive percentage run on AE’s price is the reason ORX shares suddenly caught a bid two
weeks ago and indeed, its 5m shares have gone from a M2M value of $175k to $1.475m, or
“basically zero” to 0.6c/share. With the market now attentive for the next set of results from AE
at NAK and ORX scheduled to receive more shares thanks to its financing deal, there may well
be more to come from this holding for ORX. However, what it also shows is that lightning may
strike at its properties and projects at any time and if the market starts picking up, that
discovery potential starts getting a dollar value in the share price. We’ve seen it happen at AE,
8

nothing to stop a discovery hole announcement from MIS next and as noted on the blog last
week in this post (5), the AE discovery hole came without any sort of intel leakage to the
market (and neither do Ore Group companies pay for “investor awareness campaigns” (i.e.
waste treasury on pumpjobs).
QC Copper & Gold (QCCU.v): This is one we know more about, as QCCU has been a member
of the Stocks to Follow list for the last year and a half as the company goes about exploring,
developing and defining its Opemiska Copper/Gold project in Quebec. We know QCCU has seen
a moderate but annoying delay to its development timeline in 2022 but has still got plenty of
work done and result results have seen the market respond positively (albeit for limited periods
of time, harrumph). However, come 1q23 we should get the next milestone from the company,
its updated resource estimate that we expect to greatly increase contained copper and gold at
the project. While average grade is bound to decrease (the method and mine plan strategy has
changed), the resource update should then be followed by a PEA that outlines the economics
and that’s where your author sees the greatest value creation for QCCU; this isn’t some pie-in-
the-sky theoretical project that will look good on paper, Opemiska should deliver a robust
project on a past-producing mine that has every chance of becoming reality and creating wealth
for all concerned, local town very much included. The 5.06m of QCCU held by ORX are currently
worth C$0.78m and I think they’re going to be worth a lot more. I wouldn’t hold them as a
separate copper play otherwise.
Summing up so far, that’s the quick’n’dirty on the shareholdings at ORX and while we can
follow their development via ORX as they develop (assuming I get my entry price, that is) there
are plenty more details available on each one from their dedicated websites. Now we move to
consider ORX’s own land assets and exploration projects which are mostly under the strategic
partnership deal with Agnico Eagle (AEM).
Knight, Mirado and McGarry: The Knight, Mirado and McGarry projects, all owned by ORX
and in a strategic partnership deal that was first held with Kirkland Lake (ex-KL) and is now
with AEM. All these projects are in Canada and local to AEM’s main stomping ground, close to
current AEM mines or properties. It’s a reasonably standard “optioning-in” deal that began in
April 2021, in which AEM gets to ultimately acquire a 75% interest in the projects by spending
at least $60m over an extended period of time along with minimum annual spending
commitments in the first years and along the way, a formation of a JV if things go well. ORX
remains operator in the optioning period and the two companies agree on annual budgets and
where/when to spend on exploration and development. The deal also saw AEM become a
strategic investor of ORX and buy into the company, it holds 9.9% of ORX shares outstanding.
To date the commitments by AEM are in good-standing and we hear from ORX that the
companies have a heads-up agreement on a budget for the next calendar year (AEM’s internal
budgeting is like most big mining companies and revolves around December 31st, so
confirmation comes in a few weeks’ time).
As for the properties themselves, all three are valid prospects and AEM would not entertain
them as JV targets otherwise but the deal structure between AEM and ORX means AEM (or KL
before it) doesn’t need to be in a hurry to make its total exploration expenditures and the work
programs in these first years are unlikely to end in a headline-making discovery hole that moves
the ORX share price directly. Instead I get the impression that its in AEM’s favour to keep these
concessions and project sites under its control and take its time over any project-making (or
breaking) decisions or extensive drill projects. That’s not necessarily a bad thing and if the
market behaves well and picks up, ORX is bound to get equity from this strategic partnership
and that will reflect in its share price.
The GSL Zinc Project: Finally, and before we get to the point of today’s main fundies note
that’s already gone on longer than I wanted (seven pages…ugh), a brief word on the latest
addition to the ORX stable. GSL Zinc is a large, 60,000 hectare early stage project in Alberta CA.
As the name implies, its main target is zinc as the locality and the underlying geology pertains
to a potential discovery. (deep drills from an oil company). The company thinks there’s a
9

shallow laying SEDEX-type zone that comes as part of the deeper-lying zinc mineralization once
discovered by an oil company while conducting a deep drilling campaign for its own ends. It’s
an interesting project and ORX has probably moved at the right time to secure it at a low price
during an unpopular time for early stage concession deals, but it’s not likely to move the
company dial for the time being.
Discussion and conclusion
Those of you looking for a real, live high-risk/high potential reward trade in the junior sphere
have at least two new names to consider from today’s edition, as if the recent stellar first hole
from American Eagle (AE.v) gets confirmation from the next four assays, about to come back
from the lab, and shows NAK in BC to be the next live copper porphyry play in Canada then its
current share price of 29.5c is likely to be left in the dust. Equally, those with high risk tolerance
may want to consider Mistango River (MIS.cse), which has its own assays coming back soon
and as a cheap area play in a highly prospective address, may suit those of you more willing to
roll the dice.
But I like the look of Orefinders Resources (ORX.v) and for several reasons: Firstly, its small
size and discounted share price mean that any meaningful exploration success will still reflect in
its share price. Secondly, it’s now at the type of ultra-low ticket price per share that can
multiply if the broader market for metals and mining improves, this is the type of trade that
would return an excellent win even if it only got back to the 15c levels we’ve seen before.
Thirdly, the combination of tangible assets, strong balance sheet position and a parsimonious
attitude toward spending its own treasury means the company will be able to survive and thrive
for all of 2023 and quite possibly well into 2024 without needing to finance again, which gives
all the time this fickle market could need to turn around.
However, it also offers the more risk averse exposure to a wide range of potentially explosive
exploration projects, all with excellent and low jurisdiction risk addresses, at a very low overall
price. The mix of projects is good too and while the new zinc property may not be the most
exciting thing out there, having a company the size of AEM optioning into your properties is a
sign in itself to take this company seriously. Then there’s the shares held in American Eagle,
which may be a trade apart but by playing ORX, we still get exposure to the story without
anywhere near as much downside risk. Finally with the asset book, a new position in ORX also
adds further exposure to the very likeable QC Copper (QCCU.v) via the backdoor and at a great
entry point, especially compared to my cost average. But ORX also comes with what I consider
a “corporate bonus” as if the people running Ore Group make good on their reorganization
plans and move to put this company a the centre of their growing stable of stocks and
companies, ORX has the potential to become a valuable mother-ship type company that
becomes a funding source for others in the group and the place larger instos choose as their
entry point into the Ore Group of companies, i.e. an Osisko Empire in the making. That would
need luck with the drills as well as well as time, but the ORX share price could make a longer-
term hold very profitable. With a share price already down at 4c and difficult to imagine under
3c, downside risk is limited and to return to the nearer-term, this “serious junior” running an
adapted project generator model is a well positioned tinycap with upside potential. With limited
risk, and reward on the table just by timing the purchase well, these are the odds I like for my
smaller and riskier junior trades and if the market lets me in at 4c in the days to come, I buy.
However and be clear, this is a trade that’s all about value so if others decide to run the price
up in days ahead, I’ll be happy enough to wait out the rush. This isn’t planned as a near-term
flip and as such, there’s no need to buy in a hurry.
Stocks to Follow
There was little to write home about on the Stocks to Follow list last week, the only relief
coming when Goldshore (GSHR.) sold for a good profit and the purchase of Western (WRN.to)
began in fine style and rallied afterward. Aside those, wins were few and far between and the
10

general malaise of dropping gold and copper prices did for the portfolio again. I’ll go back to
the normal count next edition, for one edition I’m giving myself a break. With the sale of
Goldshore (GSHR.v) we now have 16 stocks under consideration, but with the move of WRN
from Watch List to Recommended, I still own shares in 13 of them. Just three are in the green.
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$0.37 76.2% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.24 -8.8% CheapCu w/low downside risk
Western Copper WRN.to BUY C$2.02 13-Nov-22 C$2.18 7.9% New trade, watched for months
QC Copper&Gold QCCU.v BUY C$0.275 25-Apr-21 C$0.155 -43.6% Now drilling. Easy hold
Rio2 Ltd. RIO.v HOLD C$0.83 22-Apr-18 C$0.135 -83.7% Cheap on permit probs, appeal
SPECULATIVE TRADES
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$2.05 -33.2% Au leverage, small trade so far
Aldebaran Res. ALDE.v BUY C$0.72 16-May-21 C$0.76 5.6% trying patience
Newcore Gold NCAU.v ADDING C$0.205 23-Oct-22 C$0.18 -12.2% Near-term spec trade, ADDING
Palamina Corp PA.v SPEC BUY C$0.295 21-Nov-21 C$0.10 -66.1% Au expl in S.Peru
Altiplano Metals APN.v HOLD C$0.31 17-Sep-21 C$0.165 -46.8% Cheap entry, plan on track.
Pure Gold PGM.h hold C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade, hit Ch11 wall
Minera IRL MIRL.cse hold C$0.195 22-Jul-12 C$0.08 -59.0% 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$0.09 -5.3% Cheap Yukon neighbour play
Electra Battery ELBM.v WATCH C$5.31 20-Mar-22 C$3.19 -39.9% potential battery metals play
Anacortes Mining XYZ.v WATCH C$0.49 22-Jul-22 C$0.46 -6.1% potential gold exploreco trade
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.66 6-Dec-20 C$0.44 -33.3% 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
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
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:
Goldshore Resources (GSHR.v): POSITION CLOSED. Occasionally, my standard bad
timing on sales eludes me and I manage to sell at the very top of a move. When it happens I’m
always a little sheepish about reporting it, but it is what it is and indeed, I managed to leave
GSHR at 34c last week. The company also reported its maiden 43-101 compliant resource of
Moss Lake on Tuesday afternoon (on a halt) and as we’d already been guided to the corporate
plan to start small(ish) and concentrate on a specific area of higher grading material that makes
for a lower capex “starter mine” at the larger project, its 4.17m oz resource didn’t come as
much of a shock. The market took a “sell the news” attitude and after its big run of just one
week ago, that didn’t surprise, either. If we return to this trade I’ll take a closer look at the
11

Moss Lake resource and pick bigger holes in the plan but in general terms, it should be “go big
or go home” at projects like this, there’s no point in half measures in a country where capex
bills are tall no matter what size your mine and economies of scale will win out in the end. All in
all, GSHR has provided a slice of happy trading to leaven a difficult year, with a lucky buy and a
lucky sale. Pays for the Christmas turkey, at least.
Newcore Gold (NCAU.v): ADDED. It was suspiciously easy to do at chosen 20c too, which
may explain what happened Wednesday onward:
There’s still a decently sized seller (Tax Loss
season kicking in here, perhaps?) so anyone
looking to follow this desk in on NCAU will also
likely be able to do better than my addition price.
However, there’s also two pieces of news about
buyers. Firstly, company Chair Doug Forster
added 46,500 shares to his position on the open
market last week, putting him at over 7.5m
shares. Secondly, we understand that around a
million of the shares traded last week were
mopped up by a new buyer, a European-based
fund that understands and sees the value at
these prices. We are not alone.
Western Copper & Gold (WRN.to): POSITION OPENED. Obviously, this desk isn’t the only
one to have noted the proximity to the RTZ announcement on Casino and the jungledrums on
the announcement got better from the trading
patterns of last week. The new buyers were
even kind enough to wait until Tuesday before
ramping the stock as high as C$2.30 (I bought
Canadian, so will follow the trade via WRN.to)
before hitting the same headwinds as the rest
of the copper sub-sector Wednesday onward
but as the comparative chart with COPX
shows, the race had already been won by
then and WRN out-performed its peers handily
thanks to that Tuesday buying spree. It has
always been a bit of a volume monster and
can run quickly on momentum.
We have one week to wait before the
scheduled decision on Monday November 28th, but at least we’ve started on the right side of
the trade.
Minera Alamos (MAI.v): Another week, another 2c shaved off the share price that again
indicates a stock under shorting pressure. Annoying. MAI is scheduled to file its 3q22 financials
“at the end of November”, which could conceivably be this week but I expect they will wait until
the next. So one more week of painful waiting and then we’ll see if the filing of some officially
good news stops the bleeding.
Minera IRL (MIRL.cse): MIRL filed its 3q22 financial last week and they are nothing short of
a disaster. As predicted on these pages last year, the promises of a deal to sell or develop
Ollachea have come to naught and now even the Corihuarmi operation has slipped into a mine
operating loss of $1.186m. To that loss we then add a cool $1.8m in G&A and then comes the
financial expense of $3.604m, in which MIROL added the penalty payment of $1.369m to
interest accrued on the COFIDE loan, as well as the interest on the recent $2m loan that they
pay at an eye-watering 3% per month.
12

Meanwhile on the balance sheet…
…cash as at September 30th was down to $2.485m and even that would be pure fumes by now
if it weren’t for the expensive loan. With a working capital deficit of over $15m, there’s no
telling how long the company will be able to maintain reasonable liquidity. This is a situation in
which I wish I had been wrong last year, but the numbers don’t lie and even if we discount the
way shareholders were deceived by the management promises of a deal in Q1 (and then Q2),
13

the operations and financial footing of the company have gone from bad to worse.
The note next to the MIRL entry in the above table has stated the same thing all year: “CEO
change will move stock”. It now may be too late even for that remedy.
Amerigo Resources (ARG.to): The house argument for ownership of this stock was spelled
out in the title of the analysis note of two editions
ago in IKN703: “Amerigo Resources (ARG.to) and
its bullet proof business model”. Since then we’ve
seen copper run up to U$3.90/lb (on the
December futures contract) and back down to
nearly UNCH, so it’s good to report that the
reception for ARG’s 3q22 financials and
subsequent forward guidance has managed to
remain in positive territory over the fortnight, even
though the stock price dropped last week. The
main reverse happened right on cue in the
Wednesday/Thursday time window as copper sold
off on its own newsflow (see The Copper Basket)
but bargain hunters didn’t wait for a total retrace
and decided C$1.24-or-abouts was value.
I cannot help but agree, and in fact would go further and say higher prices than these are also
great value; but that’s just me.
Mene Inc (MENE.v): As it happens I didn’t add any MENE to the pile last week, but that may
change in the days ahead and a few shares in the low-40s would take a penny or two from my
cost average. However, I doubt this is going to be hammered any further by tax loss selling, its
trading is too thin and its profile too backwater.
QC Copper & Gold (QCCU.v): QCCU once again ran out of puff and by the end of the week,
all it took was a couple of small trades willing to close out at any price and we’re back at that
annoyingly persistent 15.5c price again.
The Copper Basket
After forty-six weeks of 2022, The Copper Basket shows a loss of 47.03% to level stakes:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Western Copper WRN.to 2.00 151.597 330.48 2.18 9.0%
2 Copper Mtn CMMC.to 3.42 210.166 313.15 1.49 -56.4%
3 Marimaca Cop MARI.to 3.77 88.118 273.17 3.10 -17.8%
4 Oroco Res OCO.v 2.04 207.033 236.02 1.14 -44.1%
5 Nevada Copper NCU.to 0.71 658.638 177.83 0.27 -62.0%
6 Aldebaran Res. ALDE.v 0.84 138.579 105.32 0.76 -9.5%
7 Hot Chili HCH.v 1.53 109.223 85.19 0.78 -49.0%
8 Regulus Res. REG.v 1.06 101.85 70.28 0.69 -34.9%
9 Meridian Min MNO.to 1.18 153.735 55.34 0.36 -69.5%
10 C3 Metals CCCM.v 0.16 645.379 35.50 0.055 -65.6%
11 Doré Copper DCMC.v 0.79 84.1 32.80 0.39 -50.6%
12 Kutcho Copper KC.v 0.88 103.94 21.83 0.21 -76.1%
13 QC Copper QCCU.v 0.34 129.06 20.00 0.155 -54.4%
14 Element 29 Res ECU.v 0.58 79.24 17.04 0.215 -62.9%
15 Coast Copper COCO.v 0.13 41.335 2.07 0.05 -61.5%
NB: All stocks in CAD$ Portfolio avg -47.03%
14

Head they win, tails we lose. Our Copper Basket of explorecos (with a smattering of smaller Cu
producers) failed to rally with the big copper
The Copper Basket 2022, weekly evolution
producer stocks last week and by the time this 10%
week was done it hadn’t played much catch-up, 0%
either. Harrumph. It wasn’t all negative but -10%
overall, our basket average lost 0.7% due to the -20%
eight losers (CMMC.to, MARI.to, NCU.to, MNO.to,
-30%
REG.v, CCCM.v, ALDE.v, QCCU.v) including the
-40%
biggest losers Copper Mountain (CMMC.to down
-50%
13.9%) and Nevada Copper (NCU.to down
-60%
12.9%), while the load was lightened by five
winners (OCO.v, WRN.to, HCH.v, KC.v, DCMC.v)
including the biggest winners Dore Copper
(DCMC.v up 13.0%) and Oroco Resources (OCO.v up 9.6%). Rounding out the count are the
two unchanged stocks (ECU.v, COCO.v).
It’s all about the price of copper at
market, too. This two-month chart
shows how copper basically peaked last
weekend, briefly busting U$3.90/lb on
the sharp upmove we reported last
weekend in IKN704. We didn’t expect
those prices to last, instead the hope
was that we’d see the U$3.80/lb line
hold. It did so until midweek, when
bearish news out of China broke the
trading range:
We bulls shouldn’t be too disheartened
and it’s not a case of the party being
over, more like it pre-empted itself a
little, but the issue for our Copper Basket of juniors and explorecos is the lack of reaction over
the last two weeks. Unlike the major copper players
(COPX and FreePort (FCX) versus the continuous
copper contract, right) that managed to hold onto
around half their swift gains of the week before as the
metal dropped back to the U$3.60/lb level, our smaller
stocks flat-lined over the two weeks and remain firmly
in the collective penalty box. Indeed, our basket
average first broke -45% to the downside on July 3rd
and with only two weekly exceptions, has traded
below that line ever since. The “smaller copper” sub-
sector is filled with broken stories and our list has
picked up several of those this year, stocks such as
Copper Mountain (CMMC.to), Nevada Copper
(NCU.to), Hot Chili (HCH.v), and Element 29 (ECU.v) have trade badly while others such as
Meridian (MNO, a bullet I personally missed), C3 (CCCM.v), Kutcho (KC.v) and Coast Copper
(COCO.v) look broken beyond repair. Replacements urgently required for the 2023 Copper
Basket list.
As for the bearish news, from China, this link (6) includes this snippet:
“…new home prices in China fell at their fastest pace in over seven years in October,
according to data on Wednesday that underscored deepening contraction in the
construction sector and followed weak manufacturing data on Tuesday.”
We also had a new reported rise in Covid-19 cases in China that put the brakes on any further
15
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 ht31 ht02
source: IKN calcs

relaxations of the country’s “Zero Covid” rules, plus a weaker Yuan as the USD held its ground.
The wires also notes Chinese import premiums down to U$102.50/tonne from the
U$144.50/tonne we noted last weekend (though Cochilco still plans to demand the higher
number for its contracts in 2023), As for our stuffed suit quote, this one does the job:
“Copper is stuck between bears, who see a slack market, and bulls looking ahead to
stronger demand as China lifts its COVID controls” said Gianclaudio Torlizzi, a partner
at consultants T-Commodity. “We need to wait for some weeks before the market
takes a clear direction,” he said. “In my view that direction will be higher.”
I tend to agree and to segue into the inventory data section, the same report that featured Mr
Torlizzi noted that “…cash copper has flipped from a premium of more than $100 versus the
metal for delivery in three months to a discount of almost $30.” In other words, buyers have
backed away and there’s a growing impression that end users in China have filled their factory
inventories for the period to the Chinese New Year. As it happens, that shows in the numbers
from SHFE below. Overall and taking the 30,000 feet view, we’re in the same place as ever and
a market that’s balancing the likelihood of a slowdown/recession with the clear future
projections of a copper deficit for the ages once the world climbs out of its rut. China’s
economic stimulus program is still in place and lending is sharply up, but the real estate data
last week suggested that it’s going to take more time than the bulls would like for its effects to
get to the real economy. Time for the regular weekly copper inventories data:
 The new direction took hold last week as aggregate copper stocks rose by another
13,324 metric tonnes (mt) to close at 208,894 and once again, Asian located
warehouses led the way.
 At the SHFE, another 9,641mt was added to total stocks for a weekend total of
85,817mt and at some point, the “critically low” inventory signal will simply become
“very low”. What’s most telling about this stock build is the timing, it’s an unusual
moment in the annual cycle to see a stock build.
 The LME also saw an addition, though a more modest 2,950mt added for a grand total
of 89,750mt. The difference came from Europe, as net draw downs in Asia and
Americas were more than countered by
LME: Cu tonnage under cancelled warrant
6,775mt arriving in LME Rotterdam
stores. We also saw the cancelled
warrant total drop sharply to 19,850mt
which suggests a calming of speculative
trading.  The Comex completed a trifecta of
inventory builds at an odd time of year,
up a thin 733mt to close at 33,327mt.
No biggie.
The dedicated SHFE charts show the continued
rises, with the second chart continuing to best track the change in direction at this odd time of
year. Bulls like me need to keep an eye on this data set, there may be flagging demand
weakness in China.
16
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 05064 05883 05891
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 ht6von ht31 ht02
mt Cu
source: Cochilco
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
31'13ceD dr32 ht02 ht51 ht01 ht5tco ht03 ht52 dn22 ht71 ht21 ht6pes ts1von 102ht72ced ts12 ht71 ht21 ht7guA dn2tcO ht4ceD ht92 ht62 ts12 ht61 ht01 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

SHFE copper inventory levels, 2018 to 2022
400000
350000
300000
250000
200000
150000
100000
50000
0
17
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
We move to notes on some of our basket stocks:
Copper Mountain (CMMC.to) and Nevada Copper (NCU.to): These companies have
things in common:
 Both troubled copper producers (though NCU is now shut for production and re-tooling
its operations for a 2023 re-start)
 Both troubled by recent under-achievement at their Americas-located mines (Copper
Mountain and Pumpkin Hollow, respectively
 Both with “difficult” major backers who stomp all over the best interests of retail
shareholders (Zeta is dumping shares, Pala is deeply underwater, Mercuria is predatory)
 Both recently panned by IKN notes (NCU in a series, CMMC last weekend)
They now have something else in common (right).
They both dumped hard last week. Regarding NCU,
we’ve run a couple of notes warning readers away
from the refi deal now done and dusted that has
recapitalized the company and removed much of the
welter cash debt burden. However, it’s replaced it
with a veritable Lake Titicaca of share dilution and as
noted last weekend, if the two major players behind
NCU, i.e. Pala and Mercuria, make their special
warrants whole the market cap goes to over $500m
and that’s an awful lot of exposed equity value. As
we stated in IKN703, “...the abysmal record of this
company to date and its long lead-time to its
eventual new production plans mean there’s no reason to rush in at this price.”
As for CMMC, we finished our “Onto the discard pile” note on Copper Mountain (CMMC.to) last
weekend by stating that until such time as its hard, booked results show marked improvement,
there was no reason to trust this company and that was reflected in the way it traded last
week, compared to the pack. There are only so many times one can cry wolf. We should also
recall that the very large holder and serial seller of CMMC, Zeta Resources, has a vested interest
in making space for sales and there were a couple of occasions last week when the stock was
ramped up in price, only to drop back to its downward trend. Examples include Tuesday
morning and Wednesday afternoon. All in all, I’m happy to have finally got this stock out of my
system as a potential trade and chosen Western (WRN) instead.
Oroco Resources (OCO.v): For what it’s worth, I spent
five minutes watching the “Happy Days Are Here Again”
video published on Monday by OCO’s chief cheerleader
(and recipient of publicity fees and a large number of
incentive warrants from the company), Mariusz

Skonieczny, which seems to have made the difference on the week and saw OCO hold onto its
gains better than most. Here’s the link (7) and it once again reminded me that I’m in the wrong
game. However, he has an audience and has managed to collect a gang of True Believers
around him, so who am I to criticize a marketing program that works for the company? Here’s
the proof (right), the burst of early-week volume seen on the chart indicative of a company
that’s promo’d to weekend readers without the necessary patience to buy well. Still, plenty of
other junior explorecos would like that level of traded volume.
Doré Copper (DCMC.v): DCMC’s recent C$5.75m placement included C$2.3m in normal
shares, the rest in flow-through shares and on Thursday November 17th, it revealed what it
was doing with $1.5m of that money. It did a deal with the owners of its Joe Mann project to
accelerate final payments, in exchange for extending the exploration expenditures deadline (8):
“The Company has made the final scheduled cash payment of $1,500,000 to
Ressources Jessie (thus fulfilling the scheduled cash payment obligations), and will
issue 3,333,333 common shares in the capital of the Company (“Common Shares“) to
Legault Metals Inc. (“Legault“) at a deemed price of $0.30 per Common Share for an
aggregate value of $1,000,000 upon acceptance of the TSX Venture Exchange (thus
fulfilling all scheduled share payment obligations). The deadline for the Company to
incur the remaining exploration expenditures on the Property, totaling approximately
$830,000, has also been extended to February 28, 2023.
And that’s fair enough. DCMC followed that up by
announcing on Friday (8) that it had started the
environmental permitting track on the first stage of its
re-start program. All this news went down well with the
market and the stock rose, nicely, with a particularly
strong day on Tuesday when a buyer kept going back
and filled to over 2m shares. As this three-month chart
shows, it’s not the first time DCMC has seen a lumpy
buyer in November. However, this stock is one of many
that has dropped hard in 2022 and is a prime example of
a Tax Loss Selling target. It now has the vendors of Joe
Mann with shares in hand and potentially liquidating for
their own reasons, too.
The Producer Basket
After 46 weeks of 2022, the Producer Basket shows a loss of 11.73% to level stakes:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 797.44 35.99 45.13 -27.2%
2 Barrick GOLD 19.00 1762 27.52 15.62 -17.8%
3 Franco-Nevada FNV 138.29 191.66 26.60 138.79 0.4%
4 Agnico Eagle AEM 53.14 454.904 21.71 47.73 -10.2%
5 Wheaton PM WPM 42.93 450.3 16.67 37.01 -13.8%
6 Gold Fields GFI 10.99 887.72 9.39 10.58 -3.7%
7 Kinross Gold KGC 5.81 1296.5 5.32 4.10 -29.4%
8 B2Gold BTG 3.93 1055.6 3.58 3.39 -13.7%
9 Alamos Gold AGI 7.69 392.503 3.50 8.92 16.0%
10 Sandstorm SAND 6.20 223.79 1.14 5.10 -17.7%
All prices and stock quotes in U$ Port. avg -11.73%
So much for the big breakout. Nine of our ten stocks dropped and only Alamos (AGI) managed
to return a week-over-week gain after that big bounce of just seven trading days ago, so with a
shortened week on our hands and people thinking turkey and Black Friday more than trading,
the momentum is lost. And for the third week running, our basket performed almost exactly in
18

line with the GDX benchmark and the gap remains at 0.8% to our favour. All to play for with six
weeks to go in this year’s semi-serious race.
Franco-Nevada (FNV) and Barrick (GOLD): Your author took ten minutes out last week to
applaud Barrick (GOLD) for another prudent
corporate decision, as it announced to the market
it was buying back more of its 2042 debt paper
(with the pricing coming on Friday) that is slated to
take U$693m pf principal off its liabilities (9). This
chart was in last week’s blog post (right) and
shows the way GOLD has worked on its debt pile
since the Chair was taken by Thornton, was
brought in to rationalize the debt that ballooned in
the last years of Munk (who rolled the dice once
too often) and set about doing so immediately.
These days GOLD is in good financial shape and
worthy of plaudits for the way it runs its books.
So if GOLD is run well, what does that make Franco-Nevada? This chart shows the way FNV has
quietly been catching GOLD for the #2 spot in the market cap race and that’s 100% to do with
the tight financial ship run by Harquail (and Lassonde is still there somewhere). Two years ago
there was still $15Bn in it, this weekend it’s $1.08Bn and the places could flip at any moment.
FNV vs GOLD: Market cap (U$Bn)
19
01.91
85.03 65.32
57.83
72.62
09.23
06.62 25.72
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%
U$Bn
45 FNV
40
GOLD
35
30
25
20
15
10
5
0
end 2019 end 2020 end 2021 today
source: company filings, NYSE
Alamos Gold (AGI) (AGI.to): Retaining this stock for the 2022 Producer Basket was a good
decision, picked as it was for being as defensive as the traditional Tier 1 names thanks to its
safe jurisdiction, good free cash flow and consistently strong balance sheet. But AGI has out-
performed both its peers and my own expectations (I would own some otherwise) and last
week added to its good year with this NR (10) reporting on drilling from a new zone of its
Mulatos complex. To quote the NR, “Puerto Del Aire is a higher-grade underground deposit,
adjacent to the main Mulatos pit, and is comprised of five zones including PDA1, PDA2, Gap,
Victor and Estrella” and the drill numbers it returned have money written all over them:
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 ht6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 s1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3luj ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 ht4pes ht11 ht81 ht52 dn2tco ht9 ht61 dr32 ht03 ht6von ht31 ht02
The 2022 Producer Basket: Percentage difference
5.0% between GDX benchmark & basket (negative = IKN ahead)
ikn 4.0%
gdx control 3.0%
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
source: NYSE, IKN Calcs -4.0%
ts1naJ ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 ht6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 s1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3luj ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 ht4pes ht11 ht81 ht52 dn2tco ht9 ht61 dr32 ht03 ht6von ht31 ht02
source: IKN calcs, NYSE data
Barrick (ABX): Non-current financial debt
14
12
10
8
6
4
2
0
1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 tse22q4
U$Bn
source: company filings, IKN est for FY22

PDA1:
 32.24 g/t Au (20.78 g/t cut) over 5.30 m (21MUL051);
 26.28 g/t Au (20.44 g/t cut) over 4.60 m (21MUL019);
 18.01 g/t Au (15.27 g/t cut) over 6.15 m (21MUL014);
 3.63 g/t Au over 26.05 m (21MUL016);
 10.86 g/t Au over 8.35 m (21MUL021); and
 6.78 g/t Au over 10.50 m (21MUL015).
PDA2:
 13.89 g/t Au (9.26 g/t cut) over 10.35 m (22MUL039);
 8.75 g/t Au over 15.15 m (22MUL053);
 7.62 g/t Au over 14.65 m (22MUL58);
 32.60 g/t Au over 2.35 m (22MUL052); and
 13.22 g/t Au over 4.50 m (22MUL046).
Victor-Gap:
 31.97 g/t Au (11.80 g/t cut) over 12.90 m (21MUL011).
The chart (right) shows the reaction and how AGI
managed to tread water while its direct competition
dropped away as gold came under pressure.
As for the news, the CEO comments highlighted the way
Mulatos has consistently grown its resource over the
years so to quote McCluskey, “Mulatos began producing
in 2005 with a mine life of approximately seven years.
Seventeen years later, the mine has produced 2.5 million
ounces of gold and still had a six year Mineral Reserve
life as of the end of 2021.” The recent production lull is
now behind the company and as we noted
AGI: Mulatos production, per qtr
three weeks ago in IKN702, while running the
ruler over its 3q22, the asset is back and may
well return a record quarter thanks to the new
grades now running through the mill. We
wrapped up the overview of its Q3 by calling
AGI “…a mid-sized operator that has beaten its
peers this year and basically because it’s done
what it said it would do.” Just by delivering it’s
put a whole bunch of companies to shame in
2022 and now with equity expanding, could go
and do something crazy such as buying WDO.
The TinyCaps List
After forty-six weeks of 2022, the TinyCaps show a loss of 36.46% 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 6.58 0.19 46.2%
Infield Min INFD.v 0.06 48.445 1.70 0.035 -41.7%
Kingfisher Met KFR.v 0.30 103.007 10.30 0.10 -66.7%
Latin Metals LMS.v 0.12 57.686 7.21 0.125 4.2%
Manitou Gold MTU.v 0.06 344.57 8.61 0.025 -58.3%
Melkior Res MKR.v 0.295 24.011 5.04 0.21 -28.8%
Precipitate Gold PRG.v 0.105 129.322 9.70 0.075 -28.6%
Signature Res SGU.v 0.07 238.4 3.58 0.015 -78.6%
Winshear Gold WINS.v 0.08 61.585 3.08 0.05 -37.5%
Prices in CAD$, data from TSXV basket avg -36.46%
20
00653 00983 00363 00723 00143 00624 00953 00114 00213 00653 00953
00762 00132 00522 00202
00724
00005
60000
55000
50000
45000
40000
35000
30000
25000 20000
15000
10000
5000
0
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4
oz Au
source: company filings, IKN ests for 4q22

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.
Only two stocks made gains last week (GDP.v,
INFD.v) but as one of those returned outsized 15% TinyCaps, 2022 weekly tracker
percentage gains (GDP.v up 52.0%) they were 10%
5%
enough to improve the basket average a couple 0%
more points. Still wildly underwater, of course. -5%
-10%
There were three UNCHers on the week (LMS.v, -15%
-20%
MTU.v, WINS.v) and that leaves five losers
-25%
(AUL.v, KFR.v, MKR.v, PRG.v, SGU.v) with the -30%
-35%
worst of those Signature (SGU.v down 25.0%, or
-40%
half a cent). -45%
-50%
Melkior Resources (MKR.v): We got the first
news (11) from the 3,000m drill program at
MKR’s Genex project in the prolific Timmins zone,
ON CA. Rather than drill assays from the labs, we got some interesting visuals and a look at
geologist logging notes on the core, presumably in an
effort to drum up interest in the numbers before the
official assays are known. The Genex project isn’t the
main reason to come on board MKR (that’s the AEM JV),
but the company is encouraged enough from its early
visuals to increase the current program to 4,000m and
presumably, we’ll get some splashy numbers when the
assays come back. However, the issue with Genex is that
it’s hardly an unknown quantity and this concession has
been explored for many years (decades, in fact) and
while often returning good and even excellent assays,
has never managed to show enough geological continuity
to make a mine.
I don’t think MKR is trying to pull the wool over the eyes of anyone (even if they go heavy on
the marketing with the upcoming results), but it’s going to take more tan 1,100m of initial
drilling to convince anyone that some good intercepts can be converted into a workable
resource. As this 10-day chart shows, there was a flurry of activity on the news but a distinct
lack of follow-through on the buying and it only took a small, late-Friday trade to reverse nearly
all the gains. For me that’s the right signal for these core metres, tread carefully and wait for
more information on more zones before considering Genex a live prospect.
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: Indigenous opposition to mining
Last week saw the 36th Annual Assembly of Ecuador’s indigenous umbrella group, CONAIE,
21
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 ht31 ht02
source: IKN calcs, TSX data

which includes many regional and local indigenous community groups. One of those is the
Shuar Arutam community and its leader, Josefina Tunki, made plenty of headlines last week
when she held a press conference as part of the Assembly on the subject of the latest
Constitutional Court ruling over the San Carlos Panantza, owned by Chinese capitals CRCC-
Tongguan. In September, Ecuador’s highest court ruled that the permits granted to the San
Carlos project in 2011 are not valid because the local communities were not given their rightful
prior consultancy and as a result, the government must carry out a new consultation with the
Shuar Arutam in the next six months, as well as making a formal apology to the community.
Here’s how this Reuters note on the presser begins (12):
QUITO (Reuters) - Ecuador's Shuar Arutam indigenous people said on Friday they will
not allow mining on their territory, threatening a large copper mining operation in the
Andean country, after a court ruled their rights to prior consultation were violated.
Ecuador's Constitutional Court in September ruled the environmental permit granted in
2011 for the major San Carlos Panantza copper project required a consultation with
the Shuar Arutam community, but this was not carried out.
Indigenous community leaders gathered in Puyo argued that the court ruling annulled
the environmental license held by ExplorCobres SA, a unit of China's CRCC-Tongguan
Investment.
"Companies do not have to continue granting concessions on our lands, we will not
accept more entries into our territories," said community president Josefina Tunki. "We
will always be ready to defend our autonomous lands."
Here’s one phrase said by Josefina Tunki picked up in other reports that didn’t make the
Reuters English note (13):
“The Shuar Arutam people will not permit itself to be consulted”
That’s not a new position, as the redoubtable Ms. Tunki has stated this on many occasions
previously. Her position, and that of the committee she represents, is that the people have
been asked and have stated a clear “No” to all mining development on its territories. As such,
there is no need to ask again (and again), the answer will be the same every time. For
example, this report from this time last year made the open IKN blog (14) and focused on the
Shuar Arutam battle against several mining concessions on its territory. An except from the
original report on the ecology site, Mongabay:
“Since the 1990’s concessions have been granted to the companies Solaris Resources
(Canada), SolGold (Australia), ExplorCobres S.A., EXSA (China and Canada) and
Aurania Resources (Canada) to explore for copper, gold and molybdenum.
The works are in exploration stage, although the PSHA (Pueblo Shuar Arutam) have
no been consulted over whether they agree that there be open pit mining in their
mountains. Neither do they want to be consulted. Josefina Tunki repeats to media
channels, forums and other outlets, “The Shuar Arutam People have already decided!
No mining!”
The synopsis of the sentence and its implications can be found on the press pack release, here
(15). It’s worth noting that the Shuar Arutam realize that its position of rejecting even the offer
of an upcoming consultancy period in the next six months means that once the period is over,
the government of Ecuador may decide to ignore the indigenous locals and just go ahead and
grant a new license to San Carlos Panantza/CRCC-Tongguan. Hilarity would then ensue.
Chile: the GDP issue
Last week Chile announce its 3q22 preliminary GDP data and as expected by all and sundry, the
country is showing a sharp slowdown. Here’s Reuters (16)…
“Chile's GDP posts largest quarterly drop in over 2 years as recession fears grow”
…with a nice screaming headline and here’s what the local experts think of the numbers:
"The economy is shrinking, and the near-term outlook remains negative," Pantheon
Macroeconomics' economist Andres Abadia said, mentioning tighter fiscal and
monetary policy, elevated political uncertainty, weakening external conditions, high
inflation and problems in key industries.
The contraction "was even steeper than expected and we think that the downturn has
22

further to run," Capital Economics' Kimberley Sperrfechter said, forecasting Chile's
economy to contract by 1.3% over 2023 as a whole.
To the upside, econowatchers in Chile are expecting inflation to drop off in 2023 (though it’s
still running hot today) plus President Gabriel Boric is widely expected to boost public spending
next year in order to make up some of the gap and that should come as much of surprise these
days, it’s the 21st century and when the going gets tough, the tough get Keynesian. Also, if we
consider the longer game via this chart (below right, data from here (17)), Chile’s issues are all
about the hangover of macro policy that dug the country out of the Covid trough. It’s not going
to last forever, but you can bet dollars to donuts that lefty Boric’s political opponents are
sharpening their pencils and knives as we speak; he needs to act or else and that’s where
mining comes in. We know Chile
leaned heavily on mining to work its Chile: GDP growth, per quarter
way out of 2020 (you may recall, it 24% (seasonally adjusted, compared to the same quarter of previous year)
was one of the first countries to 20%
16%
order its mining industry back to
12%
work in the face of Covid at its most
8%
uncertain moment) and its key 4%
position in the country’s economy is 0%
-4%
well understood. It’s notable,
-8%
therefore, how “Mining GDP” (an -12%
officially followed dataset in Chile -16%
that runs only second to national -20%
GDP) currently lags the national GDP
and this was picked up by the
Chilean Central Bank, noting that
copper production and exports was one of the main reasons for the dip into near-certain
recession.
President Boric is going to come under pressure to “Do Something” and he’s going to come
under pressure for the antipathy shown by his government toward the mining industry during
his first year in office.
Chile: Lundin Mining (LUN.to) and the sinkhole
Somewhat on-topic, the news (18) that Lundin Mining (LUN.to) “…is planning to fill in a giant
mystery sinkhole near its copper mine in Chile, an ambitious plan that will also see it attempt to
pump out water that has seeped into the mine” in order to rectify the major problems set off
from the infamous hole that opened up at its Alcaparrosa mine, part of its Candelaria mining
complex in the country. The most interesting part of the report carrying the news came at the
end:
The program will also try to pump 1.3 million cubic meters of water that remains in the
lower levels of the reservoir to other industrial users in the area in exchange for them
stopping extracting those resources from the aquifer, Sanchez said.
That’s the sound of a deal being cut. Chile’s environmental authorities pressed official charges
early last month, so least week’s new has the look of a company that’s reaching a workable
compromise with authorities and may also indicate that the issues are not just about its
(over)mining of the zone. The news last week certainly steps us away from the headlines made
about the potential permit withdrawals we heard at the time of the incident.
Market Watching
Wesdome rockporn (WDO.to)
I didn’t expect to mention Wesdome Gold for the fifth consecutive week and I’m still a watcher
and not a buyer, but this NR last week requires at least some mention (19). Here’s a photo of
the headline core and unsurprisingly, they went with the uncut rather than top-cut number in
the title line.
23
31q1 31q2 31q3 31q4 41q1 41q2 41q3 41q4 51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3
Natl GDP
Mining GDP
source: Chile Central Bank

For context, a metric tonne of that rock has a
gross metal value of around U$160,000 at
today’s rates and by the looks of things, we’re
going to get close to 100% recoveries, too.
The NR was met with suitable enthusiasm by
the market and underscores our more general
point about the company, as outlined in
IKN704 last weekend; it may be going through
a tight moment for cash treasury and leaning
more on its revolving debt facility than it
would like, but this phase is almost certainly a
temporary one and as long as it delivers on its
reiterated guidance number in Q4 (then
2023), its balance sheet should strengthen
quickly.
Conclusion
IKN705 is done, we end with just two bullet points:
 It’s now 2am local time and after a near-complete re-write of the main note on
Orefinders (ORX.v), I’m about to file and send what I consider a sub-standard edition of
The IKN Weekly. Some editions seem to write themselves, others can feel like pulling
teeth and this is one of the latter variety, as Orefinders turned out to be more difficult
to explain as a trade than I imagined. I know why I like the stock and its potential, it
has the near-term bargain priced entry point around 4c (don’t pay more!) and the
longer-term potential of becoming the linchpin stock in the Ore Group of companies. All
that and the backing of tangible assets that leave nearly all risk to the upside, this is
the type of asymmetric risk profile one looks for in the juniors world. Enjoy the multi-
bagger potential upside, let others risk their money for you. However, the note came
out badly once and even on this re-write, I’m not happy about the way it fails to make
the main point as this is more about sector strategy, less about the pros and cons of
any given asset or financial line item. But 2am is 2am and this thing needs to go, I’ll try
to do a better job next weekend.
 Don’t fret the near-term, long copper and long gold will pay dividends in this current
market backdrop. Keep your attention on what they do, not what they say.
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
24

Footnotes, appendices, references, disclaimer
(1) https://www.cnbc.com/2022/11/17/feds-bullard-says-rate-hikes-have-had-only-limited-effects-on-inflation-so-far.html
(2) https://apnews.com/article/inflation-business-economy-prices-james-bullard-817a68ec08df0995ddfdbd97aca1409f
(3) https://americaneaglegold.ca/news/american-eagle-drills-125-m-of-1.02-copper-equivalent-from-surface-within-851-
m-of-0.33-copper-equivalent-in-maiden-drill-hole/
(4) https://orefinders.ca/news/american-eagle-gold-and-orefinders-resources-announce-exploration-option-agreement-
and-call-option-agreement-for-american-1/
(5) https://iknnews.com/american-eagle-ae-v-is-a-wake-up-call-for-canadas-pay-to-play-promotion-industry-and-those-
stupid-enough-to-listen-to-them/
(6) https://www.hellenicshippingnews.com/copper-dips-as-weak-chinese-data-adds-to-slack-demand/
(7) https://www.youtube.com/watch?v=GLk8l4JnFts
(8) https://www.dorecopper.com/en/news-releases/dore-copper-announces-update-on-the-joe-mann-option-agreement/
(9) https://www.barrick.com/English/news/news-details/2022/barrick-announces-pricing-terms-of-its-tender-
offer/default.aspx
(10) https://alamosgold.com/news-and-events/default.aspx#news--widget
(11) http://www.melkior.com/melkior-intersects-massive-and-semi-massive-polymetallic-mineralization-at-genex/
(12) https://www.swissinfo.ch/eng/ecuador-indigenous-community-rejects-mining-on-their-land-after-court-
ruling/48070094
(13) https://www.primicias.ec/noticias/economia/pueblo-shuar-rechazo-mineria-ecuador/
(14) https://iknnews.com/what-the-local-leaders-in-ecuador-think-about-solgold-and-solaris/
(15) https://confeniae.net/2022/corte-constitucional-invalida-licencia-ambiental-de-proyecto-minero-panantsa-san-carlos
(16) https://www.reuters.com/markets/emerging/chiles-gdp-up-03-q3-year-on-year-above-estimates-2022-11-18/
(17)
https://si3.bcentral.cl/Siete/ES/Siete/Cuadro/CAP_CCNN/MN_EST_MACRO_IV/PEM_ACTyDDA_IndMacT_2_2018/63
7807927829451114?cbFechaInicio=2013&cbFechaTermino=2022&cbFrecuencia=QUARTERLY&cbCalculo=YTYPCT&
cbFechaBase=
(18) https://www.mining.com/web/lundin-mining-to-fill-in-giant-mystery-chile-sinkhole/
(19) https://www.wesdome.com/English/investors/latest-news/news-details/2022/Wesdome-Discovers-Two-New-Zones-
in-Hanging-Wall-Basalt-of-Kiena-Deep-Zone-Including-2850-gt-Gold-Uncut-Over-1.5-Metre-Core-Length/default.aspx
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
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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
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
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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
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
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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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