IKN #710Premium

The IKN Weekly
Week 710, December 25th 2022
Contents
This Week: In Today’s Edition, Happy Holidays to you all, part deux, Copper doesn’t need all
its ducks in line to move higher.
Fundamental Analysis: Deferred.
Stocks to Follow: Palamina Corp (PA.v), Pure Gold (PGM-h.v), Minera Alamos (MAI.v),
AbraSilver Resource Corp. (ABRA.v), Anacortes Mining (XYZ.v).
Copper Basket: Overview, Regulus Resources (REG.v).
Producer Basket: Overview, B2Gold (BTG) (BTO.to).
TinyCaps Basket: Overview, Aurelius Minerals (AUL.v), Melkior Resources (MKR.v).
Regional Politics: Peru calms, Ecuador: A fight over mining is brewing.
Market Watching: That weird Friday price action was indeed actionable, Wesdome (WDO.to)
continues to be hammered.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In Today’s Edition
 Today’s edition is Bare Bones only, with the closing price data for all normal sections
and some limited commentary on a few covered and followed stocks. Merry Christmas
to you all.
 However, there are a couple of semi-interesting developments to report in the Regional
Politics section. In Peru, the increasingly right wing executive has largely calmed the
protest waters (as expected). Meanwhile in Ecuador, the increasingly right wing
executive has set the country’s mining sector on a new collision course with local
communities.
 The only other real point of reference in this week’s short’n’sweet IKN Weekly is
copper, with thoughts in a couple of places and likeable action in most of the copper
stocks we own and/or cover.
Happy Holidays to you all, part deux
I was among the first to wish you a Merry Christmas for 2023 this time last week, this missive
should arrive in time for me to be one of the last as well. Merry Christmas one and all, hope
you’ve had a great day surrounded by family and friends, doing all the things they wanted to do
and perhaps doing a couple of the things you enjoy, as well. Here’s hoping for a nice little Santa
Rally to round the year off nicely.
Copper doesn’t need all its ducks in line to move higher
As I lay on the bed this afternoon and (the sofa was taken by other bodies), unable to snooze
but still trying to get some very tasty Christmas fayre digested as easily as possible, thoughts
turned to the lack of an intro in this week’s Bare Bones edition. I scratched my head on
something to say about gold, but with the price moving just +0.3% (GLD proxy) during a week
on thin trading, inventories still close to Biden-era lows and our price/inventory indicator
1

continuing to signal a complete washout in sentiment toward the metal among the bigtime Wall
St. instos…
GLD gold holdings, last six months (metric tonnes)
1100
1080
1060
1040
1020
1000
980
960
940
920
900
880
860
…the only line of reason that came to mind is one we’ve repeated on several occasions already:
When Wall St. falls back in love with gold and starts buying back to previous holding levels,
gold’s going to find itself under a bullish bid and could move up quickly. But as that is
essentially the same as the “BUY GOLD NOW TO DA MOON 23!!!” predictions currently infecting
your social media channel of choice (three exclamation marks de rigueur), there’s no point
adding another squeaky voice to the throng…especially at year-end.
Instead, your over-carbed author’s thoughts this afternoon returned to the thoughts in the
Copper Basket section of today’s abridged edition, written up Friday evening, that pick up on
the bullish call for the Good Doctor from Bank of America in its “2023 Metals and Mining
Outlook” report. Please see below for more, but the analyst involved is calling copper at a
bullish U$12,000/tonne (i.e. U$5.44/lb) in FY23 as long as five factors work in favour of copper:
1) The Fed to alter its rates tightening policy
2) China’s economy to show clear recovery signs
3) Europe to get through its winter without too much strain
4) Inventories to remain low
5) The “energy transition” to accelerate
In the Copper Basket notes I make a couple of comments about the Perfect World nature of
that list and if all those come to pass, it would be very difficult to imagine copper doing
anything other than shooting much higher. Indeed, as I thought about the way the analyst in
question seems to want his cake and eat it, the action in copper last week while faced with
negatives that at other moments would cause significant headwinds for copper came into relief.
We on the outside aren’t going to hear about the true figures, but we still know Covid is
currently ripping through China and causing all sorts of medical mayhem but despite even that,
copper’s prices remained firm at the $3.80/lb line all week. The logical conclusion is that copper
doesn’t need all five of BofA’s list to rip higher in 2023, its analyst doesn’t have to wait for all its
ducks in line before making this type of call. So let’s consider those five factors, in order of
unimportance:
 Inventories low: This is less a cause, more an effect. We watch the inventories data to take
a pulse, the cause of low inventories isn’t low inventories.
 The Fed to change course: The answer is “yes”, the question is what that means to the
investor. For example, if the Fed starts a series of 0.25% hikes, first the market will assume
a change of course but if they go on until base rates are 6.0%, at some point along the line
the perception will revert. Therefore ans as we take it for granted that the Fed will slow from
0.75% to 0.5% to 0.25% per FOMC at some point in 2023, this is largely baked in (for the
moment).
 The “energy transition” to accelerate. Again, how long is this piece of string? The rate of
change matters more than the eventual exit levels of 2023 or 2025, therefore we’re waiting
2
22/6/1 22/6/11 22/6/12 22/7/1 22/7/11 22/7/12 22/7/13 22/8/01 22/8/02 22/8/03 22/9/9 22/9/91 22/9/92 22/01/9 22/01/91 22/01/92 22/11/8 22/11/81 22/11/82 22/21/8 22/21/81
mt 6.50 GLD: Inventory/Price Ratio, last six months
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
1/6/2202 11/6/2202 12/6/2202 1/7/2202 11/7/2202 12/7/2202 13/7/2202 01/8/2202 02/8/2202 03/8/2202 9/9/2202 91/9/2202 92/9/2202 9/01/2202 91/01/2202 92/01/2202 8/11/2202 81/11/2202 82/11/2202 8/21/2202 81/21/2202
Source: SPDR data, IKN calcs

on the same “end of recession” signal we’ll get from the Fed slowing down on its rates rises.
 China’s economy to recover. To repeat myself, what really impresses here isn’t that we need
to wait for China to recover to get good copper prices. Instead, 4q22 has shown that even in
a near-term slowdown copper is being snapped up and there’s already plenty of price
support. If we assume Covid’s ravages will allieviate in the Chinese springtime, we have a
timeframe for copper to move even higher (and not merely consolidate further).
 Europe to get through its winter without too much strain. Last but not least, for my money
this is the biggest unknown at the moment and the one clear bearish influence that might
arise in the next three months. At present the market seems to assume that continental
Europe is going to muddle through its energy crisis but if things take a sharp turn for the
worse (January and February are the coldest months), this may upset the current price
support in copper. Plenty of other commodities as well of course, but as “Dr Copper” has the
reputation of bellwether for the commodes world, it’s the one to watch first.
Therefore and to wrap up a yuletide musing on copper (when I should have been eating more
ice-cream), the current action in copper looks solid and bullish, the set-up for 2023 has “Four
Dollars Plus” written all over it and in these circumstances, I’m a happy holder of Amerigo
(ARG.to) and the other copper stocks held. However, if asked to point to a single “known
unknown” that might change my mind and bring a new bearish blast to the metal, I’d look to
Europe and the way it gets through what might be a tough winter. But overall, the risk to the
copper price today, end 2022, is to the upside and it’s not mere coincidence that industry
moguls and the biggest of the bigcap world miners are looking to secure copper assets for their
mid-term and long-term future. There’s no need to forecast a perfect world for copper demand
in order to see its price move higher, even much high in the years to come, as long as we don’t
get a full scale failure in those five criteria above, things are set fair in my opinion. Want my
market tip? Look no further than copper in 2023.
Fundamental Analysis of Mining Stocks
Deferred
Your author would like to state for the record that he could have spent less time this weekend
playing with his son and more time writing in this section of today’s edition, but didn’t.
Stocks to Follow
It wasn’t exactly a blowout win, but there are signs of a Santa Rally in the Stocks to Follow
after a week in which most of my larger personal holdings made progress. There were eight
winners (MAI.v, ARG.to, WRN.to, QCCU.v, ABRA.v, RIO.v, NCAU.v, XYZ.v) three unchanged
stocks (ORX.v, PGM.v, MENE.v) and the rest were losers but notably, all six of the biggest open
trades were winners. What’s more, they included the big percentage wins in AbraSilver (ABRA.v
up 23.0%), QC Copper (QCCU.v up 14.8%) and as it’s the biggest cash holding, let’s also
mention the 7.3% improvement in Minera Alamos (MAI.v). The only big loser was the dismal
Minera IRL (MIRL.cse down 16.7%).
We have 18 stocks in all categories this weekend, which will be down by two when 2023
begins. Five are in the green.
3

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$0.44 109.5% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.28 -5.9% CheapCu w/low downside risk
Western Copper WRN.to BUY C$2.02 13-Nov-22 C$2.40 18.8% 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
AbraSilver Res. ABRA.v BUY C$0.38 4-Dec-22 C$0.375 -1.3% New trade, started weak
Rio2 Ltd. RIO.v HOLD C$0.83 22-Apr-18 C$0.195 -76.5% Cheap on permit probs, appeal
SPECULATIVE TRADES
Newcore Gold NCAU.v BUY C$0.20 23-Oct-22 C$0.23 15.0% Near-term spec trade
Orefinders ORX.v.v SPEC BUY C$0.04 23-Oct-22 C$0.045 12.5% Plan to build position at 4c
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$1.90 -38.1% Au leverage, small trade so far
Aldebaran Res. ALDE.v BUY C$0.72 16-May-21 C$0.78 8.3% Now in its drill results season
Palamina Corp PA.v DROPPING C$0.295 21-Nov-21 C$0.07 -76.3% On 2023 TinyCap list
Altiplano Metals APN.v HOLD C$0.31 17-Sep-21 C$0.135 -56.5% Cheap entry, plan on track.
Pure Gold PGM.h DROPPING C$0.14 26-Sep-22 C$0.015 -89.3% no reason to continue coverage
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.05 -74.4% run into ground by CEO
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
ATAC Res ATC.v WATCH C$0.095 11-Sep-22 C$0.075 -21.7% Cheap Yukon neighbour play
Contango Ore CTGO WATCH U$23.25 2-Dec-22 U$22.81 -1.9% Dropping from watch list
Anacortes Mining XYZ.v WATCH C$0.49 22-Jul-22 C$0.41 -16.3% potential gold exploreco trade
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.66 6-Dec-20 C$0.445 -32.6% 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 notes on some of the covered companies but not many this weekend, it was a weird
week of trading and news was beaten by market forces.
Palamina Corp (PA.v): DROPPING. As noted above, I will be dropping PA from the Stocks
to Follow list as from 2023, transferring its coverage to the TinyCaps list. I will also eventually
sell the position but, what with it being a thinly traded stock, that might take some time. This is
a case of cleaning out the non-performers from the portfolio, more than anything else.
Pure Gold (PGM-h.v) DROPPING. In the same vein, there’s no point in holding a line in the
portfolio for a company that is now essentially in the hands of the receivers and will likely see
its assets go under official auction. It was a tiny trade and one in which I was prepared to lose
all the stake money, if it had shown promise there would have been the opportunity to expand
to toehold. As things turned out, the financial load was too great and failure was the result.
Oxygen Group will never be the same. As with PA, this position will disappear as from 2023,
4

turning over a new leaf and all that.
Minera Alamos (MAI.v): As this 10 day chart shows, MAI has been tracking GDXJ fairly
closely recently and while there was a little positive divergence at the end of the week, it would
have been more convincing on better volume. Still, this tracking of GDXJ shows that the big
seller is now all gone and that’s the right news to take into 2023.
We expect an announcement on commercial production at Santana as from January 1st 2023.
AbraSilver Resource Corp. (ABRA.v): Last week in IKN709 while staring at a 30.5c share
price. We wrote, “If you’re looking for a bargain silver stock, look no further.” This week, the
price chart looks like this:
Nice to see at least one call work out well. However and please note, the other comment made
last weekend also stands without dilution or editing: “My only regret is buying when I did at
38c, but even that price was a real bargain compared to the potential on offer.” In other words,
this price is still very buyable indeed.
Anacortes Mining (XYZ.v): This is the type of news that can really put you off a prospective
trade:
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2022) - Anacortes
Mining Corp. (TSXV:XYZ) (OTCQX: XYZFF) (“Anacortes” or the “Company”)
announces that, effective December 23, 2022, Anacortes has granted options to
purchase an aggregate of 1,950,000 common shares in its capital to the following
persons: 850,000 to its independent directors, 250,000 options to its Chief Executive
Officer, 250,000 options to its Chief Financial Officer, 200,000 options to a senior
employee, 200,000 to a consultant advisor to the Board and 200,000 to Kin
Communications Inc. (“Kin”), its investor relations consultant.
These options entitle the holder to purchase one common share of the Company at an
exercise price of C$0.40 per share for a period of five years from the date of grant. All
of these options vest immediately, with the exception of Kin’s options which vest in four
equal instalments of 50,000 options over a period of 18 months, with the first
5

instalment vesting on the date of grant, and three additional instalments, each for
50,000 options, on the six, 12 and 18 month anniversaries of the date of grant.
A large bunch of incentive options at the very lowest price possible that vest immediately?
We’re a long way from an imminent sale of the company, it seems. I haven’t made a decision
on dropping XYZ from the Watch List yet, but this not my idea of a positive signal for real share
price appreciation or a management team that’s in-line with its stakeholders.
The Copper Basket
After fifty-one weeks of 2022, The Copper Basket shows a loss of 46.08% to level stakes:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Copper Mtn CMMC.to 3.42 210.166 386.71 1.84 -46.2%
2 Western Copper WRN.to 2.00 151.597 363.83 2.40 20.0%
3 Marimaca Cop MARI.to 3.77 88.028 283.45 3.22 -14.6%
4 Oroco Res OCO.v 2.04 207.033 196.68 0.95 -53.4%
5 Nevada Copper NCU.to 0.71 658.638 164.66 0.25 -64.8%
6 Regulus Res. REG.v 1.06 121.91 110.94 0.91 -14.2%
7 Aldebaran Res. ALDE.v 0.84 138.579 108.09 0.78 -7.1%
8 Hot Chili HCH.v 1.53 109.223 85.19 0.78 -49.0%
9 Meridian Min MNO.to 1.18 153.735 53.04 0.345 -70.8%
10 C3 Metals CCCM.v 0.16 645.379 35.50 0.055 -65.6%
11 Doré Copper DCMC.v 0.79 84.1 29.86 0.355 -55.1%
12 QC Copper QCCU.v 0.34 150.736 23.36 0.155 -54.4%
13 Kutcho Copper KC.v 0.88 103.94 21.83 0.21 -76.1%
14 Element 29 Res ECU.v 0.58 79.24 13.47 0.17 -70.7%
15 Coast Copper COCO.v 0.13 64.001 2.56 0.04 -69.2%
NB: All stocks in CAD$ Portfolio avg -46.08%
The Copper Basket average dropped by the princely sum of 0.05% on the week, with seven
winners (CMMC.to, OCO.v, MARI.to, WRN.to, REG.v, KC.v, QCCU.v) cancelled out by six losers
(NCU.to, HCH.v, ALDE.v, DCMC.v, ECU.v, COCO.v)
The Copper Basket 2022, weekly evolution
and two stocks unchanged on the week (MNO.to, 10%
CCCM.v). There were big moves in both directions 0%
too, with the best winners Regulus (REG.v up -10%
21.3%), QC Copper (QCCU.v up 14.8%) and -20%
Kutcho (KC.v up 10.5%), the worst losers Coast -30%
Copper (COCO.v down 27.3%) and Nevada -40%
Copper (NCU.to down 10.7%). -50%
-60%
The backdrop to those moves was a copper-the-
metal price, which continued to waver around the
U$3.80/lb price line without showing any new
tendencies. As always, perception of
the day-to-day market is every bit as
important as its absolute returns and
in copper, we’ve seen how the metal
has quietly consolidated around $3.80
this month after being a generally
accepted $3.60/lb-or-so the month
before.
The bullish fanfares seem to be
waiting for the 4-handle, I don’t see
6
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 ht72 ht4ced ht11 ht81 ht52
source: IKN calcs

why we should wait that long to be fully positioned. For one thing, why sweat the U$4.00/lb
prices when the analysts are now targeting U$5 and above? We’ve already seen Goldman Sachs
back on the uber-bull copper soapbox recently, last week it was Bank of America’s turn as its
Global Head of Commodities anal yst, one Francisco Blanch, called copper as high as U$5.44/lb
in the year to come in its “2023 Metals and Mining Outlook” report (1). However, let’s also note
how his forecast comes with strings attached, as Blanch wants 1) the Fed to alter its rates
tightening policy 2) China’s economy to show clear recovery signs, 3) Europe to get through its
winter without too much strain 4) inventories to remain low and 5) the “energy transition” to
accelerate. Get those in line and copper will fly, says Blanch. Therein lies the rub, as it’s
suddenly difficult to disagree with his call, it’s akin to offering Lionel Messi an open goal with no
keeper and then advising those watching they should bet on him scoring. While we agree none
of those list of five are a massive stretch (some are even mutually confirming), this illustrates
how professional anal ysts add plenty of “yabbuts” and will cover their rear ends to all criticism
later down the line.
However and all things taken into consideration, BofA has taken a newly bullish position on
copper and that’s fine, so to stay on the subject and while slightly late to this, the comments
from Glencore CEO Gary Nagle at the company’s 3q22 ConfCall (2) dovetail with the views of
other large industry players:
“There’s a huge deficit coming in copper, and as much as people write about it, the
price is not yet reflecting it.”
Nagle said that Glencore, which is one of the world’s top copper miners and traders,
will wait to lift its own output of the metal until the world is “screaming” for it. “We want
to see that deficit,” he said.
Though the irony of GLEN not building Pachón is “screaming” for it is amusing. After a decade
of dragging its heels, Nagle makes it sound like GLEN were looking for an excuse not to embed
U$3Bn in Argentina…
We now move to our regular weekly update on the world copper inventory scene, data from
Chile’s Cochilco:
 Another overall drop in aggregate inventories of the three official world systems last
week, with 10,800mt leaving stocks which left the worldwide total at 168,425mt. That’s
very low, even when seasonally adjusted.
 The drop was led by the 9,472mt drawdown in SHFE stocks, leaving 54,569mt in its
warehouses this weekend. That’s nearly 24kmt gone in the last two weeks and finally,
after weeks of anomalous data, that’s the type of move we expect at this time of year.
Under normal circumstances SHFE
LME: Cu tonnage under cancelled warrant
stocks will bottom out at some
point in January and then rise into
the Chinese New Year holiday
period (pre and post).
 The LME saw inventories down by 2,100mt on the week, closing at
81,475mt. Another small-ish move
perhaps, but that doesn’t take
away the overall tightness of stocks
at the moment, under 100k is very
low indeed. And let’s underscore
for the second week, just 8,150mt of those tonnes are in its Asia warehouses.
 Comex copper inventories rose by 772mt to close at 32,381mt. No biggie.
The dedicated SHFE charts show a continuation of the tight situation. We won’t know how the
current low levels affect SHFE until the end of the re-stock period, all eyes on how much gets to
go under roof between February and April.
7
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 52531 52891 00862 52691 52231
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 ht72 ht4ced ht11 ht81 ht52
mt Cu
source: Cochilco

SHFE copper inventory levels, 2018 to 2022
400000
350000
300000
250000
200000
150000
100000
50000
0
8
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
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 ht4ced
Mt Cu
|
source: Cochilco
Now for a few notes on some basket component stocks:
Regulus Resources (REG.v): The biggest upmove of the week and due to solidly positive
news. REG has a new strategic investor in Rio Tinto (no less), as big as they come and clearly
interested in securing copper assets for its mid and long-term future (see WRN, TRQ etc). It’s
also the owner of the Granja project, also in Cajamarca Peru and with its own chequered
history of social and community problems in the many years of ownership.
In this case, via its “Nuton” subsidiary, RTZ is paying C$20.46m for a 16.5% equity ownership
of REG with a few other contract stipulations as well. Here’s the full list from the NR (3):
 Regulus is completing a Private Placement of US$15,000,000 (approx.
C$20,460,153*) at a subscription price of C$1.02 per common share
 Nuton will subscribe for 20,058,974 common shares (the “Nuton Subscription”)
 Upon closing, Nuton will own an approximate 16.5% interest in Regulus
 Regulus and Nuton will jointly undertake copper sulphide leach testing utilizing Nuton’s
copper sulphide leach technologies with samples from AntaKori
 The NutonTM technologies have the potential to process arsenic-bearing copper
sulphides with less impact on the environment and water resources than traditional
concentrator processing
 The Private Placement will put Regulus in a very strong cash position
 Adding Rio Tinto as a strategic partner will
enhance Regulus’ ability to optimize the
value of the existing resources at AntaKori
and explore various options with the
neighbouring Tantahuatay mine to optimize
the combined Tantahuatay-AntaKori copper
gold sulphide deposit (TantaKori).
The news Thursday capped a goods week for
the stock, all buyers and no sellers even though

volume has been thin. Indeed, the ten-day chart underscores our very VERY basic technical
analysis call on REG in IKN707 at the start of this month. It was getting due for one of these
pops and considering the news happened in a quiet week for stocks, we may see REG move
higher in the week ahead. A Santa Rally, anyone?
The Producer Basket
After 51 weeks of 2022, the Producer Basket shows a loss of 6.54% to level stakes:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 797.44 38.88 48.75 -21.4%
2 Barrick GOLD 19.00 1779 30.94 17.39 -8.5%
3 Franco-Nevada FNV 138.29 191.66 26.04 135.85 -1.8%
4 Agnico Eagle AEM 53.14 454.904 23.94 52.62 -1.0%
5 Wheaton PM WPM 42.93 450.3 18.09 40.18 -6.4%
6 Gold Fields GFI 10.99 887.72 9.30 10.48 -4.6%
7 Kinross Gold KGC 5.81 1296.5 5.41 4.17 -28.2%
8 Alamos Gold AGI 7.69 392.503 3.92 9.99 29.9%
9 B2Gold BTG 3.93 1055.6 3.76 3.56 -9.4%
10 Sandstorm SAND 6.20 223.79 1.19 5.33 -14.0%
All prices and stock quotes in U$ Port. avg -6.54%
Our list of ten returned ten winners and even the worst of the bunch (KGC up 2.0%) did better
than the GDX (+0.9%), so in one fell swoop we turned a 1% deficit into a 1+% advantage on
the benchmark with just one week to go. Biggest mover was the biggest player, as Newmont
(NEM up 5.7%) bounced back well thanks to insto bargain hunters moving in.
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%
B2Gold (BTG): To follow up on last week’s extended note on B2Gold (BTG) found in the
Market Watching section of IKN709, “B2Gold (BTG) reiterates its 4q22 blowout to come”, here’s
a five-day chart:
9
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 ht72 ht4ced ht11 ht81 ht52
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%
ht9naJ ht61 dr32 ht03 ht6bef ht31 ht02 ht72 t6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3luj ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 t4pes ht11 ht81 ht52 n2tco ht9 ht61 dr32 ht03 ht6von ht31 ht02 ht72 t4ced ht11 ht81 ht52
source: IKN calcs, NYSE data

BTG did well enough and out-performed the median, but as noted above that wasn’t so
uncommon in our list of ten. Overall, it still looks
as though the market hasn’t realized the amount
BTO: Quarterly revenues
of top line revenue BTG is about to deliver to its
financials in Q4 and its potential effect of
sentiment. So up 4.7% on the week and that’s
good, but I think there’s more to come in the next
month, gold price willing, because it bears a
repeat that the U$542m estimate for 4q22 as
seen in last weekend’s edition uses the minimum
end of BTG’s guidance and a slightly lower
average gold price than is possible (right). Even
my guesstimate would be a new sales record, it
could literally be $100m higher if you assume the
best possible returns.
The TinyCaps List
After fifty-one weeks of 2022, the TinyCaps show a loss of 35.57% to level stakes:
company ticker price 1/1/22 Shares out Mkt Cap current pps gain/loss%
Aurelius Min AUL.v 0.24 49.787 3.24 0.065 -72.9%
Golden Pursuit GDP.v 0.13 34.638 6.58 0.19 46.2%
Infield Min INFD.v 0.06 48.445 1.21 0.025 -58.3%
Kingfisher Met KFR.v 0.30 103.06 10.31 0.10 -66.7%
Latin Metals LMS.v 0.12 57.686 8.94 0.155 29.2%
Manitou Gold MTU.v 0.06 344.57 6.89 0.02 -66.7%
Melkior Res MKR.v 0.295 24.011 4.68 0.195 -33.9%
Precipitate Gold PRG.v 0.105 130.367 9.13 0.07 -33.3%
Signature Res SGU.v 0.35 55.14 3.31 0.06 -82.9%
Winshear Gold WINS.v 0.08 72.44 5.07 0.07 -12.5%
Prices in CAD$, data from TSXV basket avg -35.57%
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-$20m stocks are broken stocks, either
traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2022. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
There were more losers (AUL.v, GDP.v, KFR.v,
MTU.v, PRG.v, SGU.v) than winners (LMS.v,
MKR.v, WINS.v) on the week, as well as just
one unchanged stock (INFD.v), but the basket
average remained all-but unchanged because
one of the winners was a big one. Winshear
(WINS.v up 40.0%) moved up 2c and volume
was thin, but the lack of counterparty means
that its move from Wednesday stuck and made
things look better than they are.
10
35.974
3.263 99.263
68.015 11.625
85.563 85.183 55.293
245 600
550
500
450
400
350
300
250 200
150
100
50
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 tse22q4
U$m
source: company data
15% TinyCaps, 2022 weekly tracker
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
-35%
-40%
-45%
-50%
dn2naJ naJ t61naJ dr32 ht03 ht6bef ht31 ht02 ht72 ht6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 s1yam ht8 ht51 dn22 ht92 ht5nuj ht21 ht91 ht62 dr3yluj ht01 ht71 ht42 ts13 ht7gua ht41 ts12 ht82 ht4pes ht11 ht81 ht52 dn2tco ht9 ht61 dr32 ht03 ht6von ht31 ht02 ht72 ht4ced ht11 ht81 ht52
source: IKN calcs, TSX data

Aurelius Minerals (AUL.v): It’s hardly the only company out there in the same position, but
it’s still a good example of something to watch out for at this time of year. Last week AUL gave
us a classic example of the “auditor’s financing” (4):
Aurelius Minerals Inc. has closed a non-brokered private placement of 1,485,713
common shares of the company at a price of 5.25 cents per common share for
aggregate gross proceeds of $78,000. The share offering was made by way of a
private placement in Canada pursuant to applicable exemptions from the prospectus
requirements under applicable Canadian securities laws. The securities issued are
subject to a statutory four-month hold period expiring on April 23, 2023.
The company hopes to close additional tranche(s) before Jan. 13, 2023. The TSX
Venture Exchange has conditionally approved an offering with maximum total gross
proceeds of up to $500,000 of common shares at a price of 5.25 cents per common
share and up to $400,000 of common shares of the company, with each flow-through
share qualifying as a flow-through share as defined in Subsection 66(15) of the Income
Tax Act (Canada) at a price of 6.25 cents per flow-through share for aggregate gross
proceeds of up to $900,000, including the common share offering closed today. The
offering is subject to final acceptance of the TSX Venture Exchange. No commission
was paid on the closed private placement; however, the company may pay a cash
commission of 6 per cent of the gross proceeds on certain of the future subscriptions.
Details will be confirmed on closing of each tranche.
While AUL has plans to raise nearly a million at these terms between now and the first month of
2023, the quick closure of a small amount of money before December 31st is indicative of a
company that has run out of money. It’s one thing to go through the quarters on fumes, but
without the independent auditor’s signature on your Year End statement, your company goes
into immediate CTO and when it comes to tinycaps, auditors insist on cash. Up front. No
quibbles. A look at the latest balance sheet (as at September 30th) backs up this image:
With just $341k in cash and a negative working capital, AUL didn’t raise this paltry $78k for fun
or as a first course before the main event…this was quasi-obligatory.
Melkior Resources (MKR.v): Another placement closure to report, but this time the $600k
(plus another 50k in the pipeline) is a little more dignified in size and means MKR has working
capital going into the New Year.
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.
11

Regional politics
Peru calms
We ran the long, hot-take note in IKN708. Then in IKN709 we did a follow-up, which started by
repeating a segment of the hot take and underscored that Peru would “look unstable and
somewhat hairy for observers on the outside for a while”, but that was only to be expected
considering the abrupt end to the Castillo presidency, that “Peru is now on the right path again”
and “calmer heads should prevail.”
This week got us to the point of calm. In the wake of the violence between protesters and
armed services (army, police) that has left a generally acknowledged 30 people dead (along
with hundreds injured, there was enough social backlash to replacement President Dina
Boluarte to get her to accept the resignation of her brand new Prime Minister and shuffle her
cabinet. The new PM is her RHM (Luis) Alberto Otárola, who was Defence Minister until last
week. This new cabinet still needs to be ratified by the rathouse we know as Peru’s Congress
and there are already voices from the Left wing saying they will vote against approving the
Otárola cabinet (which would force President Boluarte to pick again), but as things stand she’s
likely to get enough support from the right wing and other groups. That alone is a sign of how
the political balance has swung away from the left, no matter that in 2020 Boluarte ran as Veep
to Pedro Castillo in the hard Left wing Perú Libre structure.
The second positive came when, after being dragged back and told to do something, Peru’s
Congress passed the motion to bring forward the next elections to April 2024 (instead of 2026).
This result isn’t a perfect solution as a date in 2023 would have been perfectly reasonable and
workable. Neither is it a lock because, due to the rulebook on changes to Constitutionally
mandated periods of office, this decision must now be ratified by a second debate and vote by
Congress on the same motion. When that happens, most likely February, the two-faced, self-
serving nature of this Congress could easily fail to ratify their own decision and put the process
back to Square One. But assuming a deal gets cut, Peru will then go into an extended pre-
election period under “confirmed interim” President Boluarte and we get another year of wasted
government. So be it.
However and for this festive period, the country has calmed considerably and while she’s
nobody’s idea of some sweet innocent character, some credit is due to new President Boluarte
for reaching across the political divide, putting together a consensus cabinet and allowing the
people who really run Peru (i.e. 20 or so families with old Spanish sounding names) to return to
their preferred role of power behind the throne. She has said the right things, walked a political
tightrope reasonably well and found a path to calm the waters. With the vacation season now
upon, expect Peru to go into no news/good news mode for a few weeks.
Ecuador: A fight over mining is brewing
Last week a story broke in Ecuador about the government’s plans for the mining sector in 2023
that got immediate pushback from the indigenous pressure group CONAIE. This issue has the
potential of blowing up into a serious problem and needs to be watched closely.
This report from Ecuador daily Primicias (5) covers the main points and also includes the table
seen below, here’s how it starts (translated):
“The government is working to publish, in January 2023, a decree to declare eleven
mining projects as “Security Reserved Areas.” The government is working on a
security plan that allows the armed forces, in an initial phase, to protect eleven legal
mining projects. The plan begins in January 2023.”
The eleven sites include the two large-scale working mines in the country, namely Mirador
Copper (Chinese capitals EXSA) and Fruta del Norte (Lundin Gold (LUG.to)), but more
interestingly also include manty of the development-stage projects owned by Canadian capitals
mining companies, often those tied up in long-term social protests.
This table came with the Primicias note, apparently sourced from the government documents
12

seen by the reporter:
No company or project names are mentioned, but it’s not a difficult list to decode:
 The fourth item (Bolivar, capital cost $273m) is the Cuirpamba project, owned by
Adventus/Salazar. This project has been strongly opposed by its local community for well
over a decade.
 The fifth item (Morona Santiago, $2,000m capex) is the San Carlos Panantza project, the
second project in Ecuador owned by Chinese capitals EXSA and scene of mortal and violent
protests on several occasions.
 Sixth on the list (Morona Santiago, $3,000m capex) is the Warintza project, owned by
Solaris Resources (SLS.to), another controversial project strongly opposed by the Arutam
Shuar people who play host (though you’d never know that if you only listened to the
company line).
 The in Azuay we have the controversial Rio Blanco (Junefield, Chinese capitals, $420m) and
Loma Larga (Dundee Precious Metals (DPM.to), $2,500m) gold projects, both highly
controversial and subject of several legal actions against the state by locals who reject the
presence of the mining companies.
Other projects include Chinese and Australian capitals project, but what they now have in
common is a plan by the Lasso government to protect the territories so that they might
advance without further social protests, even though many of them are located in protected
areas or traditional indigenous controlled zones.
The news went down like a lead balloon with the politically powerful indigenous umbrella group,
CIONAIE, the same people who brought the country to a standstill last year with the national
level protests that were eventually negotiated to a settlement. Part of the negotiated
agreement was on the future of mining in indigenous territory, so this move by the Lasso
government was taken as a direct affront to the deal struck (because it is, frankly) and
13

Leonidas Iza headed up a press conference (6) (7) within hours of the news hitting.
“They are going to militarize territories where there is the presence of mining
companies. But in those places there are people, colleagues in communes,
communities, peoples and nationalities, sibling countrymen, all of them are connected
with agriculture and they do not want mining.”
He accused President Guillermo Lasso of breaking the deal reached in June to bring the
nationwide protests to an end and announced the formation of an “Anti-Mining Front”. We
know CONAIE has a clear anti-mining stance and policies, so the difference between the current
situation and this proposed front remains to be seen, but a formalization of several anti-project
groups into a national cause may become something of a Pandora’s Box for the Lasso
government if it isn’t careful. We’ll see how this story develops as the New Year begins, but at
first sight it has the look of another President trying to find a way of stuffing mining
development down the throats of communities that have steadfastly (and successfully, it must
be said) opposed its arrival in their localities. Hilarity may ensue.
Market Watching
The weird Friday price action was indeed actionable
Last weekend in Market Watching we point out how many juniors saw their market prices bent
out of shape by anomalous buying due to ETF re-balancing, with the main culprit the ETF ticker
SILJ, which saw a lot of rebalancing into thinly-traded, larger share count stock which shot their
prices higher on Friday and saw some move up in the preceding days as well. Here’s a ten-day
chart of the list of examples we mentioned last weekend:
Admittedly this chart is a bit busy, but you can probably make out the sharp spike and
subsequent drops in many of the stocks, with GHDXJ at the bottom used to benchmark.
However, stocks such as Discovery Silver (DSV.v), Kootenay (KTN.v), Bear Creek (BCM.v) and
Minaurum (MGG.v) are still between 25% and 45% up over the two week period due to the re-
balancing effect and there’s still every reason to expect the rebound to unwind fully. Indeed, it
was notable to see one DSV.v insider exercise and sell 400k of his 50c options last week,
getting out while the price was good and cashing in for Christmas. Also, as an equal and
opposite effect we have already mentioned how AbraSilver (ABRA.v) rebounded well from its
SILJ-induced drop on rebalance selling. However, there are still several of last week’s list to re-
adjust significantly, with exhibit A being Sailfish (FISH.v), which benefited from a year’s worth
of volume in the space of two weeks.
Wesdome (WDO.to) continues to be hammered
I managed to get through IKN709 last weekend without mentioning the stock, which means it’s
been two weeks since Wesdome (WDO.to) appeared in ‘Market Watching’ (after an unseemly
series of OCD-fuelled notes). Buy hey, it’s back again this week and the ten-day chart compared
to GDX and GDXJ…
14

…shows how the bad news hasn’t let up for holders. Back in its last mention in IKN708 I ended
by reiterating my interest in this newly cheap price and ended with “…something under C$8
would make its 2023 guidance NR interesting reading.” It’s now C7.41, which means the tax
loss selling has kept on and with that now set to close (Tuesday is the final official day) WDO
may see a technical rebound into the New Year.
Even though it’s under the normal U$1Bn threshold level, I still plan to include WDO in the
upcoming year’s Producer Basket, mostly because I want to keep a close on its progress with a
view to a potential trade. At some point, it becomes too cheap to resist.
Conclusion
IKN710 is done, we end with bullet points:
 That’s the end of this week’s Bare Bones edition, see you next Sunday in 2023 (yes
indeed, 2022 will be over by the time IKN711 appears. Please note that next weekend’s
edition will also be somewhat thin on normal content, but we will have the new
Producer Basket, Copper Basket and TinyCap Basket for 2023. they come with plenty of
comment, including outlines of the new stocks to the lists, reasons why others were
dropped and what I expect from the sub-sectors as 2023 rolls out. Plenty to chew on
and some new names to consider, as well.
 I’m all for a good Santa Rally and if we consider the way in which the sector has been
beaten up, down and sideways in 2022, the end of the Tax Loss Selling season this
week could be the trigger to start one running into early January. As you’ll have
gathered by now, the troubled Wesdome (WDO.to) is one to watch.
 However, if put a gun to my head and demanded a Santa Rally Stakes bet, I wouldn’t
plump for WDO. Instead I’d offer two horses, one I own and one I don’t: So that’s a
couple of $5 win/place/show tickets on AbraSilver and B2Gold.
 And now, allow me to be one of the first to wish you a healthy, happy and prosperous
New Year. May all your call options be ITM.
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
15

Footnotes, appendices, references, disclaimer
(1) https://www.redimin.cl/bank-of-america-dice-que-el-precio-del-cobre-podria-alcanzar-un-record-historico-de-us-54-
la-libra-en-2023/
(2) https://www.mining.com/web/glencore-shares-fall-as-output-guidance-misses-consensus-estimates/
(3) https://regulusresources.com/news/2022/regulus-announces-us-15-million-c-20.5-million-strategic-investment-by-
nuton-a-rio-tinto-venture/
(4) https://www.stockwatch.com/News/Item/Z-C!AUL-3347348/C/AUL
(5) https://www.primicias.ec/noticias/economia/plan-seguridad-proyectos-mineros/
(6) https://www.prensa-latina.cu/2022/12/22/indigenas-de-ecuador-crearan-frente-antiminero-en-reservas-hidricas
(7) https://www.youtube.com/watch?v=_7ZgCjemMvM
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
16

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
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
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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
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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