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The IKN Weekly
Week 711, January 1st 2023
Contents
This Week: In Today’s Edition, Happy New Year.
Fundamental Analysis: The New Copper Basket List, The New Producer Basket List, The New
TinyCaps Basket List.
Stocks to Follow: Pure Gold and Palamina, QC Copper & Gold (QCCU.v), Orefinders (ORX.v).
Copper Basket: Overview, Year-end review, Copper Mountain (CMMC.to), Regulus (REG.v).
Producer Basket: Overview, Year-end review.
TinyCaps Basket: Overview.
Regional Politics: Deferred
Market Watching: Deferred.
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 is the last Bare Bones edition of this year’s holiday season and the main job is
to present the components of the new 2023 Copper Basket, Producer Basket and
TinyCap basket. All three lists have been significantly refreshed and with plenty of
brand new names for them all. And once again, my sincere thanks to all readers who
took the time and effort to write in with suggestions for the 2023 lists, you’ll see several
of your ideas duly adopted.
 Though today’s is largely a technical edition by nature and doesn’t have much in the
way of actionable data, it does run to more pages than I expected and for what it’s
worth, I had plenty of fun choosing the new components and compiling the lists this
year. There were plenty of alternatives and several stocks almost made it, but on due
consideration I’m happy how all three lists came out. Let’s hope they’re not smashed
into bits in the way the 2022 lists were by last year’s macro circumstances.
Happy New Year
The briefest of intro sections in today’s Bare Bones edition, in which I take a second opportunity
to wish you all good health and good fortune in 2023.
Fundamental Analysis of Mining Stocks
The new Copper, Producer and TinyCaps lists
The main event of our shortened New Year’s edition covers the content and make-up of the
2023 tracking baskets. As is our wont at this time every year, we refresh and re-jig the Copper
Basket, Producer Basket and TinyCap Basket by removing some of the companies in the 2022
lists and adding new names. Those changes come for several reasons and depend on the list
and its purpose, but in the most general terms the job is to provide a representative selection
for each sub-sector and allow us to better gauge what’s going on in our main focus of attention,
i.e. our open trades of the Stocks to Follow list.
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So without further ado we present the changes, the additions and the new lists for the 2023
Copper Basket, Producer Basket and TinyCaps basket.
The New Copper Basket List
Unlike other years, which have seen three, four or five new names added to the Copper Basket,
this year we’ve rung the changes harder and have swapped out seven of the 2022 list for seven
new stocks, most of which are brand new idea to the Copper Basket. So before we get any
further, here are the seven newbie stocks:
 Solaris Resources (SLS.to)
 Arizona Sonoran (ASCU.to)
 Pan Global Resources (PGZ.v)
 Faraday Copper (FDY.to)
 Kodiak Copper (KDK.v)
 Libero Copper (LBC.v)
 Atacama Copper (ACOP.v)
There are two main reasons for so many changes in the 2023 list
1) Last year saw far too many of the Copper Basket components sink without trace and when
that happens to explorecos without any internal revenue generation, the stock prices tend to
break and remain broken until large-scale corporate surgery is done (rollback, refi,
management changes etc). The 2022 list carried too much dead wood and it was an easy
decision to set a flame to much of that.
2) There are plenty of new choices. The junior and exploreco world has responded to the
forecasts of a macro deficit in copper in the years to come and has spotted the opportunity.
As a result, there are dozens of new names with copper projects to choose from and they
run the whole range, from good to bad to plug ugly. With such choice at hand, it was easy
to make wholesale changes to this year’s list and, as a result, I’ve also gone back to the true
roots of The Copper Basket and for the first time in four years, there are no small or
medium-scale producers on the list. This year, 2023 is all explorecos or developers.
Intro done, now it’s time for the brand new table, with the eight survivors from last year and
the seven new names. Notes on changes below:
company ticker price 1/1/23 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.44 114.56 737.77 6.44 0.0%
2 Western Copper WRN.to 2.41 151.597 365.35 2.41 0.0%
3 Marimaca Cop MARI.to 3.22 88.028 283.45 3.22 0.0%
4 Oroco Res OCO.v 0.91 207.034 188.40 0.91 0.0%
5 Arizona Sonoran ASCU.to 1.92 88.713 170.33 1.92 0.0%
6 Regulus Res. REG.v 1.10 101.85 112.04 1.10 0.0%
7 Aldebaran Res. ALDE.v 0.78 138.579 108.09 0.78 0.0%
8 Pan Global Res PGZ.v 0.46 212.145 97.59 0.46 0.0%
9 Hot Chili HCH.v 0.78 119.455 93.17 0.78 0.0%
10 Faraday Copper FDY.to 0.54 123.012 66.43 0.54 0.0%
11 Kodiak Copper KDK.v 1.12 55.6 62.27 1.12 0.0%
12 QC Copper QCCU.v 0.165 150.736 24.87 0.165 0.0%
13 Libero Copper LBC.v 0.155 91.418 14.17 0.155 0.0%
14 Element 29 Res ECU.v 0.16 85.491 13.68 0.16 0.0%
15 Atacama Copper ACOP.v 0.16 34.373 5.50 0.16 0.0%
NB: All stocks in CAD$ Portfolio avg 0.00%
The seven leavers: Before talking up the new list, a brief rationale on why I’ve swapped out
these seven stocks from last year’s basket:
 Copper Mountain (CMMC.to): I was in at least two minds about cutting or keeping CMMC for
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2023, perhaps three. It’s an interesting stock to keep on soft coverage due to its traditional
go-to status for copper speculation among Canadian market players and after its wretched
2022, it’s not difficult to suppose that with the sale of its Eva asset now complete and a new
mine plan at the main Copper Mountain operation in BC Canada due to move into better
grading ore, its 2023 is going to be better than the four quarters just gone. However, I’ve
decided to cut it for two main reasons, firstly because it’s likely to suffer from continued
selling pressure from its large holder Zeta, and secondly because without this stock the
Copper Basket is back to being 100% exploreco/developer, with no operating companies to
muddy the waters. Finally, in Arizona Sonoran (see below) we have a decent option of
equivalent market cap size to swap in and replace CMMC.
 Nevada Copper (NCU.to): A reappearance on the list for last year, I was interested in
following NCU more closely in 2022 due to its disastrous track record of failed operations, its
moneypit reputation, but most of all because it was being aggressive pumped on social media
to the less sophisticated end of the market (the one that doesn’t read/know how to read
balance sheets). It started 2022 as a 71c stock and it ended in the 20s, so enough said. NCU
has recapitalized and plans to re-start operations in late 2023 after investing the money raised
from deep-pocketed backers.
 Meridian Mining (MNO.v): Another newcomer to last year’s list that gets cut after a single
season. MNO started with great promise at its Cabacal project in Brazil but ended by
delivering a disappointingly light initial resource number and the market duly walked away
and Q4 broke the stock price in definitive manner.
 C3 Metals (CCCM.v): Included to follow the paid promo pump on its project in Peru, once that
fell apart CCCM pivoted to its legacy projects in Jamaica (from its previous iteration, Carube
Copper) and while its recent early-stage results from exploration and drilling are interesting,
this has been too diluted and burned too many people already. The insiders are utterly
untrustworthy.
 Kutcho Copper (KC.v): KC was included after its good 2021 season in which it published a FS,
but it patently failed to follow up last year and all momentum died. The price was hit from the
moment KC re-vamped its financial structure in mid-February and while the year ended with
plenty more broken stocks, this one was already headed South before the Fed’s tightening
stopped copper’s price run.
 Doré Copper (DCMC.v): Included out of personal interest to keep track of its progress on its
“hub and spoke” plans for its development and re-development projects, all in roughly the
same region of Quebec Canada, DCMC failed to impress and seems to have suffered from
having to spread a limited treasury too thinly between projects that all need cash to get to a
construction decision moment.
 Coast Copper (COCO.v): Its Vancouver Island main event came up with surprisingly little and
while the company has remained afloat by selling some secondary assets for cash, the tinycap
status of this stock is now better suited by our other list.
The Eight Remainers: With the old gone, it’s time to present the 2023 components but
before we get to the newbies, a quick run-through on why these companies remain on the list
from the 2022 basket:
 Oroco Resources (OCO.v): One of the stocks we watched quite closely last year, OCO
came back to its field and as it leaves 2022, is fairly priced compared to peers. With its PEA
set to be delivered (roughly) mid-year, OCO has decent potential catalysts and if copper takes
off in the way I think it will, OCO provides leverage and a retail/social media friendly way of
adding leverage to the metal.
 Marimaca Copper (MARI.to): I like MARI more than it might sometimes sound, its
economics are strong on paper and location-wise, it’s in the right place in Chile to get permits
green-lighted. Not cheap, but oxide copper is lower capex to build and get to production.
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 Western Copper (WRN.to): What with being an owner these days, I thought about
dropping WRN from this list and just following it from the more biased viewpoint of the Stocks
to Follow list. However, WRN is also one of the best (near) shovel-ready large-scale copper
projects out there and if Rio Tinto (or other…NEM?) bites, it could set off a string of other
buyout deals in our sub-sector. If only for the M&A potential, it’s a good one to have in our
representative list.
 Hot Chili (HCH.v): I’ve been a critic of this stock for being over-priced and over-hyped since
it got to the Canadian market and I’ve been proven right. However, HCH is also actively
drilling and will surely improve on its current resource size when its update comes out in 2023
and with the media-friendly management team and legion of social media pumpers, it will get
plenty of airtime. A good rep of the mediocre project that can be made out to sound better
than it is.
 Regulus Resources (REG.v): A stalwart of the list, its very recent move has taken some of
the value away from holding REG in the 2023 list but that’s okay, ths is more about tracking
its longer-term fate than a period of a few weeks. We fully expect JV partner Buenaventura
(BVN) will pay U$9m to REG in the next few weeks to claw back 40% of the JV drill area, in
fact it would be a shock if BVN didn’t. Meanwhile, REG’s new strategy of loading its strategic
partnership books with big name backers may bring it more heft at the negotiation table come
the day, but on the other hand it¿’s slowly slicing off its own blue sky upside for others. I
don’t expect REG to out-perform in 2023, but I do expect it to deliver at least some strong
drill results from its infamous “donut” at the clumsy newly name “Tantakori”, a portmanteau
which sounds logical to foreign ears but sounds dumb in Quechua. For out-performance, the
same stable of geologists have a better option.
 Aldebaran Resources (ALDE.v): That better option is ALDE. Bizarrely for some tastes,
Argentina is now in fashion among explorecos and juniors, as long as you’re located in one of
the deemed “miner friendly” provinces. ALDE is in San Juan, an excellent location and it
should offer us two programs of drilling this year, with the current program ready to deliver
long hole assays and then more once the Andean winter is over, later in the year. ALDE is
cashed up for its needs and if they have learned from the drilling team errors of 2021 and
2022 (they say they have), we should get a lot more newsflow from ALDE at what promises to
be a good time for copper stories. I like this market cap level a lot and own.
 Element 29 Resources (ECU.v): I though hard about omitting ECU from the 2023 list, but
decided that we should remain with at least one “broken stock price” and ECU had the
roughest time in 4q22. The company still has its two Peru targets, Elida and Flor de Cobre,
with the former ready to deliver drill results and the latter hopefully seeing the drillbit in 1q23.
New CEO Steve Stakiw has not impressed so far, but this high risk opportunity may turn
around next year and I’m willing to give it another chance with my own money if it starts to
show momentum.
 QC Copper & Gold (QCCU.v): Perhaps I should have left QCCU out, but I like it too much
and think it covers a specific niche in the sector, with Quebec on the geography and about to
deliver an updated MRE (with a PEA to follow?). I’m keeping the faith and while it will get
most coverage in Stocks to Follow above (as long as I own), it also keeps its representative
place here.
The Seven New Arrivals: That covers the de omnibus rebus and hors d’oeuvres, we now get
to this year’s plato fuerte (why mix it up with two languages when you can use four?). Please
find below brief overviews on the seven new components, along with a 12-month price chart
for each stock to give context. So without further ado and descending market cap order…
1) Solaris Resources (SLS.to): This company with its massive Warintza project in Eastern
Ecuador was left off the 2022 Copper Basket list because at the end of 2021, its market cap had
ballooned to C$1.8Bn and was (quote/unquote) “too big for our purposes.” But last year the
stream came out of this trade, mostly due to the rise in perceived political risk in the Ecuador
mining sector (something flagged by this desk for a long period of time). We include SLS this
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year because 1) its market cap is now handily under our $1Bn top end range and it’s good to
have a representative of this size and 2) we get to follow the continued worries of Ecuador risk
on a weekly basis.
2) Arizona Sonoran Copper Company (ASCU.to): This stock gets included quite literally by
popular demand, as it was the single most requested/suggested stock from you, the esteemed
readership of The IKN Weekly, for any of the 2023 lists. Potential large resource in top tier
address, brownfield exploration, robust PEA already in the bag, this one ticks a lot of boxes and
to be fair (to myself), it’s one that’s been on my personal radar since it went to the TSX big
board, a little over a year ago. At that time and around the turn of last year, ASCU was tipped
and followed by a lot of Canadian brokerages and newsletter writers and that alone brought it
plenty of attention, including my own, so it’s notable that even this apparent hot ticket copper
stock had a negative 2022.
With the price back under C$2 and potentially buyable again, as well as the likelihood it has for
near-constant newsflow in the year ahead, expect ASCU to get regular notes in the Copper
Basket section and we’re bound to go into detail about its main Cactus project (and satellite
targets), so rather than use my own words today I’m going to borrow from one of the kind
readers who wrote in with the ASCU ticker in the title line. Take it away, reader RY:
“…here are some highlights:
1. The CEO is George Ogilvy, former CEO of Kirkland Lake.
2. Their prefeasibility study and updated resource estimate are expected soon.
3. Their 2021 PEA for their Cactus project [assuming USD$3.35 per pound
copper] has an IRR of 33%, requiring initial capital of $124 million, with a
payback period of 3-1/2 years and a mine life of 18 years, with an all in
sustaining cost LOM of about a USD $1.80/pound.
4. The project is on private land, not federal land, so only state and local
permitting is required.
5. So far, the company has received preliminary permits, including one to draw
and discharge water.
6. In round numbers they appear to have about 8 billion pounds of copper at
good grades and
7. Their property sits up-dip from Robert Friedland's Santa Cruz deposit.
That’s a reasonable overview, thank you RY. Details as the year rolls out.
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3) Pan Global Resources (PGZ.v): Another suggestion from more than one of you out there
(thank you reader DR and others), PGZ is one of those suggestions I greatly appreciate as it
adds some useful European representation to the list. The main reason to like PGZ is its
Escacena project, within which is the high grade La Romana target, which is located next to the
disputed but undoubtedly rich Aznalcollar project in the rich and prolific Iberian Pyrite belt of
Southwest Spain/South Portugal. Escacena has plenty of prospective targets, but the principal
and most exciting work to date is at La Romana which has delineated a system grading around
1% copper from surface that would be very amenable to open pit extraction. La Romana
“shallows” is a good start at the property, what we’d like to see from PGZ this year are
exploration drilling results from some of its outlaying targets to add new mineralized zones and
the potential for a second stage of mining once La Romana is mined out. This may come from
other at-surface targets, or it may come from “La Romana Deep” that could be developed once
a pit has been dug to mine out La Romana. At almost C$100m market cap, PGZ isn’t cheap
compared to its current copper tonnage count but its prospectivity is undoubted and its strong
address also makes it a potential buyout candidate for its neighbours working their own assets
(e.g. Grupo Mexico). I’m good about going with the reader reco on this stock, let’s see how it
does compares to peers.
4) Faraday Copper (FDY.to): Recently upped to the TSX main board, FDY is the new vehicle
for the US assets of Gianni Kovacevic’s Copperbank. Now under new management and name,
FDY’s flagship asset is the Copper Creek project some 30 miles North of Tucson, Arizona USA.
This project has a combined 43-101 Measured and Indicated (M+I) resource total of 4.1Bn lbs,
of which 3.9Bn lbs is straight copper (the credits come from Mo and Ag) at a reasonably
grading 0.50% Cu and 0.53% CuEq average, but the most interesting part is that just over 1Bn
lbs Cu is accessible at surface and planned for open pit mining.
FDY at Copper Creek needs to increase its resource to become first level among copper projects
and expect FDY will drill it aggressively in 2023, which will require it to raise working capital at
some point this year. However, this brings into focus its other major advantage, the strong
backing from “Mining A-Listers” such as the likes of Murray Edwards, Pierre Lassonde and the
Lundin Family, who between them own over 27% of shares out. These are names that provide
plenty of heft and financial kudos when the time comes to fund the structure. As the 12 month
chart below shows, FDY wasn’t immune from the copper junior sell-off of last year but with its
recent upgrade to the TSX main board and the quality of names backing the company, it
deserves closer witness in 2023.
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5) Kodiak Copper (KDK.v): Though it’s been around for longer, KDK burst onto the scene in
September 2020 via a discovery hole at its flagship MPD project, located in the prolific Quesnel
Trough formation of South BC, Canada (Elk, Copper Mountain, etc). That hole of 282m of 0.7%
copper and 0.49 g/t gold was followed up a month later by another assay of 535m of 0.49%
copper and 0.29 g/t gold, the results can be seen in the three year chart below (one of the few
stocks today that doesn’t run a standard 12 month view, in order to see the KDK trading
history). The spike to over $3 came off when final results of the 2020 season weren’t quite as
spectacular and as the subsequent price action suggests, KDK has not managed to replicate
those early big hit results since then. Last year, selling pressure pushed KDK down to a bargain
(in retrospect) 50c and it’s rallied somewhat into the New Year, but at this weekend’s C$1.12 it
still represents a good entry point for a stock that needs more work done on its flagship, but
doesn’t deserve to be written off as too small and uneconomic the way it seemed to be in 2022.
Recent results from MPD have shown new areas of outlaying mineralization and it wouldn’t tske
much to get KDK and MPD back on the front rank of copper projects in 2023…basically, one
more long and strong hole.
6) Libero Copper (LBC.v): As stock designed to rip of retail fools, which is why it’s included
this year (we need to represent the full gamut of what’s out there, after all ). No bones about
LBC, it’s not one I’ll ever own or recommend to readers of The IKN Weekly. Instead, it’s on the
2023 list to track how badly things can get for a company that serially hoodwinks its own share
base. LBC took on the troubled but excellent grading Mocoa project in South Colombia knowing
exactly what it was getting itself into and rather than improving local CSR, things have got
worse under this new management. That doesn’t stop LBC from telling the market and its naïve
shareholders the exact opposite, of course, as butter apparently doesn’t melt in the mouths of
these people. Aside from Mocoa LBC has other assets on its books, most interesting of which
the Big Red porphyry gold/copper project in BC’s Golden Triangle, but if you are lied to about
one project what makes you think they’ll tell you the truth about what’s going on anywhere
else? So we include LBC in the 2023 list because 1) its share price has already dropped like a
stone and is cheap, 2) it could get a lot cheaper, but 3) it could also get a head of steam from a
retail market pump at any given moment, what with its management penchant for the the pay-
to-play social media stock promo model, as they seek out influencers happy to earn their $10k
fees by writing bunkum for idiots.
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7) Atacama Copper (ACOP.v): I wanted a Chilean-based copper exploreco and as Atex
Resources (ATX.v) is still way too expensive (Pierre Lassonde has made sure of that), the long
list got me down to either this one or World Copper (WCU.v), but as the latter traded like a
classic Henk van Alphen P+D in 2022 and must be chock full of bagholders by now, preference
is for this one. ACOP also offers the advantage of being a “cheapie” and a good swap in for last
year’s smallcap copper rep, COCO (now part of The TinyCaps basket, below), it’s our new
representative of the small end of the copper market.
As for its story, ACOP is essentially an early stage exploreco company with large hectarage
concessions in Chile. Its two most interesting targets are Placeton and Caballo Muerto, located
close to each other on the same concession bloc and strategically located between two very
large and defined porphyry copper deposits, Relincho and El Morro, now brought together by
their big-name owners Teck and Newmont to become a JV project. The specific location of both
Placerton and Caballo Muerto would make either (or both) into attractive pick-ups for its big
name neighbours if ACOP can hit mineralization of interest in its planned 2023 drill program.
This essentially makes ACOP a high risk drill play, which reflects in its current low share price
and market cap.
Conclusion: And with that, we wrap up the intro to next year’s Copper Basket. Plenty of
changes this year and we’ve mixed up the geographic locations, but this year we’ve also made
the effort to remove all producer stocks (small or mid-cap) and go with
exploration/development stories only.
The New Producer Basket List
This list is comprised of ten precious metals producers, all Tier 1 or Tier 2 and with a minimum
market cap of U$1Bn. The idea is to use the list as a way of keeping tabs of what’s happening
among the big players while The IKN Weekly gets on with its focus on junior mining stocks, but
as a side game I try to choose 10 stocks that, on a flat-weighted 10% per company, I believe
will out-perform the benchmark GDX ETF over the year. So, primarily a tracking list but with an
edge of competition, here’s what we’ve plumped for in 2022:
company ticker price 1/1/23 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 47.20 799 37.71 47.20 0.0%
2 Barrick GOLD 17.18 1761.54 30.26 17.18 0.0%
4 Agnico Eagle AEM 51.99 488.9 25.42 51.99 0.0%
5 Wheaton PM WPM 39.08 451.963 17.66 39.08 0.0%
7 Kinross Gold KGC 4.09 1256.1 5.14 4.09 0.0%
8 Alamos Gold AGI 10.11 393.1 3.97 10.11 0.0%
9 B2Gold BTG 3.57 1074.567 3.84 3.57 0.0%
6 Hecla Mining GFI 5.56 603.86 3.36 5.56 0.0%
3 Eldorado Gold EGO 8.36 185.73 1.55 8.36 0.0%
10 Wesdome Gold WDOFF 5.53 142.287 0.79 5.53 0.0%
All prices and stock quotes in U$ Port. avg 0.00%
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This year three stocks are swapped out and replaced by three companies entering The Producer
Basket for the very first time. The new entries are:
 Hecla Mining (HL)
 Eldorado Gold (EGO)
 Wesdome Gold (WDOFF)
That also means seven remain on the list from last year. There are more details on the strategy
behind the three changes below, but first and in the same style as The Copper Basket we add a
couple of brief notes on the leavers and the remainers for the 2023 Producer Basket:
The Three Leavers: Unimportant notes on why FNV, GFI, SAND have been removed:
 Franco-Nevada (FNV): Something from the top end of the table had to go in order to re-
balance toward the more leveraged Tier 2 companies, the decision was FNV. Undoubtedly one
of the safest and best-run (if not the best) precious metals company out there, the
royalty/streamer nature of FNV is more defensive. I’m looking to add risk this year to beat the
GDX, it makes sense to swap this one out for a smaller market capper.
 Gold Fields (GFI): GFI went through the rack in its eventual failed process to buy out Yamana
(AUY) and the failure cost its new-ish CEO his job. GFI never recovered from the mess and
the likely reason is its clear ambitions to secure another M&A deal and look to expand via
another corporate avenue. As the aggressor pays the price in this market and GFI is being
marked down on the assumption it will look to buy something else, I’m going to drop this
from the list as a potential under-performer.
 Sandstorm Gold Royalties (SAND): The most disappointing of the supposedly defensive picks
in last year’s basket, SAND wasn’t the worst loser of the 2022 list but it was the worst
royalty/streamer play and the only one between itself, FNV and WPM to drag the portfolio
average lower. SAND ran reasonably well for the first half of the year but then, when its team
decided to concentrate more on corporate deal-making and feathering personal nests than
looking after the company assets, SAND sank quickly and ended the year short of liquidity.
This desk has already made its prediction of more equity financings from SAND clear, the
decision to drop the stock from this list is based squarely on that and the way it is likely to
continue to under-perform until that raising round is done.
The Seven Remainers: Now for a brief word on why we are remaining faithful to seven of the
stocks from last year. Unlike the Copper Basket of TinyCaps list, we didn’t get a large swathe of
“broken stocks” in the producers (as you’d expect from cash flow generators) and as such,
we’re keeping the renovation to the normal levels. Three in/out is the annual average and that
allows continuity on more of the previously featured companies. Here they are:
 Newmont (NEM): In the 2022 intro we wrote that “leaders gotta lead”, so let’s use it again
because it’s difficult not to include the biggest publicly quoted dedicated precious metals
company (a mouthful to remove both BHP and those big Chinese concerns). NEM is the
baseline and while it didn’t have a great 2022, the amount of cash this stock can attract when
miners become a popular purchase means it has to be on the list.
 Barrick (GOLD): Ditto. Barrick isn’t in the position to challenge for the #1 spot any longer,
what with being around U$8Bn behind NEM as 2023 kicks off, but it’s probably the most
mediatic of the PM majors and the Thornton/Bristow double-act works hard on attracting the
deep pocketed US instos. I don’t think too hard about whether or not to include GOLD in the
Producer Basket list, I just do it and make my life a little easier.
 Agnico-Eagle (AEM): It was easier to drop Franco-Nevada than Agnico Eagle in 2023 and
when AEM got the best end of the Yamana deal, AEM getting the choice cut and Pan
American the rest, it made the retainer choice even easier. On that subject, the 488.9m
shares out in the above table is your author’s best guesstimate of the pro-forma total once
the Yamana/Pan American/Agnico deal is closed, as AEM is set to emit shares to AUY holders
for its end of the deal.
9

 Wheaton Precious Metals (WPM): We had three royalty/streamer stocks in last year’s list
due to the plan of playing 2022 defensively. Only one of the three rolls into 2023 and that’s
WPM, for my money the best-positioned of the large streamers to out-perform due to its high
exposure to silver prices.
 Kinross Gold (KGC): This time last year, I justified retaining Kinross in the 2022 basket due
to its “successful” bid to buy Great Bear (ex-GBR) and its highly attractive Dixie project. As
2022 rolled out, that deal soon became an albatross hung round the neck of Special K and
while the last quarter of the year saw some improvement, by the end of 2q22 the damage
had been done and this turned out to be our worst performer of the ten. I thought long and
hard about cutting K this time, but it gets one more chance to impress because if Dixie is the
good thing we suppose, at some point it’s going to start offering new evidence on its promise
and as the bad financial news is now largely baked in, there’s less potential for drag.
 B2Gold (BTG): My opinion on BTG out-performing peers in the first quarter of next year is
now nailed to the mast of The IKN Weekly for everyone to see, it would therefore be silly to
ignore this stock and drop it from the list now. It had a tough 2022, things are now looking
better and its relatively low market cap gives it leverage to a rising gold price.
 Alamos Gold (AGI): Last year’s biggest winner, AGI is the main reason The Producer Basket
managed to beat the benchmark and if only for that. I owe it some loyalty. However, the
other reason to like AGI in 2023 is the same one used to defend its inclusion last year, it’s an
obvious M&A target (though it may try to swallow a smaller fish itself). It has its Mexico assets
back on track and in Island Gold and Young-Davidson, owns two Canadian domiciled mines
that would be proudly held by the very biggest of mining companies. I wouldn’t discount
Agnico (especially as a White Knight) but the obvious buyer for AGI is now Gold Fields (GFI),
as we know for a stone cold fact they want Canada exposure. Maybe even Anglogold Ashanti,
who tried and failed with PureGold and could go the easier route by paying up. Final point:
the newly adjusted share count includes the hundreds of thousands of incentive options that
have been made whole and cashed out by insiders and management in 4q22…at least John
McCluskey had a Merry Christmas.
The Three New Arrivals: We get to the business end of the new Producer Basket. In 2022
the choices were largely defensive, that plan changes for 2023 as we look to build a portfolio
with added leverage compared to the GDX benchmark, one that should out-perform in a bullish
macro background for precious metals. We do this by 1) lowering exposure to the
royalty/streamer sub-sector, 2) swapping out larger market cappers for smaller ones and 3)
adding some extra exposure to silver. It’s no coincidence that in the 2023 list, the three new
stocks are at the bottom of the market cap league table and what’s more, I’ve decided to bend
my own rules this year by including one stock with a sub-billion valuation today. That’s the
blah-blah, here are some details:
1) Hecla Mining (HL): It could have been Pan American Silver, Coeur, Fortuna or even First
Majestic, but on due consideration I’ve plumped for Hecla Mining (HL) as the way to add an
extra slice of silver exposure to the 2023 Producer Basket this year.
There is a badly kept secret among the “silver miners” as these days, they tend to get a
minority of their overall revenues from silver itself. True for all the miners named above (PAAS,
CDE, FSM, AG and HL) but at least in Hecla’s case there’s a decent chunk of revenue either
from silver or the base metals (zinc, lead) that come out the ground as by-products to silver.
And while on the subject, the other option was to go for the much higher percentage of
revenues from silver only offered by MAG Silver (MVG) or SilverCrest (SILV), both coincidentally
with newly commissioned mines in Mexico, but I didn’t want to add what are essentially single-
asset companies to this basket as they aren’t representative enough.
This table shows the HL metals mix:
10

U$m HL: Gross sales by metal
silver gold base
240
220
200 40.1 45.1 52.3
180 46.1 48.4 52.5
33.9 55.0 55.2
160
140 23.7 86.1 44.1
98.5 101.4
120 77.8
100 89.2 95.0 79.6 77.2 82.0
80 90.7 69.3
60
40 61.8 79.7 81.2 77.8 92.8 61.9 61.2 66.3 70.1
20 37.6 45.9
0
1q20 2q20 3q20 4q20 1q21 2q21 3q21 4q21 1q22 2q22 3q22
source: company filings
...in dollar terms per metal over the last quarters and while gold is now the biggest payer, we
like HL because there’s enough silver and by-product to make a difference. The above table
also shows the lower than expected 3q22 numbers, as HL held back around $26m in sales for
Q4 and should allow the company to finish 2022 with a flourish. So the metals mix is okay, but
what tipped the balance and got HL in the frame for 2023 were the other factors it brings to the
table:
1) Geography and political risk. With most of its assets and ops in North America, HL is in
good position to benefit from the political risk trends and the market’s increasing
willingness to pay up for low risk jurisdictions
2) The balance sheet. Not something I’m going to go into great detail about today, but on
examining its books and crunching the numbers I was pleasantly surprised about the
current financial state of HL. Debt well under control, plenty of liquidity and a company
that will be able to ramp up its new acquisition without sweating treasury. And on that
subject…
3) Its purchase of Alexco. It’s no coincidence that HL rallied in Q4 compared to peers
(right) in Q4, as the purchase of Alexco and its Keno
Hill (KHSD) asset in the Canadian Yukon is a clear
winner. The two parts of the deal were a) to secure
the asset by buying out the distressed AXU for
pennies on the dollar due to its own financial troubles
and b) extinguish the large streaming deal on KHSD
silver held by Wheaton Precious Metals (WPM) in an
all-share deal. The dilution wasn’t onerous on either
part and the result is a win-win, with HL in the
position to invest the necessary capital (and to import
the necessary manpower) to turn KHSD from the
misfiring operation of today and move it into full
production by the end of this year.
Aside KHSD, HL also has organic growth baked into its three working mines for 2024 and
beyond, but with KHSD Hecla is in great position to expand silver (and other) production at the
right time. In the past I’ve been critical of this company’s poor track record of M&A but for
once, with the Alexco purchase they’ve got one absolutely right. Therefore HL is my tip for the
out-performance among the larger silver players in 2023.
11

2) Eldorado Gold (EGO): The second new name for 2023 is Eldorado (EGO), which has
turned itself around in the last couple of years and now finds itself in good financial and growth
shape. There are two reasons to pick EGO above other candidate in the Tier 2 gold producer
universe:
1) Skouries. This 3.6m oz Au P+P (with copper credits) development project located in
Greece is the reason EGO out-performed peers in 4q22. The formal decision two weeks
ago to green light Skouries, with a debt package covering most of the initial capex of
680m Euros, didn’t come as a surprise this year but it marks the definitive turnaround
of a project that was in serious environmental jeopardy for many years and along with
its other major development playm the 4.1m oz Kisladag, for a while threatened to sink
the company. With permits now in hand and a national government that has sided with
jobs over the anti-mining environmental lobby, Skouries is set to deliver positive
newsflow in 2023
2) Market Cap and leverage. It 3q22 wasn’t great but with Skouries now going into capital
construction, EGO will be able to harvest more cash to the balance sheet. EGO doesn’t
have a biog market cap compared to its production schedule and that’s a reflection of a
balance sheet that already carries its fair share of debt, but that’s part of the gamble
this year and desire to get as much leverage to gold as possible from three changes.
Until recent EGO was never on my personal shopping list, but the convergence of circumstances
here end 2022 means it could be in the right place at the right time and offers the leverage I’m
looking for in this year’s Producer Basket. I don’t think I’m a buyer, as my personal preference
remains with the next new company on our list (below), but having EGO under closer watch in
2023 is a good idea and if its out-performance follows through in the first quarter of this year,
could give our basket a flying start.
3) Wesdome Gold (WDOFF) (WDO.to): No surprises here, I’ve telegraphed my intention to
include WDO in the 2023 Producer Basket for several weeks. There are, however, a couple of
details to mention:
1) It’s under the normal minimum market cap for this section of U$1Bn. I know I’m bending my
own rules to within an inch of breaking, but this time you’re just going to have to forgive me.
The main reason for The Producer Basket is to keep tabs on what the larger cap stocks are
doing and allow us an easy comparative to our focus sector of juniors, but in this case I am
actively considering WDO as a purchase (despite its large size) and by putting it in the 2023
Producer Basket, I’ll be able to watch its evolution closely. So rules may be rules, but there’s a
practical reason to allow an U$800m market capper in the back door this year…and hey, with
luck it will be over the billion soon enough anyway 
2) As all the other stocks are priced in USD and on the US exchanges, I’m going to be keeping
Wesdome in line and using its US OTC ticker, WDOFF, for tracking purposes this year. In fact
this is no big deal, because WDOFF does plenty of daily volume in its own right and tracks the
main WDO.to faithfully.
12

We’ve picked over the WDO story fairly closely in the last few weeks and the main concept is
that WDO is currently at a low ebb, which should work through once Kiena moves through the
gears as 2023 rolls out.
The 2023 Producer Basket Conclusion: In 2022 we went for a defensive list and while it paid off
(I suppose) with a small win over the benchmark, it wasn’t anyone’s idea of a sparkling
performance. So for 2023 and the potential for gold (and silver) to appreciate against both US
Dollar and other asset classes, I feel it’s time to be a little more daring and expose The
Producer Basket to more upside leverage. The result is to have cut one of the biggest caps in
FNV, cut streamer/royalty components to just one (WPM), add silver exposure in HL and make
all three of the new additions on the low end of the market cap scale (very low in the case of
WDOFF, also included as a potential trade for my own portfolio). So the bet on our annual race
against GDX but please recall, that’s very much a sidebar issue and the true reason The
Producer Basket exists is to track the comparative performance of the larger producers
compared to our focus sector, that of the juniors.
The New TinyCaps Basket List
For the quickest reminder of the rules, these stocks should have a market cap of under C$20m,
though if pushed I allow U$20m as the upper limit. We’ve adhered to that this year with the
biggest market cap of our ten stocks at C$18m. As usual, the 2023 TinyCaps category got the
most suggestions from you, the kind readership of The IKN Weekly, and I’ve used quite a lot of
the ideas in a list that sees six of the ten in the 2022 swapped out for new names and ideas.
It’s not normal to change this many in any of the lists, but I’m glad to do so because the 2022
basket got nowhere fast and several of the stocks became low volume zombies. So without
further ado, here’s the 2023 list with notes and thoughts below:
company ticker price 1/1/23 Shares out Mkt Cap current pps gain/loss%
Aurelius Min AUL.v 0.07 49.787 3.49 0.07 0.0%
Coast Copper COCO.v 0.045 64.001 2.88 0.045 0.0%
District Metals DMX.v 0.075 86.891 6.52 0.075 0.0%
Latin Metals LMS.v 0.13 69.962 9.10 0.13 0.0%
Manitou Gold MTU.v 0.02 344.568 6.89 0.02 0.0%
Nine Mile Metals NINE.cse 0.29 57.025 16.54 0.29 0.0%
Palamina Corp PA.v 0.08 65.285 5.22 0.08 0.0%
Precipitate Gold PRG.v 0.075 130.367 9.78 0.075 0.0%
South Star STS.v 0.55 32.755 18.02 0.55 0.0%
Viva Gold VAU.v 0.14 91.608 12.83 0.14 0.0%
Prices in CAD$, data from TSXV basket avg 0.00%
13

The Six Leavers: We say goodbye to these stocks:
 Golden Pursuit (GDP.v): Here’s the whole of GDP’s newsflow for 2022:
Jan 6th: GDP announced it had closed its financing round that was open from late 2021
June 28th: GDP announced it had completed rock sampling and geophysical surveys at its main
Gordon Lake project
July 4th: GDP published a link to a news report on the company
September 12th: GDP announced it had received its permits for the Gordon Lake project
And that’s it, the whole of 2022 at GDP. So call me crazy, maybe I’m ducking out just at the
wrong time and this company will now come alive in 2023 and deliver a series of market-
moving releases in the year to come now it has its permits in-hand, but I’m willing to take the
risk of dropping it from what is supposed to be a representative list of tinycappers.
 Infield Minerals (INFD.v): We included INFD year after it had been severely beaten up at
market from its IPO in mid-2021, despite not having returned many drill results from its
projects in Nevada USA. We gave it a sporting chance to deliver the goods, instead it returned
dusters on the holes it sank and now, INFD is looking for new projects.
 Kingfisher Metals (KFR.v): One of the more interesting tinycappers to follow over the year, at
least we cannot accuse KFR of inactivity. However, results from its Cloud Drifter project have
been mediocre at best and while it will remain in the corner of my eye when it announces drill
results in the future, it’s had its three strikes and the stock price has duly broken.
 Melkior Resources (MKR.v): The reason to include MKR in the 2022 list was its Carscallen
project, but when that returned ho-hum results (good grades, but widths inadequate for the
depths involved) and MKR turned its attention to its second-string Genex project, the yellow
flag showed. That’s now a red flag, as despite the way Genex has been drilled over the
decades, the way MKR tried to present mutton as lamb in its first assay returns was enough
for this desk. This junior now looks stale and it’s not a difficult decision to leave its space for
another.
 Signature Resources (SGU.v): This company has cost money to at least some of the Twitter
followers of The Usual Suspects, starting badly and getting worse all year. It ended with a
rollback and has crushed original investments by over 90%.
 Winshear Gold (WINS.v): Small sister stock to Palamina Corp (PA.v), WINS makes way to
accommodate the refugee from the main Stocks to Follow list.
The Four Remainers: Just three stocks make the cut from the 2022 list, here they are with a
couple of words as to why they stay.
 Aurelius Minerals (AUL.v): Call me a sucker for punishment. AUL was beaten to within an
inch of its life and as we noted last weekend, its recently announced “keep the lights on”
private placement smacks of a company with zero cash left and was struggling to get the
year-end audit paid. With the stock price this broken it was tempting to drop it entirely but
as the TinyCaps list isn’t about picking winners and more about showing a representative
mix, AUL stays in as a candidate for the “what goes down…” school of optimism and AUL
would only have to re-capture a small part of its 2022 losses to provide a solid double for
risk-takers at this level today. From sheer curiosity, I’m leaving it in for one more year.
 Latin Metals (LMS.v): It’s done enough to retain its place in TinyCaps this year and while
I’m not champing at the bit to own or buy, it’s one of the few truly potentially interesting
tinycappers in the world today. LMS has a good geological team behind it, has a major
backer in the shape of Barrick (optioning in on some of its projects) and most importantly, it
has a lot of prospective exploration territory in the right places of South America. If “land”
(in its most general terms) becomes more valuable to the world of explorecos, LMS should
do well and on top of that, its relatively low overall market cap means a real discovery from
one of its prospect generator partners, Barrick or other, would quickly propel its share price
higher. Undoubtedly high risk, but the potential reward is there as well.
14

 Manitou Gold (MTU.v): Despite MTU’s share price being beaten down to just 2c by the
end of 2022 and arguably broken, it stays on the list because there’s still the plan to spin
parts of this company off and that could provide enough value to make a 2c loser into a
winner. I’m intrigued enough to keep it on the radar.
 Precipitate Gold (PRG.v): It has its traditional Dominican Republic angle but, in true Jeff
Reeder style, it’s now also a geography chaser and has secured a piece of the newly
fashionable Newfoundland, with prospects to drill in 2023. I don’t expect much from this
stock but it’s always going to try to please market players and stockflippers.
The Six New Arrivals: With six out, there are six in and though two of the companies are
known to these pages, the other four are brand new ideas and most of them thanks to reader
suggestions.
1) Coast Copper (COCO.v): A refugee from the
2022 Copper Basket, COCO was a tinycapper example
of a copper stock last year and got nowhere. This year
its place in The Copper Basket is taken by Atacama
Copper and while this is probably best considered a
demotion for our purposes, COCO isn’t dead and if it
can improve on the drill returns from 2022, there may
be life in this story yet. We like the way COCO raised
treasury last year by selling non-core properties for
cash and keeping dilution down, this means it has the
money required to go drilling in the first part of 2023
and after its stage one results, it probably has some
targets in mind as well.
2) District Metals (DMX.v): First and foremost, this tinycap caught my eye in the initial DD
filtering because Doug Ramshaw is a director. If that’s the case, you can at least presume the
management team will be honest and will pull in the
same direction as its shareholders, which is often half
the battle in choosing your high risk pennycrapper.
The other half is choosing a company with
interesting assets and DMX catches the eye with its
suite of concessions in Sweden and specifically, the
Tomtebo project in North Sweden that sits 25km
from and on the same mineralized trend as the
Boliden Mining Garpenberg zinc mine, one of the
world’s most profitable zinc mining operations. The
DMX Tomtebo has seen historic production but has
never been systematically explored using modern
techniques and that’s where DMX comes in. Zn is not “sexy” and never will be among the
metals targets, but profit is profit and DMX is exploring for the type of high-grade mineralization
with excellent mining margins that’s being produced just down the road. So with a decent story,
Sweden’s mining district offering low political risk and the bonus of seeing a trustworthy face
such as Ramshaw on the team, this gets its place in the 2023 TinyCaps list so that we can
follow its fate more closely.
3) Nine Mile Metals (NINE.cse): A recent market
hotpot, NINE could be the next Big Thing in the
Canadian VMS scene…or it may turn out to be
nothing. However so far so good at its Nine Mile Brook
VMS project, a concession area that hosts three main
targets in Nine Mile, California Lake and Canoe
Landing. The area is a large VMS target, mineralization
15

that is typically very rich in its target metals (here it’s mostly, copper, zinc and silver with some
lead) and in its early drill work from both Nine Mile and California Lake, NINE.cse has seen
assays of over 10% copper, over 10% zinc and plenty of silver content as well. The main
questions marks are extension and width of the VMS lenses being targeted and so far things
have been reasonable without hitting paydirt of total widths.
NINE made plenty of market noise in late 2022 and saw its share price climb from pennies to its
current level as a result. If it can return a hole that gives high grade VMS mineralization and the
type of widths that make a mine, the sky’s the limit. On the other hand, this is exploreco
speculation and if it turns out to have just a few thinnish lenses stacked between barren
material, the story will become a tougher sell. Worth watching this year and the drillbit has
demonstrated it potential, so it’s part of the 2023 TinyCaps scene.
4) Palamina Corp (PA.v): The “new guy” we know most about, as PA has been shipped
down here from the ‘Stocks to Follow’ list having
done very little in the last year and a half, aside form
lose market cap value. There’s still a lot to like about
PA if (and only if) it gets its act together and starts
exploring its main Puno Orogenic Belt in the South of
Peru (or cuts a deal with a major and uses OPM to
do so on its large swathe of concessions there), and
to his credit, CEO Andrew Thomson runs a very tight
ship and keeps cash burn down to the strictest of
minimums which helps counter the seemingly
interminable permitting process PA has been through
on its most prospective targets.
5) South Star (STS.v): This one was suggested by at least two subscribers and makes the
cut due to its exposure to the hyped-up world of
Battery Materials. In the case of STS the target is
large flake graphite, but unlike so many
other…errr…flakey explorecos in this sector, STS is
moving forward and is now constructing its first
operation, namely the Santa Cruz mine in Brazil. The
capex is reasonable for this first phase of operations at
under $30m and first production is due in 4q23, so
we’re less than a year from real sales and cash flow if
things go to plan (what could possibly go wrong?).
It’s a big ask to expect a small junior to deliver on
time and in budget without any major glitches once
production begins, but if STS can do that it will surely
see decent price appreciation from these low levels and once it does, there’s expansion from
the second stage of production at Santa Cruz (which should start its own permitting track in the
next quarter), as well as its second graphite property in The USA. I’m not champing at the bit
to own this, but I am interested enough to include STS in the 2023 TinyCaps basket and keep a
close ey on its progress.
6) Viva Gold (VAU.v): This is the stock brought in to replace the wholly disappointing Infield
(INFD.v) from last year’s list. I like the idea of having a tinycap exploring Nevada for the next
Long Canyon or similar and that’s what VAU is doing at its Tonopah project, named after the
local town and on the Walker Lane mineral trend, West Nevada.
For several years VAU was in the $25m to $30m market cap range and slightly too expensive
for the TinyCap basket to consider, but mid-2021 to today has seen the price slip and at under
C$13m this weekend, it’s a reasonable candidate. Also good to see the most recent RC drilling
16

returns from its main target, the Tonopah pit extension that shows thinnish widths, but good
grades and in theory at least, mineable as an open pit operation. VAU needs to add scale to its
mineral resource to get the pulse really racing but at this market cap and with its safe address,
the price looks right to follow as a spec trade.
The bottom line: With that, we end our presentation of the three 2023 comparative baskets.
Plenty of changes this year, with seven new stocks in the Copper Basket, three newbies in the
Producer Basket and while it’s less important and more for macro tracking, six new names in
the TinyCaps basket as well. That little lot as added plenty to the word count of a supposed
“Bare Bones” holiday edition.
We will get back to normal service as from next weekend but before we can sign off today, we
need to round out the 2022 lists and we do that below. But first, the Stocks to Follow list and
some very brief notes.
Stocks to Follow
The week didn’t bring much of a Santa Rally and, though the price of gold improved (GLD proxy
up 1.4%) and closed above the U$1,800/oz line, PM stocks were generally soft with GDX down
0.7% and GDXJ down 1.3%. In that context our list did okay, with eight winners over the
shortened trading week (ARG.to, WRN.to, QCCU.v, APN.v, PA.v, CTGO, XYZ.v, MENE.v) and six
unchanged stocks (MAI.v, RIO.v, NCAU.v, ALDE.v, PGM.v, ATC.v). Of the four losers (ABRA.v,
ORX.v, CKG.v, MIRL.cse) only AbraSilver came from the main trades. In the big movers list
there were two downers in Orefinders (ORX.v down 11.1%) and Minera IRL (MIRL.cse down
10.0%), then two uppers in Mene Inc (MENE.v up 12.4%) and Anacortes (XYZ.v up 9.8%).
As advertised last weekend, we’ve removed some of the brushwood from the Speculative
Trades list in order to leave room for new positions if required by 2023, leaving 16 open trades.
Four of those are green, one is unchanged since inception and 11 are in the red, a ratio that
needs to improve.
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$1.32 -2.9% CheapCu w/low downside risk
Western Copper WRN.to BUY C$2.02 13-Nov-22 C$2.41 19.3% New trade, watched for months
QC Copper&Gold QCCU.v BUY C$0.275 25-Apr-21 C$0.165 -40.0% Now drilling. Easy hold
AbraSilver Res. ABRA.v BUY C$0.38 4-Dec-22 C$0.35 -7.9% 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
17

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$0.04 0.0% Plan to build position at 4c
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$1.89 -38.4% 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
Altiplano Metals APN.v HOLD C$0.31 17-Sep-21 C$0.145 -53.2% Cheap entry, plan on track.
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.045 -76.9% 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$22.92 -1.4% Dropping from watch list
Anacortes Mining XYZ.v WATCH C$0.49 22-Jul-22 C$0.45 -8.2% potential gold exploreco trade
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.66 6-Dec-20 C$0.50 -24.2% LT bet, adding slowly
CLOSED TRADES IN 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
2015 to 2021 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on just a couple of the covered companies:
Pure Gold and Palamina Corp: Dropped from list. In the case of Pure Gold (PGM-h.v) it
was becoming illogical to hold it on the list; a tiny trade to begin with and in trouble for weeks
since the mine was place on Care & Maintenance, this was a high risk punt and a toehold trade
that could have scaled if things had gone well, instead it became a washout. But that’s okay,
we went in with eyes wide open and money that could be lost without (much) regret).
In the case of Palamina (PA.v), the stock is being moved to TinyCaps because it hasn’t done
much in the last few months and until it shows some real news, it’s a burden on the main
Stocks to Follow list rather than a benefit. I’m not giving up on PA and if “land” becomes a
more valuable commodity in the year to come, it could easily re-float on its large holdingof a
prospective and under-explored PM zone in South Peru, as well as its invaluable experience in
the region.
QC Copper & Gold (QCCU.v): A modicum of insider buying to close out the year, as CEO
Stephen Stewart picked up 100k shares to raise his stake to 3.5m. It’s been a tough year for
this stock, the macro headwinds not helped by the company setting back its next Mineral
Resource Estimate (MRE) from end 2q22 to “early in 2023”, which we assume as the coming
quarter. The company also found issues in trying to get the word out about its plans for
Opemiska and its 2022 drill program, though successful in many ways, failed to capture the
attention of the retail market. We’ve held on through this period because the baseline
economics of Opemiska are set to be impressive, despite the low-ish headline grades, because
its mining costs are framed as very low and should make for a profitable mine. Therefore, once
the MRE is published and QCCU can then demonstrate project economics in a solid PEA, we can
look forward to better times for the share price. Behind ARG and WRN, I consider WCCU my
18

third-string copper trade but that doesn’t make it minor in importance, as this one has the
opportunity to really move far and fast if the market swings in its favour.
Orefinders (ORX.v): ORX finished down 11.1%, which sounds a lot for half a cent and a drop
on the last trading day of the year as someone dumped half a million shares onto a thin
market. So we’re back at what I consider to be a reasonable price to pick up shares, though
personally I have all I want at this early stage.
The Copper Basket
After fifty-two weeks of 2022, The Copper Basket shows a loss of 44.61% to level stakes:
company ticker price 1/1/22 Shares out Market Cap current pps gain/loss%
1 Western Copper WRN.to 2.00 151.597 365.35 2.41 20.5%
2 Copper Mtn CMMC.to 3.42 210.166 359.38 1.71 -50.0%
3 Marimaca Cop MARI.to 3.77 88.028 283.45 3.22 -14.6%
4 Nevada Copper NCU.to 0.71 658.638 191.01 0.29 -59.2%
5 Oroco Res OCO.v 2.04 207.033 188.40 0.91 -55.4%
6 Regulus Res. REG.v 1.06 121.91 134.10 1.10 3.8%
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 52.27 0.34 -71.2%
10 C3 Metals CCCM.v 0.16 645.379 35.50 0.055 -65.6%
11 Doré Copper DCMC.v 0.79 84.1 28.17 0.335 -57.6%
12 QC Copper QCCU.v 0.34 150.736 24.87 0.165 -51.5%
13 Kutcho Copper KC.v 0.88 103.94 23.39 0.225 -74.4%
14 Element 29 Res ECU.v 0.58 79.24 12.68 0.16 -72.4%
15 Coast Copper COCO.v 0.13 64.001 2.88 0.045 -65.4%
NB: All stocks in CAD$ Portfolio avg -44.61%
The final week of the 2022 trading year finished
The Copper Basket 2022, weekly evolution
10%
with five stocks down in The Copper Basket
0%
(CMMC.to, OCO.v, MNO.to, DCMC.v, ECU.v), four
unchanged (MARI.to, HCH.v, CCCM.v, ALDE.v) -10%
and six stocks up (NCU.to, WRN.to, REG.v, KC.v, -20%
QCCU.v, COCO.v). The basket average added -30%
1.5%, mostly thanks to big week-over-week -40%
winners Regulus (REG.v up 20.9%), Nevada -50%
Copper (NCU.to up 16.0%) and Coast Copper -60%
(COCO.v up 12.5%).
Copper-the-metal had a quiet week, the HGH23
futures contract trading just over
U$3.80/lb over all days and finishing just
over the line and the lack of volatility the
main takeaway.
It’s the end of a quarter as well as the
year, which means it’s time for our final
2022 snapshot of the 15 component
stocks and their relative trading. We begin
with the comparative chart (below):
19
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 t03ced
source: IKN calcs

The 2022 Copper Basket components after 52 weeks
20
%5.02
%8.3
%1.7- %6.41-
%0.94- %0.05- %5.15- %4.55- %6.75- %2.95- %4.56- %6.56- %2.17- %4.27- %4.47-
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
-60%
-70%
-80%
ot.NRW v.GER v.EDLA ot.IRAM v.HCH ot.CMMC v.UCCQ v.OCO v.CMCD ot.UCN v.OCOC v.MCCC ot.ONM v.UCE v.CK
source: TSX, IKN calcs
The year’s best performer was clearly Western Copper & Gold (WRN.to), which led the pack at
the end of every quarter and finished with a flourish as the market began to wake up to its
buyout potential. Improving 20% in a tough year is a good result. Second place went to
Regulus Resources (REG.v), with the Friday tape painting (see below) enough to make it our
only other YoY positive performance. Then came the regular performers Aldebaran (ALDE.v)
and Marimaca (MARI.to) and of the two, Marimaca has been the more popular hold and trade
while ALDE has suffered from thin volumes most of the year.
However, those four are the only “defendible” stocks of the 2022 basket. The 49% loss from
Hot Chili (HCH.v) put it just on the other side of the megafail line but is no real excuse; the
overriding narrative for copper stocks in 2022 is the amount of broken stories and so many
companies lost at least 50% of their market price (though not their market cap, as another trait
was the highly dilutive financing). Tough to find a silver lining in a set of stocks with that type
of 12 month performance.
The other charts to tie off this week are the long-term copper inventory trackers, which saw
little change in the copper held in LME, SHFE and (to a lesser extent) Comex and remain at
close to the same level as the November numbers.
Copper inventories: percentage held per exchange
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von
LME Shanghai Comex source: Cochilco
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von
Mt Cu
Comex
Shanghai
LME
source: Cochilco
No news is good news, I suppose. We now move to our regular weekly update on the world
copper inventory scene, data from Chile’s Cochilco:

 The overall inventory aggregate of the world’s three official systems dropped by 14,770
metric tonnes (mt) last week, closing at 179,980mt.
 A modest increase in copper inventories at the Shanghai SHFE, stocks closing up
5,227mt at 69,268mt.
 The big change at the LME happened in one place, with 7,275mt of copper arriving at
its Rotterdam warehouses in
Holland and making up the vast
majority of the total 7,525mt
added worldwide on the week.
LME inventories stand at
88,925mt as the New Year begins.  Comex copper inventories put in
another tiny drop, down by 91mt
on the week to close at 31,109mt.
No biggie.
Just the one dedicated SHFE chart this
weekend, as there’s very little change to report. Seasonality of SHFE stocks means we should
be at a low around now and with Chinese New Year 2023 coming relatively early in 2023 (the
“Year of the Rabbit” starts on January 22nd), the re-stock of SHFE tonnages should begin soon.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
21
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
LME: Cu tonnage under cancelled warrant
Mt Cu
|
source: Cochilco
Now for a few notes on some basket component stocks:
Copper Mountain (CMMC.to): CMMC adds insult to injury and closes its train wreck of a year
by adding a cherry on top of its cake on Thursday afternoon (1):
VANCOUVER, BC , Dec. 29, 2022 /CNW/ - Copper Mountain Mining Corporation
(TSX: CMMC) (ASX: C6C) (the “Company” or “Copper Mountain”) reports that the
Company’s IT systems at its Copper Mountain Mine and corporate office were subject
to a ransomware attack late on December 27, 2022 . The Company quickly
implemented its risk management systems and protocols in response to the attack.
The Company has isolated operations, switched to manual processes, where possible,
and the mill has been preventatively shutdown to determine the effect on its control
system.
The Company’s external and internal IT teams are continuing to assess risks and are
actively establishing additional safeguards to mitigate any further risk to the Company.
Copper Mountain is investigating the source of the attack and is in contact with the
relevant authorities, who are assisting the Company.
There have been no safety or environmental incidents as a result of the attack. The
Company’s main priority is to continue to ensure safe operations and limit operational
and financial impacts.
Considering the rank amateurism shown at directorial level this year, most notably when
allowing the Corporate Secretary and CFO to get away with blatant insider trades, it’s hard to
be too shocked about this. How did the hackers find a way in, via a phishing e-mail to some
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
05811
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 ts1naJ
mt Cu
source: Cochilco

director? Were they running everything on Windows 2003? Whatever the circumstances and
details might be, the feeling of a company shutting its IT gate after the horse has bolted is
strong. As a result, CMMC had a bad Friday and closes the year exactly 50% down.
And so farewell, CMMC, a company we may revisit in the future if Zeta stops its selling and if
CMMC gets its operational act together again. At least we will see a new CEO at the company, if
a new broom drags it into the 21st century then so much the better.
Regulus Resources (REG.v): When you have large insto holders, you have the opportunity
to see your tape painted on the last day of the year.
As noted last weekend, the write-up in IKN707 that pointed to REG as ready for a technical
price rebound was nicely timed. That weekend REG was a 68c stock, which means it’s up
61.8% in just under a month.
The Producer Basket
After 52 weeks of 2022, the Producer Basket shows a loss of 7.42% to level stakes:
company ticker price 1/1/22 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 62.02 799 37.71 47.20 -23.9%
2 Barrick GOLD 19.00 1761.54 30.26 17.18 -9.6%
3 Franco-Nevada FNV 138.29 191.66 26.16 136.48 -1.3%
4 Agnico Eagle AEM 53.14 455.157 23.66 51.99 -2.2%
5 Wheaton PM WPM 42.93 451.963 17.66 39.08 -9.0%
6 Gold Fields GFI 10.99 887.72 9.19 10.35 -5.8%
7 Kinross Gold KGC 5.81 1256.1 5.14 4.09 -29.6%
8 Alamos Gold AGI 7.69 393.1 3.97 10.11 31.5%
9 B2Gold BTG 3.93 1074.567 3.84 3.57 -9.2%
10 Sandstorm SAND 6.20 223.79 1.18 5.26 -15.2%
All prices and stock quotes in U$ Port. avg -7.42%
The three risers on the week (FNV, BTG, AGI) brought enough counterpoint to the seven losers
22

(the others) to maintain our lead against the GDX benchmark and win out on the year by
exactly 1.01%. Not exactly hitting it out the park, but a win is a win.
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%
Overall it was a quiet week among the PM
producer stocks and not so much to report,
so we move quickly on to the end-quarter
review (right). No doubt about the most
impressive move of Q4, that was Alamos
Gold (AGI) which went on a full-scale surge
and turned into our only net winner of the
year. Franco-Nevada (FNV) nearly joined it,
but the fun and games at Panama Cobre
took enough of the edge from its year-end
run to see it finish slightly under the line.
One notable factor of Q4 was how all our
ten component stocks returned quarter-
over-quarter gains. The least impressive was that of Sandstorm (SAND) which improved just a
couple of tenths, then aside from the impressive AGI the best moves came from Gold Fields
(GFI up 20.6%), thanks to its rebound once the Tamana deal fell through, then Agnico (AEM up
18.3%) which gained plenty of friends on its 3q22 results and guidance into the New Year, as
well as getting the best of the re-worked AUY deal y backstopping Pan American. Down at the
bottom of the pile, Newmont (NEM) was probably the biggest disappointment of the year
(though Kinross deserved the epithet given to its assets by Mark Bristow).
The TinyCaps List
After fifty-two weeks of 2022, the TinyCaps show a loss of 36.86% 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 3.49 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 1.45 0.03 -50.0%
Kingfisher Met KFR.v 0.30 103.06 13.91 0.135 -55.0%
Latin Metals LMS.v 0.12 57.686 7.50 0.13 8.3%
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 9.78 0.075 -28.6%
Signature Res SGU.v 0.35 55.14 3.31 0.06 -82.9%
Winshear Gold WINS.v 0.08 72.44 3.98 0.055 -31.3%
Prices in CAD$, data from TSXV basket avg -36.86%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
23
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 t03ced
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 ht6ram ht31 ht02 ht72 dr3rpa ht01 ht71 ht42 ts1yam 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 ht03ced
source: IKN calcs, NYSE data
The 2022 Producer Basket components after 52 weeks
%5.13
%3.1- %2.2-
%8.5- %0.9-
%2.9- %6.9- %2.51-
%9.32-
%6.92-
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
AGI FNV AEM GFI WPM BTG GOLD SAND NEM KGC
source: NYSE, IKN calcs

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.
We can finally wrap up this wholly broken basket for 2022, with plenty of stocks being swapped
out for the year ahead (see above). As for this
final week, there were four winners (AUL.v, 15% TinyCaps, 2022 weekly tracker
INFD.v, KFR.v, PRG.v) and four unchanged 10%
5%
stocks (GDP.v, MTU.v, MKR.v, SGU.v), with two 0%
losers (LMS.v, WINS.v) leavening the dough. -5%
-10%
-15%
That’s a wrap on the 2022 TinyCaps basket, far -20%
-25%
from the most successful basket feature we’ve -30%
-35%
run in The IKN Weekly. It didn’t provide much
-40%
of a signal for the sub-sector and for other -45%
-50%
stocks, mostly due to the wholly negative
macro circumstances in Q2 and Q3 which broke
too many of these small caps and saw
speculative money move to larger vehicles and
more selective targets. In fact the “these tinycaps were horrid” is the only useful conclusion left
to draw from the 2022 period. The 2023 list has been changed considerably and fresher ideas
brought in, we’ll see if macro circumstances are conducive to these most volatile (and
potentially lucrative) of shares.
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
Deferred
There have been a few developments in Ecuador, Peru and Chile, but nothing that cannot wait.
And of course, Lula da Silva was sworn in as Brazil’s President earlier today, but you only had to
dial up the price chart of Belo sun (BSX.to) to know that 
We’re back to normal service next weekend but until then, please don’t take any exposure to
Colombia mining stocks.
Market Watching
Deferred
Back to normal service next week.
Conclusion
IKN711 is done, we end with bullet points:
 Back to normal service next week and in the meantime, we market watchers will be on
the lookout for one of those classic, post-taxloss rebounds in stocks that were beaten
down during late November and December.
24
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 t03ced
source: IKN calcs, TSX data

 I’m looking forward to 2023, the market for metals and therefore miners does have the
shadow of world recession to contend with but, it’s also playing closely these days to
the original Stagflation playbook we roughed out around mid-2022. It’s taken a while
for the Plain Vanilla Recession narrative to cede ground and in that time, metals such
as copper took a dive I didn’t expect. But that was then and this is now, it’s time to see
whether metals can rally even as the world goes into a slump, be it minor or major.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
Footnotes, appendices, references, disclaimer
(1) https://cumtn.com/investors/press-releases/2022/copper-mountain-mining-subject-to-ransomware-attac-4881/
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
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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
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
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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
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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