IKN #719Premium

The IKN Weekly
Week 719, February 26th 2023
Contents
This Week: Trade heads-up, In Today’s Edition, I’ve rejoined Twitter, Hot PCE beats hot CPI
and both beat gold.
Fundamental Analysis: Buying more SolGold (SOLG.to) (SOLG.L), Deferring on Amerigo
Resources (ARG.to).
Stocks to Follow: ATAC Resources (ATC.v), Western Copper & Gold (WRN.to), Minera Alamos
(MAI.v), Rio2 Ltd (RIO.v), Chesapeake Gold (CKG.v).
Copper Basket: Overview, Hot Chili (HCH.v), Arizona Sonoran (ASCU.v), Solaris Resources
(SLS.to), Atacama Copper (ACOP.v).
Producer Basket: Overview, Wheaton Precious Metals (WPM), Newmont (NEM) and Newcrest
(NCM), Eldorado Gold (EGO) (ELD.to).
TinyCaps Basket: Overview, South Star (STS.v), Coast Copper (COCO.v).
Regional Politics: Peru looking to improve its image at PDAC, Panama: The First Quantum
(FM.to) Panamá Cobre mine stops processing, Ecuador: Quito will get its anti-mining
referendum, Chile’s currency weakens.
Market Watching: Wesdome Gold (WDO.to) (WDOFF): 4q22 financials and a view on its
trade potential, Equinox Gold (EQX) 4q22 financials review.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Trade heads-up
Last week I announced a new speculative position in Solgold (SOLG.L) (SOLG.to) and duly
acted on the decision. In the coming week I will be adding to the same SOLG position and
moving it up to a full Recommended Stock on the Stocks to Follow table.
 Today’s edition isn’t as comprehensive and complete as I wanted it to be, but we still
cover plenty of bases and get then main tasks done. The biggest missing piece is that
of our biggest copper position, Amerigo Resources (ARG.to), which filed its YE financials
last weekend and I was planning to write up the stock in today’s Fundies space.
However the short note about the brand new trade in SolGold (SOLG.to) (SOLG.L)
survived my difficult weekend, as it’s dawned on me that my first-foot position isn’t big
enough and the M&A move could come at any moment. This is more pressing.
 Copper took a bit of a beating on Friday on the back of the US market’s latest fetish
dataset, the CPE. We take a step back and try to make the point that running behind
the copper news cycle isn’t the way to make money from the metal in 2023. That’s
today’s Copper Basket section.
 Among the large caps and Tier 2 companies, last week saw annuals filed by plenty of
companies followed on these pages. Wheaton (WPM) was unimpressive, Newmont
(NEM) and the closely followed Wesdome (WDO.to) were both in-line, but Eldorado
(EGO) confirmed the promised of its January 16th NR and reported a strong Q4 as well
as good looking guidance. All those are in today’s report to a greater or lesser extent
and we also add a first overview look and potential trade thesis on Equinox Gold (EQX)
1

as, to my own surprise, its 4q22 and YE2022 financials were nowhere near as bad as I
thought they’d be.
I’ve rejoined Twitter
For what it’s worth and your information, after mulling the idea over a while and then asking a
few trusted brains who still use the thing for information and idea on mining, I last week
rejoined Twitter. You can find my page at https://twitter.com/Mark_IKN or search the name
@Mark_IKN (that’s an underbar between “Mark” and “IKN”) and I’d be honoured if you
followed the handle.
It wasn’t a sudden decision and I’m aware of the pros and cons of the site, so instead of
following hundred of people and getting all types of opinions on all types of things put in front
of my eyes, I plan to be selective in my follows and use the medium to add to the conversation,
rather than consume it. That’s a long-winded way of asking you not to be offended if I don’t
follow, as my Twitter sanity will depend among other things on not having a constant spigot of
Tweets and information passing through. I’m keeping it as on-point about the mining sector
and on my focus sector as possible. It’s now five days into the return and so far I’ve enjoyed
the experience and return (and thank you to those of you who took time and some keystrokes
to welcome me back, all very kind) so expect Twitter to become a permanent outlet for my
random braindroppings on the wonderful world of junior mining, plus the occasional thought on
LatAm political risk. Finally and to be clear, the missing ARG.to note is nothing to do with me
hanging around for hours wasting my time again on Twitter. The weekend has been
unexpectedly difficult for family reasons, not due to business.
Hot PCE beats hot CPI and both beat gold
In last weekend’s brief opener note, “Nothing changed in The USA last week”, we picked up on
how the Fed hawks had been given their wings and were in the process of talking up a highly
unlikely 50bps rates rise at the next FOMC. We found that funny at the time, so this week’s
newsflow on the same subject also caused due mirth:
Feb 24 (Reuters) - Cleveland Federal Reserve President Loretta Mester said on Friday
that she was keeping to her previous forecast made at the end of last year for the U.S.
central bank's interest rate peak as economic data since then has not caused her to
change her mind.
"I had my funds rate a little bit above the median in that projection, and I haven't really
seen much change in my outlook for the economy since that time," Mester said in an
interview with broadcaster CNBC.
"So I see that we're going to have to bring interest rates above 5%...I do think we need
to be somewhat about 5% and hold there for a time in order to get inflation on that
sustainable downward path."
The same person with the “compelling case” for a 50bps rise one week ago now wants
“somewhat about” 5% along the line of the “same plan” she had in late 2022, with the Fed
holding rates at some level between 5% and 6% for an extended period until such time as
inflation comes until full control. I suppose by that she means back to 2% in 2025. Calling this
constantly changing narrative asinine is the least epithet possible.
Meanwhile, it’s taken the financial world exactly two months to find a new dataset with which to
obsess. It only seems like yesterday that CPI took over from the US Jobs Report as the most
telling and market moving macro catalyst of the trading month, but CPI isn’t enough these
days, now we get to drill down on inflation data and care more about “The Fed’s favourite
indicator”, PCE (2):
Inflation in the US, as measured by the Personal Consumption Expenditures (PCE)
Price Index, rose to 5.4% on a yearly basis in January from 5.3% in December, the US
Bureau of Economic Analysis reported on Friday. This reading came in higher than the
market expectation of 4.9%.
The annual Core PCE Price Index, the Federal Reserve's preferred gauge of inflation,
edged higher to 4.7% from 4.6% in the same period, compared to analysts' forecast of
4.3%. On a monthly basis, Core PCE inflation and PCE inflation both rose 0.6%.
Further details of the publication revealed that Personal Income rose by 0.6% on a
2

monthly basis in January and Personal Spending increased by 1.8%.
The theory goes that as inflation is being driven more by supply crimps than demand
destruction, as long as consumers have disposable income they’re going to find a way of
spending it. This in turn will get the Fed to consider raising rates higher and for a longer time in
order to “tame inflation”, the current euphemism for “putting millions of people out of work and
scaring the others into not spending their savings. Here’s how it sounds when financial analysts
write the same thing:
Commenting on the data, "risk markets are taking a beating amid a firmer PCE print
and strong consumer spending," said TD Securities analysts. "With market pricing for
Fed hikes set to move even higher, the odds of a hard landing are also increasing. This
spells bad news for both precious metals and base metals moving forward."
And yes, all this is viewed as gold bearish by the current market. The combo of continued
inflation and higher rates is the same one that dampened the prices of metals in mid 2022, but
once again we need to point to the basic difference between recession, which is commodities
bearish, and stagflation which is likely bullish. We’re faced with the latter rather than the former
and anyone versed in the reality of South American economics knows that consumers do not
stop spending in inflationary environments, instead they intuit that their money will be worth
less tomorrow than it’s worth today and will go out and buy that white good before 5% is
added to the ticket price. However, if market sentiment is set for “recession” then no matter
whether wise or foolish, participants will react according to their playbook and that probably
means gold is in for a rough period until the Fed decides it has found its new ceiling level for
base rates. That or the US inflation readings start dropping again. Until such time, these charts
are not going to pick up much of a bid.
GLD gold holdings, 2022 to date (metric tonnes)
1140
1120
1100
1080
1060
1040
1020
1000
980
960
940
920
900
880
860
Fundamental Analysis of Mining Stocks
SolGold update
Following on from the extended strategy note on SolGold (SOLG.to) last weekend, this update
brings new information as well as a change in trade strategy for your author. Firstly the
newsflow and on February 22nd SOLG announced (3) the Publication of missing Prospectus, the
document that needed to be updated and completed in order to allow the merger with
Cornerstone to close. The companies didn’t wait around once the job was done and just two
days later on Friday 24th, the important news dropped (4), “SolGold Completes Cornerstone
Merger.”
This now leaves the road clear for the company and its new strategic drivers, Maxit Capital
(aided and abetted by Nick Mather) to make good on their strategy and sell the company to the
highest bidder as quickly as possible. What’s more, as I contemplated the current set-up and
then watched as SOLG completed the missing prospectus and then rushed through the close
ofn the merger days before previously expected, it dawned on me that this deal really could
happen at any moment and at the prices being offered by the market due to the clear short
3
12/21/13 22/1/41 22/1/82 22/2/11 22/2/52 22/3/11 22/3/52 22/4/8 22/4/22 22/5/6 22/5/02 22/6/3 22/6/71 22/7/1 22/7/51 22/7/92 22/8/21 22/8/62 22/9/9 22/9/32 22/01/7 22/01/12 22/11/4 22/11/81 22/21/2 22/21/61 22/21/03 32/1/31 32/1/72 32/2/01 32/2/42
mt 6.60 GLD: Inventory/Price Ratio, 2022 to date
6.40
source: SPDR GLD data
6.20
6.00
5.80
5.60
5.40
5.20
5.00
4.80
12/21/13 22/1/41 22/1/82 22/2/11 22/2/52 22/3/11 22/3/52 22/4/8 22/4/22 22/5/6 22/5/02 22/6/3 22/6/71 22/7/1 22/7/51 22/7/92 22/8/21 22/8/62 22/9/9 22/9/32 22/01/7 22/01/12 22/11/4 22/11/81 22/21/2 22/21/61 22/21/03 32/1/31 32/1/72 32/2/01 32/2/42
Source: SPDR data, IKN calcs

selling going on, I’d be a fool not to take better advantage.
But before we get to the change in trade SOLG: Shares Out
decision, last week’s NRs also came with more
accurate new share count information and we
now know the new shares out total is
3,002,005,861, some 27 million share fewer than
my estimate last weekend.
We also got an accurate count for the position of
Bob Sangha/Mexit Capital, which was more than
I’d estimated at 153,366,663 shares. Putting that
info into the table of significant shareholder now
gives us this:
SOLG: Estimated holdings
name end 2q22 pre merger% post CGP merger
BHP 13.56% 12.56% 10.36%
NCM 13.48% 12.49% 10.30%
Mather 12.86% 11.89% 9.81%
Blackrock/Norge 8.85% 8.20% 6.70%
Jiangxi 0.00% 6.26% 5.16%
Maxit 0.00% 0.76% 5.11%
Chamandy 0.00% 0.00% 2.24%
total 48.75% 52.16% 49.68%
source: SOLG/CGP filings, IKN ests
The big players at SOLG account for nearly half of total shares out and now, with “Team BHP”
comprised of BHP, NCM and BlackRock/Norge has less than 27.5% of them. That’s not going to
be enough to block a proposed merger if an offer comes in from the most likely candidate,
China’s Jiangxi, whose block forms part of “Team
Maxit/Mather” and covers around 22.3% of shares
out. With the arrival of a formal offer, it would then
be in Team BHP’s court to either accept, reject or
counter the bid and that’s when holding SOLG
shares will become a pleasant experience for retail
Joes such as myself.
As for trading, last Monday marked the near-term
inflection point in the stock but it was hardly plain
sailing directly upward, either. The spikes
coinciding with the two positive NRs are logical, but
both were met by sellers and the rise in volume as
the week closed looked once again like larger
participants making an effort to cap the share price. Under the circumstances, that’s
understandable but if/when an offer comes in to buy SOLG, all those bets will be off.
Finally, the trade decision: As I have spare cash to deploy, a rising realization that SOLG is now
being shopped and may come under offer at any moment (hopefully sooner rather than later)
and that the current beaten-down share prices represent clear bargain entry point, my plan is
to add significantly to my position in the days ahead and make SOLG a larger position in my
portfolio, not just the small spec trade it is today.
Amerigo Resources (ARG.to) deferred
I’m truly sorry about this. My plan was to write up on the financial posted by my biggest
position, Amerigo Resources (ARG.to) as the main event in today’s fundies section and quite
4
23.6481 23.6481 23.3291 23.3291 12.2702 12.2702 12.2702 11.4802 11.4802 28.3922 28.3922 28.3922 28.3922 57.5922 50.6742
10.2003
3250
3000
2750
2500
2250
2000
1750
1500 1250
1000
750
500
250
0
91.nuj 91.pes 91.ced 02.ram 02.nuj 02.pes 02.ced 12.ram 12.nuj 12.pes 12.ced 22.ram 22.nuj 22.pes 22.ced tse32.ram
source: company filings
serahs
fo snoillim

frankly, I feel silly for not doing it earlier in the week as all the numbers are done, the charts in
shape and my notes have been in place on the stock since Thursday. I was stupid and decided
to leave it to the weekend and then life has got in the way. It’s now 01:10am Monday morning,
I’ve had very little sleep in the last 48 hours due to a combo of family occurrences over the
weekend, including a small guy’s birthday but also the same small guy had two inoculations on
Friday and a sleepness night, as well as a couple of other non-small guy interruptions that
threw other spanners in the works of my weekend writing plans. I’ve run out of energy and
concentration and I’m too tired to write up the note (the intro today was planned as longer,
too…ugh). I will say that ARG is in good shape and the company posted in-line results, there’s
nothing to change the current reco and I’m a happy holder. I’ll do the details next weekend.
Once again, my apologies. I’m now going to format what’s written and send before I fall asleep.
Stocks to Follow
A negative week for the Stocks to Follow list, with nine losers from the 16 open positions this
weekend (MAI.v, ABRA.v, NCAU.v, RIO.v, SOLG.to, ORX.v, XYZ.v), three stocks unchanged
(ARG.to, CKG.v, MIRL.cse) and four winners (QCCU.v, ATC.v, CTGO, MENE.v). Best winner was
ATAC Resources (ATC.v up 36.8%) as it came under friendly offer from industry big player
Hecla (HL), while the big percentage losers included Rio2 Ltd (RIO.v down 19.5%), Orefinders
(ORX.v down 12.5%) and AbraSilver (ABRA.v down 7.9%), that last one becoming rather
frustrating. Mind you, I knew full well it was a silver stock when I bought the thing. And when I
added.
With the addition of SolGold (SOLG.to) to the list we now have 16 open positions (and 13
personal trades), four under our self-imposed maximum level. Six of the trades are in the
green, one is unchanged, the other nine are in the red. Hope springs eternal.
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$0.3675 75.0% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.45 6.6% Main Cu trade, top fundies
Western Copper WRN.to BUY C$2.02 13-Nov-22 C$2.00 -1.0% M&A potential in FY23
QC Copper&Gold QCCU.v SPEC BUY C$0.275 25-Apr-21 C$0.155 -43.6% MRE now due 2q23, annoying
AbraSilver Res. ABRA.v STR BUY C$0.37 4-Dec-22 C$0.29 -21.6% Added end Jan, v cheap
Newcore Gold NCAU.v BUY C$0.21 23-Oct-22 C$0.23 9.5% Cheap now, MRE any moment
Rio2 Ltd. RIO.v HOLD C$0.83 22-Apr-18 C$0.165 -80.1% Cheap on permit probs, appeal
SPECULATIVE TRADES
SolGold SOLG.to STR BUY C$0.235 19-Feb-23 C$0.23 -2.1% New Cu trade Feb'23, M&A tgt
Orefinders ORX.v.v SPEC BUY C$0.04 23-Oct-22 C$0.04 0.0% build position at 4c
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$2.00 -34.9% Au leverage, small trade so far
Aldebaran Res. ALDE.v BUY C$0.72 16-May-21 C$0.87 20.8% drill assays from March'23
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.04 -79.5% run into ground byCEO, AVOID
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
ATAC Res ATC.v WATCH C$0.095 11-Sep-22 C$0.13 36.8% Cheap Yukon neighbour play
Contango Ore CTGO WATCH U$23.25 2-Dec-22 U$24.00 3.2% watching for financinf package
Anacortes Mining XYZ.v WATCH C$0.49 22-Jul-22 C$0.37 -24.5% may drop from watchlist
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.39 -38.1% LT bet, adding slowly
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Sep-21 C$0.17 -45.2% delayed and will dilute soon
2015 to 2022 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
5

Now for some brief notes on some of the covered companies, but in a quiet week for newsflow
from our covered companies, there’s not so much to say.
SolGold (SOLG.to): POSITION OPENED. A brief note to confirm I’m now an owner of a few
SOLG shares. As seen above, I plan to add to the position in the days to come.
ATAC Resources (ATC.v): So much for my ranting last week, as the moves from Victoria Gold
turned out to have put ATAC Resources into play and as a result, the board has accepted a
friendly offer from Hecla (HL). The price popped to 14c and closed at 13c and that leaves a
little room for arbitrageurs, but not much else. On the watch list without ever buying, I should
have been braver.
Western Copper & Gold (WRN.to): Further to last week’s kvetch about the way WRN CEO
made surreptitious insider sales of his stock, last
week’s trading made it obvious that I wasn’t the only
one with the complaint:
Copper dropping under U$4.00/lb on Friday didn’t
help its cause of course, but the lack of buyers at the
moment of selling shows how bargain hunters
preferred to look elsewhere, instead of to a stock
that was run by someone who says one thing and
does another. Up to last week I was relaxed about
my position in WRN due in part to the decent entry
point. I didn’t expect it to be underwater in 2023 but
here we are, with Friday’s close two cents under my
cost average. However, my distaste about the way this company’s CEO has disrespected his
own shareholders means I’m not adding either.
Minera Alamos (MAI.v): I understand that President Doug Ramshaw got pushback for the
NR last week that announced the distribution of 9.1m incentive options (all priced at a
significant premium to the market (5). It’s a big number for sure, but as the NR points out it’s
the first options award in two years. I’d also note that this company keeps its executive cash
salaries to a low level compared to many other peers and on a basic capitalist level, I’m really
not against the concept of incentive options. Too many juniors abuse the system, but the idea
is to align management with the wishes of shareholders and in this case, there’s no more
aligned company than MAI.
The real news from the NE last week was the announcement that the company has started its
2023 drill campaign at Santana. As a visitor to the site and knowing how much low-hanging
fruit the concession offers, I’m highly confident that the drills will offer plenty of positive news
this year and people will soon be able to scratch out calculations on how much MAI can up its
throughput tonnage and produce more gold. At under 40c and with gold over U$1,800/oz, this
is a no-brainer to own. It is at U$1,700/oz gold, frankly.
Rio2 Ltd (RIO.v): The biggest loser on our list last week, IO.v dropped by nearly 20% but a
look at the hourlies chart (right) shows it was all about a lack of buyers, not some big seller or
spooked out position. Some small holder decided to liquidate and decided they were willing to
take any price and when that happens, the market is always willing to offer them any price.
Chesapeake Gold (CKG.v): On Wednesday
evening, our small and speculative trade on gold
leverage, Chesapeake Gold (CKG.v) delivered on
schedule its update 43-101 compliant resource for
Metates in Mexico (6). Here’s the main resource
calculation table with a little red ink added by your
author:
6

The headline number is probably the 15.8% increase in overall grade, with CKG basing this
upgrade on the 5 metallurgical and 18 infill drill holes it put into Metates last year. Many of
those holes showed better grades than the previous 43-101, so it’s no surprise to see this grade
increase. But the other numbers stack up as well: The resource uses a U$1,600/oz price for
gold (and U$20/oz for silver) and uses a cutoff grade of 0.26 g/t AuEq, which suggest
reasonable margin on the entire 16.77m oz M+I resource and strong margin for the focus at
CKG, the higher grading and more easily mined intrusive zone.
However, the main story at CKG is still its ongoing met work and CEO Alana POangbourne is
obviously aware of what the market wants to know as he added this comment to last week’s
NR that had little to do with met.
"Going forward we are now focusing on optimizing the oxidation rate to release the
targeted gold and silver recoveries and compiling all the other data required to prepare
a Pre-Feasibility Study."
That pre-feas is now slated for some time in 2024 and we also know CKG isn’t doing any more
drilling in 2023, which implies this year is for met and more met. We know they can get 60%
recoveries and on paper, that would work for the intrusive and its grade without managing to
get to the 70% they are aiming for. However, the issues aren’t just recovery percentages and
the cost of recovery is as important in this equation.
The Copper Basket
After eight weeks of 2023, The Copper Basket shows a loss of 0.94% to level stakes:
company ticker price 1/1/23 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.44 114.56 651.85 5.69 -11.6%
2 Western Copper WRN.to 2.41 151.597 303.19 2.00 -17.0%
3 Marimaca Cop MARI.to 3.22 88.028 298.41 3.39 5.3%
4 Arizona Sonoran ASCU.to 1.92 105.96 190.73 1.80 -6.2%
5 Oroco Res OCO.v 0.91 207.034 173.91 0.84 -7.7%
6 Faraday Copper FDY.to 0.54 166.137 132.91 0.80 48.1%
7 Aldebaran Res. ALDE.v 0.78 139.007 120.94 0.87 11.5%
8 Hot Chili HCH.v 0.78 119.455 105.12 0.88 12.8%
9 Regulus Res. REG.v 1.10 124.509 102.10 0.82 -25.5%
10 Pan Global Res PGZ.v 0.46 212.145 81.68 0.385 -16.3%
11 Kodiak Copper KDK.v 1.12 55.6 51.71 0.93 -17.0%
12 QC Copper QCCU.v 0.165 150.736 23.36 0.155 -6.1%
13 Element 29 Res ECU.v 0.16 86.966 14.78 0.17 6.3%
14 Libero Copper LBC.v 0.155 93.869 14.08 0.15 -3.2%
15 Atacama Copper ACOP.v 0.16 34.373 6.19 0.18 12.5%
NB: All stocks in CAD$ Portfolio avg -0.94%
7

On Friday, the Copper Basket average dipped into the negative for the first time in 2023 on the
back of a dip in copper prices (see below) but
without much panic selling on show. There were 10% The Copper Basket 2023, weekly evolution
five week-over-week winners (OCO.v, HCH.v, 9%
8%
FDY.to, QCCU.v, ECU.v) with Hot Chili (HCH.v up 7%
6%
8.6%) the best of the bunch. There were no
5%
unchanged prices so that leaves 10 losers, but of 4%
3%
those the only double figure drops came from
2%
the smallest market cappers Libero (LBC.v down 1%
0%
14.3% and Atacama Copper (ACOP.v down -1%
10.0%). Most of last week’s losers were in the -2%
Jan1st Jan8th 15th 22nd 29th feb5th 12th 19th 26th
3% to 5% range and not too onerous on holders.
source: IKN calcs
With volume and open interest now rolled over to a majority in the May futures contract, as
from this weekend we’re watching HGK23 and here’s the chart (right) that shows for the first
time since January 6th a close on Friday under
the U$4.00/lb line. The U$3.953/lb print is still
inside the trading range (just) and if near-term
oversold, we’ll snap back once Asia opens for
business overnight Sunday.
This desk is keenly aware of the negative
sentiment around copper this weekend, that drop
under U$4.00/lb coming Friday and allowing we
participants to stew over its implications all
weekend. However, those of you invoking “Dr.
Copper” and coming to the conclusion that
everything is now just plain awful everywhere
may be better served by taking a step back
because, “What is Dr. Copper telling us at the
moment?” is best answered, “everything and anything, pick you day”. The metal with the
supposed PhD in finance and fabled lead indicator for the economic health of the whole wide
world is a mix of conflicting signals at the moment, it just so happens that the last one we
received during a volatile week was bearish, rather than bullish. To illustrate, we dial up three
wire reports from Reuters last week, starting with this from Monday February 20th (7) entitled
“Copper rises on Chinese demand recovery hopes.” It began…
Copper prices rose on Monday as investors and traders bet on a recovery in demand
from top consumer China amid support from global mining supply disruptions.
Then in the meat of the note, continues on copper’s drivers that day:
Copper inventories build-up in SHFE warehouses CU-STX-SGH slowed, with the
weekly gain on Friday at the smallest in nearly two months.
LME copper also posted its first weekly gain in four weeks on Friday.
Analysts have forecast Chinese copper consumption will rebound strongly in March.
New home sales in 16 Chinese cities rose for the third straight week, a private survey
showed, as the end of Beijing’s zero-COVID policy and more support measures
stabilised demand.
Production and export disruptions in mining countries like Peru, Indonesia and Panama
have also lent support to copper prices.
However, a firmer dollar, which makes greenback-priced metals more expensive to
holders of other currencies, kept a lid on further gains in prices.
All well and good, China’s economy and demand for copper looking good that day, so let’s
move to Tuesday Feb 21st and (8) “Copper prices in London dip as weak China demand
persists”. Oh dear! Just 24 hours on from that first report, China’s demand is weak and
persistently so. Hoodathunkit and here are the reasons behind that header:
Hopes for a demand recovery in China post COVID-19 have supported prices, but
8

some market participants now expect the rebound to kick in by March, disappointing
those who had hoped for an early recovery in February.
“There was some demand improvement comparing with two weeks ago, but it has not
yet to return to normal as the market is sensitive to (rising) copper prices,” said He
Tianyu, a China copper analyst at CRU Group.
“Most people think (demand recovery will happen) in mid or late March, or early in the
second quarter.”
Higher copper prices have also discouraged some downstream buyers to purchase the
metal in large volume, and they are waiting for an economic rebound and supportive
policy from the Chinese government to boost demand for their products.
In other words, the market is worried that buyers won’t show up in the last week of February
and may wait a whole ten or 15 days or so before returning. Poor old Dr. Copper, whatever is
he going to do? Ah but wait, by Thursday Mr. Market was optimistic again and we got to read
that (9) “Copper edges up on supply disruptions in Panama.” Phew, the Good Doctor can
breathe a sigh of relief. There’s more on that story in Regional Politics below, but come Friday
the Fed and its PCE had weighed on the world and copper sank as the continued strength of
the US economy and sticky inflation is bad for copper demand both home and abroad. Go
figure, but for a metal that takes its cue from all things China, the world was very keen on tying
its fate to the US Dollar last Friday and telling tales of woe about a sudden oversupply.
The moral? To cite Groucho Marx, “Those are my principles, and if you don't like them I have
others” so beware of running behind the copper news cycle, there’s a lot of noise out there and
in the considered opinion of this desk, you’re better off sticking to the real world fundamentals
that have driven the metal to its current levels, all in times of supposed recession. On that
subject, we move to our regular weekly update on the world copper inventories, with data from
Cochilco, to show that the reality of copper’s tight supply trumps any Wall St presumptions over
one market day:
 For the first time since the (Chinese) new year began, the aggregate tonnage of copper
in the world’s three official inventory systems dropped week-over-week. Fir sure the
overall drop of 336 metric tonnes (mt) wasn’t much and leaves the total close to
unchanged at 333,731mt, but a drop is a drop.
 The SHFE was the only to add inventory, up a thin 2,857mt on the week to close at
252,455mt. Please see the dedicated SHFE charts below for more comment on what’s
now looking like peak 2023 re-stock in China.
 The LME doesn’t have much left to sell, but sell it did and saw 1,050mt of copper leave
its roofs. This weekend’s total is 63,775mt at 37kmt of that is in Germany. Also, we
note a small uptick in cancelled warrants at the LME, with 15,250mt set for delivery.
That’s up 6,425mt on the week and we may occasionally run the dedicated tracking
chart for this dataset if the move becomes visually interesting.
 At the Comex, stocks dropped another 2,143mt to close at 17,501mt on the week.
That’s a low number that reflects strong demand in North America, as does the LME
data which noted just 1,700mt in its US depots (New Orleans and Baltimore). That’s a
brief reminder that the copper story is mostly China, not totally China.
Our long-term dedicated SHFE tracking charts begin to paint a clearer picture of how its re-
stock spike is already petering out at this 250k-or-so level. The first chart is the best to consider
where this peak is compared to previous years…
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
9 0
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 102ht72rpa ht91 ht11 9102
dr3bef
102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 202ht03naj ht42 ht71 ht9 3202
naJ
Mt Cu
|
source: Cochilco

…while the second shows that it’s rolling over, all right:
SHFE copper inventory levels, 2018 to 2023
400000
350000
300000
250000
200000
150000
100000
50000
0
10
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 2023
2022
2021
2020
2019
2018
source: Cochilco data
The exact timing on the re-stocking of SHFE warehouses changes from year to year and is
dependent on when the Chinese New Year falls. This year’s was relatively early and for a while,
the rate at which copper arrived for storage matched the Covid year (you may remember what
happened in March 2020, Chinese traders tend to recall January and February) but the last
three weeks have seen it struggling to add, just a couple of thousand each week.
The peak is one thing, the start of the de-stock is the second part of this story. We have yet to
discover whether 2023 will track a year such as 2018 or 2021 and remain flat until early
summer, or whether we get another 2022 and stocks start dropping in the near future. So far at
least we’ve had a “non-bearish” signal from SHFE stocks, next we’ll see if the signal becomes
actively bullish.
We now move to some notes on a couple of basket component stocks:
Hot Chili (HCH.v): Last week’s biggest mover popped on the news (10) dated Thursday but
primed to move the stock’s main Australian
ticker during the antipodean Friday trading
day, entitled “Hot Chili Confirms Fourth
Porphyry at Cortadera.” This map (right)
from the NR includes some yellow added by
my hand to show the location of the known
resource at Cortadera, as well as the new
“Cuerpo 4” as revealed by the discovery hole
of 120m of 0.5% CuEq (0.4% Cu, 0.2g/t Au)
starting at a relatively shallow 22m. The
topography of the zone suggests that if
eventually mined, Cuerpo 4 (cuerpo meaning
“body”, as in orebody) would be a separate
pit to the known resource but it’s still a
positive to find the same grade of
mineralization nearby and early into the
outstep/exploration drilling program and at
some point way down the line, could add to
economies of scale for any eventual mine
plan.
The stock rose accordingly on good volume in
Friday Australian trading, but as Oz missed the
worst of the copper price sell-off on Friday
Americas time and was closed long before the
metal dipped under U$4.00/lb, this desk strongly
suspects that HCH and its TSXV shadow will be in

the red over the next five days.
Arizona Sonoran (ASCU.v): Despite the
successful closing of its $2.00 placement last in
the week before, last week the interesting ASCU
dropped by 10c instead of making the gap back.
That’s symptomatic of the fall-out from many
junior explorecos running placements at the
moment (I’m still smarting from ABRA.v) and
there’s a trade in suppressing these stock prices
against newly minted shares, it seems.
Solaris Resources (SLS.to): The overview note
on Equinox (EQX) in ‘Market Watching’ below
today doesn’t go into the weeds on the stock, but one of the reasons it’s managed to keep its
cash position and treasury intact recently even while it funds the Greenstone build-out is its
constant and consistent selling of its minority position in Solaris, at first to Richard Warke and
lately to whoever will buy at market. It’s driven the price down from the early year peak (right)
and while I have my own well-formed opinions on the political risk of SLS in particular (wouldn’t
touch this one) and Ecuador in general (be very careful, even as I buy into SOLG ) the push
it’s got from the big seller is clear.
Last week, SLS made EQX’s exit official when EQX CEO Greg Smith (11) “stepped down (as
independent director) to focus on external roles, effective immediately” even while EQX thanked
him “…for his meaningful contributions to our success with the Warintza Project.”
Atacama Copper (ACOP.v): To profane Job 1:21 The
Lord giveth and the Lord taketh away and if it weren’t for
the swings on low volume of our smallest basket
participant, the average would still be in the green this
weekend. We noted the prop in IKN718 last weekend,
we therefore make space for a couple of line to note the
drop of last week on equally tiny volumes. Indeed it
could have been worse, because ACOP sold at 16c at one
point Friday.
The Producer Basket
After 8 weeks of 2023, the Producer Basket shows a loss of 6.15% to level stakes:
11

company ticker price 1/1/23 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 47.20 799 34.79 43.54 -7.8%
2 Barrick GOLD 17.18 1761.54 28.18 16.00 -6.9%
3 Agnico Eagle AEM 51.99 488.9 22.21 45.42 -12.6%
4 Wheaton PM WPM 39.08 451.963 18.29 40.47 3.6%
5 Kinross Gold KGC 4.09 1256.1 4.55 3.62 -11.5%
6 Alamos Gold AGI 10.11 393.1 3.96 10.08 -0.3%
7 B2Gold BTG 3.57 1074.567 3.57 3.32 -7.0%
8 Hecla Mining GFI 5.56 603.86 3.01 4.98 -10.4%
9 Eldorado Gold EGO 8.36 185.73 1.65 8.90 6.5%
10 Wesdome Gold WDOFF 5.53 142.287 0.67 4.70 15.0%
All prices and stock quotes in U$ Port. avg -6.15%
We’re getting to back end of the 1q23 financials season for the larger cap producers and the
second week went well, or rather less worse, for our Producer Basket list. There were eight
losers, one unchanged stock (BTG) and just one winner
(EGO, up 2.1%) but compared to the mess the market
made of the sector and the earnings misses involved,
we got off lightly. In fact, even the “less worse” losses
taken by Alamos (AGI down 2.6%) Agnico (AEM down
1.8%) and Wesdome (WDOFF down one shiny penny)
fell like a win compared to the hits taken by other
sector stocks we could have picked for the list such as
Sandstorm (SAND down 5.7%) or First Majestic (AG
down 16.5%...ouch). In fact our biggest loser on the
week was Kinross (KGC down 6.2%), as the market
continued to digest its lacklustre quarter and first pass
resource at Great Bear/Dixie and finds it wanting.
Regrets? I have a few, but then again too few to mention and one is sticking with Special K for
another year in the Producer Basket. Here’s part of what I wrote about the company when
deciding to give it another chance, in IKN711 dated January 1st 2023:
“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.
Indeed, it wouldn’t have been difficult to swap out. Ho hum, wrong again. So K aside, we
generally did better than the GDX and our basket average dropped by around 2.5%, the GDX
lost 5.0% and we’ve clawed back most of the deficit we had against the benchmark, which is
good (or at least, less worse). Now for notes on a couple of the other stocks on our list, though
we leave Wesdome (WDOFF) (WDO.to) for the extra space provided by the Market Watching
section, further down.
The 2023 Producer Basket: Weekly performance and The 2023 Producer Basket: Percentage difference
comparative to GDX control between GDX benchmark & basket (negative = IKN ahead)
16% 4.0%
14% 3.5%
12% ikn
10% gdx control 3.0%
8% 2.5%
6% 2.0%
4%
1.5%
2%
0% 1.0%
-2% 0.5%
-4% source: NYSE, IKN calcs
0.0%
-6%
-8% Jan1st Jan8th 15th 22nd 29th feb5th 12th 19th 26th
Jan1st Jan8th 15th 22nd 29th feb5th 12th 19th 26th source: IKN calcs, NYSE data
12

Wheaton Precious Metals (WPM): One of the bigger names left to report is WPM, with its
4q22 and YE filings due post-close March 9th (ConfCall the next morning, a Friday) but last
week WPM primed the market for a soft set of numbers when announcing its production for the
year, from which we can extrapolate the Q4. Here’s a chart:
That’s the worst quarter since the Covid WPM: Metals production in Au and AuEq, per qtr
crisis for WPM and means that the company
missed its 2022 guidance, despite its claim
in the NR last week that “…gold equivalent
production met the low end of the revised
guidance.” In its 3q22 MD&A, WPM told us
its “…estimated attributable production for
2022 is forecast to be 300,000 to 320,000
ounces of gold, 22.5 to 24.0 million ounces
of silver, and 35,000 to 40,000 gold
equivalent ounces2 (“GEOs”) of other
metals, resulting in production of
approximately 640,000 to 680,000 GEOs.”
So if we look at the table included in last week’s release…
…we see PM missed the low end of both gold and other metals (Co and Pl) production, what’s
more sales we substantially less than production. 638k oz is not 640koz, 617koz less so and the
stock took a leg down on the NR, but as this chart shows…
…the drop coincided with selling in most other PM stocks (GDX proxy) and the high water mark
for gold on the week (GLD proxy). As such, this desk is left with the distinct impression that
WPM’s mediocre Q4 isn’t yet fully baked into the price and it may well suffer another leg down
come March 10th and the publication of the financials.
Newmont (NEM) and Newcrest (NCM): This one is set to run and run, but the comparative
price performance of NEM and NCM last week signals increased scepticism about the chances of
this deal happening. The best place for comment came on Thursday at the NEM Q4 conference
call (its earnings came in as expected, so no lengthy comment on those today) and
unsurprisingly, many of the analyst questions directed at CEO Tom Palmer were about the
proposed NCM merger. The verbal jousting went on for a while, with questions asking the same
thing from different angles and measured answers that gave away as little as possible in as
many words as possible from the company, so to cut a long story short the money line from
CEO Palmer was probably this one (12):
13
48609
00509
34679
93029
722811
92587
002001
27009
88379
42658
38089
12388
08229
78097
40249
56386
44368
80537
53287
52066
Au/AuEq oz
other metals AuEq oz
200000 gold oz
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
3q20 4q20 1q21 2q21 3q21 4q21 1q22 2q22 3q22 4q22
source: company filings

“We are currently engaging with the Newcrest team in relation to their offer to provide
us access to more information.”
In other words, ten days ago NCM’s interim CEO offered NEM the opportunity of signing an
NDA, in return for which they’d get an outline of
NCM’s project and corporate strategy going
forward but not full access to its data room. Since
then and according to NEM CEO Palmer on
Thursday, the two sides haven’t even agreed on
terms for that preliminary-level meeting.
The market took Thursday to chew and digest
NEM’s position and then sold down NCM on Friday
(chart right). Even before Friday came along, the
way in which NEM and NCM had been trading in
lockstep strongly suggested a deal wasn’t in the
making, as we should have seen some sort of
positive reaction from NCM by that time if the
market’s voting machine thought the deal had legs. Friday’s dump adds to the sentiment and
while NEM isn’t going to give up easily, which means plenty of media coverage and column
inches on the proposed deal in the weeks to come (the mining media has a $50Bn+ deal to talk
about with BMO and PDAC on the horizon, after all). However, this desk will cut coverage back
to the minimum unless and until something that moves the market happens. My personal
assessment of this deal prospering: 10% maximum.
Eldorado Gold (EGO) (ELD.to): Sometimes the most obvious trades stare at you in the face.
In IKN716 dated February 5th we belatedly previewed the EGO 4q22 because it had started to
show relative strength to the GDX and its announcement on January 16th noted that it had
officially green-lighted and fully budgeted ($680m) its
much-delayed Skouries project in Greece (after battling
environmentalists for years). We noted interest, said
we’d check back once it filed its quarter and sure enough
(right) the out-performance was confirmed on Friday
once the numbers were known. There wasn’t any real
new news in the Friday results (13), barring perhaps the
2023 production outlook which compares favourably to
last year:
 FY2021: 475,911 oz Au
 FY2022: 453,915 oz Au
 FY23 est: 475,000 – 515,000 oz Au
In other words, EGO is leaving its mediocre first half of 2022 behind it and a check on the
breakdown of those production numbers shows its two main mines, Lisladag in Turkey and
Lamaque in Canada, back to full clip. That allows us confidence to believe the 2023 guidance
and further down the line, once Skouries is up and running EGO expects it will become a
700koz Au/annum company
Oz Au Olympias
EGO: gold production breakdown, per qtr
160000 Efemcukuru
Lamaque
140000 Kisladag
11408
1 1 0 2 0 0 0 0 0 0 0 0 25828 2 1 3 3 2 4 9 3 8 7 2 1 3 2 4 9 7 3 3 4 2 1 3 3 3 7 0 4 5 5 2 1 2 5 6 5 3 2 1 3 8996 2 1 2 5 7 7 9 7 3 9 2 1 2 6 4 1 7 2 3 3 2 1 1 5 3 4 6 3 2 5
80000 44168
21057
60000 28835 35643
37369
51354 42454
51349
33377
46917
40000
20000 56816 46172 44016 51040 33136 29779 27973 37741 40307
14 0
4q20 1q21 2q21 3q21 4q21 1q22 2q22 3q22 4q22
source: company filings

At the start of the year and when including EGO in the 2023 Producer Basket for the first time, I
wrote that it had only recently caught my eye after years in the relative wilderness, 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, 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.”
That’s exactly what has happened and EGO is now the #1 performer on our list of ten, thanks
to its strong Q4 and confirmed decision to build its next big mine. The stock was a sleeper
through its production NR, began to catch a few bids in early February just as the sector sell-off
Began and somehow, got ignored by the wider market into earnings. Its results confirmed its
sleeper status and there’s still plenty to like about this company at current prices going forward.
To my own slight surprise, I now rank it over the other newbies on the list this year, Hecla and
Wesdome, even though they were originally included as potential trades.
The TinyCaps List
After 8 weeks of 2023, the TinyCaps show a gain of 23.08% to level stakes:
company ticker price 1/1/23 Shares out Mkt Cap current pps gain/loss%
Aurelius Min AUL.v 0.07 49.787 2.74 0.055 -21.4%
Coast Copper COCO.v 0.045 64.001 4.48 0.07 55.6%
District Metals DMX.v 0.075 86.891 12.60 0.145 93.3%
Latin Metals LMS.v 0.13 69.962 16.79 0.24 84.6%
Manitou Gold MTU.v 0.02 344.568 8.61 0.025 25.0%
Nine Mile Metals NINE.cse 0.29 57.025 15.97 0.28 -3.4%
Palamina Corp PA.v 0.08 65.285 5.88 0.09 12.5%
Precipitate Gold PRG.v 0.075 130.367 8.47 0.065 -13.3%
South Star STS.v 0.55 32.755 15.72 0.48 -12.7%
Viva Gold VAU.v 0.14 91.608 14.20 0.155 10.7%
Prices in CAD$, data from TSXV basket avg 23.08%
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 2023. 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.
This list flew out the traps in the first six weeks of the year and these smaller stocks generally
held better than their larger cousins when the re-trace
began, but the last two have finally seen deterioration and TinyCaps, 2023 weekly tracker
40%
selling. Last week our list had but two winners (COCO.v up
35%
16.7 and VAU.v up 10.7%) and one other remained 30%
25%
unchanged (MTU.v). That leaves seven losers with the
20%
biggest drops from Palamina (PA.v down 18.2%) and Latin 15%
Metals (LMS.v down 12.7%). Overall, a quiet type of week 10%
5%
for the TinyCaps.
0%
15
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62
source: IKN calcs, TSX data

South Star (STS.v): Considering the growth in hype around anything connected to Battery
Metals, it was notable to watch STS sell off on low volume last week and just 20.5k shares
traded Friday was enough to drop it to under 50c for the first time since November. STS hasn’t
had news out since mid-January and is one of those companies with plenty of story for the
market, what with its move to go into production at its Santa Cruz flake graphite mine in Brazil
set for the end of this year (and apparently fully budgeted), so I’d expect noise in the next
week or two on the run-up to PDAC, though it may be too small for the BMO Miami audience
next week and fly under that radar.
After selling off in 2q22 last year it found its bottom at
the 40c line and traded for six months or so at
between 40c and 50c. If something close to 40c
shows, it would be a spec buy on the chart alone.
Coast Copper (COCO.v): There doesn’t seem to be
any proactive reason for the recent min-rally in COCO
shares. Volumes have been lower than average during
February and the latest corporate presentation dated
17th February (14) confirms that there’s no drilling
about to happen at the flagship Empire project,
Vancouver Island BC CA, and that the most likely
newsflow will be smaller corporate dealmaking. It looks as though COCO is being bought up
because it got too cheap and its management are the type that will move to promo the stock at
some point. Low market cap, low burn rate while not drilling and a solid set of financials that
could do with a cash injection, it’s not a stock I’d chase until real news comes along.
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
Peru looking to improve its image at PDAC
The biggest news out of Peru last week was a series of “non-news” events. First up, in the last
couple of editions we’ve noted how “protest fatigue” has taken the edge from the protests,
marches and blockades up and down the country and that effect is even more obvious this
weekend. There are still hotspots in provincial zones (e.g. most of the Puno region and some of
Cusco) but there are fewer marches, fewer blockades and fewer headlines about police/army
brutality to report. Also, it takes a little searching to find a story to back up the info but indeed,
(15) the so-called “mining corridor” servicing the big mines in the South of the country, such as
Las Bambas, Antapaccay and Constancia, is now unblocked and concentrate is making it to port
quickly (you may have noticed how Peru’s “empty ports” are no longer a news story…no news
is good news and good news is no news, after all).
16

Secondly, the Dina Boluarte government has come clean and now says it’s not a “transitory
government” that plans to hold the fort until early elections are called. Instead, President
Boluarte held meetings with all the major political groups last week and made it plain that she
is looking to complete the Presidential mandate, i.e. stay to 2026. That move comes at the
same time as a Congress that has rejected all law projects and moves to call early elections and
now believes it too can rough out the current period and stay as per until 2026. The current
executive and Congress are happy with each other and are working in cahoots, which may work
for a while but the sense of resentment among the population hasn’t gone away and it wouldn’t
take much to set off another round of serious social protests.
Thirdly, Peru’s regional image is now set to the hard right of the political spectrum, bizarre
though it may seem as Dina Boluarte was elected Vice President due to her running on the
Pedro Castillo hard left “Perú Libre” party ticket. Peru’s newfound antipathy toward the
governments of Chile, Colombia and Bolivia was noted in recent editions and international
bickering continued when, on Friday, Peru announced the withdrawal of its ambassador to
Mexico due to the continued verbal attacks of Mexican President AMLO. At a strict diplomatic
level, there’s no reason for any of these spats to have become a Big Thing but Dina Boluarte,
her executive and a Congress controlled by right wing nationalism have decided to play the
local populism card and voice their opposition to any/all the region’s left wing governments.
There’s plenty to choose from, too. This, along with the praise the new government continues
to heap upon the way in which its forces of order have acted against the protests (60 people
dead from police/army bullets), is the image Peru now sells to the rest of the world and while
it’s not going to go down well in the region, the right wing of Peru and international trade
partners will enjoy the change.
Which segues into the mining angle of today’s Peru update, as in light of the ongoing social
protests and rolling political crises coming from Peru recently that have made international
headlines, it’s been interesting to listen to the country’s delegation to PDAC 2023 in the last
couple of weeks. The plan is to make a concerted effort to improve the country’s image in the
eyes of the mining sector and that was made clearest by the country’s Minister of Energy of
Mining, Señor Oscar Vera Gargurevich, who is leading this year’s Peru delegation in Toronto
March 5th to 8th. In an interview on Peruvian TV last week (16), he said the primary objective
was to reactivate interest in exploration-stage projects for foreign investment and showcase the
geological potential Peru offers compared to peer countries. Here’s a quote (translated):
“At PDAC 2023 we will show that mining is viable in Peru, with appropriate mining laws
that guarantee judicial stability for investors as well as a new focus to optimize the
bureaucracy and permitting schedule for mining exploration projects. The goal is to
offer more than other countries and attract more investors who then generate income
that benefit all Peruvians.”
A mouthful of politick-speak for sure, but the objectives have been laid out and Peru will be out
to improve on its poor current image among mining FDI during PDAC. The main occasion is
“Peru Day” on Monday 6th and those attending should be able to get some of the best free food
of the whole conference from the Peru Pavilion that morning and midday.
Panama: The First Quantum (FM.to) Panamá Cobre mine stops processing
As noted last weekend, last Thursday was indeed the day that the eight ball mills at First
Quantum’s (FM.to) mine stopped turning as the government plays hardball and the company
refuses to back down from its position (17). Before the machines were turned off, the company
asked the Port Authorities to renew their license to export (suspended on a technicality, due to
the lack of certification for its measuring equipment at port) and stated that if the ports allowed
them to load and dispatch concentrate, the company would have another 15 days of storage
space available that would serve to ameliorate the corporate position as there had already been
“significant advances” in the negotiations with the government. But that was to no avail and
Panama’s Port Authority refused First Quantum’s request using a neat Catch-22 argument; They
cannot issue a new permit until the company in question has a contract and agreement with the
government. In other words, the previous port use permit was withdrawn due to questions
about the reliability of its weighing scale, but even if they calibrate it perfectly now they can’t
17

renew the contract.
This weekend, Panama’s main Chamber of Commerce published a communiqué exhorting both
sides to get back to the table and strike a deal, we’ve also seen the first protest marches by
Panamá Cobre workers in the local town of Coclé, close to
the mine (18) (19). The Panamanian government continues
to play hardball and won’t even give FM the opportunity to
continue production for another two weeks (it could easily
override the Port Authority and allow FM to ship conc), but
we also know the two sides have been talking and the
pressure from the market (share price chart right) and
royalty partner Franco-Nevada (FNV) showed as
Wednesday became Thursday but there was a notable rally
in the stock from Thursday’s opening bell until Friday.
That’s the barometer which, along with the company’s own
“we’re close” statement and a Chamber of Commerce
looking to win garlands as the last-minute peacemaker says we’re likely to see a deal in the
next couple of weeks before too much damage is done.
Ecuador: Quito will get its anti-mining referendum
This is a story we've followed since early last year and now, after being held up by bureaucracy
and appeals, the petition has now been ratified as valid and with enough signatures (over
200,000 people) to merit a formal and legally binding referendum that, if voted up, would ban
mining activity in the "Choco Andino" central region of Ecuador that includes the capital city,
Quiton . Now Ecuador's National Election Council (CNE) has a maximum of 60 days to establish
a date for the referendum vote and let the people in the zone vote on the four questions
formulated. Those questions are specifically worded by the CNE and are as follows, the only
difference is bolded up:
1) Do you agree that the exploitation of metals mining at an artisan scale inside The
Area of Ecological Importance made up of territories and municipalities of Nono, Calacalí,
Nanegal, Nanegalito, Gualea, and Pacto, that comprise the Chocó Andino Region, be
prohibited?
2) Do you agree that the exploitation of metals mining at a small scale inside The Area of
Ecological Importance made up of territories and municipalities of Nono, Calacalí,
Nanegal, Nanegalito, Gualea, and Pacto, that comprise the Chocó Andino Region, be
prohibited?
3) Do you agree that the exploitation of metals mining at a medium scale inside The
Area of Ecological Importance made up of territories and municipalities of Nono, Calacalí,
Nanegal, Nanegalito, Gualea, and Pacto, that comprise the Chocó Andino Region, be
prohibited?
4) Do you agree that the exploitation of metals mining at a large scale inside The Area of
Ecological Importance made up of territories and municipalities of Nono, Calacalí,
Nanegal, Nanegalito, Gualea, and Pacto, that comprise the Chocó Andino Region, be
prohibited?
According to the Ecuador Chamber of Mining (20), if "Yes" wins the referendum it would affect
regulated activities and "would be a Petri dish for the proliferation of illegal mining that would
be an enormous threat the zones that, supposedly, it was looking to protect. It's important to
recall that mining is an indispensable industry for humans and will be even more so in the
future. Today, humanity is determined to adopted clean sources of energy that can combat the
climate crisis."
To be clear, while this legally binding referendum would only apply to the region in and around
the capital city and would not directly affect any of the mining operations or projects in other
parts of the country, the CNE would not make that kind of statement if it weren’t worried about
the potential repercussions and image hit that mining would take in Ecuador if this vote goes
18

with the anti-mining camp (led by the “Quito sin Mineria” cooperative) and against the mining
sector. This desk has been clear on the potential that this referendum has to damage the
standing of mining in the country and not only due to the negative image any eventual “YES”
decision on those four questions in the eyes of FDI. The major problem is that the success of
and anti-mining referendum in Chocó Andino would add plenty of fuel to the fire for those
groups and political parties opposing mining activity in other regions of the country, either to
use the vote to call more regional referenda of the same type, or to call for new laws to restrict
mining at a national level.
Chile’s currency weakens
After hitting a peak of 1,050 to the US Dollar (USD) in July and nearly breaking the 1,000 line
as late as October last year, the Chilean Peso (CLP)
has been on a tear recently and re-valued
substantially against the world’s reserve currency as
the Dollar came off its strongest moment. As for
more recent times, after starting this year at around
CLP850/USD1, the rally had continued until this
week, when for the first time in a long time, the
CLP weakened markedly.
The close Friday of CLP826.25 to the USD means it
lost around 4.7% on the week, with 2.3% of that
loss on Friday alone. Local commentators pointed to
the stubbornness in Chile’s inflation data, which saw
December’s reading in January higher than
expectations at +4.4%, then and even high on last week’s reading for January of 4.7%,
indicating a rising trend. However, the real reason for the weakness in Chile’s currency last
week shows in this long-term chart of the CLP against spot copper:
Though local factors will pimp and spike things in the near-term, the relationship between the
CLP and Chile’s biggest export and deliverer of US Dollars to its treasury by far, copper, is
patently clear when we step back and consider a period such as the last 12 months. Hence last
week’s drop in the price of copper was the main underlying catalyst for the drop in the CLP
Market Watching
Wesdome Gold (WDO.to) (WDOFF): 4q22 financials and a call on its trade potential
Thursday saw WDO post its 4q22 and YE financials (21), as well as the accompanying
Conference Call (22) at which we heard a lot of new voices telling us about the results. The job
today is to update on the results, compare them to our forecasts, then aim our eyes to the
future and consider what we learned about the company’s 2023 guidance and development
plans from the literature and the ConfCall. All that done, we put it together and make a call on
whether there’s a trade in the offing for us at WDO.
19

2022 production and 2023 guidance: We begin with a review of production and then
guidance for 2023 and we’ve noted this before, but it’s worth a quick revisit to what WDO
guided for 2022 and what it delivered because this is the core reason for the financial hole the
company now faces. At the beginning of last year WDO guided this way:
And though we acknowledge it dropped guidance midway through the year, even that wasn’t
met by the results:
WDO: Gold prod/qtr
20
71142 91391 76691 69312
63892
12632 76242 43391 65771 50471 20552
45000
40000
35000
16929 30000 9614
5511
25000
5112 8914
20000 5208
15000
10000
5000
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
Ozt Au
Kiena
Mishi
Eagle River
source: WDO filings
Those totals for 2022 production by mine are:
 Eagle River: 79,997 oz Au
 Mishi: 2,005 oz Au
 Kiena: 28,848 oz Au
 Total: 110,850 oz Au
In other words, WDO missed its guidance by between 50,000 and 80,000 oz gold and that’s a
lot of missed revenue. With that in mind, we consider the company’s 2023 guidance as
published last week:
With nothing planned from Mishi, WDO is clearly focussing on costs at its Eagle River complex
as its comment in the Conference call about the main bottleneck being tonnages from the U/G
mine means they will prefer to leave the mill idle at certain points in the year, rather than load
it with low grading Mishi feed.
As for Eagle, guidance of between 80k and 90k oz is nowhere near as ambitious as this time
last year and moves WDO further away than ever before from its envisaged 200k oz yearly
production. When I was a shareholder, that was supposed to have been nailed down by 2023.
Meanwhile at Kiena there’s no surprise about the low-ish 30k to 40k oz guidance, as the well-
documented delays in its build out mean Kiena will be running on the low-grading material
available from its upper levels, with the higher grading Deeps material coming online in 2024.

In this case we include the cash cost projections and the important line here is not AISC, as
that has to take into account the capex at Kiena. Instead, “Cash cost per ounce” is the place to
look to get an idea of the levels of cash flow we can expect and if we’re reasonably
conservative, a ballpark of CAD$700/oz margin on every ounce is a starting point for
projections. That means WDO is not going to generate enough cash to pay for the Kiena
completion, its budget at Eagle and pay down its debt position so we have to expect them to
remain in debt until 2024 minimum.
4q22 operating results: That dovetails nicely into our next subject, that of operating results
for Q4 and here’s the overview chart. Please note that unless stated, this note uses Canadian
Dollars as WDO’s standard reporting currency:
WDO.to: Operations overview chart
21
845.76
636.93
219.72 505.58
82.75
522.82
496.66 111.15 385.51 139.16 253.06
975.1
328.16 283.56
955.3-
540.57
233.76
317.7
C$m
100
revenues
90 total op expenses
80 Op earnings
70
60
50
40
30
20
10
0
-10 source: company filings, IKN calcs
3q21 4q21 1q22 2q22 3q22 4q22
 We forecast revenues of C$74, the reality was C$75.045m
 We forecast Mining processing costs of C$48m, the reality was C$47.4m (not shown)
 We forecast Total op-ex of C$70m, the reality was C$67.332m
 We forecast Operating earnings of C$4m, the reality was C$7.713m
So overall, our model was close and that’s pleasing for the analyst, even though I would have
liked my numbers to have been soundly beaten by the company. Our conclusion was Q4 would
be “slightly better than breakeven and that’s what happened, so with operations not supplying
much to fund its capex plans at Kiena (and to a lesser extent Eagle) we now move to the crux
of the financial issue at WDO, its balance sheet:
WDO.to: Assets
650
600
550
500
450
400
350 300 250 200
150 100
50
0
As you’d expect while building a mine, the fixed asset value of WDO is rising quickly and as at
end 4q22, fixed assets came to C$541.58m and total
assets to C$619.127m. Meanwhile to the right, WDO
has added to liquidity a little and that range, C$30m
give or take, is probably what it needs to do
business comfortably on a quarter-to-quarter basis.
This chart shows how fixed asset additions have
accelerated since Kiena was moved from expensed
to capitalized in mid 2021. This is the net number,
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
$m WDO.to: Cash treasury per qtr
fixed
other current cash
source: WDO.to filings
893.94 337.66 315.37 84.36 488.36 997.76 374.96 467.65 274.25
615.32 147.42 581.33
80
70
60
50
40 30
20
10
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
source: company filings
DAC
fo snoillim
WDO: Fixed asset net additions, per qtr
8.3 9.6 3.4 3.9 4.9 1.9
3.71 1.81 6.01
9.8
6.61 8.21
8.4
1.611
6.23 2.33
6.22 1.41 0.42 1.02
120
100
80
60
40
20
0
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
C$m
source: company filings

so includes Eagle to the credit and DD&A to the debit sides, but it also shows how that missing
Kiena production revenue would have been spent.
Liabilities have ramped up and due to the company plans to use the ATM facility and the
revolver, but with a preference for the cheaper capital ATM (see Conference Call comments
below) I’m not going to hazard guesses on how this rolls out in 2023, but for the moment at
least. But what we do see is the increased debt load as WDO has tapped C$55m of its revolver
so far and that’s almost certain to increase. As a result, we’ll make some slightly wild guesses
on the amount drawn via the working capital chart, below right:
The working cap deficit of C$38.044m as at end 2022 was slightly larger than our forecast of
C$-35m. However, the signals from management are that they are going to lean on the
revolver even more, so our forecast for 2023 has changed and even if WDO sells a maximum
amount of shares in its ATM facility, WDO is going to spend all of 2023 and perhaps even the
first couple of quarters of 2024 in negative working cap territory while it finishes its work at
Kiena. That’s not good news for the share price, both in equity terms and the potential fragility
of the balance sheet if the market moves against mining companies.
And on the subject of the share count, it’s now clear WDO is going to lean on the ATM so here’s
our guess on the development in 2023, using the looongview chart to show the changes that
would imply.
WDO.to: Shares Out
22
75.231 68.331 98.331 98.331 12.431 13.431 57.431 20.531 3.631 97.631 22.731 99.731 54.831 54.831 80.931 13.931 76.931 30.041 88.041 36.141 24.241 94.241 94.241 80.441
051 061
861
200
180
160
140
120
100
80
60
40
20
0
71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3
source: company filings/IKN ests
serahs
fo
snoillim
240 WDO.to: Liabilities Breakdown per qtr
220
200
180 160
140
120
100
80
60
40
20
0
Conference call info: Moving to the Conference Call and beginning with the prepared
comments section, we heard from the CFO that to end 2022, WDO had only sold around 1.6m
shares into its open ATM share selling facility at an average of C$8.21/share, thereby raising
C$13.1m in gross proceeds. As its blackout period runs six weeks to its financials (i.e. last
Thursday), it could in theory sell more shares through the ATM during the first two weeks of
2023, then from this point on for the rest of the quarter. We’ll find out how much of this share
selling facility is used once WDO announces its 1q23 numbers but I get the strong impression
the company will use this avenue to raise capital in FY23. As for its credit facility, to end
December 2022 the CFO confirmed it had drawn $55m of its $150m maximum revolving credit
facility.
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
source: company filings
srallod
fo
snoillim
80 WDO.to: Working Capital per qtr
70
long term 60
50 current 40
30
20
10
0
-10
-20
-30
-40
-50
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3
source company filings
srallod
fo
snoillim

We then got to the meat of the ConfCall and the Q&A section, which started at 15 minutes and
ran for over half an hour. Then came the Q&A and in general, the new top brass at WDO were
open and forthcoming with information, there was no blatant attempt to hide information
behind rhetoric. The team confirmed grade at the Falcon zone at Eagle River UG have been
improving so far in 1q23, then regarding the search for a new CEO, a committee has been
established at board level and is using a headhunter firm. Interim CEO Warwick Morley-Jepson
said that they had been approached by people interested in the post, some of them well-known
industry executives and mentioned the search would likely take between three to six months, as
the successful candidate would have to work a notice period.
As for Kiena’s delayed ramp-up, the equipment availability issues are now less about machinery
(e.g. the rock bolters, which have now arrived) and more on spare parts and maintenance
capacity. The company is still experiencing supply bottlenecks, but the impression is that the
worst is behind them.
At Eagle, the main issue at the moment is de-bottlenecking underground logistics as the mine
gets deeper. The company says it’s “working hard on the issue” and that means tonnages are
likely to remain under mill capacity.
We then got the to the most interesting part of the CCC when the team were asked about the
financial situation and plans. They underscored that the budget for all capex works was covered
and there’s no reason to expect delays due to a lack of funding. That moved the conversation
on to the type of funding and as operations won’t be enough to cover everything Interim CEO
Morley-Jepson commented that the company would use the funds available in the most efficient
way in order to cover requirements. That means the use of the ATM share selling facility and
drawing further on the revolving credit facility, but CEO Morley-Jepson noted that the revolver
isn’t cheap and is a large cost component, so they want to use the ATM “at opportune times”
and when funds are required. Although they recognize it0s not a popular strategy with the
market, the ATM is a tool they consider necessary at the moment and it’s clear they’re going to
use it ensure they can fund the company’s build plans. These comments were then backed up
by the CFO, who said there was significant spending going forward with the bulk of the
remaining bills for Kiena coming mid-year 2023, so the CFO also expected to use both the
revolver and ATM to fund plans.
Discussion and conclusion
Wesdome’s 4q22 financials were as in-line as they could have been to the house model without
having special inside information. We expected revenues and costs to increase, we expected
negative working capital but a fully funded roadmap to the completion of Kiena by 2024, we
expected a more conservative guidance for FY23 compared to the numbers they missed so
badly in 2022. We got all those and therefore WDO is potentially likeable at its new low stock
price, but now we have more information on how the company plans to fund the Kiena
completion, there’s no reason to prefer it to peer stocks, at least for the first part of 2023.
The key to this call is the intention of Interim CEO Morley-Jepson to use the ATM “at opportune
times”, that’s akin to saying “When WDO’s share price increases, we’re going to sell shares”.
Combined with the clear preference he has for the cheaper capital cost of cash from share sales
compared to drawing down the next $95m of the revolver immediately, the signal couldn’t be
clear and at the proposed dilution, would take approximately 60c per share off the forward
upside of the stock. That’s not enough to stop it from becoming a winning trade if gold starts
flying, of course, but the market will now act as if the overhang is already in place and those
shares sold, so it’s going to weigh on the current share price performance more than later in
the year. In effect, it makes WDO less attractive compared to other sector stocks and cheap
entry point or not, WDO is on schedule to start processing the higher grade, is still on budget
and we have a better idea on the avenues they’ve used to fund 2023, the risk will have dropped
considerably.
23

Bottom line: A look at the three year chart for WDO gives an idea of just how hard the stock
has been blasted by volume in the last three month, with the big blow-ups coming when the
company announced the departure of Duncan Middlemiss and then its poor production
numbers. At C$6-or-thereabouts it looks cheap compared to just about any time since the Covid
dip and with funding secured (thanks Elon) for the last leg of the Kiena build-out, there’s a case
to be made for buying now, tucking shares away for the year and then enjoying the upside
once 2024 brings a better and profitable Kiena operation that’s in shape to pay down its debt.
However, the prospect of 1) WDO adding significantly to its cash debt position and 2) its clear
intention to use the ATM facility more aggressively and dilute the share count in exchange for
treasury cash means there’s no need to expose to this stock for the time being.
We’ll revisit WDO as a potential trade mid-year and
see how it’s moved on its funding intentions, we’ll
also have a better idea as to whether Kiena will live
up to its revised timeline to full production in 2024.
C$6 may seem cheap today but, if the market turns
against miners and WDO gives us a second year of
failed guidances, there’s a lot of downside left in
the tank due to its burgeoning liabilities position.
Watching and waiting until risk subsides.
Equinox Gold (EQX) (EQX.to) 4q22 financials review
On February 21st, Equinox Gold (EQX) (EQX.to) reported its 4q22 and year-end financials, as
well as giving guidance for FY23 (23). Here are two comparative charts to give a sounding of
the current state of play at EQX, with the six month chart on the left showing EQX’s beta to the
gold price (we’re not going to embarrass EQX with the 12 month chart and the U$7 and U$9
prices this time last year, in fact it was still as high as U$6 in July last year). Then below right is
the ten-day chart, showing how its Q4 report was at first applauded by its audience, before the
sell-off in gold and dependent miners took over:
It’s an open secret that I’m no fan of this stock, one I considered overvalued for a long time
and trading as much from the reputation and ambitions of its central character, Ross Beaty, as
anything substantial in its financials and guidance. However and on checking out the Q4
numbers (though I didn’t tune into its ConfCall), there was no denying that EQX hd performed
better than my (rather low) expectations and I said as much that morning on that new-fangled
Twitter machine (24) before the open, so when it popped hard into the bell I wasn’t surprised.
But the reality of EQx is also that high cash cost backdrop, so sellers showed up once gold
began to drop in earnest last week and the result is seen above.
Those charts are one easy hack on the current situation at EQX, another is neatly encapsulated
by one of the comments of CEO Greg Smith in the cover NR last week. He wrote/said:
24

“Looking forward, we expect to produce between 555,000 to 625,000 ounces of gold in
2023 at all-in sustaining costs of $1,575 to $1,695 per ounce. Growth capital of $324
million in 2023 is directed primarily to Greenstone construction. We entered 2023 with
$327 million in total liquidity which, along with cash flow from our operating mines and
marketable investments currently worth about $220 million, leaves us well funded to
complete construction at Greenstone and pour gold in the first half of 2024.”
That’s a fair summing up of this company today:
 Lots of ounces produced
 High cash cost
 Greenstone its big growth project is fully funded and apparently on schedule
So that, along with the selling seen in EQX after its warm welcome on earnings and the
numbers filed by the company got me thinking a little more about its potential as a trade on
gold. Be clear that I’m not planning on partaking myself (I prefer them lower cost), but my own
trades are hardly the be-all-and-end-all of the mining sector and it’s not a bad thing to make a
speedy run-thru of its basic financial situation to underscore why EQX may be one for you to
consider. The IKN Weekly is an advisory service, after all.
We base the following on my standard tracking charts and to begin, the quick take on
operations over recent quarters. Below left pits revenues against op-ex that allows a take on
gross margins (these costs do not include depreciation, depletion, amortization (DD&A) and the
good news is that EQX managed to combat rising costs, with better top line revenues of
U$259.2m and lower costs than the preceding two quarters of U$168.2m. That gross margin
(U$90.976m) is the best in 2022 by over U$20m and is more akin to the numbers EQX
delivered in 2021. That gross margin is not the end of the story though, and before we get to
operating income (below right) we need to subtract DD&A, G&A, exploration and a little care &
maintenance on its shuttered asset in Potosi. With that done we have a reasonable quarter-
over-quarter yardstick to measure EQX and Q4 comes in as better, rather than great.
U$m EQX: Revenues vs Prod Costs EQX: Mine Operating Income, per qtr
450
400 Revenues
op ex
350
300
250
200
150
100
50
0
1q20 2q20 3q20 4q20 1q21 2q21 3q21 4q21 1q22 2q22 3q22 4q22
source: company filings
Those U$32m in operating earnings are welcome, but against the absolute size of EQX with a
production outlook around 600k oz per year, it’s a good take on its high costs per ounce and
resulting thinnish margins. We see this in the balance sheet overview charts and while it’s not
easy to visualize the near-$400m added to fixed assets, adding in the numbers for that sub-
item shows how EQX has ploughed its cash into the Greenstone build-out over the last 12
months. The drop in cash and currents is easier to spot below right, but the good news here is
how the company has kept treasury liquid.
25
291.34
390.58 96.79
802.46
442.44 292.14 496.54
63.99 594.82
499.61
934.7
759.13
U$m 110
100
90
80
70
60 50
40
30
20
10
0
1q202q203q204q20 1q212q213q214q21 1q222q223q224q22
source: company filings
EQX: Assets
96.096
1.0702 9.9702 7002 4.7202 3.0602
1.2782 7.5092
1.4082
8.4882 3.5103 2.2903 3.1023
4500
4000 3500
3000
2500
2000
1500
1000
500
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
U$m EQX: Current assets per qtr
1200
1100
fixed other current 1000 cash & eq 900
800
700 600
500
400
300
200
100
0
source: EQX filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
source: company filings
srallod
fo
snoillim
other current cash & eq

For sure there’s a lot on its liabilities ledger and aside from its high general cash cost, that’s one
of the most important risk factors when considering EQX as a longer-term trade. But most of
the financial debt part of its liabilities is a U$700m revolver (with a $100m concertina) that’s
due in 2026 and will stay in the long-term books for a while to come.
EQX: Liabilities Breakdown per qtr
1800
1600
1400
1200
1000
800
600
400
200
0
26
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
U$m LT liab
current liab
source: company filings
Together, that means EQX has kept its working capital intact and with Greenstone apparently
on track and budget, the Q4 total of U$383.37m
means it’s in good shape for the year ahead to
complete construction, even if gold drops hard
and its operations don’t add to treasury.
Finally we consider the share structure and as
EQX has gone the way of debt to finance its
growth, shares out have remained reasonably
tight at 307.37m end quarter. With the stock
closing at U$3.44 this weekend, it gives EQX a
current market cap of U$1.057Bn, a lot number
for a 600koz/annum gold producer and a
reflection of that debt and high cost profile.
EQX: Shares Out
34.011 95.011 90.311 4.311 54.311
2.612
87.932 78.142 53.242 48.242
54.003 36.003 33.103 22.303 98.303 60.503 73.703
400
350
300
250
200
150
100
50
0
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
source: company filings
serahs
fo
snoillim
800 EQX: Working Capital per qtr
700
600
500
400
300
200
100
0
4q191q202q203q204q201q212q213q214q211q222q223q224q22
source company filings
So if we assume all its fixed assets are worth every penny assigned (and YE is usually when
impairments are taken) and to the balance sheet math, we arrive at a BV/share of U$7.66.
That’s all-but double the current share price
of EQX and an indicator of the market’s leery
view of its prospects. That debt weighs
heavily but if you’re confident that
Greenstone will be delivered on time, budget
and will produce at the rate and cost EQX
says, it won’t have any problem in
refinancing its debt and bringing the
Price/Book ratio back to the “non
dysfunctional company” level of 1.0X.
srallod
fo
snoillim
EQX: Book Value per share (USD)
55.3
66.5 96.5 07.5 89.5 91.6
28.7 57.7 85.8 43.8 78.7 55.7 66.7
10.00
9.00
8.00
7.00
6.00
5.00 4.00
3.00
2.00
1.00
0.00
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4
P/BV
source: TSX, EQX filings

That, in a nutshell, is the opportunity provided by EQX at the moment. If it can continue to
keep a lid on costs and remain on financial and timeline track at Greenstone, there’s no reason
to worry unduly about balance sheet weakness affecting its plans or its share price. That leaves
the other side of the equation, its high cash cost, to provide plenty of leverage to the gold price
and that’s the double-edged sword it always is, but Q4 suggests to this desk that there’s less
risk than the market currently assumes at this company.
We close by relenting to temptation and the longer-term price chart, but rather than the 12
month version here’s the last two years that shows some of the long period during which this
desk avoided the expensive equity. If you like gold’s prospects going forward then EQX should
be on your radar as a leverage trade on the metal. Its size and market cap, traded volume, high
cash cost and market presence makes it an attractive option for those near-term risk trades
many of you like, though I’d warn people
away from a buy’n’hold on something this
volatile and vulnerable to gold’s downswings.
At some point, Greenstone will become a
bigger factor in its price performance and that
will all depend on whether EQX can indeed
deliver its new mine on time and budget. We
shall see and while I’m going to finish this
overview note by reiterating clearly that EQX
isn’t my personal cup of tea and as things
stand today, I have no intention of buying the
stock, those of you looking for the “leverage
to gold” trade and with the required risk
tolerance should at least put this one on your
radar. After all, with Beaty heading the
company up, it’s never going to be short of a trade paper headline or coverage note.
Conclusion
IKN719 is done, we end with bullet points:
 I’m adding to my new SolGold (SOLG.to) (SOLG.L) position because I think it’s in play.
 Copper is not as bad as Friday’s trading would have you believe. The news cycle is bad
for your financial health
 Once again, apologies for failing to deliver the Amerigo note. At least the Equinox piece
came out well.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
Footnotes, appendices, references, disclaimer
(1) https://www.reuters.com/markets/rates-bonds/feds-mester-sticks-with-december-interest-rate-projection-now-2023-
02-24/
(2) https://www.fxstreet.com/news/core-pce-inflation-report-preview-us-inflation-and-possible-federal-reserve-steps-
202302240700
(3) https://finance.yahoo.com/news/solgold-plc-announces-publication-prospectus-151500511.html
(4) https://www.investegate.co.uk/solgold-plc--solg-/rns/solgold-completes-cornerstone-merger/202302241349150328R/
27

(5) https://finance.yahoo.com/news/minera-alamos-announces-commencement-drilling-124300056.html
(6) https://finance.yahoo.com/news/chesapeake-announces-updated-mineral-estimate-220000348.html
(7) https://www.hellenicshippingnews.com/copper-rises-on-chinese-demand-recovery-hopes/
(8) https://www.hellenicshippingnews.com/copper-prices-in-london-dip-as-weak-china-demand-persists/
(9) https://www.hellenicshippingnews.com/copper-edges-up-on-supply-disruptions-in-panama/
(10) https://www.hotchili.net.au/wp-content/uploads/2023/02/HCH_5_Hot-Chili-Confirms-Fourth-Porphyry-at-
Cortadera_23022023.pdf
(11) https://www.marketscreener.com/quote/stock/SOLARIS-RESOURCES-INC-109697051/news/Solaris-Announces-
Changes-to-Its-Board-of-Directors-Including-the-Appointment-of-Ms-Poonam-Puri-43076843/
(12) https://ca.finance.yahoo.com/news/newmont-ceo-disappointed-newcrests-rejection-184435266.html
(13) https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2023/Eldorado-Gold-Reports-
2022-Year-End-and-Fourth-Quarter-Financial-and-Operational-Results/default.aspx
(14) https://coastcoppercorp.com/site/assets/files/5866/coast_copper_ppt_-_corporate_presentation_february_2023.pdf
(15) https://canaln.pe/actualidad/ministro-energia-y-minas-corredor-minero-apurimac-esta-normalizado-n458921
(16) https://www.rumbominero.com/peru/noticias/mineria/minem-pdac-2023/
(17) https://www.prensa.com/economia/silencio-oficial-ante-cierre-de-la-mina-de-cobre/
(18) https://www.prensa.com/economia/gobierno-pide-a-minera-firmar-nuevo-contrato-y-no-generar-zozobra-entre-
trabajadores/
(19) https://www.swissinfo.ch/spa/panam%C3%A1-miner%C3%ADa_empresarios-de-panam%C3%A1-piden-al-
gobierno-y-minera--reconducir--negociaciones/48317248
(20) https://www.lahora.com.ec/pais/quito-ira-de-nuevo-a-las-urnas-este-2023/
(21) https://www.wesdome.com/English/investors/latest-news/news-details/2023/Wesdome-Announces-2022-Fourth-
Quarter-and-Full-Year-Financial-Results/default.aspx
(22) https://edge.media-server.com/mmc/p/oab6ykxp
(23) https://www.equinoxgold.com/news/equinox-gold-reports-q4-and-fiscal-2022-financial-and-operating-results-
provides-2023-production-guidance-of-555000-to-625000-ounces-of-gold
(24) https://twitter.com/Mark_IKN/status/1628379666112303109
Stocks To Follow Closed Positions 2022
Closed 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
28

Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
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.
29

GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
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
30

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.
31