IKN #723Premium

The IKN Weekly
Week 723, March 26th 2023
Contents
This Week: Trade heads-up In Today’s Edition, Less maps and more vehicles.
Fundamental Analysis: Faraday Copper (FDY.to): A window of opportunity.
Stocks to Follow: Rugby Resources (RUG.v), Goldshore Resources (GSHR.v), AbraSilver
(ABRA.v), Newcore Gold (NCAU.v), SolGold Plc (SOLG.to) (SOLG.L), Aldebaran (ALDE.v),
Contango Ore (CTGO), Minera Alamos (MAI.v), Amerigo (ARG.to), QC Copper & Gold (QCCU.v).
Copper Basket: Overview, Marimaca Copper (MARI.to), Western Copper & Gold (WRN.to)
(WRN), Regulus Resources (REG.v), Element 29 Resources (ECU.v).
Producer Basket: Overview, Newmont (NEM) and Newcrest (NCM).
TinyCaps Basket: Overview, Manitou Gold (MTU.v), Latin Metals (LMS.v), Viva Gold (VAU.v),
Nine Mile Metals (NINE.cse).
Regional Politics: Peru: GDP and poverty, Argentina: More on Milei.
Market Watching: Rugby Resources (RUG.v): On the Watch List, Goldshore Resources
(GSHR.v): Back on the Watch List, Orezone Gold Corp (ORE.to): No trade for me, Orefinders
Resources Inc (ORX.v) and a welcome corporate change.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Trade heads-up
As per today’s main Fundamentals section, I am a buyer of Faraday Copper (FDY.to) in the
week to come. It has the right mix of price, team, location and metal. We also add Goldshore
Resources (GSHR.v) and Rugby Resources (RUG.v) to the Stocks to Follow Watch List as of this
weekend but be clear, those are not planned purchases at this time.
So the mini buying spree continues and hopefully, we get to benefit from “Curse of PDAC”
prices as the rest of 2023 rolls out. I’m not a bottomless pit of money and along with the
additions of NCAU and ABRA last week, this trade will leave the personal treasury close to
empty with maybe enough room for one more trade (or two/three small spec positions).
In Today’s Edition
 We cover plenty of bases today, with an emphasis on coverage and tracking of the
junior mining stocks in our current focus. It’s what we’re supposed to be doing after all
and the main event is in the Fundies section, where I explain why I’m buying Faraday
Copper (FDY.to) for a trade in the days to come. There’s a window of opportunity
opened, with the share price in a lull before the upcoming newsflow that should put the
stock back in the limelight.
 There are also lots of updates on covered stocks in Stocks to Follow and Market
Watching, plus outlines of the two stocks we’re adding to the formal Watch List as of
this weekend, Rugby Resources (RUG.v) and Goldshore Resources (GSHR.v).
 Happy to report that this week’s intro is much shorter than last week’s rambling tome.
Also happy to report that the roadmap as sketched last weekend did a decent job last
week as the market traversed the FOMC and the metals miners continued to get bids.
1

Less maps and more vehicles
Last week’s extended intro, “The Confidence Man”, was one of those tedious “roadmap” type of
intro to editions that stretches over several pages. They’re far from my favourite of things to
write, but from time to time are necessary as there are moments when we simply cannot ignore
the big picture and the underlying issues that junior share prices, such as the US Dollar, broad
markets, Treasurys/debt, gold, copper. But they aren’t the remit of The IKN Weekly and I
always feel like I’m going too far off-topic and out of my wheelhouse, so I much prefer weeks
in which the intro section gets things done quickly then gets out of the way. That’s what we
have today, we’re back to a brief intro and then focus on junior mining companies (sighs with
relief) but it’s worth doing a little post-mortem on how the market ran last week compared to
the roadmap. For that, here come some excerpts from last week then and a comment or two,
starting here when we wrote in IKN722:
“…next week The Fed will raise rates by the amount proscribed by the
market, i.e. 25bps. No fuss, no upsets, no surprises, it will not try and “do
something.”
Yes, that worked okay. Now for sure this weekend the market is now pricing in a 25bps CUT in
the next FOMC as market turmoil (a nice way of saying “banks going bust”) continues and the
fed scrambles to make things nice, but we got what we got and mainly for the “don’t upset
them” reasons we imagined at the time. Next up, we considered the style/substance mix we’d
see from the FOMC and also wrote:
“…we’ll get plenty of style from the FOMC statement and the Jay Powell
presser, half an hour after the announcement. …. He’ll put on his serious hat
and say serious things because it’s in the Fed’s best interest to keep the stock
market from melting up.”
I’ll give myself a pass mark there too, though I didn’t expect Janert Yellen to be the main
Market Shiva and butt in to reverse the nascent rally on Wednesday afternoon. As for the
comments on the real audience for the Fed’s Wednesday show, last weekend we insisted that
the average goldbug or non-compromised market sophisticate would not be on Jay Powell’s
mind come the FOMC statement and the presser…
“…instead he’s looking to the dual audiences of grassroots consumer and
sophisticated banking executive.
 The grassroots consumer wants reassurance that her/his money is
safe and available. That their credit card will work no problems. That
the 401k isn’t about to explode.
 The sophisticated banking executive wants a clear pathway out of this
mess. If Jay Powell provides one, they have far too much at stake to
start turning their collective backs on the very core of the world’s
financial system. It’s too late for rebellion.
So for sure the Fed will be watching the price action in gold bullion more
closely than normal, but for different reasons
as they care a lot more about the way the
2yr paper moved up compared to 10yr and
saw the inversed yield curve start to unwind
last week.
That also fits with what we saw (chart right) and
please note, the Biden admin (e.g. Yellen) and the
great/good of the banking sector also fell over
themselves to assure the world that everythin’ gonna
be alright. The yield curve also improved as the week
rolled out with the 2 year yield, which peaked at
5.05% on March 8th, down at 3.76% this weekend.
Still high yes, but it’s doing what the Fed policies
2

wanted it to do
As for gold, here’s what we thought:
“….if you put a gun to my head, I’d probably plump for something in between
and call for gold to break U$2,000/oz in the days ahead but not break away
from the line, remaining in a range around the 2-handle.
As a reminder, we wrote that in the midst of baying and yelling for immediate breaks to the
upside for gold and goldbugs yells of prices to the moon. And while most of the action was
slightly below, rather than above, the 2k line that call worked well enough, as this chart shows:
Notably, we’re getting the same type of confident “to da moon” shrilling from the same corners
of the mining chat-o-sphere this weekend as well, despite that late Friday selling spree that
took U$25/oz or so off the top of the run. So for the future and the next week, for what it’s
worth* I’m good about sticking to the “$2k-or-abouts” call for gold and for one main reason:
6.80 GLD: Inventory/Price Ratio, 2022 to date
6.60
6.40
6.20
6.00
5.80
5.60
5.40
5.20
5.00
4.80
There’s still precious little wholesale gold buying going on. GLD inventories rose just 3mt on the
week to close at 925mt and change, leaving the sentiment ratio at just over 5X and still in
mega-washout territory. Be clear, we need to see a clear reversal of fortunes in these charts
before gold returns as a Wall St safe haven vehicle. The big money is still piling into bonds, no
matter what you might think of them. Finally, we had this to say about PM stocks:
“The PM stocks are quite another matter, however. If we truly are moving
into an economic contraction and lower inflation, as long as gold remains at-
or-around U$2,000 mining company margins expand accordingly and become
popular alternatives for deep pocketed fund managers looking for defensive
plays.”
That’s a work in progress. Yes, gold stocks did okay last weekend with GDX up 3.2%, during
what was essentially a flat week for gold, they showed alpha. However, that type of move isn’t
even an appetizer for the type of re-rate I have in mind for the gold and PM mining sectors and
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 32/3/01 32/3/42
GLD gold holdings, 2022 to date (metric tonnes)
1120
1100
1080
1060
1040
1020
1000
980
960
940
920
900 Source: SPDR data, IKN calcs
880
860
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 32/3/01 32/3/42
mt
source: SPDR GLD data

if the macro market conditions move in their favour the way I think they can, there’s an awful
lot of upside left to come for our sector of focus. And on that note, I’m going to spend the rest
of today’s edition talking about our sector of focus and the vehicles chosen to navigate to
profits.
*not much
Fundamental Analysis of Mining Stocks
Faraday Copper (FDY.to): A window of opportunity
I’m a buyer of Faraday Copper (FDY.to) this week and we’re not going to beat about the bush
in explaining why today. Just a brief background, a check on the financials and a very basic run
through of initial project economics, then we get to the point.
We begin here. Faraday Copper is an exploration stage junior mining company with two copper
projects in The USA. As well as the Contact Copper project in Nevada, its flagship asset is the
Copper Creek project in Pinal County, Arizona. Here’s the current share structure:
Shares out: 175.2m
Options: 12.9m
Warrants: 12.5m
RSUs: 3.2m
Fully diluted: 203.8m
Current share price: C$0.77
Market Cap: C$134.9m
Approx cash per S/O: 0.16c
All prices are in Canadian Dollars unless stated. Forex U$0.80=CAD$1
FDY has been under consideration by this desk since it was added to the 2023 new Copper
Basket at the start of the year. We liked its corporate re-organization as seen in 2022, we
appreciated its recent upgrade to the main TSX board and we decided to keep a closer eye on
its progress. In the intro to IKN711 when rolling out the new lists for 2023, our comments of
FDY included this:
FDY at Copper Creek needs to increase its resource to become first level among
copper projects and expect FDY will drill it aggressively in 2023, which will require it to
raise working capital at some point this year. However, this brings into focus its other
major advantage, the strong backing from “Mining A-Listers” such as the likes of
Murray Edwards, Pierre Lassonde and the Lundin Family, who between them own over
27% of shares out. These are names that provide plenty of heft and financial kudos
when the time comes to fund the structure.
It might have been concise and squeezed two subjects into one, but as comments go it’s turned
out well. Regarding the major backers, we remind readers that FDY’s main strategic
shareholders own just over a third of the current share count, according to the latest corporate
literature. That backing showed its worth in February when, in an otherwise difficult market for
juniors, FDY bucked the general trend and managed to raise a cool C$40m (1) by running an
upsized bought deal priced at 80c, with no warrant attached. The 2023 YTD share price chart
(right) also shows how the market generally
approved of the deal and FDY shares peaked after
the deal had closed, before dropping back recently
in lower volume trading to this weekend’s 77c.
FDY has put that newly raised money to
immediate use and has spent the money in two
ways. Firstly, on March 7th FDY announced (2) the
closure of the U$10m purchase of the a large
4

swathe of the land surrounding the main Copper Creek targets. Bought from the local Mercer
family with which FDY a strong and mutually beneficial relationship (as claimed by FDY in a
recent conference call and confirmed by this desk in subsequent investigation), the purchase
didn’t get much reaction from the market when it
was announced and went through, but should
have done. This is a smart move and one that
fits squarely into the FDY corporate motto of
“Bringing a Senior Mining Company Mindset to a
Junior” (they use that one a lot), this is a real
win-win and the type of detail that makes
eventual M&A easier and more attractive for a
potential buyer. This map (right) shows the
current land tenure and, according to the
company, the minor Federal land zones won’t be
an issue to any permitting track or eventual
operation, as there’s nothing ecologically
sensitive on the land and even in a worst case
situation where permitting drags, there’s more
than enough room on the patented claim and
private lands to do everything a miner needs to
do to build its operation. We have also made
note of the main and secondary access roads to
the as the Mercer family is currently helping FDY improve that access road (another
demonstration of the excellent ESG its enjoys).
Indeed, this smart land purchase only adds to what was already an enviable infrastructure
scenario. Along with the easy road access, Copper Creek is good for rail access, power, water,
skilled labour (Pinal is true miner country) and as there’s no significant urbanization nearby, the
company gets only minor level pushback from locals when running their town hall meetings and
the vast majority in the area are in favour of restarting the mine (we repeat, this it true miner
country). There are even two smelters in the vicinity, Hayden (owned by Ray) and Miami
(owned by Freeport). It really doesn’t get any better than this.
Its second line of spending has been at the mine, as the company is currently just over half
way through its current Phase Two drill program, planned for 10,000m. Alongside this Phase
Two program, FDY also running a new program of geophysics, is moving to publish its maiden
PEA during 2q23, with May now the most likely month for delivery according to the company
last week. From that, FDY will then plan and move on a Phase Three drill program that should
start in October 2023 and is slated for another 20,000m.
Which brings up the question of cash burn and how long we can expect current treasury to last,
so instead of doing those in isolation let’s tackle all the basic financials on FDY at this point and
get them out the way. The overview assets and liability charts show that this company is a very
simple and straightforward financial set-up, we like those:
FDY.to: Assets, per qtr
60
55
50
45
40
35
30 25
20
15
10
5
0
5
12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4 tse42q1 tse42q2
$m FDY.to: Liabilities, per qtr
4
fixed 3.5
other current 3
cash
2.5
2
1.5
1
0.5
0
source: company filings/IKN ests
12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4 tse42q1 tse42q2
source: company filings/IKN est
srallod
fo
snoillim
LT liabs
current liabs

Liabilities are minor and we expect the 700k in executive back pay to be covered in the current
quarter, we then assume a best-guess $2.5m in accounts payable for the forward quarters,
typical of a going concern. That might fluctuate a little more than this guesstimate but we
certainly should not expect the arrival of debt liabilities, stream/royalty deals or anything
chunky of that ilk. As for assets, we note that FDY is already capitalizing development and
expect that to continue so expect fixed assets to grow as cash depletes. That brings us to the
only pressing financial issue at the company today, its treasury position and burn rate.
40 FDY.to: Cash treasury per qtr
35
30
25
20
15
10
5
0
What with the expense of setting up the current drill program, the work done on the near-
complete PEA and of course the U$10m payment to secure the Mercer Ranch land package
around Copper Creek (please note our default dollar amounts are in CAD$), FDY has front-
ended a lot of the most expensive items for 2023 into 1q23. In conversation with company CFO
Graham Richardson 10 days ago, he mentioned that current treasury stood at C$29m, we
therefore slate the company to leave 1q23 with a conservatively pitched C$27.5m. That’s plenty
of burn, but the good news starts here and as we conversed further about 2023 budgets and
what the company was looking to achieve in 2024, it became clears that FDY was in a good
treasury position. Indeed, CFO Richardson was confident there was enough cash to see out
2023 and the whole of 2024 if necessary and
while I probably agree, that would also imply
curtailing activity somewhat next year and I’d
rather pitch as seen above, with cash getting low
come the midpoint of next year. But either way
there’s all FDY requires to do all it wants this year
and next, that is good.
For our final chart (brevity being the soul of wit
today) we check in on the share count (right) and
while it’s ballooned over the last five quarters
since the company changed from being
Copperbank to Faraday in 2q22, we don’t expect
any more dilution to at least the back half of 2024.
By then the company may not even exist (see below for more on that).
So what do you get for your money, for the treasury and decent balance sheet and the current
market cap of just under U$100m (C$134.9m)? To begin, you get 3.9Bn lbs of copper:
6
12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4 tse42q1 tse42q2
source: company filings/IKN ests
srallod
fo
snoillim
FDY.to: Working Capital per qtr
185.3
506.0
674.51
288.11
246.6
5.72
5.12
5.61
5.11
5.8
5.4
40
35
30
25
20
15
10
5
0
12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4 tse42q1 tse42q2
source company filings/IKN ests
srallod
fo
snoillim
FDY.to: Shares out (m)
8.69 3.79
5.221 0.321 3.321
2.571 2.571 2.571 0.081
200
180
160
140
120
100
80
60
40
20
0
12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings, IKN ests

The above chart is the current 43-101 compliant resource at Copper Creek and while it’s split in
several ways, the bottom line M&I total of 3.907Bn lbs copper and 4.126Bn lbs CuEq (there are
minor molybdenum and silver credit metals) is what counts. You may also appreciate the
advantage of having most of the resource already in M&I, with inferred a small proportion of
the whole. That’s what happens when you pick up a project that’s been picked over since 2007
and already had over 200km of drilling done. A good thing.
However, the most important difference in the resource is the split betweem “Open Pitr and
“Underground”, as this will make all the difference for the eventual mine plans and economics
of the project. Here are a few more tables that separate that information out, starting with the
open pit resource:
Open Pit M&I
Open Pit Inferred
The above shows the totals for open pit resource in M&QA and adds the minor inferred
resource in the second table. This is also a good time to comment that while there is some pure
oxide and some transition tonnage at Copper Creek, the vast majority of the resource is
sulphide and to the extent where it’s best to consider the entire resource as sulphide and to be
treated accordingly. There will be no cheap dump leach runs on the oxide here, the whole lot
will go through a mill to float off a concentrate. The above Open Pit resource, at the deigned
cut of 0.23% CuEq, gives 1.3Bn lbs of easily reachable and mineable copper. Then comes the
Underground resource as seen here:
Underground M&I
U/G Inferred
7

At this stage, what matters most is the Open Pit and for a couple of basic reasons:
 That’s how the mine will begin again, how it will justify its capex and provide quick
financial payback to the eventual operator.
 The underground resource is set to change greatly
Regarding the former, we’re going to find out a lot more about the project economics once the
upcoming Pea is published by the company next quarter. Slated for May, it will not include any
of the current drill program which means that essentially, as soon as it’s published it will be out
of date because by necessity, it will include project economics for an underground resource
that’s set to change significantly (see below). However, what it will do is give a baseline for the
open pit mine plan and economics and we can preview that via a ballpark calculation or two.
We begin with a brief overview of what we can expect from open pit production of copper in
the first years of an eventual mine at Copper Creek. On consultation with the company, they
expect to run at 30,000tpd once up and running (though will mine the pre-production years at
50,000tpd in order to efficiently pre-strip the resource and build stockpiles of both grade level
and low grade mineralization). By keeping things simple and including the two minor credit
metals as CuEq (both recovery adjusted) and using the company estimate of 92% recoveries
for copper, this is what we get:
FDY at Copper Creek: Annual open pit production at 30,000tpd
tonnage thruput CuEq grade recovery CuEq prod (Mlbs) LoM (years)
30,000 0.58% 92% 123.4 10.8
source: FDY data, IKN calcs & estimates
That’s a sizeable 123.4m lbs copper produce per annum from open pit only and, if we assume
all the inferred converts successfully, they have enough to mine and produce for almost ten
years without even having to begin the underground works. This makes for interesting and
robust project economics, as this second table shows:
FDY at Copper Creek: Model Year Revenues & Op Income (U$m)
Price case base current upper blue sky
copper mt 56,028 56,028 56,028 56,028
copper Mlbs 123.5 123.4 123.4 123.4
U$/lb 3.00 3.50 4.00 4.50
copper revs $370.56 $432.00 $493.72 $555.43
NSR 9.4 11.0 12.6 14.2
TC/RC, trans/mkt 55.6 64.8 74.1 83.3
Revenues 315.0 367.2 419.7 472.1
Sources: FDY data, IKN calcs and estimates
Here we use four price cases for copper (as seen) and if we assume U$4.00/lb copper average
prices, the 3% NSR (due to South32) and a guesstimated 15% for TC/RC, transport and
marketing, Copper Creek produces top line revenues of almost U$420m per annum. As for
costs, on consulting with the company CFO there’s reason to believe the 2022 MRE criteria have
held up well enough but even if my model adds some extra to cover inflation, it shows up well.
As seen below, the main takeaway at U$4.00/lb copper is the operating income total of
U$150.1m per annum. Do that for ten point eight years and you won’t need to worry about
where the capex comes from for the underground expansion project.
8

FDY at Copper Creek: Income statement model year (U$m)
at 300m S/O base current upper blue sky
Sales (U$m) 315.0 367.2 419.7 472.1
Depreciation 30.0 30.0 30.0 30.0
SGA+R&D 17.0 17.0 17.0 17.0
3% NSR 9.4 11.0 12.6 14.2
Op income 48.5 99.2 150.1 201.0
finance exp. 15.0 15.0 15.0 15.0
Worker Part 2.7 6.7 10.8 14.9
Tax 7.7 19.4 31.1 42.8
Net income 23.1 58.1 93.2 128.3
Shares out 300 300 300 300
EPS 0.08 0.19 0.31 0.43
Sust. Capex 10 10 10 10
FCF 0.21 0.33 0.44 0.56
Sources: FDY data, IKN calcs & estimates
However we must stress that while I use (as usual) conservatively pitched inputs all this is very
much “ballpark only” and I’m not hanging my purchase decision on this model or the theoretical
price target that my spreadsheet automatically spits out (which, even after assuming dilution to
300m shares and debt financing to service was C$1.70, if you care enough). Instead, what the
model shows is that Copper Creek works and works comfortably at current copper prices,
there’s money in just the open pit resource.
That’s because the current FDY has a second likely catalyst to offer the world:
This visual shows the current surface (open pit) resource for the Copper Prince target zone, as
well as the January 2023 assay report for hole 013 (2a) of 15 metres at 10.83% Copper,
1.65g/t Gold and 55.62. A stellar hit by any measure and significant to our report today
because the current drill program at Copper Creek has put a second hole into Copper Prince,
intersecting the same Breccia at depth and below the 013 intersection (roughly where you see
the arrow and the word “open”). That hole should be back from the labs in May and means
we’re going to get a double dose of actionable news from FDY in the weeks to come. That
means FDY is going to make double sure the world understands its upcoming PEA as
immediately outdated when it arrives (or if you prefer, the veritable “snapshot in time”
superseded by new and better data) because its underground resource is growing in both and
size and grade before our eyes as the Phase Two program results come in and the company
9

plans its Phase Three.
This is the trade at FDY and why I am buying now. As it happens, I also agree with the
company’s longer-term strategy of putting out an updated PEA once the Phase Three drilling is
done and then, for all intents and purposes, shutting down and then marketing its itself to the
highest bidder. They understand that as long as they deliver a “quality PEA” with the type of
detailed information a major sized buyer would want (e.g. plenty of met) they’re not going to
get any benefit from moving forward to PFS stage because any eventual buyer would
immediately ignore that document and go about doing their own. They therefore plan to get to
“enhanced PEA” status and then sell to the highest bidder, perhaps at the back end of next
year. However, that’s not going to be the trade for me, instead what we have is the opportunity
to get in front of the high level of noise and promo we’re bound to get from FDY once it
delivers a PEA.
This is the piece of the puzzle missing for the large brokerages and those analysts covering this
stock (recall that A-Team list of backers? That’s where their influence comes in). Once the
world has a PEA and a reasonable framework to price and value the open pit material, plus a
clearer understanding of how the company plans to access and mine the underground resource,
those bright people in suits will be able to factor in the new and improved underground
resource numbers for 2023 drilling and come up with a clear idea of what FDY is worth in
today’s market and for me, that’s a lot higher than its sub-U$100m price tag today. Here’s a
list:
 Right metal: Copper isn’t just a metals market darling any longer, it’s making waves
among generalists
 Right location: Copper Creek Pinal Count AZ is a pro-mining location in a pro-mining
State of low political risk country, that’s the right mix for buyers in 2023
 Right economics: The upcoming PEA will show robust margins and straightforward
mining
 Right upside: we already know that the underground resource expansion is underway,
the next crop of drill results will underscore that
 Right price: At less than 2.5c/lb in-situ, when nothing sells these days for under 6c/lb,
even after its impressive run since 2022 FDY is valued cheaply compared to what it has
 Right Team: Professional and high standards, with famous name backers
 Right timing: The stock price has retraced during a calmer news period for the stock.
Once the PEA is published we’ll hear a lot more about FDY in the sector
This is the right time to pick up shares and add to my copper exposure, after selling Western
(WRN.to) recently. There’s no formal price target on this trade today and my personal plans are
for a near-term trade, rather than longer-term investment and in a perfect world I’ll be able to
sell my shares on the other side of May at some point once the stock has risen on the upcoming
positive newsflow (and what could possibly go wrong?). Faraday Copper (FDY.to) will take its
place as one of the recommended stocks of the Strocks to Follow list as of next week, by which
time I will be an owner of a few shares.
Stocks to Follow
A good week, despite watching Top Pick Minera Alamos get sold down to UNCH on the week on
Friday afternoon. We had six winners (ARG.to, ABRA.v, NCAU.v, MIRL.cse, CTGO, MENE.v),
three unchanged stocks (MAI.v, ORX.v, ATC.v) and five losers (SOLG.to, QCCU.v, RIO.v, CKG.v,
ALDE.v) and while it wasn’t all in one direction, as seen in the larger percentage losses taken in
Rio2 Ltd (RIO.v down 13.9%) and QC Copper & Gold (QCCU.v down 10.3%), there were some
strong wins in stocks such as AbraSilver (ABRA.v up 30.2), Contango Ore (CTGO up 11.1%)
and Amerigo Resources (ARG.to up 9.6%).
Not including the new Watch List arrivals, we currently have 14 covered stocks (12 owned
10

personally), six fewer than our self-imposed maximum. With the advent of three news names
on the list as from next weekend, that will be up to 17. At the moment, five are in the green,
two are unchanged, seven are in the red. Another good week and we’d be at even winners and
six losers.
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$0.39 85.7% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.60 17.6% Main Cu trade, top fundies
SolGold SOLG.to STR BUY C$0.265 19-Feb-23 C$0.265 0.0% Cu in Ecuador, M&A tgt
QC Copper&Gold QCCU.v SPEC BUY C$0.275 25-Apr-21 C$0.135 -50.9% MRE now due 2q23, annoying
AbraSilver Res. ABRA.v BUY C$0.36 4-Dec-22 C$0.345 -4.2% added for last time Mar'23
Newcore Gold NCAU.v BUY C$0.205 23-Oct-22 C$0.20 -2.4% MRE better than it looked.
Rio2 Ltd. RIO.v SPEC BUY C$0.83 22-Apr-18 C$0.155 -81.3% Cheap on permit probs, appeal
SPECULATIVE TRADES
Orefinders ORX.v.v SPEC BUY C$0.04 20-Nov-22 C$0.04 0.0% build position at 4c
Chesapeake Gold CKG.v SPEC BUY C$3.07 20-Feb-22 C$2.10 -31.6% Au leverage, small trade so far
Aldebaran Res. ALDE.v BUY C$0.72 16-May-21 C$0.95 31.9% drill assays from March'23
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.035 -82.1% 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$0.135 42.1% Cheap Yukon neighbour play
Rugby Resources RUG.v WATCH C$0.06 26-Mar-23 C$0.06 0.0% new on watchlist, Ci in Col
Goldshore Res GSHR.v WATCH C$0.165 26-Mar-23 C$0.165 0.0% return to list, possible flip
Contango Ore CTGO WATCH U$23.25 2-Dec-22 U$25.30 8.8% watching for financing package
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.37 -41.3% 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
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
2015 to 2022 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of the covered companies:
Rugby Resources (RUG.v): ADDED TO WATCH LIST. A brief note to underscore on the
note as seen in Market Watching today. As from this weekend we include Rugby Resources
(RUG.v) in the Watch List section of the list. That means I do not current own and please be
clear, unlike Faraday Copper (FDY.to, see today’s main fundies section) I have no plans to buy
in the days to come. However, it’s the right profile for a high risk copper exploreco trade and by
adding it to the list, will keep my eye firmly fixed on its progress in the weeks to come. Or lack
of progress, as the case may be. See ‘Market Watching’ below for more.
Goldshore Resources (GSHR.v): ADDED TO WATCH LIST. Another brief note to
underscore the thoughts as seen in Market Watching today (see below). With GSHR biting the
bullet and running its financing at the price dictated by the market, it will allow the stock to rally
if the market gets behind the stock and momentum returns. However and be clear, as with
RUG.v this is Watch List Only at the moment and I’m not going to buy for the time being. My
best guess at this time is we may see a window to trade the stock when the placement closes
and even then, we wouldn’t reach for the skies on any trade. For example, a buy at 18c and a
sale at 24c with a near-term perspective would be a nice little flip and 33% gross in the bag.
After all, what could possibly go wrong. See ‘Market Watching’ below for more.
AbraSilver Resource Corp (ABRA.v): POSITION ADDED. We executed on the plan as
11

seen in IKN722, last weekend. There were no prices anywhere near the 26.5c close of last
Friday, caused by the way the SILJ ETF bent the market for ABRA (and many other juniors) out
of shape as it re-balanced its portfolio. That made 29c and 29.5c the price to pay and that was
slightly disappointing, but after a couple of hours of griping at the screen I got used to the idea,
realized I was still buying an excellent bargain at anything under 30c and bought enough to get
the cost average down a penny. I’m glad I did.
While we could offer up several reasonable and logical guesses, exactly why it’s taken until this
time to break out of its negative channel is beyond my ken and it’s probably best left as a
mystery. But it was very pleasant to see ABRA rally a little, particularly as I’d just added, and
we even got the week’s high on Friday afternoon.
I have no plans to add any further. I’m not a big silver fan and after adding three times to this
trade, it’s already a little too large for full comfort and I may sell a few if it runs higher and
shave it slightly smaller, but if so it would only for personal portfolio management and sizing
reasons and not for any change of opinion.
Newcore Gold (NCAU.v): POSITION ADDED. This went as planned in IKN722 last
weekend, NCAU was easier to add early and I got what I wanted around 18c. That has brought
the cost average down to 20.5c and thanks to the later week rally we’re nearly….nearly…back
into the win column. And in real news, NCAU is running a free webinar this coming week,
specifically, Wednesday, March 29, 2023 at 10 AM PT / 1 PM ET and those of us long (or
thinking about it) would do well to tune in. Here’s the link (3) and here’s the blurb on the
subject matter, as seen on that page:
Join Newcore Gold’s President & CEO, Luke Alexander, and VP Exploration, Greg
Smith, to get an overview of the updated Mineral Resource Estimate for the
Company’s Enchi Gold Project in Ghana. The update successfully outlined an
inaugural Indicated resource, established a high-grade underground resource for the
first time, added a fifth deposit area at Enchi, and has yet to include approximately
38,000 metres of drilling which focused on greenfield discoveries and high-grade
sulphide mineralisation at depth.
So now you know. With trading in NCAU showing at the very least that a bottom is in, I’d like to
think that the market has done the same as myself and had second thoughts about its initial
negative perception of the company MRE. Then again, I may be projecting.
SolGold Plc (SOLG.to) (SOLG.L): Despite the soft trading we saw in the stock last week (we
use ten days of the main London listing chart and compare it to the main copper producers’
ETF, COPX), the news that dropped from SOLG was both intriguing and positive for the reasons
we’re now long the stock. The link to the NR is here (4) and it’s worth reading it all (and while
you’re there, do a little reading between the lines on the CFO and CEO comments), here are
some excerpts:
The Board of Directors of SolGold (LSE:SOLG)(TSX:SOLG) is pleased to announce
the appointment of Mr. Chris Stackhouse as Chief Financial Officer of the Company
("CFO"), effective 17 April 2023.
…
12

SolGold is also pleased to announce that Mr. Scott Caldwell, who has been serving as
Interim CEO, has been appointed as the Company's Chief Executive Officer.
…
To secure his appointment and for retention purposes, Mr. Caldwell has been granted
an exceptional award of 30,000,000 options over ordinary shares in the Company at an
exercise price of £0.17 per share that are tied to specific performance criteria
That Scott Caldwell has now been moved from interim to permanent CEO is good. That he is
clearly taking most of his remuneration in 17p options is also good. That he has brought in the
CFO with which he worked while CEO of Guyana Goldfields (ex-GUY.to) is also good, as that
team eventually sold GUY to Chinese capitals. It’s not difficult to work out the reasoning behind
the decision to confirm Caldwell as CEO and as the section of the board now in charge of policy
that we call “Team Mather/Maxit” (see IKN718 dated February 19th for the political ins and
outs, as well as the briefer updated in IKN719 dated February 26th) have a clear and stated
policy of “sell to the Chinese sooner rather than later”, the news last week is what happens
when Bob Sangha and Nick Mather get the C-suite fully aligned with their plans.
Under such circumstances, therefore, it isn’t so surprising to see SOLG shares trade softly and
against the tide of copper juniors. We’ve already identified a recent period during which SOLG
came under shorting attack and the way the price was gradually capped last week has all the
same hallmarks. Over on the other side of this boardroom battle, Team BHP/NCM will do what
they can to delay and defer any deal, we already know they’d much prefer SOLG to “look long-
term” (i.e. see its share price wither on the vine) and one of the most obvious ways of
interfering with M&A is to dilute the equity position from which it can negotiate an acceptable
deal for shareholders. Put simply:
 SOLG trades at 15p, an offer comes in at 50% VWAP (22.5p)
 SOLG trades at 25p, an offer comes in at 30% VWAP (32.5p)
Which one would you prefer, fellow shareholder?
Which one could Team BHP/NCM criticize with more
success? Or White Knight to their advantage? We
remind readers of the unsolicited feedback from the
main IKN718 note received from Warren Irwin, a
player on Team Maxit/Mather and very close to the
centre of this story. He said that the IKN718 report
“nailed” the situation and that included the comments
of the high likelihood of the stock being shorted down
to its 13c level at that time.
Aldebaran Resources (ALDE.v): We got news of a
couple of internal promotions in ALDE last week, but
nothing earth-shattering and as they happened concurrently with the same type of newsflow at
sister company Regulus (REG.v), this is some type of scheduled board review of employee
performance on show.
In trading, ALDE did okay but volume was back to
super-light and the ten-day chart shows one of the
issues that arises from this ongoing and chronic
weak link in the ALDE story (and that of REG, we
should note). Come Wednesday and the Fed
decision day, somebody somewhere decided for
their own reasons that enough was enough and
wanted out the stock. With no reasonable bid/ask
available, the stock rollercoastered from 96c to 88c
and then back to 96c, all tin the space of around
$30k in traded volume. When your company runs a
market cap of over $130m, that’s not a robust market signal.
13

Contango Ore (CTGO): RVN’s CTGO rallied nicely last week on this news (5) dated Monday
March 20th:
“…pleased to announce that it has entered into an agreement with ING CAPITAL LLC
(“ING”) and Macquarie Bank Limited (“Macquarie”) to arrange a US$70 million senior
secured loan facility to fund its portion of the pre-production construction and working
capital/operating expenditures for the Peak Gold Joint Venture (“PGJV”), owner of the
Manh Choh gold project in Alaska. The project has received the federal permits
needed for road construction and early work construction has already commenced.
First gold production is expected in the second half of 2024.
That’s good and while the devil will still be in the details, the process is clearly advancing well
and we can fully expect CTGO to have all the money it needs and when it needs it in order to
cover its 30% of the capex at Manh Choh. According to the webinar run by CTGO on Friday (6),
its portion is still slated at U$55m and CTGO is raising U$70m to keep the banks happy and a
sufficient level of treasury liquidity before the cash starts arriving (the processing and sales will
be batched and CTGO may have to wait up to six months before invoices are liquidated). We
also heard that a fair proportion of the gold will be hedged at the banks’ insistence, probably in
a costless collar.
We need to wait for details, cost of the loan and so forth. At that point we’ll be in a better
position to make a proactive decision on whether to merely watch the development of CTGO, or
whether to buy a few shares and join in.
Minera Alamos (MAI.v): We can at least take solace that MAI is back to being a median
market performer. Not why we’re here or why it’s the IKN Weekly Top Pick of course, but you
have to (re)start somewhere, I suppose. The only small wrinkle in that can be seen in this ten-
day chart, as somebody somewhere seems to want MAI to close on a distinct downtick for thw
weekends. A mere detail for those of us into the stock long-term, but one worth pointing out at
this stage.
Amerigo Resources (ARG.to): Reader FL would like to know something I’ve been asked on a
couple of other occasions: What’s stopping the main copper position from becoming a Top Pick
and answer is simple: Money.
I’ve never hidden my liking for this trade and have banged on the table about ARG more times
than I can remember. I’ve also added a couple of tranches and the last time I did, made it clear
that another addition would automatically push the trade up to Top Pick status. As I haven’t
added since then and am content with being merely overweight ARG, it hasn’t become a Top
Pick. All that is to frame the basic reasoning, because The IKN Weekly never hidden the fact
that it works its recos “What I am doing with my money. To risk another set of speech marks,
that’s what I consider the “least worst” method and comes with obvious drawbacks. I am not
you, we all have different circumstances to consider when opening and maintaining a trade and
only one of those is my personal appreciation for the company or stock. Age matters, depth of
back pocket matters, personal tastes matter, professional circumstances matter, those and a
14

hundred other criteria.
In the specific case of ARG yes I could have easily added some more (and probably should have
while it traded under C$1.10 or even the Loonie line) but I live in the real world, do not have a
limitless purse and when the moments come, I’ve preferred other stocks for other reasons such
as the recent foray into SOLG, for one example. That doesn’t detract from the attraction offered
by ARG and I would hold onto my shares firmly and bang on the table as much as I do if I
weren’t convinced of its compelling value. So if it’s not a Top Pick, it’s really not that important
(as far as you’re concerned). It’s my best idea in one of the hottest metals in 2023 and even
today’s C$1.60 is a knock down bargain.
QC Copper & Gold (QCCU.v): We feature fellow Ore Group company Orefinders (ORX.v) in
this weekend’s ‘Market Watching’ section
this week, to give the note a little more
space and expand on what I believe to be
a very positive development in that
company (and for Ore Group in general).
Notes on the larger personal trade QCCU
shouldn’t take as long and go here. We
got two NRS from the company last week,
the second (7) being confirmation that its
land purchase next to Opemiska had
closed successfully (a smart deal at a
good price). The first NR had more meat
on it, with new drill assay results from
Opemiska (8) and while the “East Zone”
exploratory drills were a little meh and not
something that will count in the upcoming
MRE anyway, we got good numbers from
ongoing work in the “Springer” and
“Perry” zones, inside the conceptual pit
outline at Opemiska, that will add to the tonnage and grade when the new resource is
published next quarter (and after two delays, they darned well better deliver the MRE in 2q23).
This comment in the NR from company VP Ex Charles Beaudry confirm that these latest
numbers make the cut and preview the changes to come:
"These results continue to provide encouragement that the revised mineral resources
estimate (MRE) that is currently being prepared will improve over the 2021 MRE which
generated a resource of 81.7 million tonnes at a grade of 0.65% Copper and 0.31 gpt
Gold in the Measured and Indicated categories and an additional 21.4 million tonnes at
0.51% Copper and 0.30 gpt Gold. The revised MRE on Opemiska will include an
additional 175 diamond drillholes bringing the total drilling to 66,341m in 280 diamond
drill holes."
That’s a lot of drilling and on top of that, QCCU is looking to change its model to include more
lower grade zones in the resource. We’ll get lower grade yes, but strip rates will drop
15

considerably and that means a lower cut-off. The result should be a big up tick in contained
copper, but the way the stock traded last week once again suggests that the potential is flying
under the market radar.
The Copper Basket
After twelve weeks of 2023, The Copper Basket shows a loss of 2.28% to level stakes:
company ticker price 1/1/23 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.44 114.56 638.10 5.57 -13.5%
2 Western Copper WRN.to 2.41 151.597 372.93 2.46 2.1%
3 Marimaca Cop MARI.to 3.22 88.028 316.02 3.59 11.5%
4 Arizona Sonoran ASCU.to 1.92 105.96 190.73 1.80 -6.2%
5 Oroco Res OCO.v 0.91 207.034 163.56 0.79 -13.2%
6 Faraday Copper FDY.to 0.54 175.2 134.90 0.77 42.6%
7 Aldebaran Res. ALDE.v 0.78 139.007 132.06 0.95 21.8%
8 Regulus Res. REG.v 1.10 124.509 98.36 0.79 -28.2%
9 Hot Chili HCH.v 0.78 119.455 96.76 0.81 3.8%
10 Pan Global Res PGZ.v 0.46 212.145 78.49 0.37 -19.6%
11 Kodiak Copper KDK.v 1.12 55.6 51.71 0.93 -17.0%
12 QC Copper QCCU.v 0.165 150.736 19.60 0.13 -21.2%
13 Element 29 Res ECU.v 0.16 86.966 15.22 0.175 9.4%
14 Libero Copper LBC.v 0.155 93.869 13.14 0.14 -9.7%
15 Atacama Copper ACOP.v 0.16 34.373 5.67 0.165 3.1%
NB: All stocks in CAD$ Portfolio avg -2.28%
It wasn’t by much, but last week was another overall loser for Copper Basket and the average
shaved another 0.18% off to register the second
2023 low in as many weeks. This despite the
10% The Copper Basket 2023, weekly evolution
very decent rebound move in copper-the-metal 9%
8%
and a flurry of bullish outlook opinions from 7%
6%
serious people wearing expensive suits. Juniors 5%
4%
are another world, you see. Anyway, we saw five 3%
week-over-week losers (ASCU.to, ALDE.v, 2%
1%
FDY.to, QCCU.v, ECU.v), one unchanged stock 0%
-1%
(KDK.v) and nine winners (SLS.to, WRN.to, -2%
-3%
MARI.to, OCO.v, HCH.v, PGZ.v, REG.v, LBC.v,
ACOP.v) but as the only double figure
percentage movers were both in the losing
column, namely Element 29 (ECU.v down
12.5%) and QC Copper (QCCU.v down 10.3%), their gravity was enough to drag down the
basket average.
Which surprised me considering how
well copper traded last week. From
under U$3.90/lb this time last
weekend, the Comex near-dated
futures contract for copper (HGZ23)
and most liquid place in The Americas
to trade the metal climbed above
U$4.10/lb before settling Friday at a
healthy looking U$4.08/lb and change.
That would be a good performance in
any week, it was great considering
that the week included a contentious
16
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62
source: IKN calcs

FOMC and all the volatility it implied, as well as the growing arguments about The USA heading
toward a hard landing as the year progresses. To see one of the world’s major commodities
trade up into headwinds that would normally knock it sideways tells us that something different
is going on around Dr. Copper and hey, it’s not as if the reason hasn’t been laid out for all to
see on these pages a thousand times already:
China
China
China
Etc
The country that uses 55% of all copper produced in the world every year is not slowing down,
it’s accelerating again and its use of copper isn’t about to drop just because its main customer
for plastic widgets is about to have a rough quarter or two. China puts its copper to use
internally and that’s not going to let up, at some point the world will realize this and potentially,
that point is right now.
Indeed and aside from the ubiquitous Robert Friedland and his headline-catching ways (see
below), last week brought two heavy hitter houses saying virtually the same thing about copper
in 2023. On Monday, major metals trader Trafigura talked up its book in fine style (9):
The co-head of metals and minerals at the world’s biggest copper trader said on
Monday the copper price could hit a new record high within the next 12 months owing
to very tight stocks, even above $12,000 a tonne.
“I would highlight copper as the most critical metal globally given the shortage in the
market. We only had 3.5 days of copper stock equivalent at the end of last year,”
Trafigura’s Kostas Bintas told the FT Commodities Global Summit.
Then on Tuesday, the copper permabulls at Goldman Sachs chimed in with its head of
commods Jeff Currie carrying the baton (10):
"On copper, the forward outlook is extraordinarily positive. We'll be at the lowest
observable inventories that have ever been recorded at 125,000 tonnes. We have
peak supply occurring in 2024...Near term we put (the copper price) at $10,500 and
longer term our price target is $15,000 a tonne."
Those messages are not exactly new and in the case of Trafi, they could simply be talking their
book. But they align with the major producers (eg Adkerson of FCX two weeks ago) and for
what it’s worth, this desk gets more inquiries of the “what copper junior…?” than for any other
metal at the moment, the appetite for copper names is palpable. So whatever happens in the
world economy in 2023, until otherwise informed please consider copper in a secular bull.
We move to our weekly check on world copper inventories, data as always from those fine
ladies and gentleman at Chile’s metals beancounter office, Cochilco (11):
 The sharp draw downs continue and this week, all three official world systems saw
copper leave their warehouses. The aggregate total comes to 247,096 metric tonnes
(mt) this weekend, down 23,395mt on the week.
 The SHFE was the main event, once again. The dedicated charts below have the visual
on the way stocks are dropping quickly, the week in numbers was 21,189mt down and
a Friday close at 161,152mt.
 The LME had its first net weekly loss for a few weeks, down 2,025mt to close at
72,675mt. The total has revolved around 70k for quite a while but familiarity with these
levels should not breed contempt, we’re still very low compared to the last decade. In
related news, cancelled warrant tonnages are on the rise and we’re up to 32,300mt this
weekend. If all that comes out, you’ll hear wire headlines.
 The Comex saw another small drop, down 181mt to close at 13,629mt. No biggie on
the week but yes indeed, it’s yet another multi-year inventory low.
The dedicated SHFE tracking charts show the continuation of the trend that started four weeks
ago and hasn’t let up. With both LME and Comex stocks at record or near-record lows, as soon
17

as the SHFE stockpile melts a tight market is going to squeeze down even further and the
“Stock Out” scenario first floated by Goldman Sachs this time last year will be back on the table.
SHFE copper inventory levels, 2018 to 2023
400000
350000
300000
250000
200000
150000
100000
50000
0
18
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
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
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
ht62
Mt Cu
|
source: Cochilco
That “Stock Out” didn’t happen as the Russian invasion of Ukraine and China’s continuation of
Zero Covid to the end of last year slowed the world
down, but there are fewer excuses this time around. The
other thing that’s now changing is market perception, as
it’s one thing for a pipsqueak voice such as The IKN
Weekly to bang on about this subject, week in week
oout, quite another when one of the most listened voices
in the sector picks up on it. This made its way into my
eyeline about a dozen times from different places on
Friday (right). That’s Robert Friedland (you may have
heard of him) taking a screenshot of a FT report on
dwindling copper stocks and Tweeting it to all and sundry
on Friday morning. A very good thing, it’s about time
more people saw the logic behind the tracking of copper
inventory numbers and it if Friedland co-opts the idea
and makes it his own it’s fine by me, I only want the
money. As the Jesuit priest Father Strickland observed as
long ago as 1863 (12), “I have observed, throughout life,
that a man may do an immense deal of good, if he does
not care who gets the credit for it.”
Now for some notes on a couple of basket component
stocks:
Marimaca Copper (MARI.to): MARI filed its 2022 YE financials on Friday evening and this is

the main frame:
Cash treasury at U$14.6m (US and not Canadian) is still healthy, shares out at added just 198k
on the year from a few options exercised. MARI spent a total of just over $28m in 2022
between development and corporate (including paying back a $3m loan), that bill helped by the
!% NSR sale to Osisko in September which raised $15.5m. So in total, MARI burned a net of
just over $12m last year and with a full program budgeted in FY23, suggests it will need to raie
capital later on.
Western Copper & Gold (WRN.to) (WRN): Have I made a mistake? The reason I sold out
of WRN recently was the lessening potential of M&A activity and an eventual buyout, with first
in the queue Rio Tinto (RTZ) apparently happy to sit back for a few more months and in no
hurry to pull the trigger. Seeing company CEO Paul West-Sells decide to liquidate a large
proportion of his own shares made the decision even simpler.
However, last week we got this (13):
Mitsubishi Materials has agreed to acquire that number of common shares of the
Company (the "Shares") that will represent approximately 5.0% of Western's issued
and outstanding Shares, on an undiluted basis, following completion of the investment,
at a price of C$2.63 per Share.
As WRN has plenty of treasury already and is in no need of any extra money, WRN accepting
Mitsubishi’s entry looks tactical and designed to create
competitive tension. It’s also the kind of deal that could
trigger RTZ into action and move to make an offer for
WRN on condition that Mitsubishi’s entry as new
strategic shareholder is rolled back. Due to its top-up
clause, RTZ gets formal notification of the new
placement and will have to inform WRN on whether it
decides to top up to maintain its full percentage
shareholding or not.
Shares rallied on the news and the C$2.46 close Friday
is the highest since January. On the other hand, it got
nowhere near the price level paid by the Japanese for
their entry.
Regulus Resources (REG.v): Another interesting corporate move from this copper exploreco
when REG announced the arrival of Nuton insider as a new director of the company.
VANCOUVER, CANADA (March 23, 2023) – Regulus Resources Inc. (“Regulus” or the
“Company”) (TSX-V: REG, OTCQX: RGLSF) is pleased to announce that Adam Burley
has been appointed to the Board of Directors, subject to approval of the TSX Venture
Exchange. Adam is joining the board as the nominee from Nuton, a Rio Tinto Venture,
connected with the strategic investment into the Company announced Dec 22, 2022.
Adam Burley is currently the CEO & President of Nuton,
19

Clearly positive that Nuton cares enough about REG to put someone on its board, but before
jumping to too many conclusions we should watch the
other junior explorecos into which Nuton has moved
recently to see if it/RTZ does the same type of thing. If
so, we’re seeing the start of a policy decision out of
RTZ/Nuton. If not, it would speak extra volumes for the
esteem AntaKori is given by the major miner.
As a sidebar note, Raymond Jannas stepped down from
the board at the same time, presumably a “make
space” decision. Jannas now has his hands full at the
Pierre Lassonde sponsored Atex, of course. Meanwhile,
trading was more boring than the board room moves
and REG fiddled around in the high 70s and low 80s on
mediocre volume. We offer you the 2023 YTD chart today, the ennui is clear.
Element 29 Resources (ECU.v): As we noted last weekend that ECU has finally caught a bit
of a bid and got back up over the 20c line on some moderate new buying, a quick line is
required today to point out that it didn’t stick.
A good try, back to square one and until further notice, an easy pass.
The Producer Basket
After 12 weeks of 2023, the Producer Basket shows a gain of 8.23% to level stakes:
company ticker price 1/1/23 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 47.20 799 38.79 48.55 2.9%
2 Barrick GOLD 17.18 1761.54 32.62 18.52 7.8%
3 Agnico Eagle AEM 51.99 488.9 25.27 51.68 -0.6%
4 Wheaton PM WPM 39.08 451.963 21.26 47.05 20.4%
5 Kinross Gold KGC 4.09 1256.1 5.48 4.36 6.6%
6 Alamos Gold AGI 10.11 393.1 4.62 11.76 16.3%
7 B2Gold BTG 3.57 1074.567 4.07 3.79 6.2%
8 Hecla Mining GFI 5.56 603.86 3.57 5.91 6.3%
9 Eldorado Gold EGO 8.36 185.73 1.83 9.83 17.6%
10 Wesdome Gold WDOFF 5.53 142.287 0.78 5.47 -1.1%
All prices and stock quotes in U$ Port. avg 8.23%
Another positive week in the world of large precious metals producers, with our basket getting
nine winners and just one loser in the shape of Eldorado (EGO down 0.7%). The wins came in
a fairly tight range, which indicates that top-down cash still dominates and the wide entry door
is still the GDX, there’s less stockpicking going on. As for the ongoing battle between GDX and
20

me, we lost a couple of tenths against the benchmark and with just one week before the end of
the first quarter (seriously, it was only Christmas three weeks ago, right?) we’re behind by
1.8%. Early days.
The 2023 Producer Basket: Weekly performance and
comparative to GDX control
16%
14% 12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
Newmont (NEM) and Newcrest (NCM): The saga moved into a new chapter last week
when “it was widely reported” that NEM had gained limited access to NCM’s data room and was
in the process of putting together a sweetened bid (14):
“Newmont has gained partial access to the corporate books of Australian rival
Newcrest Mining, according to sources, a sign that the US company could make a
revised offer to seal what would be the world’s largest gold takeover.
Newmont is undertaking limited due diligence on Newcrest weeks after management of
the Melbourne-based miner dismissed a $US17 billion ($25b) proposal from the
world’s top bullion producer, according to people who asked not to be named.”
The chattering classes had their say and brokerages were almost unanimous in their opinion
that a deal was now Full Greek Cheese* and it was merely a matter of time (15):
Agreeing on a price tag that satisfies both sides could stretch negotiations over several
weeks or months, Sprott Asset Management’s Douglas Groh told Bloomberg News on
Wednesday.
“I think a deal is inevitable,” Groh said, adding it’s obvious to the market there’ is a lack
of leadership at Newcrest.
To which I say, “huh?” Why should NCM agree to a price that’s substantially less than its 2019
or 2020 highs merely because it is currently CEO-less? Not only that, but the times I’ve seen
interim CEO and previous CFO Sherry Duhe, I’ve been reasonably impressed and she defends
the NCM position well. And on the subject, what was so great about the previous CEO Sandeep
Biswas, who resigned abruptly late last year after taking heavy flak from shareholders at the
company AGM over his remuneration package for the year compared to his performance. This is
the same Sandeep Biswas mentioned here (16):
Sangha is close to Osisko president Sandeep Singh; the pair were investment bankers
together at big Canadian firms and co-founded Maxit together in 2013.
To avoid confusion between Singh and the Newcrest chief executive Sandeep Biswas,
Sangha pointedly refers to the Osisko boss as “smart Sandeep”.
Why NCM shareholders should accept an offer at a moment of perceived corporate weakness,
i.e. accept a lowball offer, is not explained by the brokerage cheerleaders (who have a vested
interest in seeing dealflow, of course). And indeed, despite all the chatter and the apparent
inevitability of a sweetened offer incoming, the
share price action last week said “nothing doing”.
It’s one thing to expect an offer (even though NEM
shareholders have already griped about paying too
much for NCM), quite another to table an offer with
a chance of getting through. I will continue to take
the under on this story.
*Feta Complete
21
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62
The 2023 Producer Basket: Percentage difference
between GDX benchmark & basket (negative = IKN ahead)
4.0%
ikn 3.5%
gdx control 3.0%
2.5%
2.0%
1.5%
1.0%
0.5%
0.0%
source: NYSE, IKN calcs ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62
source: IKN calcs, NYSE data

The TinyCaps List
After 12 weeks of 2023, the TinyCaps show a gain of 32.75% 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 2.99 0.06 -14.3%
Coast Copper COCO.v 0.045 64.001 3.52 0.055 22.2%
District Metals DMX.v 0.075 86.891 16.07 0.185 146.7%
Latin Metals LMS.v 0.13 69.962 13.29 0.19 46.2%
Manitou Gold MTU.v 0.02 344.568 18.95 0.055 175.0%
Nine Mile Metals NINE.cse 0.29 57.025 11.41 0.20 -31.0%
Palamina Corp PA.v 0.08 65.285 6.20 0.095 18.8%
Precipitate Gold PRG.v 0.075 130.367 8.47 0.065 -13.3%
South Star STS.v 0.55 32.755 14.58 0.445 -19.1%
Viva Gold VAU.v 0.14 91.608 12.37 0.135 -3.6%
Prices in CAD$, data from TSXV basket avg 32.75%
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.
The TinyCaps basket average is now 6% off its high of two weekends ago and last week was
the second net loser for the list, with just three winners
TinyCaps, 2023 weekly tracker
(DMX.v, MTU.v, VAU.v), two unchanged stocks (AUL.v, 50%
PA.v) and five losers (COCO.v, LMS.v, NINE.cse, PRG.v, 45%
40%
STS.v). The large percentage moves were all to the 35%
downside, with Coast Copper (COCO.v down 15.4%) 30%
25%
the biggest of the lot.
20%
15%
10%
Manitou Gold (MTU.v): Under offer in an all-share
5%
deal by big name neighbour and long-term sponsor 0%
Alamos Gold (AGI), MTU has benefited from the run in
the bigcap gold producers and the 4.5c that was readily
available after the offer came in offered some excellent
leverage-cum-arb on the deal, 20/20 hindsight and all that.
The biggest winner of the year and, along with DMX, the prop upon which our overall basket
performance depends. Glad to have given this stock another year on the list.
Latin Metals (LMS.v): Down 11.6% on the
week, LMS is off the recent promo pump high that
peaked at over 30c intraday and is now probably
buyable again, if a prospect generator with large
swathes of land in Peru and Argentina are of
interest to you.
Viva Gold (VAU.v): On February 27th VAU
announced a non-broked private placement in
22
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62
source: IKN calcs, TSX data

which it looked to sell up to 21,428,571 units (unit = share + full warrant at 23c) in order to
raise C$3m. On Friday 24th March VAU gave up trying to fill the book and announced this (17):
In connection with the closing of the Offering, the Company issued an aggregate of
14,925,731 units (the "Units") at a price of CDN$0.14 per Unit for gross proceeds of
CDN$2,089,602. Each Unit consists of one common share in the capital of the
Company (a “Share”) and one whole non-transferable common share purchase
warrant (a “Warrant”). Each whole Warrant is exercisable to acquire one Share at an
exercise price of CDN$0.23 per Share until March 24, 2026 which is 36 months from
the date of issuance.
So around 2/3rd full and presumably, it couldn’t hold out much longer before it needed the
money. A reminder that even with the big indices rallying, it’s still a tough market for the
tinycap explorecos.
Nine Mile Metals (NINE.cse): Last week, we had this on NINE’s current drill program:
“…if the chart is a clue, the drill bit hasn’t found anything as exciting as the first pass
discovery holes of 2022 so far.”
This week brought plenty of confirmation on that market signal:
Down another 11.1% on the week and even though it rallied into the Friday bell, the 20c close
puts it back into the range we last saw in July 2022, when the first photo NRs and XRF reports
hit the market and started the promo. Flashes in the pan come regularly in this sector and NINE
has all the look of another.
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: GDP and poverty
This week at the “March 2023 Inflation Report” press conference, the adult in Peru’s room and
Central Bank head Julio Velarde announced that the Central Bank had revised its country GDP
forecast from 2.9% to 2.6% for 2023. State news service El Peruano tried to put its best spin
on the news and headlined that the country “will continue growing this year” and that Peru
would “grow more than the medium-sized or large regional countries”, a classic case of damned
by faint praise. However, if they’d quoted Velarde at the presser it wouldn’t have sounded so
good (18). Here’s a translation:
“We’re expecting a lower growth rate than we had in the forecast of three months ago,
due to the impact of the protests that were strongest in December but continued in
January. In January, the impact we felt from the protests was almost 4% of GDP, we
were expecting a growth rate of 3% and it (January) ended up dropping by 1%. We
expect the impact will be smaller in February and in March there will be a bigger effect
23

in some regions from the abnormal weather events we are currently going through.”
Now, 2.6% might not sound too bad from the outside or in the eyes of readers in industrialized
nations, but Peru’s population growth means that it needs a GDP of 2.5% just to stop the
national average from slipping back under the official poverty line. Back in the tail end of the
Covid crisis year 2021, projections were for a rebound of 5.5% for 2023 and 2024, we’re now
facing two more years of stagnant growth and a five year period in which the country has failed
to move forward.
Argentina: More on Milei
In last week’s note “The pre-primaries scenario in one chart” we showed how the
independent/libertarian/right-wing oddity candidate for this year’s election, Javier Milei, was
threatening to upset the party politics and election of the right wing Cambiemos coalition (Macri
etc) versus the left wing JPV (Fernández etc) status quo. With more polls this week pointing to
a tight three-way fight brewing for the two run-off places in October, last week saw a raft of
new political analyses and op-eds on the rise of Milei and what it all might mean. This article in
the English language Buenos Aires Times (19) does a fair job of introducing Milei to a new
international audience, here’s a snippet:
An outsider candidate for Argentina’s presidency is gaining traction by tapping into
voter anger at rampant inflation.
With no sign of relief in sight, Javier Milei, an economist-turned-congressman best
known for his combative television appearances, senses an opening for his brand of
rage-filled rhetoric. A Donald Trump acolyte with a reputation for political theatrics over
policy specifics, pollsters say his challenge needs to be taken seriously going into
October’s elections.
One reason is that Argentina’s deeply polarised political class is in crisis, with the ruling
Peronist coalition and the main opposition each in disarray and still unable to identify a
respective presidential candidate. But Milei’s real bonus is that neither of the
established blocs, populist or pro-market, has been able to fix an economy lurching
deeper into the abyss.
“Obviously, as inflation goes up, more people intend to vote for me,” Milei, 52, said in
an interview in Buenos Aires in February.
But I prefer this note Dated March 21st and entitled “Milei, a Growing Danger” (Milei, un peligro
que crece) published in Argentina’s newspaper of record, the right-leaning La Nación (20) and
written by its stalwart political correspondent, Joaquín Morales Solá. Just considering the title,
one sees how establishment politics feels threatened by the rise of Milei and particularly those
on the right of the equation, as he has been drawing voter share away from the right wing
more than the left. But read the article written by Macri/Larreta ally Solá and it gets blatant.
Here’s a translation of a few segments:
Milei is the expression of serious danger for a political system that is about to reach 40
years since the return of democracy (in the country). For the libertarian leader, the
world is divided into black and white, he has no time for the grey areas or nuanced that
24

are common in the political world. There are only friends or enemies we are faced with
a populism similar to that of Donalrd Trump or, using a different ideology, that of the
Kirchners.
And…
The audacity of his declarations reached their peak when he (Milei) promised to set fire
to the Central Bank if he becomes President.
And…
Milei is in permanent conflict with the Constitution. For example,, he promises to
dollarize the economy without taking into account that he’s promising something
unconstitutional. The Constitution guarantees the existence of a banking entity that
emits and protects the national currency. A dual currency economy could exist, with
free circulation of the US Dollar as occurred during the period of Convertibility (Menem
90s years), but not absolute dollarization. To this Milei replies that we would have to
change the Constitution, in a wild and audacious proposal.
And…
…recent Argentine political history is replete with cases of leaders that appeared out of
control and that when they reached positions of power, were out of control. It’s best to
point to something that’s bad when it’s bad, before the opportunity to stop it has gone.
There’s plenty more where that came from, but the bottom line is clear: Milei has the Argentina
right wing seriously worried.
Market Watching
Rugby Resources (RUG.v): On the Watch List
With the recent news flow from Rugby Resources (RUG.v) and the world now latching on to the
Colombian government’s policy document on their desire to promote the exploration for copper
mines in the country, what the world needs is an interesting early stage copper project with
enough acceptance from locals to allow it to drill and move forward. That’s what Rugby
Resources (RUG.v) offers and what’s more, under a team with a successful track record of
operating in LatAm.
RUG has made painfully slow progress at its Cobrasco project in the Quibdó region of Western
Colombia, an area that has seen very little mining exploration over the years due to the civil
war that raged for so long. While still not the most stable of zones, there’s enough calm to
allow exploration and locals are generally welcoming about this project, something that sets it
apart from many other projects in other parts of the country. Due to a series of delays and
glitches, RUG has only managed to put two complete holes into Cobrasco since starting its
current program in early 2022, but they both returned impressive results:
 Hole CDH001: 808m of 0.42% Cu 0.079% Mo
 Hole CDH002: 754m of 0.46% Cu and 0.076% Mo
Those are long hits into mineralized porphyry and they’ve found a large system. Hold 003 had
to be stopped at 300m earlier this year and the company ran out of cash, but with the closing
of the placement announced last week that raised $1.3m, they now have the window to drill
and the funds to support the program. Holds 003 looks promising but has at least another
1,000m to add, so in the meantime we’ll have the opportunity to buy and build a position if so
desired.
With the placement closed, the company now
has 241.75m shares out and with a stock price
of 6c this weekend, implies a market cap of just
C$14.5m. That’s cheap and while it’s not a
hairless story (start with the word “Colombia”, it
makes a lot more sense to back a high risk/high
reward play such as RUG than others in the
country that will either be prohibited from
drilling (e.g. LBC.v) or come under more
25

stringent environmental rules once the government sends its mining bill to Congress (e.g.
ARIS.to). If Hole 003 delivers and RUG starts catching a bid in this market hungry for copper
stories, its current market cap will be left for dust. The other avenue for share price
appreciation is the potential RUG and Cobranza has for M&A activity and for that, I specifically
think of Cordoba Minerals (CDB.v) and its rather disappointing and often stalled development
program at Alacran. Now under the sponsorship of Robert Friedland (via his HPX vehicle) with a
20% minority Chinese company as a strategic, RUG may be the type of opportunity that HPX is
looking for in the country to expand and use its Typhoon technology.
I’m not a buyer yet, but there’s enough to like about RUG to put it on the Watch List and follow
its progress more closely in the weeks to come.
Goldshore Resources (GSHR.v): Back on the Watch List
Last year we completed a profitable little flip trade in Goldshore Resources (GSHR.v) and with
the stock now at all-time lows after a sorry run (caused I part by bad managerial decisions), it
may be time to revisit. That’s because of this (21):
VANCOUVER, B.C., March 23, 2023: Goldshore Resources Inc. (TSXV: GSHR / OTC Markets:
GSHRF / FWB: 8X00) (“Goldshore” or the “Company”), is pleased to announce that it has entered
into an engagement letter with Research Capital Corporation and Eventus Capital Corp., as co-
lead agents and joint bookrunners (the “Lead Agents”), on their own behalf and on behalf of a
syndicate of agents to be formed (together with the Lead Agents, the “Agents”), in connection with
a brokered private placement of the following securities for aggregate gross proceeds of up to
$5,000,000 (the “Offering”):
1. conventional common share units of the Company (each, a “Unit”) at a price of $0.17 per
Unit, comprised of one of one common share of the Company (each, a “Common Share”) and
one-half common share purchase warrant (each whole warrant, a “Warrant”);
2. flow-through units of the Company (each, a “FT Unit”) at a price of $0.195 per FT Unit,
comprised of one Common Share that will qualify as “flow-through shares” within the meaning of
subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act”) and one-half of one Warrant.
Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price
of $0.25, for a period of 24 months following the Closing Date (as defined below).
As noted on the blog last week (22), this placement is a case of “better late than never” from a
team and specifically a CEO that had a hard time facing cruel reality. GSHR has made strategic
errors and runs a high background burn rate, so the market could see its financial weakness
from a mile away and as a result, happily sold down the stock while the company tried and
failed to create momentum from an empty warchest. However, with the advent of the
placement, highly dilutive though it is, GSHR
now draw a line under the stock price
deterioration and with a resource update due
that should provide plenty of noise, this could
be the right time to re-enter the stock for
another potential fliptrade.
I’m not looking for miracles here and the half
warrant at 25c may provide a natural cap to
any relief rally, but once the placement closes
we’ll get an idea of the market headwinds (or
lack of) for this stock. On the Watch List as of
this week and one to consider as we move into
Q2 and the warmer air arrives up North.
Orezone Gold Corp (ORE.to): No trade for me (in US Dollars unless stated)
Back in IKN709 dated December 18th 2022, the main fundies piece was “Three reasons why
Orezone Gold Corp (ORE.to) hasn’t re-rated”, with those three reasons being (copypaste):
26

Issue One: Treasury is tight
Issue Two: There may not be enough earnings upside
Issue Three: Political risk has increased sharply
We considered each issue in turn, ran some numbers and came to the conclusion that while it
wasn’t an immediate but at its C$1.22 that weekend, there may be a trade in ORE.to if things
go well. Here’s a section from the conclusion that day:
“If, as we suppose, Orezone impresses the market when it announces its 4q22
production and guides in good fashion for 2023, the market won’t be worrying too
much about the debt load or long-term political risk. With the convergence of factors
coming to the company in early 2023, it has the potential to spike higher in the way
we’ve seen in several other occasions. As such, the current C$1.22 entry point looks
like solid value for a near-term risk/reward trade for those so inclined and as long as
the trade is limited in time, you’d be extremely unlucky to be caught in the type of
catastrophic loss potential that looks set to limit the long-term upside for the stock. A
stock to own and trade over short period of time, rather than own and invest in for a
longer period.”
That was then, this is now and since December, we’ve seen ORE report good 4q22 production
and sales, then announced in-line guidance for 2023, then in last February announced an
unscheduled financing to raise C$16.5m by selling 13m shares at c$1.27 apiece. The last piece
of the puzzle dropped this Thursday evening when Orezone Inc announced its 4q22 financials
(23) as well as details of its 2023 guidance, we also got the Conference Call next morning with
extra information (the CC presentation is here (24) and covers most issues). As a result, I’ve
played with the house model and have changed my mind somewhat. In my opinion and for
the time being, there’s no trade here. Two reasons:
1) Financials do not look as solid as I expected
2) The Burkina Faso political risk profile has deteriorated
This isn’t going to be a long note and if you care enough about the details of the house model,
feel free to ping me. Here I’m going to use the balance sheet charts only to make the point and
the first two overview charts don’t look too bad:
ORE.to: Assets
300
275
250
225 200
175
150
125
100
75
50
25
0
A lot depends on the gold price, of course, but we need to start somewhere and our financial
case rests on a net received price of U$1,850/oz for 2023. Using the revised production and
costs model, with production biased towards the first half of 2023 and costs up somewhat due
to the need to go diesel power this year, we should see assets increase moderately but more
importantly, Bomboré should throw off the free cash flow required to pay down debt on the
corporate guidance schedule ($33m in FY23). We should also see inventory values increase as
the mine gets into full gear.
So that’s not too bad, but a closer look at current assets and working capital shows how the
move into financial stability is going to take longer than first expected. Our previous model
estimated working cap at $-27m as at end 2022, in fact the total was $-42.558m. We’d
previously guesstimated that Ore would have just about enough cash to get through the first
27
91q4 02q2 02q4 12q2 12q4 22q2 22q4 tse32q2 tse32q4
$m ORE.to: Liabilities per qtr
200
180
160
fixed 140 other current
cash 120
100
80
60
40
20
0
source: company filings, IKN ests
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings, IKN ests
srallod
fo
snoillim
LT liabs
current liabs

quarters of 2023 without getting into liquidity problems, so the way out approx $15m model
shortfall lines up with the eventual C$16.5m placement ran by ORE is probably not a
coincidence.
ORE.to: Cash treasury per qtr
60
55
50
45
40
35
30
25
20
15
10
5
0
So for modelling purposes we assume ORE gets to a reasonable and liquid treasury position of
$15m and then stays there, as it concentrates other earned cash on sustaining/development
works and paying down the Coris senior debt, as per its plans. It might be a little quicker than
the charts suggest if gold stays at (or above) U$2,000/oz, but we don’t build models on
optimistic cases and as such, we forecast Ore won’t go working cap positive until the end of this
year. As for shares structure, we have a current count of 358.64m shares outstanding and
model leaving 2023 with 360m S/O
That means book value per share is around 24c at present and even if ORE achieves its balance
sheet strengthening plans by the end of this year, will still be at 47c (C$0.61), or 0.5 equity, by
the end of 2023.
Without being mega-cheap, that would be a reasonable bet as long as the political backdrop
were conducive to long-term plans. However, the Burkina Faso political risk has increased
sharply since then for two major reasons:
 Perception: Three or four months ago, there weren’t many people talking about the
jihadist insurgency or the potential for catastrophic loss. These days, the market is
more aware of the dangers
 The government’s attitude toward mining: The decision by the military government of
Burkina Faso to force Endeavour Mining (EDV.to) into selling it a portion of its gold (at
market price, but we don’t know when they will pay) has put the spotlight on the risk of
earning a lot of money in an impoverished country that needs funds to maintain its
army (and possibly, pay Wagner Group mercenaries). News reports of EDV wanting out
of BF surfaced this month (25), underscoring the issue.
The political risk situation in BF is an interesting one because it’s so binary. The isn’t going to be
much grey area between “all fine” and “all lost” and if one buys ORE today and nothing bad
28
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings/IKN ests
srallod
fo
snoillim
ORE.to: Working Capital per qtr
60
50
40
30
20
10
0
-10
-20
-30
-40
-50
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4
source company filings, IKN ests
srallod
fo
snoillim
ORE.to: Shares Out
83.312 51.152 51.152 26.252 56.252 39.223 35.323 35.323 9.323 41.523 233 27.333
33.633
46.853
953 063 063
400
350
300
250
200 150 100
50
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings/IKN ests
serahs
fo snoillim
ORE.to: Book value per share
80.0 70.0 60.0 40.0 02.0 91.0 61.0 71.0 61.0 81.0 91.0 12.0 42.0 82.0 93.0 74.0
0.50
0.45
0.40
0.35
0.30
0.25 0.20 0.15 0.10
0.05
0.00
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 tse32q1 tse32q2 tse32q3 tse32q4
source: company filings, IKN ests
erahs/$U

happens to the mine, then you should make money. However and be clear, the risk is precisely
why this stock is cheap and in that scenario, they tend to stay cheap as well. Overall, the equity
isn’t a big bargain at these prices, at the very least it would pay to wait two or three quarters
and see if ORE pays down its debt on schedule and in the meantime, observe the country risk
as its story unfolds. Perhaps one that could be revisited at the end of this year but, with
working cap set to stay negative for a few quarters and a low overall book value compared to
the current share price, there’s too much risk for the potential reward and I pass.
Orefinders Resources Inc (ORX.v) and a welcome corporate change
Most interesting news out of our small trade Orefinders Resources Inc (ORX.v) last week, as the
larger Ore Group has taken a big step in confirming the strategic reasons for liking this stock
and its position in Ore Group. On Friday March 24th ORX announced (26) it was changing its
listing status, here’s part of the NR:
“…the updating of its listing status from a mining issuer to both an investment and
mining issuer pursuant to the policies of the TSX Venture Exchange (the "Exchange").
This update aims to increase the Company's flexibility and optionality to make strategic
investments and incubate new opportunities focused on gold and other critical metals.
Orefinders' exploration strategy and core portfolio of assets remain unchanged. This
updated listing status allows management to transact corporately as the Company has
in the past with the spin offs of QC Copper and Gold Inc., American Eagle Gold Corp.,
and its activist investment Mistango River Resources Inc. With this new listing status,
Orefinders may undertake corporate transactions, acquire strategic equity positions, or
incubate new junior companies as opportunities arise.
One of the reasons I liked the idea of ORX as a trade vehicle is its central “hub” position inside
Ore Group, the other six Ore Group companies as spokes (connected to each other or
otherwise). This week’s move formalizes this and as the NR explains, will allow ORX more
flexibility in what it can do. For more information I highly recommend this YouTube (27) that
also came out on Friday, we get nine minutes of group head honcho Stephen Stewart
explaining the rationale behind the move and from the show, here are a couple of screenshots:
29

This makes plenty of sense. ORX has cash to transact with, it has equity positions in other Ore
Group companies, it has its own properties that it’s exploring and drilling (with assay results
pending) and the larger structure of Ore Group lends itself to becoming Hub’n’Spoke in nature.
Back in IKN705 dated November 20th 2022 when opening coverage on ORX and making the
small entry-level purchase at 4c (and after a couple of additions it’s still a small position, please
note), here’s how we put the argument:
“…(ORX) offers the more risk averse exposure to a wide range of potentially explosive
exploration projects, all with excellent and low jurisdiction risk addresses, at a very low
overall price. The mix of projects is good too and while the new zinc property may not be
the most exciting thing out there, having a company the size of AEM optioning into your
properties is a sign in itself to take this company seriously. Then there’s the shares held in
American Eagle, which may be a trade apart but by playing ORX, we still get exposure to
the story without anywhere near as much downside risk. Finally with the asset book, a new
position in ORX also adds further exposure to the very likeable QC Copper (QCCU.v) via the
backdoor and at a great entry point, especially compared to my cost average. But ORX also
comes with what I consider a “corporate bonus” as if the people running Ore Group make
good on their reorganization plans and move to put this company a the centre of their
growing stable of stocks and companies, ORX has the potential to become a valuable
mother-ship type company that becomes a funding source for others in the group and the
place larger instos choose as their entry point into the Ore Group of companies, i.e. an
Osisko Empire in the making. That would need luck with the drills as well as well as time,
but the ORX share price could make a longer-term hold very profitable.”
That’s true today and while not always easy to buy, some patience allows the small player to
buy and build at the 4c level. The news this week is positive and assuming it passes the
AGM/EGM, will allow ORX to position better and take a key central role in Ore Group investment
matters, as well as potentially participating in third party placements and funding opportunities.
You get a lot of optionality and upside potential for a 4c stock price here.
Conclusion
IKN723 is done, we end with bullet points:
 Faraday (FDY.to) looks like a good bet to me, I’m a buyer while it stays under radar. I
strongly suspect it won’t be ignored for much longer.
 On reading through this edition (I do try to proof it, promise) the note of SolGold sticks
out as a sleeper story and the corporate story that the market seems to have either
missed or misunderstood from last week. I may even add if the shorters take more
bites out the price.
 I’ll expand on the rationale for the two new Watch List stocks if they make it to the
buying ring.
 And though I have added RUG to the list, you should still avoid Colombia. High risk
cash only and even then, you must be very selective.
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
30

Footnotes, appendices, references, disclaimer
(1) https://faradaycopper.com/news-releases/faraday-copper-announces-closing-of-bought-deal-fi-4958/
(2) https://faradaycopper.com/news-releases/faraday-copper-announces-acquisition-of-mercer-ran-4985/
(2a) https://faradaycopper.com/news-releases/faraday-copper-reports-15-metres-at-10-83-copper-4912/
(3) https://6ix.com/event/newcore-gold-updated-mineral-resource-estimate-for-the-enchi-gold-project/
(4) https://finance.yahoo.com/news/solgold-plc-announces-appointment-cfo-073000347.html
(5) https://www.contangoore.com/press-release/contango-ore-enters-into-project-finance-mandate-with-ing-and-
macquarie-to-fund-the-construction-of-its-share-of-the-manh-choh-gold-project-alongside-jv-partner-kinross-gold
(6) https://webinars.6ix.com/6ix/Contango-Ore-Corporate-Update-1db8c9f9d86077a463a6345a
(7) https://finance.yahoo.com/news/qc-copper-gold-inc-announces-203000755.html
(8) https://finance.yahoo.com/news/qc-copper-intersects-wide-gold-100000993.html
(9) https://www.reuters.com/markets/commodities/goldman-sachs-expects-commodities-supercycle-2023-03-21/?
(10) https://www.mining.com/web/trafigura-sees-fresh-copper-price-records-within-a-year/
(11)
https://www.cochilco.cl/Paginas/Estudios/Mercados%20de%20metales%20e%20insumos%20estrat%C3%A9gicos/Infor
mes-Semanales-2015.aspx
(12) https://quoteinvestigator.com/2010/12/21/doing-good-selfless/
(13) https://finance.yahoo.com/news/western-copper-gold-announces-strategic-103000382.html
(14) https://thewest.com.au/business/mining/newmont-corp-gets-newcrest-mining-data-access-in-25b-gold-takeover-
tussle-c-10127627
(15) https://www.mining.com/newmont-said-to-be-mulling-sweetened-bid-for-newcrest/
(16) https://www.afr.com/companies/mining/how-bhp-newcrest-may-lose-their-copper-prize-to-a-scrappy-crew-of-
minnows-20221114-p5bxxy
(17) https://mininggrade.com/r/wkfarDs0IDnuD3vxpGB4/viva-gold-announces-closing-of-private-placement-
offering?s=09
(18) https://larepublica.pe/economia/2023/03/24/bcrp-redujo-su-estimado-de-crecimiento-del-pbi-de-29-a-26-para-este-
2023-1820136?
(19) https://www.batimes.com.ar/news/argentina/100-inflation-in-argentina-opens-the-door-for-a-presidential-
upset.phtml?utm_source=substack&utm_medium=email
(20) https://www.lanacion.com.ar/politica/milei-un-peligro-que-crece-nid21032023/
(21)
https://goldshoreresources.com/goldshore-resources-announces-brokered-private-placement-of-up-to-5-million/
(22) https://iknnews.com/goldshore-resources-gshr-v-better-late-than-never/
(23) https://orezone.com/en/news/press-releases/
(24) https://orezone.com/site/assets/files/5692/orezone_q4_fy2022_webinar_powerpoint_final2.pdf
(25) https://www.miningmx.com/news/gold/52752-endeavour-may-sell-burkina-faso-mines-amid-countrys-fast-changing-
political-climate/
(26) https://finance.yahoo.com/news/orefinders-plans-tsxv-listing-status-100000249.html
(27) https://www.youtube.com/watch?v=YDDxXzWcQlA
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
31

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
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
32

Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
33

Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now
available on request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all
material within should not be construed as accurate or reliable or be utilized as advice for investment or business
purposes. Independent due diligence and discussions with ones own investment and business advisor is strongly
recommended. Accordingly, nothing in this report should be construed as offering a guarantee of the accuracy or
completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any
security or as an endorsement of any product or service. All opinions and estimates included in this report are subject to
change without notice. It is prohibited to copy or redistribute this report to any type of third party without the express
permission of the author.
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