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The IKN Weekly
Week 739, July 16th 2023
Contents
This Week: In Today’s Edition, Context on last week’s metals rally.
Fundamental Analysis: Amerigo Resources (ARG.to) 2q23 production, Following up on
Fortuna Silver (FSM) (FVI.to).
Stocks to Follow: Equinox Gold (EQX), Minera Alamos (MAI.v), Rio2 Ltd (RIO.v), Minera IRL
(MIRL.cse), Faraday Copper (FDY.to), Surge Copper (SURG.v), AbraSilver (ABRA.v), Latin
Metals (LMS.v), SolGold (SOLG.to) (SOLG.L), Marimaca Copper (MARI.to).
Copper Basket: Overview, Hot Chili (HCH.v).
Producer Basket: Overview, B2Gold (BTG), Wesdome Gold (WDOFF) (WDO.to).
TinyCaps Basket: Overview, South Star (STS.v).
Regional Politics: Peru gears up for “The Third Taking of Lima”, The reality of inflation in
Argentina’s mining sector, Ecuador: Latest polls and thoughts on the political threat to mining in
the country, Ecuador: Anti-mining protest turns violent, Mexico: The cost of crime.
Market Watching: Goldshore Resources (GSHR.v) scores an own-goal.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In Today’s Edition
 Today’s main fundies section is a double-bill, as we first check over the 2q23 production
results from our preferred copper trade Amerigo Resources (ARG.to), then take time to
follow up on last week’s note regarding Fortuna Silver (FSM) (FVI.to) in light of its own
Q2 production results, also announced last week.
 The goings on at Goldshore Resources (GSHR.v) have reached the point where you
cannot help but wonder whether there’s going to be changes made at the top. If they
do make a clean break from the current inept management team it may well turn out to
be a trade, after all. That’s today’s Market Watching note.
 In Regional Politics, Ecuador is the main subject as the country’s election campaign
officially begins and we also get a violent protest at one of the Canadian owned mining
projects.
 It wasn’t only gold and silver last week, copper also benefited from the drop in the US
Dollar. and last week was a good one for its price
 Other things, too. There are always other things.
Context on last week’s metals rally
No big intro this week, you don’t need me to tell you what happened to the financial world
when The USA’s CPI reading came in tamer than expected as you’ve already likely
read/heard/watched about it in a dozen places already (and even more likely, experienced its
beneficial effects in your metals and mining portfolios). So instead of a long diatribe, you get a
chart, a couple of thoughts arising and then we move on to the reason The IKN Weekly exists
(i.e. not macro commentary). Here’s a chart:
1

The ten day comparative of the US Dollar (DXY), the “anti-dollar (i.e. gold, proxy GLD) and the
“bonus prize” (copper) shows that last week’s move in metals was less about the expected
popularity of precious or base metals, more about the weakness in its measuring unit. With cPI
coming in tame, the assumption out there is that the Fed is nearly done with its tightening cycle
and the market reacted accordingly. For what it’s worth I’m not so sure and we should expect
two things in the next FOMC, in ten days’ time:
1) A 25bps rise
2) A Fed that remains hawkish and threatening to raise again
The second item is the one that will crimp the rally in metals and bring support to the USD and
as we know Jay Powell is adept at using the good ol jawbone to keep the markets in line,
there’s every reason for that to continue. And that’s enough intro today, time for some real
work instead.
Fundamental Analysis of Mining Stocks
Amerigo Resources (ARG.to) 2q23 production
The top line numbers as seen in its 2q23 production NR last week (1) may not have been
sparkling, but there’s a positive change in the air at Amerigo Resources (ARG.to) these days.
Once upon a time, if ARG delivered a sub-standard production quarter or indicated that its
financial results for any given quarter weren’t going to sparkle, the share price would react
negatively and immediately. Granted that its mediocre quarters have never been that frequent
(it’s a good company doing its thing and making money) but if, for example, its production
numbers came in lower than expected or a drop in its average received price for copper hit its
bottom line profits through standard quarterly adjustments, you’d see it reflected in the stock
price almost immediately.
That didn’t happen this time.
2

When ARG announced on pre-open its 2q23 numbers, including sales of 13.67m lbs copper…
ARG.to: Copper sales
3
28.11 7.31 29.41 9.51 11.51 31.51 9.61 298.61 92.61 68.41 81.61 97.61 94.61 76.31 3.51 5.61
20
18
16
14
12
10 8
6
4
2
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 tse32q3 tse32q4
source: company filings
rtq/uC
sblM
…last Wednesday, along with higher than normal cash costs per Lb due to the drop in
production and that its share buyback process had stalled somewhat during the quarter, instead
of selling off ARG actually made gains one the day. In the view of this desk, that’s all about the
high quality way in which CEO Aurora Davidson and her team have been presenting the
company to the market, showing full transparency and explaining how its long term plan
matters more than one glitchy quarter. As a result, the market was ready for a low number
from 2q23 and gave the company a pass, in essence now seeing ARG the way the desk has
seen it for quite some time.
We were already expecting a lower production number from ARG in Q2 even before the quarter
began, as its when its tailings supplier El Teniente shuts down for its annual maintenance
period and ARG does the same, taking advantage of the lull in fresh tailings supply to get its
own essential maintenance work done. However, this time the quarter was also affected by the
torrential storm that hit the zone in the last days of June, which knocked out power supply to
the MVC facility and left an unexpected hole in Q2 numbers. We already knew that of course,
ARG had given full disclosure in its previous NR and last week in its cover NR updated that (we
quote):
The extraordinary flooding that severed MVC’s connection to Chile’s central power
grid, causing the shutdown, resulted in 1.3 million pounds of lost copper production in
June,” said Aurora Davidson, Amerigo’s President and CEO.
Ms. Davidson added, “Using additional sources of secured power, on July 6, 2023,
MVC began processing fresh tailings from El Teniente and producing 90,000 pounds of
copper daily. Repair work to the infrastructure necessary for reconnection to Chile’s
central power grid is underway, including a revised work program with additional
upgrades and repairs to increase safety levels from a similar climatic event. We
currently expect fully restored operations at MVC during the last week of July.”
As a result, ARG has cut its full year guidance to 60.5m lbs and while we still expect the
company to out-perform on guidance it means our model has cut Q3 to 15.3m lbs Cu (above)
from its previous 16.3m lbs.
As for received prices, for 2q23 ARG pre-announced an average selling price of U$3.80/lb for
2q23 (below left) and once we do the math, the gross value of copper sold (below right) comes
to U$51.9m, somewhat lower than previous quarters due to that production shortfall.
ARG: Cu gross value, per qtr
1.85 6.66 0.27 6.27 8.37 7.36 8.65 1.16 8.66 9.15 7.95 0.66
80
70
60
50
40 30
20
10
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
ARG: Average Cu price for MVC U$m
source: company filings, IKN ests
80.4 44.4 32.4 23.4 46.4 01.4 05.3 08.3 20.4
08.3
09.3 00.4
5
4
3
2
1
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 tse32q3 tse32q4
U$/lb Cu
source: Company data/IKN ests

From that gross metal value, we need to subtract the main costs and then add back the moly
credit to get to the company’s top line revenues number. That’s what happens here and for
2q23, we expect a negative adjustment for copper revenues sue to the 20c drop in average
copper prices since the last quarter. Then we subtract the El Teniente (DET) royalty, its
smelting/refining and transport charges and then add back an estimated U$5.2m for moly this
quarter, arriving at a 2q23 revenues total of U$33.8m (as well as U$42.6m for our new 3q23
guidance, that based on an adjusted U$3.90/lb average, but Q3 for another day).
ARG: Gross Cu value, Cu revs and Revs total, per qtr
4
797.37
904.97
567.35 766.36 818.55
485.33
457.65 879.74
858.03
241.16 729.56 548.94 897.66 2.07 846.25 9.15 646.84
8.33
7.95 5.16
6.24
0.66 5.76
0.74
90
80
70
60
50
40 30
20
10
0
22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m Cu gross value
Cu revs
Revs total
source: company filings
With that in place, we move to the P+L model and once we total COGS, we expect operations
to be breakeven at best for the quarter.
ARG.to: Quarterly Earnings overview
624.12
616.1
655.3-
738.8
874.31
2.0-
6.4
40.9
65
60
55
50
45
40
35
30
25
20
15
10
5
0
-5
-10
22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
source: company filings
srallod
fo
snoillim
revenues
COGS
Gross profit
That gross profit then goes to an operating loss of U$1.8m for the quarter (and the net perhaps
less, but op profit is the one that matters).
ARG.to: Gross, operating and net profits, per qtr 10.12
74.1- 41.5- 10.1-
44.31
08.1-
09.2
41.7
25
20
15
10
5
0
-5
-10
22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m Gross profit
op profit
Net Income
source: ARG data
In so many words, the production shortfall along with the drop in average copper prices from
the U$4.02/lb of 1q23 to the U$3.80/lb of 2q23 mean ARG is set for a flat quarter, with 3q23
affected by the production suspension as well. Things should get back to normal as from 4q23
and for that quarter, we remain with our best guess of U$4.00/lb copper for sales. However, it’s
not all bad as some of the above costs are non-cash (DD&A etc), so this chart shows the type

of cash margin ARG is running:
ARG: The real world margin
5
33.21
97.71 24.02 93.22 79.61 15.22 49.52
95.3 20.0-
57.51 34.81 01.3 00.8
42.21
30
25
20
15 10
5
0
-5
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m
source: ARG data, IKN calcs and ests
Even with the curtailed production in Q2, ARG should return a positive cash result and Q3 and
Q4 are healthy at current copper prices. That’s
enough to service most of the quarterly C$0.03
dividend and the company’s healthy treasury
position takes care of the rest, but it also explains
why ARG eased off from its NCIB share buyback
program in Q2, buying back just 0.67m shares.
That puts our estimated shares out total at
164.2m as at today and we now forecast ARG
ends the year with 158m shares out, instead of
our previous best guess of 155m.
Before closing, we return to the overall costs and
show our alternative way of calculating its overhead, one that combines the biggest cost items
no matter when they come out of the financials This chart tracks does that job on a per-lb basis
and once the three big ones are taken into account, i.e. the El Teniente (DET) royalty, the
smelting/refining charges and the company’s own operating cast, we see total costs come to
U$3.80/lb.
ARG: Main costs per Lb Cu
88.1
60.1
18.1
33.1
26.1
22.1
86.1
82.1
09.1
73.1
10.2
32.1
39.1
88.0
01.2
39.0
49.1
21.1
73.2
20.1
4.00
3 3 . . 0 5 0 0 0.32 0.33 0.33 0.32 0.39 0.39 0.37 0.36 0.40 0.41
2.50 2.00
1.50
1.00
0.50
0.00
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2
ARG.to: Shares Out
190
185 (NB: cut down Y-axis)
180
175
170
165
160
155
150
145
140
smelt/refine/lb U$/lb
cash cost/lb
DET royalty/lb
source: ARG data, IKN calcs
Then when we compare that cost total to average received price, it also makes sense in this
method that ARG is a “breakeven at best” machine for 2q23.
71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
source: company filings, IKN ests
serahs
fo
snoillim
ARG: Estimated margin/Lb Cu
52.3 80.4 38.0 74.3 44.4 79.0 61.3 32.4 70.1 82.3 23.4 40.1 56.3 46.4 99.0 36.3 01.4
74.0
81.3 05.3
23.0
93.3 08.3
14.0
64.3 20.4
65.0
08.3 08.3
00.0
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2
U$/lb Cu main cost subtotal
Avg Cu price
difference
source: ARG data, IKN calcs

The bottom line: We knew 2q23 wouldn’t come in well, so it’s heartening to see the market
understand the value that lies beneath any given quarter at Amerigo Resources (ARG.to) and
buy the share price up despite of its lacklustre quarter. That’s testament to the great job CEO
Davidson is doing, both on an operational level and in the way the company is communicated
to the market. These days, ARG is being bought by instos looking at that juicy 3c dividend and
the potential for windfall bonuses when copper prices allow. Those are people who tend to have
tight hands and accumulate positions, which has helped the share price remain at its current
levels even without ARG’s own share buyback program being pushed hard recently.
Of course I may be wrong and the market decides to sell off the stock once it sees the
breakeven-at-best quarter it returns when filing its financials pre-open Wednesday August 2nd
(with the ConfCall next day, August 3rd). But if it does, I also expect the bargain hunters to
move in and get shares before ARG re-starts its own aggressive buyback program, particularly
as copper prices have improved. But whatever, this stock is still my biggest position in copper
despite that small sale to raise cash (and buy EQX shares) and it’s going to stay that way. Great
companies can take a soft quarter without issues and ARG will soon get over its temporary
production shortfall caused by issues out of its own control, continue paying that juicy dividend
and when copper moves up, unlike so many other companies that bonus will make its way
through the financials an into the pocket of its owners. You and me, that is.
Following up on Fortuna Silver (FSM) (FVI.to)
After last week’s main fundies feature, “Fortuna Silver (FSM) (FVI.to) may at last be a buy”, it
would be remiss of me not to follow up this weekend and for two good reasons:
1) The company delivered its 2q23 production numbers, which gives us a reasonable excuse to
move away from the pure financial number-crunch of last weekend and consider its production
profile going forward. See this link for the full NR (1) and we recommend you do so.
2) This chart:
 GDX had an excellent week (gold line)
 Our pick to out-run the GDX and offer extra upside leverage at the current gold price
deck, Equinox Gold (EQX, in blue) did just that and I’m pleased with the way my trade
performed last week
 But Fortuna Silver (FSNM, in black) beat them both and was just about the best
performing mid/top tier mining company on the market last week.
Let’s make sure the context is clear: I didn’t recommend the stock, I didn’t buy any and it’s not
going to make the Stocks to Follow list, so there are no laps of honour or false claims of “a win”
happening here. Also, the timing was clearly lucky as FSM delivered its Q2 production figures at
the exact right time to catch a wet sail of the PM rally last week. So with the context in place,
we can now move to talk about FSM’s big move on the back of a solid production report NR (8),
plus guidance for the rest of 2023 that pleased the market.
6

Last week was nearly all about dollars and cents at FSM, it was also fixed firmly on the past
history of the company and how it’s been through a difficult patch, but now and after some
delay looks ready to harvest its balance sheet expansion and accumulate cash. This week is
different, as we focus on metals production numbers with a special focus on its gold output, as
the sum of its new mines plus the capex now being spent. So coming up, we look at FSM’s four
established operations, with a couple of salient charts to cover the basics for each unit that
include reasonable estimates for the rest of 2023. We then consider what seems to be a
smooth start at its new mine, Séguéla in Côte d’Ivoire, again with forecasts for the next two
quarters. With that done, we move to the real reason to consider FSM today; what we can
expect in the next couple of quarters and in 2024 and beyond, with a focus on its key gold
production output. Back in 2017, Silver Standard Resources changed its name to SSR Mining
because its metals mix had changed so much that 70% of its revenue was coming from gold
and the corporate title had become an anachronism. It wouldn’t be much of a surprise to see
Fortuna Silver Mines Inc. go the same route and become Fortuna Something Mines in the near
future, gold is set to be 75% of a quickly increasing top line soon.
San José production results and 2023 guidance: We begin with FSM’s oft-troubled
Mexican unit and once again, the mine was hit by stoppages last quarter but this time because
its own workers downed tools for 15 days in a strike action that was eventually deemed illegal
by authorities. The workers got back to work, but as 15 days’ worth of production is a 16% hole
in the month, it showed in its production figures:
Silver production (below left) came to 957,265oz in 2q23, notably down on previous quarters
and also on what we expect of San José in the second half of 2023, according to reaffirmed
guidance. Silver typically provides 2/3rd of gross revenues at San José.
San José: Silver production, per qtr
2200000
2000000
1800000
1600000
1400000
1200000
1000000
800000
600000
400000
200000
0
Meanwhile gold production (above right) came to 5,778oz, again down on previous and
projected quarters on a pro-rata basis with silver. Gold provides the other third of gross
revenues from San José, there are negligible base metals and no payable credits in this rock.
Lindero production results and 2023 guidance: Next up is FSM’s heap leach gold mine,
which saw 25,456oz gold production and the second low-ish quarter in succession, but in this
case it was expected as part of the mining
sequence. FSM reaffirmed guidance for the year,
which allows us to suppose better things to come in
Q3 and Q4.
We remind readers that Lindero also got off to a
rocky start under FSM’s ownership. When FSM
bought Lindero from Goldrock Mines (ex-Mansfield
Minerals, under the likes of Cal Everett and Paul
Matysek), it was done on the back of the feasibility
study that promised a capex total of U$166.8m and
production starting by the end of 2018. But as that
7
91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
Oz Ag San José: Gold production, per qtr
20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
source: FSM filings, IKN ests
91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
Oz Ag
source: FSM filings, IKN ests
Lindero: Gold production per qtr
53431
23322
12591
53262
27063
86003 61092 23003 10392 85252 65452 00082 00003
40000
35000
30000
25000
20000
15000
10000
5000
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
Oz Au
source: FSM filings, IKN ests

literally translated Spanish language phrase goes, “the reality is other” and after a revision of
capex requirements to U$239m in September 2017, we eventually got first pour from the mine
in 4q20 and commercial production in 2021 after a capex spend of U$320m.
Whether or not the FSM board (or its shareholders) would have approved the purchase if they’d
known about the delay or the near-doubling of capex at the time is a moot point, but since then
Lindero has slowly ground through the gears and become a decent mine. AISC jumped from
around U$1,200/oz to U$1,424/oz in the last reported quarter due to sustaining capital works,
but its operating cash cost is typically under U$900/ozs these days and with gold where it is,
Lindero is a source of excellent free cash flow for the company.
Yaramoko production results and 2023 guidance: The other operation to hit operational
issues in 2q23 was Yaramoko in Burkina Faso, FSM’s big expansion purchase in 2021 when
buying Roxgold and paying too much for the privilege (as proven by the $100m impairment,
see last weekend for more). This time the mine suffered under a tunnel liner failure which
impeded access to one of its UG operations for nearly four weeks, but fortunately no lasting
damage was done and things are back to normal. Under the circumstances of relying on just
one UG mine access and stockpiles, its production of 29,002oz in 2q23 was a good result and
gives another sign that the mine is on its way back after a tough 2022.
The other issue at Yaramoko is costs, as seen in the chart above right tracking realized gold
prices from the mine sales next to AISC. The first quarters fro Yaramoko went roughly
according to plan, but when 2022 came along and FSM realized they’d been sold a dog,
production dropped and costs increased. However and as noted last weekend, the company has
taken the bull by its horns and embarked on a necessary and expensive sustaining capex
program to get the mine back into profitable working order. Therefore we expect AISC to track
along the U$1,700/oz as guided by the company for the remainder of the year but at some
point in 2024, this should improve.
Caylloma production results and 2023 guidance: The final established mine is the easiest
to consider as Caylloma these days is a base metals mine with a silver credit:
Caylloma: Revenues contribution by metal
8
7.85
3.620.51
3.45
7.82
0.71
3.35
7.82
0.81
4.25
6.82
0.91
9.05
8.72
3.12
1.05
1.62
9.32
4.15
8.52
8.22
0.25
9.42
1.32
4.64
0.42
7.12
3.74
6.52
9.91
4.05
4.52
2.71
7.15
3.62
3.02
4.65
6.32
4.81
7.65
7.52
7.71
9.94
4.92
7.02
4.75
7.52
8.61
0.74
1.13
4.12
5.64
7.13
1.12
3.84
2.03
9.02
100%
90%
80%
70%
60%
50%
40% 30%
20%
10%
0%
91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
Yaramoko: Gold production, per qtr
%
Ag Au Pb Zn
source: FSM data, IKN ests
In order to get a equal measuring stick on Caylloma’s four payables in as concise a manner as
possible, in this case we use the good old US Dollar and its gross revenues plus forecasts for
the three quarters yet to be reported for 2023.
15782 78782 53282 35542 03172 09162 73462 20092 00062 00062
35000
30000
25000
20000
15000
10000
5000
0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 tse32q3 tse32q4
Oz Au Yaramoko: Realized price vs AISC, per qtr
2200
2000
1800
1600
1400
1200 1000
800
600
400
200
0
source: FSM; filings, IKN ests
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 tse32q3 tse32q4
realized price
U$/oz Au
AISC
source: FSM filings, IKN ests

Caylloma: Gross revenues per metal
40
35
30
25
20
15
10
5
0
9
91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m Zn revs
Pb revs
Au revs
Ag revs
source: FSM filings, IKN ests
When it comes to our guidance for the entire company, we add in the Caylloma silver
production but then the base metals (plus the small gold credit) is done at a flat rate for the
rest of 2023 and the years ahead.
The start of production at Séguéla: FSM dedicated two full pages of last week’s 2q23
production NR to Séguéla, its latest mine located in Côte d’Ivoire that saw first pour in late
May and initial production of 4.023 oz in these test phases. This project came into the company
as part of the Roxgold purchase and unlike its main Yaramoko asset, has no posed any
problems to its new owners so far. In the same breath we note that unlike Lindero, the
company seems to have delivered the open pit gold operation at Séguéla on time and budget
and the main takeaway from last week’s NR was that it expected the mine to reach nameplate
capacity in this current quarter and is on-guidance. That means between 60,000 oz and
75,000oz this year and come 2024, we can expect annual production over its current 8.6 year
mine life of at least 130,000 per year (and that mine life is guaranteed to be extended.
Therefore, so far so good here and this part of last week’s NR was the main reason for FSM’s
market out-performance. The next section of today’s follow-up note attempts to explain why.
Consolidated quarterly production and guidance for the rest of 2023
We now attempt to show the effect that FSM’s new emphasis on gold production, via a working
and efficient Lindero, an improving Yaramoko and the new low cost ounces from Séguéla (plus
the ounces from San José) are forecast to make on the company’s financials. Please note that
in the following we assume constant production and prices for the zinc and lead base metals
from Caylloma, now a minor part of the overall revenues mix. Here’s the way silver is shaping
up, via the operations at San José and Caylloma, is also likely to be flat in the quarters to come:
FSM Consolidated silver sales, by qtr
2200000
2000000
1800000
1600000
1400000
1200000
1000000
800000
600000
400000
200000
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
Oz Ag Caylloma
San José
source: FSM data, IKN ests
We expect a rebound compared to 2q23 as San José gets back to full 90 day operations, but
aside that silver isn’t going to change much. The big difference is in gold:
FSM: Consolidated gold production by qtr
110000
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 tse32q3 tse32q4
Oz Au
Caylloma
Séguéla
Yaramoko
Lindero
San Jose
source: FSM data, IKN ests for 3q24/4q24

By 4q23 FSM is set to become a 100,000oz/qtr gold producer thanks to the aggregate of its
four mines and the arrival of Séguéla in the revenues mix. So by assuming flat prices for other
metals and a gold price that moves from an average of U$1,911/oz in 2q23 to U$1958/oz by
4q23 (you might want to plug in U$2k+ prices, I’ll keep it within the bounds of reason), we get
this projected sales chart:
FSM: Sales breakdown by metal, per qtr
300
250
200
150
100
50
0
10
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m
Zn sales
Pb sales
Au sales
Ag sales
source: FSM filings
In so many words, the modest improvements expected at its currently commercial mines plus
the arrival of Séguéla is going to make a big difference to top line revenues at FSM, starting this
very quarter and ramping into 4q23 and beyond (see below for FY24). And if we then apply
these reasonable forecasts to a couple of the charts we used last week in the FSm “history
lesson” article (but this time limit ourselves to the last couple of years…
FSM: Quarterly Earnings overview
350
300
250
200
150
100
50
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m
revenues COGS Mine Op. Inc
source: company filings
…we see that earnings improve quickly. The 2q23 about to the announced won’t be the big
change, that starts in 3q23 and for a better look on that, here’s the Mine Operating Income
columns in the above chart, isolated:
FSM: Mine Operating Income per qtr
110
100
90
80
70
60
50
40
30
20
10
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$m
source: FVI filings
By 4q23, FSM could return around U$93m in operating profits and on a per-share basis, that
looks like this:

FSM: Mine Operating Income per share, per qtr
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
11
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2 tse32q3 tse32q4
U$/share
source: company filings, IKN calcs
Around 30c/share per quarter. That’s good money for a stock that even after its rapid rise last
week stands at U$3.61.
Consolidated annual production results and forecasts
To wrap up this follow-up on FSM, we extrapolate further out and while these charts are always
going to be more difficult to get right, they do at least show the potential production we can
expect from fSM in the next couple of years if all goes to plan and its mines produce the way
they should. In fact it’s the same story as above, only more so because silver isn’t projected to
change much in the years to come…
Oz Ag FSM: Consolidated silver sales + forecasts Caylloma
10
San José
9
8
7
6
5
4
3
2
1
0
2019 2020 2021 2022 2023 2024 2025
source: FSM data, IKN calcs and ests for FY23-25
…but gold is going to improve rapidly:
Oz Au FSM: Consolidated gold production, annual + forecasts
450000
400000 Caylloma
350000 Séguéla
Yaramoko
300000
Lindero
250000 San Jose
200000
150000
100000
50000
0
2019 2020 2021 2022 2023e 2024e 2025e
source: FSM data, IKN calcs and ests for FY23-25
We project a little under 400,000 oz for FTY24 and a little over 400k for FY25 and to ´put that
into context for a company with a corporate title “Fortuna Silver”, at a gold/silver ratio of 80/1
those columns represent and average of 32m oz AgEq for the years to come, or 40m if you
include the real silver as well.
And that, in a nutshell, is why FSM looks cheap today and why it’s easy to envisage it returning
to the U$8 share prices it commanded before buying out Roxgold. It will of course demand that
the company delivers on the promise at all five of its working assets but if it does, there’s a lot
of likely upside in this company’s equity even if gold doesn’t move above U$2,000/oz.

Stocks to Follow
A good week for the mining sector, for juniors in general and for our Stocks to Follow list.
Twelve of the 21 stocks currently listed in the table made gains on the week (MAI.v, ARG.to,
SOLG.to, QCCU.v, EQX, FDY.to, ABRA.v, ALDE.v, SURG.v, RUG.v, CTGO, MENE.v) and in
amongst those were some big winners, starting with the “non-mining” precious metals play
Mene Inc (MENE.v up 26.7%) and continuing with Contango ORE (CTGO up 18.1%), Faraday
Copper (FDY.to up 12.5%), Rugby Resources (RUG.v up 12.5%), AbraSilver (ABRA up 12.1%),
Equinox gold (EQX up 11.0%) and Surge Copper (SURG.v up 10.5%). Three stocks were
unchanged (NCAU.v, OCI.v, MIRL.cse) and while there was six losers on the week (WEX.v,
RIO.v, MARI.to, LMS.v, LBC.v, GSHR.v), four of those are on the Watch List and when you don’t
own them, you’re kind of rooting for them to drop. Sorry and all that to those already long, but
it’s true. Biggest loser was Goldshore Resources (GSHR.v down 11.8%) and for more on why,
see today’s Market Watching section.
We’re still on 21 stocks in our table, one above the self-imposed maximum number of covered
stocks with 13 of them owned personally. That’s still a problem. Seven stocks are in the green,
one is UNCH, twelve are in the red.
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$0.325 54.8% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to STR BUY C$1.36 12-Dec-21 C$1.57 15.4% Main Cu trade, top fundies
SolGold SOLG.to STR BUY C$0.265 19-Feb-23 C$0.285 7.5% Cu in Ecuador, M&A tgt
QC Copper&Gold QCCU.v BUY C$0.265 25-Apr-21 C$0.16 -39.6% delayed MRE now due end Q3
Equinox Gold EQX BUY U$4.46 30-May-23 U$5.24 17.5% Au leverage trade, trading well
Faraday Copper FDY.to BUY C$0.79 26-Mar-23 C$0.81 2.5% Latest Cu exploreco, IKN723
AbraSilver Res. ABRA.v BUY C$0.36 4-Dec-22 C$0.325 -9.7% added for last time Mar'23
Western Explor. WEX.v BUY C$1.87 9-Apr-23 C$1.22 -34.8% Au spec in NV USA
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.145 -29.3% Financing closed, bottom in
Rio2 Ltd. RIO.v BUY C$0.83 22-Apr-18 C$0.25 -69.9% Cheap on permit probs, appeal
SPECULATIVE TRADES
Orecap inv OCI.v SPEC BUY C$0.04 20-Nov-22 C$0.035 -12.5% corp revamp, new strategy
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.86 19.4% now in drill assay season
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.03 -84.6% run into ground byCEO, AVOID
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Marimaca Copper MARI.to WATCH C$3.65 26-May-23 C$4.02 12.1% Likely buy, want cheap entry
Latin Metals LMS.v WATCH C$0.15 11-Sep-22 C$0.135 -6.6% Peru&Arg prospect generator
Surge Copper SURG.v WATCH C$0.11 18-Jun-23 C$0.105 -13.6% tinycap Cu in BC Canada
Libero Copper LBC.v WATCH C$0.065 2-Jul-23 C$0.06 -13.6% Watching for Arg drill permit
Rugby Resources RUG.v WATCH C$0.06 26-Mar-23 C$0.045 -33.3% tinycap Cu in Colombia
Goldshore Res GSHR.v WATCH C$0.165 26-Mar-23 C$0.15 -9.1% needs change of mgmt
Contango Ore CTGO WATCH U$23.25 2-Dec-22 U$27.26 17.2% Manh Choh asset backbone
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.38 -39.7% 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.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dec-21 C$1.48 8.8% sold 20% to raise cash
2015 to 2022 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
12

Now for notes on some of the covered companies:
Equinox Gold (EQX): The reason to own this is as a near(ish) term trade vehicle that
provides better than average leverage to gold. In that respect, EQX is doing what is required:
The other benefit on a personal level was to have bought at the recent low. For that I claim
luck rather than genius, but it made holding through the recent selling period a lot easier. EQX
doesn’t normally pre-announced quarterly production numbers, so we’ll have to wait until
August and its financials for those but they may give us an update on how Greenstone is going
before then. Anyway and aside that, EQX remains a great option to trade further gold strength
and I see no numerical reason why it couldn’t return to the U$8-or-about prices it traded at in
2021 and early 2022.
Minera Alamos (MAI.v): Disappointing:
MAI followed the run of gold stocks up between Monday and Wednesday, but as the rest of the
sector held onto its gains MAI gave a lot of them back and finished the week up just half a
penny, at 32c. It’s been a most frustrating year for your author’s Top Pick stock and it seems as
though the company is out of fashion with the speculative community. However, I will continue
to bang the drum hard about ownership of MAI, it’s by far the best idea I have for you and is
trading at very cheap levels. Once Cerro de Oro comes online, you’ll know why.
Rio2 Ltd (RIO.v): Word from sources in Chile reached this desk on Wednesday morning
regarding the appeal process for Rio2 Ltd’s (RIO.v) Fenix gold project and here’s the Tweet (3)
I published to the effect that morning:
Just received from the bowels of Chilean govt re Rio2 Ltd $RIO.v. The Fenix appeal is
unlikely to reach the big Comite de Ministros stage before September. Neither a good
or bad signal, more a case of govt red tape and slow bureaucracy. A pain, but it is what
it is. Fin.
That covers what I know and while it is a pain in the backside to find out about the
bureaucratic delay, by that day we’d already seen nearly half of July tick by without any sort of
word or movement on a case that had been provisionally slated for a hearing this month, so
13

when the word came through it wasn’t much of a surprise. Also sadly. In trading, RIO.v came
off its recent high-20s levels and closed back at what I consider to be its reasonable default
price under current circumstances. It is therefore difficult to read anything into the price action,
either.
Minera IRL (MIRL.cse): We got the June production and shipment figures from MIURL foir
its Corihuarmi mine and they were bad:
MIRL: 2022/23 Corihuarmi gold shipments, per month
14
8981 3191 6521 6521
3782
0211 1691 5502 0911 8271 3212 0951 7971
439
1321 3461 9551
748
4500
4000
3500
3000
2500
2000
1500
1000
500
0
22naj bef ram rpa yam nuj luj gua pes tco von ced 32naj bef ram rpa yam nuj
Oz Au
contained oz
shipments
source: MIRL filings
Just 847oz from the mine on the month, even worse than the February number and that’s the
worst month on record. Here’s the quarterly chart updated and 2q23 saw 4,049oz of shipments,
which guarantees another operating loss from the company even before its debt and interest
payments are taken into consideration.
IRL: Corihuarmi quarterly sales
2225 2165 7895 1326 9494 4075 5146 6095 5915 0294 7465 1386 5785 3106 9526 0776 7605 9425 6025 1445
2693 9404
8000
7000
6000
5000
4000 3000
2000
1000
0
81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2
Oz Au
source: IRL filings
We’re now closing in on the date that matters for Ollachea and the chances of MIRL being able
to pay down its debt with COFIDE and avoid losing the asset are between slim and none. We
also note things are going from bad to worse at Corihuarmi, as the general manager has just
been fired and late in June, he mine was again blockaded by angry locals who are complaining
that MIRL has not kept its side of agreements reached before. Those local communities took
their case to Lima and their local member of Congress accompanied a delegation to the Ministry
of Energy and Mining in order to lodge an official complaint about MIRL with the relevant
authorities. They may end up losing both mines this year and not just one.
Faraday Copper (FDY.to): It’s not just Hot Chili (HCH.v, see below in Copper Basket) that
got a “Rick Factor” boost on Friday, as Rick
Rule also spoke in glowing terms about FDY
during his appearance on BNN’s Market Call
that day. The result was a sudden mini-rush
to own the stock and while we can have a
conversation about bidding up HCH to its
new levels, for me even at its new 80c+
price FDY still looks cheap compared to a lot
of other copper stories out there at the same
point in the development cycle.
Now to repeat a previously voiced opinion:

For me, the FDY decision to run its “snapshot in time” PEA before incorporating the most recent
round of drill results (plus any drilling that gets done on top as 2023 progresses) was a mistake.
It gave a false impression of Copper Creek’s economics and the market is now under the
impression that it’s a 15% IRR proposition at current copper prices. The big difference is
underground, as not only do the newest drill assays add
tonnage and grade but they also open up the
engineering and mine plan for easier and more efficient
access to the UG zones once the open pit operation is
underway. If we zoom out and consider the 2023 YTD
chart of FDY (right) it’s not difficult to spot when
sentiment toward the stock changed. And yes, I fell for
the strategic error as well, thinking as I did that the
market would understand the PEA announced on May
3rd (4) as a staging post toward greater things, rather
than pass judgment on the company and its flagship
project. I was wrong, but at least I’m now 12c up
thanks to Slick Rick .
Surge Copper (SURG.v): This interesting pennycrapper copper play hasn’t done much since
we added it to the Watch List, but that might change now that copper has broken back above
the U$3.80/lb line and company news is starting to flow. Last week saw SURG announce (5) the
start of its 2023 summer drilling program, with a fully funded (good) 3,500m being put into its
Berg project target. Please see the NR for the full details, here I’m going to zero in on part of
the CEO comment so, here’s a quote from Leif Nilsson:
Drilling at Berg will primarily be focused on expanding certain higher-grade zones
within the deposit into volumes which lack adequate drill density. Certain of these holes
will meet other objectives such as gathering important information and physical data for
use in follow on technical studies to advance the project.
With some holes aimed at high grades zones and others for other purposes, this sounds to me
as though SURG is going to put a hole into what it believes is a zone of low-hanging fruit that
should return a good assay. In other words, get a splashy NR headline out there. That’s fine by
me and with the drilling program timing plus likely assay lab turnaround, we should get initial
results from this campaign coming once the North gets back from its summer vacations, i.e.
post-Labor Day USA.
AbraSilver (ABRA.v): ABRA has put out so many strong drill assays from its 2023 JAC zone
campaign without getting a market reaction that it was somewhat surprising to see the stock
rally back into the 30s thanks to this NR (6) announcing decent hits including one hole with a
bonanza 3m zone grading 2,070g/t Ag. That intersect came from the heart of JAC, perhaps as
interesting was the low grade hit from the zone that intersects JAC and the main Oculto project
area. Hola 048 may have been only 10m of 39.1 g/t silver and 0.6 g/t gold, but it showed that
the zones connect and the house engineers have more evidence that a pathway to connect the
two mineralized areas in an efficient mine plan is possible. Meanwhile, last week’s NR also put a
damper on the speculation around the company’s La Coipita copper project when the first drill
assay from its current season returned 694.3m 0.16% copper with some minor moly credits, a
nice long length of mineralization but not the
grade you need. ABRA hasn’t given up there and
will continue drilling, but I get the feeling that the
rest of the market has joined me in assigning zero
value to La Coipita until further notice.
So overall another good assay NR from Diablillos,
the difference this time is that it managed to elicit
a response from the market. That’s as much to do
with fortuitous timing as its contents, what with
silver-the-metal springing to life last week and re-
15

gaining the U$25/oz line. The chart comparing ABRA to the silver miners’ producer ETF (SIL) is
seen right with the arrow marking the NR release. Lucky timing indeed and admittedly, there
were other silver juniors that performed equally or even better than ABRA as silver launched
higher, but it’s difficult to sniff at that price chart too much. A good week, one that was long
overdue for this trade.
Latin Metals (LMS.v): I met up with LMS management last week as they travelled through
Lima and agreed with them that the current share price, let’s say 12c to 14c, is the right place
to accumulate this thinly traded stock. It’s nobody’s idea of a trading vehicle, so it makes sense
to pick up shares at the low end of its price channel and accumulate for better times.
We also understood from management that there may be a buying opportunity coming soon, as
they plan to raise a modest amount of capital in order to keep treasury in the right place and
fund its planned exploration activities in North Argentina. The most likely method is a loan from
established backers and/or new money and while putting financial debt on the books of an
exploreco is not my favourite strategy, LMS can justify this as they do have payments in the
pipeline from partner companies and their real issue is a lack of liquidity, rather than anything
else. We’ll see how this all pans out and I assume any announcement of this sort would also
provide a liquidity moment for its stock, though we’re highly unlikely to see LKMS go much
lower.
SolGold (SOLG.to) (SOLG.L): A quiet week for SOLG compared to other copper stocks, but
that might change in the week ahead. Its price action is normally driven by its UK listing and it
wasn’t until London trading had closed that the company announced it was running a live
webinar this coming week, which may drum up interest. Here are the details:
“…Scott Caldwell, CEO of SolGold and President of SolGold Ecuador, will provide a
live presentation and answer questions relating to the Company's recent activities via
the 6ix.com platform on 20 July 2023, at 8:00 a.m. (EST), 1:00 p.m. (BST), and 10:00
p.m. (AEST).”
That’s this coming Thursday, so register via the link offered in the NR (7) and I’ll see you there.
Meanwhile, please see today’s Regional Politics section on the Ecuador election, as I don’t think
SOLG is going to be in play until we get definition on who the next President will be. But it
should be good to go afterwards.
Marimaca Copper (MARI.to): If you’re willing to tuck shares away for a while, $4.00 or
below looks the right price to accumulate Marimaca
(MARI.to) these days, too. We’re almost back there.
No doubting the quality of this project, we’ve run
the numbers and if things get competitive there’s a
lot of room left in this share price to go higher. Its
main issue will be to keep interest and momentum
going through the slog to feasibility study
completion, starting around about now, and with
Mitsubishi now at or near the front of the queue as
potential acquirers, it’s the type of situation that
expects the FS before a deal is closed.
The Copper Basket
After twenty-eight weeks of 2023, The Copper Basket shows a loss of 3.43% to level stakes:
16

company ticker price 1/1/23 Shares out Market Cap current pps gain/loss%
1 Solaris Res SLS.to 6.44 146.599 869.33 5.93 -7.9%
2 Marimaca Cop MARI.to 3.22 88.226 354.67 4.02 24.8%
3 Western Copper WRN.to 2.41 151.597 327.45 2.16 -10.4%
4 Arizona Sonoran ASCU.to 1.92 105.96 185.43 1.75 -8.9%
5 Oroco Res OCO.v 0.91 213.438 157.94 0.74 -18.7%
6 Hot Chili HCH.v 0.78 119.455 166.04 1.39 78.2%
7 Faraday Copper FDY.to 0.54 175.2 141.91 0.81 50.0%
8 Aldebaran Res. ALDE.v 0.78 153.96 132.41 0.86 10.3%
9 Regulus Res. REG.v 1.10 124.509 107.08 0.86 -21.8%
10 Pan Global Res PGZ.v 0.46 212.145 74.25 0.35 -23.9%
11 Kodiak Copper KDK.v 1.12 56.2 41.59 0.74 -33.9%
12 QC Copper QCCU.v 0.165 162.815 26.05 0.16 -3.0%
13 Element 29 Res ECU.v 0.16 86.966 13.91 0.16 0.0%
14 Libero Copper LBC.v 0.155 93.869 5.63 0.06 -61.3%
15 Atacama Copper ACOP.v 0.16 35.94 4.31 0.12 -25.0%
NB: All stocks in CAD$ Portfolio avg -3.43%
The Copper Basket did well, but it wasn’t all the
The Copper Basket 2023, weekly evolution
same direction as five stocks returned week- 12%
10%
over-week losses (MARI.to, KDK.v, ECU.v, LBC.v, 8%
ACOP.v). While none of those losses were big, 6%
4%
it’s notable that four of the five came from the 2%
bottom of the table and the smallest of the 0%
-2%
market caps. There were no UNCH stocks, which -4%
-6%
means eleven winners on the week with the
-8%
biggest moves coming from Hot Chili (HCH.v up -10%
39.0%), Faraday Copper (FDY.to) and Pan Global
(PGZ.v up 9.4%). While I’m happy to see FDY
put in a move (see above, as I own some), I’m
more interested in the big jump made by Hot Chili (HCH.v) as it’s one that I missed completely.
See below for thoughts on that.
No surprises that the good week for copper
juniors was fuelled by a strong move in the
price of copper-the-metal, here’s a chart on
that and as we’ve noted on more than one
occasion (and more like two dozen), the
U$3.80/lb line has become an important staging
post in copper’s price battle. Last week saw the
line threatened to the upside on Monday and
broken in definitive fashion on Wednesday
morning, after that the action was all in one
direction. We’ll leave our normal copper futures
tracking chart to cover the long-term view
below, for the near-term look we go with this
(right) ten-day comparative with the continuous copper contract (HG00), the US Dollar index
(DXY) and the main copper producers’ ETF (COPX) added for fun.
It’s all about the Dollar (USD) of course, with that benign CPI reading (see intro above) running
through the financial structure and getting the world to suppose we’re near the end of the Fed’s
tightening cycle, along with the Goldilocks scenario of no recession. We’ll see about that later,
but today we’ll merely play the cards we are dealt and as this five-year chart tries to indicate,
we’re back and moving up from a key support/resistance level once again, one that’s arguably
more important to beat than the more psychologically appealing U$4.00/lb line.
17
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62 dn2rpA ht9 ht61 dr32 ht03 ht7yam ht41 ts12 ht82 ht4nuj ht11 ht81 ht52 dn2yluj ht9 ht61
source: IKN calcs

In our curated copper news section, we’ll leave the analyst thoughts on price action to another
day as the whole complex was all about the USD effect. But copper did bring some solid macro
news on Chinese demand as well, as (8) per this Reuters report (8):
China’s June copper cathode output jumped 14% from a year ago, while refined tin
output surged 22% year-on-year, state-backed research house Antaike said.
Production at 22 smelters surveyed by Antaike, accounting for 82% of China’s copper
capacity with a total capacity of 11.18 million tonnes, was at 860,800 tonnes last
month, Antaike said.
Chinese copper producers have seen higher production this year thanks to the lifting of
COVID-19 restrictions and new projects coming online.
June copper production slid 2.4% compared to May, however, due to smelter
maintenance, Antaike said.
It forecast July copper output at 858,000 metric tons, a yearly increase of 11%.
That’s bullish. Don’t think twice about the June/May comparative, as plenty of Chinese smelters
were scheduled to go offline for maintenance. Instead consider the continued strength of
demand for copper products in what’s normally a slack period for the metal.
In other news, Reuters claimed an exclusive on this story (9) about the SHFE and its plans to
expand out of China and into the Asia region, thereby upping the ante in its efforts to
supersede the LME as the price discovery market
LONDON/BEIJING, July 13 (Reuters) - The Shanghai Futures Exchange (ShFE) is
looking to expand its commodities warehousing network outside China, and is
examining systems and regulations in the sector overseas, three sources with direct
knowledge of the matter told Reuters.
China's dominant commodities bourse has a domestic network of 216 storage facilities
for futures contracts, including metals traded on its market, plus other materials such
as rubber.
"ShFE has the intention to expand into overseas warehousing. They are working out
what they want to do, how they want to do it and when they want to do it," one of the
sources said.
Ramping up its global presence in metals warehousing would put the ShFE in direct
competition with the London Metal Exchange (LME), which dominates the industry
outside China, potentially challenging London's position as the centre of global metals
pricing.
China, the world's largest consumer and producer of industrial metals such as copper,
wants domestic players to be able to exert more influence over prices, the
sources said.
That’s the top of a long note and it’s well worth a careful read as there’s plenty of detail the
above snippet doesn’t cover. We move to our regular weekly look at copper inventories, data
from Chile’s Cochilco:
 A quieter week for copper stocks and movements, it seems the summer lag is now
18

officially with us. The aggregate of the world three official stocks systems saw copper
tonnages drop by 5,496 metric tonnes (mt) last week, Friday’s close marked at
176,038mt. We’re still extremely tight, but no substantive change form this time last
week.
 In Shanghai, the SHFE saw the third week running of added inventory, stocks rising by
8,052mt to close at 82,690mt. That fits with the normal cycle pattern, as seen in the
charts below.
 Another small draw down in LME
stocks countered the rise in SHFE
stocks (arbitrage in play?), with
stocks hitting another new historic
low of 57,175mt. This has come
with the cancelled warrant backlog
unwinding and there’s now just
9,625mt left to be shipped out.
 We’ve got use to seeing stocks rise
at the Comex, but this week an
extra chunky 3,244mt was added
which brings this weekend’s total to 36,173mt. As nearly 8,000mt of the LME drop
came from its normally staid New Orleans depot, that may have been the source of
some of the Comex warehouse additions. The Comex’s two main depots are L.A. and
New Orleans and it’s been gaining tonnages quickly.
The dedicated SHFE charts show that stocks may be low, but they’re following the established
seasonal patterns. But Q4 will be the acid test and that only comes after the boys of summer
have gone.
SHFE copper inventory levels, 2018 to 2023
400000
350000
300000
250000
200000
150000
100000
50000
0
19
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 ht81
LME: 12 months of Cu tonnage under cancelled warrant
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
Mt Cu
|
source: Cochilco
Now for notes on a couple of basket stocks.
Hot Chili (HCH.v): This is the stock I wasn’t keen on when it announced its recent PEA, you
ht42 ht8 dn22 ht5nuj ht91 dr3yluj ht71 ts13 ht41 ht82 ht11 ht52 ht9 dr32 ht6von ht02 ht4ced ht81 3202
naJ
ht51 02ts1naJ ht21 ht62 ht21 ht62 ht9 dr32 ht7yaM ts12 ht4nuJ ht81 dn2luJ ht61
mt Cu
source: LME/Cochilco

may recall. That was a bad call, as this three-month comparative of the HCH tickers shows:
HCH rocketed by 39% last week on a combination of factors that I didn’t see coming. First up,
the company benefited more than most from the breakout in the price of copper, seemingly in
the right place at the right time and getting plenty of market momentum from that PEA I
sniffed at. Secondly, I just don’t understand the way
the Australian markets work. HCH has its Canadian
ticker of course, but the main listing and the price
drive is Australian and last week there was obviously
plenty of enthusiasm about the name, so the Canada
proxy tagged along for the ride. Then came the final
factor and one that shows best on this five-day chart
that tracks both Australian and Canadian tickers. That
factor was Rick Rule:
As seen here, the Oz ticker peaked and then fell back
to close just about 20% up on the week, which is a
good result but nowhere near the 39% heights scaled
by the Canadian ticker. The difference is Rule, because after the Australian market had closed
Friday and for its weekend, Rick Rule appeared on the Canadian business TV channel BNN and
specifically its Market Call hour and along the way professed his love for HCH. The reaction
from Canada’s viewing public can be seen in the above chart. We should at this point note that
Rule has been long HCH for literally a decade and has been underwater nearly all that time.
The Producer Basket
After 28 weeks of 2023, the Producer Basket shows a gain of 10.00% to level stakes:
company ticker price 1/1/23 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 47.20 799 35.94 44.98 -4.7%
2 Barrick GOLD 17.18 1761.54 30.56 17.35 1.0%
3 Agnico Eagle AEM 51.99 488.9 25.72 52.60 1.2%
4 Wheaton PM WPM 39.08 451.963 20.21 44.72 14.4%
5 Kinross Gold KGC 4.09 1256.1 6.36 5.06 23.7%
6 Alamos Gold AGI 10.11 393.1 4.99 12.70 25.6%
7 B2Gold BTG 3.57 1074.567 3.90 3.63 1.7%
8 Hecla Mining GFI 5.56 610.491 3.61 5.92 6.5%
9 Eldorado Gold EGO 8.36 185.73 2.06 11.09 32.7%
10 Wesdome Gold WDOFF 5.53 147.526 0.80 5.42 -2.0%
All prices and stock quotes in U$ Port. avg 10.00%
Ten winners, zero losers, lots of big moves up and our basket average is now up exactly
10.00% on the year, all in all a good week for precious metals mining stocks. All ten of our
stocks were winners, from the least best B2Gold (BTG up 4.0%) to the three double figure
percentage winners, namely Hecla (HL up 15.9%), Eldorado (EGO up 11.6%) and Kinross (KGC
20

up 10.2%) and overall, we did slightly better than pour GDX benchmark (up 8.5% on the week)
and we shaved 0.15% from its lead. Still behind, though.
The 2023 Producer Basket: Weekly performance and
comparative to GDX control
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
B2Gold (BTG): The “least best” on our list this week
first saw some weakness on rumours Thursday, and was
then hit on Friday when Reuters reported (10) the latest
chapter in world resource nationalism. The military
government of Mali is apparently looking to up its stake
in mining operations in its country to up to 35%. Here’s a
segment:
The government announced the review of the mining
code in January after it said an internal audit had
shown that Mali, one of Africa’s biggest gold
producers, was not receiving a fair share of profits
while granting too many tax breaks.
The draft, dated June 17 and verified by three sources close to the talks, shows the
government aims to take a direct 10% stake in mining projects once a permit has been
issued, entitling it to 10% of dividend payments.
It would give the state the option to buy an additional 20% within the first two years of
commercial production, possibly through a newly created state mining entity.
International investors would have to cede a 5% stake to locals, the document said.
Mali’s current mining law, passed in 2019, gives the state the right to 10% with the
possibility of acquiring a further 10% stake.
If the law gets changed it would affect a long list of
FDI owned mines, including companies such as
Endeavour Mining and Barrick. However, B2Gold may
be hit harder than most as its Fekola mine in Mali is
its jewel in the crown and produces a large share of
its total production at a very competitive cash cost,
and as the chart (right) shows that share has been
increasing over time. Mali already has a 20%
ownership of Fekola, so any extra grab wouldn’t start
at 10% but it may mean the company needs to cede
another 15% of Fekola to its host country. It would
have been interesting to be a fly on the wall of The
Clive’s office when he first heard about this.
21
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62 dn2rpA ht9 ht61 dr32 ht03 ht7yam ht41 ts12 ht82 ht4nuj ht11 ht81 ht52 dn2yluj ht9 ht61
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 dn2rpA ht9 ht61 dr32 ht03 ht7yam ht41 ts12 ht82 ht4nuj ht11 ht81 ht52 dn2yluj ht9 ht61
source: IKN calcs, NYSE data
BTG: Percentage of qtr production from Fekola
8.74 3.64 5.34 6.84 9.16 0.16 8.75 6.85 7.65 7.35 4.35 6.35 6.84 0.55 2.75 3.66 2.26
100
90
80
70
60
50
40 30
20
10
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1
%
source: BTG filings
BTO: gold production by mine
400000
350000
300000
250000
200000
150000
100000
50000
0
91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1
oz Au Fekola prod
Otjikoto prod
Masbate prod
other
source: company filings

Wesdome Gold (WDOFF) (WDO.to): On
Thursday morning WDO announced (11) its
preliminary 2q23 production and sales results and, as
this five-day chart shows, the numbers were very
much in-line with market expectations.
Production came in at 22,845oz Au at Eagle River UG
from an average grade of 11.4g/t Au, then zero
ounces from the Mishi open pit this quarter.
Meanwhile at Kiena, a grade average of 5.0g/t
resulted in 8,147oz Au and that would have been
better if it weren’t for the brief suspension of
operations due to the wildfire precaution.
WDO: Gold prod/qtr
22
69312
63892
12632 76242 43391 65771 50471 20552 95102 54822
45000
40000
35000
16929
30000 9614
25000 5511 5112 8914 7877 8147
20000 5208
15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings
So production totalled 30,992oz and preliminary sales have been marked at 32,000oz, slightly
higher and due to a small overhang from Q1.
WDO: Gold production vs sales, per qtr
56522 75422 57303 00582 44392 00003
95514
44573 11652 00082 04272 00062 38822 00572 61153 00513 86382 00003 29903 00023
50000
45000
40000
35000
30000
25000
20000 15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 tse32q2
Ozt Au
Production
Sales
source: company filings
The reaction from the market was reasonable and so far so good for the quarter, but the acid
test comes on August 10th when WDO files its financials (post-close, with a ConfCall the next
morning, links to that in the NR link above) as two things matter to the WDO share price in
2023:
1) Costs: The company needs to show it has kept a lid on opex
2) Kiena: The revised (delayed) timeline may have hit a small hiccup due to the wildfire
suspension, but it wasn’t that long and there’s no real reason for any further delay. If
WDO can deliver its underground development to the high grading deep zones on time
and get grade and tonnage to projections by 1q24, this current price will look cheap.
There will be other minor factors from the 2q23 financials, such as whether WDO has made it
back to positive working capital already or whether it taps its ATM share sale facility any
further, but Kiena development is the main game.
The TinyCaps List
After 28 weeks of 2023, the TinyCaps show a gain of 12.62% 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 1.00 0.02 -71.4%
Coast Copper COCO.v 0.045 64.001 2.88 0.045 0.0%
District Metals DMX.v 0.075 86.891 11.30 0.13 66.7%
Latin Metals LMS.v 0.13 69.962 9.44 0.135 7.7%
Manitou Gold MTU.v 0.02 344.568 18.95 0.055 175.0%
Nine Mile Metals NINE.cse 0.29 57.025 5.99 0.105 -63.8%
Palamina Corp PA.v 0.08 65.285 5.88 0.09 12.5%
Precipitate Gold PRG.v 0.075 130.367 9.13 0.07 -6.7%
South Star STS.v 0.55 32.755 17.69 0.54 -7.3%
Viva Gold VAU.v 0.14 106.721 16.54 0.155 10.7%
Prices in CAD$, data from TSXV basket avg 12.62%
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.
A tiny move for the TinyCaps list, the basket average up
TinyCaps, 2023 weekly tracker
just 0.41% on the back of three winners (DMX.v, PRG.v, 50%
45%
VAU.v) and four UNCH (AUL.v, COCO.v, MTU.v, PA.v), 40%
with three stocks losing on the week (LMS.v, NINE.cse, 35%
30%
STS.v). Also of note, none of the moves in either 25%
direction were very large with half cents or pennies the 20%
15%
order of the day; clearly, the market concentrated on 10%
the larger cap stocks for its rebound action. 5%
0%
South Star (STS.v): The financing announced by STS
on July 5th was announced closed by the company after
the bell on Friday (12), but with a twist. STS sold
8,533,865 units of the PP priced at C$0.53 per unit (unit = share + full warrant priced at $1.25,
but with a long five year shelf life), however the vast majority of those are going to one
subscriber. Presumably. Here’s the relevant section of the NR:
An aggregate of $3,908,158.52 of the private placement funds are being held in trust
pending TSXV review and clearance of a personal information form filed by a
subscriber, who will become an insider of the Company upon closing of the private
placement through ownership of in excess of 10% of the Company's issued and
outstanding common shares. Upon receipt of confirmation that the personal
information form has been reviewed and cleared by the TSXV, the Company will issue
an aggregate of 7,373,884 Units to the subscriber and the subscriber's funds will be
available to the Company.
Considering the address where STS has its main asset and that paperwork wrinkle, this desk’s
best guess is that the company has found a Brazilian national as a new investor.
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.
23
ts1naJ ht8naJ ht51 dn22 ht92 ht5bef ht21 ht91 ht62 ht5raM ht21 ht91 ht62 dn2rpA ht9 ht61 dr32 ht03 ht7yam ht41 ts12 ht82 ht4nuj ht11 ht81 ht52 dn2yluj ht9 ht61
source: IKN calcs, TSX data

Regional politics
Peru gears up for “The Third Taking of Lima”
July 19th is the date, chosen carefully by the organizers of this protest march as it’s one that has
special meaning for the leftwing in the country (a couple of big protests that caused social
change happened on the same date, way back when). It’s being called “The Third Taking
(Siege, I suppose) of Lima” and some 30,000 marchers are expected to converge on the capital
and voice their disapproval to the current government of Dina Boluarte, demand her resignation
etc. The organizers also say that the protest will be “indefinite” as they plan to bring in other
groups to protest on rotation and maintain a presence in the streets of central Lima until their
demands are met.
To combat this, the government has been greatly aided by the national media (mostly
controlled by the right-wing) and alongside the general denigration of the proposed marches
and praise for the valiant forces of law and order, there has been what’s known locally as a
“psychosocial”, i.e. a propaganda effort to paint those arriving as far left wing terrorist
sympathizers who are all connected with subversive organizations and are set on creating
mayhem and violence. As for police, they have warned they will be carefully checking IDs of
anyone arriving in Lima from the provinces in order to scare people into not joining the
protests, as well as laying out plans for as many as 24,000 officers to patrol the marches.
There will be protests and strikes across the country, so expect new stories of roadblocks and
TV images of tear gas canisters flying. However, Lima is not the provinces and the provinces
are not Lima and the capital is notoriously anti-protest. It’s also a racist city and doesn’t like it
when the small brown people who live far away come and upset their daily lives. Therefore, this
“Siege of Lima” protest won’t be the abject disaster that the government and its supporters will
claim it to be, but neither will it be much more than a temporary nuisance to the government
and Congress, both now firmly entrenched in their positions and happy with the quid pro quo
balance they’ve reached. It doesn’t matter to them that they are both wildly unpopular bodies,
they’ll rough this one out the same way they roughed it through last December.
As for mining, the effects of these upcoming protests are likely to be minimal. If that turns out
to be a bad call, I’ll explain why I was wrong in future editions but on the whole, this coming
week in Peru isn’t something that outside FDI should be too concerned with.
The reality of inflation in Argentina’s mining sector
We’ve been covering the pro-mining sentiment in Argentina, but what about its apparent
runaway inflation levels? When headlines hit the wires of its current 114% inflation rate, it puts
off a lot of people from the idea of exposure to Argentina but what really matters to our sector
is not what happens to the Argentine Peso (ARS), but the prices foreign companies have to pay
in Dollar terms.
Therefore, a report (13) out last week from the Argentina Chamber of Mining Businesses
(Cámara Argentina de Empresarios Mineros (CAEM)) makes for interesting reading. According
to CAEM, mining costs in US Dollar terms have risen an aggregate 3% in the first five months of
2023 (to end May) compared to the same period of 2022. The biggest cost increases in USD
terms have been in electricity (+14.4), supplies and spare parts (+9.3%) and logistics (+8.0%).
Notably, wages and salaries have been under the average, at a USD increase of 2.5%.
Ecuador: Latest polls and thoughts on the political threat to mining in the country
As of last Thursday the Ecuador election campaign is official and the country will basically be
one month of noise and conjecture, followed by one live TV debate a week before the vote,
then Round One on August 20th. As regarding polling, there are now ten polling companies
officially sanctioned by Ecuador’s CNE body and one of the most reputable, Omar Malik (a firm
run by a long-established political analyst named, yes you guessed right, Omar Malik), is the
latest to report. Malik has this:
24

 Luisa González 33.81% (40.11% of valid votes that exclude spoiled/“vote in white”
ballots)
 Otto Sonnenholzner 14.72% (12.41% of valid votes)
 Yaku Pérez 13.63% (11.49% of valid votes)
 Xavier Hervas 10.31% (8.69% of valid votes)
 Fernando Villavicencio 9.09% (7.67% of valid votes)
 Jan Topic 7.12% (6.00% of valid votes)
It’s now shaping up between these six and there are two main unknowns:
1. Luisa González of the Rafael Correa Citizen’s Revolution Party is going to win round
one, but she’s now edging close to the point where she could win the election outright.
For that, she needs 40% of valid votes and be at least 10 points ahead of the second
spot. Omar Malik puts her chances of doing that at a diplomatic 50/50.
2. It’s close between the other five for the coveted second spot and a place in the second
round run-off (if it happens). Established politico Otto Sonnenholzner seems to be
picking up support, Yaku Pérez has stagnated, so for me the one to watch is Xavier
Hervas, who came from a long way back to finish 4th in the last election, surprisingly
close to the second place finisher (that was current President Guillermo Lasso, it so
happens).
As for what all this means to our subject of focus, while the world outside probably fears a good
showing from Yaku Pérez this desk firmly believes that the worst thing for Ecuador’s mining
sector is a run-off between Luisa González and anyone else besides Yaku Pérez.
 If Luisa González wins outright in round one, her party will have a mandate and
wouldn’t need to seek alliances. It still wouldn’t be great for mining, but at least she (or
in actual fact Correa) would be able to move forward on an undiluted agenda. We know
Correa looks to mining as a source of future growth and we know he deals happily with
Chinese capitals.
 If Yaku Pérez comes second and makes a run-off against González, he becomes the
lightning rod for all ecological opinions. When he loses in round two (and he would, no
doubt) those concerns get diluted.
 But if Luisa González goes into round two against any of the others, her party will need
to seek alliances to secure the win and we need to underscore, Pachakutik (that backs
Yaku Pérez) is not the same as the larger and more powerful grassroots organization,
CONAIE, run by Leonidas Iza.
That third scenario is the most likely at the present time. It’s also the situation under which Iza
becomes kingmaker and he can exact pledges for the things his members most care about in
exchange for support. Start that list with “moratorium on all contentious mining projects” and
while I’m confident my own trade in SolGold won’t be caught up in that net, projects such as
Warintza, Loma Larga, Curipamba etc would.
Ecuador: Anti-mining protest turns violent
A protest against the Curipamba mine project run by Salazar Resources (SRL.v) ands Adventus
Mining (ADZN.v) last week ended badly, when violent clashes broke out between protesters and
police (14) (15) (16). The result was a reported 13 injured, including 3 police officers, and a
number of arrests and if you ask the police, the violence against them came out of nowhere
and was unprovoked, while if you ask the protesters they’ll tell you that everything was fine
until police decided to launch tear gas against the marchers. I wasn’t there and the best guess
is that the truth lays somewhere in between.
There seems to have been two triggers for the protest march, aside from the long-standing
antipathy locals have toward the project. Firstly, locals have been complaining about loud
banging noises that have been disturbing the peace coming from the mine project recently.
Secondly, on Monday the mining company (Curimining, the wholly-owned local subsidiary)
apparently tried to run a environmental consultancy hearing and locals believed that the
25

company was trying to ram through some sort of show in order to comply with the letter of the
law on prior consultancy in order to get its permits approved by the (outgoing Lasso)
government. Frankly, they were probably right about that and after closing down the meeting
before it started, took to the streets of the local town (Navas) in order to voice disapproval
against both company and government. Then the fun began.
Mexico: The cost of crime
According to the annual report published by the Mexican Chamber of Mining (Camimex) last
week (17), the rise in criminal activity in the country has become a significant cost input for
mining companies working the country. Camimex reportes that aside the general criminal
activity connected with their traditional business of narcotrafficking, organized crime groups in
Mexico have now diversified into robberies and extortions of businesses and mining companies
are a prime target, particularly those working precious metals operations in remote locations.
The graft includes theft of metal production, concentrates, extortion (protection money) and
threats against personnel. Those direct costs to companies are augmented by the cost of extra
security measures now used by most mining companies. Or in the words of Camimex president
Jaime Gutiérrez at the presser for the annual report (translated):
“(Criminal activity) covers in many cases up to 10% of a company’s production, and to
this we add the personnel that a mine needs to guard its production facilities. The
problem is in both the North and in the South of the country.”
And…
“We hope that the relevant authorities will finally do something about this issue,
because for mining in general the question of security is an extra tax that is not
considered (by the government), as much in the loss of production as in the security
guards that are needed.”
O add my own two cents on this, there are some zones that I consider off-limits to my
investment money, most notably Guerrero in the South and most of Chihuahua, but there are
no truly “safe” zones from organized crime in the country and in all cases, DD on a micro level
is necessary for peace of mind. For example, I’ll state here for the record that I’m happy with
the level of risk at my own Top Pick Minera Alamos (MAI.v) and the company is smart and
proactive about the way it covers the latent risk in its zones of operation. However, I’ll also say
that I’m glad Cerro de Oro isn’t located even 50km further to the East. As for you, it always
pays to ask “The Crime Question” of your current or prospective Mexico-exposed trade and if
you’re not fully comfortable about what they tell you in reply, keep asking. The good companies
understand this is a weak point in the “Mine in Mexico” story and how it puts some potential
investors off, so they should have the right answers.
Market Watching
Goldshore Resources (GSHR.v) scores an own-goal
It’s been on our Watch List for a few months as a potential leveraged trade to gold, which
means I keep an eye on what it does and last week, it did something quite special. If I told you
Goldshore Resources (GSHR.v) delivered negative news to market on Wednesday evening,
would you believe me?
26

GSHR closed this weekend at 15c, a new 52 week and all-time low, on the back of what can
only be called a debacle on Wednesday evening, one of the most egregious own-goals I’ve seen
from a junior mining company in recent times. So in the words of BBC Radio’s old bedtime
stories program Listen With Mother, are you sitting comfortably? Then I’ll shall begin:
In early May, GSHR announced its Mineral Resource Estimate (MRE) for its Moss Lake Project,
recently re-named “Moss Gold” (more on that later). The 43-101 was delivered to SEDAR in
mid-June, but the BCSC found some small discrepancies (basically paperwork stuff) and asked
that the 43-101 be re-filed. That happened last Wednesday afternoon without fanfare or even a
cover NR, so as I sat down that evening and scrolled down through the new filings on SEDAR
the surprise filing caught my eye. I downloaded a copy and really only did so to see what the
reasons were behind the re-file, they’re usually unimportant.
Which is when the fun began as after a couple of minutes it became apparently that GSHR (or
“the third party” they later blamed, sorry guys the buck stops with you) had filed the wrong
document. Instead of the finished copy, they had sent and filed the “Template” version, not
only the final copy but it also included the written margin comments made by the compiler
team as they worked on the document. A monumental error and of course, it quickly made it
to Twitter . Here’s the first of several posts on the contents of the 43-101 (18), go have a
look at them all if you like but the highlights are also here below. This screenshot is typical of
what GSHR had erroneously published, the Interpretation and Conclusions section with the
script in the normal place, then the margin comments on the right showing how the compiler
company’s exchange on the contents had progressed.
All rather embarrassing for both company and the consultants, CSA, but the above is nothing
compared to some of the other places. For example, on page 220 of the template report the
conversation started with one geologist questioning the block model and wondering why the
data looked weird, then continued as the reply laid into the data they’d been given to use.
When the 43-101 compiler says, “...the inadequacy of the HG modelling process forced on us
27

by the client. The geological model is poor - how many more times do I need to say this!!", and
when we on the outside get to read their thoughts, instead of the polished and spun-dry final
product, we know there’s something special and different on offer. That’s putting it mildly.
Ironically, at one point the comments section included this:
As advertisements go, this one was unusually honest. However, this type of remark brings into
focus a wider issue and one that’s been an open secret in the mining world from the year dot;
these 43-101 compliant reports are supposed to be compiled by independent third party firms,
but the above strongly suggests collusion between CSA and GSHR. Also true for this next
comment found on page 60, which included a geolgraphically accurate map of the Moss Gold
project with all local lakes on show. The comment at the side of the visual was this:
Not only has GSHR recently changed the name of its project from “Moss Lake” to “Moss Gold”,
but they seem to be keen to hide the fact that the mineralization sits under a body of water (we
normally call them “lakes”). What’s more, the 43-101 compilers are on-baord with the fact that
the company would like to remove its image as much as possible from the whole “Lake Factor”,
as it’s the type of complication that at best adds extra cost to an eventual mine and at worst,
can kill a project.
Unsurprisingly, GSHR has been doing what it can to mitigate the effects of this massive own-
goal, such as using “Sponsored Coverage” social media channels to explain their side of the
story and try to make it sound not as bad as it all looks. The company has also managed to
remove the offending PDF from SEDAR and replace it with the final copy, all polished and
pretty. Therefore, if any of you would like a copy of the original filing with all the comments,
feel free to shoot me a mail and I’ll supply by return. I’d also like to aim you toward this report
done on the debacle by the website The Deep Dive (19) entitled “The Gold Mine Of Comments
Goldshore Resources Forgot To Remove In Restated Technical Report Filing”, which does a
more detailed blow-by-blow on the errors and comments on show. That article finishes in this
way:
While this Goldshore report proved to be a masterclass on double checking your files
before uploading, it cuts a deeper commentary on the work “independent” consultants
do for mining firms. When you have report writers who believe their output is an
advertisement (and seemingly aren’t too familiar with each other’s roles) and a
company who forces an inadequate tool (which the consultant did not raise in their
report), it begs the question on how much these technical reports can really be trusted
moving forward.
While more diplomatic than anything I wrote on Twitter last week, I concur wholeheartedly.
A final comment: This isn’t the first strategic error made by GSHR and while the gold price and
sub-sector action has certainly been a drag, its current C-suite is to blame for the current
woeful state of its share price. Not only that, but this team of officers and management are
handsomely remunerated for their mediocrity, as anyone looking at the corporate G&A and the
background treasury burn rate quickly realizes. Junior mining, and particularly the exploreco
stage when there’s no revenue coming in, it all about the confidence in any given project or
story and in this case, there’s simply no reason to trust these people any longer. If the GSHR
board of directors wants to turn this project around there is going to have to be some changes
at the top of an executive decision-making hierarchy that not only lacks strategic vision, but has
28

now also demonstrated a singular lack of oversight and control of its structure. Things such as
the embarrassing PDF filed on SEDAR are symptoms rather than causes, easily avoided by
reasonable and competent management teams that don’t play it fast and loose. In this case, all
that was required was for one experienced set of eyeballs to review the proposed filing to see
that the wrong document was about to be sent to SEDAR, but apparently all those high-paid
execs had better things to do than watch over the work of underlings.
Bottom line: GSHR isn’t going to get my money until the CEO “is retired” and a new broom is
taken to the company that sharpens up its act, gets its overly expensive G&A under control and
makes a better job of getting the money raised into the ground, rather than the pockets of
those who have tried and failed to deliver an interesting project to date.
Conclusion
IKN739 is done, we end as usual with some bullet points:
 There’s no two ways about it, Fortuna Silver (FSM) FVI.to) looks cheap compared to the
cash flow it’s going to generated from its gold operations in the near future. With the
company now coming out of a phase of excessive spending and moving into harvest
mode, we expect it to post good quarterly results as from 3q23 and for the next couple
of years. And change its name, too.
 Very pleased to see how Amerigo Resources (ARG.to) has developed shareholder
loyalty under the excellent guidance of Aurora Davidson. This is a great little company
and allowed a soft quarter caused by circumstances out of its control. Buy them, hold
them, go fishing.
 Down this way, sector analysts who watch LatAm are girding for a rough political week
in Peru, when in fact I think it’s going to be a bit of a damp squib. For problems afoot,
Ecuador is the place to look for anti-mining issues coming to the fore.
 Have to love copper going forward from here. Weaker dollar, recession fears fading,
China still demanding all it can from the metal and those well-documented supply
deficits in the pipeline. It’s a perfect storm.
 Avoid Goldshore Resources (GSHR.v) until its joke management team has been
resigned. And avoid Colombia, but you knew that already.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
Footnotes, appendices, references, disclaimer
(1) https://amerigoresources.com/_resources/news/nr-20230712.pdf
(2) https://fortunasilver.com/investors/news/fortuna-reports-production-of-93-454-gold-equivalent-ounces-for-the-
second-quarter-of-2023/
(3) https://twitter.com/Mark_IKN/status/1679125294840524805?t=1LsYjhEVT_-75hF1cPVGKQ&s=03
(4) https://faradaycopper.com/news-releases/faraday-copper-announces-pea-for-copper-creek-with-5420/
(5) https://surgecopper.com/news-releases/surge-copper-commences-2023-exploration-program/
(6) https://abrasilver.com/news-releases/abrasilver-announces-exploration-drilling-results-at-jac-zone-and-la-coipita-
29

project-jac-results-include-3-metres-at-2070-gt-ag
(7) https://www.accesswire.com/768145/SolGoldPLCAnnouncesInvestorPresentation
(8) https://www.hellenicshippingnews.com/chinas-june-copper-tin-output-jumps-year-on-year-antaike/
(9) https://www.reuters.com/markets/asia/shanghai-futures-exchange-targets-commodity-storage-outside-china-
sources-2023-07-13/
(10) https://www.mining.com/web/new-mali-mining-law-could-boost-state-local-interest-in-projects-to-35/
(11) https://www.wesdome.com/English/investors/latest-news/news-details/2023/Wesdome-Announces-Second-
Quarter-Production-Results-Provides-Conference-Call-Details/default.aspx
(12) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2612-tsx-venture/sts/144923-south-star-
battery-metals-announces-closing-of-an-oversubscribed-non-brokered-private-placement.html
(13) https://mase.lmneuquen.com/mineria/los-costos-mineros-dolares-subieron-del-3-n1040832
(14) https://www.mejorinformado.com/mundo/2023/7/15/violentas-protestas-contra-la-mineria-en-ecuador-108776.html
(15) https://www.prensa-latina.cu/2023/07/14/policia-de-ecuador-reprime-protestas-de-ciudadanos-contra-mineria
(16) https://www.icndiario.com/2023/07/violenta-protesta-contra-la-mineria-en-las-naves-ecuador-13-heridos-y-2-
detenidos/
(17) https://www.bnamericas.com/es/noticias/delitos-hacen-mella-en-ganancias-de-mineras-en-mexico
(18) https://twitter.com/Mark_IKN/status/1679342976395276288
(19) https://thedeepdive.ca/the-gold-mine-of-comments-goldshore-resources-forgot-to-remove-in-restated-technical-
report-filing/
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
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
30

Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
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
31

Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
32

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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