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The IKN Weekly
Week 765, January 14th 2024
Contents
This Week: Trade heads-up, In today’s edition, MLK Day and bombs.
Fundamental Analysis: Selling Amerigo Resources (ARG.to), Buying Marimaca Copper Corp
(MARI.to).
Stocks to Follow: Amerigo Resources (ARG.to), Soma Gold (SOMA.v), Pan Global Resources
(PGZ.v), Adventus Mining (ADZN.v), Minera Alamos (MAI.v), Argonaut Gold (AR.to), SolGold
(SOLG.to) (SOLG.L), Marimaca Copper (MARI.to), Contango ORE (CTGO), Rio2 Ltd (RIO.v).
The Copper Basket: Overview, Hercules Silver (BIG.v), Arizona Sonoran (ASCU.to), Solaris
Resources (SLS.to), NGEx Resources (NGEX.v), American Eagle (AE.v), QC Copper & Gold
(QCCU.v).
Producer Basket: Overview, Newmont (NEM), Barrick (GOLD), Hecla Mining (HL).
The TinyCaps Basket: Overview, Awalé Resources (ARIC.v), District Metals (DMX.v),
Endurance Gold (EDG.v).
Regional Politics: Ecuador and Argentina notes deferred.
Market Watching: Fortuna Silver (FSM) (FVI.to) flags its financials, Equinox Gold (EQX) 4q23
production numbers.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Trade heads-up
I’m swapping copper trades this week, selling Amerigo Resources (ARG.to) and using some of
the funds of that out-sized position to start a long-overdue move into Marimaca Copper
(MARI.to). The prices of both and the outlook for copper in the near and long-term dictate the
decisions. See today’s main Fundies section for more.
In today’s edition
 When you run a portfolio of mostly gold and copper stocks, the job is to think more
about the under-performing metal and its consequences, rather than bask in the light
of the healthy one. We do a lot on copper this week.
 The copper work includes the decision to sell my remaining (but still large in the
portfolio) position in Amerigo Resources (ARG.to) and increase cash treasury. However,
I’m not throwing in the towel on copper and the decision to buy the now cheap-looking
Marimaca Resources (MARI.to) with some of the raised capital is testament to that.
 We also consider the interesting news flow from the “Ore Group” companies QC Copper
(QCCU.v) and American Eagle (AE.v) last week, in conjunction with the other smallcap
copper trade we have on the Watch List, Pan Global Resources (PGZ.v). That three-
cornered strategy note is in Market Watching.
 Meanwhile in gold-related news, we got interesting NRs from open trades Fortuna
Silver (FSM) (FVI.to) and Equinox Gold (EQX) (EQX.to) last week and we crunch those
numbers down in Market Watching. EQX is one of the companies to have announced its
4q23 production numbers and we’re now into that particular mini season, with several
other stocks reporting and plenty to come. News of those is dotted around this edition.
1

MLK Day and bombs
A brief reminder that tomorrow Monday January 15th 2024 is Martin Luther King, Jr. Day*, a
very good reason to take a day off work and as that also applies to the NYSE and Nasdaq,
markets are closed in The USA. The Canadian markets will be open for business as usual of
course, but MLK Day is one of those occasions that
affect traded volume on the TSX/V considerably and
we won’t get a true market until Tuesday.
In another brief reminder, please remember that
geopoliticals do not affect gold, not in the long-term
at least. Yes, of course we’re used to a price pop
anytime a serious or potentially serious conflict
moment occurs and depending on its size and scope,
the effects can last a while but they always wash
through. That even applies to the October 7th Hamas
terrorist attacks into Israel that set off the latest
round of MENA conflicts that continue to this day, as
spot gold certainly did run to over U$2,000/oz on the news and is still over U$2,000/oz this
weekend, but don’t forget it spent most of November under the psychologically important line
and was as low as U$1,935/oz for a day. The small but significant run on gold we saw last week
was enough to put some pep back in the mining stocks and the GDX’s week ended up close on
neutral, but the fact that silver rallied along with gold is enough to tell you this is a technical
reaction, as nobody is about to take delivery of large swathes of silver bullion in order to
protect their net worth from the ravages of the Houthis.
GLD gold holdings, 2016 to date (metric tonnes)
1500
1400
1300
1200
1100
1000
900
800
700
600
500
As such, there’s no reason to expect a rally in gold on the back of this latest event on our
turbulent geopolitical timeline. Instead, we note that the buying in gold was not driven by any
new desire on Wall St as GLD vaults lost another 5.76 metric tonnes to close the week at
863.84mt and our sentiment tracker at GLD, the inventory/Price Ratio, as this weekend at
another new all-time low of 4.55X. There’s zero appetite for gold among the big bucks people
who are supposed to panic their way into safe haven ownership at times of geopolitical stress,
GLD continues to tell us that loud and clear.
*Or if you live in Alabama and Mississippi it’s Martin Luther King, Jr./Robert E. Lee Day. Who am I to judge?
2
61/4/1 61/13/3 61/42/6 61/02/9 61/41/21 71/41/3 71/8/6 71/1/9 71/82/11 81/62/2 81/22/5 81/61/8 81/9/11 91/7/2 91/6/5 91/13/7 91/42/01 02/22/1 02/71/4 02/41/7 02/7/01 12/4/1 12/13/3 12/32/6 12/71/9 12/31/21 22/01/3 22/6/6 22/13/8 22/52/11 32/32/2 32/71/5 32/41/8 32/7/11
mt 9.00 GLD: Inventory/Price Ratio, 2016 to date
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50 source: SPDR GLD data
4.00
61/4/1 61/13/3 61/42/6 61/02/9 61/41/21 71/41/3 71/8/6 71/1/9 71/82/11 81/62/2 81/22/5 81/61/8 81/9/11 91/7/2 91/6/5 91/13/7 91/42/01 02/22/1 02/71/4 02/41/7 02/7/01 12/4/1 12/13/3 12/32/6 12/71/9 12/31/21 22/01/3 22/6/6 22/13/8 22/52/11 32/32/2 32/71/5 32/41/8 32/7/11
Source: SPDR data, IKN calcs

Fundamental Analysis of Mining Stocks
A tale of five copper stocks
The common thread of today’s main fundamentals section is simple enough, it’s copper.
However under that greater umbrella we touch on several different subjects and, as
coincidence would have it includes significant newsflow, reports on big price moves (and what
they mean), the right price in a stock we’ve tracked as a potential purchase for nearly three
quarters and after much deliberation, a decision to sell out of stock that’s been on my mind for
several weeks. In a week which saw gold move up and copper sink, it’s only natural for
someone with a portfolio of stocks, as well as other on Watch Lists and covered in tracking
baskets, to worry more about the state of the copper sector more than that of gold. Combine
that with the need to cover developments in some and make strategic portfolio changes in
others and you end up with today’s related-but-mixed fundies section and for the TL:DR among
this audience, or those who don’t want to read through all my typo-strwen waffle and get to
the bits that interest them, we do these:
1. The decision to sell Amerigo Resources (ARG.to)
2. The decision to buy Marimaca Copper Corp (MARI.to)
3. The news from QC Copper & Gold (QCCU.v)
4. The news from American Eagle (AE.v)
5. The news from Pan Global Copper (PGZ.v)
Those subjects come in order of importance and all five of those have something to do with one
another (e.g. copper). However, the first two in the list are also interrelated to some extent,
while the last three are also connected in their own ways. At least in my mind and that’s
enough preamble, let’s get on with it.
Selling Amerigo Resources (ARG.to)
This shouldn’t come as a big shock to regular readers as it’s been brewing for some time. In
fact, 2023 saw me slice off two smaller tranches of Amerigo Resources (ARG.to) from an
originally larger position that almost became a Top Pick due to its overweight size. I’m also very
keen to underscore that the decision to sell is firmly based on personal portfolio requirements
and as I’ve chewed over the subject on several occasions during 4q23 and 1q24, here’s a list of
thoughts that try to explain the rationale behind the final call:
1. I’ve been concerned about the near-term weakness in copper prices for a while and the last
two weeks of market price action have confirmed those fears. Copper had another bad week
last week (see The Copper Basket below) and this weekend is closer to U$3.70/lb than the
(apparently key) U$3.80/lb price level.
2. As such, I’ve been looking to cut my near-term exposure to the metal. There are other
possibilities of course, but a sale of ARG would do the trick in one fell swoop and also add
significant cash to treasury, building a war chest for purchases down the line.
3. The timing of a sale is reasonable, as ARG has held up better than most other junior copper
stocks. That’s probably due to its baseline attractiveness as an investment, as its regular
production profile and excellent dividend policy makes for stronger-handed holders that stick
around longer and are less concerned about the near-term slings and arrows of the market
and its outrageous fortune.
4. However and by the same token, ARG’s “slow and steady wins the race” isn’t the profile I’m
now looking for amid a portfolio of junior trades. Yes indeed, it was one of the advantages I
purported when opening the trade and maintaining it for these two years and when we go
through a bearish patch for the copper complex, it provides ARG with plenty of backbone
and downside protection. But there’s a flipside to that, as the company doesn’t offer the
same kind of upside potential seen in other stocks (for example, my failure to grab onto Ero
Copper (ERO.to) when it has its brief oversold moments would have made for some
excellent gains).
3

5. On the question of sales timing, this week makes sense to me because ARG at $1.38 while
copper drops to under U$3.80/lb means it’s holding out better than I expected. That may be
due to the upcoming 4q23 production NR due out this week, with people looking to see
what the company delivers in Q4 as well as guidance for the year ahead and if so, it’s a
good place to step out because ARG is largely a known quantity these days. We also know
that U$3.80/lb copper is at or around one of its dividend trigger points and it won’t alter the
current regime of sticking with the basic 3c cash payment until and unless copper averages
over U$4.00/llb in a quarter. Long story short, I think I’m getting out at a good price if the
current C$1.38 holds up for another day or two (MLK day and what the lack of liquidity can
do to the Canadian marketplace notwithstanding). Once again I stress, the decision to sell
ARG is firmly based on personal portfolio management and takes nothing away from an
excellent company and its team led by the impressive CEO Aurora Davidson. As noted on too
many occasions already, the “eat your own food” method of running a newsletter advisory
service such as The IKN Weekly is best described at “the least worst”, as there are issues
arising when authors (e.g. me) sell positions for their own portfolio management reasons,
ones that often will not coincide with those of the audience.
6. Part of that portfolio management call is to lower exposure to copper, another is the
preference to raise more cash for treasury and look out for better bargains as 2024 rolls out.
However, I’m still a fan of copper in the longer term and as such, the decision to sell ARG
also comes with the decision to buy back some of the lost exposure. See below for more,
but some of the funds raised by selling ARG will go to open a new trade in Marimaca Copper
(MARI.to), with the rest staying in treasury for the time being. Below I note one reason for
this apparent contradiction is my continued bullish outlook on the metal in the longer term
(no matter what it does during Q1), but another is that MARI will likely offer more beta and
upside than the generally subdued and staid movements seen in ARG. It’s a speculation of
course, but in theory if I lose out on a 25% improvement in ARG (say from $1.38 to $1.73),
I’ll gain from a 50% move in MARI (say from $3 to $4.50). And what could possibly go
wrong?
7. Assuming I get out at or near Friday’s closing price of C$1.38, the trade cannot be classed
as a rip-roaring success compared to the C$1.36 cost average. That’s two years of flat line,
but there is some mitigation in that 1) I sold 20% in 2023 for 1.48 and a small gain, then
10% at $1.21 for a small loss and those aggregate positively, and 2) during my holding I’ve
picked up 18c of very welcome cash dividends, essentially lowering my cost average on the
trade to around C$1.22. That means I walk away with a 10% net gain and while that won’t
change anyone’s life, it’s better than breakeven.
Bottom line: It’s no bad reflection on ARG the
company or the run of bad luck it suffered in
2023, but this decision to reduce copper
exposure has been brewing for a while and
the recent price action in the metal has tipped
the balance. Adding back some of the cash to
a long-term (12 months) trade in MARI.to (see
below) is something of a mitigation (or
hypocrisy if you prefer) and I freely admit the
timing of this move to be somewhat
opportunistic, combining weak spot copper
prices, an oversold MARI and a price for ARG
that’s stood up better than most. That combo
was enough to tip the balance so with the rationale behind the sale laid out, we move to more
positive matters.
4

Buying Marimaca Copper Corp (MARI.to)
And it’s about time, too. Our formal coverage of Marimaca Copper Corp (MARI.to) began in
IKN732 dated, May 28th 2023 and the main Fundamental Analysis note that day, “Marimaca
Copper (MARI.to): Compelling copper economics”. The note came ten days after MARI
published the results of its updated Mineral Resource Estimate (MRE) (1) and to add to the
coincidences that are piling up in today’s Fundies section dedicated to copper, just one week
after I’d decided to sell the first small tranche of the then-outsized long position held in Amerigo
Resources (ARG.to, see above). The report on MARI in IKN732 was extensive and went into the
weeds on its financials, the MRE and the highly robust economics expected from the company’s
main Marimaca project in Antofagasta Province (Region II), Chile near to the coast and around
25km from the big Mejillones (trans: Mussels, as in the shellfish) port complex. As such we’re
not going to re-hash the entirety of that report so if you care enough, you’re encouraged to
revisit IKN732, ignore its typos (I found several on the revisit, ugh sorry) and pay particular
attention to the blueprint economics of a project slated for capex of not more than U$500m but
capable of delivering U$300m of free cash flow per year over a 15 year mine life. You don’t
need to be a math or Excel modeling expert to realize what that might mean. To whet your
interest in revisiting, here’s the bullet point list near the end of the May 2023 report:
 MARI is worth far more than its current share price today
 Its project economics are compelling. Even if costs rise sharply and copper goes
through a price trough, this oxide heapleacher will remain profitable and if the good
times for copper roll in the way all and sundry are predicting for the second half of this
decade and the 2030’s this is going to be a license to print money. Forget about that
U$4.00/lb they use in their literature and 43-101s, this has sparkling project economics.
 This mine is going to get built. It’s advanced enough to put it into the next tier of
development stories, it’s coming to fruition at the right time and it couldn’t be in a
better location.
 We probably have a window of buying opportunity this year, 2023, as at some point the
world will realize that this company will either sell to the highest bidder or it will build a
mine that will allow it to churn out $300m in annual profits for 15 years.
Eight months down the line, a couple of things stand out about that list. Agreed the project
economics are compelling and agreed it doesn’t need U$4.00/lb copper (the base case used by
MARI in its MRE) to make serious money and agreed that it’s going to be built, but when I
wrote that MARI is worth far more, it was a C$3.65 share price and makes today’s C$3.01 most
interesting to the outside observer. That brings us to the second stand-out on the list, as I was
wrong about having that buying opportunity in 2023 and to underscore, the last words in the
report were “…I’m likely to open a position sooner rather than later.” Wrong. Instead the wait
went to now, the first weeks of 2024, before the market offered this deeply discounted price.
Catching up with MARI: We’ve kept tabs on the development at MARI between then and
now, but only in Stocks to Follow notes rather than an update report so that’s out first job
today, starting with today’s corporate structure top box:
Shares out: 93.043m
Options: 12.948m
Warrants: Zero
RSUs: 0.411m
Fully diluted: 106.402m
Current share price: C$3.01
Market Cap: C$280.06m
Approx cash per S/O: 0.17c
All prices are in Unites State Dollars unless stated. Forex U$0.75=CAD$1
Back then MARI has 88.2m shares out and ran a market cap of C$322m or so, that’s now 93m
and bits but due to the drop in share price, market cap is down to C$280m. The main change
to the share count came in June (and closed in July) when MARI welcomed Japan’s Mitsubishi
as a new strategic partner, here’s a copypaste from the NR announcement (2) as a reminder:
5

Mitsubishi will subscribe for an aggregate 4,640,371 units (“Units”) consisting of one common
share (a “Common Share”) and one Common Share purchase warrant (a “Warrant”) at a price of
C$4.31 per Unit. Each Warrant will entitle Mitsubishi to purchase one additional Common Share
at an exercise price of C$5.60 for a period of 24 months following the closing of the Strategic
Investment. Following completion of the Strategic Investment, Mitsubishi will own approximately
5.0% of Marimaca’s issued and outstanding common shares on a non-diluted basis.
Mitsubishi, which also gets a seat on the board as part of the deal, has an established track
record of getting involved with copper mines at the project stage and staying on as a minority
partner through development (e.g. Copper Mountain) so this was a significant event and
another endorsement of the quality of this project and they were willing to pay C$4.31 for the
privilege. As things stand today, we minnows get to follow them in at a 30% discount. And on
the subject of the impressive MARI shareholder register, the arrival of Mitsubishi has caused
some slight dilution to the company’s two biggest backers, with Greenstone Resources LP now
at 27.4% of shares out (was 28.9%) and Tembo Capital Mining at 10.9% (was 11.5%).
That news was the main event in the second half of the year, along with the announcement in
Late October (3) that Ausenco has been chosen to lead the work required for the upcoming
Definitive Feasibility Study (DFS). As this screenshot from the company’s latest corporate
presentation (4) shows, 2024 will be dedicated to the work required for the DFS and while the
timeline suggests the completion of work in Q4, a more realistic take is to expect delivery of the
DFS in early 2025.
In so many words, 2024 is going to be the heavy lifting year for MARI and related to that we
move to our next main subject in this update.
Financials overview: We now catch up with the development of its financial position (in USD,
as a quick reminder) and add in the two latest quarters of data, as well as making some
reasonable guesstimates on how MARI will look financially this year, starting with operating
expenses (below left) including a closer look at exploration costs (below right) and…
MARI.to: Operating expenses
8
7
6 5
4
3
2
1
0
-1
-2
-3
…MARI has been in tick over mode, concentrating on matters other than drilling, such as the
start of the technical work for the DFS and less cash intensive studies such as the extensive
met work required. We know that 2024 will see the resumption of drilling on two fronts from
the above timeline and plan, with both infill/confirmation/condemnation drilling for the DFS at
Marimaca as well as a wider regional campaign that looks to add extra attraction to the MARI
6
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3
U$m share based comp MARI.to: Exploration and Evaluation expenses
salaries/mgmt
other corp
legal DD&A
Exploration
source: company filings
246.0 354.0
661.0
3.1
399.1 777.1
903.1 768.2
218.2-
920.0
480.0-
0 0 0
3.5
3
2.5 2
1.5 1
0.5
0
-0.5
-1
-1.5
-2
-2.5
-3
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3
U$m
source: company filings/IKN ests

package for potential buyers by drilling other targets on its large concession area and showing
the potential for “Another Marimaca” on its territory and with that in mind, our balance sheet
charts include a model for the next few quarters as well. The overview assets and liabilities
charts show standard progression, with these days MARI capitalizing costs on its development
stage project. Liabilities are at virtual zero and there’s every reason to expect that to continue,
that’s the optimum scenario.
MARI.to: Assets, per qtr
As current liabilities are so low, we don’t need both cash&eq and working cap charts to show
the current liquidity status. We see the $20m injection from Mitsubishi arrive in 3q23 and don’t
expect that to drop much in 4q23 or the current quarter, but spending should accelerate in
from 2q24 onward and in previous quarters when running its drill programs, MARI tended to
burn around $5m/qtr. This give it more than enough to get to the end of the current year and
probably pay the costs directly connected to the DFS as well. All that means we shouldn’t
expect the share count to increase by much and I’d be surprised if it leaves 2024 with more
than 94m shares out.
Summing up, MARI is in good financial shape and has its 2024 plans covered by current
treasury. Its deal to bring in Mitsubishi as a strategic is as good as it gets at this stage of
development, bringing the cash required as well as more kudos considering the new and tight-
handed sponsor. Meanwhile the project resource and the calculations made in IKN732 are still
valid and the compelling economics of an eventual mine that would print cash and cost a
reasonable U$500m to build are still fully valid. In fact, the only other thing that’s really
changed is this:
7
724.74 349.95 239.25 956.35 266.55
984.75 547.95 128.06
2.45
967.86 332.67 901.76 953.56 901.76 295.07
346.37
57 5.67 08 48
110
100
90 80
70
60 50 40
30
20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
U$m MARI.to: Liabilities per qtr
fixed 40
other current
35 cash 30
25
20 15 10
5
0
source: company filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
U$m
LT liabs
current liabs
source: company filings
MARI.to: Working Capital per qtr
45
40
35
30
25
20
15
10
5
0
-5
-10
-15
-20
-25
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
MARI.to Shares Out U$m
source company filings
853.46 853.46 853.46 853.46
146.37
737.78 39.78 39.78 820.88 811.88 622.88 622.88 622.88 622.88 32.88 288.29 709.29 340.39 3.39 5.39
110
100
90
80
70
60
50
40
30
20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
U$m
source: company filings

The price chart above shows the development of MARI since our opening coverage note in May
and the way we’ve had it on the Watch List, waiting for a good price to show, for longer than
expected. The Mitsubishi news was a fillip for the stock, but it propped the price above C$4.00
for many months and by the time value started to show, late into Q4, copper was showing price
weakness and the dependent stocks all selling off. So it’s taken until today to get a price that
really catches my eye and we’re now at the point where the compelling project economics meet
a very attractive entry price. In other words, time to act.
Meanwhile, this chart right shows that MARI has
indeed revisited sub-C$3,00 prices since its big
re-rate move back in 2020 (as we fondly
remember lockdown, vaccines and face masks),
most notably in mid-2022 when spot copper
dumped to under U$3.20/lb and stayed for quite
a while under U$3.50/lb. Considering that MARI
is more advanced than at that time, with a clear
run to the DFS that should trigger its marketing
and eventual sale, plus with a copper price that
may be showing recent weakness but is still far
from the U$3.50/lb line (let alone U$3.20/lb),
this all adds up to a good looking entry point.
Discussion and conclusion
The decision to sell Amerigo Resources (ARG.to) as seen above has been made in conjunction
with the decision to buy Marimaca Copper (MARI.to) and while I’ve gone through the rationale
for the sale above, here are the reasons for the purchase:
 Essentially, this purchase boils down to that old pithy joke, “If you liked it at four you gotta
love it at three” (add the three exclamation marks or a smiley emoji if desired). This is about
claiming value on a company and project worth a lot more. It’s buying when others are
selling.
 Buying MARI today fits my thesis for copper prices nicely, seeing as I do near-term
weaknesss followed by the eventual rally and rise in copper as the well-documented and oft-
quoted supply shortfall manifests itself on the market. At that point, as 2024 gets older and
moves to 2025, MARI as a story should be coming to the boil nicely and ready to present its
DFS to market, opening the door to eventual buyers. After all, even though I’m leery about
1q24 for copper it doesn’t mean I’m about to turn my back on its obvious trade potential.
 I won’t be spending all the raised cash from the ARG sale immediately This starter position
will be more modest in size and leaves a sizeable proportion of the funds in treasury.
 A starter position at the current price makes sense, as it now looks oversold. Yes I realize
copper stories are out of fashion, under pressure and if spot copper drops further so could
this stock. It is, after all, why I’m cashing in the Amerigo trade. But if MARI goes lower
there’ll be funds to take advantage of the drop and if so, I can make further hold/add
decisions at the time.
Our coverage started eight months ago with a report title that included the phrase “compelling
copper economics” and that hasn’t changed a jot. Since then we’ve seen MARI firm up its
development plan, add a clear timeline to the key DFS study that should trigger a sale (if one
doesn’t come before) and add a prestigious new strategic shareholder to its roster that has
added the funds to make that DFS a reality. The recent copper price weakness has hit MARI
shares more keenly than most and the result is an excellent window of opportunity for someone
like me, looking 12 months down the line to when copper should be over its demand inertia and
delivering on the “supply cannot match demand” narrative we all know. I’m a buyer this week
of a starter position.
8

QC Copper & Gold (QCCU.v), American Eagle (AE.v) and Pan Global Copper (PGZ.v)
For the sake of brevity (the above pieces went on for longer than I expected), I’m going to try
to wrap up the news out of these three stocks and the thoughts arising in one block. There are
connections and similarities between the companies:
 All three are reasonably described as small cap copper explorecos . They all quote on the
TSXV and have reasonably similar market caps (QCCU.v at C$27.8m, AE.v at C$35.9m and
PGZ.v at C$46.7m)
 Two of the three, QC Copper and American Eagle, are both “Ore Group” companies, the
suite of explorecos run by Stephen Stewart (with his father, a successful mining
entrepreneur in his own right, somewhere in the background). These two companies also
have their projects located in Canada (though separated by long distances).
 Two of the three, QC Copper and Pan Global, are developing medium-sized copper resources
and while QCCU is further along the development track, PGZ has plenty of holes in its main
project and could produce a MRE tomorrow if it desired (though it’s going to wait until
2025).
 All have come up on the radar of The IKN Weekly in some way, shape or form and look
interesting propositions. We’ve followed all the stories for at least a year and in the case of
QCCU, multiple years. At preset we follow QCCU and AE via The Copper Basket and PGZ is
on the Stocks to Follow Watch list.
But more topically for our purposes today, all three stocks came out with interesting news last
week and particularly the two Ore Group stocks moved up sharply on their news. So first a brief
overview of each NR and the market reaction to each, then we put lump them back together
and come to a conclusion or two on these stocks as potential trades.
QC Copper & Gold (QCCU.v) delivers its updated Mineral Resource Estimate: It felt
like forever and in my case, came half a year longer than I was willing to hold out as a
shareholder, but the updated MRE (5) is finally with us and arguably, it was worth the wait.
Here’s the updated resource table with some notes below:
Using the Copper Equivalent (CuEq) totals as the quick benchmark, QCCU has added over 500m
lbs CuEq to the Measured and Indicated (M+I) resource and 189m lbs CuEq to inferred.
More importantly and impressively, overall grade improved at the same time, the M+I CuEq
average moving from 0.88% to 0.97%.
9

As the main pit constrained M+I resource (i.e. open pittable) is now 0.93% using a 0.15% cut-
off, the project economics are bound to be robust even if strip rate is elevated by (what’s likely
to be) some careful and selective mining once the lowest hanging fruit has been mined.
And on the subject, QCCU also offered a defined Starter Pit resource of 19.05mmt grading
0.86% copper and 1.09% CuEq using the same 0.15% cut-off:
Based on the crown pillars left by historic U/G operations at
the Perry and Springer targets inside Opemiska, this offers
between two and three years of initial operations that would
guarantee a fast capital payback. Equally as important, the
new resource has been better defined and will offer a
straightforward mine plan as seen in the maps included in
the NR.
Be clear, it’s rare indeed to see a resource improve both
tonnage and grade in an updated MRE. It’s testimony to the
change of tack on defining Opemiska used by VP Ex Charles
Beaudry and while it took way longer than expected, the
results make for a technically solid resource. The next steps
include QCCU delivering a PEA on the new resource count (a
“high quality PEA”, according to the literature) as well as
looking to increase the resource size via regional and out-
step drilling and infilling to improve the
understanding of some
As for the reception of the news, here’s the ten
day price chart of QCCU and the response from
the market was excellent, with 50% added at the
peak before settling at 16c on Friday and a 33.3%
gain on the week. However, QCCU spent along
time at the 12c to 15c range and has still to
confirm a breakout from that level. The price run
was richly deserved on the evidence of a sizeable
tonnage improvement while improving grade (and
therefore implied mineability), plus of course the
better definition of the resource shape and that
starter pit zone. It adds up to a significantly improved project
American Eagle (AE.v) delivers a great hole: We’ve followed AE at NAK for most of 2023
and while the project had already shown it was on the tail of a large porphyry copper system
with long hits and the type of continuous mineralization typical of the geological model, to date
it was missing a good grade hole. Step forward hole NAK23-17 and the intersect announced on
Monday (6), with 302m of 1.09% CuEq the sweet spot in the total cut of 606m of 0.74% CuEq:
10

It’s still not the grade you get from some of the eye-popping Andean porphyry deposits and
there’s a dependency on moly (a separate recovery circuit) for those headline-making CuEq
numbers, but the 302m of 0.4% copper and 0.53 g/t gold is a first class hit for this region of
the world and deep or not, if AE can put a resource together grading like that and somewhere
down the line NAK will become a mine (for Teck?). We also note that Hole NAK23-17 was
drilled in what seems to be the central target area at NAK and is beginning to define serious
tonnages, as seen on this partial screenshot of one of the maps included in the NR.
As for the reaction, once again, the ten-day chart shows an
impressive initial reaction form the market and in this case,
the initial rush to own put 66% on the stock before volume
waned. However AE then found some fairly constant profit-
taking all week and while the 33c close Friday was still good
and a 20% improvement on the week, that’s off the highs
and those in at 40c and above won’t be feeling as
comfortable.
Pan Global Resources (PGZ.v): Our last copper exploreco today is PGZ, which we normally
cover in Stocks to Follow and these notes would also be there this week, if it weren’t for the
confluence of copper stories in today’s main section. On Thursday PGZ delivered its latest drill
assay NR from its flagship Escancena project in South Spain (7) and this time, the relatively
new Cañada Honda target was the star turn, with its hole 008 hitting a high grade zone of 6.8m
at 1.48% Cu, 0.65g/t Au and 7.2g/t Ag. That’s the highest grade out of Cañada Honda so far
and while the widths and depths don’t make it a market mover of a hole, if you do what I did
and check out the recording of the webinar run by PGZ CEO Tim Moody last week (8), the
company is obviously excited about what they got from Cañada Honda this time and you may
note along the way how CEO Moody refers to Escacena as “copper discoveries” these days,
rather than in the singular, signaling that La Romana and Cañada Honda both have resource-
sized potential. The webinar also outlines a potential stealth catalyst coming soon, as the
company is expecting results from its tin metallurgy testing in the next six weeks or so. The
company has already reported that the occurs as cassiterite, the best mineral for eventual
economic tin production, and while the math is
slightly hazier than he makes out, CEO Moody in
the video mentioned in passing that tin could
cover up to 20% of the resource asset value.
This time the NR didn’t move the market in the
way we saw from QCCU and AE earlier in the
week, so instead of featuring the ten-day chart
this visual steps out and shows the last six
months. This timescale covers the period from
around the 20c point in late September/early
October when the price drop in PGZ first brought
11

the stock up from the general radar and onmto the pages of The IKN Weekly. Since then the
exploration and development has been better than the price action though we’re now off the
lows.
Discussion and working conclusion
A lot depends on the way copper the metal trades going forward, but for the time being I’m a
watcher and not a buyer of QCCU, AE and PGZ. For sure all three of these company stocks are
now interesting and worth following and last week, both QCCU and AE delivered excellent
moves that got the positive reaction they fully deserve, but it is also notable how the prices of
those springer stocks faded into Friday. That’s the action of a bearish market, willing to take
profits on results that, in more optimistic times, would shoot these stock prices higher and
higher still as speculation grew about them being slam dunks to go higher and obvious near-
term take-out targets (etc). But we’re not in those times and while it now makes a lot of sense
to own a basket of these small to medium sized copper exploration and development stories
simply because the rest of the market is ignoring them, there seems to be no rush to get
positioned and with copper prices looking shaky in the near-term, there’s a clear chance of
being able to buy in at cheaper levels soon.
I’m not going to change the coverage regime at The IKN Weekly for the moment, as on
consideration having PGZ in Watch List and then AE and QCCU in The Copper Basket is good
enough to keep a close eye on their progress, both individually and as a small group. In
another market at another time I’d be all over these trade ideas and if you put a gun to my
head and asked me to rank them today, I’d put AE.v as the most attractive, followed by PGZ
and then QCCU. There isn’t very much between QCCU and PGZ as they strike me as much the
same investment thesis, with the advantages of copper resource coming to project maturity at
just the right time to interest the market and take advantage of (what we all suspect will be})
higher copper price in the medium-term future, set against the issues that come with
developing and building a smaller-sized mine. After all, if you were an operator looking to build
a copper mine, you’d want one that delivers the maximum absolute quantity of copper at the
back end once your done…whatever sized resource, the job of building the mine will be trappy
and the bigger the reward, the better. That’s why AE at this time and particularly after last
week’s strong drill assay is the most interesting of the three, certainly more speculative and all
hinges on the drillbit delivering but if things go well there’s a massive prize on offer.
For the moment I’m happy trimming back copper exposure by selling ARG.to this coming week
and putting a modest amount back into the marketplace via a purchase of the very attractive
Marimaca (MARI.to), but all three of these stocks are now high on my potential shopping list if
and when copper sentiment improves enough to justify a new and riskier bet.
Stocks to Follow
For the second week running (or “year to date” if you prefer), I get to meekly note that we out-
performed the market benchmarks. It was by no means one-way traffic, with just five winners
(FSM, EQX, AR.to, AZDN.v, MIRL.cse) from the 18 covered stocks, but thanks to a reasonable
performance by most of the largest positions and that Friday rally I get to book a paper profit.
The three unchanged stocks (MAI.v, SOLG.to, PAU.cse) include Top Pick Minera Alamos and
while that does leave 10 losers (ARG.to, CTGO, NCAU.v, RIO.v, ALDE.v, MARI.to, ERO.to,
SOMA.v, PGZ.v, MENE.v) four of those are Watch List stocks and to be very selfish, I’m happy
to see them go down. There were a couple of big losers in active holdings Mene Inc (MENE.v
down 11.5%) and Newcore Gold (NCAU.v down 10.7%).
12

We currently have 18 open positions on our list and the position change of Adventus (AZDN.v)
means 13 are carrying some of my cash, while the five are Watch List positions are not. Eight
positions are in the green on their cost averages, one is unchanged, nine are still 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$0.365 73.8% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Amerigo Res ARG.to SELLING C$1.36 12-Dec-21 C$1.38 1.5% reducing Cu exposure
Fortuna Silver FSM BUY U$2.92 13-Aug-23 U$3.80 30.1% Finally moved, still want flip
Equinox Gold EQX BUY U$4.46 30-May-23 U$4.69 5.2% Leverage trade at U$2k/oz Au
Argonaut Gold AR.to SPEC BUY C$0.42 17-Dec-23 C$0.42 0.0% Near-term, want quick profit
Adventus Mining ADZN.v SPEC BUY C$0.285 7-Jan-24 C$0.29 1.8% Ecuador permit re-rate trade?
Contango Ore CTGO BUY U$18.70 30-Jul-23 U$14.85 -20.6% FY24 production, now moving
SolGold SOLG.to hold C$0.265 19-Feb-23 C$0.155 -41.5% Cu in Ecuador, M&A tgt
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.125 -39.0% Showing signs of life
Rio2 Ltd. RIO.v BUY C$0.83 22-Apr-18 C$0.36 -56.6% Permit approved, rebounding
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.78 8.3% drilling again
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.03 -84.6% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Marimaca Copper MARI.to BUYING C$3.65 26-May-23 C$3.01 -17.5% Buying this week
Ero Copper ERO.to WATCH C$18.94 22-Oct-23 C$20.85 10.1% High quality Cu prod, cheap
Soma Gold SOMA.v WATCH C$0.66 26-Nov-23 C$0.60 -9.1% small gold prod in Colombia
Pan Global Cop PGZ.v WATCH C$0.23 31-Dec-23 C$0.22 -4.3% tinycap Cu in Spain
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.09 5.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.305 -57.1% LT bet, adding slowly
CLOSED TRADES IN 2024 date closed close price
none as yet
2015 to 2023 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered companies:
Amerigo Resources (ARG.to): SELLING. As noted above I’ve bit the bullet, made the
decision and will sell out of my remaining ARG position in the days ahead. The reasoning is laid
out above, here we simply note the price action of the last ten days and how it may suggest I’m
making a mistake, as ARG has been more resilient than the average copper play during the
metal’s sell-off. Finally, please note ARG is set to announce its 4q23 production results in an NR
that should show up this coming week, so whatever happens expect coverage of those
numbers in IKN766 next weekend.
Marimaca Copper Corp (MARI.to): BUYING. Also as laid out above in today’s main fundies
section, it’s time to pull the trigger on MARI and take advantage of this suddenly cheap share
price and entry point. Can it drop further? Yes, but it darned well shouldn’t considering what it
has under the hood. You can buy shares at C$3.00, Mitsubishi were happy to pay C$4.31 last
year and I still think they got a bargain while doing so.
Adventus Mining (ADZN.v): POSITION OPENED. A reasonable start to this trade. We laid
out the potential last weekend in “Adventus Mining Corp (ADZN.v): A pre-merger buying
opportunity”, which was more strategic than numerical in nature because the reasons to own
now are strategic, predicated on the pending closure of its merger and the likelihood of
permitting good news. That small reminder done, we move to the week in trading and there
was zero zip nada 27c available, so I ended up paying 28.5c for a first tranche position Monday
13

and didn’t add any more, which is okay. It traded
sub-30c all week and never looked ready to
break through that line, though to its credit
ADZN bounced back quickly from the knee-jerk
selling caused by the social unrest news coming
out of Ecuador as the situation went from bad to
worse and briefly made world headlines on
Tuesday and Wednesday, after the TV station
was invaded by gun-wielding narco gang
members (even the bad guys like their 15
minutes of fame).
Soma Gold (SOMA.v): A second quiet week for SOMA, despite its announcement on Friday
morning (9) that its US pinksheet ticker has been upgraded: “…the Company will begin trading
today on the OTCQX Best Market under the symbol “SMAGF” having graduated from the
OTCQB® Venture Market.” With upside suddenly difficult to find, its Q4 news now out and the
throughput upgrade apparently set back a quarter to 2q24, we may be about to go through a
calmer period for SOMA shares and there’s also a lack of volume going through the stock’s main
TSXV ticker. On the Watch List but I’m not champing at the bit to own yet, instead I’m feeling
squirrelly and looking for the cheap entry point.
Minera Alamos (MAI.v): What does the ten-day chart
of MAI tell me? It tells me unless you’re a smallfry
happy to throw in small stink bids, if anyone wants to
buy in these days they have to pay up.
Argonaut Gold (AR.to): Another week to kick myself
about paying too much for my AR shares, even though
it joined in the rally on Friday and closed at my 42c buy
price, which saves a few blushes. We await to see if AR
does the right thing and pre-announces its Q4
production, but if we get something bullish on Magino’s
ramp-up the stock would move more quickly.
Aldebaran Resources (ALDE.v): Look, I get it, the
reason to hold is because it’s as-yet largely
undiscovered by the wider investment community and
while the Lundin trades get all the headlines and the
nearby McEwen Copper tried hard to grab their
marketing coattails while attracting in Argentine
capitals, ALDE at Altar puts its head down and gets on
with the serious geology and exploration stuff that its
major sponsors and backers demand of the group. But
still, my stars, this stock get tiresome to own
sometimes.
Provenance Gold (PAU.cse): the CSE may be the butt end of the Canadian capital markets
system, but it does bring the advantage of requiring a monthly update from its listed companies
and in that way, we find out that PAU had a quiet month. Which is fair enough. The issue at
this stock is still treasury and while it goes about its
PAU.cse: Shares Out
job in a frugal manner and directs nearly all its cash
into drilling (quite right too), it doesn’t have much to
play with and at some point in 2024, those 95.065m
shares out will have to go though another round of
dilution.
Let that be sooner, rather than later. We’ve all
witnessed the way a thin treasury position is held like
14
5.34 5.34 2.35 0.16 0.16
5.47 5.97 5.97 5.97 5.97 5.97 5.97
5.98 1.59
110
100
90
80
70
60
50
40
30
20
10
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4
C$m
source: company filings/IKN ests

a Sword of Damocles above the company and its share price, this unforgiving market won’t let
a stock run if it senses it will move to raise capital via share sales. While the current price is
certainly cheap, we’ve seen that even good drill results don’t move the dial for very long and
until such time as it can insulate itself from this predatory market, PAU is unlikely to offer the
price upside potential that a speculator such as your author looks for. We therefore sit and
watch from the sidelines…the same as a thousand others.
The Copper Basket
After two weeks of 2024, The Copper Basket shows a loss of 1.40% to level stakes:
company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.v 7.16 186.824 1556.24 8.33 16.3%
2 Solaris Res SLS.to 4.13 179.221 774.23 4.32 4.6%
3 Los Andes LA.v 11.80 29.53 339.00 11.48 -2.7%
4 Marimaca Cop MARI.to 3.43 93.11 280.26 3.01 -12.2%
5 Hercules Silver BIG.v 1.38 231 170.94 0.74 -46.4%
6 Arizona Sonoran ASCU.to 1.75 109.17 164.85 1.51 -13.7%
7 Aldebaran Res. ALDE.v 0.89 169.819 132.46 0.78 -12.4%
8 Faraday Copper FDY.to 0.63 175.97 103.82 0.59 -6.3%
9 Oroco Res OCO.v 0.375 222.86 93.60 0.42 12.0%
10 C3 Metals CCCM.v 0.61 61.885 41.46 0.67 9.8%
11 American Eagle AE.v 0.26 108.87 35.93 0.33 26.9%
12 Kodiak Copper KDK.v 0.58 63.93 31.01 0.485 -16.4%
13 QC Copper QCCU.v 0.12 173.7 27.79 0.16 33.3%
14 Camino Min COR.v 0.07 206.66 17.57 0.085 21.4%
15 Element 29 Res ECU.v 0.18 106.25 16.47 0.155 -13.9%
NB: All stocks in CAD$ Portfolio avg -1.40%
It would have been a lot worse if it weren’t for Stephen Stewart. Just five of the 15 Copper
Basket stocks returned gains on the week (NGEX.v, SLS.to, CCCM.v, AE.v, QCCU.v) but as those
winners include the moves made by QC Copper & Gold (QCCU.v up 33.3%) and American Eagle
(AE.v up 20.0%), both on positive newsflow and ensuing market applause, the overall average
managed to improve by 1.43% on the week. However, the general tone of the copper sector
was negative and the ten losers (LA.v, MARI.to, BIG.v, ASCU.to, ALDE.v, FDY.to, OCO.v, KDK.v,
ECU.v, COR.v) also included double figure percentage moves, namely the losses taken by
Arizona Sonoran (ASCU.to down 11.7%) and Hercules Silver (BIG.v down 10.8%), with a fair
few bubbling under and taking 6% to 8% losses.
The issue was once again the price of copper at
market, here’s the 2024 YTD chart with last
weekend marked and the while the action was
slightly lower through to Thursday, there was
enough to argue “sideways” until Friday came
along. On that day, more lackluster macro data
from China (loan data showed a drop in credit for
businesses) was already cutting appetite when the
Red Sea conflict news moved the market in
geopolitical ways and while gold enjoyed a run,
copper offered little resistance to sellers.
Part of the issue is, of course, the seasonal cycle that sees end user buyers dry up at this time
of year. Or in the words of a trader (10)…
“Main drivers for the market at the moment include the U.S. macro situation, U.S.
interest rates and the dollar,” said BNP Paribas analyst David Wilson. “The market isn’t
15

particularly concerned about copper supply at the moment. Copper isn’t tight, look at
the spreads.”
Okay Mr. Wilson, we can do that and a
quickest glance at the main overview chart for
the copper contract at LME (11) shows what
he’s talking about. We noted the standard
contango a few editions ago, nothing
untoward there but since then the curve has
steepened, indicating a lack of demand at the
near end of expiries.
A bit more on the subject below, as we move
on to our regular weekly check on world
copper inventories with data as usual collated
from Cochilco:
 An modest uptick in the world copper inventory aggregate total to report, with the
three official futures systems adding 2,458mt to close the week a 216,847mt.
 The story of the week was seeing Asia located stocks rise while North American stocks
continued to drain. For its part, the Shanghai SHFE warehouse system added 9,955mt
to close the week at 43,085mt, which looks like the start of the seasonal add. Expect
bigger lumps to join this first move as we move through Q1.
 The LME was once again dominated by New Orleans warehouse outflows, we’re finally
getting de-stocking in the Roach Motel. Overall world LME stocks dropped by 7,350mt
to close at 155,825mt, with 7,125mt of that leaving NO.
 The Comex saw 147mt leave its stores, the Friday total 17,937mt. No biggie.
You can just about see the start of the seasonal uptick on the right of the squiggly line in the
dedicated SHFE tracking chart. A reminder to phase out any “SHFE copper inventories rising
fast” noise from the market wires in the weeks to come, it’s normal for the time of year.
Indeed, the real headlines would be if it doesn’t happen, instead these data can (and often are)
used as an excuse for price moves that have other drivers.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
16
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 8102ht72rpa ht91 ht11 9102
dr3bef
9102ht82rpa ts12 ht31 0202ht5naj 0202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD
Mt Cu
|
source: Cochilco
Now for notes on a few of our basket stocks:
Hercules Silver (BIG.v): The winners on the week
had the most interesting stories to tell (SLS, NGEX,
QCCU, AE, etc) but before the fun, we check in on a
couple of the downers starting with BIG.v. Its
continued drop last week is typical of the “broken drill
play” story. You can never say never in mining,
especially high risk volatile explorecos that turn on a

dime from the results of a single hole, but when you see a waterfall drop like this followed by
continued decadence it’s the pattern of smart spec players leaving the show quietly while
there’s still some hope in the air for the die hard supporters. So yes, BIG could turn out to be
the exception that proves the rule but if you’re like me and prefer to filter and play the odds in
explorecos, rather than risk your net worth on hopium, if you bought some and are still holding
it’s time to leave before the slow drip descent gets too painful.
Arizona Sonoran (ASCU.to): Now for the second Debbie Downer: This time last year ASCU
was framed by the sell side and newsletter world as the Next Big Thing in the copper space,
with location, strong management team and a resource set for expansion all playing on its side
and I don’t’ mind admitting my own interest at the time, it took up plenty of my DD time before
eventually discarding and preferring to go long its relatively near neighbour, Faraday Copper
(FDY.to). It was a bullet missed, as since then ASCU has done little or nothing despite being
constantly promoted by the same usual suspects who apparently find it easy to ignore mediocre
assays and slow execution. However, it seems that
the markets patience is now wearing thin as last
week’s NR (12) and its reaction demonstrates. The
headline “Arizona Sonoran Extends Mineralization
674 ft (205 m) Below Cactus West Mineral Resource
Shell; Drills 731 ft (223 m) of 0.92% CuT of
continuous Mineralization at Cactus East” looked
peppy enough and even though it turned out to be
infill work at depth aimed toward the Feasibility
Study phase, rather than the upcoming PFS, there
was nothing inherently bad about the news. But the
10-day chart shows how it was used as a liquidity
event and the stock’s brief Santa Rally has all gone.
Solaris Resources (SLS.to): We’ve wondered, mused and sometimes even expected a move
from the big Chinese metals world on this stock and last week it finally happened, though not in
the way that SLS might have wanted. Instead of an outright print and sale, SLS on Thursday
(13) welcomed China’s Zijin as a new strategic partner and here are the highlight bullet points
from the NR:
 Zijin will invest approximately $130 million by way of a Private Placement of Common
Shares.
 The Company will issue to an affiliate of Zijin an aggregate of 28,481,289 Common
Shares at a subscription price of $4.55 per Common Share, representing a 14%
premium to the closing price of the Common Shares on the Toronto Stock Exchange
(the “TSX”) on January 10, 2024.
 Upon closing of the Private Placement, Zijin will own approximately 15% of the
Common Shares on a fully diluted basis.
It’s no secret that SLS has been shopping itself for a while, that China was the target market
and that Zijin was always the most likely counterparty, but this 15% equity position is far from
an outright sale. For sure it now gives Zijin a strategically strong position in any eventual
buyout and SLS bulls could argue that Warke & Co prefer a deal like this as the team now has
time and room to add value before the final sale. However, the Chinese are obviously nervous
about the political risk attached to this project, both at a country and a regional level where
local indigenous communities continue to put up strong resistance to the advancement of
Warintza. If you balance that against China’s obvious desire to secure downstream copper
supply and sit the two sides opposite each other at a table for enough time, this is the type of
deal that comes out the other side. Notably, aside from the very first minute of trading after the
announcement SLS didn’t trade anywhere near the C$4.55 ticket price being paid by Zijin and
that also smacks of a wait and see attitude, this time from the market. In our tracking table,
we’ve assumed the deal closes as per and as such, the SLS shares out count now moves to
179.221m.
17

NGEx Resources (NGEX.v): We included this bigger cap in the 2024 list because these days,
it’s difficult to be representative of the copper exploreco world without including a
Lundin/Vicuña play and this one is a more moderate market cap than Filo (FIL.t0, which also
had a good week). NGEX.v was also due drill assay news early year and that duly appeared in
this NR (14) last week, which got a warm reception and pushed the share price up without
blowing the lid off the price. The news was two assay results from Lunahuasi, the satellite
target that offers the potential for high grade hits and sure enough, we got them from both
reported holes. Here are the bullet points ripped from the NR:
 Drillhole DPDH009 intersected 62.0m at 6.98% copper equivalent ("CuEq") from 144.0m, including:
 26.1m at 13.36% CuEq from 168.9m
 4.5m at 18.37% CuEq from 171.8m
 6.5m at 26.00% CuEq from 188.5m
 The intercepts above are included within a broader interval of 128.3m at 4.01% CuEq from
144.0m
 Estimated true widths of the intersections are shown in Table 1 below
 Hole completed to a depth of 582.0m and all assays complete.
 Drillhole DPDH010 intersected 62.6m at 5.84% CuEq from 226.0m, including:
 9.4m at 12.10% CuEq from 232.0m
 4.2m at 19.70% CuEq from 282.2m
 The intercepts above are included within a broader interval of 102.0m at 4.56% CuEq from
192.0m
 Estimated true widths of the intersections are shown in Table 1 below
 Hole was completed to a depth of 1,070.2m and assays to 355.3m are complete with the
remainder pending.
The drill map provided in the NR is a useful look, as it provides context for this excellent high
grading hits.
Check the NR for a better look at this drill
map if required, but even in this reduced
version (right) you should be able to make
out how last week’s holes confirmed the
hits made in this mineralized zone by hole
#2 in April last year (the original discovery
hole when the zone was still called Potro
Cliffs) and hole #7 in July last year.
Essentially, last week confirmed the
discovery and at least on a conceptual
level, NGEX now has a high grade resource
ein the making that can supplement its
large but low grading Los Helados and
make for a larger and more economically
robust mine plan. There is an issue with
arsenic in these high grading intercepts,
which again suggests that blending with the
well-established lower-grade rock of Los Helados may be a way forward.
As for the market move, adding 6.8% is never a
bad thing and at +16% for 2024, NGEX.v is
outperforming the copper indices by a mile, but as
this six-month chart shows (right, YTD charts are a
waste of time for the moment) what we saw was a
continuation of the move that began in 4q23, rather
than a new impulse. This was the market saying
“yes, that’s what we expected from you”.
18

American Eagle (AE.v) and QC Copper & Gold (QCCU.v): We do more on these stocks
above in the main fundies section (along with the also-interesting Pan Global Resources (PGZ.v)
from the main Stocks to Follow list), here we make a quick note of these Ore Group stocks’
good week at market:
Nothing wrong with success.
The Producer Basket
After 2 weeks of 2024, the Producer Basket shows a loss of 4.95% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 43.38 37.64 -9.1%
2 Barrick GOLD 18.09 1761.54 31.07 17.64 -2.5%
3 Agnico Eagle AEM 54.85 496.54 26.10 52.57 -4.2%
4 Franco-Nevada FNV 110.81 192.119 21.07 109.68 -1.0%
5 Pan American PAAS 16.33 364.439 5.65 15.49 -5.1%
6 Lundin Gold LUGDF 12.64 237.68 2.73 11.47 -9.3%
7 Hecla Mining HL 4.81 617.768 2.71 4.39 -8.7%
8 Eldorado Gold EGO 12.97 202.472 2.58 12.72 -1.9%
9 Dundee PM DPMLF 6.43 183.278 1.14 6.20 -3.6%
10 Wesdome Gold WDOFF 5.83 148.95 0.83 5.59 -4.1%
All prices and stock quotes in U$ Port. avg -4.95%
Thanks to the Friday rally in PM issues, it was a relatively neutral week. Our list lost a tenth, the
GDX benchmark was down two tenths, our list of ten saw five winners (GOLD, PAAS, HL, EGO,
WDOFF) and five losers (NEM, AEM, FNV, LUGDF, DPMLF). Most of the moves in either
direction were small, with one larger move up from Eldorado (EGO up 6.4%) and one larger
move down (NEM down 6.7%) as the world’s largest publicly traded precious metals mining
company got sold all week, including some persistent selling on a Friday that suited most other
PM stocks.
Newmont (NEM): It was a bad week for the market leader and that means a bad week for
the sector. NEM first dropped on news (15) production at its newly acquired Telfer mine in WA
Australia, part of the Newcrest deal, would be suspended for an unknown length of time due to
cracks found in the tailings dam. Latest news is that the suspension is set to be for around six
weeks, which is a road bump for sure but it could have been worse.
However, the optics of this are poor. For one, Telfer may be new to the current NEM set-up but
it’s hardly a new mine, having been in operation for over 50 years and currently runs a
production of around 400,000 oz gold per year (slightly more in 2022, slightly less last year).
It’s now beginning to show signs of exhaustion, but what really matters here is the new
Haverion satellite operation to the East of the established mine. Subject to its own delays in
ramping up, Haverion will be depending on the Telfer tailings facility and the competence of
19

this aging TSF. For another, it adds a question mark over NEM’s acquisition of Newcrest last
year and the amount of real DD the company did during its extended offer period. And for one
more, we may be facing a situation in which Newmont’s operating criteria are stricter than
those of ex-Newcrest, one in which ex-NCM people were quietly aware of the weaknesses in the
Telfer TSF but, knowing they were minor and not an immediate threat, could “ignore” them at a
corporate level. Whereas NEM comes in and may apply a more stringent rulebook to its
operations, thereby triggering warnings of the Telfer tailings cracks and the shutdown follows.
That’s all well and good (and to be clear, I am all for stringent controls of vital parts of a mine
operation such as tailings dam walls), but if this has
just happened at Telfer, are we going to see the
same interruptions at other newly acquired assets for
the same reasons?
Anyway, while GDX was weak early week NEM was
weaker, then when the gold pop came and miners
had their relief rally the traders decided NEM was
damaged goods and stayed away (preferring for
example Barrick (GOLD). That is certainly an issue
for NEM, but it’s also an issue for the mining sector
in general because if that nice Mister Market decides
the sector’s #1 stock (and by quite some distance in
market cap terms) is untouchable, those negative optics apply to the whole sector. It’s the only
representative our sector has in the S&P500, after all. So even we, as junior producer and
exploreco speculators at the other end of the mining spectrum, need a healthy and vital NEM
and should be concerned if its showing the signs of dysfunction that we’ve seen over the last
couple of years. Last week was just one other example.
Barrick (GOLD): On the subject of Barrick, please note we should get its 4q23 and YE
production numbers, as well as a few other preliminary stats from the company’s Q4, this
coming week. GOLD will need to impress on its top line production number, for one because
during the Q3 reporting period CEO Bristow told the world that we’d see improved production
to close out the year. For another, Q4 is traditionally the best period for its Nevada Gold Mines
arm (held in JV with Newmont) and a good number there would help both companies (also true
for its Pueblo Viejo JV). The opposite is also true, of course.
Hecla Mining (HL): We got HL’s Q4 production numbers last week and here are the
comparative quarterly gold and silver charts (we studiously ignore zinc and lead), as those tend
to be in proportion to the Ag and Au production):
HL: Silver production, per qtr
We knew Lucky Friday’s closure would hit Q4 silver production hard, but even so these numbers
were lower than expected. Keno Hill (KHSD) 608k oz silver was around 200k oz Ag lower than
even our modest expectations and overall, gold was off by around 1,000 oz…not much, but it
adds up over time. But never mind my concerns, HL managed to rally nicely on the back of the
Friday precious metals price pop and turn what was set to be a hefty losing week into a modest
winner.
20
954.3 525.3 676.2 722.3 523.3 546.3 945.3 466.3 140.4
481.0
946.3
17.0
428.2
806.0
823.2
5
4.5
4
3.5
3
2.5 2 1.5
1
0.5
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4
Moz Ag HL: Gold production, per qtr
KHSD
silver ex KHSD
source: company filings
40025
93195
70224 77974 24614 91754 74744 99634 71793 15253 96293 86173
60000
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4
Oz Au
source: company filings

Let me state clearly, avoid this stock going into its 1q24 earnings. Not only are they likely to
disappoint the offices that only read headlines and balance sheets on the day of filings, but
reading between the lines of last week’s NR suggests that while Lucky Friday will be back and
running in Q1, it’s going to take longer than that to reach full speed. The reason HL is on the
Producer Basket list this year is to provide leverage to silver and as we haven’t seen much of
that yet, there’s no real reason to own or speculate on the stock for the time being.
The TinyCaps List
After 2 weeks of 2024, the TinyCaps show a gain of 3.62% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 221.5 17.72 0.08 23.1%
Awalé Res ARIC.v 0.135 67.27 7.40 0.11 -18.5%
District Metals DMX.v 0.170 106.98 26.21 0.25 44.1%
Endurance Gold EDG.v 0.18 150.136 30.03 0.20 11.1%
Kirkland LDC KLDC.v 0.100 88.625 7.98 0.09 -10.0%
Latin Metals LMS.v 0.075 71.476 5.36 0.075 0.0%
Palamina Corp PA.v 0.130 71.285 9.27 0.13 0.0%
South Star STS.v 0.750 48.8 33.67 0.69 -8.0%
Surge Copper SURG.v 0.090 219.21 18.63 0.085 -5.6%
Viva Gold VAU.v 0.120 118.384 14.21 0.12 0.0%
Prices in CAD$, data from TSXV basket avg 3.62%
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 (though this year I’m making one clear exception and one rule
stretcher). 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, our task is to trawl through the TSXV and find companies that are small but with life in them. The vast
majority of tinycap stocks are broken stories, 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 2024. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
We’re only two weeks in, but I’m enjoying writing up the TinyCaps in 2024 more than any time
in the last six months of 2023. Our ten representative companies for the year gave three week-
over-week winners (DMX.v, EDG.v, PA.v), two unchanged stocks (LMS.v, SURG.v) and five
losers (BAY.v, ARIC.v, KLDC.v, STS.v, VAU.v) and the list includes plenty of chunky moves, with
biggest losers Kirkland LDC (KLDC.v down 21.7%) and Awalé Resources (ARIC.v down 15.4%)
and biggest winners Palamina Corp (PA.v up 23.8%) and District Metals (DMX.v up 15.4%).
District Metals (DMX.v): With Sweden opening up for uranium mining and the U price
rocketing, DMX has that “right time right place” look about it. However, people who know the
locality tell this desk that permitting the Viken region for real development and eventual mining
is far less probable than the company would like you to believe and there’s a whole of
environmental reasons to reject formal mining development and/or activity in the zone. The
issues are regional rather than national, but in the end we track these stocks’ share prices,
rather than on-ground progress, it would take much for DMX to get momentum in a frothy
market for U stories and move higher. I personally avoid.
Awalé Resources (ARIC.v): The most interesting TinyCap list story of the week came from
this company on Thursday in this NR (16) entitled, “Awalé Announces New Gold Discovery on
21

the Odienné Project” and featuring the newly named BBM at the large concession. The
discovery holes include:
 Hole OEDD-59: 44m at 1.1 g/t Au and 0.2% Cu
 Hole OEDD-61: 51.9m @ 0.5 g/t Au, 0.27% Cu and 1.5 g/t Ag
 Hole OEDD-62 (50m step back from OEDD-59): 18.25m at 1.8 g/t Au, 0.3% Cu and 1.4 g/t Ag
And while the mineralization starts perhaps 40m to 50m from surface, those are good hits to
add to what’s already known on site. Sponsored by Newmont and with clearly prospective
targets, you would have thought ARIC share price would get a boost from this news but as you
can see (right), the market took this as a liquidity opportunity and selling pushed the stock
down, rather than up and there was no rebound when gold
popped on Friday, likely caused by nervous buyers thinking
about hitting the same wall of sellers. This impression was
confirmed by a chat with people close to the story, who said
that there are still weak hands and sellers wanting out after
the change in management roster that happened in 2023.
ARIC is worth keeping on the radar and it’s clearly on to
something at Odienné, but no need to wade in until the share
register is cleaned up. Watching brief and for the time being,
I’m happy enough with my speculative exposure to this sort of
trade by the tighter hands at Newcore (NCAU.v).
Endurance Gold (EDG.v): Monday saw EDG report (17) the last set of drill results from its
2023 campaign and as the bullet point highlights from the NR show…
 DDH23-076 returned 5.80 gpt gold over 23.0 metres (“m”), including 8.52 gpt gold over 12.7
m from the Eagle Zone
 DDH23-078 returned five (5) significant vein intercepts from the Crown Zone. All veins
returned high-grade gold and one vein displayed Visible Gold (“VG”).
 8.05 gpt gold over 1.4 m
 9.67 gpt gold over 1.2 m (*VG)
 gpt gold over 2.1 m
 9.46 gpt gold over 2.0 m
 6.56 gpt gold over 2.5m.
…they were good enough and in the case of the assays from Crown, even somewhat higher
grade than previous hits than previous assays. The stock moved up on the news and that’s
good, but the real event will come in a few weeks’ time when EDG lays out its plans for the
2024 season. It gave a few clues in the NR last week such as the need to repeat some holes
due to bad core recovery, but there’s sure to be more news given. Another on the watching
brief.
NB: Please be clear that The Tiny Dogs is NOT a list of recommended tinycap stocks. It is a list of companies with
market caps of under $20m offering a reasonable representation of the wider tinycaps market. It’s possible in the future
I may buy shares in one or several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Ecuador and Argentina notes deferred
I had every intention of writing up on the situation in Argentina and in Ecuador:
 A deeper look at what’s going on in the latter as the new Noboa government in Ecuador
moves into a quasi-war with the organized criminals and narco gangs (getting serious)
and how it affects the mining sector (hardly at all in practice, but it’s clearly a scare
factor for FDI and the share price drops we’ve seen are logical)
 The political pushback growing against new President Milei in Argentina, the recent
macro data showing the very negative effects of his major economic policy decisions
22

(as well as the half-hearted ones) and the upcoming national protest marches and
strike now set for January 24th.
But I ran out of time after writing more on copper this week than I expected. So with my home
life (likely to be) more relaxed this coming week for the first time since the move, I’ll have more
time for this type of essay in the days ahead and will make sure there’s a deeper look at what’s
going on in both countries next weekend, IKN766. That’s a promise.
Market Watching
Fortuna Silver (FSM) (FVI.to) flags its financials
We got a positive NR out of our main near-term trade idea, Fortuna Silver (FSM) (FVI.to), last
week in the shape of this NR (18) entitled, “Fortuna pays down an additional $41 million of
debt”. That’s a prosaic title, but once the intro paragraph is done FSM offers up some extra
financial parameters, here’s a copypaste:
After the payment of $41 million, the Company expects to bring down the leverage
ratio1 below 0.5 times total net debt2 to adjusted EBITDA3 (which was reported for the
third quarter of 2023). At December 31, 2023, it is expected that Fortuna’s total
outstanding debt balance will stand at approximately $165 million on its credit facility
(excluding letters of credit), and approximately $46 million of convertible notes, for an
estimated total net debt, after cash and cash equivalents, of $83 million as at
December 31, 2023. This represents a reduction of approximately $50 million in total
net debt in the period, reflecting cash flow contributions from the Séguéla Mine in its
second full quarter of production.
From that, we can start playing with the debt tracker, the balance sheet items and with this
being the second time FSM has used its new cash flow to pay down its debt position…
…, as seen in this news page screenshot from October last year, even add in a bit of conjecture
on how its 2024 balance sheet might evolve. We start at the pointy end of the NR, with FSM’s
debt profile:
Fortuna Silver (FSM): Debt profile, per qtr
23
58.911 788.911 58.911 837.741 280.711 132.751 283.771 545.261 20.771
942.202
379.242
422.302
561
721
88
05
51
350
300
250
200
150
100
50
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3 tse42q4
U$m
Convert debentures
Credit facility
source: company filings
First the minor part of each column and we know the company has had its U$46m convertible
debentures facility on since 2020 and that matures in October this year, so its carried value will
rise into the final quarter 3q24 to the ticket price, at which point it disappears. That out the
way, our focus is on the company’s credit facility and the business end of that is revolver that
expanded to accommodate the construction of Séguéla, topping out at U$242m and change as
at end 2q24, when the new mine went into production. Then in October last year FSM
announced the first lump sum payback of U$40m, followed by the U$41m announced last week
that comes of the 4q23 column.

As Fortuna has always taken a financially conservative approach (and a good thing too,
considering the costs overruns and late arrival of Lindero), our working theory going forward is
that the company will move to pay down this debt position as quickly and aggressively as
possible without compromising its balance sheet. We therefore model continued U$40m/qtr
payments in 2024 and if so, would mean FSM is essentially free of financial debt as at the end
of the year and be clear, we like that a lot. For sure other things might happen in the
meantime, such as the decision to start spending on Chesser, or a drop in the gold price, or a
new acquisition, or whatever, but the model based on current circumstances shows FSM
capable of strengthening its debt profile and overall balance sheet position very quickly. Here
are the main overview balance sheet charts and while asset items are dominated by fixed
assets and over at liability, other major liability items such as trade payables in the currents and
passive tax liabilities and closure costs in the long-terms, there’s a clear and noticeable
improvement in the charts as currents assets improve and long-term liabilities (i.e. that revolver
and then the converts) are paid down.
FSM: Liabilities Breakdown per qtr
800
700
600
500
400
300
200
100
0
The business end of the deal is working capital and cash position, and from the clues offered by
FSM in last weeks’ NR plus guesstimates we surmise cash&eq stood at U$128m as at end 2023.
That means FSM has increased treasury in Q4 even while paying down its financial debt to the
tune of U$41m and that’s your biggest clue as to what kind of Q$ FSM is going to report. As a
result (and here comes the conjecture) we assume FSM continues to do the same all this year,
ending with U$165m at bank as 2024 becomes 2025. Meanwhile over at the working capital,
things go from good to fully robust.
Bottom line: FSM offered up some big clues to the state of its financials last week and as this
comparative chart to GDX shows (right), at least some market observers noticed the implied
advantage. As FSM normally offers up a quarterly production NR (see that screenshot again,
back in October it came before the debt repayment NR) we should get the same this quarter
and probably this coming week. So I’m going to hold back on any further comment as keep the
guesses on Q4 top line revenues as per until we know a more exact number, but I can’t help
the feeling of an FSM that’s now bubbling under and ready to run given the right news and a
following wind in the gold (and silver) price.
24
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
U$m FSM: Assets Breakdown per qtr
2200 LT liab 2000
current liab 1800
1600
1400
1200
1000
800
600
400
200
0
source: company filings
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
U$m
fixed
other current
cash&ST
source: company filings
FSM: Cash & eq per qtr
586.67 671.58 9.131 86.541 97.121 77.531 1.701 73.011 31.611 419.09 394.08 137.48 424.39 87.711 821 041 551 561
200
180
160
140
120
100 80 60
40
20
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
U$m FSM: Working Capital per qtr
source: company filings
862.56 330.95 36.151 997.37 586.15
11.11-
13.411 9.551 35.061 1.121 36.711 16.521 53.631 24.471
781 002
022 032 250
225
200
175
150
125
100 75 50
25
0
-25
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 tse32q4 tse42q1 tse42q2 tse42q3
source company filings
srallod
fo snoillim

We await news on preliminary Q4 production, which would be nice to see in the next five days.
Please note that this time last year, FSM announced its 4q22 result on January 17th and
announced its 2023 production guidance in the same NR. That’s two potential price catalysts for
the price of one and with Séguéla flying out the traps, Yaramoko finally running as per the mine
plan and Lindero doing plenty of heavy lifting recently in order to clear the pit for higher
mineral tonnages at better grades, we could get an eye-
opening number from the company. However and once
again, I reiterate that my personal trade plan for FSM
always was and will remain with its near-term perspective;
I’m looking for a U$4.00+ price to sell, but at some point
time will run out and I’ll liquidate no matter what. In other
words, I’ve placed my bets on a good production/guidance
NR for next week and the news we received on its debt
and cash position primes the trade’s potential nicely.
Holding, but looking to sell soon.
Equinox Gold (EQX) 4q23 production numbers
We opened coverage and added EQX to the Watch List in IKN730 dated May 14th 2023, in the
main fundies note “Equinox Gold (EQX) (EQX.to): A true value mid-cap”, then a couple of
weeks later decided that the time was right and bought some shares, with the stock moving to
the main recommended list as from IKN733. Since the start of the trade we’ve also gone into
detail on EQX in IKN749 dated September 24th when the company raised U$172.5m to pay for
the completion of Greenstone in the note entitled “Equinox Gold (EQX) decides to raise capital”,
then the last time we did any real work was in IKN755 dated November 5th and “Equinox Gold
(EQX) 3q23 production and financials”, in which we chewed over its quarterly filings and made
guesstimates for the 4q23 quarter based on the results and its own guidance. Therefore plenty
of coverage on this trade so far and as such we’re not doing longer story today, for that see
IKN730 and other updates above, but by way of a reminder and to get it down to brass tacks
we’re long EQX for two reasons:
 A U$2,000/oz gold price allows plenty of upside leverage on earnings, as the EQX mines are
generally high cash cost operations.
 The pending commissioning of its new flagship, Greenstone in Canada, is set to add around
240,000 oz to its annual nameplate production profile and bring down aggregate cash costs
significantly. The assumption is a price re-rate as Greenstone comes on line.
The theory is in place, as we now have those $2k prices on deck and according to the latest
information, Greenstone is on time and budget. However in practice EQX has been a bit of a
rollercoaster and in recent weeks somewhat frustrating, as the stock price has refused to move
up by much. This has had me champing at the bit a little and looking for potential reasons to
close out the trade, so last week’s Q4 production numbers come at the right time to take
another look at EQX and make a more informed decision.
We begin with the preliminary production results from EQX, as offered in last week’s NR (19)
and here’s the overall tracking chart:
Oz Au Los Filos Mesquite EQX: Consolidated Production, per qtr
Aurizona Fazenda
180000 RDM Castle Mtn source: company filings
160000 Santa Luz Pilar
140000
120000
20304 17733
1 8 0 0 0 0 0 0 0 0 0 1 2 4 2 7 9 4 3 1 6 1 1 3 9 3 9 6 1 2 4 1 2 7 5 2 7 3 0 4 9 33810 1 2 5 5 6 8 8 0 5 0 1 2 5 8 4 5 7 3 9 7 1 3 7 2 5 1 0 8 3 5 34078
60000 17050 34515 44953 27447 16405 21374 24050 25971
40000
25 20000 38856 31743 23121 40003 39574 37831 39455 42240
0
1q22 2q22 3q22 4q22 1q23 2q23 3q23 4q23

Let’s break that down, but before doing so and to provide context, back in IKN755 we
considered the production results of the first three quarters, took into consideration the
guidance given by EQX on its mines to that point and came up with some rough estimates of
what to expect from Q4. Again, please see IKN755 for more details, but on that day we
rounded off the note by saying among other things that “…with Q4 shaping up to be a more
productive quarter at lower cash costs, there’s plenty to like here” so it’s not as if we were
expecting anything less. With that said, here comes a list of mines, our previous estimates, the
results and a comment. We do them in production size order, largest first:
 Los Filos: We estimated Q4 at 45,000 oz gold produced, the result of 42,240 oz was a little
light, but inside margins of error.
 Aurizona: We estimated Q4 at 35,000 oz gold produced, the result of 34,078 oz was okay I
suppose, though nothing special.
 Mequite: We estimated Q4 at 27,000 oz gold produced, the result of 25,971 oz another
slight miss.
 Fazenda: We estimated Q4 at 15,500 oz gold produced, the result of 17,733 oz was a big
beat and a great result for the mine.
 RDM: We estimated Q4 at 17,000 oz gold produced, the result of 16,980 oz and in line,
almost to the ounce
 Santa Luz: We estimated Q4 at 17,000 oz gold produced, the result of 12,062 oz was a big
miss and we’re looking forward to reading the post mortem when the YE MD&A shows
 Castle Mountain: We estimated Q4 at 8,000 oz gold produced, the result of 5,941 oz was
another clear miss.
The total of 155,005 oz Au production as disclosed by EQX last week falls short of our overall
estimate by 9,495oz Au. That’s not a big miss and in the great scheme of things in a seven
mine company, it gets shuffled to one side and as the EQX average received gold price in Q4 is
likely to beat our original U$1,900/oz estimate (best guess now is around U$1,940/oz), the top
line earnings estimate isn’t changing by much. But it’s still a little annoying and the annual total
production of 564,500oz only just made it into the bottom end of the 2023 guidance range,
555,000 oz to 625,000 oz. Summing up, I wasn’t impressed by the EQX Q4, on the other hand
it wasn’t a disaster and my personal issues with the results stem from the company not making
any adjustments to their individual mine guidance at the Q3 results point, instead allowing
original guidance to run on mines they knew wouldn’t improve enough in time.
Moving on, we now rest on two factors to get the (now overdue) price run on this trade:
1) Good 4q23 financial results and 2024 guidance
2) Greenstone coming in on-time
Regarding the former, even with the slightly light Q4 production there’s still every reason to
expect an improvement in overall cash costs per ounce compared to 3q23 and with the
improving gold price that means better margins, cash flow and eventually financial profit.
As for the latter, last week’s NR from EQX also came with
an updated corporate presentation on site and I’ve
extracted this informative checklist on Greenstone
(right). All that is good news and let us again take a line
to praise the constructors, G Mining, as they are
apparently doing something few Canadian companies can
do these days by delivering a large mining civil works
project on time and budget. It also looks as though EQX
is pulling its weight, as while other mines have
mentioned problems in securing manpower (e.g.
Magino), that last line about hiring “All required positions
filled” looks good to me and augurs well for the key
commissioning and ramp-up phase, coming soon.
26

Bottom Line: Though Q4 wasn’t great, it wasn’t bad either and considering the reasoning
behind this trade, the best course of action is to give the company a little more time. For one
thing, EQX normally reports its annuals in the third week of February and that’s not so far
away, so it could well impress on improved cash costs compared to Q3, a better average price
for its gold and strong guidance into 2024. On that subject, the other main component of the
trade set-up, Greenstone and the start of its production, is now in touching distance less than
two quarters from now. With the project apparently still on time and budget, it’s bound to get
increasing air time as the first pour and eventual move to positive free cash flow materialize,
that’s the re-rate opportunity that’s worth riding. If gold plays along and continues to trade
above U$2,000/oz (or even higher, though 2k should be enough for EQX) earnings will improve
and on a relative basis, the leverage offered by high cash and the large production base will
make for some impressive cash flow if things go well. Of course things can go wrong, this is
mining after all, but on balance that current price still looks like a relative bargain and selling
now looks far too much like leaving cash on the table for the next guy. Finally and on a
personal practical level, the decision to sell Amerigo (ARG.to, see above) and raise some more
treasury cash has taken the pressure off selling other things and that’s an aid to patience with
this trade, too. But that’s just me.
It’s taken longer than I’d have liked and EQX didn’t re-rate in 2023 the way I thought it might,
but gold price willing I’m confident that at some point during the next few weeks the market
will latch on the value proposition offered by Equinox gold and push the share price higher.
Holding.
Conclusion
IKN765 is done, we end with bullet points:
 Raising cash via the sale of Amerigo (ARG.to) was a tough decision, as the company is
a very good one and the operation both profitable and reliable under the watchful eye
of CEO Davidson, but the moment I’d decided it was a weight off my mind. It means I
have less exposure to copper in the near-term and a goodly amount of cash to deploy
in other stocks as the year rolls out.
 The key to the decision was the serendipity of seeing Marimaca (MARI.to) drop to its
new and highly attractive entry price, as it means I can tailor overall portfolio copper
exposure to suit my exact taste, raise treasury and get over the hole ARG would
otherwise have left in the portfolio. Getting in at or around C$3 is a real bonus and by
the end of this year, we expect copper to have got over its early jitters and this stock
high on the list of M&A targets for midcaps.
 The Equinox (EQX) 4q23 wasn’t okay without being great, but in six weeks’ time I’m
still going to be long when it reports its financials. The likelihood of improved costs,
good news on Greenstone and a good 2024 guidance number are three ways this stock
could move up and history shows it can really move fast if sentiment improves.
 Eyes on Fortuna Silver (FSM) (FVI.to) and a 4q23 production NR, expected this week.
The news last week of the debt repayment was a broad hint that this company is now
making serious money from its operations.
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
27

Footnotes, appendices, references, disclaimer
(1) https://marimaca.com/marimaca-announces-updated-mineral-resource-estimate-for-the-marimaca-oxide-deposit/
(2) https://marimaca.com/marimaca-announces-c20-million-strategic-investment-from-mitsubishi-corporation/
(3) https://marimaca.com/marimaca-appoints-ausenco-to-lead-marimaca-project-definitive-feasibility-study/
(4) https://marimaca.com/presentations/
(5) https://qccopper.com/news/qc-copper-presents-canadas-highest-grade-open-pit-copper-deposit-with-opemiskas-
updated-mineral-resource-estimate/
(6) https://americaneaglegold.ca/news/american-eagle-intersects-302-metres-of-1.09-copper-equivalent-within-606-
metres-of-0.74-copper-equivalent/
(7) https://www.panglobalresources.com/news/pan-global-drills-1-48-copper-0-65-g-t-gold-7-2g-t-silver-over-6-8m-and-
2-63-g-t-gold-over-8-0-meters-at-canada-honda-spain
(8) https://www.youtube.com/watch?feature=shared&v=7eDaCK59ets
(9) https://somagoldcorp.com/2023/soma-announces-graduation-to-the-otcqx-best-market-in-the-u-s/
(10) https://www.hellenicshippingnews.com/copper-gains-restrained-by-chinese-loan-data/
(11) https://www.lme.com/en/metals/non-ferrous/lme-copper#Summary
(12) https://arizonasonoran.com/news-releases/arizona-sonoran-extends-mineralization-674-ft-205-m-below-cactus-
west-mineral-resource-shell-drills-731-ft-223-m-of-0.92-cut-of/
(13) https://www.solarisresources.com/news/press-releases/solaris-announces-130-million-strategic-investment-by-zijin-
mining-group
(14) https://ngexminerals.com/news/ngex-drills-62-metres-at-6-98-copper-equivalent-a-122754/
(15) https://www.australianmining.com.au/why-did-newmont-have-to-suspend-telfer-operations/
(16) https://awaleresources.ca/2024/01/11/awale-announces-new-gold-discovery-on-the-odienne-project/
(17) https://endurancegold.com/news-releases/endurance-reports-additional-drill-intersections-from-eagle-and-crown-
zones-5.80-gpt-gold-over-23.0-metres-includes-8.52-gpt/
(18) https://fortunasilver.com/investors/news/fortuna-pays-down-an-additional-41-million-of-debt/
(19) https://www.equinoxgold.com/news/equinox-gold-produces-564500-ounces-of-gold-in-2023-reports-155000-
ounces-of-gold-produced-in-fourth-quarter/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-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-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
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
28

Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
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
29

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

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