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The IKN Weekly
Week 770, February 18th 2024
Contents
This Week: Trade heads-up, In today’s edition, Happy birthday mister president, Gimme
Shelter.
Fundamental Analysis: Buying Pan Global Resources (PGZ.v), What to do about SolGold
(SOLG.to) (SOLG.L).
Stocks to Follow: SolGold (SOLG.to) (SOLG.L), Pan Global Copper (PGZ.v), Equinox Gold
(EQX), Minera Alamos (MAI.v), SilverCrest Metals (SILV) (SIL.to), Contango ORE (CTGO),
Marimaca Copper (MARI.to).
The Copper Basket: Overview, QC Copper & Gold (QCCU.v), NGEx Resources (NGEX.v),
American Eagle (AE.v) and Hercules Silver (BIG.v).
The Producer Basket: Barrick Gold (GOLD) (ABX.to), Eldorado Gold (EGO) (ELD.to).
The TinyCaps Basket: Overview, Surge Copper (SURG.v), Kirkland Lake Discovery Corp
(KLDC.v).
Regional Politics: Argentina: Barrick’s Glacier Law lobby, Argentina: No more bus trips, Peru:
A new Mining Minister, Mexico: More on the AMLO open pit prohibition project.
Market Watching: Amerigo Resources (ARG.to): Gone but not forgotten, Fortuna Silver (FSM)
(FVI.to) at a buyable level, SSRM Mining (SSRM): Copler environmental permit withdrawn.
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
It’s time to bite the bullet, look to the future, forget about near-term volatility, stop caring
about the type of chop and low volume so often associated with unloved sectors. The plan is to
add more exposure to copper via an addition to the ugly charts that are SolGold (SOLG.to)
(SOLG.L) and Pan Global Resources (PGZ.v). The former is an addition, the latter a starter
position after tracking the company for several months.
In today’s edition
 The main fundies section today is all about adding to the copper exposure, but it’s also
about “Doing Something” about a couple of situations that require attention. Pan Global
Resources (PGZ.v) is a company we’ve treacked for a while waiting for the right price,
that’s now appeared. As for SolGold (SOLG.to), its awful price action over the last few
weeks has come to a head with a volume sell-off followed immediately by a positive-
looking pre-feas update. In one of those classic add/hold/sell decision moments, I’ve
opted to be aggressive.
 The other interesting trade set-up is in today’s Producer Basket section, as an
alignment of factors makes Eldorado Gold (EGO) (ELD.to) an interesting trade option
going into its earnings report this week.
 By popular demand (no kidding either, a surprising amount of mailbag on the subject
last week) there’s an update on the AMLO’s proposed open pit mining ban for Mexico.
For the TL:DR among you, the threat has been way overblown.
1

 Market Watching revisits a couple of stocks we’ve sold recently and there’s enough to
like about Amerigo and Fortuna to mention them as possible trades in the days to come
(though to be clear, I like the Eldorado set up more as things stand this weekend). We
also chew over the unfortunate situation at Copler in Turkey.
Happy birthday mister president
A reminder that tomorrow Monday February 19th is a public holiday in The USA for
Washington’s Birthday, otherwise known as President’s Day or Presidents’ Day (the jury seems
to be out on that apostrophe). As a result, its stock markets are closd until Tuesday. Equally,
Canada comes along for the ride and is also closed for business due to Family Day, which is
basically an excuse for day off. That’s fine by me, any excuse makes sense so enjoy your
downtime, North America.
Gimme Shelter
A storm is threatening my very life today
If I don’t get some shelter, I’m gonna fade away
Rolling Stones, 1969
A certain amount of dry amusement was enjoyed by this desk last week on witnessing how
“more than expected” became the buzz phrase at
CNBC. First on Tuesday we had (1) “Prices rose US Consumer Price Inflation (CPI)
more than expected in January as inflation won’t
go away” from the mainstream biz channel to
beat ‘em all when the January CPI reading came
in at 3.1%. Our tracking chart (right) of US CPI has been running for a full year now and the
latest bar on the right shows the inflation
basically flat lining for the last four quarters, but
that wasn’t good enough for a market that
doesn’t consider trends, instead preferring to
react to the day’s news, This CNBC table from
the linked report shows (right) why the North is
now wringing its hands over the advent of a new
round of inflation, that 0.3% monthly reading
reawakening all the fears we mashed through in
2023 and, of course, the new narrative of a Fed
that won’t move to cut base rates or even (now
here’s a novelty in the jawbone world) start raising
again.
The bad vibes continued for precisely 48 hours,
right until the January Retail Sales figures were
released. Here’s another CNBC headline:
“Retail sales tumbled 0.8% in January, much more than expected”
And with that, that nice Mr. Market changed his mind again, went back to thinking that things
were as bad as he thought up to last Tuesday, the USD rally faded and gold improved (along
with other metals, copper doing particularly well). And this time, CNBC didn’t settle for a mere
“more than expected”, as “much more” means they’re serious this time. Am I right? As for the
cherry on top, Friday saw US Producer Prices rise “more than expected” with the PPI reading of
+0.3% for January higher than the estimated +0.1%. As for gold and alluded above, the ride
began with the CPI news Tuesday, ostensibly the most important dataset of the week, when it
seemed as though everything that trades in the whole world aside the mighty USD was
whacked. As for gold, first dip under U$2,000/oz since before Christmas on the CPI news
Tuesday, on prospects that the Fed wasn’t joking about “Higher For Longer” and that rate cuts
would be pushed back into later in 2024 (or even abandoned), busting the consensus of March
and a 25bps drop. Or if you like, rates staying high for “more than expected.”
2
4.1 7.1
6.2 2.4
0.5 4.5 4.5 3.5 4.5 2.6 8.6 0.7 5.7 9.7 5.8 3.8 6.8 1.9 5.8 3.8 2.8 7.7 1.7 5.6 4.6 0.6 0.5 9.4
0.4 0.3 2.3 7.3 7.3
2.3 1.3 4.3 1.3
10.0
9.0
8.0
7.0
6.0
5.0 4.0 3.0
2.0
1.0
0.0
12'naj bef ram rpa yam nuj luj gua pes tco von ced 22'naj bef ram rpa yam nuj luj gua pes tco von ced 32'naj bef ram rpa yam nuj luj gua pes tco von ced 32'naj
source: US BLS

Once the dust had settled and the market tried to make sense of a CPI number that now seems
like an anomaly, the Shelter component of the inflation reading got the blame. The United
States of America had to pay more to keep roof over head as 2024 began and that made the
difference to the reading…apparently. At that point, the market commentariat began telling us
how the Fed takes Shelter costs very seriously and it’s one of their most useful bellwether
datasets so we shouldn’t just write this all off. To which I say “phooey” as any student of the
market knows by now that the Fed has no choice but to start cutting rates as 2024 rolls out.
The debate is now on whether it’s going to be March or a little later, but as far as gold is
concerned there’s no point in sweating that small stuff.
Drunkenmiller is not your goldbug
Meanwhile, back in gold world much was made last week of the 13F filing made by market
rockstar Stanley Druckenmiller and his Family Office fund, Duquesne Capital, as it revealed
purchases and new positions in both Barrick (GOLD) (ABX.to) and Newmont (NEM) (2).
Unsurprisingly, the metals trade papers and talking heads ignored the larger moves in
Druckenmiller’s fund and fixated on the shiny metal:
Those headlines and plenty more besides, so it’s up to these pages to bring a little sanity to the
subject starting with size and profitability. Duquesne Capital’s fund value (AUM in Family Office
terms, if you like) rose by around U$565m during Q4 close at U$3.352Bn (with a B). Yes that’s
U$6.14m per calendar day and a lot of money, so it stands to reason that a) he has to put it to
work somewhere and b) diversify while doing so. And on that subject, Duquesne Capital added
ten new positions in 4q23, but oddly, you heard nothing about most of them. Neither did we
hear from the goldbugs where most of the money went, for example the U$120m worth of
shares added to the fund’s existing Seagate Technologies position (nobody’s idea of a Nasdaq
hedge).
But if we do the same as the commentators and focus on the miners, as at December 31st
2023, Duquesne Capital had positions in five major mining companies. Here they are with the
position value at date:
 Teck, valued at U$233.5m
 Cameco, valued at U$57.4m
 Barrick, valued at U$31.8m
 Freeport, valued at U$20.1m
 Newmont, valued at U$19.6m
So, a zinc/diversified, a uranium, the world’s single largest copper producer and after that the
two goldies. Again, hardly the U-turn to goldbug illumination framed by the headline writers (or
chasers). The position in FCX was also added new in Q4, but Teck and Cameco were there
before, but also saw additions in Q4 and if you look a little closer, just the shares Druckenmiller
added to the existing Teck position during the quarter were worth U$56.6m, more than those
new positions in GOLD and NEM combined. So if we take a more considered view of these
portfolio moves…
 Yes he’s bought into gold miners but he’s also bought more industrial metals
exposure at the same time and they’re macro trades on the health of the Chinese
economy and demand for raw commodities, not hedges on the USD.
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 At a sum total of just under U$52m, these positions in PM miners account for
around 1.5% of the total portfolio, as at end 2023
 Duquesne Capital net invested more, a lot more, in tech positions than in miners.
There’s also the little matter of performance:
Now for sure anyone can be early to a trade, from the big Druckenmiller sized player to a tiny
minnow such as I, today planning to hike up copper exposure via the purchase of two
explorecos (see today’s main Fundies section). But it’s worth noting that by choosing GOLD and
NEM as his precious metals vehicles firstly he simply picked the biggest and best known PM
companies out there and secondly, he made a couple of very bad picks. That needs to be said
out loud, because as you see on that chart, GDX has been nothing to write home about in 1q24
but even that global ETF has done better than both NEM and GOLD despite those two names
being large weightings inside the ETF. Putting all this together, Druckenmiller isn’t betting much
on gold, his timing is off and his stock picking ability in our sub-sector sucks…so far at least.
Look somewhere else for your new goldbug hero to worship, please.
Fundamental Analysis of Mining Stocks
Buying Pan Global Resources (PGZ.v)
It’s time to do this. After long deliberation and some procrastination, the right combination of
low entry price and improving copper price fundamentals have shown up in Pan Global
Resources (PGZ.v) and, with a view to expanding my exposure to copper and positioning for
that well-telegraphed supply deficit that’s due to affect the copper market later this year, I’m
opening a starter position in the stock after having it on the Watch List for some time.
First a little reminder of recent coverage, which began in a soft way at the beginning of 2023
when PGZ was included in The Copper Basket. I thought it a little expensive for what it was at
the time and that turned out to be the case, at the 40c-and-abouts prices almost were cut in
half come 3q23. Then in IKN747 dated September 10th 2023 and the main fundies note “The
cheap copper at Pan Global Resources (PGZ.v)”. That day we identified PGZ as interesting and
getting cheaper, but likely to go lower as it still needed to raise capital. We followed up with a
few additional thoughts on the company in IKN748 the next week, then sure enough its price
dropped as the company made a bit of a hash of its financing round during the month of
October, first going for a small $2m raise before stepping back, reconsidering and moving to
raise $6m at 20c (with a half warrant at 30c). We followed the fun (and the dropping share
price), the process was complete in early November (see IKN755 dated Nov 5th) and since then
the stock has bounced around, above and below the 20c line.
That brings us to today and here’s the updated corporate structure information for the
company:
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Shares out: 242.74m
Options: 19.61m
Warrants: 30.35m
RSU/DSU/PSU: 1.5m
Fully diluted: 294.2m
Current share price: C$0.165
Market Cap: C$48.54m
All prices are in Canadian Dollars unless stated. Forex U$0.75=CAD$1
When we first ran this box in IKN747 it was a C$50m stock. That market cap is still roughly the
same, but what has changed is the share count and overall FD numbers, thanks to that
financing. Stepping out the way of that obstacle means we can now move in at a cheaper
average price and if 16.5c shows next week, or even 18c, that represents a bargain market cap
for a company with drills running on a highly prospective project and fully financed for this year
to do what it wants.
As for the rationale for the purchase, that’s not much more than “copper is going up and this
looks cheap here”, but a few details won’t go amiss. This is the list of “2024-2025 Catalysts”
from the latest PGZ corporate presentation, dated January 2024:
 Drill results and ongoing exploration of new targets, including Cañada Honda
 Drill results from La Romana’s westward extension
 La Romana metallurgical test-work for tin
 La Romana deposit-wide metallurgical variability test results
 Surface land access for the Bravo target
 La Romana maiden Mineral Resource Estimate
 La Romana Preliminary Economic Assessment
So far we’ve had drill assays from Cañada Honda* that were okay without setting the world on
fire, next we should get results from the more interesting end of Escancena, the La Romana
project (now classed as one big zone, no more “Romana West” as well as more information
about its potentially money-spinning tin kicker (there’s reason to expect good recoveries and
metallurgy from the tin mineral in this region). The development then heads toward a maiden
MRE and eventual PEA for La Romana, but as the catalysts are spread over this year and next
(and CEO Moody has stated clearly that if they find reason to keep drilling rather than produce
an MRE, they’ll do so) nobody should hold their breath for the first 43-101 compliant document.
Instead, this decision is about getting in at the
right price, positioning for later this year and not
worrying about timing this market any longer. The
trade these is therefore as straightforward as they
come, we’re betting on higher copper prices as the
supply deficit becomes apparent and becomes the
driving narrative in the copper space in 2024 and
in PGZ, we have a small but serious copper
exploreco doing good work on a promising
property in a good address. That combination is
the right one for The IKN Weekly and for me to
add a few speculative shares to the portfolio. It’s
the right metal at the right price, the timing is a
tougher nut to crack but at this entry point, it’s
just as easy to buy now and be willing to take a period of choppy price action before it starts
moving.
* Again, nothing to do with either Canada or Japanese motor vehicles; “Honda” is Spanish word connected with depth,
“Cañada” is a flat area of ground between two mountains of a range, something like a valley but not.
5

What to do about SolGold (SOLG.to) (SOLG.L)
It’s been an issue for quite some time, as seen in this two year price chart:
When opening the trade on SolGold a year ago, the plan was to jump on the de facto change of
control at C-suite level and take advantage of the “Team Mather” (SOLG founder and big holder
Nick Mather, Canadian player Bob Sangha, others) plan to sell the company quickly and to the
highest bidder after being pummeled down by the influence of “Team BHP (BHOP, Newcrest,
others). At first the purchase looked good, but then Ecuador threw a spanner in the works
when Guillermo Lasso called new elections and set off a bout of political uncertainty that
stopped any M&A action in its tracks.
I should have sold there and then. I didn’t. I’m stupid.
Add in copper’s weakness, China-centric factors and the way in which SOLG played its own
hand badly and things went gradually from bad
to worse. As 2024 has brought zero relief and
more pain, the personal position with a cost
average of C$0.265 (bought in Canada, when
that ticker used to do reasonable volume) is now
seriously underwater and even before last week,
it was long past time to make a proactive
decision on this trade. And then came last week,
first with continued weakness culminating with a
new multi-year low on big volume Thursday then
a rebound on solid fundamental news Friday.
Here’s the headline (3):
SolGold plc Announces Successful
Completion of New Cascabel Pre-
Feasibility Study with Significantly Reduced Initial Capital Cost and 24%
Internal Rate of Return
The main change to the Pre-Feas compared to the previous plan is the way SOLG has shuffled
its capital requirements, with pre-production capex dropped to U$1.55Bn. That’s down from the
U$2.75Bn estimate in its previous PFS dated April 2022 and represents a lower front-end hurdle
for any eventual operator. For sure the capex requirements needed to run the mine over its
total life of mine (now at 28 years) haven’t disappeared and anyone taking on this project
would need to earmark at least U$4Bn in build costs, but using a new staggered approach that
takes advantage of the best of the high-grade portion of Alpala/Cascabel and a lower
throughput in the first six years of mine life. The NR announcing the new PFS didn’t have every
detail required to model the project closely, for that we’ll have to wait for the 43-101 filing, but
this overview table carries enough info to get in the ballpark:
6

That’s an interesting proposition and from feeling desperate about the trade on Thursday,
suddenly SOLG was showing some long-awaited promise and indeed, the PFS was received
positively on Friday by the market (mostly UK, its main ticker and where nearly all the action
happens).
As the company now plans to run high grade that averages 1.5% CuEq in those early years, a
lot of the success (or failure) of the project now rests on the cash flow produced in those years.
It makes sense to do it this way, also as SOLG specifically mentions in the NR that its new plan
of mining the highest grades early won't sterilize the lower grading halo material around it. We
aren't given the exact grades of the mineral they plan to mine in the early years, but if we
consider the overall CuEq grade and its make-up between the three payables of copper, gold
and silver we can make some fair assumptions. So for our modelling purposes, we go with:
Copper: 1% grade and 88.7% recovery
Gold: 0.6 g/t and 73% recovery
Silver: 3 g/t and 66% recovery
We also know that the phase one will run 12m tonnes per year, which works out at 66,667
tonnes per day (tpd) at 360 days per year operation. From there we can run the numbers and
use the base case SOLG prices for the three metals, as well as our stress test case and a couple
of higher-end price decks for those of us (myself included) who think copper is going over
U$4.00/lb and staying there.
7

Cascabel: First six years projected revenues by metal type (U$m)
$3.50/lb Cu $3.85/lb Cu $4.00/lb Cu $4.50/lb Cu
At 66.67k tpd $1,700/oz Au $2,000/oz Au $2,100/oz Au $2,300/oz Au
Tonnes per annum 24,000,120 24,000,120 24,000,120 24,000,120
Life of Mine years 6 6 6 6
Total Million tonnes 144 144 144 144
copper mt prod 212,881 212,881 212,881 212,881
copper Mlbs 469.3 469.3 469.3 469.3
U$/lb 3.50 3.85 4.00 4.50
copper revs U$m 1,642.6 1,806.9 1,877.3 2,111.9
gold Oz 338,008 338,008 338,008 338,008
U$/oz 1,700 2,000 2,100 2,300
gold revs U$m 574.6 676.0 709.8 777.4
silver (Ozt) 1,527,982 1,527,982 1,527,982 1,527,982
U$/oz 20.00 22.50 25.00 28.00
silver revs U$m 30.6 34.4 38.2 42.8
Gross sales U$m 2,247.8 2,517.3 2,625.3 2,932.2
TC/RC/trans/mkt 449.6 503.5 525.1 586.4
3.6% royalty 64.7 72.5 75.6 84.4
Net sales (U$m) 1,733.5 1,941.3 2,024.6 2,261.3
Source: SOLG data, IKN calcs and ests
Most of the revenue comes from the main payable copper (surprise), gold is important and
silver comes along for the ride. We also use some highly conservative criteria for the financials,
such as a 20% TC/RC deduction and the overall 3.6% royalty (owned by three entities) Then if
we use some more conservative criteria in the model income statement, such as a COGS of
U$1.5/tonne, a hefty deprecation number, full implied corporate tax number and even 8%
worker participation, there’s still a whole heap of money that gets to the bottom line. At the
current 3.001Bn shares out, the base case offers 31c/share and that leaves plenty, but PLENTY
of room to finance, dilute and sell to the highest bidder at a fraction of its NPV and still turn a
profit on 10c shares.
Cascabel: First 6 years condensed income statement items (U$m)
metal price deck $3.50/lb Cu $3.85/lb Cu $4.00/lb Cu $4.50/lb Cu
Net sales (U$m) 1,733.5 1,941.3 2,024.6 2,261.3
Cash COGS 360 360 360 360
Depreciation 120 120 120 120
SGA + R&D 55 55 55 55
Op income 1,133.8 1,333.8 1,414.0 1,641.8
Exploration 50 50 50 50
Worker part 86.7 102.7 109.1 127.3
Tax (22%) 219.4 259.8 276.1 322.2
Net income 777.7 921.3 978.8 1,142.3
Shares out (m) 3,000 3,000 3,000 3,000
EPS 0.26 0.31 0.33 0.38
Source: SOLG data, IKN calcs and ests
Long story short, the reason SOLG shares are so cheap at the moment isn’t due to its project
criteria. That means it’s cheap for other reasons and we don’t need to go far to find a list of
8

reasons why the stock is so out of favour. Start with the fight between the two sides of its
board of directors, add in the likely selling from Newmont since its swallowed Newcrest and
took control of the shares it owned. Add in the volatile state of play in Ecuador and on top of all
that, the uncertainly swirling around copper. So with the two parts of the equation now
understood…
 Cascabel is still a legitimately interesting copper project with extremely robust
project economics
 SolGold shares continue to be out of fashion for its own sweet reasons
…there’s a decision to make. Up to Friday, SOLG was a thorn in my side and its continued
selling was blowing an ugly hole in the portfolio, But the PFS update may be a turning point in
its fortunes and there’s no doubt that a lower front end capex model and simpler timeline to
production will help the team market the project. All this means that it comes down to a
strategy decision and the value investor in me cannot ignore the obvious, that trends and
fashions and sentiment toward stocks come and go, but rocks remain the same. It also comes
at a time when I’ve been gearing up to increase exposure to copper, with the long-established
plan to ride out the first quarter of this year and then move in to buy cheap shares before the
expected supply deficit begins to take effect. This window of opportunity has come earlier than
I would have liked and forces my hand a little, it also comes at a time that Pan Global
Resources (PGZ.v9 is at the price I was looking for to buy in. The confluence of reasons means
I’m now going to stick my neck out, add copper
exposure slightly earlier than expected and if
there’s further weakness, be prepared to ride it
out.
The bottom line: Last week’s PFS may provide and
very necessary turning point to the fortunes of
SOLG, a legitimate reason to revisit the stock and
consider its low price as an entry point. For sure
I’m deep underwater on my trade to date and it’s
not the best strategy to go around averaging
down on every loser, but exceptions prove rules
and this looks like a good opportunity to get cheap
shares in an unloved name that could easily come
back into fashion. I’m keenly aware that its treasury is looking thin and after selling shares to
the world and NSRs to both FNV and Osisko, SOLG will have to dilute its ownership further in
the near future in order to stay afloat, but the current price seems to have overdone the effect
of even a large dilutive share placement and there’s more reason to see backers will to pay
more than this market price rather than less, especially now the PFS is out there. I’m clear on
the risk, but the price is compelling and the recent news, plus copper now approaching a
supply/demand turn point, means there’s reward to be had from a second substantial purchase.
Adding.
Stocks to Follow
The basic headcount for last week’s effects on our current Stocks to Follow list is six winners
(EQX, RIO.v, MARI.to, CTGO, NCAU.v, ERO.to) and nine losers (MAI.v, ADZN.v, SOLG.to,
ALDE.v, MIRL.cse, SILV, PGZ.v, PAU.cse, MEBNE.v) with no unchanged stocks left over this
time around. That doesn’t suit our cause but weakness in Top Pick Minera Alamos aside, it
wasn’t that bad because several chunky moves in the main recos section were in the right
direction and three of the losers were (once again) in the Watch List, where for purely selfish
and capitalist reasons I kind of like to see them go down. The two largest moves in percentage
9

terms were Minera IRL (MIRL.cse down 33.3%) and SolGold (SOLG.to down 11.5%), however
neither of them irk much and the drop in the latter is one of the reasons I’m pulling the trigger
and adding to SOLG this coming week. Meanwhile, the winners benefited from the out-sized
gains in Newcore (NCAU.v up 9.5%), Contango (CTGO up 7.8%) and particularly Equinox (EQX
up 6.7%), that one showing relative strength at the right time.
We currently have 15 open positions on the list and just four of those are in the green. That
continues to suck but I cannot help but feel more optimistic about the future of this list in 2024
than I have for quite a while. When copper makes its move, we’ll be positioned.
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$0.275 31.0% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Equinox Gold EQX STR BUY U$4.42 30-May-23 U$4.60 4.1% Leverage trade at U$2k/oz Au
Adventus Mining ADZN.v SPEC BUY C$0.285 7-Jan-24 C$0.235 -17.5% may add, permit play
Rio2 Ltd. RIO.v BUY C$0.83 22-Apr-18 C$0.35 -57.8% Permit approved, rebounding
Marimaca Copper MARI.to BUY C$3.05 26-May-23 C$3.63 19.0% Quality Cu developer
Contango Ore CTGO BUY U$18.70 30-Jul-23 U$16.63 -11.1% FY24 production, now moving
SolGold SOLG.to ADDING C$0.265 19-Feb-23 C$0.115 -56.6% Time to avg down
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.115 -43.9% Showing signs of life
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.71 -1.4% drilling again
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.02 -89.7% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Ero Copper ERO.to WATCH C$18.94 22-Oct-23 C$21.95 15.9% High quality Cu prod, cheap
SilverCrest Met SILV WATCH U$5.62 21-Jan-24 U$5.25 -6.6% potential silver trade end Q1
Pan Global Res PGZ.v BUYING C$0.23 31-Dec-23 C$0.165 -28.3% Great entry price, time to buy
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.075 -11.8% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.25 -60.3% LT bet, adding slowly
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
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:
SolGold (SOLG.to): ADDING. As per today’s main fundies section, I plan to throw good
money after bad and add in the days ahead and average down on my SolGold position. That’s
at least two financial cardinal sins committed and add in my increasing exposure to the Mini
Basket Case country as well, what with Adventus (ADZN as part of the current portfolio, but I
cannot ignore this value entry point and as discussed above, the SOLF pre-feas study as
presented last week is objectively solid.
As alluded above, this isn’t a high conviction trade on the immediate turnaround and rebound
potential at SOLG, it’s more a combo of 1) low price 2) a misunderstood country and 3) the
likelihood of copper putting in its run in 2024. That latter should drive a lot of related stocks
higher and there’s every reason to expect SOLG to be one of them, add in its current unloved
status and the turnaround gains if sentiment improves. We’re a fickle lot, after all.
10

Pan Global Copper (PGZ.v): BUYING. Also as noted
above, it’s time to put my money where my mouth is on
Pan Global Copper (PGZ.v), buy a few shares and open a
position. The proposition as laid out by Tim Moody and
his team is good, the price now available on the open
market is more than attractive, the bet is on copper
having found its bottom and ready to bring positive
leverage to this trade (and a lot of others). Here’s the
ten-day chart that shows the way PGZ was ignored by a
sniffy market over the last two days of the week, even as
copper rose. That’s the right formula for a bargain entry
point and while I may not get this weekend’s 16.5c, anything at or below 18c would be fine as
a first purchase. We can take it from there.
Equinox Gold (EQX): ADDED. As noted, last weekend, we were looking for an addition at a
low price and duly got it, thanks to that dip gold put in
under the U$2,000/oz line. So now a larger sized
position after (what I consider to be) a cheap and
value-packed addition last week, EQX is set to report
its 4q23 and YE financials this coming week, post-close
Wednesday Feb 21st (4). That link also includes the
link for the phones and live webcast of its Conference
Call, set to happen “…the following morning on
Thursday, February 22, 2024, commencing at 7:30 am
PT (10:30 am ET).” So now you know.
For the record, the reason this desk added last week,
aside the cheap price offered, is that we expect 4q23
financials with slightly lower costs than expected and
margins to improve moderately as a result. That would be a small positive, what we’re really
betting upon here is 2024 and EQX coming out bullish with
Minera Alamos (MAI.v): A Fe erratum is required, as for some reason and while writing
while tired last weekend I said that Cerro de Oro is in Sonora State. It’s not of course, and
here’s the very top of the company’s dedicated page on the project to explain:
It’s in Zacatecas and I brainfarted last weekend, please excuse. In trading MAI remained
unloved and unbid, with just the bargain hunter we’ve
seen before sweeping up at 27.5c (it could well be a
trading desk that proceeds to flip them back above
30c). It’s the week before BMO Miami and we expect
MAI to come out swinging either before or by that
event with news on a Plan B at Santana as well as its
strategy in a Mexico election year.
11

Contango ORE (CTGO): Up on the week, but still mainly due to the way CTGO stock trades in
a wide range at this low level on low traded volume (even though plenty of cash changes
hands, compared to many other explorecos or developers). I continue to believe this current
price represents excellent value.
As for Manh Choh and the mine development, the chatter about legal fights against the
transport logistics has died down somewhat and these days, reports from the region are all
about the mine’s impending start of production. CTGO sent out this link (5) in a mailshot on
Friday evening and here’s the main part of the text, your author doing a little bold-typing along
the way:
Kinross Gold Corp. Feb. 17 reported that its Fort Knox Mine in Alaska produced
290,651 ounces of gold during 2023. While this is on par with the 291,248 oz produced
in 2022, the company expects gold output from the Kinross Alaska mill at Fort Knox to
rise sharply with the introduction of much higher-grade ore from the Manh Choh mine
later this year.
The nearly 300,000 oz of gold produced at Fort Knox last year was recovered from
approximately 28.7 million metric tons of ore averaging around 0.22 grams per metric
ton gold stacked on a heap leach pad, plus 8.13 million metric tons of ore averaging
around 0.77 g/t gold fed through the Kinross Alaska mill.
Ore being delivered from Manh Choh, a mine about 200 miles southeast of Fort Knox
that is being developed under a partnership between Kinross (70%) and Contango Ore
Inc. (30%), is an order of magnitude higher grade than what was fed through the
Kinross Alaska mill last year.
Going into 2024, Manh Choh hosted 4.1 million metric tons of proven and probable
reserves averaging 7.6 g/t (1 million oz) gold and 13.5 g/t (1.8 million oz) silver.
Kinross reports that the development of Manh Choh is essentially complete, and
ore is being trucked the roughly 250 road miles to Fort Knox.
As the trucking and stockpiling of Manh Choh ore increases over the coming months,
crews are preparing the Kinross Alaska mill to accept and process the higher-grade
material. Once the conveyors, additional buildings, associated buildings, interior piping,
and mechanical installations are complete, the commissioning and operational
readiness team will begin pre-commissioning activities.
"Our development projects are progressing well, and we look forward to first
production from Manh Choh in the second half of the year," said Kinross Gold
President and CEO Paul Rollinson.
With the higher-grade ore from Manh Choh, the annual production at Fort Knox is
expected to increase to nearly half a million oz over the coming five years.
Marimaca Copper (MARI.to): Like a monkey with a dartboard, even this desk gets an entry
point right from time to time:
That’s a decent rebound and while volume remains thin an price action volatile, MARI is back at
its previous baseline price. It would be nice to see this float further but for that to happen, we’ll
need more open market momentum and traded volume.
12

The Copper Basket
After seven weeks of 2024, The Copper Basket shows a loss of 1.53% 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 1503.93 8.05 12.4%
2 Solaris Res SLS.to 4.13 179.221 706.13 3.94 -4.6%
3 Los Andes LA.v 11.80 29.53 360.27 12.20 3.4%
4 Marimaca Cop MARI.to 3.43 93.11 337.99 3.63 5.8%
5 Hercules Silver BIG.v 1.38 231 191.73 0.83 -39.9%
6 Arizona Sonoran ASCU.to 1.75 109.17 153.93 1.41 -19.4%
7 Aldebaran Res. ALDE.v 0.89 169.819 120.57 0.71 -20.2%
8 Oroco Res OCO.v 0.375 222.86 86.92 0.39 4.0%
9 Faraday Copper FDY.to 0.63 175.97 83.59 0.475 -24.6%
10 American Eagle AE.v 0.26 108.87 56.61 0.52 100.0%
11 C3 Metals CCCM.v 0.61 61.885 35.89 0.58 -4.9%
12 Kodiak Copper KDK.v 0.58 63.93 31.33 0.49 -15.5%
13 QC Copper QCCU.v 0.12 173.7 20.84 0.12 0.0%
14 Camino Min COR.v 0.07 206.66 15.50 0.075 7.1%
15 Element 29 Res ECU.v 0.18 106.25 15.41 0.145 -19.4%
NB: All stocks in CAD$ Portfolio avg -1.53%
Another negative week and enough to drag the
The Copper Basket 2024, weekly evolution
basket average back under the waterline and 5%
into the red. The basic headcount was balanced, 4%
3%
with seven winners (NGEX.v, SLS.to, LA.v,
2%
MARI.to, ASCU.to, OCO.v, COR.v), seven losers
1%
(BIG.v, ALDE.v, FDY.to, CCCM.v, KDK.v, AE.v, 0%
ECU.v) and one unchanged on the week -1%
(QCCU.v), but the size of the losers made the -2%
-3%
difference as the three bigger drops pulled the
-4%
average down. They were Element 29 Resources -5% source: IKN calcs
ECU.v down 12.1%), American Eagle (AE.v down
Jan1st Jan8th 15th 22nd 29th feb5th 12th 19th
10.3%) and Hercules Silver (BIG.v down 9.8%).
As for copper-the-metal, the week was a
game of two halves (as they say in
Association Football punditry) as the
metal dropped with just about everything
else when that (apparently) hot CPI
number came in on Tuesday morning.
Then came the rebound, but unlike other
issues copper really found a tailwind and
moved straight through the key
U$3.80/lb level, back where it can start
building a bull story for later on.
The macro commentary reflected
copper’s concern with the CPI, as seen in
this midweek market note from Reuters (6):
U.S. data on Tuesday showed consumer prices increased more than expected in
January, causing traders to pare back expectations for the pace and scale of interest
rate cuts.
Federal funds futures currently price in no rate cut in March and a lower than 50%
chance of easing in May, according to LSEG’s rate probability app.
13

“It’s a macro-driven move after the biggest data release of the month, so it has a big
ripple effect through all markets,” said Dan Smith, head of research at Amalgamated
Metal Trading.
Up to that point I was with Dan Smith of AMT, but he had to go too far as the reporter
searched for his rent-a-quote moneyline:
“There’s been a fairly decisive move recently by specs to go short and longs to
liquidate in copper. In the short term it feels like there’s a lot of pressure to go a bit
lower, but there’s a lot of support around $8,000.”
For the record, U$8,000/mt is U$3.63/lb. Also for the record, that report came out where you
see that arrow on the above price chart, so Mr. Smith’s bearish view did a neat job of bottom
ticking the market and by Friday the reversal was done. Let’s consider the opening paragraph of
this market wrap-up (7)…
Copper prices were on track on Friday to register their biggest weekly gain in seven
months, helped by falling inventory and expectations of more economic support from
top consumer China.
…and let out a small titter, as market commentators grasp for reasons to explain the
fundamental drivers instead of being honest and pointing straight at the US Dollar. As we’ll see
below, there was precious little “falling inventory” on offer in the data, certainly not enough to
justify a 14c/lb move. As for the rest, here’s a little extra:
More support from Chinese government could come in varying forms, including
measures to boost consumption, which could be positive for China’s base metals
demand, said SEB chief commodity analyst Bjarne Schieldrop.
Last year’s clampdown on private sectors, and other measures that had a negative
impact on consumer confidence, could be reversed as the Chinese government
prioritises economic stability, Schieldrop said.
“Overall, fundamentals of copper are still solid,” he added.
I’ll go with that last statement, but we’ve heard “China Stimmy Coming Now!” for over a year
without much result so positing one is about to come and save the metal is a reach. Fact is,
copper first went down last week because the US Dollar went up, then copper went up because
the USD went down. Metals markets like to offer their own in-sector drivers and devices as the
more complicated and in-house it looks, the better it is for the experts, but this time it’s a crock,
it’s a K.I.S.S. and make up, copper last week was unaffected by a China on holiday, it was
unmoved by small changes in inventories (see below), there’s no reason to expect movement
on the back of the samo samo calls of a China stimulus package. It was the US Dollar, plain and
simple. Now for more on that “falling inventory” via our regular weekly segment, the world
copper inventories, with data from Chile’s Cochilco:
 Chinese New Year has done what we expected and movements of metals in the world’s
three official warehouse systems was indeed muted. The aggregate was a drop of
4,730 metric tonnes (mt) the Friday close at 239,078mt. China will begin to reappear in
the week ahead and get back to full speed in two weeks’ time, we’ll find out more then.
 The Shanghai SHFE was closed, stocks remained at 86,520mt.
 The most interesting move was at the LME, where the inventory drawdown continues
and another 6,150mt left its doors, mostly out of European and US stores. The total is
now 130,675mt.
 Comex copper inventory added 1,420mt to close at 21,883mt. No biggie.
What with China being on its merry holidays, the dedicated SHFE charts get a rest this week
and we move straight to notes on a couple of our basket stocks:
QC Copper & Gold (QCCU.v): We got a NR from QCCU on Wednesday, announcing (8) the
company had “…completed an initial four-hole drill program on the Cooke and Robitaille mines
corridor, adjacent the Opemiska Open Pit...” and while assays are still pending, “…visual results
from this drill program confirm significant widths of mineralization.” For sure this is one of those
14

“let’s drum up interest” NRs and normally I’m no fan of the NR that announces there’s a NR
coming soon, but in this case it has my attention. This visual ripped from the NR gives the
approximate layout and location of the new holes…
…and it shows QCCU isn’t resting on its laurels. The logical value add at Opemiska has always
been to get a resource defined, then out-step in nearby zones that were mined historically, but
never subjected to modern and formal exploration techniques. If you need a model of what
they may achieve, that’s the reasonably nearby Canadian Malartic (well…nearby in Canadian
terms) and how that grew and grew from exploration of previously mined zones and became
the massive open pit it is today. The news didn’t result in much noise about QCCU and caused
barely a ripple in its price action and traded volume, but that may be because the market is
leerier these days and is getting tired of “assays coming soon” primer NRs. But be clear, this
desk will be watching for these results when they drop (and oh what a shocker…may even be
timed to coincide with PDAC) as we already know the current Opemiska resource zone was the
location of two high-grade underground mine operations (Springer and Perry) and these four
holes were sunk close to another old UG mine (Robitaile). If QCCU can hit some fresh showing
of the high-grade rock that used to be mined in this location and then propose it can be mined
in an extended open pit, they’ll have a real resource catalyst on their hands.
NGEx Resources (NGEX.v): Another Valentine’s Day love missive here, as on Wednesday
14th NGEX announced this (9):
VANCOUVER, BC, Feb. 14, 2024 /CNW/ - NGEx Minerals Ltd. (TSXV: NGEX)
("NGEx", "NGEx Minerals" or the "Company") is pleased to announce that it has
received conditional approval to list its common shares on the Toronto Stock Exchange
("TSX") and graduate from the TSX Venture Exchange ("TSX-V").
We don’t have a final date for the move, but it’s not going to take long before NGEX becomes a
Dot Tee Oh. Moves from the TSXV to the Big Board are always theoretically good, in this case
the reality is going to be a net positive, too. NGEx and its Lundin connection means it gets
plenty of Canadian insto support and this upgrade will allow a new range of funds to own the
stock. Expect them to do so.
American Eagle (AE.v) and Hercules Silver (BIG.v): I’m lumping these together for one
week because of the similarities:
1) They are the latest “hot stocks” in the copper exploreco world
2) They’ve been on a run recently, with AE having an excellent 2024 to date and BIG
coming back with volume and trading interest, after getting hit with its big drop at the
start of the year
3) Both underperformed last week, against the grain of copper price and operator peers
(we use COPX as proxy in this five-day chart)
15

I don’t think there’s anything awry with either of these trades on last week’s evidence, these
volatile traders are allowed to have a week off and under-perform, especially when they don’t
offer up any new news. Part of the near-term cut and thrust of this sector.
The Producer Basket
After 7 weeks of 2024, the Producer Basket shows a loss of 10.89% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 38.53 33.43 -19.2%
2 Barrick GOLD 18.09 1761.54 25.81 14.65 -19.0%
3 Agnico Eagle AEM 54.85 496.54 23.73 47.80 -12.9%
4 Franco-Nevada FNV 110.81 192.119 20.96 109.08 -1.6%
5 Pan American PAAS 16.33 364.439 4.78 13.12 -19.7%
6 Lundin Gold LUGDF 12.64 237.68 2.79 11.75 -7.0%
7 Hecla Mining HL 4.81 617.768 2.23 3.61 -24.9%
8 Eldorado Gold EGO 12.97 202.472 2.22 10.94 -15.7%
9 Dundee PM DPMLF 6.43 183.278 1.11 6.08 -5.4%
10 Wesdome Gold WDOFF 5.83 148.95 1.01 6.79 16.5%
All prices and stock quotes in U$ Port. avg -10.89%
Our basket of ten companies lost a very thin 0.07% on the week, as near to unchanged as a
week gets even though the basic headcount of seven winners (NEM, AEM, FNV, PAAS, LUGDF,
HL, WDOFF) and three losers (GOLD, EGO, DPMLF) favoured the bulls. The difference was
Eldorado Gold (EGO down 8.0%), the only big mover of the week that dropped through no fault
of its own. Our list once again did slightly less worse than the GDX benchmark and we’ve now
opened up a 2.44% lead, a good start. Or a less worse, if you must. You know what I mean.
The 2024 Producer Basket: Weekly performance and The 2024 Producer Basket: Percentage diff. between
4% comparative to GDX control GDX benchmark & basket (negative= IKN ahead)
1.5%
2%
0% 1.0%
-2% 0.5%
-4% 0.0%
-6% -0.5%
-8% -1.0%
-10% ikn -1.5%
-12% gdx control -2.0%
-14% -2.5%
-16% -3.0%
Jan1st Jan7th 14th 21st 28th feb4th 11th 18th Jan1st Jan7th 14th 21st 28th feb4th 11th 18th
source: IKN calcs source: IKN calcs, NYSE data
If this publication had a different focus, it would fill up this edition with the quarterly results and
analyses for Hecla, Agnico, Dundee and the others in the basket as they report their Q4 and YE
16

results. Indeed all four of those reported last week (along with others) and it would be fund to
cover them as there are always plenty of numbers to crunch, but the level of analysis these
large companies require is beyond the remit of The IKN Weekly. A fancy way of saying that if I
did these, I wouldn’t have time for the deep dives on juniors and what’s more, there are plenty
of other anal ysts who cover these stocks and can explain the numbers.
We’ll suffice this week with the chart you see to the right, which notes the somewhat surprising
level of homogeneity between the four mentioned stocks and the GDX benchmark. It’s unusual
to see four mining stocks move through their earnings reports without making much of a ruffle
to the upside or downside and the results suggest that “In Line” was the phrase of the earnings
week. But we’re not ignoring the bunch completely, as here’s a couple of notes on the market
leader Barrick’s (GOLD) numbers, as well as the opportunity that’s opened in Eldorado (EGO)
due to circumstances beyond its control last week.
Barrick Gold (GOLD) (ABX.to): We ran the Barrick 4q23 production numbers in IKN766,
dated January 21st 2024, with the company’s pre-announcement that week and already knew
the 4q23 financials would be drab. so we weren’t expecting fireworks from its financial report,
which was filed last week. Neither are we going to run the same cookie cutter analytics you can
get from any of the sell side update reports published on Barrick by the suited and booted anal
yst community, there are plenty to choose from and they’ll do a better job than I ever could.
Instead, we’re running a few derivate charts on the company financials to make a point about
its sluggish financial growth. Yes Barrick is
profitable, yes it now has its debt under control Barrick: Gold production, per year
after the near-disaster brought upon it by the Munk (incl-midpoint guidance for 2024)
strategy 15 years ago (which may by why Thornton
has moved from Executive Chair to Chair, as far as
I read last week nobody covered the “good news,
the investment banker has made himself
redundant” angle), but the drop in production over
the last few years is worrisome and smacks of a
company in more than just a turnaround period, as
seen in the chart (right) and we’ll get to the Barrick
2024 production guidance of between 3.9m and
4.3m oz gold at the end of this note (we use the
midpoint in this chart)
Because production isn’t the only issue. If the company were focused on more “quality ounces”
with better margins, the chronic decline in top line production numbers would be less of an
issue but as these next charts show, the financials of each ounce have degraded as well. Below
left is a chart that compare Barrick’s AISC per ounce of gold (copper is calculated separately)
17
67.4 734.4 451.4 450.4
1.4
Moz Au
5.5
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
2020 2021 2022 2023 2024*
source: company filings

next to the realized price of each ounce. There’s a gradual rise in both sets of figures, so once
you do the math and subtract one from the other you get the chart below right:
U$/oz Barrick: Gold AISC vs realized price, per qtr Barrick: Gold realized price minus AISC, per qtr
2500 Gold AISC
Au realized price
2000
1500
1000
500
0
1q21 2q21 3q21 4q21 1q22 2q223q22 4q22 1q23 2q23 3q23 4q23
source: company filings
The difference used to be more robust (e.g. 2021), took a hit in mid-2022 but in the quarters of
2023 had been making a comeback, right up to this latest quarter when the margin per ounce
dropped back by U$51 to U$622/oz. Now for sure this isn’t one of the datasets you’re normally
presented with by a company (or its tracking analysts) but for this desk, it’s a reasonably
accurate model for a company that has been ploughing its cash into its own development
projects, rather than getting busy with M&A and transacting itself into better production. These
next two charts below adds in the effects of the minor reported metal at Barrick, copper, and
then puts it all in real cash terms. Below left is the percentage margin of those gold ounces and
copper pounds, once again using realized price over AISC and for gold, the decline since 20121
is clear, and though 3q23 provided some hope of a turnaround, the latest figures from last
week have banged that on the head. As for copper, you may recall that back in 2021 CEO Mark
Bristow was vociferous about the future of the metal in Barrick’s production mix going forward
but since then, has failed to deliver any real production improvement. The slump in copper
prices in late 2022 laid bare the issue at this company; it’s high overall AISC meant profits were
whittled away and even went into negative territory in 4q22. As for 2023, copper production at
Barrick was profitable but not as much as its main product and there’s precious little value
adding going on there.
Indeed, once you do the math and multiply those margins per oz Au or Lb Cu with overall
production (above right) we see the minimal effect copper has on overall operating profit. For
all the talk, Barrick is still heavily reliant on gold. That “total margin” (for want of another title
for what is not a normal operating metric) of U$725.344m in 4q23 is a per-share margin of
41c/share, or an annualized forward of just under U$1.65. That’s an 8.9X multiple to this
weekend’s share price and while you may decide on a strategic basis that such a number is
cheap for a gold miner, I don’t see it. Neither is it expensive, instead it’s about right considering
where Barrick is today and indicative of a profitable, financially stable but inefficient and
sluggish Tier 1 goldie.
18
957 337 737
228
217 946 354 684 235 716 376 226
U$/oz Au
900
800
700
600
500
400 300
200
100
0
1q21 2q21 3q21 4q21 1q22 2q22 3q22 4q22 1q23 2q23 3q23 4q23
source: company filings
Barrick op margin/oz to realized price, per qtr U$m Barrick: Realized price minus AISC total revs, by metal
%
60 1300
55 Au % margin 1200
50 1100
45 Cu % margin 1000 copper margin
40 900 gold margin
35 800
30 700
25 600
20 500
15 400
10 300
5 200
0 100
-5 0
-10 source: company data, IKN calcs -100 source: company filings, IKN calcs
1q21 2q21 3q21 4q21 1q22 2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q21 2q21 3q21 4q21 1q22 2q22 3q22 4q22 1q23 2q23 3q23 4q23

Eldorado Gold (EGO): There’s a clear trading opportunity afoot. Your ingredients are:
1) A company that impressed with its 4q23 production figures
2) A share price hit by the selling in Turkey-exposed stocks last week
3) The impending financials report from EGO, due this coming week
We’ll take those in order, starting with a reminder of the strong numbers EGO put up in its
4q23 production NR dated January 15th (10). We looked at those results in IKN766 dated
January 21st and were suitably impressed, here’s one of the tracking charts featured that day
which showed how both its biggest producing mines, Lamaque and Kisladag posted excellent
numbers and were backed up by the others to result in a record quarter.
EGO: gold production breakdown, per qtr
160000
140000
11408 17882
1 1 0 2 8 0 0 0 0 0 0 0 0 0 0 0 0 4 2 4 5 1 8 6 2 8 8 2 1 3 3 2 4 9 3 8 7 2 1 3 2 4 9 7 3 3 4 2 1 3 3 3 7 0 4 5 5 2 1 2 5 6 5 3 2 1 3 8996 2 1 2 5 7 7 9 7 3 9 2 1 2 6 4 1 7 2 3 3 2 1 1 5 3 4 6 3 2 5 1 1 9 7 9 5 2 6 8 1 2 1 2 3 6 8 4 6 4 6 2 1 1 8 1 8 4 4 2 8 22374
60000 28835 35643 37369 51354 21057 46917 42454 51349 37884 38745 42821 56619
33377
40000
20000 56816 46172 4401651040 331362977927973 377414030737160 3418037219 46291
0
19
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4
Oz Au Olympias
Efemcukuru
Lamaque
Kisladag
source: company filings
And as this 2024 YTD price chart comparing EGO to the GDX benchmark shows, the market
reacted favourably to the 4q23 production NR (in fact the run started on the trading day before
the NR dropped, in trading that smacked of insider information).
All was well from then on and, as the chart above shows, EGO kept its advantage over the GDX
benchmark as January became February. Right up until last week, that is, as the Copler
landslide and consequences (see Market Watching, below) spooked the market on Turkey
exposure and saw stocks other than Copler owners SSRM tumble. Sure enough, EGO was one
of the more affected companies through no fault of its own, what with its Kisladag and
Efemcukuru mines both being located in Turkey.
Without putting too fine a point on it, this is the trade set-up available to speculators this week.
As the Copler news has rolled out, it’s becoming clear that the accident was caused by bad
practices inside SSRM and its Turkish subsidiary, rather than due to some generalized malaise
that would affect all foreign mining companies working the country. Agreed SSRM is now in the
doo-doo, but there’s no reason to paint EGO with the same brush simply because it share the
same country address for two of its operations.
This brings us to the next likely catalyst (11), the 4q23 and YE financials at EGO which are due
reported post-close this Thursday, February 22nd (with the ConfCall scheduled for the next
morning, find details here (12). This desk is expecting the good impression made by EGO to be

underscored by a strong financial quarter, EGO is not the only company at which I believe the
market is over-estimating the effect of cost inflation on its results (and as a result, EGO and
others may offer a pleasant surprise to many) and there’s also the prospect of upbeat guidance
for this year, not only at its current operations but also the buold-out at its Skouries project that
should move into its final phase in 2024, plus also the tantalizing prospect of the Perama Hill
pipeline project in Northern Greece that’s currently flying under the radar of most and looks
particularly interesting now that EGO’s reception in its host country has improved.
All in all, this desk was bullish on EGO in 2023 (and its was one of the best performing mid-caps
last year) and even before last week’s selling, EGO looked value compared to what it has and
can offer in 2024. Thanks (or due to) the selling in Turkish exposure last week and what we
now know this weekend, that Turkey isn’t about to make scapegoats of all mining companies on
the back of this disaster, it’s looking particularly cheap and we move into an earnings report
that your author thinks will see EGO report a clear beat.
The TinyCaps List
After 7 weeks of 2024, the TinyCaps show a gain of 7.57% 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 24.37 0.11 69.2%
Awalé Res ARIC.v 0.135 67.27 8.07 0.12 -11.1%
District Metals DMX.v 0.170 106.98 30.49 0.285 67.6%
Endurance Gold EDG.v 0.18 150.136 20.27 0.135 -25.0%
Kirkland LDC KLDC.v 0.100 88.625 12.41 0.14 40.0%
Latin Metals LMS.v 0.075 71.476 5.36 0.075 0.0%
Palamina Corp PA.v 0.130 71.285 6.42 0.09 -30.8%
South Star STS.v 0.750 48.8 32.70 0.67 -10.7%
Surge Copper SURG.v 0.090 219.21 17.54 0.08 -11.1%
Viva Gold VAU.v 0.120 118.384 12.43 0.105 -12.5%
Prices in CAD$, data from TSXV basket avg 7.57%
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.
Just two winners from our ten last week (KLDC.v, LMS.v), then three remained unchanged
(ARIC.v, STS.v, SURG.v) and the other five were
TinyCaps, 2024 weekly tracker
week-over-week losers (BAY.v, DMX.v, EDG.v, PA.v, 12%
VAU.v). Biggest mover to the upside was Kirkland 10%
LDC (KLDC.v up 33.3%), biggest to the downside
8%
was Palamina Corp (PA.v down 18.2%).
6%
4%
Now for a couple of notes:
2%
0%
20 Jan1st Jan7th 14th 21st 28th feb4th 11th 18th
source: IKN calcs, TSX data

Surge Copper (SURG.v): Here’s the latest investment thesis for SURG (13):
Vancouver, British Columbia, February 14, 2024 – Vizsla Copper Corp. (TSX.V: VCU,
OTCQB: VCUFF, FRANKFURT: 97E0) (“Vizsla Copper” or the “Company”) is pleased
to announce that it has entered into a definitive arrangement agreement dated
February 13, 2024 (the “Arrangement Agreement”) with Universal Copper Ltd. (TSX.V:
UNV, FRANKFURT: 3TA2) (“UNV”) whereby Vizsla Copper will acquire all of the
issued and outstanding common shares of UNV (the “UNV Shares”) pursuant to a plan
of arrangement
UNV owns the “Poplar” copper project in BC, which has a 43-101 compliant indicated resource
of 152.3mmt grading 0.32% copper, plus an inferred resource of 139.3mmt grading 0.29%
copper, all that rock coming with moly, gold and silver by-product kickers. The other interesting
thing about Poplar is its location, some 35km from the Centerra Huckleberry mine and that
means the same vicinity as the SURG Berg and Ootsa projects. As for the terms of the deal, the
bit that matters most is this:
Vizsla Copper expects to issue an aggregate of approximately 32,659,742 Vizsla
Copper Shares to current UNV shareholders. Upon completion of the Arrangement,
current UNV shareholders will own approximately 23.3% of the 140,314,107 issued
and outstanding Vizsla Copper Shares.
With VCU closing the week at 10c, that gives us a de facto price of C$3.27m for the acquisition
and C$14m for the post-close VCU. That’s the background, but why should SURG and its
acolytes care? Here’s the thinking:
 VCU, recently spun out from Vizsla Silver, is run by market savvy people.
 If I were a market savvy go-getter company based in Canada with a focus on copper
and trying to make a difference in today’s market, I’d be thinking about the low
valuations of copper explorecos in BC Canada at the moment. Low grade resources
often under 43-101, but low market cap and stocks trading for pennies.
 I’d also think about what Ross Beaty achieved with his Lumina company 25 years ago,
as he bought up big and unloved copper resources in the Andean cordillera, then drilled
them out and flipped them for mega-profits once the market fell in love with copper,
ten years after.
 Yes, these BC deposits and low grade and get sniffed at by the market. So I remind
readers that the market had exactly the same attitude to the projects Beaty bought in
Peru, Chile and Argentina all those years ago. They’re all considered normal and even
bonus grade these days.
 So if VCU is about to set upon a path of rolling up these low grade big tonnage deposits
in BC Canada, they’ll be looking to do other deals of the same ilk as UNV last week.
Here we note that SURG is a close neighbour, run by the same type of “market savvy”
C-suite and is now on a par with VCU’s pro-forma market cap.
That’s the roadmap, happy to hear thoughts from you guys.
Kirkland Lake Discovery Corp (KLDC.v): From IKN769 last weekend:
“…if the market decides that an exploreco story with a market cap of less than C$10m,
large concession holdings in one of the best jurisdictions possible and the money to
run a drill program in 2024 is what it wants for a spec on gold, we may see new
buyers in the next four to six weeks.”
Make that four to six days:
21

Okay, so volume wasn’t great and once that early Monday burst of activity at 11.5c was done
action was paper thin. But a win is a win and even if KLDC drops a couple of pennies in order to
find buyers, it would still represent a good start to the year. The other thing to mention about
this company, aside the deep Rolodex insiders Denis Laviolette and Vincent Dubé-Bourgeois
represent (as mentioned last weekend) is that company Head Honcho Danièle Spethmann is
well-regarded in the exploreco and geology worlds and has plenty of friends with high-traffic
publications and newsletter outlets. If this company gets traction it will not go undetected by
the Canadian newsletter world and at these low market cap levels (even after the 40% added
so far in 2024), that means potential upside.
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
Argentina: Barrick’s Glacier Law lobby
It’s not just the high Andean porphyry copper projects that will benefit from a change in
Argentina’s Glacier Law under the new Milei government and to show why Barrick is so keen on
the changes happening, here’s Argentina’s trade paper Minería & Desarrollo (‘Mining and
Development’ for your small Spanish lesson of the day if required) on the latest from Barrick’s
majority-owned producing mine in San Juan province, Veladero (translated) (14):
“According to a communiqué seen by Minería & Desarrollo, phase /B of the leaching
platform, previously delayed, will be completed this year and plans have started for
Phase 8. This will reinforce the baseline for another year of production growth in 2024
and extend the mine life from (the current official) two years to ten years.”
That sort of mine life extension doesn’t just happen because a company has found a novel way
of getting an extra 5% recovery from its feed or is about to tap its low-grade stockpile. It
happens when a mine gets more resource and in the case of Veladero, there aren’t any secrets.
We’ve known the mine has extensions to its current mineralized zone for many years, but we
also know it runs under a peri-glacier zone at high altitude and under the current mining law,
Barrick and its Chinese friends are allowed to mine it. So here’s Mark Hill, Mark Hill, Barrick COO
for LatAm and Asia Pacific, to explain how recent changes in the Argentina government has
improved Veladero’s prospects:
“We are optimistic that the new administration wants to promote mining investment
with a clear rulebook and a stable national economy. We will continue to work closely
with both Federal and local governments, using the collaborative model that has
worked well for Barrick in other jurisdictions.”
Translation: We expect to mine Veladero for another ten years as soon as this new government
gives us the permission to do so. That took a knock when the Milei “Omnibus Law” package
was rejected in the surprise move we reported on in last week’s edition (also see below), so the
mining lobby still has plenty of work to do.
Argentina: No more bus trips
A brief update on the state of play in Argentina, after the hit taken to Javier Milei’s Omnibus
Law and the fall-out (which included the sacking of Flavia Royón as Mining Secretary (Minister)
in an act of revenge by Milei). Most importantly, Milei’s new strategy is to let the “mega
package” of law reforms die. He will instead try to push his agenda by passing executive
decrees where possible (15), then sending single law projects to Congress to get his reforms in
piecemeal style. On secondary level, we still have no new Mining Secretary in Argentina, with
the political rumourmill naming four possible candidates. However, there’s also a feeling that
the job may be an unpopular one for the people Milei would most want.
Putting two and two together, the “mining lobby” (Barrick et al) will surely want Milei’s plan to
alter the Glacier Law to be one of the first piecemeal changes he goes for in the current
legislative period. In the meantime, the counter-attack of Milei opposition is beginning to take
22

shape with national strikes now planned by unions and traditional Peronist entities. Don’t think
for a moment that Milei is going to have this easy, with or without his desired V-shaped
recession/recovery.
Peru: A new Mining Minister
The Dina Boluarte presidency is a little over a year old (quick reminder, she was Veep and she
took over from the incarcerated Pedro Castillo when he tried to close Congress in late 2022,
since then she’s moved rapidly to the Right), but she’s already been through no fewer than 47
different ministers and last week, she kept that ignoble record going last week with another
reshuffle that saw changes in four ministries. The one that got the most attention (16) was the
change in the Ministry of Economy and Finances, as one Jose Arista replaced the outgoing Alex
Contreras just days before the country announced its 2023 GDP reading was negative 0.55%,
the worst year for Peru’s economy for the last 30 years. But for us the headline comes from the
appointment of Rómulo Mucho as the new Minister of Energy and Mining. Once upon a time
Mucho was a mining engineer, but after briefly serving as Mining Veep Toledo government
developed a taste for politics. He’s run unsuccessfully for Congress, he’s been a political rent-a-
quote on mining for many years and has always coveted the role he’s now been given. His
political line is pro-mining (in other worlds that goes without saying, in Peru it’s worth stating
out aloud, just in case) and from an orthodox, neoliberal, free market standpoint. He’s also
about as insightful as a wet lettuce and will annoy people on both sides of the argument.
Case in point his first interview after becoming MEM last week (17) in which he said that the
highly controversial Tia Maria project owned by Southern Copper (SCCO) should go ahead,
went over the technical data of investment and environmental controls, then noted that
significant community animosity toward the project still exists and that work still needs to be
done to bring locals onside. All true of course, but he handed pro-project headlines to
newspaper editors all over the country who quickly trumpeted he was “For Tia Maria” and the
project “Will” happen, which in turn annoyed the deep anti-mining sentiment in the Arequipa
region and that zone (due to the number of local people killed by police in previous protests
against the mine…don’t think for a second that will ever be forgotten by the very people SCCO
needs onside to get its social licence). A better Q&A happened later week in Peru’s main
business daily Gestion, headlined (translated) “Rómulo Mucho: “Unblocking projects is my
priority, that’s why I’ve been brought in.” (18). The interview centered on his plans to
accelerate the permitting process and bring more social and community acceptance to mining
projects in Peru.
This desk wishes Señor Mucho fortune but isn’t holding its breath. He’s been on the scene
forever, is a known quantity and all the talk in the world can’t hide the lack of political and
social capital he truly wields. Peru isn’t about to make some giant trend leap forward as long as
Dina Boluarte (popularity rating now down to 8% and there are no numbers missing in that
percentage) is President and that’s very true for mining, one of the few sectors that the
seething angry provincial population can directly affect. We are likely to see bureaucratic
improvements and indeed, this week saw the country green light the U$2Bn growth project for
the massive polymetallic Antamina mine. That approval is 2/3rds of the U$3Bn in mine project
green lights that Peru promised for this current quarter and while certainly welcome, is low-
hanging fruit when it comes to permit approval (a large mine with a long history of operations
wishing to expand in order to stay open, but this type of add-on project are all the country has
and currently, there are zero new large mine projects in the advanced development stage
waiting to be built.
Mexico: More on the AMLO open pit prohibition project
A follow-up on the news that began on February 5th when President Andrés Manuel López
Obrador, known to the world as AMLO, sent his mega-package of law bills and proposed
changes to the country’s Constitution to Congress. As per last week in IKN769 when covering
the news, we’re not going to go into the details of wide-range of law projects here, but it’s well
worth recognizing that our project of choice, Article 27 that proposes the banning of new
concessions for both hydrocarbons and open pit mining so with that in mind here are three
points and the most important is the third:
23

 Unsurprisingly, the “Mexico To Ban Mining” (with or without three exclamation marks)
stories did the rounds over the week as the world’s mining experts decided to magnify
the negative for their own sweet reasons. Therefore we repeat that even under the
worst of circumstances, the project would stop the awarding of new concessions
earmarked for open pit mining. No throwing babies out with the bathwater, please.
 All the same, this desk is not underestimating the potential negative impact of this
project if it became law. Neither is Mexico’s mining sector and last week saw plenty of
mining chambers, industry associations and voices add to the ones we mentioned last
weekend on the potential negatives. One new argument put forward last week was
how copper mining would be one of the metals most affected by such a prohibition and
as such, Mexico would be shooting itself in the environmental foot by banning what’s
set to become a critical metal ingredient in the energy transmission process.
 Now the dust has settled on the news, the consensus is that any ban on new open pit
concessions isn’t going to happen. Commentators who are looking at the entire
package consider this article as one of the sacrificial lambs AMLO will use to assuage
his opponents and get other parts of his reform package through Congress.
That final point is true even among AMLO supporters, who are under fewer illusions about the
chances of this article becoming law than anyone reading the English language polemic
produced last week. Take for example Aideé Tassinari Azcuaga, economist, environmental
activist (with a particular penchant for the effects of open pit gold mining in Mexico and
occasional columnist in the Left-leaning Mexican national daily La Jornada. Here’s part of what
she wrote last week in a column (19) on the subject full of anti-mining adjectives that make her
political position crystal clear:
“The probability that this initiative (i.e. Article 27) is approved is low. Legislators from
the PAN and PRI parties among others showed in April 2023 that they share the same
ideology as the mining barons of Mexico. This annoying line of how extracting metals
guarantees development.”
She’s right about that. Back in April 2023 AMLO tried to push through a similar bill, only for it to
die in committee and just because this article comes as part of a larger package doesn’t mean
it’s going to be more successful. In reality, AMLO (a smart politico if ever there was one) is
looking to Article 27 as one of his bargaining chips, one that he’ll allow to fail as long as
“something else” on his long list of reforms gets the green light. Indeed, if you read the text
(translated) of the law bill, it says this of open pit mining (20):
“It is clear that open pit mining violates human rights by affect the right of a healthy
environment and the right to good health. The most significant effect are seen in
communities and populations close to the areas of these projects, putting them in a
situation of vulnerability and inequality.”
The type of highly contentious wording that both lawyers and politicians blow holes through for
a living and opponents to the AMLO bill will be able to point to no end of examples where open
pit mining operations have berough benefits and prosperity to local communities. As with so
many mining-related issues in Mexico (and LatAm in general for that matter), the negative
headline on the blueprint or desire for a change that doesn’t suit the industry is easy to find,
but the eventual nothing burger it becomes fails to make the news. Bottom line: Don’t sweat
this latest AMLO announcement, but we need to recognize that it’s going to be used as a
“reason to avoid Mexico” by the casual observer and, as such, is a negative until proven
otherwise.
Market Watching
Amerigo Resources (ARG.to): Gone but not forgotten
It’s been a month since we swapped out Amerigo Resources (ARG.to) for the new position in
Marimaca (MARI.to) and so far at least, the decision has paid off:
24

We went for MARI because 1) its price at the time looked like a punctual opportunity and 2) it’s
a more speculative pick than ARG, so the risk/reward balance allows for a smaller position in
monetary terms (and allowed me to keep some of the cash from the ARG sale in treasury, but
that’s my personal portfolio management issue). However, this small update isn’t to play toot-
toot on my own horn, instead we’re considering a couple of things about ARG:
1) The company is set to report its 4q23 and 2023 YE this Wednesday, February 21st
before the open. The ConfCall happens the next day at 2pm ET and get your link for
that here (21).
2) As the chart above tried to indicate, ARG has an established tendency to react when
copper moves above or below the U$3.80/lb line. As copper just managed to re-take
the U$3.80/lb line, that dynamic is now in-play.
Here below is a chart of the last six months that tries to prove this point and though it’s a bit
busy (and we can argue about the exact trigger point being U$3.80/lb or not), there’s a case
here. We also know the company itself has identified U$3.80/lb as one of its key levels for
income as it would be able to start the share buybacks above that level (then add in bonus divis
if copper moves back over U$4.00/lb and stays there).
We should also be clear that these moves don’t tend to be massive and the staid, conservative
business model that awards long-term holders with regular dividends behooves itself to more
muted market responses (it’s why I switched over to MARI, after all). But trigger points are
trigger points and I personally wouldn’t bat an eyelid if ARG adds another 10% to its Friday
close of C$1.30 as long as copper stays above the U$3.80/lb waterline, indeed copper wouldn’t
even need to threaten the U$4.00/lb level for that share price to reoccur.
Bottom line: ARG is tradeable going into its 4q23 earnings this week.
25

Fortuna Silver (FSM) (FVI.to) at a buyable level
This on FSM from IKN769 last week and the brief note “Back to square one”:
“Any further weakness can now get confidently bought and if there’s some
sort of crash, there’s now a low risk trade available.”
We didn’t have to wait long. FSM dropped with the market on Tuesday to as low as U$2.74,
then bounced with the market on Thursday when the retail sales number largely negated the
effects of CPI (see today’s intro), but then brought its own negative when announcing its
reserve and resource numbers for YE 2023 on Thursday afternoon. See the NR for the mine-
specific breakdown, but on a consolidated year-over-year basis:
 Proven & Probable Mineral Reserves are down 11%
 Other Measured and Indicated Resources are down 19%
 Inferred Resources are down 22%
Those are sizeable drops for a mid-level operator with a multi-mine operation. On this the
company said, (quote), “Primary drivers for changes in Mineral Reserves and Mineral Resources
are production related depletion in 2023 of 452 koz Au Eq and the application of higher cut-off
values as a result of increased operational costs.”
Depletion and the type of long-term cost hike that bites into grade cut-off levels, not a good
combo and by the end of last week FSM had lost another 2.1% while GDX lost 0.4%. The
Resource/Reserve news would have hit the company price hard if it hadn’t been for the 2024
guidance, published along with the 4q23 production number in January, in which FSM
announced unexpectedly large capex budgets for sustaining capital. That-thing-is-indeed-like-
this thing, as we already knew FSM was investing in the drillbit at many of its mines to improve
resource and reserve levels (with San José something of a separate case, that mine needs
permit awards to expand into known areas of extra resources). Long story short…
…the NR took the edge off FSM’s rebound and over Thursday and Friday, it lost another 2% to
the GDX benchmark. FSM had another tough week last week and its image as one of the
weaker links didn’t help on Tuesday (see the out-sized drop above compared to GDX. Then the
reserves/resources NR wasn’t good news but its effects had already been telegraphed, last
week was tantamount to confirmation and as such, there’s no reason for that extra 2%
discount, either.
FSM hasn’t set a date for its 4q23 and YE financials yet, but they normally arrive in mid-March.
The market seems to have decided to ignore the rear-view mirror and hates FSM for its 2024
guidance which is fair enough, but our model still predicts a record revenue quarter thanks to
Séguéla and the company will be able to talk up the effects of its new mine on 2024, as well as
the improvement already seen at Yaramoko and the work done at Lindero to improve grade
and strip going forward. With so much bad vibes and news baked into the stock and the current
price (U$2.80 to U$2.90 has held as a strong floor level on several occasions already), this is
one that may surprise to the upside the week of its YE report. Personally speaking I’m going to
sit it out, as it’s way too cute to sell a junior only to buy it back a month later at a slightly lower
price (and it has to be said, my personal antipathy for its management team colours my
opinion…I’m human after all, not just a number-cruncher). But that’s just me and the set-up for
26

nimble money looks right here, FSM is priced at dumpster levels it does not deserve. And one
more thing; I say that if they do the right cosmetic thing and drop that word “silver” from the
corporate title, they’ll make the company more buyable. “Fortuna Metals”, Fortuna Precious
Metals” or even go the whole hog and re-name to “Fortuna Gold” will more accurately reflect
the future of this company and attract more instos, particularly now that San José is under
threat of depletion. Argue with me about that one if you like.
Sandstorm (SAND) (SSL.to) and its debt
Last week brought a brief reminder as to why I gave up on Sandstorm Gold Royalties (SAND)
(SSL.to) as a valid alternative in the royalty/streamer segment. The company reported its
annuals last week and once you strip away the “record income” (unsurprising) and look at the
underlying financials, its bloated balance sheet is indicative of its underperformance.
Exhibit A: The SAND liabilities and financial debt, as SAND in its literature last week trumpeted
how it had reduced its cash debt and how it planned to work on it further by selling between
$40m and $100m of “non core assets” this year. Firstly this raises the question as to why a
royaltyco bought the assets in the first place (in their game you’re supposed to collect royalties,
not distribute them to others in exchange for cash). Secondly, look at the numbers:
SAND: Liabilities Breakdown per qtr
600
550
500
450
400
350
300
250
200
150
100
50
0
27
51q1 51q2 51q3 51q4 61q1 61q2 61q3 61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4
U$m
LT liab
current liab
source: company filings
Most of that total is the bank debt, which stood at U$435m as at end 2023. That’s down from
U$497.5m at end 2022 which is an improvement, but not by much and it’s sky high for a
company this size. However, what that chart doesn’t include is the interest paid on the debt
principal, which amounted to a cool U$35.72m in 2023 (U$10.223m of that in Q4). Chew those
numbers over while you consider the SAND net profit of U$42.7m in 2023.
Back in late 3q22 when SAND lumped on this debt, this desk pooh-poohed the SAND C-suite’s
talk of “quick pay down without any further share dilution” and that’s proven to be the case.
Even in a best-case situation it’s going to take at least three more years to get financial debt
down to a healthy level for this size of company and until such time, it’s an easy avoid. Too
much of its gross profit goes to the bankers (who pay the sell-side analysts, who tell you it’s a
great company…but that’s probably a coincidence).
SSRM Mining (SSRM): Copler environmental permit withdrawn
The failure at SSRM Mining’s (SSRM) Copler mine in Turkey last week got plenty of news
coverage, so aside from hoping against long odds
that the nine workers buried by the enormous
landslide are found safe and well, we’ll leave the
facts of the event aside. Though a little crass while
human lives are in the balance, our task on these
pages is to attempt to identify potential trades so
the following notes four points on a hard-nosed
financial level, with this ten-day price chart adding
a little illustration:

1) The beating taken by SSRM shares last week is understandable. Not only is Copler around
200k of this year’s 600k oz production guidance, but the company was relying on Copler to
drive its production growth on its five year plan and estimated nearly half of production to come
from the mine by 2027.
2) Expect further downside this coming week, as over this weekend Turkey’s Environment
Ministry announced (22) “…it is cancelling the environmental permit and licence held by
Anagold Madencilik, the Copler mine operator that is 80% owned by SSR.” According to the
Ministry, the permit withdrawal was due to the the knock-on effect of a landslide that was not
contained and flowed over the heap leaching zone and toward the local river system (23). This
combination contravened the terms of its EIA with the government. We also know that eight
members of the SSRM team at Copler have been detained by authorities pending its
investigation and that the operations manager may be in serious trouble, as the collapsed zone
was photographed with large cracks appearing just hours before the disaster occurred. Though
the workforce was evacuated, leaching operations continued (i.e. liquid added to tailings and
leach pads) and the nine workers now trapped under the slide were sent back in to monitor the
situation. All those events may come back to haunt the company at its highest levels.
3) However, SSRM doesn’t look in existential danger from the Copler disaster on a strict
financial basis. Here’s the latest balance sheet reading (soon to be updated) and…
…while there is debt on board, the assets sheet carried plenty of liquidity and they should
managed to ride this storm. That will put a floor in its share price at some point, just don’t ask
me where.
4) Not until this coming week, anyway. SSRM is due to report its Q4 this Wednesday February
21st and the company has said it will provide more details on the state of play at Copler during
its Conference Call that same day. That CC will be one of the most interesting ones of the week
and I hope the normally supine Canadian sell side anal yst community make an effort to ask a
few pointed questions of the C-suite, as well as follow-ups if they don’t get enough information.
Finally, though some Turkish op-eds and commentaries have called for “Mines To Be
Nationalized” in light of the events at Copler this week, along with several complaints about
foreign mining companies coming in to Turkey to rape and pillage the land without leaving true
benefits to its citizens, up to now the government line has been to take this disaster as a
28

standalone event and not paint all mining operations in the country with the same brush.
Another reason to consider Eldorado Gold (EGO (ELD.to) this week as a potential rebound
trade.
Conclusion
IKN770 is done, we end with bullet points:
 Along with my own planned trades in Pan Global (PGZ.v) and SolGold (SOLG.to), then
the trade ideas in El Dorado (EGO), Fortuna (FSM) and Amerigo (ARG.to), a final
reminder that Equinox Gold (EQX) also has a good looking set-up and being long that
one personally, I’ll be looking for a good cost number from the YE filing plus bullish
guidance from the company at the ConfCall. It traded well last week.
 As for copper, it’s been good not to be too exposed to the metal so far this year and to
have kept some powder dry, but I was always going to put money where mouth was at
some point and today’s the day. A little earlier than expected, but that’s all right and
our task is to play the hand that is dealt. Buying PGZ.v, adding some SOLG.to.
 This whole “Mexico To Ban Mining” thing is way to shrill in the gnlish speaking world,
time to dial it down and add some reality into the debate.
 It may not be the most important section of The IKN Weekly, bit I’m thoroughly
enjoying the TinyCaps basket so far this year. Plenty of interesting stories unfolding
among that ten, others may join thrm at the year gets older.
 As for tomorrow Monday, take the day off. You deserve it.
 But avoid Bolivia and Colombia. Seriously. Not joking.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
Footnotes, appendices, references, disclaimer
(1) https://www.cnbc.com/2024/02/13/cpi-inflation-january-2024-consumer-prices-rose-0point3percent-in-january-more-
than-expected-as-the-annual-rate-moved-to-3point1percent.html
(2) https://13f.info/13f/000153641124000002/compare/000153641123000008
(3) https://polaris.brighterir.com/public/solgold/news/rns/story/xze09lx
(4) https://www.newsfilecorp.com/release/198149
(5) https://www.miningnewsnorth.com/story/2024/02/16/news-nuggets/delivering-more-gold-for-fort-knox-
growth/8397.html
(6) https://www.hellenicshippingnews.com/copper-slips-on-interest-rate-worries/
(7) https://www.hellenicshippingnews.com/copper-on-track-for-biggest-weekly-gain-in-seven-months/
(8) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2603-tsx-venture/qccu/155901-qc-copper-
intersects-opemiska-style-mineralization-along-cooke-robitaille-corridor-confirming-opemiska-resource-expansion-
potential.html
(9) https://ngexminerals.com/news/ngex-obtains-conditional-approval-to-graduate-to-t-122756/
(10) https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2024/Eldorado-Gold-
Produces-485140-Ounces-of-Gold-in-2023-With-Strong-Fourth-Quarter-Preliminary-Gold-Production-of-143166-
Ounces-Achieves-2023-Production-Guidance-Provides-Conference-Call-Details/default.aspx
29

(11) https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2024/Eldorado-Gold-
Produces-485140-Ounces-of-Gold-in-2023-With-Strong-Fourth-Quarter-Preliminary-Gold-Production-of-143166-
Ounces-Achieves-2023-Production-Guidance-Provides-Conference-Call-Details/default.aspx
(12) https://services.choruscall.ca/links/eldoradogold2023q4.html
(13) https://vizslacopper.com/news-releases/vizsla-copper-announces-acquisition-of-universal-copper/
(14) https://mineriaydesarrollo.com/2024/02/15/podrian-extender-de-2-a-10-anos-la-vida-util-de-veladero/
(15) https://www.ambito.com/politica/sin-ley-omnibus-el-gobierno-busca-avanzar-la-desregulacion-la-economia-
decretos-n5946393
(16) https://www.reuters.com/world/americas/perus-president-replaces-economy-energy-ministers-2024-02-13/
(17) https://gestion.pe/economia/minem-romulo-mucho-el-destrabe-de-proyectos-es-mi-prioridad-para-eso-me-han-
traido-ventanilla-unica-digital-san-gabriel-santa-maria-toromocho-noticia/?ref=gesr
(18) https://www.gedisa.com/autor.aspx?codaut=1410
(19) https://www.lajornadamorelos.mx/opinion/prohibicion-de-la-mineria-a-cielo-abierto-en-mexico/
(20) https://mineriaydesarrollo.com/2024/02/16/presidente-mexicano-propone-prohibir-la-mineria-a-cielo-abierto/
(21) https://www.amerigoresources.com/_resources/news/nr-20240116.pdf
(22) https://www.mining.com/ssr-mining-svp-is-latest-company-figure-detained-over-mine-disaster/
(23) https://www.cumhuriyet.com.tr/turkiye/erzincanda-coken-altin-madeni-sirketi-anagold-madencilikin-lisansi-2176392
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
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
30

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
31

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
32

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.
33