IKN #781Premium

The IKN Weekly
Week 781, May 5th 2024
Contents
This Week: Trade heads-up, In today’s edition, Fifteen years.
Fundamental Analysis: Red Pine Exploration (RPX.v): opportunity knocks.
Stocks to Follow: Western Copper (WRN.to), Minera Alamos (MAI.v), IMPACT Silver (IPT.v).
The Copper Basket: Overview, Los Andes Copper (LA.v), Faraday Copper (FDY.to), NGEx
Resources (NGEX.to), American Eagle (AE.v).
The Producer Basket: Pan American (PAAS), Barrick (GOLD), Wesdome WDOFF) (WDO.to)
The TinyCaps Basket: Overview, Palamina Corp (PA.v), Surge Copper (SURG.v).
Regional Politics: Panama José Raúl Mulino wins.
Market Watching: Three sales and two purchases (Adventus Mining (ADZN.v), SolGold
(SOLG.to), Equinox Gold (EQX), Orecap Inv Corp (OCI.v), Pan Global Resources (PGZ.v)).
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
Plenty of portfolio movement this week, with three sales to replenish the personal portfolio
treasury position, a couple of purchases to draw it down again and a new stock added to the
Watch List. Here are the moves and in the week ahead I plans to make the following trades:
 Selling Equinox Gold (EQX)
 Selling SolGold (SOLG.to)
 Selling Adventus Mining (ADZN.v)
 Buying Orecap Invest Corp (OCI.v)
 Adding to Pan Global Copper (PGZ.v)
 Opening coverage on Red Pine Exploration (RPX.v)
Details of the first five are in Market Watching, while our opening coverage on RPX.v is today’s
main fundies analysis.
In today’s edition
 A spring clean to celebrate the 15th anniversary of The IKN Weekly, with three sales
and two purchases planned.
 Today’s main event opens coverage on Red Pine Exploration (RPX.v) as a new member
of the Watch List. RPX which has been the centre of market attention recently, due to
the increasingly strange newsflow from the stock that culminated on Wednesday with a
NR that dumped the stock by over 60%, week-over-week. That’s the fundies section.
 We do some work in The Copper Basket on the conflicting signals coming from the
market about the metal’s price direction. Overall, I’m good about my call for a near-
term price ceiling around here, even some weakness, with a leg up toward U$5.00/lb
and beyond as we move into the second half of the year. It’s time to get positioned.
 That’s about all this week, as aside from the trade decisions I’ve been concentrated on
getting the Red Pine analysis right. No big intro, not much in the way of stock notes.
1

Fifteen years
This editon marks 15 years since the start of The IKN Weekly, which is a lot of weekends
writing words into a computer screen about junior mining. Here’s to the next fifteen.
Fundamental Analysis of Mining Stocks
Red Pine Exploration (RPX.v): opportunity knocks
Today’s main fundies note opens coverage on Red Pine Exploration Inc. (RPX.v) (RDEXF) a
small gold exploreco working the Wawa project in Canada that’s been in the news recently.
However and as noted in other places of today’s issue, we’re not a buyer of RPX.v stock just
yet, instead the plan is to put the company on our Stocks to Follow Watch List and from this
weekend, pay close attention without buying any shares. Hopefully, today’s note will explain
why and to do so, we present the case under the following subjects:
 Back story to the Wawa project
 Project overview, its resource and potential
 Company financials
 Recent corporate happenings
 Discussion and conclusion
There’s quite a bit to get through in order to get a handle on the potential offered by RPX, as
well as the obvious risks and why we’re going to hold fire before any proactive trade decision.
So for the TL:DRs in the audience, all you need to know this weekend is “we’re going to watch
developments closely and perhaps buy some this
year”. Meanwhile, for those with enough of a
masochistic streak to read every word, here we
go:
A potted history of the Wawa project
There’s quite a back story to the Canadian
focused Red Pine Exploration and its the Wawa
gold project, located in the Michipicoten
Greenstone Belt zone near the eponymous town
of Wawa, Ontario. We’re not doing it all, but will
will cover two main aspects.
Firstly, it’s a historic mining zone that saw small-
scale mining for over a hundred years, until its
final ounces were extracted and the camp
dismantled in 1988. This map of the concession
area (right) highlights eight old workings and
targets, all of which put in either shafts or stopes
in order to access the high-grade, shear hosted
gold system. Though high-grading, it was always
small-scale mostly manual UG mining, neither
was it the most prolific of mining areas and this
table below, taken from RPX literature, shows
the reported number of ounces mined from each of those zones:
The zone highlighted in red on the map that includes the
Surluga, Jubilee and Minto mines is a focus of attention, but the
Parkhill zone to the South saw the most gold extracted in historic
operations. Also please notice the reported historic grades, this is
one of the reasons Wawa has held the attention of the mining
world (and mine) for all these years.
2

Secondly, an outline on the ownership of Wawa in modern times. We could go back further,
instead we start in 2009 with a three way agreement between Augustine Ventures, Red Pine
and Barry Sherman, one of the richest men in Canada at the time from his pharma, chemical
and real estate business. Here Sherman used his dedicated mining privco, Citabar, and in 2009
the three agreed to a JV to develop Wawa, with Augustine and Red Pine holding 30% each and
Barry Sherman via Citabar holding 40%. This JV continued until late 2015, when Augustine and
Red Pine merged and became 60% owners, as well as having a ROFR on the 40% still held by
Citabar. Then came drama in late 2017 when Barry Sherman and his wife, Honey, were found
dead in their home in December that year, one of the most (in)famous homicide cases in recent
Canadian history and killings that remain unsolved to this day. We’re not going down that
particular rabbit hole, but will state for the record (and to put a stop to some very silly social
media conspiracy theories that popped up last week) that it’s extremely, as in EXTREMELY
unlikely the untimely deaths of Barry and Honey Sherman are connected to anything gold mine,
anything Wawa or anything to do with this particular business venture. For what it’s worth,
when researching the company many years ago I spoke with connections who knew Mr
Sherman on a public and private level, they told me he was certainly passionate about Wawa
and its prospects, but he considered it more a hobby and an interesting side gig, it wasn’t part
of his day-to-day business life and on the grand scale of things, it was a very minor part of his
empire. However, Mr Sherman was adamant about its prospects as a project and was keen on
holding his 40% of the JV, he viewed it as a coattail on mining pros who would eventual unlock
the project and turn him into the 40% owner of a big gold mine.
After the untimely death of Mr. Sherman in late 2017, it so happened that I visited the project
in mid-2018 and wrote up on the visit in IKN476, dated July 8th 2018 (copy on request, you
know my mail address). Aside the rain and the core shack, what I saw was a very large
concession area with a all-but blind resource, infrastructure left over from historic mining and a
project that was clearly prospective but also geologically complicated (and we’ll return to that
subject, an important piece in the current puzzle). After mulling over the potential of buying
what was at the time a pre-consolidation 6c stock, the decision was to watch on the sidelines
and wait as (and to quote that report a little), “…it’s not a project or a company I’m in a rush to
own. That said, be clear that there is a lot to like about RPX…” I was also clear about the
disadvantages of the company only owning 60% of the project and so was RPX at the time.
Management told me they were already in talks with the executors of Sherman’s estate over
Citabar and hoped to gain 100% control of Wawa in the near future, with a best guess of “end
2018 or 2019.” As it turned out, RPX managed to claw a small 3.3% extra ownership a first and
had to wait until 2021 before consolidating the project and getting 100% control. That
happened in March that year and came with a structural reorganization of the company, with a
big financing to buy out the Citabar remnant and add some working capital and a 10-for-1
share rollback.
We can sum things up so far with a price chart, 2018 to date (below). As well as the three
annotated arrows, you may also note how RPX failed to move up with the rest of the sector in
2020 in that famous post-Covid rally. The consolidation of 100% ownership of Wawa and the
refi to allow accelerated development, along with new instos buying in, brought new focus to
RPX and the name was picked up by a couple of sell side brokerages. For a while optimism
reigned and the stock got a boost, but when things didn’t improve immediately new selling
began and in the bear market backdrop of 2022
and 2023, RPX suffered along with the rest of
them. That brings us to today and the final arrow
on the above chart, the “recent fun” and news
last week that dumped the stock to this
weekend’s share price of 7.5c, a new historic low
for RPX. We’ll get to the reasons for this below
as it’s central to this story and why RPX is going
on the Watch List, but first we run a quick’n’dirty
on the Wawa project and what we know to date,
then a reasonably brief overview of the company
3

structure and financials. After that, we get to the juicy bit.
The Wawa project, its resource and potential
We’ll start with the project-wide 43-101 resource as it stands today:
At just over 4mt total and all-categories contained gold of just over 700k oz, this isn’t the
biggest resource in the world so far. However, that count is almost certainly long out of date,
because the numbers date back to 2018 and 2019 published resources on just two zones.
Here’s right is the breakdown as per the latest corporate
presentation (right) and you see that nearly all the gold is
contained in the Surluga target and specifically one shear
zone, named Jubilee. The nearby Minto target adds an
extra 100k oz at higher grades, but for a concession of
this size with multiple defined targets, that’s a narrow
range for its current 43-101 resource.
As for Surluga, that resource is centered on the area of an
old mine shaft that goes down around 300m (6 levels),
with 95% of the reported resource no deeper than 350m.
There’s plenty of room for expansion even at this target,
and with the work that’s been done with the drill since then the resource is bound to expand. In
2021, RPX finally got 100% control of the project (see below) and since then has put around
76,000m into Wawa, with most of that going into the Surluga and Minto area. As for results,
we’re not going to tot up every single interesting return today but in global terms, we’ve seen
drills hit at lower levels of the main Jubilee shear zone, we’ve also seen new areas such as
Surluga North, Minto B and Sadowski open up and show good numbers in grade, with less
impressive widths. We could continue, but this is overview stuff today we’ll wrap up by saying
that the company was scheduled to deliver a resource update this year, but recent events may
put that plan on hold. Even then, there’s clearly a lot of extra drilling and development required
at Wawa before RPX gets a real handle on its resource and any resource update this year is
best understood as one of those “snapshot in time” events.
Company financials
We don’t delve too deep and keep it mostly to balance sheet items, but do enough to glean
useful insights into the way RPX and the Wawa project has developed over the years. Here are
the overview asset and liability charts, dating back to when the company first popped up on my
radar in 2018.
RPX.v: Assets, per qtr 16
14
12
10
8
6
4
2
0
These are very straightforward numbers, so just a couple of notes:
4
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ
$m RPX.v: Liabilities per qtr 3
fixed 2.5
other current
cash 2
1.5
1
0.5
0
source: company filings
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ
source: company filings
srallod
fo
snoillim
LT liabs
current liabs

 RPX runs a financial year to July 31st, instead of the standard Dec 31st. No biggie, but
explains the months on the X-axis
 Development costs are expensed, so the only real change to assets is when cash arrives and
is then spent.
 It’s easy enough to spot the pick-up in activity after the March 2021 consolidation and
structural changes,
 Liabilities are small, even duiring its most active drilling period accounts payable never went
above C$2.5m. We like this.
The two charts below focus on the important bit, cash and the company burn rate. Here’s it’s
easier to see that RPX was doing the minimum amount before April 2021, then where the cash
injections came with 2021 and 2023 seeing multiple raising and so forth (e.g. the sale of a
1.5% NSR to Franco-Nevada for $6.75m), as well as the clear burn rate as the company puts
those funds into the ground. With C$7.746m as at end January 2024, we expect cash will be
down close to zero by the end of October this year, as such the company is likely to go back to
market for an equity placement. Our guess is they raise C$5m or so but it’s just that, a guess.
12 RPX.v: Cash treasury per qtr
11
10
9
8
7
6
5
4
3
2
1
0
The other place its development shows clearly is
shares outstanding, which jumped after the re-
structuring in April 2021 and since then, has kept
on jumping. Currently 190.7m S/O, we’re
guesstimating this goes to 230m before the end of
this year. Finally, these charts below show what
RPX has been doing with the money. It doesn’t
capitalize, but a bit of reverse engineering with
the financials notes gives a clear idea of project
spend. The cash expensed to the Wawa project
(below left) has one big column in April 2021
when the re-structuring brought the remaining
37% of ownership into the company, it also acts
as a before/after watermark as spend increased notably once the company had funds and
backing to do so.
5
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ se42.rpA tse42yluJ se42.tcO
source: company filings
srallod
fo
snoillim
11 RPX.v: Working Capital per qtr
10
9
8
7
6
5
4
3
2
1
0
-1
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ se42.rpA tse42yluJ se42.tcO
source company filings
srallod
fo
snoillim
New RPX.v: Shares Out
250
225
200
175
150
125
100
75
50
25
0
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ se42.rpA tse42yluJ se42.tcO
source: company filings
serahs
fo
snoillim
RPX: Expensed to Wawa, per qtr
210.1 645.0 337.0 277.0 583.0 181.0
925.21
389.1 507.1 695.2 306.3 928.3 173.2 221.2 766.1 787.2 919.2 587.2
14
12
10
8
6
4
2
0
91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ
C$m RPX: Wawa cumulative spend, per qtr
100
90
80
70
60
50 40
30
20
10
0
source: company filings
91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ
C$m
source: company filings

Meanwhile, the cumulative spend started ratcheting up from the same moment and as at end
January 2024 stands at C$84.926m. Presumably, backers would like to get all that money back
(around 44c/share) from the development and advancement of the project one fine day.
Recent corporate happenings: We’ve done some background, we’ve done a very basic look at
the resource, we’ve considered the company financials. Now it’s time to get to the meat of
today’s analysis, as there’s real reasons why I might have followed this stock for nigh on six
years but only think it may become a live trade now. Your actors in this story are:
 Gold producer Alamos Gold (AGI) (WGI.to)
 Gold producer Wesdome Gold (WDO.to) (WDOFF)
 Ex-CEO of RPX Quentin Yarie
 Incoming CEO Michael Michaud
 New director of RPX Alice Murphy
 Last week’s retraction NR
Let’s begin with the activity seen in
mining in this region of Northwest
Ontario and this map, taken from the
latest RPX presentation (as with a lot of
RPX literature recently withdrawn and
not available on site, but if you want a
copy send me a mail), is a good place to
start (right). To help get your bearings,
please note the location of Sault Ste
Marie some 225km to the South, the
inter-lake town just North of the
Canada/USA border, then 330km to the
East the famed mining city Timmins. Also
note in passing that Timmins and its
environs (the Abitibi Greenstone Belt,
Porcupine/DestorCdillac fault systems
etc) is known these days as “Agnico
Eagle Country” that big company holding a quasi lockdown on what goes on there. Seeing
Alamos Gold (AGI) first set up shop and then expand in the region to its West is notable on a
long-term strategic level.
Actor Alamos Gold: As we believe AGI is a principle actor in the unfolding story of RPX in
2024, let’s cover its regional activity and deals it has struck, which started when AGI paid
U$770m to buy the Island Gold mine from Richmont Mines in 2017. This has turned out to be
an excellent deal for AGI, securing a small but world class asset that has delivered on the
promise it had of large and high grade resources at depth. Bolstered by the success at Island
Gold, AGI has consolidated its presence via other deals:
 2019: AGI buys 19.9% strategic positions in RPX and Manitou Gold
 2020: AGI pays $25m for Trillium Mining, principally for its large mineral claim block
contiguous and to the East-South East of its Island Gold concession
 2023: After watching Manitou Gold atrophy, AGI buys out the exploreco and its own large
mineral claim block contiguous and wrapped around the the Island Gold/Magino Mine
region, paying just $14m
 2024: In its most recent move, AGI has announced the friendly deal to buy the Magino
mine from Argonaut Gold in the deal that values Maingo at C$436m (U$327m approx).
We looked at closely in IKN776 dated March 31st. Once again and tellingly, AGI watched
from the sidelines as its close neighbour struggle with financial issues and saw its share
price decimated by bad financial situation, eventually picking up Magino for a fraction of
its true asset value.
That’s a long list and let us remember, even after being diluted down by recent placements AGI
is still a 13.5% strategic shareholder of RPX. Now for some other pieces in this puzzle.
6

Actor Wesdome Gold: The next player in our story is Wesdome (WDO.to), owners of the
Eagle River mine just to the West of Wawa and RPX’s project. As much of the geology at Eagle
similar to that of Red Pine at Wawa, with the gold in quartz veins hosted in shear systems, it’s
no surprise that it has kept a close eye on progress (or lack thereof) at Wawa, something the
recent corporate changes make clear.
Actor Quentin Yarie: The CEO of Red Pine for many years, Yarie was active in his role until
the start of 2024 and was out and about promoting the company in the way CEOs do as late as
January 2024. Then out of the blue, this NR dropped in February (1):
Toronto, ON, February 21, 2024 – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red
Pine” or the “Company”) announced today that Quentin Yarie has stepped down as President &
Chief Executive Officer of the Company. Paul Martin, the Chair of the Board of Directors of the
Company (the “Board”), has as assumed the role of Interim CEO.
That was a surprise and got me looking at RPX again, as you never really know what’s going on
behind the scenes. It was odd that a CEO who had held the role for nine years would leave so
abruptly and for what it’s worth, the now ex-CEO of RPX has also left as director as at April
22nd. That’s when the next news dropped.
Actor Michael Michaud: On April 22nd we learned this (2):
Toronto, Ontario (April 22, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red
Pine” or the “Company”) is pleased to announce that Michael Michaud will be joining Red Pine as
its President & Chief Executive Officer and as a member of its board of directors (the “Board”).
This was when I sat up and really started paying attention to RPX this year, dusting off the old
files and updating Excel sheets. According to the NR Michaud would take up his new role of
President, CEO and director of RPX on July 19th, in other words he was giving three months’
notice to WDO in his current job of Senior VP Exploration and clearly leaving on good terms. As
the driving force behind the geology work at Wesdome since 2017, it was Michael Michaud and
his team that first transformed the Eagle mine into the moneymaker it is today, then cast new
eyes on Kiena and did the work to bring it to where we are today, on the cusp of production
from the Kiena Deeps high grade zone that promises to transform the production at WDO once
again. But it’s Michaud’s work at Eagle which most interests this desk, as he’s done impressive
work to unlock the complicated geology there and prove up resources that have quickly turned
into strongly profitable mined ounces of gold. Seeing him accept the role of CEO at RPX did
several things for this desk:
 A geol of Michaud’s caliber was willing to take on RPX for the potential prize it offered
 Michaud, as a local to the zone, would be intimately aware of the history of Wawa Project
 He is one of the few geols who would be able to go in and apply his experience to its
own difficult geology, shear zones and hosted quartz veins, in order to unlock the
resource and hang together a profitable mine plan
 This time, as CEO of the company, he’d be working for its own garlands
 Most importantly, he may have his own reasons to leave WDO and perhaps the departure
of Duncan Middlemiss before him was a factor, but he had no active reason to leave a
successful and high-paying post at WDO. Most likely, the challenge of the rocks and the
potential for personal and financial success was enough to tip the balance.
 Finally and importantly, Michaud would have asked and got a direct answer as to why
Quentin Yarie suddenly resigned from his job in February. No way would he have
accepted the role without a satisfactory answer
We’ll circle back to that last point below, first we have other matters to cover.
Actor Alice Murphy: Now things get really interesting, as a week after the announcement of
the new and incoming CEO and just one week ago, this news dropped (3):
Toronto, Ontario (April 29, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red
Pine” or the “Company”) is pleased to announce the appointment of Alice Murphy to its board of
7

directors (the “Board”) effective April 29, 2024. Ms. Murphy has also been appointed as Chair of the
Audit Committee.
Further down the same NR, this:
Pursuant to the terms of the Investor Rights Agreement between Red Pine and Alamos Gold Inc.
(“Alamos Gold”) of December 20, 2019, Alamos Gold has the right to nominate one person for
election to the Board provided it owns at least 10% of the issued and outstanding common shares
of the Company.
Back in late 2019 when AGI came in as a strategic (paying a pittance for its 19.9% position,
now slightly watered down to 13.5%), part of the deal was the right to nominate a director of
its choosing for the RPX board. Please note that Alamos decided not to use that right all
through 2020, 2021, 2022 and 2023 but when CEO Yarie left and it announced the arrival of a
top level geologist out of area rival Wesdome, it took just one week for AGI to pull the trigger
and exercise its right. So we know Ms Murphy will be the eyes and ears of aGI from now on,
but we’ve also learned that as well as her professional qualifications and experience, she has a
close personal connection to AGI Chair Paul Murphy.
In the opinion of this desk, the chances of Ms. Murphy as a new director of RPX not being a
catalyst for the latest NR (4) out of the company, just two days after her arrival and the news
that sent its share price cratering last week, are somewhere between slim and none. Here’s that
NR in full…
Toronto, Ontario (May 1, 2024) – Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) (“Red
Pine” or the “Company”) reports that it has discovered inconsistencies in certain assay results
from the Wawa Gold Project which were previously publicly announced by way of press releases
and which may also have been disclosed or used in certain other disclosure documents, such as
the National Instrument 43-101 Technical Report for the Wawa Gold Project dated June 21, 2023.
Accordingly, the Company hereby withdraws all its previously announced assay results for the
Wawa Gold Project and advises that such results, and the disclosure that such results are based
on, should not be relied upon.
The Company is conducting a detailed review and comparison of the assay results from the
Wawa Gold Project with the Company’s disclosure documents in order to identify and quantify the
extent of any incongruities. The Company is in the process of retaining a qualified independent
firm to assist with and to supervise the Company’s review to determine the nature and extent of
any inconsistencies in the reported assay results and to subsequently provide an independent
view on the overall impact of such inconsistencies in respect of the mineralization of the Wawa
Gold Project.
The Company will keep the market updated as further information becomes available.
About Red Pine Exploration Inc.
…and here’s what it did to the RPX share price:
Splat. From 21c and a market cap of C$40m last weekend to 7.5c and a market cap of C$14.3m
today, RPX hit a wall on high volume selling and quite right too: The contents of this NR are
bad news for any exploreco, RPX is no exception as when any of a company’s assay results are
called into question at a later date, it casts a shadow but in this case things seem particularly
bad as RPX is withdrawing ALL results for the Wawa project, including those that form part of
its 43-101 compliant resource and technical papers. That also means in theory that those
shareholders who bought into private placements and have lost money in this company (i.e.
most of them) may have legal recourse to recover losses, plus of course we have Franco-
8

Nevada (FNV) somewhere in the background that spent $6.75m on its 1.5% NSR (with an
eventual option to go to 2%); all those fund raising events at RPX may come back and bite the
company hard. That’s why investors ran for the hills on reading last week’s news and why even
at this weekend’s 7.5c close, there may be further downside and pain to come.
However, we now have a sequence of events that require careful consideration:
 February 2024: A CEO of nine years’ standing suddenly leaves under somewhat
mysterious circumstances. The outside world scratches its collective head
 April 2024: A high quality replacement is found in Michael Michaud, hailing from
Wesdome and with a strong reputation in geology, mine planning and with deep
expertise in the type of geology found at RPX Wawa. The outside world likes the news
 April 2024: A new, Alamos-picked director arrives, with AGI suddenly caring about its
right to nominate a director after over three years of sitting on the sidelines as a passive
strategic shareholder
 May 2024: Two days after the AGI nominated director arrives, RPX issues its assay
results withdrawal news and the stock price craters.
We’re also talking about AGI, a company with a track record of collecting assets in this very
region of the world. And a company with a track record of happily waiting it out and only
moving on targets once they have come under price pressure and are distressed. And a new
director with a sharp eye for numbers and details, as well as a close personal relationship with
the Chair of AGI. What’s more, we can add in anecdotally off-record comments about the way
in which AGI CEO John McCluskey goes about negotiating with mining world peers; he’s known
to be an absolute expletive deleted when it comes to deals.
A scenario for the present and future at RPX
I stated at the start of this analysis that I was not a buyer of Red Pine Exploratino (RPX.v) yet,
but it would go on The IKN Weekly Watch List and into the Stocks to Follow list as from next
weekend because this is now a very interesting case. Here come a series of brief paragraphs
with the moving parts of this puzzle, we’ll draw them all together at the end so following the
bouncing ball, ladies and gents:
Wawa has been geologically interesting for a long time, but so far at least there hasn’t been
that magic “aha!” moment that unlocks its geological potential. This is a geologically difficult
project, almost totally blind at surface and with underground quartz veins hosted in large shear
zones. So far at least it has resited efforts of the RPX team to put together a resource with the
necessary size, widths and contintuation to make it economically mineable and therefore
attractive to a potential buyer.
Since retaining 100% ownership of Wawa and under CEO Quentin Yarie, RPX has put 76,000m
into its main targets in the space of three years. That’s a lot of core, a lot of QA/QC and it
would be truly devastating to have all those results nullified. It would signify long-term and
deliberate falsification of results and be full-scale scandal.
CEO Yarie left in abrupt and slightly mysterious circumstances. Knowing what we know now,
that adds an extra layer of doubt and even suspicion to last week’s news. If there were
something particularly nefarious going on over the long-term, you’d need a CEO to control
results and you may also see him suddenly quit before the truth is revealed. This profile fits.
However, the arrival of Michael Michaud casts a different light on matters. This highly
experienced and peer-approved geol probably relishes the challenge of unlocking Wawa. He’ll
be aware of the project’s history and know the players. There is absolutely no doubt that he
would not have accepted the position before asking and getting good answers about the
departure of ex-CEO Quentin Yarie. He must have been told enough to satisfy his own doubts
and would not ahev given up on a plum job at WDO otherwise.
That leaves two possible paths: If Michaud was told the truth, he will stay on and take up his
job in July. If it turns out the RPX people lied to him about the reasons Yarie left or what’s been
9

going on inside RPX, he has time before July 19th to change his mind and back out. Therefore,
we on the outside have a clear indicator of the severity of the issues faced by RPX: If Michaud
takes up the job, the geological issues are either minor or they are deemed fixable without
much problem by the incoming CEO. But if he backs out, this company’s shares will become
radioactive in seconds.
So without any special knowledge but having profiled the players and considered the unfolding
situation, let’s assume that Yarie left because he was getting nowhere and the board ran out of
patience. Or he left because questions started showing up about a batch of previous results. Or
both.
Let’s then assume Michaud was either targeted as the next CEO before Yarie left, or was picked
as a successor by a board that ran out of patience, or both (the exact time sequence isn’t so
important). Whether pre or post facto, RPX like the idea of bringing in a world class geological
brain to freshen up the company C-suite and apply his experience of similar rocks at Eagle to
collate and bring together a workable and theoretically profitable told, clearly and openly,
about the issues.
NB: Please note that for this scenario, we must assume RPX didn’t lie to Michaud, tell him
half-truths or cover up the problems around Yarie’s departure. If they did, we expect
Michaud will back out and that would be a death knell for the stock price.
Therefore, we assume Michaud knew what he was letting himself in for. He knew there was
some-or-other doubt about some-or-other of the previous assay results, he weighed the
evidence and severity, he decided he’d take the job anyway. If so, the issues are either minor
of fixable, but they’re not enough to put Michaud off from taking the job and that’s the
important thing. With this assumption, RPX is a good news story but it also implies that Michael
Michaud was good about RPX keeping the assay issues under wraps until his arrival, at ewhich
point he’d be able to New Broom the company, issue some sort of omnibus correction on his
arrival and make a smooth transition into what he wanted RPX to do and to become under his
watch.
However and to quote Robert Burns, the best laid schemes o’ mice an’ men gang aft agley. We
now assume AGI threw a spanner in the works. Let us supposed RPX didn’t expect AGI to use
its right of director nomination, suddenly and without warning after three years of remaining
passive and on the sidelines. Let’s suppose AGI wasn’t keen about seeing a Wesdome guy
move in on a junior in its fiefdom and that Mcluskey & Co recognized that Michaud’s arrival
could do great things for the stock if he managed to solve the geology puzzle and drill a few big
hits, so they added Chair Murphy’s friend Alice Murphy to the board, effective April 29th. Once
she arrived as director, the board would be obliged to explain the situation about Yarie’s exit
and the assay issues, and she, as representative of AGI and close to its Chair Paul Murphy,
would see an advantage to her true ally. She would be able, quite rightly, to insist that the
assay issues were reported to market immediately and suddenly, a company with a desire to
make itself the king of this West Ontario region, a reputation of playing hardball M&A and a
penchant of picking up rivals when their share prices get hit by wrecking balls (for more, see
Manitou and Argonaut) would be able to watch as its target’s share price cratered.
Discussion and conclusion
At this stage in my life, there are a whole bunch of things in which I don’t believe:
 The tooth fairy
 Santa Claus
 Benevolent boards of directors in junior mining companies
 Majors with the best interests of juniors at heart
 Coincidences in a sequence of news releases
When a CEO leaves an exploreco after many years of development at the same project without
warning, you keep an eye on what happens next. In this case, we do make a lot of assumptions
and suppositions in the above sequence and I don’t expect to get it absolutely right, but what
10

we do have is a mix of characters and moving parts that make RPX into an interesting potential
trade now that its price has crashed to new lows.
 CEO Yarie left suddenly and without warning for a good reason. We don’t know what it was,
but way that doubts are now surfacing about drill assays makes for coincidental timing.
 Incoming CEO Michael Michaud agreed to his new position for good reasons. They are easier
to guess, as he’s a top class geologist and these rocks are in his academic, geological and
geographical ballpark. He has the brains trust unlock Wawa and make it into a success and
he’ll probably relish the challenge of doing for himself what he did for others at Wesdome.
 Alamos Gold woke up and suddenly decided to use its right to a director at RPX for good
reasons. We don’t know what they are, but we can guess (see above) and as it’s a company
that likes to play M&A hardball, picking up a project in its backyard with a 43-101 resource
and plenty of exploration potential for a deeply discounted price would suit it nicely.
 Just two days after the arrival of the AGI appointed director, RPX announced the withdrawal
of all previously announced assay results for the Wawa Gold Project. If Alive Murphy’s arrival
isn’t directly connected to that disclosure, I’m Chinese*.
So if we put all this together, there’s clear potential for a trade in RPX. If the clouds of doubt
dissipate, RPX doesn’t face serious legal issues with stakeholders and the company then goes
on under its new CEO to solve the difficult geological puzzle and start hitting wide intercepts of
economic gold to add to the current resource, it will be worth many multiples of its current
price once it’s sold to the highest bidder. However at this stage there’s a lot of risk involved and
cheap as the stock price may be, there are a lot of ways it could become a lot cheaper.
Therefore RPX becomes a Watch List stock as from next weekend in order to monitor iots
progress closely, as it’s the type of story I’d be very comfortable about buying into at double or
triple its current 7.5c share price once the existential doubts that have surfaced in the last few
days are addressed.
We don’t know exactly how we got to this point, but there’s certainly some sort of corporate
battle going on in the background and until that’s settled, it’s going to be a very high risk trade
proposition. In order for that risk to drop, we see three key points:
1) Michael Michaud must confirm and start as new CEO, as planned. If he backs out
you’ll never see a bigger red flag on a project or company, so until this piece of the
puzzle is confirmed, yea or nay, there’s no trade in this stock. In my opinion he will follow
through and will become the new CEO, but the risk of being wrong exists and there’s no
reason in trying to second-guess this point and putting cash at rserious risk.
2) RPX should come out with more details on the issues with previous assays and
whether they are a material risk to the future of RPX. We remind readers that RPX plans
include an updated resource at some point this year, it’s now clear that needs to happen
in order to life any doubts about published drill results and the current 43-101 numbers.
3) RPX has to refinance at some point this year, that’s probably going to be an equity
placement so a lot will depend on the price, the terms and which current investors buy
into the deal (e.g. AGI upping its participation on advantageous terms)
While the second is preferable before Michaud takes over, it’s not certain to happen. As for the
third, a lot will depend on the price action between now and then, so the price window is as
likely to dictate the amount of risk compared to reward as anything else. However, the first
piece is a vital element, as if Michaud walks away we on the outside will know the assay issues
are very serious, of the type that sinks companies and no matter how good Wawa is or turns
out to be, we need to under stand that we retail players aren’t buying the project, we’re buying
shares in the company with the project and that company can go under, no matter what
happens to the asset in the years to come.
Bottom line: After following the fortunes of Red Pine Exploration (RPX.v) for sic years, it’s time
for it to become an active trade target for The IKN Weekly. We add it to the Stocks to Follow
11

list as a Watch List component and if the right news comes along, we’re a buyer on the back of
the new CEO and the potential he shows in turning a lackluster performer into a real winner.
*Full disclosure: I’m not Chinese.
Stocks to Follow
A messy, negative week wiuth just two winners (NCAU.v, ERO.to) to report from our list of 18
stocks, four others remaining unchanged (ADZN.v, MIRL.cse, OCI.v, PAU.cse). That means 12
losers and I’m not listing them all, but will say that most of those weren’t bad losses and if it
weren’t for two stocks, I would have left the week relatively unscathed. However, those two
stocks exist and the hits taken by IMPACT Silver (IPT.v down 20.3%) and Contango ORE (CTGO
down 10.2%) made the difference. Western Copper (WRN.to) down 7.0% didn’t help matters,
either. So the relief that came from the continued strength in Newcore (NCAU.c up 12.1%) was
well received and helped mitigate the damage.
There are changes coming in next weekend’s list, but today we’re still at 18 open positions and
two under the self-imposed maximum. Eleven of those are in the green, one is unchanged and
six are in the red but at this stage, only SolGold is a cause for true underwater pain in 2024.
Overall, the portfolio has responded well to the metals rally, which is what it was supposed to
do. Good.
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$0.32 52.4% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Equinox Gold EQX SELLING U$4.42 30-May-23 U$5.38 21.7% taking mediocre profit
Rio2 Ltd. RIO.v BUY C$0.80 22-Apr-18 C$0.46 -42.5% Momentum now building
SilverCrest Met SILV STR BUY U$6.90 31-Mar-24 U$8.31 20.4% Quality silver/gold producer
SolGold SOLG.to SELLING C$0.22 19-Feb-23 C$0.17 -22.7% selling sad loser
Pan Global Res PGZ.v ADDING C$0.19 19-Feb-24 C$0.185 -2.6% Adding 3rd time, very cheap
Marimaca Copper MARI.to BUY C$3.05 14-Jan-24 C$3.85 26.2% Quality Cu developer
Western Copper WRN.to BUY C$1.57 26-Feb-24 C$2.00 27.4% M&A trade,placement annoying
IMPACT Silver IPT.v SPEC BUY C$0.315 14-Apr-24 C$0.255 -19.0% Silver spec trade, risk/reward
Adventus Mining ADZN.v SELLING C$0.305 7-Jan-24 C$0.44 44.3% selling on the buyout, good win
Contango Ore CTGO STR BUY U$18.70 30-Jul-23 U$19.18 2.6% Production re-rate in Q3
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.325 58.5% Cheap Au in West Africa
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.86 19.4% Patience still required
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$28.51 50.5% Hi-quality but no longer cheap
Orecap Inv OCI.v BUYING C$0.065 31-Mar-24 C$0.06 -7.7% Buying good Ore Group arb
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.08 -5.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.20 -68.3% 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
12

Now for notes on some of our covered companies. However, due to the number of changes
planned n our anniversary spring clean, the notes on the two planned purchases and three
planned sales for the week ahead are down in ‘Market Watching’. Here’s the list you’ll find there
and not here:
 SELLING Adventus Mining (ADZN.v)
 SELLING SolGold (SOLG.to)
 SELLING Equinox Gold (EQX)
 BUYING Orecap Inv Corp (OCI.v)
 ADDING Pan Global Resources (PGZ.v)
Western Copper & Gold (WRN.to): The stock
came off its sugar high rush of last Friday and
trsded down along with market sentiment last
week, but there was positive news about the
placement as on Monday it announced Rio Tinto
would exercise its matching rights in order to
maintain its overall percentage share position in
WRN, then on Tuesday the company announced
the closure of the bought deal with the
overallotment fully taken. Once the RTZ shares are
closed (due tomorrow Monday), that means WRN
has raised a cool $51m in gross proceeds from what
was announced as being a $40m placement.
Minera Alamos (MAI.v): We had two items of news from our Top Pick last week, with first
the company reporting its 4q23 and year-end financials, then second a long note detailing the
projects in its new Minera Copper initiative. Howeverr, neither managed to move the share
price much andas such, I’ve decided to hold off from an analysis this weekend and wait four
weeks. That’s because 1) MAI will soon reports its 1q24 quarter as well, due the end of this
month and 2) the Mexican General Elections happen on June 2nd and we can cover those in
detail on the same day. So a raincheck on a MAI update but the unresponsive share price
means there’s no hurry and we can do a more complete job later.
IMPACT Silver (IPT.v): My heart sank when I saw this news (5):
IMPACT Silver Corp. (TSX-V: IPT) (OTC PINK: ISVLF) (FSE: IKL) (“IMPACT” or the “Company”)
is pleased to announce a non-brokered private placement financing (the “Offering”), pursuant to
the listed issuer financing exemption (LIFE) of National Instrument 45-106 Prospectus
Exemptions (“NI 45-106”) and other private placement exemptions under NI 45-106. The LIFE
portion of the Offering is referred to in this news release as the “LIFE Offering”. The Company
intends to raise gross proceeds of up to $3,200,000 from the sale of up to 11,428,572 units (the
“LIFE Units”) at a price of $0.28 per LIFE Unit, and up to $3,000,000 from the sale of up to
11,111,111 standard private placement units (the “Standard PP Units”) at $0.27 per Standard PP
Unit. Each LIFE Unit will consist of one common share of the Company and one half common
share purchase warrant (each whole such warrant, a “Warrant”), with each Warrant entitling the
holder thereof to acquire one common share of the Company (a “Warrant Share”) at a price of
$0.34 per Warrant Share for a period of 24 months from its date of issue. Each Standard PP Unit
will consist of one common share of the Company and one full Warrant, with each Warrant
entitling the holder thereof to acquire one Warrant Share at a price of $0.34 per Warrant Share for
a period of 24 months from its date of issue.
A share, a half or full warrant, a share price
that dropped like a stone and sure enough,
we saw “mysterious” selling the day before
the announcement as well as after the news,
the way all sketchy self-serving juniors do
(right). This is one of the main risks of trading
these small silver stocks run by small-minded
C-suites, the run them for their own benefit
and not for people like us on the outside. The
13

decision to go to market wasn’t fueled by a desperate lack of cash, it’s more about the faxct
that they could and therefore guarantee their own salaries and benefits while the Plomosas
mine ramps up. However, and this is the most annoying pasrt of all, the mere fatc that IPT’s
self-serving management decided to run this discounted placement doesn’t invalidate my own
trade theory and I’m forced to amdit that, while underwater, it’s just as likely to make me
money as long as silver runs through U$30/oz and does what many think it’s going to do as
2024 rolls out. For sure it’s starting from a lower baseline now, but I went into this trade with
eyes wide open, knowing that the C-suite would more likely be a liability to battle against than
an asset to help my shares along. That’s proven to be the case. I also got this mail from reader
CP regarding the IPT coverage from last week and got permission to add it into this weekend’s
edition:
Hi Mark. I'm just wondering what your take is on how zinc may perform over the next couple of
years. Will inflation drive it up with copper etc? Will a USA recession hurt it much? Any thoughts
appreciated. I hope they can get Plomosas going smoothly soon and maybe even find something
exciting silver wise. I do believe zinc is likely to become a larger % of their total production than it is
now.
I'm asking because of the IPT placement. These days, a full warrant at a price not far off of current
market is very tempting and difficult to come by, so I'm planning to participate. But I agree IPT is
not "all that" and I've got too much already.....due to them doing stupid cheap placements with well
priced full warrants!
I reread your analysis in IKN778. FWIW, I noticed a couple of errors in the paragraph detailing the
warrants. The 35 cents ones from April 2023 placement expire in 2025 (not 2024), and the ones
from last December's 17 cent placement are priced at 22 cents (not 20). I think you know this
about the 35 cent ones as you also (later paragraph) mention them expiring in a year....so just FYi
Firstly, thanks for spotting the errors in the warrants details CP, you’re right and I’m wrong.
Now for the reason to reproduce this mail, as while the performance details of IPT at Plomosas
may or may not be a factor in the year to come and therefore, the price of zinc may become a
factor for top line income, it’s really not the reason to own this stock. In the same way that last
week’s painful placement news whacked the price but did not invalidate the house theory on
owning this stock, so IPT isn’t here as a fundamentally sound investment on its likely or
potential production growth on a year-over-year basis.
This trade is a about the price of silver, no more and no less. I’ve picked IPT out of the bunch
as a way of adding leverage to the metal because:
1) It’s a producer, so will attract attention earlier than the average small exploreco
2) It has a track record of sharp moves when silver runs higher
3) It attracts speculators and will feed on new volume coming into the stock price
To say I’m agnostic about the fate of this company is an understatement, as Fred Davidson and
his C-suite care as much about the well-being of his shareholders as I do about the lifestyle he
runs on the back of the shares I’ve purchased. If you want a real silver company with quality
operations that deserve a close fundamental analysis and adjustments on changes in its
production mix, buy SilverCrest. Or perhaps MAG Silver, but you shouldn’t buy IPT then get
concerned about its zinc exposure or whether the ramp-up at its newly acquired 80tpd mill
operation in the North of Mexico goes well. We’re here to take advantage if/when silver
suddenly spikes to U$35/oz, therefore I can only say that if you like the placement terms and
think silver’s going to run, the price being offered and the half warrant bonus is a darned better
price than I got in April.
If you like silver and have the tolerance for risk, this is a great entry price at U$26/oz silver and
will look even better if silver re-takes U$28/oz in the week to come.
The Copper Basket
After eighteen weeks of 2024, The Copper Basket shows a gain of 10.51% to level stakes:
14

company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.to 7.16 186.824 1696.36 9.08 26.8%
2 Solaris Res SLS.to 4.13 179.221 942.70 5.26 27.4%
3 Marimaca Cop MARI.to 3.43 93.11 358.47 3.85 12.2%
4 Los Andes LA.v 11.80 29.53 307.11 10.40 -11.9%
5 Hercules Silver BIG.v 1.38 231 191.73 0.83 -42.0%
6 Arizona Sonoran ASCU.to 1.75 109.17 152.84 1.40 -20.0%
7 Aldebaran Res. ALDE.v 0.89 169.819 146.04 0.86 -3.4%
8 Oroco Res OCO.v 0.375 222.86 133.72 0.60 60.0%
9 Faraday Copper FDY.to 0.63 175.97 119.66 0.68 7.9%
10 American Eagle AE.v 0.26 108.87 75.12 0.69 165.4%
11 Kodiak Copper KDK.v 0.58 63.93 28.45 0.445 -23.3%
12 C3 Metals CCCM.v 0.61 61.885 24.14 0.39 -36.1%
13 QC Copper QCCU.v 0.12 173.7 22.58 0.13 8.3%
14 Element 29 Res ECU.v 0.18 106.25 16.47 0.155 -13.9%
15 Camino Min COR.v 0.07 206.66 13.43 0.065 -7.1%
NB: All stocks in CAD$ Portfolio avg 10.51%
The Copper Basket 2024, weekly evolution
Three week-over-week winners in our Copper 20%
18%
Basket (CCCM.v, AE.v, QCCU.v) and two 16%
14%
unchanged stocks (ECU.v, COR.v) from our list of
12%
15 and you’ll note, they’re all from the bottom 10%
8%
end of the market cap list. It also means ten 6%
4%
losers on the week (NGEX.to, SLS.to, LA.v, 2%
0%
MARI.to, BIG.v, ASCU.to, ALDE.v, FDY.to, OCO.v,
-2%
KDK.v) and that list includes the only double -4%
-6%
figure percentage mover, Faraday Copper
(FDY.to down 15.0%). Overall, a negative week
as copper and its stocks retreated a little
But only a little. This chart shows the ramp
move from the U$4.20/lb or U$4.30/lb level
at the start of last month, with the futures
contract topping out and almost U$4.70/lb
early last week. We’d been calling for a
potential correction in the last couple of
editions and it finally showed up, but by
adding in a red line at U$4.50/lb it shows
that the correction wasn’t so deep. As I’ve
been playing Chicken Little (a little) from
around this level and for a while, there’s still
no real sign of a retrace.
That was a long way of saying that I don’t know what I’m talking about and this current level
may hold, may break down or might even become the platform for new highs and if it were up
to Goldman Sachs, it would be the latter option. On Thursday, the Vampire Squid updated its
forecasts for copper and here’s how Reuters reported on the event (6):
May 3 (Reuters) -Goldman Sachs upgraded its year-end target on copper to
$12,000/T, from $10,000/T, citing the copper market's path into scarcity and
expectations of a larger deficit, it said in a note on Friday. Goldman Sachs also raised
its copper full year forecast average price to $9,800/t from $9,200 previously, and
retained average $15,000/T in 2025, according to the note.
"Our latest supply demand estimates point a 454kt metal deficit for this year (vs 428kt
deficit previously) and 467kt metal deficit for 2025 (vs. 413kt deficit previously)," the
note added.
15
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam
source: IKN calcs

You may be surprised to know that according to Cochilco (and they know), the average copper
price for the first four months of this year is U$8,734/tonne, or just over U$3.96/lb. Therefore,
in order to get to the new GS target of an U$9,800/mt average for 2024 copper now has to
average 10,155/mt for the rest of the year, or U4.460/lb spot. That’s above the current spot
price and essentially means GS sees price going higher as the year rolls out, with a 2024 exit
price of an eye-popping U$5.44/lb.
Also last week in macro news, Tuesday saw the publication of the regular International Copper
Study Group (ICSG) monthly press release (7) and while we don’t always featured it, this
edition had interesting comments about the state of the copper market. Once more, weak
demand is in the frame:
“World refined copper balance projections indicate a surplus of about 162,000 metric
tons for 2024 compared with a surplus of about 467,000 metric tons that it forecast last
October. That difference is because of lower-than-anticipated refined copper
production. It also is forecasting a surplus of 94,000 metric tons for 2025.”
It may be lower than after its last meeting in October, but unlike the Vampire Squid the ICSG
predicts a surplus this year rather than a deficit. The main difference between October and now
is the close down at Panama Cobra, now baked into most models, but ICSG also points to a rise
in recycling as a price headwind. So let’s make a call on this, because we know they cannot
both be right. We know for certain that GS is aggressively bullish about copper and has been
that way for a couple of years, we also know the ICSG tends to the conservative and almost
always forecasts supply surpluses. Therefore, it makes sense that the truth lays somewhere in
between and if I had to make a call, it would be leaning towards the GS side rather than that of
the ICSG, because the current market is driven more by financial speculation than true end user
demand and the money people will have a better handle on that sentiment. So call me crazy,
but I also think we’re going to see U$5.00/lb+ prices in the latter part of this year. It won’t be
tomorrow, though.
That said, we finish today’s macro copper section with some bearish jungledrums doing the
rounds in the copper world. Word is that China, the world’s biggest user (by far) of the metal, is
planning to export up to 100,000 metric tonnes of (what it says is) surplus copper and dump it
into LME warehouses. The thinking is straightforward; it would signal the market that demand
is nowhere near as strong in the country as many assume and as the world’s biggest consumer
(by far…did I mention that?) would like prices to go down, rather than up, a move like this
would likely cave copper spot prices. For what it’s worth, this is one of those stories that does
the rounds on occasion that’s best taken with a pinch of salt, because if you hear about it then
it doesn’t tend to happen. However, it’s worth a heads-up on these pages, if only to prepare or
discount the news.
It’s now time for our regular copper inventory data segment, data from Chilean copper
beancounters Cochilco.
 The aggregate of the three official inventory systems total 420,217mt 429,498 metric
tonnes (mt) this weekend, down another 8,439mt from this time last weekend and
making an aggregate drop of around 30kmt for the last two weeks. Notably, the drop in
stocks is being driven by LME Europe.
 The Shanghai SHFE was closed for the second half of last week for May 1st Workers’
Day celebrations, but to April 30th we saw a slight increase in stocks to 288,340mt, a
thin 842mt higher than IKN780. It’s a nothingburger data point this week, the real
change will register next weekend.
 The big drop was again at the LME, down 7,250mt and that was all about Rotterdam
and the 7,350mt drawdown there. Asia LME houses rose by 4,550mt with Taiwan
taking 3,250mt of the total. This weekend’s closing number for LME copper is
111,300mt as we drop back toward the 100k line again.
16

 The Comex total dropped by its now customary thousand-and-bits tonnes, this time
1,313mt to close at 21,419mt. No biggie.
The dedicated SHFE chart shows the lack of movement in the thinker black line for 2024
compared to other years. With the May Day celebrations now behind us and China entering one
of its more focused business periods of the annual cycle, we should see the drop start to kick
in. If not, our suspicions of weak end user demand get more evidence to back them up.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
17
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2024
2023
2022
2021
2020
2019
source: Cochilco data
Now for notes on some of our basket stocks:
Los Andes Copper (LA.v): Head of LA investor Queen’s Road Capital, Warren Gilman
resigned from the La board last week (8):
Vancouver, BC - Los Andes Copper Ltd. (“Los Andes” or the “Company”, TSX Venture
Exchange: LA, OTCQX: LSANF) announces that Non-Executive Director, Warren
Gilman, is stepping down from the Board due to other business commitments. Warren
will become a Senior Advisor to the Board and remains actively supportive of the
Company.
We understand the reason is NexGen (NXE.to), as that larger company also has Gilman on its
board and received pushback from certain quarters in the run-up and vote count for its AGM
this year, saying that Gilman was on too many boards and could not provide enough value if he
spread his time this thinly. As a result, Gilman decided to eschew this board though, on the way
out, he bought a few extra shares for his own position as
some sort of message of confidence.
Faraday Copper (FDY.to): FDY has been on a fairly wild
ride recently and, even though this two month chart shows
the general direction is North, the selling last week was
steeper and on reduced volume.
Friday also saw FDY report its quarter and unlike many
other explorecos, I think the financials are related to its
switchback share performance. The clues are in the balance
sheet and if you check out the assets and liabilities…
FDY.to: Assets, per qtr
60
55
50
45
40
35
30 25
20
15
10
5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
$m FDY.to: Liabilities, per qtr
4
fixed 3.5
other current 3
cash
2.5
2
1.5
1
0.5
0
source: company filings/IKN ests
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings/IKN est
srallod
fo
snoillim
LT liabs
current liabs

…then separate the cash and consider the rate at which it’s being drawn down at the moment…
FDY.to: Working Capital per qtr
…it’s pretty obvious that FDY will need to
raise cash soon. How it does that will go a
long way to deciding whether the upward
momentum will continue. With 176m and
change in current shares out we’re due an
equity placement and if I had to guess, I’d
expect the company to raise around $20m,
perhaps $25m, and take the share count to
around 230m.
NGEx Resources (NGEX.to): This Lundin-driven junior announced another big hole last
week, with a headline (9):
NGEX DRILLS 509 METRES AT 1.33% COPPER EQUIVALENT AND 328 METRES AT 1.10%
COPPER EQUIVALENT AT LUNAHUASI, CONFIRMING EXTENSIVE PORPHYRY-RELATED
STOCKWORK MINERALIZATION IN ADDITION TO EXTENSIONS OF PREVIOUSLY
REPORTED HIGH-GRADE COPPER-GOLD-SILVER VEINS
and that’s their choice of a paragraph for a title and block caps to boot, not mine. The long cuts
of strong grades got a glowing reception from the social media peanut gallery but I couldn’t
help but wonder how this rock fits in with the
overall strategy at NGEX: While certainly
“geologically interesting”, this new stockwork target
sits deep and would need either serious stripping or
a separate block caving operation to access the
metal, neither of which sit with the current scenario
of developing the low grade high tonnage Los
Helados (on the Chilean side of the border) and
pimping its grade with the high grade near-sruface
Lunahuasi mineralization, as already discovered.
You cannot blame NGEX for drilling this target and
the results show more evidence of an exceptionally
strong system at Lunahuasi, but to a large extent
we knew that already. So after the coos and wows
from the social media watchers, NGEX failed to rally on this NR and dropped with the rest of the
sector as the week turned negative. That didn’t surprise so much, it’s going to take a lot more
than deep drilled new stockwork to move this high market cap much higher.
18
185.3
506.0
674.51
288.11
246.6
823.62
626.02
557.81
497.21
432.7
5.1
40
35
30
25
20
15
10
5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source company filings/IKN ests
srallod
fo
snoillim
40 FDY.to: Cash treasury per qtr
35
30
25
20
15
10
5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings/IKN ests
srallod
fo
snoillim
FDY.to: Shares out (m)
8.69 3.79
5.221 0.321 3.321
3.571 0.671 0.671 6.671 6.671
0.032
250
200
150
100
50
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings, IKN ests

American Eagle (AE.v): One of the reasons I’m buying OCI in the days to come, AE had a
volatile week, traded as high as 74 on Thursday and finished at 69c, then announced its Charity
Flow Through placement had been upscaled from $5m to $8.2m (10) and will now sell
7,884,615 charity flow-through common shares at C$1.04 a pop. We’ll adjust our share count
on the above table once it’s closed, then the drills should start turning again by the end of this
month for what is now a fully funded program and then some.
The Producer Basket
After 18 weeks of 2024, the Producer Basket shows a gain of 9.21% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 46.86 40.66 -1.8%
2 Agnico Eagle AEM 54.85 497.971 32.39 65.04 18.6%
3 Barrick GOLD 18.09 1756 28.90 16.46 -9.0%
4 Franco-Nevada FNV 110.81 192.119 23.68 123.25 11.2%
5 Pan American PAAS 16.33 364.439 6.65 18.25 11.8%
6 Lundin Gold LUGDF 12.64 237.68 3.19 13.42 6.2%
7 Hecla Mining HL 4.81 617.768 2.93 4.74 -1.5%
8 Eldorado Gold EGO 12.97 202.472 2.90 14.31 10.3%
9 Dundee PM DPMLF 6.43 183.278 1.42 7.75 20.5%
10 Wesdome Gold WDOFF 5.83 148.95 1.09 7.33 25.7%
All prices and stock quotes in U$ Port. avg 9.21%
Somebody stole the punch bowl. After five weeks of growth and good results, we hit a real
downweek and our list had just one week-over-week winner, so a cheer for Franco-Nevada
(FNV) resuming its defensive role and returning a thin, 0.3% gain. Another worthy shout-out
goes to Agnico Eagle AEM), down just 0.7% as its peers sunk nastily. We didn’t go into much
depth about AEM’s 1q24 results last weekend in IKN780 but we did enough to show how well
its margins have held up over the years of growth and that “commendable result” was
rewarded at market last week. Please note how AEM now has a market cap advantage of
U$3.5Bn over Barrick, at the start of this year GOLD was worth five billion dollars more than
AEM…an impressive reversal of fortune.
But FNV and FNV are the exceptions, the rule last week was losses in the Tier 1/Tier 2 producer
world with gold down 1.7% (GLD proxy) GDX down 3.3% and our list of ten doing a lot worse
than that. As you might expect, the biggest drops came from the smaller caps with both
Wesdome (WDOFF down 7.9%) and Hecla (HL down 7.2%) taking hits, but we need to point to
the reversal in Newmont (NEM down 4.8%) as its market plaudits managed to last for the sum
total of ten days before the sellers left new insto holders holding bags. To reiterate the point
made, our gold and precious metals world needs a strong sector leader and NEM isn’t doing
whats’ required.
The 2024 Producer Basket: Weekly performance and
16% comparative to GDX control
12%
8%
4%
0%
-4%
-8%
-12%
-16%
19
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam
The 2024 Producer Basket: Percentage diff. between
GDX benchmark & basket (negative= IKN ahead)
1.0%
ikn 0.5%
gdx control 0.0%
-0.5%
-1.0%
-1.5%
-2.0%
-2.5%
-3.0%
-3.5%
source: IKN calcs -4.0%
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam
source: IKN calcs, NYSE data

Pan American Silver (PAAS): Down 4.1% on the week, I’m surprised PAAS underperformed
GDX after offering this news (11) to the market:
Pan American Silver Announces the Sale of La Arena for US$245 Million
Cash Upfront and US$50 Million Contingent Payment.
This deal does good things to the Pan American Silver balance sheet, as to end 2023 the
carrying value of La Arena was U$129.1m. So for U$295m in cash and a 1.5% NSR, even if we
price that NSR at zero (seriously why not flip that to a royaltyco next year for a quick $20m?),
PAAS, not only does PAAS add some very useful cash to its slightly illiquid asset book, but it
improves its overall balance sheet by almost U$166m, mostly by removing a lumpy $100m
s¿closure cost liability from its books. Not a bad deal for an asset that’s been a net/net
breakeven over the last two years, its operating profits swallowed by sustaining capital costs.
Zijin Mining has bought La Arena for the underlying copper/gold sulphides deposit rather than
the now-depleted oxides, that makes sense in its
own way because this Chinese entity has both
the time and the money required to permit and
build such a big capex, big upgrade project. As
soon as I heard about it (Monday morning (12))
it made sense, when the terms were announced
on Wednesday they were good for PAAS but the
market was less impressed. In fact and as seen
here (right), the new weakness in silver played
on PAAS’s image as a silver miner (it’s only 20%
silver revenues these days) and it
underperformed GDX over the last two days.
Which goes to show what I know.
Barrick (GOLD): Unlike the NERm quarter,
Barrick’s 1q24 results day came and went with
nary a jolt in its price action. The company
embedded the mediocre quarter around other
news, with the official opening of the Goldrush
mine the week before and plenty of media
bandwidth given by CEO Bristow to its plans in
Reko Diq and other longer-term growth projects.
You can’t really say Barrick dumped on the news
last week, but it did drop slightly and finish the
week by flatlining, clearly the worst performance
of the Big Three over this Q1 earnings season.
Wesdome Gold (WDOFF) (WDO.to): Considering that WDO has been a true out-peformer
so far this year, the price weakness last week as we approach its 1q24 filing, due to drop post
close this Wednesday May 8th (ConfCall next morning, details/links here (13)) may or may not
be a thing.
There was a time a few years ago when WDO was a bit
of a leaky boat before it tightened up internal controls,
but I couldn’t help but think of those old days what with
a new team in at C-suite level now. I may be imagining
things, but we will take a good look at the numbers out
of WDO next weekend as well as the all-important
guidance for the next couple of quarters, as Kiena is
supposed to ramp up and start showing what it can really
do as from now.
20

The TinyCaps List
After 18 weeks of 2024, the TinyCaps show a gain of 66.25% 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 25.47 0.115 76.9%
Awalé Res ARIC.v 0.135 67.27 43.05 0.64 374.1%
District Metals DMX.v 0.170 106.98 42.79 0.40 135.3%
Endurance Gold EDG.v 0.18 150.136 22.52 0.15 -16.7%
Kirkland LDC KLDC.v 0.100 88.625 9.31 0.105 5.0%
Latin Metals LMS.v 0.075 71.476 7.15 0.10 33.3%
Palamina Corp PA.v 0.130 71.285 9.98 0.14 7.7%
South Star STS.v 0.750 48.8 27.82 0.57 -24.0%
Surge Copper SURG.v 0.090 219.21 32.88 0.15 66.7%
Viva Gold VAU.v 0.120 118.384 14.80 0.125 -4.2%
Prices in CAD$, data from TSXV basket avg 66.25%
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.
Another quiet week for the TinyCaps basket, though TinyCaps, 2024 weekly tracker
100%
fortunately in 2024 that’s been the exception rather 90%
than the rule. It was also a moderately positive one, 80%
70%
with six winners since IKN780 (ARIC.v, DMX.v, 60%
KLDC.v, PA.v, SURG.v, VAU.v) , two unchanged 50%
40%
stocks (BAY.v, EDG.v) and two losers (LMS.v, STS.v). 30%
most of the moves were small, the biggest of the lot 20%
10%
being thw 12% added by Palamina Corp (PA.v). 0%
Palamina Corp (PA.v): PA found a raft of buyers on on
Monday, including insider and company head honcho
Andrew Thomson registering insider purchases. There
was no news and we’re no expecting anything big until
the prep work is done at Usicayos and the drills start
turning, so it was a reminder how just a moderate
injection of interest can move these tinycaps quickly in
an otherwise thin market.
The buying may be due to the end of a blackout period,
as later in the week PA filed its 2023 annuals to SEDAR.
Nothing unexpected in the numbers, which confirmed PA
had received $3.625m in dividends from the Winshear distribution and ended last year with
C$3.04m in cash, working cap at C$2.48m. It also burned a very modest C$1.27m in cash in
2023, a reminder that another reason to like this company is the parsimonious nature of its
management team. It implies that PA has enough to tick over for two calendar years if
21
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam
source: IKN calcs, TSX data

necessary but of course, we don’t want that to happen.
Expect the drills to start turning around the end of this
quarter, with ensuing results likely during Q3, at that point
we’ll know whether the promise and high regard held for the
current target is justified. The Truth Machine will decide.
Surge Copper (SURG.v): A nice consolidation job in SURG
shares after the run of the week before last, reminds me a
lot of the NCAU price chart (above in Stocks to Follow). No
news, decent volume most of the week, let’s see if this new
14c floor holds.
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
Panama José Raúl Mulino wins
It was notable to see the way First Quantum (FM.to) shares rallied last week, first when the
right wing candidate José Raúl Mulino of the “Realizando Metas” (Achieving Goals) alliance and
the front man for the barred candidacy of ex-President Ricardo Martinelli was allowed on thre
ballot and then as late polls predicted he would win the election, today Sunday.
That seems to have come to pass as, at 10pm local time and with around 80% of the fast count
ballots in, Mulino has a near unassailable lead with 34% of the popular vote and his nearest
rival, Ricardo Lombana, back on 25%. Mulino is for all intents and purposes President-Elect of
Panama and his campaign slogan “Mulino is Martinelli, Martinelli is Mulino” makes it crystal clear
where his loyalties lay.
Aside the domestic politics, when the subject was mining in the last week of campaigning it was
obvious how much of a net vote loser any pro-mining declaration would be. We had candidates
accusing each of being “the mining candidate” (14) while Mulino kept quiet on any preferences,
again a sure sign he’ll take a more favourable line toward First Quantum at Cobre Panamá.
Hence the rally in its share price, but once the dust settles we’re sticking with the ballpark
scenarion on the future of Panama mining as laid out last week and as the make-up of the new
parliament (Asamblea Nacional de Panamá) is as important as that of the President, nobody
should bhe holding their breath on a quick resolution or a sudden reopening of the mine. We
ballpark the following:
 Mulino assumes office.
 The new assembly is more anti-mining than the new President
 Both get a honeymoon period, nothing happens this year
 The new President is lobbied by FM and eventually opens the debate on mining, first by
allowing the 120,000mt or so of copper concentrate still stored on site at Cobre Panama to
be exported. This breaks the port blockade.
22

 President Mulino points to the severe financial penalty Panama would suffer if it lost the
ICSID/CIADI international tribunal, then attempts to bring parliament around to a negotiated
settlement with FM.
All this will take some time, of course.
Market Watching
Three sales and two purchases
With the number of trades planned for the week ahead, it made no sense to clutter up the
Stocks to Follow notes section so here are the names, the details and the reasons outlined for
each one. All these moves are significant and there’s no particular order of importance, but
after thinking it over I decided to present the sales first. So to make sure nothing is missed,
here are the spring cleaning moves as seen above:
 SELLING Adventus Mining (ADZN.v)
 SELLING SolGold (SOLG.to)
 SELLING Equinox Gold (EQX)
 BUYING Orecap Inv Corp (OCI.v)
 ADDING Pan Global Resources (PGZ.v)
Now for some details:
Adventus Mining (ADZN.v): SELLING. After last week’s sequence of events, it0s now only a
matter of time before Silvercorp (SVM) wins its prize. When the buyout was announced on April
26th, the concurrent funding placement from SVM was expected to close “In May” and then the
eventual meeting to vote the deal through was slated for June 28th. That, in theory, gave a
brief window of time for any competing bid to arrive but it so happens that “in May” turned out
to be May 1st and then once the Altius loan had been paid down by the placement proceeds
and that royalty company had agreed to forego its NSR rights, ADZN and SVM brought forward
the transaction close which has now (15) “…been scheduled for May 22, 2024.” In other words,
a third party interloper is now very unlikely indeed and in effect, anyone holding ADZN is doing
so either for the minor theoretical arbitrage or, more importantly, for the silver exposure
offered by holding SVM as these two stock will now trade in near lockstep. As I have enough
silver on my plate at the moment with exposure to
SILV and IPT, it’s an easy call to sell these shares now
and raise some treasury.
So a good trade and, assuming I get my out at 43.5c
or 44c, a post commish return of around 40% for just
over a quarter’s worth of holding. That’s good, also
good is that the exit comes as per the strategy, a
buyout. We can quibble about the price SVM is paying
and yes, I think they’re getting a real bargain
especially as all the Luminex projects and large
concession areas come with this deal, but a win is a
win and this one helps the treasury position no end.
SolGold (SOLG.to): SELLING. I know I’ve done a post mortem on how this trade developed
in 2023 previously, but as this is the last time it will get a real mention on these pages a little
extra self-flagellation doesn’t go amiss.
Originally planned as a near-term trade on the likelihood that “Team Mather” at SOLF sould
deliver on its promise of a quick sale, we were briefly in the green and going well before
Ecuador under previous President Guillermo Lasso became politically unstable. This trade
dipped into the red and when he used the “crossfire death” clause in the country’s Constitution
23

to dissolve the country’s Assembly (parliament) and call new elections for all jobs, his included,
I faced a choice of either throwing in the towel or betting on the country backdrop improving,
once he had de facto resigned.
I chose to hold. Mistake.
It wouldn’t have been so bad if it weren’t for the sharp rise in narco gang violence, or that the
social protests against mining became a central point in the brief and rarefied election
campaign, instead of fading into the background once CONAIE and its loose allies had achieved
their objective of dislodging Lasso. Then there was the lack of movement in the price of copper,
but I’m not trying to mitigate the basic error too much, I should have closed down this trade in
May 2023, not May 2024 (i.e. today). The final nail in its coffin was the referendum election
result of two weekends ago, in which President Daniel Noboa overplayed his hand, antagonized
his opposition without any real cause in an attempt to maintain his “strongman” image and as a
result, the two key “non crime” questions were voted down by his fellow citizens. He’d promised
FDI to make Ecuador a safer place to park a few billion dollars, he failed to deliver and now
SOLG is one step back in its efforts to find a buyer.
The final piece in this puzzle is the future. The Noboa presidency is a shortened one and while
he’s almost certain to run again in next year’s election (he has the right), we’re already starting
to see early moves from the players and that is
bound to include more anti-mining protests. As
Noboa has been clumsy in his efforts to push
through the La Plata / Toachi (Atico Mining) prior
consultancy and last week saw the country’s courts
uphold the suspension of activities at Imbabura
(Codelco/Enami), that’s only going to get noisier. So
with the obvious moment to sell our other Ecuador
exposure in Adventus (ADZN.v, above) having
arrived, it’s an easy call to cauterize this wound at
the same time and walk away from a country that’s
about to go through another of its negative optic
periods. Failed trades are failed trades, but I do
take some solace in having added some in February
on the back of the publication of its PFS and managing to average down the overall trade, as
seen in the main fundies section of IKN770 dated February 18th in an update note that ended
with these words:
“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.”
Getting my cost average down from 26.5c to 22c has saved some blushes and makes this exit
less painful, but that’s about all. Goodbye SOLG, hopefully others will do better in you than I
did.
Equinox Gold (EQX): SELLING. This one won’t come as a major shock, as EQX has had one
foot out the door ever since its long-delayed rally fizzled out at the end of March. More recently
I was close to selling at the U$6 level before the stock threw its latest curveball by stacking up
the shares and debt position by buying out the 40% of Greenstone it didn’t own from partner
Orion for U$995m and we went over that event in IKN780 last weekend. After chewing over the
circumstances, here’s how that note finished:
My window for the sale is around the U$6 price point, the same as the minimum I’d looked for the
last few weeks, but this time that $6 is a hard target and I may even accept lower if the rebound
runs out of steam. EQX took its time to offer me a trading profit and even before last week, I was
underwhelmed with the lack of leverage it offered as gold climbed above and beyond the
$2,000/oz, then the U$2,200/oz line. A profit is a profit and it’s not to be sniffed at, but there’s now
a clear limit to my trade. Selling soon.
24

As it turns out, last week started well enough
and with a price pop that got me dreaming of my
new and more modest target out, but as the
week wore on and reality reared its ugly head, I
found myself at the end of my tether. Added to
the fact that it was already an expensive
company for this publication at around U$1.4Bn
lmarjet cap last year, but now its pro-forma
market cap of U$2.27Bn this weekend makes
EQX way big for me and my juniors-targeted
Stocks to Follow format to justify. So with the
decision to sell out of Ecuador exposure made
and a feeling of spring cleaning in the air, it
turned out to be an easy decision. I’m booking a
win on this trade, but I’m not into these stocks for 20% wins over an annual timespan and I’m
rather disappointed by EQX, its leverage to the gold price showed up much later than I thought
it would. Then came the Greenstone purchase and while it makes sense for the company and
its long-term plans, it’s no longer the trade for me. Cash in the treasury, please. I’ve decided to
close this and move on.
Orecap Inv Corp (OCI.v): BUYING: We’ve tracked this stock a few weeks, it’s time to pull
the trigger and the reason is the ebb in prices recently, both for OCI shares and those of its
main holdings.
We’ve considered the deep asset value at OCI in other editions, most notably in IKN775 dated
March 31st and the Market Watching segment “Orecap Investment Corp (OCI.v): A cheap way
to play two hot trades”. There’s more to this centre hub Ore Group entity than just two two hot
plays as there is also:
 Cash treasury (an IKN estimated C$1.5m)
 Holding in privco Cuprum (potential new pubco)
 Five Canadian land assets (ready to be optioned out in typical project generator style)
 Just over 5m shares of QC Copper & Gold (QCCU.v) worth approx C$0.67m today
 Just under 25m shares of Mistango (MIS.cse) worth approx C$1m today
We should also consider the management team; honest, shareholder-focused, aiming to keep
the corporate structure tight and adding value through further investment. However, the reason
to own these shares today is its share holding in two market hotpot stocks:
 American Eagle (AE.v): We follow this company in the Copper Basket below and it’s been a
great success so far, with a promising 2023 and a headline-making move this year. AE has
been off the boil a little recently, with a round of financing just completed and a pause
before the next round of drilling at its NAK project, scheduled to re-start very soon.
 Awalé Resources (ARIC.v): We follow this company in the TinyCaps Basket below and the
results from its flagship Odienné project have seen it move up the rankings to become a
potential new world class discovery. It has the share performance to match, currently up an
impressive 364% 2024 YTD, but recent corporate fun and games have seen enthusiasm for
the story wane as retail players witness a streak of greed and self-serving crony moves at
board level, centered around ARIC chair Robin Burchall. We’ve covered those in recent
weeks in the TinyCaps section and no need to re-tread here, instead we’re making good on
the idea to expose a little of our portfolio to this
exciting rock prospect while using OCI and its director
position at ARIC to from the worse excesses of the
board shenanigans. Or as we put it in IKN779:
“Personally speaking, this hasn’t put me off the
opportunity that comes from owning a piece of this story
via a speculative position in Orecap (OCI.v, on Watch List
25

above) as it means that Stephen Stewart and his team has to worry about Birchall and
his games more than I would have to.”
ARIC isn’t a riskless trade by any means, its boardroom friction is part of that but by owning via
OCI, there’s both a buffer to the “fun” and plenty of other ways to win. However, we must also
be clear-eyed and capitalist, as it would only take a couple more eye-popping drill holes for the
world to forgive ARIC’s financing excesses and push the stock higher; Newmont isn’t here and
expanding the drill program just for fun, after all. That in essence is the set-up: We buy OCI, its
holdings increase in value, we make money and what could possibly go wrong? So let’s first
consider the current share price and what the stock has done recently, via this 12-month visual:
I’ve chosen OHLC price display because it also shows the jaggedly nature of its price action,
aside from the thin volume in 2023. That improved in 2024, first in January when AE.v
delivered its market moving hole and then the big jump in late March, when ARIC.v exploded
upwards and dragged OCI to 8c. That’s now back at 6c due to the retrace, so lwt’s now use our
standard tracking table to see how that looks compared to fair value:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.69 8.06 3.3
AE.v warrant 0.10 0.39 0.04 0.0
ARIC.v 8.33 0.59 4.92 2.0
ARIC.v warrant 4.17 0.00 0.00 0.0
QCCU.v 5.06 0.13 0.66 0.3
MIS.cse 24.71 0.04 0.99 0.4
subtotal 14.66 5.9
Cuprum 1.475 0.6
subtotal 16.14 6.5
Est.cash 1.50 0.6
Total 17.64 7.1c
At 247.714 S/O
This weekend, OCI is “worth” 7.1c sum-of-parts and trades for 6c, a gap that hasn’t changed
much this year. Therefore OCI represents value, but what sort of upside can it show under the
same circumstances if the two hotpot holdings resume their market-pleasing ways. This table
sketches out a few possibilities and works like this (all in Canadian Dollars):
 First we have both AE and ARIC at different share price decks, from downside assumptions
to blue sky. Of course, just because one of them gos up/down doesn’t mean to say the
other will, and we also have potential changes from held stocks QCCU and MIS, but we have
to make some assumptions to show the ballpark:
 Then we have ”OCI Theory” column, showing the fair value under the price assumptions as
seen. For example, today the “OCI Theory is 7.1c (as above), while if both stocks go to 90c
that moves to 9.7c/share OCI.
 Then we have the “OCI Market Target”, a real world estimate of what OCI will trade for if AE
and ARIC make the requisite moves, wollowed by the percentage change compared to this
weekend’s 6c. These are guesstimates (of course) but show the potential, such as (for
example) an OCI trading at 9.5c if both its hotpot holdings return to C$1.00, representing a
58.3% upside to this weekend.
Implied fair value for OCI at various prices for two largest holdings
case AE ARIC OCI theory OCI mkt tgt upside est
base 50c 50c 5.9c 5c -16.7%
low 60c 60c 6.7c 5.5c -8.3%
current 69c 59c 7.1c 6c 0.0%
upside 75c 70c 7.9c 7c 16.7%
optimist 90c 90c 9.7c 8.5c 41.7%
blue sky 100c 100c 10.6c 9.5c 58.3%
source: OCI data, IKN calcs and ests
26

Now for sure and to coin that phrase, you can “cut out the middle man” if you prefer and buy
AE or ARIC, but I like the idea of playing these Ore Group explorecos and development stories
via OCI. First for the relative value, second because 58% isn’t so far away from the wins you’d
get from a direct bet, third because OCI offers far more downside protection even if things go
wrong, and fourth because the day it starts to trade with better volume and liquidity will be the
day when its current wide arb to fair value shrinks, potentially to nothing, thereby adding a
bonus prize to any win.
The major downside to an investment in OCI today is its
traded volume and liquidity, as it’s not a high traffic ticker at
present and you either need to be patience when buying or
only look to buy a small position. That’s suits me, because I
plan a small initial position and I am a patient buyer but that
might not be you. This coming week I’ll be happy with an
initial tranche at 6c or less, perhaps fishing for 5.5c shares a
few days down the line.
As from next weekend, Orecap (OCI.v) will move from the
Watch List and become a component of the main Recommended Stocks list.
Pan Global Copper (PGZ.v): ADDING AGAIN. Last but not least, the place that’s getting
some of my SolGold copper money in an attempt to rebalance at least some of the copper
exposure. The reasoning is simple:
1) PGZ is very cheap and overlooked
2) It won’t stay like that for much longer
I’m a fan of serious juniors doing good work on
prospective land in mining-friendly zones, this one ticks
the boxes and the way it has lagged and has been
overlooked, while the market searches for Big Copper
instead of good projects, allows time to fully position.
Rally not much more to say here than has already been
published on these pages about PGZ, this is an add to a
good copper exploreco company selling at a deep
discount and was the first thought to mind once I’d
decided to sell SolGold.
Conclusion
IKN781 is done, we end with a basic bullet point:
 Today was basically two stories: First the consideration of Red Pine and its potential for
a trade coming soon, second the portfolio spring clean and partial rebalancing. I now
have some cash to deploy in the portfolio for the first time in a few weeks, so if the
market does the right thing I’ll be looking to increase exposure soon.
 That’s about all for today. Here’s to another 15 years.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
27

Footnotes, appendices, references, disclaimer
(1) https://redpineexp.com/red-pine-announces-departure-of-chief-executive-officer-appointment-of-interim-ceo-and-
mailing-of-shareholder-meeting-materials/
(2) https://redpineexp.com/michael-michaud-to-join-red-pine-as-its-president-ceo-and-as-a-member-of-its-board-of-
directors/
(3) https://redpineexp.com/red-pine-appoints-alamos-golds-nominee-alice-murphy-to-board-of-directors/
(4) https://redpineexp.com/red-pine-withdraws-previously-announced-assay-results-for-wawa-gold-project-pending-
further-review/
(5) https://impactsilver.com/investors/news/impact-silver-announces-c-6.2-million-non-brokered-private-placement-
financing-1/
(6) https://www.xm.com/es/research/markets/allNews/reuters/goldman-sachs-raises-copper-full-year-average-price-
forecast-to-9800t-53829965?s=03
(7) https://icsg.org/press-releases/#
(8) https://losandescopper.com/news/2024/los-andes-copper-ltd-announces-board-change/
(9) https://ngexminerals.com/news/ngex-drills-509-metres-at-1-33-copper-equivalent-122761/
(10) https://finance.yahoo.com/news/american-eagle-upsizes-previously-announced-214100544.html
(11) https://panamericansilver.com/news/pan-american-silver-announces-the-sale-of-la-arena-for-us245-million-cash-
upfront-and-us50-million-contingent-payment/
(12) https://twitter.com/Mark_IKN/status/1784973466829033907
(13) https://www.wesdome.com/English/investors/latest-news/news-details/2024/Wesdome-Announces-First-Quarter-
2024-Production-Results-Provides-Timing-of-First-Quarter-Financial-Results/default.aspx
(14) https://www.tvn-2.com/tu-decision-2024/martin-presidente-mineria-romulo-roux-reacciona-discurso-martin-
torrijos_1_2131799.html
(15) https://adventusmining.com/adventus-completes-full-repayment-of-convertible-loan-to-altius-minerals/
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
28

Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
29

Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
30

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