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The IKN Weekly
Week 782, May 12th 2024
Contents
This Week: In today’s edition, Return of The S Word.
Fundamental Analysis: Red Pine Exploration (RPX.v): The story develops quickly.
Stocks to Follow: Western Copper (WRN.to), Minera Alamos (MAI.v), IMPACT Silver (IPT.v).
The Copper Basket: Overview, Los Andes Copper (LA.v), NGEx Resources (NGEX.to),
American Eagle (AE.v).
The Producer Basket: Pan American (PAAS), Hecla (HL), Wesdome (WDOFF) (WDO.to)
The TinyCaps Basket: Overview, Surge Copper (SURG.v), South Star Battery Corp (STS.v).
Regional Politics: Panama: José Raúl Mulino takes a small stand against First Quantum
(FM.to), Peru: The ice under Boluarte becomes thinner.
Market Watching: Deferred
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In today’s edition
 Unfortunately and due to a Sunday that got messy on a family level (we’re all in fine
shape here, I hasten to add), this is one of those occasional editions that hits your
mailboxes on Monday evening, rather than Sunday. I apologize for the late delivery. It
suits neither author or subscription base in general and I continue to have every
intention of keeping The IKN Weekly as regular in delivery as possible.
 The late arrival also requires to ask you to “pretend it’s the weekend” with the prices
quoted below in tables and notes.
 The main event this week is a second look at the issues going on at Red Pine
Exploraion (REPX.v), as this special situation potential trade brought new developments
between last weekend and this. We’re heading for a key date this Wednesday and until
then it’s still a “Too Early to Tell” call, but that may change.
 Last week also saw significant results flow from the larger producers. The Q1 results
came in much as expected, but in many cases the reactions were more positive than
our models forecast. Time to chew over another of this desk’s mistakes in perception.
Return of The S Word
The Voldemort of macroeconomics has returned to the thoughts of market watchers and the
lips of economists, up to and including a flat denial from Jerome Powell at the latest FOMC
press conference on May 1st. We quote:
“I don’t see the stag or the flation.”
Powell’s dismissal of The S Word two Wednesdays ago was based on his experience of the
Volcker era, when unemployment shot to almost 10% and inflation spent plenty of time in
double figures before coming back under relative control in 1982. And if that’s your yardstick
then we’d be forced to agree that the situation now brewing isn’t enough to deserve The S
Word, but that hasn’t stopped the market from reacting as if the economy is now headed that
way. It’s not a leap logical leap either, as economic theory was already pointing the way in
1

2022 during the Fed’s major hiking period and as far back as IKN686 dated July 10th 2022 (!!)
your gruff, cynical glass-half-empty author was floating the idea of a US (and therefore world)
economy heading toward a stagflationary environment. Here’s part of that intro from way back
when:
“…after last week’s strong jobs report, if inflation comes in higher than expected it shifts
the narrative from the current classic “slowdown-to-recession” assumption to one of
stagflation and to remind this esteemed audience, it’s why we continue to advocate a
position in gold even as the US economy slows. In two lines:
 Recession: bad for gold price (e.g. recent classic slowdown scenarios such as 2013/4)
 Stagflation: good for gold price (e.g. That 70s Show and the Jimmy Carter years)”
IKN782 back and that theory still holds true, so let’s consider how it pertains to Q2 of 2024.
Aside from the obvious “flation” part that demands price inflation in goods and services, the
classic signals for The S Word are 1) rising unemployment as seen above, which then knocks on
and causes 2) a slowing economy. And though it’s been a mere week and a half since the
FOMC decision and presser with soundbites, we’ve already had two indicators pointing the way:
 The BLS employment report for April came in at +175k NFP jobs and a headline
unemployment rate of 3.9%, both those numbers were misses compared to pre-
report consensus (+210k NFO jobs and 2.8%)
 Last week’s University of Michigan survey put consumer sentiment at 67.4, down
from the previous reading of 77.2 and at the level the USA reads when in recession.
The same report’s “current conditions” monitor dropped from 76 to 66.5 and one
year inflation expectations jumped from 3.2% to 3.5%.
Which brings us the the week ahead and unless the data throws a real surprise, those
promoting the stagflation are about to get
another opportunity for their narrative to take
US Consumer Price Inflation (CPI)
headline space. Tuesday provides the appetizer
and the Producer Price Index, but the main
course comes Wednesday pre-bell when the
Consumer Price Index for the month of April is
released and, according to the ever-reliable Calculated Risk (1), “…consensus is for 0.3%
increase in CPI (up 3.4% YoY), and a 0.3%
increase in core CPI (up 3.6% YoY)” which would
mean the addition you see on our tracking chart
(right). Even the optimistic can only point to
sticky inflation and a lack of progress for nigh on
a year, while Stagflation Vigilantes get the highest reading in 2024 YTD. Which brings today’s
intro to the point it needs to make:
FADE ALL THE NOISE THIS COMING WEEK
There was a time in 2023, perhaps even the start of this year, when the inflation numbers
mattered as much as, or even more than the unemployment data. The market adjusted its Fed
expectations with the CPI reading, then we got hot about the “Fed’s preferred” by the Personal
Consumption Expenditures (PCE) index, last seen in the IKN780 intro. However, times have
now changed and there are three reasons to take Tuesday’s CPI lightly:
1) We know “inflation is stubborn” and 0.1% or even 0.2% either way this week isn’t
going to change anything. We market watchers tend to overhype small moves in big
data, but one extra glance at that tracking chart above will tell you that one the
headlines shillers calm down, the general inflation story of “sticky around 3%” isn’t
going to change.
2) The world know this will be hot and therefore, its effects are already baked into the pie.
Again, expect plenty of room for headlines on “the inflation spectre” (or whatever) but
2
4.1 7.1
6.2 2.4
0.5 4.5 4.5 3.5 4.5 2.6 8.6 0.7 5.7 9.7 5.8 3.8 6.8 1.9 5.8 3.8 2.8 7.7 1.7 5.6 4.6 0.6 0.5 9.4
0.4 0.3 2.3 7.3 7.3 2.3 1.3 4.3 1.3 2.3
4.3
10.0
9.0
8.0
7.0
6.0
5.0 4.0 3.0
2.0
1.0
0.0
12'naj bef ram rpa yam nuj luj gua pes tco von ced 22'naj bef ram rpa yam nuj luj gua pes tco von ced 32'naj bef ram rpa yam nuj luj gua pes tco von ced 42'naj bef ram rpa
source: US BLS

unless there’s a BIG shift in CPI, we already know the direction thanks to CPE ten days
ago.
3) The Fed isn’t going to start cutting on flat inflation and what matters now is the
headline unemployment rate. Traditionally the most important macro data for the
month, we’re back to being Unemployment Report dependent and no matter what
happens to inflation in 2024, the Fed’s move to start cutting won’t happen until the real
economy shows real data on real net job
losses. Today it’s 2.9%, I’d guess we need to
see 4.1% to 4.3% to start those base rate
cuts.
So pay attention to the CPI reading this Wednesday,
but demote its importance against gold and therefore
our junior sector. There’s reason silver ran the way it
did last week (as did gold and copper to a lesser
extent, see chart right) without any real newsflow and
it’s the the standard reasons: The market is a
barometer and not a thermometer, metals baked in a
high CPI and that won’t happen twice.
Fundamental Analysis of Mining Stocks
Red Pine Exploration (RPX.v): The story develops quickly
After last weekend’s analysis of the stock and decision to place it on the Watch List, I didn’t
expect to make Red Pine Exploration (RPX.v) the main event this weekend. After all, it’s called
the “Watch List” for a reason and the idea was to put
it in the Stocks to Follow without an immediate
purchase, monitor developments and eventually make
a proactive call. However, events came thick and fast
last week and also include a key date in the days to
come, so we need to take another good look because,
potentially at least, we may be able to make that
Buy/Avoid call sooner rather than later.
We begin with a couple of visual aids, starting with a
basic 12 month price chart (right) as a reminder of
how little happened to RPX in the market until the
events of this month. Now for a closer look at the last
five days, with this one deliberately not including the waterfall drop moment you see above. A
couple of notes scribbled on for good measure, more on those below:
3

At or just after the opening bell on Monday, RPX dropped the NR (2) entitled, “Red Pine
Provides Update On Assay Results for Wawa Gold Project”, time to parse the contents and there
are three main items of note. Number One:
The Company confirms that the issues set out in the Prior Press Release are unrelated to the
integrity of its quality assurance/quality control (“QA/QC”) measures with respect to the drill core
samples collected from the Wawa Gold Project and transported to Activation Laboratories Ltd.
(“Actlabs”) in Ancaster, Ontario for assay purposes. The Company is confident that the assay
results provided by Actlabs to the Company were correct and accordingly, that the Company can
securely rely on Actlabs’ certified assay results.
In other words, the lab did its job and the assay data received by RPX is reliable. That’s a good
thing. Number Two:
The issue noted in the Prior Press Release was specific to certain inconsistencies between some
of the certified assay results received from Actlabs and the corresponding assay results reported
by the Company in the applicable press releases, other disclosure documents and the Wawa
Gold Project assay database.
As I wrote on Twitter that morning (3), this paragraph translates as “The QP signing off on the
NRs altered info received from the labs.” And as the QP for all RPX geology-related NRs was its
CEO Quentin Yarie up to the moment when he suddenly resigned in February 2024, that’s not a
small point. More on that later, now for Number Three:
The Company has engaged WSP Global Inc. (“WSP”) to lead an independent data verification of
all assay certificates from 2014 to the present, copies of which have now been downloaded by
Actlabs to a secure site. This verification process will provide the Company with a
reliable baseline to update the Wawa Gold Project mineral resource estimate set out in the
Company’s National Instrument 43-101 Technical Report dated June 21, 2023 (with a resource
effective date of May 31, 2019).
This is the right thing to do, but we again allude to the extra expense RPX is bound to incur in
2024. Consultants coming in to provide necessary independent third party accounting of
company data is one side, the legal bills it’s going to rack up are another.
With that news early Monday, I was asked by subscribers via public and private communication
for an opinion on the NR and whether RPX was out of the woods. The short answer was “too
soon to tell”, as the fact RPX was alluding to altered data in news releases is no small thing.
However and as seen in the five day chart above, the market took that NR as a positive and the
stock rallied, moving as high as 13c once the relief rally had gained momentum and seeing the
stock trade at a generally available 11.5c for the week. This left me scratching my head, as me
and my cautious approach saw me miss out on the low prices, but I couldn’t get past the
serious implications for RPX of the Monday NR; we still didn’t know what or how much data had
been altered over what period of time. But caution rarely stops the juniors market, the players
were apparently ready to gamble on the issue turning out to be minor.
Fortune favours the brave?
Fools rush in where angels fear to tread?
We found out before the bell on Friday morning when RPX published (4) “Red Pine Provides
Further Update On Assay Results for Wawa Gold Project”. The NR is long, provided plenty of
initial detail and you are strongly recommended to read it carefully if this trade/potential trade
interests you as much as it does this desk. Therefore, the excerpts below do not cover all the
issues so please bear that in mind as you consider the points I’ve selected to highlight, starting
with a copypaste of the top paragraph and bullet points:
While the investigations are ongoing, based on the findings made to date, Red Pine believes that
the reporting inconsistencies disclosed in the Prior Press Releases resulted from the unauthorized
manipulation of certain assay results received from Activation Laboratories Ltd. (“Actlabs”) by the
Company’s former Chief Executive Officer (the “Former CEO”).
Based on a review of, among other things, the chain of custody of the drill core assay results, the
Company has determined that:
 the correct assay results were sent via email by Actlabs to the Company, addressed
only to the Former CEO;
4

 manipulated drill core assay results from the spring of 2015 to January 30, 2024 were
sent by the Former CEO to staff for download into the Company’s database and were
then used for a variety of purposes, including in-house resource modelling, the
National Instrument 43-101 Technical Report dated June 21, 2023 (with a resource
effective date of May 31, 2019) entitled “National Instrument 43-101 Technical Report
for the Wawa Gold Project”” (the “Technical Report”), and other public disclosure; and
 532 out of approximately 98,000 drill core assay results in the overall database appear
to have been manipulated since Red Pine acquired the Wawa Gold Project in 2014.
The Company is in the process of reporting these matters to the Ontario Securities Commission
and is evaluating its options with respect to other legal remedies available to it.
Ugh. Though there was bad stuff left to read, those points alone were enough to sink the stock
back from its inter-week 11c and 12c trading range to the 8.5c close on the week, dropping
Friday by 26% on a new spike in traded volume. Fair to say that our assumption in IKN781 last
weekend that Quentin Yarie’s sudden departure was no coincidence is now confirmed and our
assumption Monday about the central player of the corruption activity, the self same Yarie, was
also confirmed. We then got plenty of script from the NR about RPX’s initial investigations and I
stress, please read all of that because there are important details to consider, but here and
today we jump to how the company believes the issues have affected the Project resource
 First up, don’t be fooled by percentages and think “532 out of 98,000” doesn’t sound like
much. The nature of the Wawa project development, including a vast amount of old core that
RPX has re-assayed and re-logged in the last few years, means that it would only need a bad
actor to alter a few of the numbers to make a
meaningful difference to the resource. And we now
know there has been a bad actor here for over a
decade.
 Next, the company has split its investigation disclosure
into two periods, one running 2014 to 2019 and one
2019 to date, almost certainly because the current 43-
101 resource is dated to early 2019. This means the
current resource (right) overestimates Wawa and to
boil the changes down into four brief lines (I repeat,
please read and consider the entire NR as published by
RPX), they give…
 Surluga indicated: No change
 Surluga inferred: Loss of between 39,500 oz and 54,000 oz
 Minto indicated: Loss of between 8,000 oz and 12,000 oz
 Minto inferred: Loss of between 16,000 oz and 20,000 oz
...a mix of not great news with straight bad news. In round numbers, we’ve lost about 10% of
the Surluga resource and that’s not great. Then we’ve lost around 30% of Minto and that’s bad
news, isolated in the data above and when combined with the declaration of the 2019-2024
period (below), as for six years up to April 2024 Minto has been framed as one of the most
promising development areas of the project.
 Which brings us to the information given on the second period, 2019-2024, and we quote:
2019 – 2024 Period
While the investigations continue, the Company is hopeful that it will be able to provide
an overview of the manipulation implications on the drilling results which were publicly
disclosed for the 2019-2024 Period by way of
New RPX.v: Shares Out
press release prior to market opening on 250
Wednesday, May 15, 2024. However, there can 225
be no assurances that the Company will be able 200
175
to complete this work by that date.
150
125 In sheort, expect more bad news to come, This
100
pasrt is still vague and while we can’t blame the 75
50
5 25
0
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source: company filings
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emergency team now at RX trying to get to the bottom of this mess, it may turn out to be the
worst issue of all. I probably goes without saying by now, another reason to watch the wires
this coming Wednesday morning as well as tune into the ConfCall that day (see below). On that
score, a reminder of the share count from 2019 to date (above) is a hack on the potential
jeopardy facing RPX, as it’s done a lot of funding on the back of what we now know are falsely
reported assays that have systematically over-stated resource size, as well as implying better
prospectivity for the zones under exploration. Those deals include but are not limited to:
 The big re-structuring, project funding and sahre consolidation when RPX gained
control of 100% of the Wawa project in April 2021
 An $8.4m bought deal closed in November 2021
 A $5.5m bought deal in September 2022
 A $7.75m private placement in May 2023 (which brought in the insto Merk
Investments LLC as a 9.9% strategic investor)
 The sale of a 1.5% NSR to Franco-Nevada in August 2023
 A C$5.2m bought deal in December 2023
A long list. In theory, all those funding rounds now have legal recourse (if they want to use it)
and a lot will depend on the position taken by the parties but even if RPX manages to smooth
ruffled feathers and calm the waters, it wouldn’t be a surprise to see lawsuits are filed even
before those loveable and classic ambulance chasers start rounding up retail holders in an
attempt to put together a meaningful class action suit.
 Finally and separately, as commented in passing above RPX rounded off its NR on Friday by
announcing a conference call for this Wednesday, May 15 at 10am ET. To state the obvious,
this will be an important moment for RPX and the potential for any trade in the stock. The
ConfCall will feature RPX chair and interim CEO Paul Martin and more importantly, the
incoming President and CEO Michael Michaud. Details on how to join the ConfCall are in the
NR and even if you don’t make it “A recording of the call will be available on the Company’s
website at www.redpineexp.com immediately following the call” (quote/unquote) so there are
no excuses.
To repeat the list of key factors from last weekend…
1) Michael Michaud must confirm and start as new CEO, as planned.
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.
3) RPX has to refinance at some point this year.
We take those points in disorder. We now know RPX is doing its level best on the second item.
Two NRs last week is the effort of a company that’s trying hard to get to the bottom of its
difficult problems and with more information about to come, we can at least commend the
company on its reaction in the month of May and that’s good. As for the refi, that’s something
for a little further down the line once the fire brigade has seen to the current emergency but it’s
an item we need to keep in mind. It’s unlikely to come up in next week’s ConfCall, but it’s still
an important factor for any real investment in this distressed story. However, the position of
Michael Michaud is now of paramount importance and here’s why, via a logical sequence first
laid out last weekend in IKN781:
We know thatv Ex-CEO and now presumed centre of long-term corrupt activity, Quentin Yarie,
left the company suddenly in February 2024, then Michael Michaud was offer the job in April
2024 and accepted.
We safely There is no way Michaud would have accepted the job offer without asking why Yarie
made his sudden departure. Therefore, what he heard by way of reply from RPX was enough to
satisfy him and he accepted the new role. So, what did he hear, the truth, misleading
information from ignorance, a half truth, or outright lies?
6

IF RPX lied to Michaud, he can choose either to continue and take on the new job or walk
away. The former would be unlikely, so we can only assume that if RPX deliberately withheld
the real reason why Yarie left Michaud isn’t going to walk into this mess voluntarily, great rocks
or not. Equally, if (the people now left at) RPX genuinely did not know about ex-CEO Yarie’s
corrupt activities over the course of a full decade and STILL didn’t find out between the time of
his departure and the end of last month, Michaud would still have every reason to step back
from his decision to become RPX CEO. For sure he could decide to stay, but you’d really have to
be in love with the rocks to do so.
However, if Michaud was given an honest reply to his inevitable question and is still happy
about staying on, it brings its own questions about his presence and the timeline of what’s
happened. We remind readers that after over four years of staying hads-off, the 13.5%
shareholder Alamos Gold (AGI) suddenly decided to exercise its right to a director on the RPX
board a week after the company announced that its new CEO was coming in from (local rival)
Wesdome (WDO.to). And just two days later, RPX made its first announcement of
“inconsistencies in certain assay results”. Indeed, in last week’s May 10th NR RPX made it clear
that “the discovery of an assay reporting inconsistency (happened) on April 29, 2024”, the very
same day Ms Alice Murphy arrived at the company. We can only assume that on arrival, one of
director Murphy’s first questions would have also been “Why did Yarie leave?”, and therein lies
the rub.
As it’s unlikely (though not impossible) that Michael Michaud was kept in the dark, either
deliberately or due to the ignorance of RPX officer, he knew about the issues and was going to
sit on the problems until he become CEO, giving the opportunity to run a complete new broom
at RPX. However, Ms Murphy and her AGI leanings (and without going into all the details
because it’s not necessary for business purposes, we remind readers of her close personal
relationship with AGI chair Paul Murphy) arrived and then, coincidentally and suddenly, RPX
suddenly decide that it had to come clean about Yarie’s dirty doings.
As stated clearly last week, I do not believe in Tooth Fairies, Father Christmas or coincidences,
even less when it’s junior mining time. Therefore, Wednesday’s ConfCall should include
disclosure on as many pof the following subjects as possible:
A clear statement of intent by incoming CEO Michael Michaud: The fact that he’s heading up
the ConfCall is certainly a good optic, but we need to get him on the record as saying he’s
going to take up his new job once his period of notice is done at WDO
A full and open disclosure from Michaud about how he was offered the CEO role, why he
decided to accept it and when exactly he found out about the altered assay results. I’m not
saying my sketched timeline is correct, I am saying that it casts suspicion on the incoming CEO
and we’re now at the point with PX where any attempt at covering up information would be
very stupid indeed.
More information about the doctored assays discovered n the 2019 to 2024 period, i.e. after the
43-101 resource report and during the busy period RPX had rasising capital. I fear we’re going
to find out about more altered results at the Minto target and that would be good for its future
prospectivity.
As much information as possible (obviously this won’t be unlimited) on the attitude and position
being taken by the RPX strategic partners and large shareholders, including Alamos, Merk,
Franco-Nevada etc. If RPX can assuage the obvious fears of a damages suit being brought by
any or all of them, it will make our purchase decision a lot easier.
And then, with all that done, if RPX offers information about the current resource, Michaud’s
plans to develop the concession and perhaps even matters such as treasury position, burn rate
and when they plan to raise more capital all those would be welcome.
7

Discussion and conclusion
The most important thing to take away from last week’s news and the upcoming ConfCall on
Wednesday: WE ARE STILL IN WAIT AND SEE MODE (underlined block caps for a good
reason). Last week’s newsflow first attraction speculators (I’d call them gamblers) and their
position looked good for three whole days, until more details were revealed and the extent of
the deception under ex-CEO Yarie became apparent and matched more closely our opinion.
However, as last weekend’s long note on RPX in
IKN781 got the scenario largely in the right
12 RPX.v: Cash treasury per qtr
ballpark, the bad news on Friday hasn’t deteriorated 11
10
our opinion on the potential here.
9
8
7
There’s no reason to wade in and buy on any 6
benign (or benign sounding) ConfCall on 5
4
Wednesday either. The position taken by backers of 3
RPX, particularly those potentially stung by Yarie’s 2
1
subterfuge in the 2019-2023 period of fund raising 0
(e.g. Merk, Alamos, Franco-Nevada) is going to be
important and above and beyond that, we insist
that a trade in RPX at a higher price with a safer
outlook is a smarter option than trying to buy at
what might look like a bottom but would need just one more round of bad news revelations to
see the price pushed a lot lower. Neither is there going to be any buyouts at premiums to the
current level in the near future, nobody outside of Alamos would be stupid enough to exposre
themselves to the radft of suits an acquirer would inherit if it bought before the air were clear.
And while touching on that subject, the most obvious eventual buyer of RPX, Alamos Gold
(AGI), should be able to ward off any third party by threatening a legal battle that could stop
any deal closing for years (and why should AGI pay full price anyway?). There’s also a clokc
ticking on its financials, because even though the RPX balance sheet is clean (or looks clean,
after all Yarie was CEO and not just QP) its cash position (chart above) isn’t going to last
forever and the next round of financing may force the stock lower, even if RPX comes out as
squeaky clean by then. So first things first and if RPX wants to remain on our wish list of
potentiasl buys at a cheap and interesting price, we’ll need to know at least these:
 Confirmation from Michaud that he will take on the job of CEO
 When Michaud found out about Yarie’s misdeeds (the potential for legal jeopardy is
clear, esp as Alice Murphy is on the case)
 The position of the major strategic partners on potential lawsuits
 Whether Wawa project is still as prospective as before in Michaud’s opinion
That’s a strict minimum list. Even so, this isn’t a trade on which to make a snap decision before,
during or after the Wednesday show, there’s no reason to suppose an Alamos Gold wouldn’t be
happy to watch RPX wither on the vine the same way Manitou did before picking up what’s left
at firesale prices.
Stocks to Follow
A good week for the Stocks to Follow list, with last week’s spring cleaning yielding posirtive
results and an overall improvement in the portfolio as seen, as well as my own personal back
pocket. I’m going to lump in the closed open and new positions in this week’s headcount which
means 12 winners from the total of 19 stocks (MAI.v, RIO.v, SILV, PGZ.v, WRN.to, OCI.v,
ALDE.v, IPT.v, MIRL.cse, ERO.to, RPX.v, ADZN.v) including the big moves in Aldebaran
Resources (ALDE.v up 16.3%) and top pick Minera Alamos (MAI.v up 10.9% and the main
reason I’m feeling a little richer this weekend). Two were unchanged (PAU.cse, MENE.v) and
8
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
source: company filings
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that leaves five losers (MARI.to, CTGO, NCAU.v, EQX, SOLG.to) and as an added bonus, none
of those losers took an overly large hit.
The portfolio rebalance last week means we’re down to 16 positions on the total list, with 13 of
those running with some of my money. Ten are in the green, one is unchanged since inception
and five are in the red, that’s a portfolio moving in the right direction.
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$0.355 71.8% $0.75 first tgt, #1 idea
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Rio2 Ltd. RIO.v BUY C$0.80 22-Apr-18 C$0.49 -38.8% Momentum now building
SilverCrest Met SILV STR BUY U$6.90 31-Mar-24 U$8.49 23.0% Quality silver/gold producer
Pan Global Res PGZ.v BUY C$0.19 19-Feb-24 C$0.19 0.0% 3 adds,big position,cheap Cu
Marimaca Copper MARI.to BUY C$3.05 14-Jan-24 C$3.82 25.2% Quality Cu developer
Western Copper WRN.to BUY C$1.57 26-Feb-24 C$2.01 28.0% M&A trade,placement annoying
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.065 8.3% Exposed to several good jrs
Contango Ore CTGO STR BUY U$18.70 30-Jul-23 U$18.89 1.0% Production re-rate in Q3
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.305 48.8% Cheap Au in West Africa
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$1.00 38.9% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.315 14-Apr-24 C$0.265 -15.9% Silver spec trade, risk/reward
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.03 -84.6% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Ero Copper ERO.to WATCH C$18.94 22-Oct-23 C$29.43 55.4% Hi-quality but no longer cheap
Red Pine Expl RPX.v WATCH C$0.08 4-May-24 C$0.085 6.3% Special situation, poss trade
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
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
2015 to 2023 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered companies.
Adventus Mining (ADZN.v): POSITION CLOSED. Out at 44.5c, which wasn’t the best
possible exit price last week but I was selling them all at once and the decent win in a relatively
brief holding period will do me just fine. We wish ADZN the best of fortune with its eventual
build-out at El Domo.
SolGold (SOLG.to): POSITION CLOSED. Out at 16.5c and I could have done better than
that, but it is what it is and as this position has been open for over a year and was going to end
in a loss whatever happens, I was past quibbling and took the offer. As planned, some of this
cash was immediately transferred to my PGZ.v position (see below) in order to balance some of
the lost copper exposure.
Equinox Gold (EQX): POSITION CLOSED. In last week’s notes, I forget to mention one of
the minor reasons for the sell call was that there’s no reason to hold EQX through its earnings
9

report. So I made sure I was out early week and as the ten-day chart shows, that was the
right decision.
We do the EQX 1q24 numbers in Market
Watching below, by way of a fond farewell to a
disappointing trade. It eventually paid a small
win and I’m not going to be ungrateful and start
sniffing too hard, but EQX should have provided
more leverage to the rising gold price than it did
and the reason for the under-performance shows
in the Q1 numbers: Costs.
Orecap Inv Corp (OCI.v): POSITION
OPENED: I didn’t get much more than the
smallest of footholds in OCI and refused to pay
ther 6.5c ask all week, but it’s enough to move the stock out of the Watch List and make it an
official Reco and holding, so be clear that I’ll be fishing for more 6c shares in the days to come.
With the newsflow from its two hot plays ARIC and AE likely to take a backseat for a few
weeks, aside the day when they start drilling their 2024 programs in a couple of weeks’ time
(approx), I don’t see why I have to pay up on this stock and a key part of these pennycrapper
plays is getting in at the right price, e.g. if it drops back to 4c it’ll be a lot easier to hold a 6c
position than an 8c position.
Pan Global Copper (PGZ.v): ADDED. It’s still not easy to buy and the single biggest trade of
the week, a block dump to 18c on Wednesday, also helped put a damper on the price action,
but there was enough 19c available for the smallfry and I added what I wanted to add.
Red Pine Exploration (RPX.v): ADDED TO WATCH LIST. Last week’s main feature stock
had a real rollercoaster of a week and there’s news and developments to consider carefully, so
we take a closer look in ‘Market Watching’ to give it the space it needs. Here we merely register
its arrival on the list and note that by the time the week closed, the 0.5c added was in line with
our “best to watch and wait” call from last weekend. As it turns out, so were most of the
details, check them out below.
Aldebaran Resources (ALDE.v): We got a good assay results NR from ALDE last week (5)
under the headline “Aldebaran Intercepts 649.60 m of 0.81% CuEq Within 1,018.60 m of
0.60% CuEq, at the Altar Project”. That’s a great hole by any standards and particularly for
Altar, where the scale of the porphyry system has never been in doubt but the current resource
is based on lower grade levels of around 0.43% copper. Indeed Hole 241 was the star turn and
the headline intercept is highlighted on the assay table in red (below). It includes a strong
overall copper grade of 0.55% Cu (0.60% CuEq) with a sweet spot of 649.6m of 0.74% Cu
(0.81% CuEq). A strong hit with a high level of copper in the overall equivalent grade.
10

However, it wasn’t the only hole reported in the NR and at least two others are worthy of their
own commentary. Please check the drill maps in the NR to see how this hangs together, but the
location of Hole 240 and Hole 74 are important and probably brought as much pleasure to the
team as 241 in the heart of the system. Part of the ALDe team’s’ strategy is to drill deeper and
they’ve had plenty of success, but that also means the eventual resource model they build
needs to float a deeper pit. Therefore and in turn, the more mineralization the company finds at
the known limits of the resource will allow them to expand the pit shell and make it go deeper
without adversely affecting the strip rate (or relying too much on a theoretical stage two block
caving operation). That’s why holes 240 and 74 are important, as they are located in the
pplaces they need to expand the mineralized footprint, therefore expand the pit shell, therefore
let the open pit go deeper in its centre and pick up as much of the highest grade copper found
in the centre of the Altar target, but also check out the webinar run by ALDE last week that
discussed the NR results link here (6). You can skip the first two minutes (they had a technical
issue) and the Q&A at the end (more heat than light), but the main section offered by Kevin
Heather was most informative and made sure the significance of holes 240 and 74 was
understood.
The webinar also went over the 2024 timeline of events. There’s one drill still turning on site
(hole 245) which may or may not complete before the Andean winter closes down operations,
there’s also five holes already in the labs but we were warned turnaround times are long and
Heather guided for “up to 50 days”, so let’s say August for those. In the meantime there’s the
“virtual investor day” coming up on May 29th for those so inclined. As for bigger catalysts, the
resource update is apparently still on schedule for the second half of this year and that’s bound
to see a big jump in the resource, as the last count dates back to 2021. Beyond that, a PEA
based on the resource update is planned for the “first half of 2025” which they estimate should
turn into a PFS in 2026.
The market reacted positively to the NR (and
potentially the webinar information) and ALDE was our
biggest gainer of the week, however the ten-day chart
(right) shows how it came off a loser the week before.
Also, while there was some improvement in traded
volume that’s still a weak point to this story and until it
11

starts trading a decent amount on a regular daily basis, will remain so.
Minera Alamos (MAI.v): It’s good to see MAI pick up a bid or three and while the Friday
close may have been slightly optimistic (trying to see the
bright side), there was undeniable accumulation all week
and it makes a pleasant change to see our Top Pick stock
get bought into the weekend, rather than closed.
I’m going to stick to the outline of last week and wait until
we have the 1q24 finnancials before running a deeper
analysis and update on MAI, but that should be too far int
the future and should coincide with the weekend of the
Mexican Presidential and Congress elections.
The Copper Basket
After nineteen weeks of 2024, The Copper Basket shows a gain of 13.45% to level stakes:
company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.to 7.16 186.824 1673.94 8.96 25.1%
2 Solaris Res SLS.to 4.13 179.221 922.99 5.15 24.7%
3 Marimaca Cop MARI.to 3.43 93.11 355.68 3.82 11.4%
4 Los Andes LA.v 11.80 29.53 307.11 10.40 -11.9%
5 Hercules Silver BIG.v 1.38 231 189.42 0.82 -40.6%
6 Aldebaran Res. ALDE.v 0.89 169.819 169.82 1.00 12.4%
7 Arizona Sonoran ASCU.to 1.75 109.17 155.02 1.42 -18.9%
8 Oroco Res OCO.v 0.375 222.86 129.26 0.58 54.7%
9 Faraday Copper FDY.to 0.63 175.97 123.18 0.70 11.1%
10 American Eagle AE.v 0.26 116.75 92.23 0.79 203.8%
11 Kodiak Copper KDK.v 0.58 63.93 28.13 0.44 -24.1%
12 C3 Metals CCCM.v 0.61 61.885 23.52 0.38 -37.7%
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 15.94 0.15 -16.7%
15 Camino Min COR.v 0.07 206.66 13.43 0.065 -7.1%
NB: All stocks in CAD$ Portfolio avg 13.45%
The Copper Basket 2024, weekly evolution
Despite there being more losers than winners on 20%
18%
the week, nearly 3% was added to our basket 16%
average and that’s thanks to mostly small moves 14%
12%
either way, leavened by two big winners. Seven 10%
8%
stocks went down (NGEX.to, SLS.to, MARI.to, 6%
4%
OCO.v, CCCM.v, KDK.v, ECU.v), three stocks were 2%
0%
unchanged (LA.v, QCCU.v, COR.v) and five stocks
-2%
went up (BIG.v, ASCU.to, ALDE.v, FDY.to, AE.v), -4%
-6%
that last batch including the only double figure
movers of the week in the shape of Aldebaran
Resources (ALDE.v up 16.3%) and American
Eagle (AE.v up 14.5%). Those were enough to tip the balance to the positive side but overall, a
downbeat week compared to the fun in the copper market:
12
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source: IKN calcs

We again saw market speculation beat out the lack of end-user demand in China, with this
Bloomie note on Friday morning typifying sentiment (7):
Copper climbed above $10,000 a ton as predictions for tighter global supplies and
rising consumption in electric vehicles and power grids countered signs of demand
destruction in top user China.
That means U$4.54/lb spot but the sharp contango remains in place as speculators keep a tight
hold on forward supply and for a moment on Friday, prices looked to have slipped the field
before selling into the close brought a little sanity. It’s all good and this desk hasn’t changed it’s
tune on the rally, as the move is welcome and I’m obviously betting on copper prices going
higher, but this price move from U$4.60/lb to U$4.70/lb is the same one that had me worried
when it moves from $4.50 to $4.60 just a couple of weeks ago and as suchm correction would
not surprise in the least. So last weekend’s call of “I also think we’re going to see U$5.00/lb+
prices in the latter part of this year” and not in the near future is still the IKN Weekly roadmap,
but I’m also aware of phrases such as “climbing a wall of worry” and “Chicken Little Sky Falling
In”. The current bull run has been strong and won’t come to a grinding halt on demand, even
less likely because some mouthy newsletter writer points out some real economy logic. Indeed,
sentiment was stoked even further by Goldman Sachs’ latest call for “copper stockout”, that’s
the one they’ve used since 2022 to warn of world inventories dropping to zero and the
subsequent market panic it would set off as real end users scrambled to secure physical supply
for the second half of the year (8).
“We continue to forecast a shift into open-ended and mounting metal deficits from 2024
onwards,” the bank’s analysts, including Nicholas Snowdon, wrote in a note. There’s
potential for a “stockout episode” — in which inventories run extremely low — by the
fourth quarter, they said.”
It sounds great and the spike on Friday was probably helped along by the call, but so far at
least Goldman’s stockout episode has failed to materialize and if we look as the state of the
inventories market, there’s still no sign of Shanghai panic and yes, that means its’s time for our
regular copper inventory data segment, data from Chilean copper beancounters Cochilco.
 The trend lower continues, but not from the place we expect. The aggregate of the
three official inventory systems total 413,817 metric tonnes (mt) this weekend, down
another 6,400mt on the week and once again, the drop was driven by LME Europe and
LME North America, while the big Asia market saw stocks click up a little.
 The Shanghai SHFE copper stocks remain “stubbornly” (see tracking chart below for
more) high, with an addition of 2,036mt to close the week at 290,376mt. This time last
week we anticipated a real change and a potential signal for the next few months, it
simply didn’t show. Moving the watch on for another seven days, more next weekend.
 Another medium-sized but significant drop in overall LME stocks, this time down
7,850mt to close at 103,450mt and closing in on that 100k line. Once again it was all
about draw downs at its European (-5,1kmt) and New Orleans (-3.2kmt) warehouses,
13

with a small add in Asia stocks. Same as last week, so with copper spot prtices
continuing to rise I suppose the trend is a friend. It’s still odd though, I’m not fond of
odd.
 The Comex total did its now statdanrd thousand-and-bits tonne drop, this week’s
1,428mt was enough to get it under the 20k line, at 19,991mt this weekend.
The dedicated SHFE chart shows the SHFE in a longer flatline than I or most others expected,
at this 300k-or-abouts level. More reason to suppose that the current price run in copper is all
about market speculation, not about what’s going on in factories along the Pearl River.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
14
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): Mentioned in passing last weekend due to the resignation of
Warren Gilman (QRC et al) from the board, the other thing that stands out about LA this year is
the lack of news from the company. Just three NRs in 2024 and all on corporate technical
matters, no news at all from the project and if we check the latest corporate presentation dated
May 2nd (9), this screenshot seems to suggest that the company plans to move from PFS to FS
and then construction without putting any more drills into the ground.
And if that doesn’t give an indication of how bad community relations are with the Putaendo
community, still blocking all development via the Chilean courtrooms, nothing will.
NGEx Resources (NGEX.to): A near-carbon copy of the week before last, as NGEX
announced (10) more impressive hits from the Lunahuasi deep porphyry target, the market
watchers gave requisite “oohs” and “ahhs” over lenth and grade, but the market failed to add
any market cap to the stock on the back of these successful holes.
We noted last weekend the April 30th NR and its headline 509m of 1.33% CuEq and 328m at
1.10% CuEq, this week’s result came on May 9th under the header “NGEx Drills 429.4 Metres at
2.31% Copper Equivalent, Including 102.7 Metres at 4.26% Copper Equivalent and 13.2 Metres
at 16.24% Copper Equivalent at Lunahuasi”, confirming the promise of the deep zone recently
discovered close (ish) to the high-grade discovery zone at the target. However, you may have

noted in the intro paragraph of this week’s Copper Basket that NGEX.to is one of the
week.over-week losers, despite that stellar hole.
There comes a point when a junior stops reacting
sharply to good or even great drill results, when
the market sees them and seems to say “Yes, but
that’s what we expected from you” and there’s no
rush from new money to buy more shares. This
weekend NGEX.to is a C$1.673Bn market cap and
that’s a big number for an exploreco, even bigger
for one with a long-established main resource of
low grading copper in high Chile.
It’s not a case of taking potshots at Lundin
companies just for the fund of it; quite the
contrary, as we included NGEX in this year’s list precisely because of its pedigree and the lowest
market cap way of following this hot zone in the high Andes. Here’s how we put it in IKN763
when announcing its inclusion in the 2024 Copper Basket:
Its market cap it’s bigger than I’d prefer for this list, but we’re now at the point where
any reasonable representative basket of copper stocks and especially junior
exploreco/developers needs to have one of “The Lundin Companies” because without
one, it misses out on too much of the money moving through the sector
And…
The Lundin Group can seemingly do no wrong at the moment and their work in the
Vicuña has yielded world class results, as seen at both Filo and Josemaria (now under
construction). We’ll follow their progress this year and while the Vicuña cluster is bigger
than the normal scope of The IKN Weekly, I’ll be rooting for its success.
NGEX.to is up 25% YTD for good reasons, but a ceiling eventually comes along and this chart
(right) shows some classic signs of just that.
American Eagle (AE.v): We care about AE these days because it’s the bigges liquid asset
position held by OreCap (OCI.v), our new value position on Ore Group explorecos. AE lastw eek
came out with a new presentation aimed more at geologists and drill-trackers than the general
retail audience, so in this case I’m not going to urge you to download your own. Instead, we
cut to the end of the PDF (11) and this slide that gives a laundry list of what to expect from the
upcoming drill program, set to start before the end of this month. AE has made no secret of
aiming at targets that try to emulate the long hits on grade from the end of last year’s program
and as such, Phase 1 aims for likely spots with thr “Jewel Box” zone in mind (if they can find it).
Then Phase 2 later in the year should become more exploratory as the two rigs move North and
test the zone as seen on the map.
15

The Producer Basket
After 19 weeks of 2024, the Producer Basket shows a gain of 17.66% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 48.97 42.49 2.7%
2 Agnico Eagle AEM 54.85 497.971 34.06 68.40 24.7%
3 Barrick GOLD 18.09 1756 29.73 16.93 -6.4%
4 Franco-Nevada FNV 110.81 192.119 24.55 127.80 15.3%
5 Pan American PAAS 16.33 364.439 7.42 20.35 24.6%
6 Lundin Gold LUGDF 12.64 237.68 3.53 14.84 17.4%
7 Hecla Mining HL 4.81 617.768 3.31 5.35 11.2%
8 Eldorado Gold EGO 12.97 202.472 3.10 15.30 18.0%
9 Dundee PM DPMLF 6.43 183.278 1.47 8.02 24.7%
10 Wesdome Gold WDOFF 5.83 148.95 1.25 8.42 44.4%
All prices and stock quotes in U$ Port. avg 17.66%
Newmont is back into positive territory for the year and Barrick now sticks out like a sore
thumb, the only of the majors to be underwater 2024 YTD. Anyway, gold’s strong move last
week (GLD +2.7%) powered a rally in the PM producers and all ten of our basket stocks
registered gains, from least best Barrick (GOLD up 2.9%) and Dundee (DPMLF up 3.5%) to the
strong out-performances and double figure percentage moves registered by Wesdome (WDOFF
up 14.9%), Hecla (HL up 12.9%), Pan American (PAAS up 11.5%) and Lundin Gold (LUG.to up
10.6%). This means our strategy of mixing in more smaller cap Tier 2 PMs into the mix this
year in order to beat the GDX showed well and we’re now 3.99% ahead, the biggest lead we’ve
had this year.
The 2024 Producer Basket: Weekly performance and
20% comparative to GDX control
16%
12%
8%
4%
0%
-4%
-8%
-12%
-16%
The plan this weekend was to go over some of the Q1 results from basket companies in light of
the main intro note in IKN780 two weekends ago “Major mining moves”, which picked over the
strategic error I’d made with Newmont (NEM). That week, the world #1 gold miner had
zoomed on the back of its 1q24 financials, despite them being much of a muchness. It turned
out that all they needed to do was beat the markets depressed and downbeat expectations,
rather than deliver a set of financials that spoke of true turnaround or operational strength. We
saw quite a lot of that this week as companies such as Pan American (PAAS) Hecla (HL) and
Wesdome (WDOFF) all got a pass on mediocre Q1 numbers thanks to their guidance for Q2 and
beyond, the market pricing in an extra $250/oz on gold and perhaps $3/oz on silver to the
booked revenues of each company, even before HL and WDO promised production hikes.
Thjat was the plan, before family life got in the way. I’m going to do this next weekend instead.
16
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The 2024 Producer Basket: Percentage diff. between
GDX benchmark & basket (negative= IKN ahead)
2.0%
ikn 1.0%
gdx control 0.0%
-1.0%
-2.0%
-3.0%
-4.0%
-5.0%
source: IKN calcs -6.0%
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21
source: IKN calcs, NYSE data

The TinyCaps List
After 19 weeks of 2024, the TinyCaps show a gain of 64.62% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 221.5 26.58 0.12 84.6%
Awalé Res ARIC.v 0.135 67.27 40.36 0.60 344.4%
District Metals DMX.v 0.170 106.98 45.47 0.425 150.0%
Endurance Gold EDG.v 0.18 150.136 21.77 0.145 -19.4%
Kirkland LDC KLDC.v 0.100 88.625 8.42 0.095 -5.0%
Latin Metals LMS.v 0.075 71.476 7.50 0.105 40.0%
Palamina Corp PA.v 0.130 71.285 9.98 0.14 7.7%
South Star STS.v 0.750 48.8 29.28 0.60 -20.0%
Surge Copper SURG.v 0.090 219.21 30.69 0.14 55.6%
Viva Gold VAU.v 0.120 118.384 15.39 0.13 8.3%
Prices in CAD$, data from TSXV basket avg 64.62%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
chosen under the following criteria to put together a list representing the state of play in the
sub-sector of tinycap exploration company stocks. At least, that’s the plan.
 Market capitalization of under $20m (though this year I’m making one clear exception and one rule
stretcher). They have to be tiny. In two cases I’ve stretched the window a little and allowed sub-U$20m
market capper in that are just over the C$20m level, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right
size, our task is to trawl through the TSXV and find companies that are small but with life in them. The vast
majority of tinycap stocks are broken stories, either traded to death on the exchange or with projects that are
a bust or with entrenched management more interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2024. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
The basket average lost just under two clicks on the
week, with the slightly larger weight of the four TinyCaps, 2024 weekly tracker
100%
losers (ARIC.v, EDG.v, KLDC.v, SURG.v) enough to 90%
80%
out-do the five winners (BAY.v, DMX.v, LMS.v, STS.v,
70%
VAU.v), with one stgock remaining unchanged week- 60%
50%
over-week (PA.v). Unusually for these tinycappers,
40%
there were no double figure percentage moves at all 30%
20%
with the biggest change registered by Kirkland LDC
10%
(KLDC.v down 9.5%, or a penny in real terms). 0%
Overall a quiet week, though the smaller moves may
also point to an improvement in overall liquidity in
the tinycap world.
Surge Copper (SURG.v): They don’t come along very often and you have to be nimble, but
every so often a “tradeable tinycap” comes along and Surge Copper is starting to look like one
of them. You need a combo of reasonably
liquid volume, width to get a few thousand
dollars in and out and a trading range that
allows for a decent flip win so if you can find
some SURG at 12c in the weeks to come,
unless the copper market collapses (i.e. sub
U$4.00/lb metal) I’d be surprised if you can’t
sell them back for 15c later on, a raw 25%
difference.
17
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source: IKN calcs, TSX data

This isn’t a commentary on its fundamentals and is all about the chart, so take it for what it is.
South Star Battery Corp (STS.v): A nice move from STS early week after announcing this
news (12) on Monday afternoon:
VANCOUVER, BC / ACCESSWIRE / May 6, 2024 / South Star Battery Metals Corp. ("South Star"
or the "Company") (TSXV:STS)(OTCQB:STSBF) is pleased to announce the execution of a binding
sales agreement (the "Agreement") for the initial purchase of 100 tonnes of the Company's graphite
concentrate from its Santa Cruz Graphite Mine in Brazil. The material will be shipped in five (5)
industry-standard intermodal ISO 20-foot shipping containers, each holding 20 one-tonne super
sacks. South Star anticipates that initial orders will be fulfilled and delivered during Q3 2024.
That’s what is best described as “a start”, with an order to fulfill for Q3 that represents about a
tenth of a single month’s production capacity. But you have to start somewhere and as STs also
announced in the same NR that “…another major US graphite company has evaluated, tested
and successfully qualified Santa Cruz graphite concentrate on behalf of its leading customer,
specifically qualifying Santa Cruz graphite for a green-energy application”, the company’s
marketing suggests there are more orders in the pipeline.
Considering that from early 2023 we were promised a mine that would go into production by
the end of last year, the ramping a product sales part of these early stages is taking longer than
I expected. However, that’s one of the reasons we placed STS on this watch list instead of just
jumping in with both feet and buying shares this time last year. We’ll keep watching and last
week’s news may well be the beginning of a more active news period for the company.
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 takes a…small…stand against First Quantum (FM.to)
First up we update the news as reported last weekend and on Thursday, José Raúl Mulino was
officially proclaimed President-Elect of Panama having received 34.2% of the popular vote in
last weekend’s election. His closest rival was Ricardo Lombana who got 24.6% of the popular
vote, with ex-President Martín Torrijos coming in third place with 16.0%. That type of fractured
percentage result is normal in Panamanian elections and while he won’t enjoy a popular
majority on the streets, he should be able to form an effective government. The Mulino
executive begins to take control over the outgoing government of Laurentino Cortizo early next
month and Mulino officially takes office on July 1st, his period of mandate running to 2029.
Whether or not it turns out to be mere lip service remains to be seen, but the first statements
from Panama’s newly minted President-Elect José Raúl Mulino on the issue were not what the
company had wanted to hear (13)
PANAMA CITY, May 9 (Reuters) - Panama's president-elect has ruled out talks with Canadian
miner First Quantum Minerals until it drops multiple arbitration proceedings it has launched seeking
billions of dollars in compensation from the government over a mine shutdown order.
President-elect Jose Raul Mulino spoke about his plans for the major copper mine, once
responsible for some 5% of Panama's economic activity and some 40% of First Quantum's
revenue, in an interview with local news radio program Panama en Directo on Thursday.
"To consider talking about mining, those arbitrations need to be suspended," Mulino said, stressing
the government's preeminent role in any mining project that operates in Panama's territory.
"Don't forget that the owner of that concession is the state," he said.
The president-elect noted that any solution for the disputed mine will not involve a new concession
contract, though he signaled some flexibility to possibly allow the project to temporarily reopen in an
effort to reduce its ultimate closure costs.
First Quantum did not immediately reply to a request for comment on Mulino's remarks, though the
miner said earlier this week it is looking forward to talks with his administration to find a solution to
the disputed open pit Cobre Panama mine.
We sketched out a scenario last weekend, in which Cobre Panamá is ignored for a while, then
later the ICSID/CIADI arbitration starts to cast a shadow and allows this right-leaning President
18

to find a way to reach a negotiated settlement with FM.to. But there’s not going to be any
rushing to the table by Mulino, be the mine that apparentl “2% of Panama GDP” or not.
Peru: The ice under Boluarte becomes thinner
In IKN777 dated April 7th and the note “Peru: President Boluarte on thin ice”, we again pushed
back on the “We’re stable and growing and a great democracy” image that Peru has tried to run
on the outside world since the usurper President Dina Boluarte took over from Pedro Castillo
and refused to call new elections, way back in late 2022. It’s difficult to overstate how
unpopular Boluarte is with the rank and file in the country, but as she’s done endless pacts with
the devil, aka Peru’s Congress, and has shored up support among the Lima ruling class by
shifting to the hard right of the political spectrum (recall, she was elected Vice President under
Pedro Castillo’s overtly Socialist agenda with the Peru Libre party), she’s managed to hold on to
power. We closed IKN777 with these words:
“As long as Congress has her back she’ll stay as President, but that support could evaporate in
minutes if the self-serving toerags running Congress decide that it suits their cause and the knives
are starting to be drawn.”
Since then, the “Peru Stable” schtick has continued in the mainstream media and it’s the
common line used in mining circles, too. They are wrong and as further evidence, try this story
for size (14):
LIMA, May 10 (Reuters) - Peruvian authorities said on Friday that they had launched
an investigation into President Dina Boluarte for disbanding a special police force that
had been investigating her brother, who was detained earlier in the day.
Nicanor Boluarte and the president's lawyer were arrested as part of a probe into
alleged influence peddling, ramping up pressure on the Andean country's leader, who
is already being investigated over how she got pricey Rolex watches and jewelry.
Peru's attorney general's office said it was now looking into a potential abuse of
authority by President Boluarte and Interior Minister Walter Ortiz for dissolving the
police unit.
Boluarte now faces criminal investigations for her acts since becoming President on three
different counts; Firstly the multiple deaths caused by the crackdown against her decision to
usurp power and not call new elections (she’s in deep trouble on this score, but she cannot see
the inside of a prison while in office), the case of the Rolex watches and expensive jewelry that
suddenly appeared in her life as from last year (see IKN776 and “Peru: A Rolex! a Rolex! my
kingdom for a Rolex!” for more on that), but this latest one is a real pearl and may be the straw
that breaks the camel’s back. A few weeks ago, some investigative journalism uncovered how
her brother and long-established political operator, Nicanor Boluarte, had apparently been
offering “jobs for favours” in the background and using his connection to the President. A case
was opened against Nicanor and other people in his circle by a branch of the police force that
specializes in complex crimes and corruption cases. Last week and just hours before an arrest
warrant was emitted (and enacted; Nicanor Boluarte is now on remand for 10 days as is his
lawyer, who also happens to be the lawyer of President Dina), Dina decided to…disband the
special force! She apparently thought that by doing this, the case against her brother would
disappear into thin air and that was a big mistake by somebody that’s clearly becoming
desperate for some reason or other.
So do yourself a favour and ignore all the “Peru Is Great” propaganda coming from media
channels and mining companies (and their paid lackey promoters), the country is the epitome
of a tinderbox. If you’d asked me at the start of the year whether Dina Boluarte would make it
to the end of her mandate period (July 2026) I’d have given it an 80% chance, but these days
it’s a coinflip. But whatever happens, the chances of the next government being even worse
than this one is sky high.
Market Watching
Deferred
19

Conclusion
IKN782 is done, we end with a basic bullet point:
 A very thin edition this week, for which I can only apologize. Noty only is it a day late,
but the content is reduced and that’s all due to a family thing that came up that, quite
literally, left me holding the baby. As Saturday turned into Sunday (and then Monday) it
dawned on me that no matter how easy it might be to contribute to the debate via 140
character blasts on Twitter, it was going to get very difficult to have the space and time
to sit down in front of a real keyboard and type with two hands. I sincerely hope this
poor service doesn’t repeat itself and can guarantee that next week’s IKN Weely will be
a lot better than this.
 As a result of my reduced time over the last three days, I decided to focus on the most
pressing matter at hand. With the market seemingly set fair and the recent portfolio
adjustments done, the job this week is to cover the Red Pine (RPX.v) soap opera and
while this Wednesday will be an important moment, the best course of action is to sit it
all out a while longer. Better to buy shares on the way up, or even get some really
distressed bargain prices.
 I need to get some sleep. I’m unlikely to appear on social media from now until
Wednesday.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark
Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2024/05/schedule-for-week-of-may-12-2024.html
(2) https://redpineexp.com/red-pine-provides-update-on-assay-results-for-wawa-gold-project/
(3) https://twitter.com/Mark_IKN/status/1787471361054560504
(4) https://redpineexp.com/red-pine-provides-further-update-on-assay-results-for-wawa-gold-project/
(5) https://aldebaranresources.com/news-releases/2024/aldebaran-intercepts-649.60-m-of-0.81-cueq-within-1-018.60-
m-of-0.60-cueq-at-the-altar-project/
(6) https://www.youtube.com/watch?v=shv0WY7Ad4U
(7) https://www.bloomberg.com/news/articles/2024-05-10/copper-near-10-000-as-supply-worries-counter-faltering-
demand
(8) https://www.bnnbloomberg.ca/copper-breaches-10-000-again-as-goldman-sees-stockout-risk-1.2069610
(9) https://losandescopper.com/investors/presentations-newsletters/
(10) https://ngexminerals.com/news/ngex-drills-509-metres-at-1-33-copper-equivalent-122761/
(11) https://americaneaglegold.ca/site/assets/files/3751/nak_technical_presentation_10-05-2024.pdf
(12) https://finance.yahoo.com/news/south-star-battery-metals-announces-174500292.html
(13) https://www.reuters.com/markets/commodities/panama-president-elect-rules-out-first-quantum-talks-until-
arbitrations-dropped-2024-05-09/
20

(14) https://www.reuters.com/world/americas/peruvian-presidents-brother-arrested-rolex-scandal-probe-2024-05-10/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
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
21

Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
22

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

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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