IKN #784Premium

The IKN Weekly
Week 784, May 26th 2024
Contents
This Week: In today’s edition, US Memorial Day and US Macro Week, HODL works in both
directions.
Fundamental Analysis: Contango ORE (CTGO): Running the numbers on the cusp of
production.
Stocks to Follow: Orecap Inv Corp (OCI.v), SilverCrest (SILV) (SIL.to), IMPACT Silver (IPT.v),
Newcore Gold (NCAU.v), Red Pine Exploration (RPX.v), Pan Global Resources (PGZ.v),
Aldebaran Resources (ALDE.v), Minera Alamos (MAI.v), Western Copper & Gold (WRN.to).
The Copper Basket: Overview, Solaris Resources (SLS.to), QC Copper & Gold (QCCU.v),
Faraday Copper (FDY.to).
The Producer Basket: Overview, Hecla (HL), Newmont (NEM).
The TinyCaps Basket: Overview, Palamina (PA.v), Kirkland LDC (KLDC.v), Endurance Gold
(EDG.v), South Star (STS.v).
Regional Politics: Ecuador: Noboa’s honeymoon coming to an end, Peru’s tinderbox of
politics, part 83, Argentina: RIGI rules San Juan.
Market Watching: Fortuna Silver (FSM) (FVI.to) is changing its name, Adding Sendero
(SEND.v) to the test.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In today’s edition
 Today’s main fundies section gets us up to speed with the numbers behind Contango
ORE (CTGO), now about to start benefiting as 30% owner of the Manh Choh mine as
that moves into production.
 The dump in metals prices last week was led by copper, catching plenty of bizworld
headlines as it fell off its U$5.00/lb+ levels and returned to something more in line with
the action of April and early May. We do that in Copper Basket, as well as other places.
 As for gold (and silver as well, I suppose), a correction was probably in order at some
time. Even the best of metals markets will not see non-stop appreciation and we say as
much in today’s intro section, as well as in other comments scattered about.
 Believe it or not, the idea this week was to run a briefer edition of The IKN Weekly after
last week’s quasi tome and before the next busy period coming up soon, with plenty of
TSXV stocks about to report their quarters. But it didn’t work out that way and you got
another 16,000 words to chew over. Some of them spelled correctly, too.
US Memorial Day and US Macro Week
Tomorrow Monday, The United States of America takes a day and rightly honours the brave
women and men who made the ultimate sacrifice for its freedom as a Nation. Which also means
its stock markets are closed for business until Tuesday morning and while Canada's markets are
open for business as usual tomorrow, expect the normal big dip in volume and in a cat's
away/mice play style, perhaps one or two random TSXV stocks that trade weirdly for 24 hours.
1

As for the week ahead in US macro, not so many
events that might affect the metals and mining
markets as the US GDP reading is top of the list
and that backward-looking number tends to get a
shrug from the market, but perhaps keep one eye
out for US Macro Wednesday 2pm and the release
of the Fed Beige Book, as the data wonks like that
one. Then on Friday we go through all the “Fed
Favourite Inflation Indicator” schtick as the core
PCE reading is announced. As a casual observer of
these datasets and wanting to make sure I had
my dates right, I plugged a couple of keywords
into Google on Friday as prep for this opening
note and came to this link (1) that included this
nice little visual (right) on US inflation and PCE.
Now, call me cynical if you want, but the moment
I saw that chart I couldn’t help but remember how
the narrative on PCE being The-Thing-That-The-
Fed-Cared-About-Most became prevalent in 2022, just at the moment when the benchmark
headline CPI reading shot above 6% and then beyond. I also remembered the distinct lack of
talk over PCE at this time last year when headline CPI tumbled back down, with our thought
leaders getting us to focus on the success of the noble warriors’ fight against inflation. And
now, with CPI remaining stubborn and refusing to budge down any further yes, you guessed it,
we get “Fed Favourite Inflation Indicator” pushed in our face again.
However, it’s all a bit of a sidebar (he says, after writing a paragraph and not editing it out of
the final edition) because, noted a couple of weeks ago, the real Fed and therefore US policy
(in what will be a bitterly fought election year, no small detail) now depends squarely on the
unemployment data. For the next edition of that saga we have to wait until Friday June 7th and
for sure, before that date we can argue about the level we’d need to see to trigger rate cuts
(the consensus seems to be around 4.2%) and we even have new opinions out there, such as
Goldman Sachs head honcho David Solomon and his “no cuts in 2024” call last week that made
plenty of headlines, but when push comes to shove the narrative these days is less about a
“sticky inflation number”, because it’s likely to be sticky in either direction and a tenth here-or-
there won’t move the Fed. The tenths added to the headline unemployment are a different
matter and any four-plus readings in the next month or two will move the goalposts once again.
HODL works in both directions
Even though it’s obvious he audience for The IKN Weekly is more sophisticated and worldly
about the ways of the mining sector than the Average Joe/Joanna you might come across on
social media, the interwebs or even in real life (yes indeed, call me an old fuddy-duddy but face
to face conversations about mining stocks still exist), the occasion recourse to some basics does
no harm at all and the circumstances of last week’s market have made room for a little pep
talk. Essentially there are only three things to say, so let’s do it this way:
 We are in a bull market for metals and mining stocks.
 Even in bull markets, metals and mining stocks do not go up in a straight line.
 You know that. And nobody forced you to invest in junior miners, either.
It’s easier to digest a “Just Keep Holding” message when everything is going up, for example in
the “HODL and more HODL” intro note of last weekend, but experience tells this desk that it’s a
tougher sell when the market has just taken a collective dump. For sure there will be a time to
sell, these are junior mining stocks and not the type of “Our favorite holding period is forever”
stock beloved by Warren Buffett, but the time for wholesale liquidation is not upon us. There
are too many mediu and long-term macro indicators pointing toward a rich harvest moment for
miners and to give up the game at the point when cost inflation drops, end product prices rise
and the world’s economic leaders are telling us that interest rates are going to come down is
2

akin to snatching defeat from the jaws of victory. Nobody in their right mind promises a smooth
ride to junior mining investors, last week’s action is part of the territory. So just HODL.
Fundamental Analysis of Mining Stocks
Contango ORE (CTGO): Running the numbers on the cusp of production
Here’s a note that’s been on my To Do list for a while, as it’s been a long time since we took a
look at the financials of Contango ORE (CTGO), our gold start-up trade in Alaska USA with a
simple and effective business model. A lot has happened since we last took a close look at the
CTGO numbers, so much so in fact that I’m not even going to refer you to the back issue in
which we crunched them and came to some early conclusions, instead today we’re going to
treat this as a new coverage note. Things that have changed from then until now include
 The big move in the gold price (duh)
 CTGO has taken on the debt it required to cover its 30% of the Manh Choh
build
 The build under the auspices of 70% owner and operator Kinross (KGC) has
taken place and by all accounts, it’s on time and budget.
 We’re about to see the first production from Manh Choh
 CTGO has outlined its plans to do a repeat play at its second asset, Lucky
Shot, also in Alaska
 Finally and most recently, CTGO has announced the friendly acquisition of
Highgold Mining (HIGH.v) in an all-share deal that values the target at C$51m
paper. With this, CTGO has added a third significant development project to
its book that will allow it to make longer-term plans.
That’s a long list of significant matters, so to get a handle on today’s CTGO we’re going to do
three main things:
1) Run the numbers on what we now expect from Manh Choh for the company and its
30% minority holding.
2) See how the revenue stream will move the company financials, with particular
attention on the balance sheet.
3) Consider the new pipeline of projects and what CTGO is looking to become in the
longer-term future.
That’s today’s task and it means less narrartive and more number-crunching, so if you’d like to
get up to speed on the company, its people, the background to its projects and other such
matters a good place to start is its latest corporate presentation, found on this link (2). Another
useful link is to the NR that announced the friendly acquisition of HIGH, that’s here (3). With
that out the way, let’s start the numberfest with our standard structure topbox but this time
with a small difference, as we go pro-forma on the Highgold deal and assume it closes in
correct fashion in July, with shares duly emitted and deal closed.
Pro Forma Shares out: 11.31m
PF Options: 0.116m
PF Warrants: 0.405m
PF Fully diluted shares: 11.831m
Current share price: U$20.27
PF Market Cap: U$229.25m
Approx cash per PF S/O: 70c
All prices are in US Dollars unless stated
Most readers will know the story by now, but those of you new to the stock will notice that
unlike most other junior developer, CTGO has a low share count and a relatively high price per
share to get it to its near-U$230m market cap (pro forma). There’s also very few derivatives
3

and for the record, we include the 429k or so of unvested RSUs in the shares out total. The
company is a small float and while it doesn’t trade much, these days it does enough to make it
almost liquid and things are better than they were a couple of years ago, when CTGO traded by
appointment.
As for the main reason to like CTGO today, that’s the Manh Choh development project that’s
about to go into production. CTGO has paid its 30% end of the capex mostly by securing debt,
with a U$60m senior secured facility from ING/Macquarie and $20m of convertible debt from
long-term backer Queen’s Road Capital (QRC.to). The build out has gone well and is on time
and budget, with first production set for 3q24.
As minority partner, CTGO is basically carried by 70% owner/operator Kinross, the bigger
company overseeing operations as well as processing and refining of the ore at its Fort Knox
mine. CTGO gets its proceeds from a deal in which it pays mining costs pro-rata and then a
processing fee for the work done at Fort Knox. When all is said and done, CTGO expects to run
a constant AISC of U$1,116/oz and if that works out, it means they make a very healthy margin
with gold where it is at the moment.
The downside to Manh Choh is its relatively short mine life, with the current mine plan set to
deplete the resource in four and a half years. We know both CTGO and the KGC/CTGO JV will
be out exploring the locality arounf Manh Choh for mineralization of the necessary grade to
make shipping to Fort Knox feasible, but we need to bake in doubts that the mine lasts for
much longer than its current plan. As for annual production, that’s set at 225,000 oz per year
and that means CTGO gets 67,500 oz of that for its 30%. If we allow the back end of 2024 as
the ramp period and assume full production as from January 1sts 2025, then smooth out
quarterly production into equal quarters, it looks like this for CTGO:
CTGO: Model attributable GEO prod, per qtr
4
0008
00031
57861 57861 57861 57861 57861 57861 57861 57861 57861 57861 57861 57861
20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
42.nuj 42.pes 42.ced 52.ram 52.nuj 52.pes 52.ced 62.ram 62.nuj 62.pes 62.ced 72.ram 72.nuj 72.pes 72.ced
Oz Au
source: IKN ests from CTGO data
Then by applying difference gold prices we can estimate top line revenues, but before we get
that far we need to consider the hedge program at CTGO. As is nearly always the case, the
bank lenders wanted to ensure they get their money back no matter what and to that end, the
money came with the stipulation to hedge around 125,000 oz gold. In the end CTGO hedged as
follows (from the 1q24 financials):
That’s a very sharp hedge program; Set across the board at U$2,025/oz, it means basically all
2024 production is hedged, then around 90% of 2025 production is hedged at U$2,025/oz, then
without splitting hairs too finely around 60% of 2026 production is hedged. Long story short,
CTGO won’t be able to fully benefit from the rise in gold prices under the last two years of the
Manh Choh mine plan, 2027 and 2028.

So when we combine the large amount of hedged production in the first years to three sample
gold prices, U$2,200/oz, U$2,300/oz and U$2,400/oz, we get model top line revenues that look
like this:
CTGO: Model revenues at 3 gold prices, per qtr
5
2.61 2.61 2.61
3.62 3.62 3.62
5.43 6.43 8.43 5.43 6.43 8.43 5.43 6.43 8.43 5.43 6.43 8.43 4.53 0.63 7.63 4.53 0.63 7.63 4.53 0.63 7.63 4.53 0.63 7.63 1.73 8.83 5.04 1.73 8.83 5.04 1.73 8.83 5.04 1.73 8.83 5.04
50
45
40
35
30
25
20
15
10
5
0
42.pes 42.ced 52.ram 52.nuj 52.pes 52.ced 62.ram 62.nuj 62.pes 62.ced 72.ram 72.nuj 72.pes 72.ced
U$m
at $2,200
at $2,300
at $2,400
source: IKN calcs from CTGO data
We assume nearly all production is sold at hedge until 2026, then CTGO gets full whack as from
2027 and if by then gold trades at U$2.400/oz, they get U$40.5m per quarter.
From there were assume the JV’s quoted AISC of U$1,116/oz for CTGO ounces is correct, which
gives us an expected quarterly cash flow model:
CTGO: Model Mine Op Inc at 3 gold prices, per qtr
6.6 6.6 6.6
4.11 4.11 4.11
6.51 8.51 0.61 6.51 8.51 0.61 6.51 8.51 0.61 6.51 8.51 0.61 5.61 2.71 9.71 5.61 2.71 9.71 5.61 2.71 9.71 5.61 2.71 9.71 3.81
0.02
7.12
3.81
0.02
7.12
3.81
0.02
7.12
3.81
0.02
7.12
24
22
20
18
16
14
12
10 8
6
4
2
0
42.pes 42.ced 52.ram 52.nuj 52.pes 52.ced 62.ram 62.nuj 62.pes 62.ced 72.ram 72.nuj 72.pes 72.ced
U$m
at $2,200
at $2,300
at $2,400
source: IKN calcs from CTGO data
There’s going to be precious little difference in revs in 2024 and 2025 thanks to that aggressive
hedge, so if gold trades where it is today CTGO can expect something in the region of U$16m
per quarter in cash flow. That’s good money and come 2027, at U$2,400/oz CTGO clears
U$21.7m per quarter.
But here’s the rub, as CTGO doesn’t have the luxury of not making that good money on
operations, it needs to because it’s taken on plenty of debt to get where it is. The combo of
U$60m senior secured and U$20m in convertibles (struck at $30/share dated end 2026) and
paybacks that start this very year 2024 combine to mean CTGO has to use a lot of its early cash
flow to service the debt and from the way the payment schedules have been structured, it all
aims to get the company de facto debt free by the end of 2026. Aside Manh Choh, we also
know CTGO has other plans such as the exploration and development of Lucky Shot and now
presumably work on Highgold’s Johnson Tract project once that comes into the fold. We also
know it will look to increase its cash position along the way in order to build a treasury chest to
pay for the start up at Lucky Shot (and eventually Johnson Tract), so taking all moving parts
into consideration and sticking a finger in the air, here’s how we expect the CTGO debt to be
paid down:

CTGO: Debt service, per qtr
10
9
8
7
6
5
4
3
2
1
0
6
42.nuj 42.pes 42.ced 52.ram 52.nuj 52.pes 52.ced 62.ram 62.nuj 62.pes 62.ced
U$m
new principal payment new service payment
QRC cash int interest
source: company filings, IKN ests
The main cost is the quarterly principal payments, with interest servicing and the small charge
to QRC for the interest on its convertible. Again of course we need to assume production at
Manh Choh goes as planned, costs are in line with expectations and production is smoothed out
to averages over the quarters. All that sees financial debt drop in this way according to our
model.
CTGO: Expected financial payments schedule
80
70
60
50
40
30
20
10
0
32.nuj 32.pes 32.ced 42.ram 42.nuj 42.pes 42.ced 52.ram 52.nuj 52.pes 52.ced 62.ram 62.nuj 62.pes 62.ced
U$m
QRC cash int interest
new service payment
new principal payment
total debt principal
source: company filings, IKN ests
In general terms, for the first two years of Manh Choh around half its operating income will go
to pay down the debt. That will leave CTGO with perhaps $7m or $8m per quarter with which
to pay its taxes, fund exploration at its other properties and hopefully squirrel away some cash.
Financially, things get a lot easier for the CTGO: Model net margin per share, per annum
company in 2027 and onward, with the
financial debt paid off, the convertible lifted,
no more hedge on production and two full
years to reap as much cash as possible. Here
right is how we expect net margin per share
to evolve. Before we continue, it’s worth
bearing in mind that what you see on this
chart is nearly all the planned mine life for
Manh Choh. Time will tell whether the mine
adds resource ounces and extends mine life,
but as things stand we’re at 4.5 years of
production and that’s all. Therefore, if at U$2,400/oz gold CTGO can expect to earn a net
margin of U$18.86 per share (adding up those columns) the company does not have enough
via Manh Choh alone to justify its current share price. Not even close, in fact.
That said, we move to the balance sheet to model how the financials for Manh Choh will run
through assets and liabilities and get a bird’s eye view of the financial state of affairs. We start
with the assets and liabilities overview charts (below) that have booked data to March 2024
(around the middle of the chart) and then our estimates for the quarters to end 2026.
NB: Please note that our model assumes work done at both Lucky Shot and eventually Johnson
Tract is expensed, rather than capitalized. That’s going to be true for the time being but, once
13.0- 13.0- 13.0- 52.0 52.0
52.0
06.2 66.2 27.2 56.2 58.2 50.3
24.5 29.5 24.6 24.5 29.5 24.6
8
7
at $2200
6 at $2300
5 at $2400
4
3
2
1
0
-1
2023 2024 2025 2026 2027 2028
source: IKN calcs from CTGO data

Manh Choh is running on rails in 2025 and beyond and CTGO turns more attention to its
development pipeline that may change. However and to clearly model the effect of Manh Choh
revenues on the CTGO balance sheet, we expense everything. Regarding that, it does differ per
quarter and as time goes on and the hedge is paid down the company will have more money to
play with, but in general terms we model CTGO adding between $3m and $5m per qtr to
treasury and spending roughly the same amount on exploration work at its two wholly-owned
projects, as well as perhaps dedicating time and money to its 100% owned concession areas
around Manh Choh. We also assume a sharp depretiation for Manh Choh, what with its short
mine life. If they prove up more ounces and extend mine life that may change, but for the time
being we’re playing the cards we are dealt.
CTGO: Assets, per qtr
110
100 90
80
70
60
50
40
30
20
10
0
Regarding assets, the overarching story is one of fixed assets being turned into cash. By end
2026 CTGO may have collected as much as U$50m and from there on, it will have less
overhead and more reason to build treasury. As for liabilities, they should top out in this current
quarter with CTGO making its final draw on the Macquarie/ING facility and then waiting for first
pour and then the first cheque from sales. From that moment onward, it will have to dedicate
its efforts to paying down the debt and keeping to schedule. The next charts below, isolating
treasury and then modeling the working capital position below right, show how CTGO won’t
really start collecting cash until mid-2025. As for working cap, the aggressive paydown schedule
for the senior secured debt and the expiry of the converts at end 2026 means most of the next
couple of years will see the company in negative working cap territory, what with the debt
moving to currents until its exhausted. That’s not an ideal situation of course, but as long as the
cash keeps flowing from Manh Choh the model shows that there won’t be any particular threat
to the company, that negative position is as much about the way in which CTGO has chosen to
pay down its obligations as quickly as possible as anything else.
As from end 2026, CTGO becomes a different and far stronger financial animal that can then
dedicate its next two years to harvesting cash for its development projects. However and as
seen above, we already know that Manh Choh alone cannot justify the current share price, not
even at U$2,400/oz for the next three years, so something else needs to happen for this stock
7
12_nuj 12_pes 12_ced 22_ram 22_nuj 22_pes 22_ced 32_ram 32_nuj 32_pes 32_ced 42_ram tse42_nuj tse42.pes tse42.ced se52.ram tse52.nuj tse52.pes tse52.ced se62.ram tse62.nuj tse62.pes tse62.ced
U$m CTGO: Liabilities, per qtr
110
100 fixed 90
other current 80
cash 70
60
50
40
30
20
10
0
source: company filings/IKN ests
12_ced 22_ram 22_nuj 22_pes 22_ced 32_ram 32_nuj 32_pes 32_ced 42_ram tse42_nuj tse42.pes tse42.ced tse52.ram tse52.nuj tse52.pes tse52.ced tse62.ram tse62.nuj tse62.pes tse62.ced
U$m
LT liabs
current liabs
source: CTGO filings/IKN ests
60 CTGO: Cash treasury per qtr
55
50
45
40
35
30
25
20
15
10
5
0
12_ced 22_ram 22_nuj 22_pes 22_ced 32_ram 32_nuj 32_pes 32_ced 42_ram tse42_nuj tse42.pes tse42.ced tse52.ram tse52.nuj tse52.pes tse52.ced tse62.ram tse62.nuj tse62.pes tse62.ced
source: company filings/IKN ests
srallod
fo
snoillim
CTGO: Working Capital per qtr
50
40
30
20
10
0
-10
-20
-30
-40
12_ced 22_ram 22_nuj 22_pes 22_ced 32_ram 32_nuj 32_pes 32_ced 42_ram tse42_nuj tse42.pes tse42.ced tse52.ram tse52.nuj tse52.pes tse52.ced tse62.ram tse62.nuj tse62.pes tse62.ced
U$m
source company filings/IKN ests

price to move up enough to justify an investment today. For that, we present our final chart for
today:
CTGO: rough development model
20000
30000 67500 67500 67500 67500
21000 30000 4000050000 50000 50000 50000 50000
8
00007
000001 000001
000021 000051
Oz Au
240000
220000 30000
200000
Manh Choh extra
180000 30000
160000 Johnson Tract 30000 30000
Lucky Shot
140000 Manh Choh 30000
120000
100000 20000 30000
80000 30000
60000 50000
40000
20000
0
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
source: IKN estimates, CTGO data
After conversations with company officers, this is our best guess on timing and production
ounces for the three (or perhaps four) working mines in the CTGO’s future. We have:
 In red: Our model production for Manh Choh. No extra details here, see above.
 In yellow: Our estimate for Lucky Shot. The company plan is to copy the model for
Manh Choh as much as possible and strike some sort of deal with either another miner or
a local toll miling facility to ship and process ore from this mine, its high grading nature
allowing longer-distance transport in much the same way as Manh Choh ore. In
conversations with the company I was told they plan to start production in “2027 or
2028” and that for me means 2028 earliest. The conversation also guided me to expect a
maximum annual of around 50,000 oz from Lucky Shot, with a ramp up to that max
number. Hence the conservative model you see in the chart, above.
 In grey: Our estimate for Johnson Tract. This is the part that came with a pleasant
surprise, as CTGO thinks the wide vein system could allow tonnages mined that could
add up to as much as 150,000 oz gold per annum production once fully functional. For
that they’d need to find more ounces and do plenty of work on then ones already under
43-101 compliance, but in theory they could start small and build production into a
serious mid-sized gold mine within a few years. We model this as an incremental that
reaches 150k oz Au by the year 2035, though it probably goes without saying that these
are best guesses, nothing to stake your mortgage on.
 In polkadots: A potential for extra production out of Manh Choh. Though unconfirmed
and purely speculative, we know the CTGO team (and Kinross for that matter) is upbeat
on the potential to discover more transport grade mineralization from Manh Choh or its
immediate surroundings to the Fort Knox mine, thereby extended the life of the operation
about to get underway. We’ve modeled this as a potential extra production source on the
chart, but underscore that this is by no means a certainty and its best considered an
optional extra, or a cherry on top of the sundae.
Discussion and conclusion
Contango ORE (CTGO) is a significantly different story these days to the one we first watched
from late 2021 and then bought into around a year ago. As the cliché goes, we’re now on the
cusp of production at Manh Choh and that’s bound to bring the company more media space
and eyeballs, but it’s come with a debt package that the company has decided to pay down as
quickly as possible and a hedge on gold that limits the blue sky for the first two years of a mine
that’s only scheduled to run for four and a half. It’s also a company with a clear strategy laid
out to repeat its apparent success at Manh Choh at other assets in Alaska and to that end, will
first develop its Lucky Shot mine and now add a third development project when Johnson Tract
is folded into the structure come 3q24. Together, the three high grade projects will allow CTGO
to continue mining high grade ore and selling it without having to build expensive tailings or
mill infrastructure on site.

It’s a good plan all told, however the numbers also point to a stock that won’t really enjoy the
fruits of all this effort until 2029 earliest, perhaps beyond that. By building a pipeline of projects
and telling the market that it plans to expand them and turn into a bigger producer, CTGO is no
longer the miner that takes a single mine, gets its gold out and turns it into cash for the
immediate benefit of shareholders. Over the long-term today’s CTGO should create more wealth
and build more shareholder value with its multiple mine plan and we’re all for that, but in the
near-term we might be holding a stock that treads water at or around the current share price
for loinger than I originally expected.
At this point it cxomes down to nuance and personal preferences, but after taking a closer look
at CTGO and its near-term and medium-term plans, I may look for a spot in the months to
come to sell. Not at current prices, I hasten to add, but if the market latches on to this new
producer with strong cash flow and low operating overhead and bids up the stock on the re-
rate into production, it may offer a nice and profitable exit point that’s too tempting to overlook.
So if we see a U$30+ price show up (or
better said, show up again) don’t be
surprised if I take profits at some point in
2024. We’ll see how it goes.
I’ll leave you with the 12 month chart of
CTGO, a reminder that it wasn’t so long ago
that the price traded above the $30 line
and with the positive news flow coming in
Q3, plus the volatile nature of this tightly
held stock, it would be no shock at all to
see those prices again.
Stocks to Follow
We don’t know yet if it’s a near-term top or something longer-latsing, but the metals reversal
last week saw mining stocks of all shapes and sizes drop last week and while the IKN Weekly
Stocks to Follow portfolio was hit as badly as some, we weren’t immune to the selling. Twelve
of the 16 open positions were week-over-week losers and while most of those we’re big hits,
the selling in Western Copper & Gold (WRN.to down 13.9%), Rio2 Ltd (RIO.v down 8.6%) and
SilverCrest (SILV down 7.1%) put real holes into the paper value of your author’s portfolio. The
near-5% lost by Top Pick Minera Alamos (MAI.v) didn’t help either, but as all of those have
been on very decent runs recently it’s not a tough one to take…as long as it’s only a week. One
stock was UNCH on the week (MIRL.cse) and that leaves three winners (PGZ.v, NCAU.v,
MENE.v) and somehow, those included two big percentage winners from Newcore (NCAU.v up
22.6%) and Mene Inc (MENE.v up 22.5%), those helped take the sharp edge off the losses.
We have 16 open positions on the list, I have shares in 13 of those and the other three are on
the Watch List as possible trades. Ten of the sixteen are in the green, one is unchanged since
inception and five are in the red. It is what it is.
9

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$0.39 85.7% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Rio2 Ltd. RIO.v BUY C$0.80 22-Apr-18 C$0.53 -33.8% Momentum now building
SilverCrest Met SILV STR BUY U$6.90 31-Mar-24 U$8.74 26.7% Quality silver/gold producer
Pan Global Res PGZ.v BUY C$0.19 19-Feb-24 C$0.20 5.3% 3 adds,big position,cheap Cu
Marimaca Copper MARI.to BUY C$3.05 14-Jan-24 C$3.95 29.5% Quality Cu developer
Western Copper WRN.to BUY C$1.57 26-Feb-24 C$1.90 21.0% M&A trade,placement annoying
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.06 0.0% Exposed to several good jrs
Contango Ore CTGO STR BUY U$18.70 30-Jul-23 U$20.27 8.4% Production re-rate in Q3
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.38 85.4% Cheap Au in West Africa
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$1.12 55.5% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.285 -5.0% Silver spec, added IKN783
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$31.14 64.4% Hi-quality but no longer cheap
Red Pine Expl RPX.v WATCH C$0.08 4-May-24 C$0.09 12.5% Special situation, poss trade
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.075 -11.8% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.63 6-Dec-20 C$0.245 -61.1% 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:
Orecap Inv Corp (OCI.v): ADDED AGAIN: A seller showed up again on Wednesday and
turned the 7c stock back to (what has become) the recent default price. There was plenty
available and while I didn’t have the appetite or budget for all of them, it was a clear
opportunity to top up at an acceptable price. So I did and I’m now at what I consider to be a
full position.
IMPACT Silver (IPT.v): As silver-the-metal dropped in price, so did our speculative trade on
the metal, but the week wasn’t helped by the news Friday post-bell that the moneygrubbers
running this company had expanded the current financing once again (4):
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2024) - IMPACT Silver Corp. (TSXV: IPT)
(OTC Pink: ISVLF) (FSE: IKL) ("IMPACT" or the "Company") is pleased to announce it is
amending and increasing its previously announced non-brokered private placement of the
Company from $8.2 million to aggregate gross proceeds of up to $10.2 million due to increased
investor interest (the "Offering"). Closing of the first tranche of the Offering for gross proceeds of
$7.12 million was announced in the Company's news release dated May 21, 2024.
Which means another 7.41m units of IPT created out of nothing to dilute the share count even
further, not to mention the full warrant attached to each at a 34c strike. These people are
determined to squeeze out as much share price upside for established shareholders as possible
in order to guarantee their fat monthy salaries for as many quarters as possible. These simply
no need for a producing miner with supposedly profitable operations at U$30/oz silver to justify
10

even running this unrequired placement, let alone expanding it from $6.2m (April 30th) to
C$8.2m (May 13th) and now to $10.2m. It also guarantees that the rush for the door if IPT does
what we think it’s going to do and spike hard on a silver run will be that much more violent.
We’re here and long this stock for the silver speculation, no more no less. If you’re more
interested in a real silver investment that won’t be a source of headaches or require the
constant monitoring of the daily market, make your choice SilverCrest (SILV).
Newcore Gold (NCAU.v): Last week’s comment for Rio2 Ltd (RIO.v) was “DO NOT TOUCH
THE CONTROLS!” and that also applies in full to
NCAU. The stock has picked up significant market
momentum, it’s getting the love it deserves among
the market gurus and trading soothsayers and the
move last week was powerful, came with plenty of
volume and all on no news. Fine by me, I’ll take it.
However, as every silver lining has a cloud at The
IKN Weekly, it’s up to me to remind readers that we
can expect a financing for this company at some
point in the near future. NCAU filed its 1q24 last
week and here are a couple of the updated tracking
charts, including near-term predictions, starting with
the P+L expenses and one of the things I’ve always liked about this company is the way they
keep a tight lid on cash burn, with 1q24 no exception to that rule. However, there is a
difference between the “active quarters” when they are drilling and the recent ones that have
the company in tickover mode, NCAU is about to come out of its low burn period and will spend
a little more money.
NCAU.v: Expenses breakdown
1.9
1.7
1.5
1.3
1.1
0.9
0.7
0.5
0.3
0.1
-0.1
-0.3
-0.5
11
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1
C$m
other exp
IR &marketing
Share based comp
Mgmt fees
source: company filings
No problem about that, but as these charts show, they don’t have a massive amount of
treasury today.
NCAU.v: Cash treasury per qtr
425.0 591.0 899.2 380.2
212.31
775.8
867.3
888.8 525.5
742.3
128.1
220.5
685.3
428.0
376.5 858.4
747.3 985.2
6
16
14
12
10
8
6 4
2
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings
srallod
fo
snoillim
16 NCAU.v: Working Capital per qtr
14
12
10
8
6 4
2
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source company filings
srallod
fo
snoillim

Cash+ST was under C$2.6m as at end 1q24,
NCAU.v: Shares Out
that will have to change and with its share
suddenly popular and rising, I’d be surprised
if NCAU doesn’t take advantage of its wet
sail to add some required cash to the
structure. It’s anyone’s guess as to how
much they raise, so that means I’m allowed
to guess as well and for me, I think around
15m shares sold to raise net proceeds of
around C$5m sounds about right. That would
put its share count at 188m or so, getting
close to a double from the post-Covid period.
I do not begrudge a company for raising capital at opportune moments, especially one that has
recently delivered strong returns to my own portfolio. It’s the nature of the exploreco beast.
SilverCrest (SILV) (SIL.to): Down 7.1% and moving with the drop in silver (and gold), as
far as I’m concerned this makes the new U$12.96 price target set in last weekend’s main
fundies note even more attractive, as nothing has changed around this stock and we’re valuing
it at metals prices in line with this weekend’s spot. SILV is a stock aimed fully and squarely at
larger money and they tend to be impressed with results rather than promise, so the time to
get positioned is before the announcement of Q2 production results, or perhaps the 2q24
financials that are set to show improving margins on controlled costs, continued solid guidance
and above all, the first real demonstration of its cash harvesting ability now that Las Chispas is
up and running well. As far as arguments for mining companies based on production
fundamentals go this one is a no-brainer and this weekend, the target price offers a 48.3%
upside. I’ll be holding my shares all the way to that level, we also recommend you own quality.
Red Pine Exploration (RPX.v): After the semi-obsession in the last three editions, it was
nice not having to think about this stock and its drama for a week but come this weekend, two
items confirm our observations and thoughts on RPX:
There’s no need to make any snap decision. Trading last week finally found some calm and
that’s in our framework for this stock. Trading mostly at 9c and 9.5c all week and on notably
reduced volume, we may see it trade lower as speculative cash moves on.
Though confirmation is hardly necessary, the news from Macdonald Mines (BRK.v) added extra
weight to the supposition that ex-CEO Quentin Yarie is the reason for all this mess. Friday post-
close, BRK announced (5) it had “…discovered inconsistencies in certain assay results from the
Scadding gold prospect that 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
12
6.26 6.26 6.26 6.26 6.26 6.36
9.97 9.97
0.99 0.99 1.001
3.021 3.021 8.021 4.121 3.831 4.831 4.831
7.171 7.171 8.271 8.271
0.881
220
200
180
160
140
120
100
80
60
40
20
0
81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings
serahs
fo
snoillim

National Instrument 43-101 technical report on the Scadding gold project dated October 18,
2019. Accordingly, the company hereby withdraws all its previously announced assay results for
the Scadding gold project and advises that such results and the disclosure that such results are
based on should not be relied upon.” As the self same Quentin Yarie was President and CEO of
BRK at the same time as his tenure at RPX before resigning from BRK in April 2023, the
chances of these two events being unrelated to him are now very slim indeed. Watching, not
buying, until further notice.
Pan Global Resources (PGZ.v): Our assumption is
that PGZ is lagging the copper field and was due to
play a little catch-up, so seeing it rise a penny and
trade fairly well at 19c and 20c all week while most
other copper stocks dropped was a good thing and fits
with that reasoning. The company also announced (6)
it had added a rig to its drilling program at Escacena.
Here’s the CEO comment from the NR:
“Building on the base of positive drill results to date and
an exceptionally strong copper market we are adding a
second drill rig to accelerate the planned drilling at the
Escacena Project while remaining on-budget for the
current fully funded 2024 drilling program,” said Tim
Moody, President and CEO.
It also told us there are three holes at the labs, pending results.
Aldebaran Resources (ALDE.v): A final reminder that this Wednesday May 29th sees ALDE
run its Investor Day, a hybrid presencial/virtual event run from the TMX Market in Toronto. To
quote the cover NR (8), as from 10:30am EST you get presentations from John Black, Chief
Executive Officer, Dr. Kevin B. Heather, Chief Geological Officer, Adam Greening, Senior Vice
President, Corporate Development, and Javier Robeto, Vice President and Country Manager,
Argentina and of all those, I am personally looking forward to that of Robeto, who was part of
the team that sold Antares to First Quantum way back in the day and now has day-to-day
running of Altar. Those attending in person can then have lunch with the ALDE team,
meanwhile those of us using the live webcast link (register here (8)) can go and make their
own sandwiches.
Minera Alamos (MAI.v): With the expected drop of financials, the recent marked
improvement in its stock price and the advent of the Mexico election results on Sunday, next
weekend’s edition has been set aside for an overdue deeper look at our Top Pick stock. So this
week I’ll again limit myself to a quick comment on trading and keep powder dry, this ten-day
chart marked with two numbers:
1) Very good volume on the first trading day of last week in Canada, with eager buyers at
the bell and a peak price of 44c. For a moment it looked as though MAI would slip its
field, but the gold price reversal the next day took the spark out of the rally. So be it.
13

2) A slightly disappointing close of 39c on low volume into the close. Not a real complaint,
just a comment that the 2c lost on the week was somewhat random and not a
reflection of how well MAI traded for three and a half days.
That’s all this weekend, lots more in IKN785 including a probable revamp on the target price.
Western Copper & Gold (WRN.to): After my
moaning about the board refresh news last
weekend (see IKN783) in which Sandeep is bringing
in his pals and the optics suggest they’re bedding in
for the longer-term, rather than seeking a near-
term sale, it wasn’t surprising to see WRN continue
to trade softly last week. However and to give it
credit, lay the WRN price chart against rhe main
copper producer ETF (COPX) and what we really
have is a return to WRN’s old role, that of “leverage
to the market”. If so, I can live with it.
The Copper Basket
After twenty-one weeks of 2024, The Copper Basket shows a gain of 16.55% 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 1741.20 9.32 30.2%
2 Solaris Res SLS.to 4.13 179.221 779.61 4.35 5.3%
3 Marimaca Cop MARI.to 3.43 93.11 367.78 3.95 15.2%
4 Los Andes LA.v 11.80 29.53 298.25 10.10 -14.4%
5 Aldebaran Res. ALDE.v 0.89 169.819 190.20 1.12 25.8%
6 Hercules Silver BIG.v 1.38 231 184.80 0.80 -42.0%
7 Arizona Sonoran ASCU.to 1.75 109.17 168.12 1.54 -12.0%
8 Faraday Copper FDY.to 0.63 175.97 144.30 0.82 30.2%
9 Oroco Res OCO.v 0.375 222.86 98.06 0.44 17.3%
10 American Eagle AE.v 0.26 116.75 85.23 0.73 180.8%
11 Kodiak Copper KDK.v 0.58 63.93 35.80 0.56 -3.4%
12 QC Copper QCCU.v 0.12 173.7 30.40 0.175 45.8%
13 C3 Metals CCCM.v 0.61 61.885 24.14 0.39 -36.1%
14 Element 29 Res ECU.v 0.18 106.25 20.19 0.19 5.6%
15 Camino Min COR.v 0.07 206.66 13.43 0.065 -7.1%
NB: All stocks in CAD$ Portfolio avg 16.55%
A negative week for The Copper Basket, with the
overall average down by 2.86% but thanks to 25% The Copper Basket 2024, weekly evolution
the big spurt of the week before last, it’s still the 20%
second highest close for 2024. Three stocks from 15%
our 15 managed to buck the trend (FDY.to, 10%
QCCU.v, ECU.v) and what’s more two were big
5%
winners in the shape of Element 29 (ECU.v up
0%
18.8%) and QC Copper & Gold (QCCU.v up
-5%
16.7%). One unchanged (COR.v) leaves eleven
-10%
losers and we’re not listing them all, just the two
double figure percentage drops suffered by
14
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62
source: IKN calcs

Solaris (SLS.to down 19.9%) and Hercules (BIG.v down 10.1%). That’s enough on the table
and its components, now for the reason behind the sector drop:
The copper price. Big surprise. The drop we saw last week was very much along the lines of the
scenario we sketched out in IKN783 last weekend, but today isn’t going to be a self-
congratulatory “toldyaso” for two reasons:
1) I wasn’t just leery about copper topping out last weekend, as I’ve been on that
particular soapbox for at least a month.
2) The drop really wasn’t that bad. I’ve chosen a two month chart (with hourlies) to show
that the big move above U$5.00/lb is the anomaly and so far at least, its re-trace hasn’t
threatened the real bull run in the metal. It’s why I mentioned U$4.70/lb in passing in
toward the end of last week’s long note as if that holds, last week’s short squeeze
pop’n’drop will end up as a footnote in the bigger and more bullish long-term story,
rather than the definitive top.
So you’re not getting a long toldyaso, but you are getting a short one (hah!), but only because
a reference and re-print from IKN783 helps frame the days ahead. Here’s last weekend:
We stress, the main takeaway from last week’s action that we on the outside looking in need to
extract is that the near-term top is likely in. The big move came as they always come with an
uptick in market interest, a sudden raft of reports on the squeeze and of course, opinions from all
sides (this one included, I’m nothing superior in that respect). Last week in copper was the coming
together of several market factors, one of those archetype “perfect storm” moments, mixing the
nitro of a backdrop of a copper bull run and its established long-term bullish narrative, now
becoming the standard position toward the metal in generalist financial spheres. With the stage
set, the glycerin was added by the US decision to restrict physical copper imports and as the
futures cycle came to one of its regular deadlines, a large player (or two) that had bet “Zig” and
had been watching the market slowly but surely “Zag” for a while suddenly felt the ground shift
and, in a decision of likely prudence, moved to cover and take their loss. However, the fast rising
bullish sentiment and the lack of physical copper available in the geographical zone in which it
needed to deliver saw an almighty short squeeze form and the result is what you see in that price
chart, above.
IKN784 back and the reason for the above is to underscore that the pop and drop was a
punctual situation that shouldn’t be taken as a trend change, neither to the upside (the short
squeeze is over) or to the downside (the macro hasn’t changed and copper’s rise is still being
driven by financial speculation). Also, I’m allowed to be sanguine about the paper losses taken
last week because the plan was specifically to “remain long copper via my stock trades (a)nd
not complicate my life”. The reasons to hold WRN, ALDE, PGZ, MARI, OCI at this weekend’s
U$4.75/lb copper etc are the same as they were at U$4.75/lb two weekends ago and U$5.15/lb
last weekend so, if you cannot be happy about a sector with producers minting money and
projects with robust economics thanks to copper’s run, there’s very little this publication can do
for you.
15

As for this weekend’s carefully curated macro commentary from out there in the wide world of
metals, first up is this out of Reuters headlined “Copper eases in London as investors reassess
recent rally” (9), headline that also speaks of negativity and not panic. This choice segment…
Funds have been buying metals including copper, betting it would be in shortage, as the world
needs those metals to transition into a green economy. The rally was also propelled by a short
squeeze on the U.S. Comex exchange.
However, physical demand in China, the world’s biggest copper consumer, has been dampened.
The usual premium to import copper into China has been flipped into a discount since mid-May.
…brings reminders of the 1984 Rob Reiner classic, ‘Spinal Tap’:
David St. Hubbins: It's such a fine line between stupid, and uh…
Nigel Tufnel: Clever.
David St. Hubbins: Yeah, and clever.
The market normally consider “smart money” as instos while “dumb money” comes from we
retail grunts on the outside looking in, but not for the first time both the news and the way in
which copper popped and dropped had me reflecting that the instos and fund managers piling
into the metals market has been particularly dumb and, as result, taken to the cleaners by
metals pit regulars. It’s one thing to be in the know when Trafigura and others were moving to
cover a large hole in physical deliveries, another to continue buying and keep the rally going
over the days around last weekend, fueled by clarion calls from the usual suspects (Jeff Currie,
Robert Friedland, etc) about the predicted state of the copper market in 2028, or 2026, or even
six months down the line as a valid reason to maintain the overbought status of the metal. All
the access to Bloomberg terminals or your own quant department cannot save you from stupid.
As for this week’s other curated comment, we once again lean on Reuters’ base metals’
correspondent Andy Home, though this time we bask in a little reflected glory. His op-ed dated
Wednesday 22nd, “Copper squeezed in the United States but China has plenty” (10) reads like
a checklist of the reasons we laid out in IKN783 behind copper’s recent wild ride. Here’s an
example, when Home considers the counter-cyclical data we’ve tracked in SHFE stocks this
year:
Headline ShFE inventory peaked at 300,045 tons in the middle of April and has stayed around
those elevated heights, the usual post-holiday drawdown so far conspicuous by its absence.
Then Home reiterates our suppositions on the driver behind the latest price pop:
This copper rally has been driven by fund buyers and accentuated by trade short position holders
being forced to cover.
All those and more, but on one subject Home went into greater detail and that’s worth a longer
excerpt. The segment comes under the subtitle “Import Premium Collapse” and goes like this:
The combination of elevated stocks and super-high prices has caused a collapse in the Yangshan
premium , a closely-tracked indicator of China's copper import appetite.
The premium is currently assessed by local data provider Shanghai Metal Markets at minus $5 per
ton, the first time it has fallen into negative territory since the data series was launched in 2013.
The spot import door has just firmly closed. Metal will still flow into China under annual supply
deals, which tend to be favoured by larger buyers, but arrivals will likely drop a couple of gears
relative to the last few months.
This may allow CME shorts some flex in re-routing shipments of South American copper from
China to U.S. ports.
CME's list of deliverable brands doesn't include either Russian or Chinese brands, limiting the
potential for a straight stocks transfer from the LME, where they accounted for two-thirds of
warranted inventory at the end of April.
China clearly won't miss the extra import units in the short term as the price spike suppresses
buying at every stage of the product manufacturing chain.
This chart (below, your author adds a little white ink) accompanied the explanation and shows
that new negative reading to the left. Once again, this is a far cry form the Comex-led action
we saw in North America last week as Trafi and others scrambled to secure the physical copper
required to honour deliveries. This doesn’t mean China is awash with copper, neither does it
mean the much-anticipated supply deficit due to start later this year and run through 2025 isn’t
16

going to happen. It means that today there’s enough copper to cover China’s needs and as
such, buyers prefer to de-stock rather than jump back in the market and secure new stock at
any old price. We’ve said is a million times already, but there’s a basic point to keep front and
centre in your deliberations on copper: The world’s dominant user of copper that makes up of
half the demand for the metal would prefer to pay lower prices for copper, not higher.
We move on, time for the weekly rundown of world copper inventories data from Cochilco:
 The three world official inventory systems managed to add 8,241mt to the aggregate
total last week, with this weekend showing 420,814 metric tonnes (mt) this weekend.
That’s quite a thing.
 That “Stubborn Shanghai Total” continues and adds another week, having added 644mt
to finish at 291,020mt on Friday. Check out the visual below for more.
 The biggest change happened at the LME, as it added an eye-catching 9,025mt to
move up to 112,675mt, despite another thousand tonnes or so leaving the New Orleans
warehouse. They only have 4,125mt left.
 Meanwhile, Comex lost 1,348mt to close at 17,199mt, another drawdown indicative of
tight supply in North America. Then again, it’s no real biggie.
The dedicated SHFE chart shows the continuation of the stockpile in its warehouses.
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
I haven’t bothered adding the long-term analogue chart in the last few weeks because the one
above is just about the whole story: We saw the classic rise in SHFE inventories this year, on
time and though it topped out at 300kmt and somewhat higher than all years bar the weirdness
that was 20202, within ranges normally set by the cycle. We then waited for the classic drop as
manufacturers moved to top up and prepare for the post-New Year period of high industrial
activity. Then waited some more. And waited. This weekend we’re still waiting.
According to the latest market gossip, Trafi & Co managed to divert a shipment of 100,000mt of
copper (metal or conc, nobody seems to know) from going to Asia and re-routed it to some

port in North America (presumably LA) in order to make good on its obligations. If so, that
100kmt may kickstart the SHFE depletion process. At some point stocks will start dropping but
that’s only going to happen when 1) buyers step up or 2) prices remain high and end-users
begin to run out of stock. I’m betting on the former and that buyers will move in at/around
current prices (that U$4.70/lb price mentioned last week and above on the price chart). If the
latter, volatility will rule the summer.
Now for notes on some of our basket stocks:
Solaris Resources (SLS.to): This week’s biggest loser brought news to the market. First, this
(11) on Tuesday morning:
Solaris Resources Inc. (TSX: SLS; NYSE: SLSR) (“Solaris” or the “Company”)
announces the voluntary termination of the previously announced minority equity
investment intended to support the growth of the Warintza Project (“Warintza” or “the
Project”) in Ecuador, including the potential major purchase of an adjacent asset.
That refers to the deal announced on January 11th in which SLS would sell 28.48m shares to
China’s Zijin Mining at C$4.55 a pop to raisxe C$130m, giving Zijin a 15% strategic position as
well as a seat on the board. Due to Canada’s laws against Chinese investment in critical metals,
the deal had to pass regulatory control and on that, we again quote last week’s NR:
“After four months of Canadian regulatory review in an evolving environment, approval
has not been obtained”
Please note the neat use of passive voice in that statement. Then later in the NR, we’re told
that it was “voluntary termination of minority equity investment” so when you read closely, it’s
clear that the deal was not blocked by Canada (no matter what impression SLS wanted to give).
It was still under consideration and on that, it’s just as likely that Canada would have given the
green light if, for example, Zijin gave up its right to a board seat. What we know for sure is that
SLS is spinning the outcome to make itself look as unstupid as possible.
However, the stupid cannot be hidden as we also read in the NR Tuesday morning that another
reason to pull the deal was “…the transaction no longer adequately reflects market value.”
Presumably that referred to the C$5.30 to C$5.40 trading range of the last few days, which
begs the question…
…what happened to the share price?
The first raft of selling on the news was quickly followed by a second when, on the same
Tuesday but post-close, SLS announced this (12):
May 21, 2024 – Vancouver, B.C. – Solaris Resources Inc. (TSX: SLS; NYSE: SLSR)
(“Solaris” or the “Company”) is pleased to announce that it has entered into an
agreement with National Bank Financial Markets, RBC Capital Markets, and BMO
Capital Markets as bookrunners, on behalf of a syndicate of underwriters (collectively,
the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a
bought deal basis, 7,150,000 common shares of the Company (the “Common Shares”)
18

at a price of $4.90 per Common Share (the “Offering Price”), for aggregate gross
proceeds of approximately $35,035,000 million (the “Offering”).
So much for reflecting market value, SLS priced itself lower than the prevailing equity price just
hours later! It sure is interesting to see this is a bought deal as well, because the precipitous
drop in market price to 56c lower than the deal price indicates this is a deal in trouble and may
end with BMO (and its associates) holding the baby.
There is a larger question to cover regarding SLS at Warintza, because it’s notable that other
companies working Ecuador have been successfully raising the capital required. Case in point
Adventus, but more importantly SolGold has managed to reach agreement with the government
of Ecuador for a funding deal to cover the multi-billions required for Alpala/Cascabel. Though
the dela still needs to be finalized, it involves the State forming a capital fund to invest in the
project and provide the required capex and if you think the money will come from Ecuador’s
own coffers, I have a bridge to sell you. It’s clear that Ecuador and its government is willing
and able to act as a bridge to Chinese capitals and if SLS at Warintza had the same mechanism,
it wouldn’t be in the mess it is in today. So why isn’t it on the same deal with Ecuador as
SolGold at Cascabel? That’s simple, Ecuador’s government isn’t stupid. It knows the difference
between a project that can move forward and one that’s going to be blocked and halted by
locals that hate its very presence forever and if Ecuador won’t touch Warintza, why should you?
Bottom line: What happened to SLS last week at market is what happens when you tell too
many half-truths to the market for too long a time. This project may be big and rich, but it was
just as big and rich when it was first discovered by David Lowell three decades ago and he
passed on moving it forward, preferring the projects and deposits he discovered that could get
off the ground (e.g. Toromocho). As much as SLS would like you to believe otherwise, Warintza
is hated by locals and will continue to be vehemently opposed by the local indigenous
community and all the national support or law changes won’t change that fact. Its latest
strategy to get Chinese money in didn’t fall foul of regulators, as we would have learned that
from the regulators, insteads something happened that stalled the process for four months, we
don’t know what that was and now the company has voluntarily withdrawn its application, we’ll
never know why. But the BS gets thin when a company pleads that the process has stopped its
market cap from rising, then hours later prices itself lower in a bought deal that seems to be as
popular as toothache. After the social and community snafus left in the ake of Richard Warke in
other jurisdictions (Soto Norte, Hermosa), it’s beyond me why anyone should give his latest
company any benefit of the doubt in such matters. When it comes to the big and hyped-up
copper projects in the mining world, Los Andes Copper (LA.v) has been a perma-avoid but SLS
is the easiest avoid of them all.
QC Copper & Gold (QCCU.v): The jury is out:
Mentioned last weekend as a possible catch-up play on copper both here and in the closing
bullet points, QCCU did very well to fight against the copper price tide and move up on decent
traded volume, making our comments look smarter than they were. However, the rally faltered
at the same ceiling price we’ve seen at other moments in the last two years and as I’m not a
19

chartist, there’s a limit on what I can comment from here as “may go up or may go down” isn’t
going to win friends or influence people. What I do know is that compared to what you get for
your 17.5c, QCCU still offers tremendous value on its fundies, assets and its potential for
exploration and resource upside.
Faraday Copper (FDY.to): At what point do I regret
selling my FDY so much that I buy them back? Unlike
other sacksack bought deals announced last week,
when FDY announced (13) it was raising C$20m the
market reacted like this (right). The deal is to sell 25m
shares at 80c, with no warrant attached and a 3.75m
over-allotment facility for the brokers (and I thank FDY
for reminding me about the new name for PI Fincorp,
now known as Ventum). Those are shareholder-
friendly terms of a deal that had likely lined up its
buyers before the announcement and smacks of good
homework done by company and brokerage. There’s
every reason to expect the over-allotment to fill on
this deal, which means FDY will have more than enough money to execute on its plans in 2024
and 2025.
The Producer Basket
After 21 weeks of 2024, the Producer Basket shows a gain of 17.33% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 48.39 41.98 1.4%
2 Agnico Eagle AEM 54.85 497.971 33.72 67.71 23.4%
3 Barrick GOLD 18.09 1756 29.89 17.02 -5.9%
4 Franco-Nevada FNV 110.81 192.119 23.44 122.01 10.1%
5 Pan American PAAS 16.33 364.439 7.67 21.04 28.8%
6 Hecla Mining HL 4.81 617.768 3.48 5.63 17.0%
7 Lundin Gold LUGDF 12.64 237.68 3.42 14.38 13.8%
8 Eldorado Gold EGO 12.97 202.472 3.16 15.59 20.2%
9 Dundee PM DPMLF 6.43 183.278 1.50 8.19 27.4%
10 Wesdome Gold WDOFF 5.83 148.95 1.19 7.99 37.0%
All prices and stock quotes in U$ Port. avg 17.33%
GDX dropped 4.4% and we did nine hundredths worse than that, so a bad week for the
producers as gold and silver topped and dropped but overall, there was a reasonable uniformity
about the moves and while obviously negative, the selling wasn’t of the panic variety. All ten of
our chosen stocks for the 2024 basket were losers, with least-worst Dundee (DPMLF -0.2%)
making up for its under-performance of the week before, while the leveragefound in Wesdome
(WDOFF down 7.8%) and Hecla (HL down 7.7%) made them the worst-worst. And
impressively, Barrick is still negative for 2024 YTD. We’re still 3.62% ahead of the GDX
benchmark and that’s not bad, even though the game to beat the GDX is semi-serious at best.
The 2024 Producer Basket: Weekly performance and
30% comparative to GDX control
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
20 ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62
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 ht91 ht62
source: IKN calcs, NYSE data

Hecla (HL): Somewhat unceremoniously considering his two-plus decades at the company, on
Thursday evening CEO Phillips Baker “was suddenly retired” (14):
“…effective immediately, its Board of Directors has named Catherine J. “Cassie” Boggs, Hecla’s
current Chair of the Board, as Interim President and Chief Executive Officer. Ms. Boggs succeeds
Phillips S. Baker Jr., who, after nearly 23 years of service, is retiring from the Company and
stepping down from its Board.
Also…
Ms. Boggs continued, “I would like to thank Phil for his years of service and valued contributions
to Hecla and the silver industry overall. The Board will immediately begin a search for a new Chief
Executive, and we are confident that we will find the right, highly qualified individual to lead
Hecla.”
At least he got a mention, but a conspicuous lack of “wish him well” phrase. Clearly something
went on behind closed doors for this sudden decision to break and it may/may not be about the
Lucky Friday underground fire late last year, or the ongoing slow ramp up of its latest
acquisition Keno Hill. That’s pure guesswork on my part and we’ll probably find out the reasons
at some point in the future, but ovrall HL has been a “market perform” silver stock in the last
couple of years and as this ten-day chart against silver bullion (SLV proxy) and the silver
producers (SIL proxy) shows, the news was taken as a slight negative but didn’t make the
world stop.
HL made the 2024 basket in order to add some extra leverage to silver and bring potential out-
performance against GDX this year. That started to show this month with silver’s big move, but
last week pulled it back to “market perform” and the loss of its CEO isn’t a great signal for the
next couple of quarters. We’ll see.
Newmont (NEM): Looking ahead to 2q24, please note that after the accident in early April at
NEM’s Cerro Negro mine that claimed the lives of two workers, the mine was suspended and
Argentine accident investigation officials took over. That suspension lasted a full six weeks and
the mine only re-started operations last week (15).
Cerro Negro produced 81k oz gold in 1q24, some 7.8% of the corporate total. It produced 269k
oz in 2023 and guidance this year is for 290k oz. With half of Q2 now laid to waste, that’s
unlikely to happen though arguably, the suspension will end up being around 40,000 to
45,000oz gold and therefore around 1% of NEM’s 2024 guidance. Not so bad and what’s more,
the company now has its excuse to miss the AISC guidance number for the current quarter.
The TinyCaps List
After 21 weeks of 2024, the TinyCaps show a gain of 83.60% to level stakes:
21

company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 221.5 27.69 0.125 92.3%
Awalé Res ARIC.v 0.135 85.319 57.16 0.67 396.3%
District Metals DMX.v 0.170 106.98 50.28 0.47 176.5%
Endurance Gold EDG.v 0.18 150.136 32.28 0.215 19.4%
Kirkland LDC KLDC.v 0.100 88.625 6.65 0.075 -25.0%
Latin Metals LMS.v 0.075 71.476 7.50 0.105 40.0%
Palamina Corp PA.v 0.130 71.285 10.69 0.15 15.4%
South Star STS.v 0.750 48.8 34.65 0.71 -5.3%
Surge Copper SURG.v 0.090 219.21 40.55 0.185 105.6%
Viva Gold VAU.v 0.120 118.384 17.17 0.145 20.8%
Prices in CAD$, data from TSXV basket avg 83.60%
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 dropped from the heights reached last weekend, but not by that much and while
there were five downers (BAY.v, ARIC.v, KLDC.v, LMS.v, SURG.v) including significant
corrections from Kirkland LDC (KLDC.v down 25.0%), Latin Metals (LMS.v down 160%), Surge
Copper (SURG.v down 15.9%) and Awalé Resources (ARIC.v down 9.5%), the five winners
(DMX.v, EDG.v, PA.v, STS.v, VAU.v) included its own big percentage movers in the shape of
Endurance Gold (EDG.v up 22.9%), South Star (STS.v up 18.3%) and Viva Gold (VAU.v up
11.5%).
Palamina Corp (PA.v): PA CEO Andrew Thomson turned up in this Q&A segment last week
(16), those interested in the project and what it plans to achieve in the second half of this year
may want to take the necessary 28 minutes, but the interesting stuff is in the first ten minutes
as CEO Thomson rattles through a lot of details about the Usicayos concession area and the
drill plan, including its #1 target Sol de Oro. And when you tune in, get ready to concentrate
because this CEO doesn’t waste his time by speaking slowly…or even breathing between words.
Kirkland LDC (KLDC.v): The last two NRs seem to have put an end to the chances of this
exploreco, at least in this iteration. First this, on May 15th (17):
Kirkland Lake Discoveries (TSX-V: KLDC; OTC: KLKLF) (“Kirkland Lake Discoveries” or the
“Company”) today announced a strategic transition, effective immediately, with the retirement of
Founder, President, and CEO, Ms. Danièle Spethmann from her role as President, CEO and as a
director of the Company.
With that went one of the main reasons to like this exploreco. This has been Danièle
Spethmann’s main vehicle for many years and through at least three different corporate names,
War Eagle, Warrior Gold and now Kirkland Lake Discoveries and was ground zero of the brains
trust as the company tried to unlock its area of the Abitibi Greenstone Belt, North of the Larder
Lake/Cadillac Deformation Zone that hosts the major mines in the region.
The signal of Spethmann wasn’t good and that was confirmed last week by the second NR in
the series (18) on May 23rd, entitled “Kirkland Lake Discoveries Encounters Intense Alteration
22

at Hurricane Intrusive Zone.” Unfortunately, that upbeating sounding title couldn’t hide the fact
that the 13 drill assays returned amounted to either
dusters or “same as we’ve seen before” from previous
programs by the company. Check the NR for the
numbers from this latest batch, but as none of those
ever managed to move the share price meaning fully
higher, the reception last week was predictable (right).
The only surprise last week was seeing the stock
rebound (dead cat bounce?) after the shellacking it took
on the news Wednesday and I fully expect it to return to
6.5c or even lower now that the corporate (dead) cat is
out the bag. KLDC will remain in the TinyCaps for the
rest of the year but isn’t going to make it into the 2025
list. The nature of tinycap explorecos is a high rate of failure, it is what it is and KLDC won’t be
the last. Sic transit gloria mundi.
Endurance Gold (EDG.v): We mentioned last week that the news of a raising seemed to
have woken this stock up from a long slumber, it continued to stretch its legs and reach for
coffee last week, up another 22.9% and moving into the green for the first time since January:
Back in IKN763 when introducing the 2024 TinyCaps Basket, we laid out the reasons for
including this stock
 Recommended as a possible by reader “RL”, a person whose opinion I respect.
 Tightly held stock
 And my main reason: “…its main Reliance project is exactly the type of gold project
that may be out of fashion at the moment, but if the market decides it’s time to
revalue economic gold deposits in low risk jurisdictions it could run fast and far.”
That’s probably what we’re seeing now. It’s difficult to second-guess a move like this now that
the stock has got back into its previous trading range (2023 and early 2024) and until there’s
real news, it will all be about whispers and geologists talking among themselves. Which is fine,
this stock is here for valid reasons and represents the type of early stage exploreco with large
lanad packages that should start to revalue if this gold bull
run really has legs.
South Star (STS.v): However much I want to believe on
this story (and I do), trading patterns like this one (right)
don’t give much confidence that a price rise is going to
stick. STS did some moderate volume at 63c on Tuesday
but after that, it was an exercise in painting the price
higher. No reason to get involved yet.
NB: Please be clear that The Tiny Dogs is NOT a list of recommended tinycap stocks. It is a list of companies with
market caps of under $20m offering a reasonable representation of the wider tinycaps market. It’s possible in the future
I may buy shares in one or several of these stocks, at the moment both my opinion and wallet are strictly neutral.
23

Regional politics
Ecuador: Noboa’s honeymoon coming to an end
Food for thought for those still enamoured with the “improving situation in Ecuador” for FDI
under the Noboa government. Daniel Noboa is still polling better than most LatAm Presidents
(see today’s brief note on Peru below for more on that), but all honeymoon periods come to an
end and that’s what we’re now seeing in Ecuador. Six months into his brief Presidential period,
two respected polling companies last week marked his approval down by similar amounts (19).
 Pollster Perfiles de Opinión put his approval rating at 57.7% in its poll taken this
month, that compared to his approval level of 85.5% in Janaury and 74.1% in
March.
 Pollster Communicaliza put his approval rating at 59.3% in its poll, also from this
month.
The polls cite three main reasons for the drop in popularity:
1) The lack of progress in Noboa’s much vaunted “fight against organizaed crime”. In the
first weeks of his mandate there was a significant drop in the murder rate in Ecuador
and Noboa tried to claim his victory, but hindsight tells us that variance was much more
to do with a spell of very bad weather in key zones affected by the narco gang
crimewave and less about the hardline strategies Noboa loudly implemented. Sincer
then crimes and the murder rates have clicked back up again and in that light, it’s
unsurprising to see him re-launch the “war against organized crime” in what his
government is framing as “Phase Two” of the initiative. For reference, these days
Ecuador has the highest murder rate per capita in South America (i.e. worse than
Venezuela) and is #2 on the entire continent.
2) A rise in taxes. His decision to raise sales tax (IVA) from 12% to 15% was unpopular
across the board, particularly with his stalwart supporters in urban and middle class
socioeconomic strata.
3) The arrest of Jorge Glas from the Mexican Embassy. No matter that his highly
controversial move has put a corrupt politico back behind bars, the manner in which
Ecuador violated the embassy space was not received well, evenamong some of his
adherents. Hardcore supporters have been noisily supportive, but there’s a sense of
shame on the streets about the method and the country feels it has lost standing
among the international community. Quite right too, it has.
A final reminder that Ecuador will vote for its next President on February 9th next year, less than
nine months from today, with Daniel Noboa elegible for re-election. He’ll be gunning to keep
the job for sure, but there’s a lot at stake and his moves since taking over the current mandate
from Guillermo Lasso has antagonized many of the people who voted for him last year.
Peru’s tinderbox of politics, part 83
We’ve said it many times before on these pages, Peru’s image as a stable and welcoming place
for FDI is a false image and in fact the country is a tinderbox. Case in point, an opinion poll run
by pollster IEP for Peru’s national dialy La Republica this weekend (20) that underscores the
discontent among Peruvians for their current leadership, both at executive and Congressional
level. Here are some of the headline findings, plus a few extra ones to show that the
appearance of a stable and growing country is a false image being sold to the outside world:
 Approval for President Dina Boluarte: 5%
 Disapproval rating for Boluarte: 90%
 Approval rating for the current Congress: 6%
 Disapproval rating for Congress: 91%
 Interviewees who think Peru is in worse shape compared to 12 months ago: 72%
24

 Economic situation of interviewees compared to 12 months ago:
Better: 7%
Same: 35%
Worse: 56%
 Is the current government more or less corrupt than the previous government?
More: 50%
Same: 42%
Less: 5%
I included that last poll Q&A because it surprised even me, as it compares the current
government to that of Pedro Castillo, the President who was under such pressure from
corruption investigations that he tried to dissolve Congress and rule by decree, a very bad
decision that landed him in jail (where he remains to this day).
As for the future, those of you versed in Spanish and curious about one of the more likely
outcomes to all this mess may want to watch this interview from a couple of weeks ago of
Antauro Humala (22), done on prime time national TV. My favourite part is when he looked the
interviewer, a local media star called Phillip Butters, in the eye and told him his government
would nationalize all media channels. The guy is basically unhinged, but I truly believe and fully
fear his hardline ultra-right wing, pro-provincial, anti-Lima populism will appeal to many
Peruvians who are thoroughly fed up with their political class and ready to take a chance on
anyone with a different and radical message. And they don’t come any more radical than
Antauro.
Argentina: RIGI rules San Juan
As previewed in IKN783 last weekend, the big mining event in South America last week was the
tenth running of the San Juan International Mining Expo and the speeches and declarations
made plenty of copy in bizworld. For example, here’s Bloomie doing clickbait headlines (23):
“Copper frenzy draws mining giants to Argentina after Milei’s reforms”
Bless their hearts, though to be fair under that screeching there was one interesting section in
which the journalist reports on a social outreach meeting run last month by McEwen Copper:
A scene last month offered a peek into this dilemma. In the mountain village of Calingasta, in San Juan
province, Meding and other officials from McEwen Copper were pitching investors about their plans to dig the
Los Azules pit, measuring 2.3 miles long and more than half as wide, just up the road in a pristine stretch of the
Andes.
Company founder Rob McEwen, seated in the audience, didn’t like the rosy picture he was hearing from his
underlings about the impact the mine would have on wetlands, oases at 12,000 feet called vegas in Spanish.
They were suggesting that water could be rerouted to recreate the marshes elsewhere.
“Those vegas are disappearing,” McEwen, 74, interjected from across the room, taking the men aback. “They’re
gone forever. Don’t try to coat it, as people will see through it.”
In addition to securing environmental permits, miners operating in remote corners of the developing world like
Calingasta must win “social licenses” from communities and other groups. It’s a difficult task in a place like
Argentina that hasn’t fully embraced the metals industry, but McEwen says it’s vital to avoid protests and
disruptions down the line.
Note that the boss man isn’t always around to keep mining companies honest. But back to the
main event and the soundbite of the conference didn’t come from a direct mining guy, instead
we offer you Señor German Wilson, VP Operation and Country Manager for Finning, the big
mine supply company that sells and leases Caterpillar plant around the world. His observation
on the Milei government’s plans to enact a new Regimen of Incentives to Large-Scale Investors
law, known by the Spanish acronym RIGI (Régimen de Incentivo a las Grandes Inversiones)
and mentioned on these pages last week, underscored how important the mining sector in
Argentina considers this initiative. By way of a quick reminder, the RIGI law project would apply
to FDI projects of U$200m or above and offer companies tax breaks, preferential forex
channels and lift import taxes on capital goods (a key point when you want to build a mine and
mill). We quote Sr Wilson (translated) (24):
“RIGI is the trigger for a series of investments. As for us (Finning/Cat), when we go to
talk with our clients, each with separate projects, they are all looking at RIGI as a
25

fundamental point from which to make decision. And obviously, all suppliers gathered
here (at the conference), be they national or international, agree with this.”
And…
“It’s a question of critical mass and therefore, RIGI is indeed a key element (in the
development of large-scale mining in Argentina). We are sure that this is a relevant
option and that the legislature needs to pass this law project because it will open up
opportunities, bring investment to the country, generate employment near and far.
There are clear, evident and tangible benefits.”
Market Watching
Fortuna Silver (FSM) (FVI.to) is changing its name
Here’s how we put it in IKN770, dated February 18th:
And one more thing; I say that if they do the right cosmetic thing and drop that word “silver” from
the corporate title, they’ll make the company more buyable. “Fortuna Metals”, Fortuna Precious
Metals” or even go the whole hog and re-name to “Fortuna Gold” will more accurately reflect the
future of this company and attract more instos, particularly now that San José is under threat of
depletion. Argue with me about that one if you like.
And it got another mention in IKN773, dated March 10th:
I still say that a cosmetic change of corporate title and dropping “silver” from the name would do
this company a world of good, but that’s just me.
Now for the news and, while the Management Information Circular has been on SEDAR since
May 14th, it only reached this desk via the online market gossip at the start of last week (25):
Fortuna Silver Mines Inc. has announced its Annual and Special Meeting for
shareholders to be held on June 20, 2024, in Vancouver, where attendees will review
the past fiscal year’s financial statements, appoint auditors, elect directors, and
potentially approve a company name change to ‘Fortuna Mining Corp.’ Shareholders
can access meeting materials online or request
paper copies via provided contact details, and
have various methods to vote their shares prior
to the meeting.
Arguably, it’s made the difference in FSM trading
(right). For the record here’s the meeting agenda
for the June 20th AGM, see agenda item (e). The
details on page nine explain that the “…name
change is proposed in order to reflect that the
Company’s business has moved from being
predominantly focused on the production of silver
to the production of gold and silver” and there’s
no way I’m disagreeing with that. If voted up, FSM
would move quickly to make the corporate title adjustment, but no code or CUSIP changes are
expected.
26

Next up, let’s see if Pan American Silver (PAAS) will do the right thing.
Adding Sendero (SEND.v) to the test
I wasn’t expecting much feedback from last week’s opening salvo on the series on copper
explorecos that’s planned to run through the second part of this year, “Testing myself on
exploration stage copper companies”, but there were a couple of maikls and one of them has
me adjusting the table. My thanks to reader DF who wrote in to suggest (paraphrased) that
Sendero Resources (SEND.v) should be in the mix as well. I agree and for these reasons:
 An interesting, early stage project in the shape of Peñas Negras, located in the Argentine
Andes and according to the company, the same geological structure as the now famous
Vicuña district owned by the Lundin Group of companies.
 Recent first pass drill results that disappointed the market but in global terms, really
weren’t that bad and provide enough promise to continue with the exploration program.
 A current round of financing that will likely depress the stock price for a few weeks, but
allows the company to keep drilling.
 Political location in La Rioja, which is a clear disadvantage compared to the nearby
Vicuña (and other) projects located in San Juan province. However, there have been
recent signs of La Rioja potentially joining the throng of the miner-friendly provinces in
Argentina and eschewing its anti-mining reputation.
Nothing decided on this yet and I’m watching carefully,
but watching via SEND isn’t the worst idea.
The price chart (right) reflects the more-or-less nature of its
recent drill results and with the recently announced
financing, it’s likely to stay down here for a while. However
this one is far from dead and it would only take one good
drill hole to revert the losses to date. A worthy addition to
our table, expect the first monthly update next weekend on
the list of 33, not 32. Thank you again, DF.
Conclusion
IKN784 is done, we end with bullet points:
 Last week’s reversal in copper may have been in the cards, but it wasn’t a pleasant
experience all the same. The copper pits seems to have calmed down and if real buyers
step up at this current U$4.70/lb-ish level we’ll have a healthy market again. So much
to like about copper going forward.
 Eyes on Aldebaran next week, as well as Minera Alamos come Friday.
 So much for writing a shorter one, here we are with another 16,000 words and 31
pages. Keeps me out of trouble at the weekends, I suppose.
 Avoid Colombia, David. Just avoid it.
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://www.fxstreet.com/analysis/week-ahead-us-pce-inflation-and-eurozone-cpi-data-enter-the-spotlight-video-
202405241154
(2) https://ucarecdn.com/fe4ae8f8-8918-4d3d-923d-46ec10f12cf9/ContangoCorporatePresentationMarch2024.pdf
(3) https://www.contangoore.com/press-release/contango-ore-announces-acquisition-of-highgold-mining
(4) https://impactsilver.com/investors/news/impact-silver-upsizes-non-brokered-private-placement-financing-to-10.2-
million-1/
(5) https://ceo.ca/@globenewswire/macdonald-mines-withdraws-previously-announced-scadding
(6) https://www.panglobalresources.com/news/pan-global-accelerates-copper-exploration-with-additional-drill-rig-at-the-
escacena-project-southern-spain
(7) https://aldebaranresources.com/site/assets/files/5952/2024-apr-25-press-investor-day.pdf
(8) https://events.6ix.com/preview/aldebaran-resources-investor-day-livestream
(9) https://www.hellenicshippingnews.com/copper-eases-in-london-as-investors-reassess-recent-rally/
(10) https://www.reuters.com/markets/commodities/copper-squeezed-united-states-china-has-plenty-2024-05-22/
(11) https://www.solarisresources.com/news/press-releases/terminates-minority-equity-investment-pursues-focused-
warintza-strategy
(12) https://www.solarisresources.com/news/press-releases/solaris-resources-announces-35-million-common-share-
bought-deal-offering
(13) https://faradaycopper.com/news-releases/faraday-copper-announces-c-20-million-bought-deal-8919/
(14) https://ir.hecla.com/News--Media/news-releases/news-details/2024/Hecla-Announces-Leadership-
Transition/default.aspx
(15) https://energiminas.com/2024/05/24/newmont-reabre-mina-de-oro-cerro-negro-en-argentina/
(16) https://onlineinvestmentconference.com/f/pa/240514-discovering-the-source-of-perus-modern-day-gold-rush-
palamina/
(17) https://www.kirklandlakediscoveries.com/post/kirkland-lake-discoveries-announces-retirement-of-founder-president-
ceo
(18) https://www.kirklandlakediscoveries.com/post/kirkland-lake-discoveries-encounters-intense-alteration-at-hurricane-
intrusive-zone
(19) https://www.prensa-latina.cu/2024/05/14/aceptacion-de-noboa-cae-en-ecuador-segun-encuestas/
(20) https://larepublica.pe/politica/2024/05/26/dina-boluarte-peor-que-nunca-y-crisis-arrecia-encuesta-iep-corrupcion-
crisis-politica-pobreza-en-el-peru-presidencia-del-peru-2103426
(21) https://www.youtube.com/watch?v=hGtNJSiJ3T0
(22) https://www.prensa-latina.cu/2024/05/14/aceptacion-de-noboa-cae-en-ecuador-segun-encuestas/
(23) https://www.mining.com/web/copper-frenzy-draws-mining-giants-to-argentina-after-mileis-reforms/
(24) https://www.tiempodesanjuan.com/mineria/poderoso-empresario-minero-chileno-dijo-que-hoy-argentina-esta-
desventaja-y-pondero-al-rigi-n375842
(25) https://twitter.com/Uldavec01/status/1792999339570172089
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
28

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
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
29

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
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
30

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
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.
31