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The IKN Weekly
Week 791, July 14th 2024
Contents
This Week: In today’s edition, The crazy squared, Fed cuts and copper deals.
Fundamental Analysis: SilverCrest Metals (SILV) 2q24 production numbers, Amerigo
Resources (ARG.to): Q2 production and a bonus dividend.
Stocks to Follow: Western Copper & Gold (WRN.to) (WRN), Amerigo Resources (ARG.to),
SilverCrest Metals (SILV) (SIL.to), Contango ORE (CTGO), Menē Inc (MENE.v), Orecap Inv
(OCI.v), Bear Creek Mining (BCM.v), Provenance Gold (PAU.cse).
The Copper Basket: Overview, NGEx Resources (NGEX.to), Kodiak Copper (KDK.v), Solaris
Resources (SLS.to), Element 29 (ECU.v), American Eagle (AE.v).
The Producer Basket: Overview, Lundin Gold (LUG.to) (LUGDF), Wesdome Gold (WDOFF)
(WDO.to), Hecla (HL), Eldorado Gold (EGO) (ELD.to).
The TinyCaps Basket: Overview, Awalé Resources (ARIC.v), Viva Gold (VAU.v).
Regional Politics: Argentina: A provincial pact and a big mining deal, More Argentina: A extra
thought on Rio Negro, Peru: Copper is concentrated, Chile: Improved copper production and a
new government tax on mining, Guatemala: Some CYA in the public sector, Panama: One more
on Cobre Panamá and First Quantum.
Market Watching: A return to Abrasilver (ABRA.v) versus Bear Creek Mining (BCM.v), Lundin
Gold (LUG.to) reports a strong quarter.
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
 This edition is once again going out 24 hours late, so apologies for the bad service and
please “assume it’s Sunday”, as there’s no change or alterations in prices or narratives
after Monday’s market action.
 We also get a lot done, with thoughts on the Q2 numbers posted by SilverCrest (SILV)
(SIL.to) and Amerigo (ARG.to) taking up the main fundies section, but plenty of other
longer notes dotted around the edition.
 Argenmtina is hotting up, as seen by the new rumours swirling around Filo Corp
(FIL.to) (FIL). We chew them over in the Regional Politics section, but more importantly
we fill in on just why Argentina has allowed M&A to be taken seriously.
 Though Bear Creek (BCM.v) dropped last week, I think it’s looking screamingly cheap
now. That’s one segment of this week’s Stocks to Follow notes. There are others.
The crazy squared
Apologies, but a couple of US political words are required. Three short weekends ago, in the
IKN788 intro note “The crazy begins”, this desk reminded its audience of our main message at
the very start of the year that “…The IKN Weekly will not, repeat NOT, be providing any sort of
running commentary on US politics…” in 2024 (or 2025), but as from that week the open
season on US election would begin and “..for better or worse, the world’s news cycle will be
dominated by US Presidential election.” We finished with a little advice:
1

“Take a deep breath ladies and gents, here we go, bring on the
unadulterated, full strength crazy.”
The debate between the two candidates and the fall-out on the Democrat side was wild enough
already but, after this weekend, anyone out there left in doubt about the level of crazy 2024
has to offer? And it’s still only July.
The reason to start this week’s edition with mention of yesterday’s assassination attempt
against POTUS 45 isn’t to run an analysis of the drama (though we do extend our condolences
to the family of the innocent victim shot by the perpetrator and also wish Donald Trump a
speedy recovery), nor is it to delve into party politics. We are about money and about practical,
realistic viewpoints of the market.
There has been a tendency and some momentum toward Trump’s campaign until this weekend,
but the events of Saturday have turned a possible into a probable and while reiterating this isn’t
a party political position or anything connected to my personal politics, we should expect the
markets to start pricing in a second Trump presidential term as from tomorrow Monday. For
sure nothing is certain and never-say-never, but markets work on probable futures and in my
view, he’s now around 90% favourite for the election win, more than enough to see the big
bets come in and move the market dials significantly. There will be no end of repercussions (of
course), so don’t expect this briefest of intros to cover the angles, today we’re simply laying out
the case that as from now we’d be wise punters to assume a Trump victory. As for our focus
sector, that’s not as evident as we’d like because even though there are a crowd of anal ysts
out there who assume a Trump win would be good for gold, I’m old enough to remember the
way the market liquidated safe haven money of all shapes and sizes when Trump pulled off his
win against Hilary Clinton and piled it all into equity risk trades, gold included. So for the
moment the macro backdrop isn’t easy, but what we should assume is that projects that were
having difficulty in getting permits in The USA will at least rally on the prospect of things
becoming easier, they may even get the official green lights at some point. So juniors such as
Integra (ITR.v), Revivial (RVG.to), Trilogy (TMQ.to) and yes, even the dreaded Northern
Dynasty (NDM.to) are worthy of consideration at this point.
Fed cuts and copper deals
As for the market, last week’s CPI inflation data pointed us once again to a slowing economy
and we got Fed jawbone to match, with a new angle to the narrative of “the Fed won’t cut
quickly” replacing “The Fed still undecided”. But as noted before, CPI (and PPI, and PCE for
that matter) inflation data is back to secondary importance, what really matters are the jobs
data so all eyes should now be on Friday August 2nd (over two weeks away) and a jobs report
that should set the tone for Jay Powell’s Jackon Hole speech at the end of August, then the
FOMC in September which is now penciled in as the first cut moment.
The metals world also waits with bated breath and the gold (and silver) rally last week was all
about the anticipation of the new interest rate trend, it’s no secret that the downward curve
point in Fed rate cycles is a happy hunting ground for precious metals prices. However, the
mining world suddenly looks capable of generating its own newsflow as Anglo is sniffing around
Teck and BHP is again at the centre of M&A talk. Silly me though we were coasting into a quiet
Friday close, when suddenly (1):
Lundin Mining (TSE: LUN) has approached BHP Group (ASX: BHP) about making a joint bid for
copper miner Filo Corp. (TSE: FIL), people with knowledge of the matter said, in a move that could
solve fundraising needs for a neighboring project it wants to build.
Lundin has held preliminary discussions with BHP about teaming up on a possible deal for Filo,
according to the people, who asked not to be identified as the information is private. Shares of Filo
have risen about 25% in Canadian trading this year, giving the company a market value of C$3.5
billion ($2.5 billion).
We do more on this market moving news in both The Copper Basket and Regional Politics
today, with our focus on the newly clement political backdrop that has put FIL in play. While
these rumours and potential deals are jungledrums only at this point, it wouldn’t surprise to see
these being just the start of better things for junior M&A.
2

Fundamental Analysis of Mining Stocks
SilverCrest Metals (SILV) 2q24 production numbers
The TL:DR:
 The near-term trade has worked well, those in it for the quick flip should get the
U$10.50 level in the days to come
 Personally, this news reaffirmed my current target price of U$12.96. Happy holder
 The caveat, as always, is silver (and gold) not dumping suddenly
Now for the reasons. My recent increased interest in the fate of our main silver trade,
SilverCrest Metals (SILV) (SIL.to), looks like bearing fruit. The main event of IKN788 dated June
23rd, the macro op-ed “Becoming bullish on silver”, was followed in IKN789 two weekends ago
by the fundies note prosaically entitled “SilverCrest Metals (SILV) (SIL.to) is my best trade idea
for the next couple of weeks”, so no ducking the issue there. That note was predicated around
the improving backdrop for silver-the-metal as well as the advent of the SILV 2q24 production
numbers and sure enough, they dropped last week on Thursday, July 11th post-close (2). Here’s
how the stock reacted:
Truth be told, the stock had already started to react on Wednesday and in fact, the entire silver
sub-sector was trading well all last week (SIL proxy above) even as silver (SLV proxy above)
lost ground. Thursday was positive for the entire sector, but on Friday and pst NR SILV showed
us what it’s made of, up 3% on a day in which silver peers were flat and silver-the-metal
dropped by around 2%. This is the pointy end of the data announced Thursday evening:
SILV: Silver production & sales, per qtr
Preliminary production and sales for 2q24 came to:
 Silver: Production 1.46m oz, Sales 1.45m oz
 Gold: Production 15,303 oz, Sales 14,500 oz
Both if those are slight beats on our estimates, which remain unchanged and in-line for Q3 and
Q4 in order to remain on the conservative side (though there's reasonable grounds to expect
the out-performance to continue into the quarters ahead). We're sticking with the 1.4m oz Ag
and 14,150 oz to 14,300 oz Au for the rest of the year, just in case.
3
41.0 1
63.1 54.1 35.1 72.1 4.1 54.1 4.1 4.1
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
Moz Ag SILV: Gold production & sales, per qtr
prod
sales
source: company filings
00411 00241 00431 00541 00161 00051 00541 05141 00341
20000
18000
16000
14000
12000
10000 8000
6000
4000
2000
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
Oz Au
prod
sales
source: company filings

Those are good numbers all the same, as are the average received prices of U$27.84/oz Ag and
U$2,237/oz Au in Q2. On-topic, the only change to our forward guidance is to bump up
estimated averages for the second half of 2024 and we now assume U$30/oz for silver in Q3
and Q4, then gold U$2,300/oz average in Q3 and U$2,400/oz in Q4. The idea is to try to be as
realistic as possible without over-egging the pudding, leaving potential surprises to the upside.
But back to the Q2 preliminary results and while we have to wait for the financials for all the
details, SILV is one of those companies that offers information on the quarter in this pre-filing
NR and due to that, we can see the reason for the good display. It's here:
SILV: Ore mined
The ore mined/milled chart (above left) is the one that matters and our normal tracker, but to
make a point I've separated out the "ore mined" data and presented it again as a standalone
(above right). This quarter is the first one to feature the new mine contractor at Las Chispas,
Dumas, so seeing the team return production that's 16.7% better than Q1 (which was its
record quarter) is a strong result. That bodes well for the quarters to come and that's when
SILV has guided us to expect lower unit costs and overall cash costs, thanks to the efficiencies
brought in by Dumas.
It also means 90% of mill feed came straight from the mine, with just over 10% from the
stockpile. That allowed them to return better than expected average grades for silver (and
slightly better for gold). In the case of the main payable silver, Q1 was higher than the rest due
to deliberate mine sequencing to help get over the planned lower mining levels, but SILV had
guided us to expect something closer to the resource average. That's just under 400g/t Ag, so
the 418 g/t result is better than it looks at first sight and combined with the rock solid recovery
rates at Las Chispas, made for the sight grade beat.
We have production, we have sales, we have average received prise and that means...
4
00056 00636 00447 00838 00687 73758 910001
SILV: Ore mined/milled mt
110000
100000
90000
80000
70000
60000 50000 40000
30000
20000
10000
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24
source: company filings
00056
000401
00636
004401 00447 009701 00838 005411 00687 005401 73758 37339 910001 546011
mt Ore mined
140000 Ore milled
120000
100000
80000 60000
40000
20000
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24
source: company filings
SILV: Silver head grade (g/t)
283 914 944 314 014 974 814
SILV: Gold head grade (g/t)
550
500
450
400
350
300 250 200
150
100
50
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24
source: company filings
76.3 60.4 48.4 53.4 82.4 79.4 63.4
5.5
5
4.5
4
3.5
3 2.5 2
1.5
1
0.5
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24
source: company filings
SILV: Calculated revenues by metal, per qtr
66.1202
86.62
82.13
86.62
23.53
82
28.53
38.13
23.92
9.03
7.23
44.23
73.04
55.23
2.93
23.43
24
90
80
70
60
50
40
30 20
10
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m
Au calc revs
Ag calc revs
source: company filings, IKN calcs

...we know how much they made from the two payables. The mix is 55.4% silver and 44.6%
gold, the calculated total is as close to dammit to the declared revenue number of U$72.7m in
the NR (below left). That's U$3.1m above our estimate coming into the quarter and the best
quarter of top line revenue from SILV by U$9m. That means an extra U$3m in mine operating
income on our previous best guess, now U$47.2m. As for the future quarters, we're slightly
higher than previous estimates due to using those higher assumptions for gold and silver prices
(above). The chart below right separates the MOI numbers for easier consideration. All good.
SILV: Quarterly Earnings overview
On a per share basis, we’re most concerned with mine operating income at SILV so the new
estimate of 32c7share is strong, as are the slight
upward adjustments for Q3 and Q4. As for standard
EPS, we know the quant boys will want those
numbers and at 24c/share, plus estimates for the
rest of the year, this weekend’s share price of U$9.83
gives an estimated forward PE of 8.9X, and that’s cheap for a silver miner. The rally to U$9.83 last
week also compares to our NEAR TERM TRADE (in
bold type caps to make sure you understand it's not
my personal longer-term target price, just the
number generated in IKN789 in the run-up to the
production NR) of U$10.52 and leaves just 7%
upside to get there. Back in IKN789 (just two weeks ago) we floated this idea as a 29% near-
term flip trade. In other words, with the metals complex higher I expect SILV to improve a little
futher in the days to come and those of you who partook of the trade can cash in.
And that’s about it for SILV until we get the financials, due out post-close August 7th (with
ConfCall the next morning, see the NR for connection details). We’ll wait on those before
chewing over the balance sheet items, though will say at this point that SILV’s declared
treasury position of “…U$122.3m, including $98.3 million cash and $24.0 million bullion” in the
NR fits closely with our model. We’d guesstimated U$100m cash, the bullion number means
SILV is squirreling away metal nicely (chart below left) and working capital is going to impress
onlookers. Our buy decision for SILV is predicated squarely on the fact that 2024 will be a cash
harvest season for the company, that’s happening and it’s good to see.
5
7.2 8.0 9.1
8.04 3.41 5.62
0.85
4.22 6.53
0.26
7.32 3.83
8.36
4.62 5.73
3.16
4.42 9.63
6.36
2.62
5.73 7.27
5.52
2.74 5.47
0.42
5.05 3.67
5.42
8.15
80
70
60
50
40 30
20
10
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3 tse42q4
SILV: Mine Operating Income per qtr
U$m
revenues COGS Mine Op. Inc
source: company filings
429.1
694.62 606.53 392.83 64.73 749.63 774.73 2.74 5.05 8.15
60
55
50
45
40
35
30 25 20
15 10
5
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3 tse42q4
U$m
source: FVI filings
SILV: EPS and Mine Op Inc per share, per qtr
71.0
10.0
21.0
81.0 81.0 42.0 61.0 62.0 12.0 62.0 42.0 52.0 32.0 52.0 42.0
23.0
82.0
43.0
92.0
53.0
0.35
0.30
0.25
0.20
0.15 0.10
0.05
0.00
22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3 tse42q4
U$/share
EPS
MOI
source: company filings, IKN calcs
SILV: Bullion and finished goods inventory
1.0 0.3 9.4 9.7 6.5 1.8 7.11 3.01
2.91
5.11
0.02
5.11
0.42
5.11
40
35
30
25
20
15 10 2.0 5
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
U$m
SILV: Working Capital per qtr
bullion
finished goods
source: company filings
68.621 96.222 33.391 43.671 55.971 26.061 17.641 70.921 198.47 464.17 553.69 33.811 67.621 82.841 581 312 752
300
250
200
150
100 50
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3 tse42q4
source company filings
srallod
fo snoillim

We reiterate our 12 month price target of U$12.96 and if silver and gold get bid up this
Northern summer, that’s a level to form a base for greater things to come as long as silver (and
gold) continue to rally. But for today, SILV delivered last week and that makes me a happy
holder. Near term fliptrade success, longer-term success to come.
Amerigo Resources (ARG.to): Q2 production and a bonus dividend
In one respect, the decision to leave Amerigo Resources (ARG.to) on the Watch List and not
buy any shares before it reported its Q2 production number was a good one. Here’s how we
put it last week in IKN790:
“I’m going to wait at least until the production number comes out (we’ve ballparked
15m lb Cu) before making any purchase decision.”
As things turned out, our ballpark of 15m lb cu was optimistic and on Wednesday July 10th ARG
announced (3) its 2q24 production numbers of 13.98m lbs copper (14.33m lbs delivered).
However, that was the only thing that went right with last week’s call. On Tuesday 9th, ARG
announced (4) its inaugural “performance dividend”, the bonus/special dividend it had planned
to start distributing for years but had been stymied by circumstances until then. Both the
dividend news and the production NR the next day were well received by the market, the stock
being bid up 11c by the end of trading. That’s also fair distance – 11.46% to be exact - from
the $1.57 price that attracted this desk back to the stock in IKN788, just three weekends ago.
Long story short, I’m kicking myself this weekend after passing up on ARG, after having ID’d it
as offering solid value but going with Western (WRN.to) as my copper add-on last week.
However, that’s my problem and not yours, our job today is to consider the news as stands and
how it fits into our expectations for ARG going forward.
First we cover the “performance dividend” news, a special dividend by any other name and one
that’s separate to the standard 3c/quarter Canadian ARG pays. We note that this must have
been a recent decision, because ARG stil hasn’t re-started its share buyback program after a
long hiatus and for its own reasons, has decided to pay this taxable benefit instead. This may
even have something to do with ex-director Luzich’s decision to leave the board (and sell
shares), as he was on the record as preferring the buyback route. However, this is positive
news whichever way you look at it and the news also signaled ARG had got its cash treasury
back up above U$25m, the level at which CEO Aurora Davidson had said she would be
comfortable distributing to shareholders. So with this news, ARG is set to pay a minimum of 16c
Canadian this year, representing an annual yield of 9.1% at this weekend’s price; more than
acceptable. Please note the stock goes ex-divi this coming Tuesday July 16th, with the 4c
payment dropping August 6th.
With that out the way, we move to the Q2 production news on Wednesday starting with copper
production of 13.98m lbs and sales of 14.33m lbs. This chart covers deliveries (sales)…
20 ARG.to: Copper sales
18
16
14
12
10
8
6
4
2
0
6
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings
rtq/uC
sblM
…while this one breaks down production along the fresh supply (direct from DET) and historic
(tailings) split:

ARG: Production breakdown by source, per qtr
7
74.8
30.7
16.7
73.7
73.7
26.8
46.7
62.9
68.6
16.9
97.5
31.9
73.7
36.8
52.6
63.01
83.6
41.01
48.4
97.8
19.2
12.8
86.7
96.8
54.7
55.8
5
89.8
20
18
16
14 12
10
8
6 4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Mlb Cu
Cauquenes tailings
Fresh tailings
source: company filings
It’s easy to spot the way weather affects access to the historics tailings side of the MVC
machine, with the issues in 2q23 and
3q23 mirrored by the recent and less
important rain affected stoppage in
2q24.
Last week’s data gave us an accurate
number for average copper prices, at
U$4.39/lb, which in turn allows a
reasonable accurate guess on the
revenues that will make it to the top line.
The line items go like this:
ARG: Gross Cu value, Cu revs and Revs total, per qtr
797.37
904.97
567.35 766.36 818.55
485.33
457.65 879.74
858.03
241.16 729.56 548.94 897.66 2.07 846.25 908.25 882.94
630.23
855.14
2.14
3.03
5.95 591.16
4.24
582.16 787.26
129.44
64.16 86
58.74
90
80
70
60
50
40 30
20
10
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
ARG: Average Cu price for MVC
U$m
Cu gross value
Cu revs
Revs total
source: company filings
 14.33m lbs copper X U$4.39/lb price = U$61.46m gross copper value
 Price adjustment from Q1’s average of
U$3.97/lb: 10.6%,
 Implied positive revenues adjustment:
U$6.5m
 Estimated copper revenues: U$68m
 DET royalties: U$17.8m
 Smelting/Refining: U$6.4m
 Transport: U$0.45m
 Moly by-product credit: U$4.5m
 Total Revenues: U$47.85m
We won't get these line items exactly right, but most
are reasonably predictable. The only real wild card is
moly by-product revenues, which differ greatly from quarter to quarter depending on sales
timing. We're estimating U$4.5m for that as a happy medium, and over the course of several
quarters it averages out to the logical, but no surprises if we're out by a million either way on
80.4 44.4 32.4 23.4 46.4 01.4 05.3 08.3 20.4 08.3 67.3 28.3 79.3 93.4
5
4
3
2
1
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
U$/lb Cu
source: Company data/IKN ests
ARG: Charges to Cu revs
30
25
20
15
10
5
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
U$m Transport
smelting/refining
DET royalties
source: company filings, IKN ests

any given quarter. Moving to the P+L, that revenues number turns into U$10.9m in operating
profits (below left) and than U$8.9m in operating profits (below right):
ARG.to: Quarterly Earnings overview
More importantly, our unofficial “real world margin” that backs out DD&A. As a reminder, one of
the strong points at ARG is the near unlimited
source material, so asset depletion is more of an
accounting measure than anything else and we
care most about cash flow.
It also fits with what we know about treasury
position, as ARG announced a cash/st position of
U$28.7m as at end 2q24. That’s enough to fund
the 4c dividend (approx U$5m), make sure the
company stays in positive working cap range
through Q3, leave cash for the upcoming 3c
standard dividend payment (that will come when
ARG files) and set some aside for the return of
share buybacks.
Bottom line: This chart (right) offers a visual on the cruel reality and this wrap up now moves
into first person singular, because it’s the only way to keep this honest. While I’m not
dismissing ARG as a trade going forward and I’ll
certainly leave it on the Watch List for a potential
opening, the only reward I have for spotting the
value window in this stock in IKN788 dated June
23rd is a moral victory. However, I have nobody to
blame but myself, as from IKN789 I was regretting
not jumping straight in and seriously pondered
buying. But I didn’t and now the value entry point,
as noted in this comparative chart to spot copper,
has disappeared.
8
624.12
616.1 655.3-
738.8
874.31
503.3- 420.2-
200.6 508.7 9.01
65
60
55
50 45
40
35 30
25 20
15
10
5
0
-5
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
source: company filings
srallod
fo
snoillim
ARG.to: Gross, operating and net profits, per qtr revenues
COGS
Gross profit
10.12
74.1- 41.5- 10.1-
44.31
72.3- 3.6- 9.3
84.6 09.8
25
20
15
10
5
0
-5
-10
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
U$m
Gross profit
op profit
Net Income
source: ARG data
ARG.to: Cash and ST
590.17
20.35
318.14 128.73 329.34
576.13
131.31 842.61 108.31
7.82
80
70
60
50 40
30
20
10
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
$m ARG.to: Working capital
source: company filings
494.43 209.01
58.6 79.9
806.21
998.4- 27.21- 503.21- 781.4- 01
40
35
30 25
20 15
10 5
0
-5
-10
-15
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
ARG: The real world margin
U$m
source company filings
20.0-
57.51 34.81
67.1
80.1- 41.9
52.21
07.41
24
22
20
18
16
14
12
10
8
6
4
2
0
-2
22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2
U$m
source: ARG data, IKN calcs and ests

With Amerigo Resources (ARG.to) giving an okay-at-best production result for Q2 and likely to
post a good-not-great set of financials for 2q24 and the recent rebound, plus copper hanging
around U$4.50/lb and apparently not ready to run at U$5.00/lb again, there’s every reason to
hold if you’re already in, or build a position with a longer-term perspective, but I cannot help
but feel that the best value has slipped through my fingers. Therefore and as frustrating as it
might be, I’m going to keep tracking ARG, look for a place on the other side of its Q2 report to
get a better entry point than this weekend’s $1.75 and I’m not a buyer at the moment. If a
price shows up between now and the end of Q3 I’m a buyer.
Stocks to Follow
A second positive week for the Stocks to Follow list that was somewhat spoiled by another bout
of weakness in the Top Pick Minera Alamos (MAI.v), but overall the tendency is good and the
trend is friendly. Last week was eleven winners from seventeen, this week was ten (RIO.v,
SILV, PGZ.v, WRN.to, PCI.v, CTGO, NCAU.v, ALDE.v, ARG.to, PAU.cse) and among those were
double figure percentage wins in Contango ORE (CTGO up 13.3%), Provenance (PAU.cse up
12.5%), Rio2 (RIO.v up 12.0%) and SilverCrest (SILV up 10.2%). Three others were
unchanged on the week (MARIO.to, IPT.v, MENE.v) so that leaves four losers (MAI.v, BCM.v,
MIRL.cse, RPX.v).
We have 17 open positions at the moment, three under our self-imposed maximum. Ten of the
stocks are in the green, six are in the red, one is unchanged.
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$0.30 42.9% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Rio2 Ltd. RIO.v BUY C$0.80 22-Apr-18 C$0.56 -30.0% Momentum now building
SilverCrest Met SILV STR BUY U$6.90 31-Mar-24 U$9.83 42.5% Quality Ag/Au, U$12.96 tgt
Pan Global Res PGZ.v BUY C$0.19 19-Feb-24 C$0.17 -10.5% 3 adds,big position,cheap Cu
Marimaca Copper MARI.to BUY C$3.05 14-Jan-24 C$3.80 24.6% Quality Cu developer
Bear Creek Min BCM.v SPEC BUY C$0.365 10-Jun-24 C$0.345 -5.5% New risk spec on Ag & Au
Western Copper WRN.to BUY C$1.57 26-Feb-24 C$1.62 3.2% M&A trade, gone off boil
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.065 8.3% Exposed to several good jrs
Contango Ore CTGO STR BUY U$18.70 30-Jul-23 U$21.75 16.4% Production re-rate in Q3
Newcore Gold NCAU.v SPEC BUY C$0.205 23-Oct-22 C$0.315 53.7% Cheap Au in West Africa
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.99 37.5% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.27 -10.0% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.025 -87.2% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Amerigo Res ARG.to WATCH C$1.57 12-Dec-21 C$1.75 11.5% may buy soon
Red Pine Expl RPX.v WATCH C$0.08 4-May-24 C$0.08 0.0% Special situation, poss trade
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.09 5.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.48 6-Dec-20 C$0.12 -75.0% 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
9

Now for notes on just a few of our covered companies this week:
Western Copper & Gold (WRN.to) (WRN): ADDED. I got some at $1.57 and $1.56, so the
cost average hasn’t changed. Even though the price rose after the buy, I cannot help but think
this should have been a better trade for my money, because…
Amerigo Resources (ARG.to): …to confirm my unbeaten record of being able to snatch
defeat from the jaws of victory, the “Will Wait Before Buying” decision as advertised last week
and the decision to opt for WRN instead came baclk to haunt me within hours. ARG first
announced its inaugural special dividend (they’ve gone with performance dividend) of 4c
Canadian, this aside from the regular 3c/quarter delivery. ARG followed that up with its Q2
production NR (8) that we discuss in more detail above, but suffice to say that the market liked
what it saw from both items and bid the stock up all week. Rightly so, as even without the extra
4c divi it looked cheap and the Q2 produciton number, though slightly light, is no big
roadbump. A few more thoughts on this subject in Market Watching, below.
SilverCrest Metals (SILV) (SIL.to): Going well. Expect more upside this coming week.
Details above.
Contango ORE (CTGO): A mini-update on this position, three items on the agenda:
1) The first pour ceremony went according to plan CTGO: Shares out (m)
and CTGO gave us a two minute video for the
occasion (5), which includes quick potted
summary of the project (now mine) to date. All
very slick
2) With the successful closing of the Highgold
purchase last week, we have an accurate share
count for CTGO going forward. Though still
unofficial, we know shares out stood at 9.63m as
at end Q2 and we now know CTGO emitted
1,698,887 shares to HIGH shareholders. That puts
us at 11.349m shares out and at this Friday’s closing price of U$21.75, that means Contango
ORE now runs a market cap of U$246.84m and with the debt now on board, an Enterprise
Value (EV) of around U$350m, or double the number compared to when I bought, nearly a year
ago. That’s a big jump compared to the 16% improvement in the share price in the same lapse
(and I bought quite well at sub-U$19 after waiting for a price drop out of the 20s at the time.
mp
3) The share price rallied nicely last week, which is good:
The improvement from the post-financing announcement lows was already pleasant, but it
accelerated as from Thursday afternoon when the price crossed back over the U$20 line and
never looked back. So yes, I’m going to return to making wistful sighs and wondering what
10
18.6 57.6 77.6 87.6 01.7 13.7 13.7
04.9 54.9 26.9 36.9
53.11 53.11
14
12
10
8
6
4
2
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
source: company filings, IKN ests

price we’’d be this weekend without that nasty surprise financing, but it is an easier pill to
swallow at U$21 than at U$17.
Overall and taking all angles into consideration, including the hedge on its production that will
limit the blue sky on revenues until 2027, the pricing of the newly emitted warrants U$26 looks
a reasonable target for my trade so don’t be surprised if I take profits and find another place to
deploy capital if we approach that level.
Menē Inc (MENE.v): Aside from the small (and rather silly) bump the day after its publication,
since making MENE.v the feature of IKN787 dated June 16th the stock has bumped along in the
teens and most recently at what looks to be the bottom, 12c
or so, as the seller determined to dump seems willing to
accept that offer for shares and buyers have (finally) stepped
up, your author included.
Those buyers also include company founder and head
honcho Roy Sebag, who was again active last week. Here’s
the NR dated July 11th:
Roy Sebag, a director of Menē Inc. (the “Company”), would like to
announce an update to his beneficial ownership of the Company
pursuant to National Instrument 62-103 – The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues (“NI 62-103”). As a
result of recent acquisitions (the “Acquisitions”) made by Mr. Sebag through the facilities of the TSX Venture
Exchange, the most recent of which being the acquisition of 293,500 class B subordinate voting shares
(“Subordinate Shares”) of the Company on July 9, 2024, for aggregate consideration of CAD$35,220, at an
average cost of CAD$0.12 per Subordinate Share (the “Purchased Shares”), Mr. Sebag will file an early warning
report in accordance with the requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids.
Following the completion of the Acquisitions, Mr. Sebag now owns 7,894,897 Subordinate Shares, representing
approximately 39% of the issued and outstanding Subordinate Shares on a partially diluted basis. The
Acquisitions, in conjunction with certain Company events, represents a change of over 2% in Mr. Sebag’s
holdings in the Company since the filing of Mr. Sebag’s last early warning report on November 5, 2018, where
Mr. Sebag held 5,487,001 Subordinate Shares representing 43.35% of the Subordinate Shares on a partially
diluted basis.
That gives a more accurate number than the one I used for his Class B holding in IKN787,
though please remember that what really matters are his Class A voting shares as with that
position, he has tight control over executive decisions and company direction.
For the record, I was pleased to see Sebag’s purchases last week as anecdotally, I exchanged
with Chair Sebag after publishing IKN787 and along with getting his views on the write-up (he
was in general agreement, including the criticisms), he mentioned that he’d like the opportunity
to buy more at 15c or below but suspected the window had closed. As things turned out, the
seller continued dumping and we’re back again so I kept quiet, didn’t publish anything here,
didn’t ping Chair Sebag with any crass “Hey…gonna buy?” query, instead sat back and waited.
It was good to see him literally put his money where his mouth was at this time and level, even
though the addition to his overall holding is minor.
Orecap Inv (OCI.v): Our updated valuation table:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.69 8.06 3.3
AE.v warrant 0.10 0.39 0.04 0.0
ARIC.v 8.33 0.61 5.08 2.1
ARIC.v warrant 4.17 0.41 1.71 0.7
QCCU.v 5.06 0.135 0.68 0.3
MIS.cse 24.71 0.03 0.74 0.3
Curprum privco 29.50 0.12 3.54 1.4
subtotal 19.86 8.0
Est.cash 1.50 0.6
Total 21.36 8.6
At 247.714 S/O
11

OCI traded at 6c and 6.5c all week, with a 200k share purchase on Friday afternoon tipping the
balance to the upside of that tight range this weekend. The approximate 2.1c/share arb to
component value of its liquid assets is roughly C$5m in market cap value. This continues to
offer good value compared to components, it remains to be seen if I’m bering too cowardly
about the upcoming drill results from American Eagle (AE.v) and Awalé Resources (ARIC.v).
Bear Creek Mining (BCM.v): Even though BCM dropped by 9.2% on the week and the NR
we got from the company caused negative
sentiment, I think there’s good reason to be
optimistic about it in the second half of 2024 to the
point where I may double down on this speculative
trade. Certainly thinking hard about it.
Three things:
1) The news last week announced a new VpEx, one
Don McIver, who used to work at Minera IRL
among other places and has plenty of knowledge
about the region’s geology. His appointment brief
covers Mercedes in Mexico, but be in no doubt that
he’s been hired because of Corani and that
indicates BCM is going to get serious about the silver asset.
2) The other part of the news last week is the one that caused the negative optics, as BCM also
announced in the same NE that (6) “Funds in the amount of US$1,125,000 (the “Draw”) have
been drawn down by the Company pursuant to the amended and restated secured promissory
note dated January 22, 2024 (the “Sandstorm Promissory Note”), issued by the Company to an
affiliate of Sandstorm Gold Ltd. (“Sandstorm”).” And “As of the date of this news release, an
aggregate of US$1,875,000 has been drawn down under the Additional Credit for a total
principal amount of US$20,892,612.35 outstanding under the Sandstorm Promissory Note.”
BCM can draw another $750k in July and August and will undoubtedly do so, but the news also
signaled to the market that Mercedes was still running unprofitably. That’s certainly possible
and we’ll find out when BCM files its quarter, but the deal with SANd was to borrow an agreed
amount and there’s no reason why BCM shouldn’t draw it all before the time limit is up. Overall,
I considered this NR neutral in sentiment and didn’t see the bad things the market did.
However, there was another event that went on behind the scenes as on Thursday, BCM hosted
a cocktail soiree and corporate networking event in Lima (7) (8), held at a local swanky hotel in
association with the Canada-Peru Chamber of Commerce. The presentation was headed up by CEO
Eric Caba, (and new VPEx Don McIver was at the gig too). CEO Caba made the main presentation and told
locals (in his good Spanish) the latest on Corani
 The company was working on a new economic study, that should be out later this
year
 The estimated capex for the new project plan had risen and instead of the current
43-101 assumption of U$580m capex, they believe it to be around U$700m. CEO
Caba said (translated), “In 2019 it (the capex estimate) was U$580m before
inflation, Our current estimate is more or less around U$700m. The good news is
that the price of silver has risen a lot more than this maergin and has improve the
value of the project by 160%.”
 However, project economics had improved significantly and CEO Caba estimated the
NPV had risen by 160%.
 The company was currently talking to financiers with a view to moving forward and
starting construction at the end of this year (though we’ve heard that same story
from BCM every year for many years).
 It’s currently going through a permit renewal process, which is going very smoothly
and BCM expects no issues or delays from the current government offices.
12

 As for community relations, CEO Caba was quick to underscore the close and fruitful
relationship with the people of the town of Corani and those in the directa rea of
influence of the Project. Here’s another translated quote: “I am proud of the
relationship we have with them (at Corani). Corani is one of the largest silver
projects in the world, with 229m oz silver in reserves, 2.7Bn lbs of lead and 1.7Bn
lbs zinc. We will run 27,000 tonnes of mineral per day and produce nearly 50m oz of
silver in the first three years of production.”
Agreed that seeing BCM draw down money it’s allowed to draw down means more cash debt on
its books, but at this stage it’s all about getting Mercedes up to speed, we know that has always
meant investment in 2024 so using the available line of credit is logical enough. With the
sustaining capex work done on the open pit mine, Mercedes can start performing the way it
should. Meanwhile, adding VPEx NMcIver and then pitching Corani to the local audience in Lima
makes it clear that BCM is about to get busier on what was always its flagship asset before
previous CEO Tony Hawkshaw (RIP) did that poor deal with EQX. We know Corani will have no
problem in getting its permits renewed, so all it now needs is a measure of interest from the
market, either a financing deal or perhaps a new strategic partner, to get people looking again
at the project. It’s never been my favouraite, but at current silver prices it works and obviously
so. BCM is worth a lot more than this share price if just a coupkle of pieces fall into place at
Corani, meanwhile we look to the upcoming Q2 report to see if Mercedes is still fracturing cash.
If not, this looks very cheap this weekend.
Newcore Gold (NCAU.v): Volume was bitty but NCAU had a positive week, regained the 3-
handle and seemed to benefit from the news Wednesday afternoon (9) that fellow Côte d’Ivoire
gold exploreco junior Montage (MAU.v) had been awarded its key mining permit. With Sahel
political risk now making headlines and apparently splitting, choosing your location in West
Africa is more important tan ever and with last week’s news, Côte d’Ivoire located juniors
should benefit.
Provenance Gold (PAU.cse): Up a penny on the week, stock trading was very quiet until
Friday when a buyer stepped up and made the difference on the week. We also had some
second level news on the week, when PAU announced (10) it had completed payments to
secure its second string asset, the White Rock Gold in Nevada USA, from Gold Royalty Corp
(GROY), the same people that sold them Eldorado.
The Copper Basket
After twenty-eight weeks of 2024, The Copper Basket shows a gain of 10.33% 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 1645.92 8.81 23.0%
2 Solaris Res SLS.to 4.13 161.833 629.53 3.89 -5.8%
3 Marimaca Cop MARI.to 3.43 93.11 353.82 3.80 10.8%
4 Los Andes LA.v 11.80 29.53 281.42 9.53 -19.2%
5 Aldebaran Res. ALDE.v 0.89 169.819 168.12 0.99 11.2%
6 Hercules Metals BIG.v 1.38 231 157.08 0.68 -50.7%
7 Faraday Copper FDY.to 0.63 204.72 155.59 0.76 20.6%
8 Arizona Sonoran ASCU.to 1.75 109.17 147.38 1.35 -22.9%
9 Oroco Res OCO.v 0.375 236.911 85.29 0.36 -4.0%
10 American Eagle AE.v 0.26 116.75 80.56 0.69 165.4%
11 Element 29 Res ECU.v 0.18 106.25 35.06 0.33 83.3%
12 Kodiak Copper KDK.v 0.58 63.93 33.24 0.52 -10.3%
13 QC Copper QCCU.v 0.12 173.7 23.45 0.135 12.5%
14 C3 Metals CCCM.v 0.61 61.885 15.47 0.25 -59.0%
15 Camino Min COR.v 0.07 206.66 12.40 0.06 -14.3%
NB: All stocks in CAD$ Portfolio avg 10.33%
13

A second modestly positive week for the Copper Basket, up 1.72% thanks to the moves in the
seven winners (NGEX.to, ASCU.to, ALDE.v, KDK.v,
AE.v, QCCU.v, ECU.v) beating out the five losers
The Copper Basket 2024, weekly evolution
25%
(SLS.to, LA.v, BIG.v, FDY.to, OCO.v), with three
20%
unchanged stocks (MARI.to, CCCM.v, COR.v)
15%
making up the numbers. Most moves in either
10%
direction were modest and the only double figure
percentage move from Kodiak (KDK.v up 15.6%), 5%
but NGEx (NGEX.to up 8.5%) and Element 29 0%
(ECU.v up 8.2%) did okay as well. -5%
-10%
The positive result for the stocks came while
copper backed off slightly from its run the week
before last, spot dropping from U$4.65 to
U$.50/lb before buyers showed on Friday to
move it up a nickel. This week’s copper price
chart is one we don’t often use, the classic
12 month view that shows the 2024 run
compared to the relatively quiet times it had
in 2023. I’ve added a red rectangle to the
recent end of the squiggly line, as there
seems to be a clear zone of consolidation
now forming. As noted in recent editions, I
wouldn’t be particularly comfortable to see
copper return to U$4.40/lb but it would be
reason to panic out of positions, either.
As for our carefully curated copper comment of the week, this Reuters report dated July 11th
(11) underscored all the points this desk has been making recently about the state of play:
 Slack near-term demand? Check
 China exporting unrequired copper? Check
 Price support on the long end of the curve? Check
 Inventory numbers? Check
 The fight over pricing between the financial world and end users? Check
Presented more as a “Look people, I’m not the only one thinking this way” than any enw news,
here’s a segment:
Subdued copper demand in top consumer China and the delivery of surplus metal to the London Metal
Exchange (LME) approved warehouses has propelled the price discount for nearby contracts against the
benchmark contract to record highs.
The contango or discount for the LME cash contract over the benchmark or three-month forward jumped above
$160 a metric ton this week compared with levels around $70 only two months ago.
Copper inventories in LME warehouses at 206,775 tons have doubled since the middle of May to their highest
since October 2021. Most of the deliveries were to warehouses in South Korea and Taiwan, the nearest delivery
locations for exports from China, usually a net importer.
Reuters reported in May that Chinese copper producers were planning to export up to 100,000 tons of metal.
“Stock deliveries to LME continue” said Marex metals strategist Alastair Munro.
“This ties in with reports that China’s production in June rose 9.5% y/y to 1.005 million tons and previous reports
that amid a dearth of genuine Chinese physical demand, smelters there were going to deliver (to LME
warehouses).”
We remind readers of the underlying dynamic: China, as the biggest user of copper in the world
and massive importer of the only industrial metal it doesn’t have in large deposits of its own,
would like to pay as little as possible for its copper. So take those “Oh my! China’s just
exportded 100kmt copper!” headlines for what they are, a method to try and dampen the price.
China uses upward of 13 million tonnes of the stuiff every year, it can afford to play cards with
a tiny slice of that number. Also, China is the main game but it’s not the only one in town and
that Reuters report didn’t cover the asymmetric demand for physical copper in Asia and The
14
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41
source: IKN calcs

Americas, where suppliers are having problems in delivering the metal required. And on that
note, we move to our weekly look at world copper inventories, data from Cochilco:
 The build-up of copper inventory in three official world’s copper inventory systems
continues, as does the geographical split of where and how much. Friday’s grand total
of the three brings us to 530,857 metric tonnes (mt), some 9,473mt more than this
time last week.
 The SHFE went back to slow decline again, shaving a thin 5,534mt from the total
copper under roof and giving a Friday close total of 316,108mt. The anomalous year
2024 continues, as seen in the chart below.
 We’ve tracked the way in which LME copper inventories in Asia have grown and geown
since the rumour of a 100kmt export by China started at the end of May and the last
four weeks have confirmed that story in no uncertain terms. This week’s net add of
14,600mt to stocks brings the four week total to +71kmt and once again, all the action
was in Asia with over 10kmt entering Taiwan warehouses and another 4kmt into South
Korea.
 It may have been small, but we finally got a net add at the Comex over a week, with
407mt added to stocks to bring its total to 8,524mt and off the 15 year record set last
weekend. Add this to the grand total of just 1,050mt stored in LME USA presently (New
Orleans and Mobile) and the conclusion is, there’s no available copper in North America.
The dedicated SHFE chart shows the high levels continue to spread out over the year, week by
week. Very strange in comparison, but we’re kind of getting used to seeing this in 2024.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
15
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2024
2023
2022
2021
2020
2019
source: Cochilco data
Now for notes on some of our basket stocks:
NGEx Resources (NGEX.to): With the rumours about BHP teaming up with Lundin Mining
(LUM.to) to go for Lundin Group’s Filo (FIL.to) late-ish on Friday, NGEX got its neighbour play
reaction to the news and after another quiet week for the stock that seemed to be ending with
another small percentage loss on low volume…

…NGEX woke up, rose by 9.99% on Friday and 8.5% on the week, with the volume
acceleration you’d require. While it’s understandable that NGEX would get some love as a
neighbour play to the (apparently) in-play FIL and that momentum may continue into the week
ahead, don’t expect it to last. These are not the same company, their business plans and
timelines are different and while NGEX does have the Lunahuasi deposit as its exciting new
target, its core valuation is all about Chile. For one thing that’s not Argentina and not the
reason FIL has suddenly picked up a bid, for another it’s not BHP because Japan will bring the
catalyst one fine day.
Kodiak Copper (KDK.v): Up 15.6% on no news, the
12 month chart shows the clear acceleration of
vokume and trading in KDK recently, the pattern of a
stock tnhat has bottomed out. We have seen sub-45c
prices on a couple of occasions this year, but this time
it rebounded from 45c and that may be a floor for a
fliptrade if it returns to that level. An established group
behind it will make sure it gets radar, what’s missing is
a drill assay result with grades that impress the
market more than recent low grade returns.
Solaris Resources (SLS.to): The good news for longs is that SLS main man Richard Wake
has been buying stock again (12):
That’s 25,000 shares in 5k chunks over these first trading days of July and while not that much
of a change to Warke’s total exposure to this stock (or his personal net worth) it still shows
willing to lead and shows his commitment to the outside world. The bad news: He’s been
buying SLS stock all the way down from its highs and on a regular basis over the last couple of
years. Ain’t no arguing with a True Believer.
Element 29 (ECU.v): Look Ma, no hands!
The wafer thin volume rally continues and I cannot
help but think that it’ll end with a bump. Unless of
course ECU has some cunning plan up its sleeve to
launch higher on real news once it’s positioned the
stock. With Peru apparently making exploration
permitting easier as from next month (see IKN790
Regional Politics, last weekend) we await news of
drills turning at the Flor de Cobre Acevedo target.
Though I suppose any real breakthrough at Tia
Maria would reflect well on the project, too.
American Eagle (AE.v): This link (13) is well worth your time, a report on the recent group
site visit to NAK by Nate Smith, one of AE’v most fervent shareholders who has done a lot to
16

get word of the company out on social media and one of the tour group, on his second visit to
the property (if memory serves). It’s a high quality report with plenty of detail on the current
drill campaign and what we should expect from upcoming results.
The Producer Basket
After 28 weeks of 2024, the Producer Basket shows a gain of 31.03% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 54.76 47.51 14.8%
2 Agnico Eagle AEM 54.85 497.971 37.41 75.12 37.0%
3 Barrick GOLD 18.09 1756 32.52 18.52 2.4%
4 Franco-Nevada FNV 110.81 192.119 24.80 129.11 16.5%
5 Pan American PAAS 16.33 364.439 8.64 23.72 45.3%
6 Lundin Gold LUGDF 12.64 238.22 4.10 17.23 36.3%
7 Hecla Mining HL 4.81 617.768 3.72 6.02 25.2%
8 Eldorado Gold EGO 12.97 202.472 3.35 16.55 27.6%
9 Dundee PM DPMLF 6.43 183.278 1.63 8.89 38.3%
10 Wesdome Gold WDOFF 5.83 148.95 1.45 9.74 67.1%
All prices and stock quotes in U$ Port. avg 31.03%
A nice week for the Producr Basket, which rallied by a big 10.2% and put serious distance
between it and the GDX benchmark, which rose 5.2% on the week. We’re suddenly 7.94%
ahead of our competition and that’s mostly thanks to including the combo of 1) midcaps that
returned good Q2 production numbers and 2) silver exposure. All ten of our basket stocks wer
winners, with the smallest gain in Franco-Nevada (FNV up 4.3%), so that’s a good baseline
from which to work. Meanwhile at the top, the moves in Hecla (HL up 15.3%), Lundin Gold
(LUG.to up 12.6%) and Pan American (PAAS up 10.3%) were excellent, getting three double
figure movers in this market cap size in one basket in one week is rare.
The 2024 Producer Basket: Weekly performance and
40% comparative to GDX control
30%
20%
10%
0%
-10%
-20%
Lundin Gold (LUG.to) (LUGDF): it got longer than the other sections and as there are
already several stocks covered this week, I relocated the note on LUG to Market Watching,
below. Good quarter, mind you.
Wesdome Gold (WDOFF) (WDO.to): We’re going to take a close look at WDO and consider
whether there’s a trade here when we get
the 2q24 financials, because the key to this
stock is now its forward guidance at Kiena
after what we saw from its 2q24 production NR last week (14). Today we cover the
basics only and they are that tonnage
throughput was as expected…
17
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41
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%
-6.0%
-7.0%
-8.0%
source: IKN calcs -9.0%
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41
source: IKN calcs, NYSE data
WDO: Tonnes milled, per qtr
07403
30065
00083
95165
26112
71235
87462
46995
21161
74225
91415
60385
42324
33184
42815
27646
15374
35155
94694
96645
44354
23615
96675
25525
120000
110000
100000 90000 80000
70000
60000
50000
40000 30000
20000
10000
0
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
mt Kiena
Mishi
Eagle River
source: company filings

…and the difference was the grade at Kiena, which was expected to go up as the company
accessed the high grade at depth and began to process it but the average at 13.5 g/t Au was
better than even we expected, especially considering the tonnage numbers came in well.
WDO: Average gold grade, per qtr
20
18
16
15.5
14 13.4 13.7 14 13.5 14.1
12 11.4 11.9 11.8
10
11.6 10.7
8 9.6
6
4
2
0
18
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
g/t Au Eagle River
Mishi
Kiena
source: company filings
That shows good UG logistics in place and that WDO can mine the new faces at the same rate
as before. The result is an impressive jump in gold production and while Eagle UG was slightly
low at just under 20k oz Au, Kiena more than made up for things with 24,736 oz Au, a good job
of work done there.
WDO: Gold prod/qtr
69312
63892
12632 76242 43391 65771 50471 20552 95102 54822 19302 99842 27291
9614 8423
5511 8147
51128914 7877 7369
5208
92961
44121
47042
36742
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Ozt Au
Kiena
Mishi
Eagle River
source: WDO filings
Sales were slightly lower than production at a round 40,000 oz Au:
WDO: Gold production vs sales, per qtr
56522 75422 57303 00582 44392 00003 95514 44573 11652 00082 04272 00062 38822 00572 61153 00513 86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004
50000
45000
40000
35000
30000
25000 20000 15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Ozt Au
Production
Sales
source: company filings
We weren’t given an average received sales price this time (WDO sometimes does that in its
production NR) so we’ll have to wait until August 14th and the financials for that, but we do
know it has paid down the final $29m left on iits credit facility as expected and that means it’s
going to be back into positive working cap territory when reporting. All eyes on the guidance for
3q24 and beyond from here and on that week, we’ll run a close look at what’s shaping up as an
obvious M&A candidate.
Hecla (HL): Another to report Q2 production last week, HL delivered its numbers post-close
Wednesday and here are our updated tracking charts for silver and gold production:

HL: Silver production, per qtr
Production at Keno Hill was just over 900koz, an improvement on anything to date and closer to
what it was supposed to do when HL bought the asset. We remind readers that HL's 2023
production guidance for Keno Hill began at 2.5m to 3.0m oz silver, was cut mid-year to 1.6m-
2.8m oz Ag and turned into a real result of 1.318m oz. With that in mind, HL aimed slightly
lower this year and taking into account its ramp-up, guided for between 2.7m oz and 3.0m oz
Ag in 2024. So far this year that's 1.514m oz Ag and they’re on track for the year, but we're still
a long way from the potential of the asset, which should baseline at 4.2m oz Ag per year
excluding by-product metals (if the original Alexco mine plans were anything to go by).
So overall and slightly-less-bad quarter from HL, the overall production number a slight
improvement and some cheer from KHSD, but the market was pleased with what it saw:
This is all about the “leverage to silver” (ugh) HL brings to the table and the way top line
revenues will increase in the new metals environment, essentially the reason we added it to the
list this year. However, we shouldn’t expect a stunning operational profits number from the
stock when it reports this quarter and if you want this rally to continue, look to the silver price
more than the operations. Still, GHL is living proof that even bad companies can be good
trades, just two weekends ago in IKN789 this was a U$4.85 stock and since then, the silver
rally has seen it add 25.6%.
Eldorado Gold (EGO) (ELD.to): Three things on EGO:
1) It’s been four months (and a bit) since the strategic overview on this stock in IKN773 dated
March 10th 2024 was the edition in which I laid out my bullish view for Eldorado Gold (EGO)
(ELD.to) compared to others in the madcap gold producer sector in the main Fundies section
note that weekend, “Eldorado Gold (EGO): A strategic overview for a 2024 mid-cap trade.” Four
months (and five days) have passed on the calendar since then, so let’s check out the
comparative chart of EGO since that weekend. We pit the stock against the two lines that
matter most, the GDX sector benchmark and gold (GLD proxy):
19
954.3 525.3 676.2 722.3 523.3 546.3 945.3 466.3 140.4
481.0
946.3
17.0
428.2
806.0
823.2
646.0
645.3
9.0
855.3
5
4.5
4
3.5
3
2.5 2 1.5
1
0.5
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Moz Ag HL: Gold production, per qtr
KHSD
silver ex KHSD
source: company filings
40025
93195
70224 77974 24614 91754 74744 99634 71793 15253 96293 86173 29563 42373
60000
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Oz Au
source: company filings

I’d class that as “good not great”, as seeing EGO ahead of the median is obviously positive, but
all that difference happened in the first three or four weeks after IKN773 and recently, EGO has
slightly underperformed the field if anything.
2) We got a date for its 2q24 financials (15), as well as news that EGO will benefit from another
tax break on its Turkish operations, this time between $3m and $5m. EGO won’t provide a
production NR, instead we get production and financials on the same day, July 25th post-close,
so eleven days to wait.
3) Last week I opined on the news that EGO had extended its credit line and wondered out loud
that it was unlikely to be a move to increase the war chest for an acquisition. Reader TL
contacted me with a very short mail, “What about AMX?” and he’s right, that is a possible use
of funds. Back in January EGO paid $26m to take a 9.9% strategic position in Amex Exploration
(AMX.v), mainly for its Perron gold project in the Quebec Abitibi region (just across the line
from Ontario). This is a happy hunting ground for EGO, what with its Lamaque mine being
located a few clicks to the South and also having plenty of expertise in the region. That waa a
charity flow through placement and not representative of the current price, but if EGO decides
it wants Perron for itself it would need around U$200m to buy the shares it doesn’t already own
and that, plus the previous treasury position, is what the newly expanded revolver would allow
it do to. So maybe I was a little hasty in dismissing EGO as an M&A aggressor in the current
market and if so, that might account for its median-at-bets recent performance instead of the
out-performance expected.
Bottom line: I still like EGO a lot, feel it corporate progress still doesn’t fully reflect in its share
price and it was certainly unfair hit by the SSRM issues in Turkey. Here’s for a EGO that out-
performs in the second half of 2024, i.e. as from now.
The TinyCaps List
After 28 weeks of 2024, the TinyCaps show a gain of 60.96% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 248.82 29.86 0.12 84.6%
Awalé Res ARIC.v 0.135 85.319 52.04 0.61 351.9%
District Metals DMX.v 0.170 106.98 36.91 0.345 102.9%
Endurance Gold EDG.v 0.18 150.136 22.52 0.15 -19.4%
Kirkland LDC KLDC.v 0.100 88.625 5.32 0.06 -40.0%
Latin Metals LMS.v 0.075 71.476 6.08 0.085 46.7%
Palamina Corp PA.v 0.130 71.285 10.69 0.15 15.4%
South Star STS.v 0.750 48.8 28.79 0.59 -21.3%
Surge Copper SURG.v 0.090 284.79 45.57 0.16 77.8%
Viva Gold VAU.v 0.120 118.384 20.13 0.17 41.7%
Prices in CAD$, data from TSXV basket avg 60.96%
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.
20

 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 TinyCaps also added on the week, with six winners (ARIC.v, DMX.v, EDG.v, KLDC.v,
SURG.v, VAU.v) beating out three losers (BAY.v,
TinyCaps, 2024 weekly tracker
LMS.v, STS.v), with one unchanged stock (PA.v) 100%
90%
making up the numbers. The biggest mover was the 80%
loss taken by Latin Metals (LMS.v down 22.7%), 70%
60%
which took the edge off the basket performance. 50%
40%
30%
Awalé Resources (ARIC.v): Last week we said: 20%
“…this trade depends on results from the current drill 10%
0%
program…” and this week we say (roll on the
drum)…This trade depends on results from the
current drill program.
The difference between last week and this week is the 8.9% improvement with better
sentiment for the stock, probably fuelled by the interest via this media appearance of CEO
Andrew Chubb (17) in which he talked up Odienné and what they’ve been seeing as the core
has come from the site (before being sent for lab assay). When a CEO says “the core look
fantastic” it’s either hype or reality and in this case, I get the strong feeling he isn’t BSsing us.
Viva Gold (VAU.v): The stock was up 13.3% on the week despite the news on its placement
that was…well, let’s look on the bright side and call it “less dilutive than we expected”. This is
what VAU was aiming for when announcing its fundraise on June 10th (18), your author adding
a little bold type for clarity:
Langley, British Columbia - June 10, 2024: Viva Gold Corp. ("Viva Gold" or the “Company”)
(TSX Venture Exchange: VAU) is pleased to announce its intention to complete a non-
brokered private placement (the "Offering") of up to maximum of 26,666,667 units (the
"Units") at a price of CDN$0.15 per Unit for maximum gross proceeds of up to
CDN$4,000,000. The Offering is not subject to a minimum amount. Each Unit will consist of
one common share in the capital of the Company (a “Share”) and one half of one non-
transferable common share purchase warrant (a “Warrant”). Each whole Warrant will be
exercisable to acquire one Share at an exercise price of CDN$0.22 per Share for a period of
36 months from the date of issuance.
And this is what it announced on July 9th (19)
Langley, British Columbia – July 9, 2024: Viva Gold Corp. ("Viva Gold" or the “Company”)
(TSX Venture Exchange: VAU) is pleased to announce that it has completed the previously
announced non-brokered private placement (the "Offering") described in its news release of
June 10, 2024. In connection with the closing of the Offering, the Company issued an
aggregate of 4,451,667 units (the "Units") at a price of CDN$0.15 per Unit for gross
proceeds of CDN$667,750. Each Unit consists of one common share in the capital of the
Company (a “Share”) and one-half of one non-transferable common share purchase warrant
(each whole common share purchase warrant, a “Warrant”). Each whole Warrant is
exercisable to acquire one Share at an exercise price of CDN$0.22 per Share until July 15,
2027, which is 36 months from the date of issuance.
That’s not great. As the original plan on June 10th waqs to spend “$1.8 million on drilling, $1.6
Million on technical and environmental study work and $0.6 million for general working capital
purposes”, it’s up for debate on how VAU will deploy this greatly reduced number and whether
they’ll even drill this year. There are salary cheques to cut, after all
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.
21
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41
source: IKN calcs, TSX data

Regional politics
Argentina: A provincial pact and a big mining deal
Last weekend’s commentary on the most interesting jurisdiction for mining in South America at
present, entitled “Argentina: The recession deepens”, was negative to the point where I found
myself disagreeing with its tone (i.e. myself) in the bullet point close of the edition. We’re going
to try to be more upbeat about the future of the country this weekend, particularly pertaining to
its mining industry, starting with a comment or three about the show put on last Monday
evening/Tuesday morning in Tucuman that was big enough news to get English language
media coverage. Here’s Reuters (20):
BUENOS AIRES, July 9 (Reuters) - Argentine President Javier Milei signed a long-
delayed pact with provincial governors early on Tuesday, in a push to broaden support
for economic reforms and strengthen his nearly seven-month-old minority government.
This is the so-called “Pacto de Mayo” (May Pact), an agreement hammered out with the
majority of Argentina’s provinces and its governors at the start of the year. The ten-point
agreement was ready in May, but Milei said they’d delay the signing ceremony and enactment
until the so-called “Ley de Bases” (omnibus law package) had passed the national Congress.
That happened ten days ago, it landed on his desk on Sunday, he signed it into law (including
the RIGI foreign investment laws that the mining industry likes, see editions passim) and less
than 24 hours later, they put on the show for the cameras by assembling in the city of
Tucuman in Argentina’s Northwest (also a historic location for lawmaking in the country’s
past…another paragraph for another day) late Monday evening with the signatures hitting the
paper just after midnight. As for the ten items included in the Pacto de Mayo and for the
record, here’s your translated list:
1) The inviolability of private property.
2) A non-negotiable fiscal balance (i.e. balanced budget)
3) The reduction of public spending to around 25% of GDP.
4) Quality, modern pre-school, primary and secondary education, with full literacy and no
school drop-out rates.
5) Tax reforms to reduce the tax burden, simplify the lives of Argentinians and promote
trade.
6) The renegotiation of the Federal co-participation taxes to end the current extortionary
model suffered by provinces.
7) A commitment from provinces to increase production of natural resources.
8) A modern labour reform that encourages formal employment.
9) A pension reform to provide systemic sustainability and to honour contributors to date.
10) Opening Argentina to international trade and turn it into a global market leader.
As you can probably sense, some of those items are more about internal politics and others
have (deliberately?) vague ambitions, leaving ideological wriggle room for future debates and
decisions. However, there are also items that affect the fortunes of the mining industry directly,
such as item 7) on growth in natural resource production and item 10) on opening the country
to international trade. Here’s a relevant sound bite from one of Milei’s team at signing
ceremony, from the same Reuters report cited above:
Among the 10 items covered by the pact, Milei's government highlighted a non-
negotiable balanced budget, sharp cuts in public spending, as well as tax and labor
reforms.
"This pact shows that governors from different political parties can join forces so that
the national government can manage this commitment," Martin Llaryora, governor of
the central province of Cordoba, told reporters late on Monday.
And that’s fair enough. With no provincial governors in his party, Milei has to play nice with
other parties and work for consensus with provinces, so getting 17 of the 23 (or 18 of the 24 if
you include the governor or the city of Buenos Aires, not exactly the same role) was a
reasonable achievement. Here’s the list of the 17 Provincial Governors who signed the Pact,
offered in alphabetical order of the provinces:
22

Raúl Jalil (Catamarca)
Leandro Zdero (Chaco)
Ignacio Torres (Chubut)
Martín Llaryora (Córdoba)
Gustavo Valdés (Corrientes)
Rogelio Frigerio (Entre Ríos)
Carlos Sadir, (Jujuy)
Alfredo Cornejo (Mendoza)
Hugo Passalacqua (Misiones)
Rolando Figueroa (Neuquén)
Alberto Weretilneck (Río Negro)
Gustavo Sáenz (Salta)
Marcelo Orrego (San Juan)
Claudio Poggi (San Luis)
Maximiliano Píllaro (Santa Fe)
Gerardo Zamora (Santiago del Estero)
Osvaldo Jaldo (Tucumán)
Along with those Province Governors, other signees included the Head of Buenos Aires City
govenment Jorge Macri (Mauricio’s brother), then the president of the Senate (Congress upper
house) Martín Menem (Carlos’s son) and the General Secretary of the President, though that
last one is hardly a surprise as its Milei’s sister, Karina (often referred to these days as the
power behind the throne). As for the provincial governors who decided not to attend or sign the
agreement:
Axel Kicillof (Buenos Aires)
Ricardo Quintela (La Rioja)
Gildo Insfrán (Formosa)
Gustavo Melella (Tierra del Fuego)
Sergio Zillioto (La Pampa)
Arguably, there are two that matter to the outside audience. First and foremost, Axel Kicillof of
Argentina’s most important province, Buenos Aires (not to be confused with Jorge Macri of the
far smaller BsAs City zone). A staunch “Kirchnerista” and these days the de facto leader of the
opposition, Kicillof is the most likely to become the next President if Milei’s plans for the country
don’t work out. As top politico in Argentina’s economic powerhouse province, he has a strong
base form which to work and no need to deal with somebody on the other side of the political
spectrum. The other that matters to us is Ricardo Quintela of La Rioja, as he’s the only
governor of a geologically fecund province for hard rock mining who is in the opposite camp to
Milei. As a sidebar, I’ve been sniffing around Sendero Resources (SEND.v) for a few weeks and
as that company’s main project is located in La Rioja, seeing the pact go forward without the
province is something of a yellow flag for that trade. But that’s a minor point, today is about the
bigger picture and last week’s event was good news for the mining industry in Argentina. To
reiterate for clarity, it wasn’t an unqualified success as five desisting provinces means Milei
doesn’t have the kind of blanket support the average outside observer would like, but in
realpolitik terms getting the majority of regions onside in Argentina, including all the places we
most care about for mining FDI, is a very good result for what is and will always be the Basket
Case Country of South America.
Events early week in Argentina were good, but then it got better for mining as news spread
Friday about Lundin Mining (LUN.to), Filo Corp (FIL)(FIL.to) and BHP. Plenty of options on the
link, let’s go with the scoopers, Bloomie (20), here’s how that report started:
Lundin Mining Corp. has approached BHP Group about making a joint bid for copper miner Filo
Corp., people with knowledge of the matter said, in a move that could solve fundraising needs for a
neighboring project it wants to build.
That was enough of a rumour to get FIL shares flying as Friday’s session closed. We should
note the caveats in the Bloomie note a little further down, for example…
23

Lundin has pitched the idea of buying out other shareholders in Filo and then combining the target’s
Filo del Sol copper project — located on the Argentina-Chile border — with Lundin’s neighboring
Josemaria operation, the people said. Bringing the two assets together would make it easier for
Lundin to finance their development while bringing BHP much-needed growth in copper.
Talks are at a preliminary stage and there are no guarantees they will proceed with a bid, the
people said. Representatives for BHP and Lundin declined to comment. Filo didn’t immediately
respond to requests for comment.
…and while my cynical side of me is allowed to remember that the best market-moving rumours
are the ones that are logical and fit expectations, this one comes across as “no smoke without
fire” and there’s not doubt that 1) Lundin wants its new major copper camp up there 2) BHP is
interested (it already owns 6% of FIL) and 3) the timing, just days after the big signing
ceremony and even fewer from Argentina’s Independence Day celebrations (when Presidents
like to make a splash with good news) all fit the narrative. BHP can be a little clumsy when it
comes to politics, but the Lundin family is very adept at South America and will understand that
timing matters (hence the leak, getting the mining world to cheer on Milei? Or even Orrego in
San Juan?). Enough conjecture, as what we can say with certainty is that if BHP makes its
interest to JV on Filo official in the days to come it will be a major fillip to the Argentina mining
sector and give Milei a near-immediate return on his policies and leadership. Those things
would be very good.
Finally, for those of you wanting more insight into Filo (FIL.to) and why BHP is interested,
please check out this note (21) written by “The Koala” (name known to this desk and to many
others) dated February 2024. Entitled “Vicuna: At the End, Promise You’ll Leave Me Breathless”
it’s top quality analysis on the situation up there where the air is thin and my only quibble is the
lack of enye in the word Vicuña. Highly insightful piece.
More Argentina: A extra thought on Rio Negro
In IKN773 dated March 10th we ran “Argentina: Rio Negro heads up”, a brief note on that
province and its geological promise if it started opening up for exploration business. Along the
way we made mention of a project that’s been around for many years, but has always been a
promising one as long as the provincial politics turned around. Here’s how we presented that
project and the company now controlling the concession:
“…for the record the one project that would potentially float my personal boat is
Taquentren, now under the auspices of Fitzroy Minerals FTZ.v. This gold/silver project
has always stood out on a pure rocks basis but politics has blocked its development, so a
few permits and the company plans for potentially drilling in 2025 may not be so far-
fetched. If the drills turn, expect impressive assays.”
Here’s how FTZ has done since then, timescale March 10th to date:
That pattern fits. FTZ drifted lower on no news, but as soon as the logjam shifted and Rio
Negro (governor Alberto Weretilneck) made it clear it was on board, FTZ has been catching
bids. Now 19.5c, it’s one that will remain on my radar as it moves toward a drill progeam at
Taquetren.
24

Peru: Copper is concentrated
The latest metals production figures for Peru dropped last week and while the overall numbers
weren’t out of the ordinary, this report (22) on the data
included a chart that nicely illustrates the concentrated
nature of the country’s production mix. Before we get
there and for the record, the case of Peru’s main export
product, copper, production suffered a slight dip, with
231,509 million metric tonnes (mmt) produced in in May
2024, down 1.4% on the 234,781mmt of May 2023. But
it’s the production mix for copper that’s worth
considering (chart right).
There are 55 copper producer companies registered with
the Ministry of Energy and Mining. Of those:
 Three companies (Cerro Verde, Antamina,
Southern Copper) cover 50% of production
 Seven companies (above + Quellaveco, Las
Bambas, Chinalco, Antapaccay) cover 83% of
production
What’s more, the trend of reliance on just a few megamines is almost certain to continue, as
Quellaveco reaches full speed and Las Bambas gets back toward its production capacity after
the most recent bout of community protests. We can add in Hudbay’s Constancia too, of
course.
Chile: Improved copper production and a new government tax on mining
One good one bad from the world’s biggest copper producing nation and while on the subject
of copper production, we start with the good and the latest figures from Chile (23) showing
copper production for May 2024 up 8.9% compared to the same month of 2023. Here’s our
tracking chart, this time with a second chart below using the same data as the main chart but
focused on the last year to show the differences.
Chile: Monthly production, 2020 to May 2024
540 (NB: cut down Y-axis)
520
500
480
460
440
420
400
380
360
340
320
300
25
0202-naJ 02-raM 02-yaM 02-luJ 02-peS 02-voN 12-naJ 12-raM 12-yaM 12-luJ 12-peS 12-voN 22-naJ 22-raM 22-yaM 22-luJ 22-peS 22-voN 32-naJ 32-raM 32-yaM 32-luJ 32-peS 32-voN 42-naJ 42-raM 42-yaM
mmt Cu
source: INE: Cochilco
Chile: Monthly production, 2023 to May 2024
(NB: cut down Y-axis)
4.334
2.283
8.734 8.414 2.114 6.854 1.534 3.934 7.854 7.164 9.444
5.594
2.634 2.024 8.734 5.804 6.444
500
480
460
440
420
400 380
360
340
320
300
32-enE 32-beF 32-raM 32-rbA 32-yaM 32-nuJ 32-luJ 32-ogA 32-teS 32-tcO 32-voN 32-ciD 42-enE 42-beF 42-raM 42-rbA 42-yaM
mmt Cu
source: INE: Cochilco
Chile has taken plenty of flak for its low copper output in 2024, both internally and on the
international stage, so it’s notable May wasn’t just a YoY improvement but also the best month

of 2024 to date. The improvement mostly came from the BHP majority owned and operated La
Escondida, which is now coming out of a soft patch and put up numbers of 106,100mt in May
alone (+26.5% YoY), but credit to the much maligned Codelco which put in its first YoY
improvement of 2024, up 0.7% to 111,700mt in May.
Now for the bad and, surprise surprise, it’s centred on the government as last week word
started to go round (24) that due to the rise in price of electricity in the country, the Boric
government was planning to raise an extra surcharge on mining companies using the electricity
supply (i.e. basically all of them, but particularly nasty for SX/EW copper producers) and use
the money raised to subsidize private household electricity bills. As soon as Chile’s Chamber of
Mining got wind of the government’s plan the president of the entity, Manuel Viera, had harsh
words (translated):
“Once again, the eyes of the State stare at the mining industry. This time to raise more taxes,
above and beyond the (new) royalty, that will allow them to subsidize the high energy costs faced
by Chilean citizens. Once again they move the goalposts, even worse as we are now starting to
implement all the investment in clean energy and what’s more we’ve always been subjected to
high energy costs (in Chile) that represent around 11% of operational costs in copper mining.”
Also:
We must take into account that alongside onerous costs of production, adding to high taxes and
now this announcement of a surcharge on energy costs. This doesn’t just hurt our business, but it
also stops us from investing in order to charge from fuel oil to electrical energy (for metals
production).”
He’s not happy. Anyway, there has been no official announcement of this energy surcharge on
mining yet, we wait to see what the week ahead brings.
Guatemala: Some CYA in the public sector
Last week shares in Bluestone Resources (BSR.to) had a bit of a relief rally, likely due to the
news (24) out Wednesday that Guatemala’s Interior Ministry (Ministerio Publico) would not run
a formal investigation as to why 939 of the original documents from the BSR Cerro Blanco
Environmental Permit application had gone missing, despite calls from colleagues in the
Environment Ministry to do just that (along with prima facie evidence of wrongdoing at some
level or other in the previous government). To refresh
memories if required, the outgoing Alejandro Giammattei
government awarded the EIA permit to BSR in the last
days of its tenure in January (the award specifically
timed to the day to go un-noticed by the incoming
government until its probationary period was up) and
then in February, the new Arevalo government
discovered a laundry list of issues with the permit award,
one of those being the disappearance of the 939
documents.
The burial of internal anomalies in the previous
government smacks somewhat of a Cover Your Rear-
quarters (CYA) exercise, but we’ll probably never know. However, this doesn’t mean BSR and
Cerro Blanco is out of the woods, far from it in fact. The permit is still suspended and even
though BSR is in the courts battling that decision, everything points to the company having to
re-submit an EIA application that takes into account the fundamental changes in the mine plan
from underground to open pit, instead of the route they took under the old government of
applying for an extension to its old UG permits.
Panama: One more on Cobre Panamá and First Quantum
Another update from a previous note, we did this last week but since then (Tuesday to be
exact) the main Cobre Panamá workforce union spokesperson, one Michael Camancho, made
his appeal (25) to new President José Raúl Mulino to move on the case of the suspended mine
as soon as possible. He invited President Mulino to visit the mine, inspect installations including
the stored copper concentrate, find a nea-term solution that would allow limited work to re-
26

start on site to ship the conc out and conduct essential care & maintenance work, and with a
longer-term view to decide what the State wants to do
with the mine.
It all points toward the scenario we sketched out last
week and the opportunity to ship out the conc would be
a first crack in the door that would allow the mine to go
back into production (though that decision still lays well
into the future). Baby steps and the FM share price
reflected that, rallying a litte and closing at C$19.13
Market Watching
A return to Abrasilver (ABRA.v) versus Bear Creek Mining (BCM.v)
The White Stockings yesterday earned their third defeat
for the season. They were badly self-whipped, and in
this lies their humiliation. Were they fairly defeated after
having played a creditable game there would be no
censure for them; but when they snatch defeat from
the jaws of victory there can be little sympathy for their
deserved misfortune.
Illinois newspaper sports section, 1874 (26)
It’s important that you understand how stupid I am. Just under a month ago in IKN787, dated
June 16th, I ran a brief comment in the Market Watching segment entitled “AbraSilver (ABRA.v)
RIGI and BCM” as a response to a couple of mails received from subscribers. Paraphrasing,
those mails connected the dots between the news that the RIGI foreign investment law project
had passed Argentina’s Senate (its big obstacle) and ABRA at Diablillos, a stock we’ve covered
previously (and I’ve owned), asking whether I’d revisit the company and previous trade in light
of this development. Here’s how I replied to those inquiries:
“…I’ve received a couple of mails from you people asking whether I’d revisit ABRA in light
of the Argentina news.
And the answer is no. Well, to be exact the answer is that yes, I recently revisited ABRA
while doing the re-filtering (dat a word?) that ended with my new appreciation of Bear
Creek Mining (BCM.v) at current levels and at the moment, I prefer others. But thanks for
asking.”
Indeed, I’d recently got interested in the optionality BCM offers in a market of improving gold
and silver prices and while ABRA was sure to benefit at some stage from the new RIGI-driven
panorama in Argentina, in my view it was too far away from any development to be a serious
factor in the near-term.
Here’s the one-month chart of ABRA versus BCM.v:
27

Ugh, another bad decision. This is another example of my recent tendency of getting the macro
backdrop right, but failing to capitalize:
 With Contango ORE, after considering the financial set-up post debt deal including
the hedging to guarantee bank principal return, I thought the company wouldn’t
raise any more cash and said so out loud. My bad.
 With copper, after a bit of a false start around U$4.70/lb I managed to identify the
recent bottom at U$4.40/lb or so and the moving parts that would see the metal
rebound. It did so, but when the moment came to expand my exposure I went for
Western Copper (WRN.to) and not Amerigo Resources (ARG.to). My bad.
 With silver, although happy with the way the main trade in SilverCrest Metals (SILV)
(SIL.to) is going, the choice of adding the speculative edge via IMPACT Silver
(IPT.v) just before that company decided to fill its coffers via (another) unnecessary
placement (which was subsequently expanded, to add insult to injury) and crimped
its potential speculative upside.
 With Argentina, it’s one thing to see the obvious benefits of RIGI. It’s also an
advantage to consider the pros and the cons of Milei’s deep reforms, but it’s quite
another to ignore the trade in ABRA and choose Bear Creek instead.
It’s not as if things are particularly bad. Leaving aside the continued flatline of the Top Pick
Minera Alamos (MAI.v), to which I’m prepared to give the time it requires, the portfolio has
caught enough of the 2024 rally in metals to have made a difference but I’m also keenly aware
that it could have been a lot better. Getting the big calls right on subjects such as silver, copper
and the positive change in Argentina political risk is all well and good, but a publication such as
this must always be judged by its fruits, not just by its labour. The scoring system is money,
not laurels and applause for macro vision and when push comes to shove, I’d rather be right for
the wrong reasons than wrong for the right ones.
Bottom line: I kind of suck at trading. Be aware of that.
Lundin Gold (LUG.to) reports a strong quarter
We take space in Market Watching instead of the Producer Basket for a few lines on Lundin
Gold (LUG.to) this weekend, which delivered a blowout quarter from its Fruta del Norte mine in
Ecuador. Here’s the main event:
LUG.to: Gold produced & sold, per qtr
28
06126
091601
50818
214521 506111 674801 282911
19269
046431 098911 196431 859821 117211
50089
619801 693921
160000
140000
120000
100000
80000
60000
40000
20000
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Oz Au
gold prod
gold sold
source: company filings
The 133,062 oz gold produced (we run with the 129,396 oz sold in the chart) wasn’t quite a
record, but it was significantly above our
LUG.to: Tonnes milled, per qtr
expectations. Thoughput at 424,899mt (chart right)
500000 (NB: Cut down Y-axis)
was good, though in line with guidance and LUG
450000
noted in passing in the NR that the benefits of its mill
400000
expansion aren’t expected to show before the end of
the year. The difference came in the chart below: 350000
300000
250000
200000
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
mt/qtr
source: company filings

LUG.to: FDN avg gold head grade, per qtr
29
4.01 1.01 4.11 1.11 3.01 9.9 2.11 3.01 0.11 0.01 3.21 0.11 7.9
2.8
5.9 0.11
14
12
10
8
6
4
2
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
g/t Au
source: company filings
The company had already guided for improved grades in Q2 after the low grade period of the
previous two quarters, more to do with mine
sequencing than anything else. But the 11.0 g/t gold LUG.to: Annual gold production
average was better than our estimates and with
recoveries band on the 89% average for the mine, it
made the difference in production. We remind
readers that LUG set guidance to between 450,000
and 500,000 oz gold for 2024 and with this result
putting the half year at 244,634 oz gold and the
lower grade muck apparently behind it, we should
assume it will challenge the top end of that guidance
by the end of Q4.
At 238.822m shares out and this weekend’s C$23.46
LUG this weekend runs a C$5.6Bn/U$4.1Bn market cap, a lot of money for a half million ounce
annual producer. It will need to justify that market cap via its financials and while we know it
has bought out its royalty and debt positions recently, this
new price level will need confirmation from not only this
quarter, but strong forward guidance. We added LUGDF to
our Producer Basket this year because its looked as though
it was ready to go into Cash Cow mode and start churning
out the free cash flow, it’s done exactly that and the
market expectation is for a blowout set of financials when
it reports Q2, we saw that in its +12% response last week.
However, there is a limit to its upside and with Ecuador’s
political risk profile having deteriorated in 2024 (Noboa’s
honeymoon has worn off and the next elections are
starting to loom), this isn’t an M&A target for the
foreseeable future as majors won’t want to import risk. I’m
happy about having added LUG to our Producer Basket mix this year as it still offered value at
the start of 2024. It now looks mature and I’ll look elsewhere in 2025 in my annual attempt to
beat out the GDX.
Conclusion
IKN791 is done, we end with bullet points:
 A day late yes, but a longer edition to (attempt to) make up for the delay.
 Happy to see the SilverCrest (SILV) near-term window play out along the lines
imagined.
 It feels like a target-rich environment at the moment, with Bear Creek Mining (BCM.v)
weirdly at the top of my shopping list again and at the right price for an addition as
they start cranking up on Corani. Silver moving higher will eventually attract more
002242
415824 923674 472184 000054
Oz Au
500000
450000
400000
350000
300000 250000
200000
150000
100000
50000
0
2020 2021 2022 2023 2024e
source: company filings

people to this all-but fully permitted, large scale project that works well with silver over
U$30/oz.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.mining.com/web/lundin-to-pitch-bhp-on-joint-bid-for-copper-miner-filo/
(2) https://www.silvercrestmetals.com/news/2024/index.php?content_id=543
(3) https://www.amerigoresources.com/_resources/news/nr-20240710.pdf
(4) https://www.amerigoresources.com/_resources/news/nr-20240709.pdf
(5) https://www.contangoore.com/press-release/manh-choh-mine-pours-first-gold
(6) https://bearcreekmining.com/news/2024/bear-creek-mining-announces-hiring-of-vp-exploration-and-geology-and-
drawdown-of-funds-under-sandstorm-promissory-note/
(7) https://www.rumbominero.com/peru/noticias/mineria/bear-creek-mining-construccion-proyecto-corani-puno-a-fin-de-
ano/
(8) https://www.canadaperu.org/networking/planes-y-proyectos-de-bear-creek-mining
(9) https://www.montagegold.com/news/montage-gold-is-awarded-its-mining-permit-for-its-flagship-kon-project-in-cote-
divoire
(10) https://thecse.com/listings/provenance-gold-corp/
(11) https://www.mining.com/web/nearby-copper-price-hit-by-weak-china-demand-warehouse-surplus/
(12) https://ceo.ca/insiders?c9e5c19575c3
(13) https://natesmith2011.substack.com/p/aev-july-24-site-visit
(14) https://www.wesdome.com/English/investors/latest-news/news-details/2024/Wesdome-Announces-Record-
Production-in-Q2-2024-Repays-Remaining-Balance-on-Revolving-Credit-Facility/default.aspx
(15) https://www.eldoradogold.com/news-and-media/news-releases/press-release-details/2024/Eldorado-Gold-
Provides-Update-on-Second-Quarter-2024-Tax-Impacts-in-Turkiye-andProvides-Conference-Call-Details/default.aspx
(16) https://www.youtube.com/watch?v=Dn04woI5rlE
(17) https://vivagoldcorp.com/site/assets/files/5918/nr_24-06_viva_gold_announces_private_placement_offering_-
_final.pdf
(18) https://vivagoldcorp.com/site/assets/files/5924/nr_24-
07_viva_gold_announces_closing_private_placement_offering_-_final.pdf
(19) https://www.reuters.com/world/americas/argentinas-milei-seeks-symbolic-political-pact-markets-wobble-2024-07-
08/
(20) https://www.mining.com/web/lundin-to-pitch-bhp-on-joint-bid-for-copper-miner-filo/
(21) https://open.substack.com/pub/yellowlablifecapital/p/vicuna-at-the-end-promise-youll-
leave?utm_campaign=post&utm_medium=web
(22) https://www.rumbominero.com/peru/cerro-verde-y-antamina-produccion-nacional-de-cobre/
(23) https://www.xm.com/es/research/markets/allNews/reuters/produccin-de-grandes-minas-de-cobre-en-chile-sube-en-
mayo-cochilco-53877831
30

(24) https://www.reporteminero.cl/noticia/noticias/2024/07/camara-minera-sobretasa-mineria-alza-cuentas-luz
(25) https://quorum.gt/medioambiente/mina_cerro_blanco_anomalias/
(26) https://lopezdoriga.com/lopez-doriga-tv/en-panama-trabajadores-de-la-minera-piden-al-gobierno-una-solucion-lo-
antes-posible/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
31

Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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
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Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now
available on request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all
material within should not be construed as accurate or reliable or be utilized as advice for investment or business
purposes. Independent due diligence and discussions with ones own investment and business advisor is strongly
recommended. Accordingly, nothing in this report should be construed as offering a guarantee of the accuracy or
completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any
security or as an endorsement of any product or service. All opinions and estimates included in this report are subject to
change without notice. It is prohibited to copy or redistribute this report to any type of third party without the express
permission of the author.
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