IKN #795Premium

The IKN Weekly
Week 795, August 11th 2024
Contents
This Week: Trade heads-up, In today’s edition, Gold in the USA, A few USA things for the
week.
Fundamental Analysis: Buying Eldorado Gold (EGO) (ELD.to), SilverCrest Metals (SILV)
(SIL.to) 2q24 financials.
Stocks to Follow: Patagonia Gold (PGDC.v), Fitzroy Minerals (FTZ.v), Amerigo Resources
(ARG.to), Florida Canyon Gold Inc (FCGV.v), Bear Creek Mining (BCM.v), Newcore Gold
(NCAU.v), Contango ORE (CTGO), Mene Inc (MENE.v), Orecap (OCI.v), Rio2 Ltd (RIO.v), Red
Pine Exploration (RPX.v).
The Copper Basket: Overview, American Eagle (AE.v), Arizona Sonoran (ASCU.to), Faraday
Copper (FDY.to), C3 Metals (CCCM.v).
The Producer Basket: Overview, Dundee Precious Metals (DPM.to) (DPMLF), Pan American
Silver (PAAS), Lundin Gold (LUG.to) (LUGDF).
The TinyCaps Basket: Overview, Palamina Corp (PA.v), Awalé Resources (ARIC.v).
Regional Politics: Brújula Minera and public opinion of mining in LatAm, Mexico: Dates for
Sheinbaum’s presidency, Argentina: A political scandal that matters to us, Argentina: More on
Rio Negro and RIGI, Venezuela: A (final?) quick non-mining word.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Trade heads-up
I’ve run out of excuses not to own Eldorado Gold (EGO) (ELD.to) and as I have just about
enough cash left in treasury for a reasonable purchase, will open a position in the stock this
coming week. More details in the main fundies section.
In Today’s Edition
 Today’s main Fundamentals section is a double-header, featuring two companies with a
larger market cap than we usually cover in this publication. Top of the is the rationale
behind my decision to buy a U$3.3Bn market capper, that’s Eldorado (EGO). Then we
take a look at the 2q24 returned last week by our main silver trade SilverCrest Metals
(SILV) (SIL.to),. We chew over how the stock sold off, why it did so and whether it got
treated unfairly (spoiler alert: It was. Own some. This is suddenly cheap again)
 Regional Politics has good news on Argentina for mining investors, with a personal
political scandal likely to help the consolidation of power with President Milei, as well as
positive movement in one of our target provinces
 Stocks to Follow has upbeat news on Rio2 (RIO.v), as well as a bunch of other stuff.
 I wasn’t as impressed with the PEA from Arizona Sonoran (ASCU.to) and have my
doubts about it, but won’t commit until I’ve seen the PEA as filed to SEDAR. We don’t
have that for another month or so, therefore I’m keeping it neutral today but do explain
the outline of my issues. That’s today’s Copper Basket.
1

Gold in the USA
We haven’t featured our GLD inventory tracking charts for a while, designed to take the pulse
of the US financial world’s stance toward gold bullion as a place to put US Dollars, so today we
catch up starting with the main inventory chart (below left). This shows how physical gold
bullion in GLD vaults continued its selling process as 2024 began, but around the end of Q1 the
selling finally found its low and since then, there’s been a slow but steady addition to gold
holdings. For context, we show the GLD inventory levels since Biden took over as POTUS and
that shows the 1q24 selling wasn’t an isolated case, more like the tail end of a long process.
GLD gold holdings, 2024 YTD (metric tonnes)
900
890
880
870
860
850
840
830
820
810
800
As a reminder, we track GLD inventories as a gauge for Big Money/Wall St/etc appetite for gold.
We all know the world’s Central Banks have
been buying up gold, but they don’t use GLD as
an entry point and this ETF is the entry door for
the capitalist cash that would otherwise go into
stocks or bonds. According to the above chart(s)
we know gold ownership in absolute terms has
improved slightly, but once we factor in the big
price rise in gold this year we get a better
sentiment reading (right). As noted on previous
occasions, sub-4 on the ratio is a new historic
low and while it hasn’t got any worse in the last
four months, there’s no obvious improvement.
The addition of around 30 metric tonnes to GLD
inventory has only kept this ratio on a flat line and overall, it shows appetite for gold ownership
among the great and the good remains at dumpster level.
Bottom line: Sometimes there are no strong conclusions to draw for a dataset, that’s the case
today with GLD. It’s been a while since updating, mostly because of that lack of signal but after
a while, a neutral reading becomes interesting in its own right. The financial world has stopped
hating on gold and selling it down, but neither is it joining the ranks of the big bullion buyers,
i.e. Central Banks, in the queue to buy and own the stuff.
A few USA things for the week
This coming week sees the USA offer its CPI reading for July on Wednesday pre-open, with
consensus currently pegged at +0.2%, with YoY inflation at 3.0% (+3.2% core). As this
dataset is back to its normal role of secondary to the jobs number for policy decisions (and the
PCE number has telegraphed what to expect), don’t expect much of a market reaction unless
we get a really weird reading. We remind reader that the next real date with policy comes at
the end of August and Jerome Powell’s speech to the assembled suits at Jackson Hole, by that
time we’re bound to have been given a clear roadmap to the Fed’s position and the expert
commentary will have been guided to suitable expectations. To round off the intro and having
mentioned ‘weird’ once already, in Rod For Own Back news and having previously featured the
polymarket betting book on the 2024 Presidential election in an intro (or two), here’s some
more POTUS handicapping. The last time we mentioned this, Kamala Harris had just been
2
42/1/2 42/1/9 42/1/61 42/1/32 42/1/03 42/2/6 42/2/31 42/2/02 42/2/72 42/3/5 42/3/21 42/3/91 42/3/62 42/4/2 42/4/9 42/4/61 42/4/32 42/4/03 42/5/7 42/5/41 42/5/12 42/5/82 42/6/4 42/6/11 42/6/81 42/6/52 42/7/2 42/7/9 42/7/61 42/7/32 42/7/03 42/8/6
mt GLD gold holdings during Biden presidency
1200 (metric tonnes)
1150
1100
1050
1000
950
900
850
source: SPDR GLD data
800
12/2/91 12/4/5 12/5/02 12/7/4 12/8/81 12/01/2 12/11/61 12/21/13 22/2/41 22/3/13 22/5/51 22/6/92 22/8/31 22/9/72 22/11/11 22/21/62 32/2/9 32/3/62 32/5/01 32/6/42 32/8/8 32/9/22 32/11/6 32/21/12 42/2/4 42/3/02 42/5/4 42/6/81 42/8/2
mt
source: SPDR GLD data
5.00 GLD: Inventory/Price Ratio, 2024 YTD
4.80
4.60
4.40
4.20
4.00
3.80
3.60
3.40
42/1/2 42/1/9 42/1/61 42/1/32 42/1/03 42/2/6 42/2/31 42/2/02 42/2/72 42/3/5 42/3/21 42/3/91 42/3/62 42/4/2 42/4/9 42/4/61 42/4/32 42/4/03 42/5/7 42/5/41 42/5/12 42/5/82 42/6/4 42/6/11 42/6/81 42/6/52 42/7/2 42/7/9 42/7/61 42/7/32 42/7/03 42/8/6
source: SPDR data, IKN calcs

handed the baton for the 2024 race and at that time, Trump was leading Harris quite handily.
So it’s only fair to show how the market has
changed in the last couple of weeks (inset right) at
time of writing, Saturday afternoon (And yes, that
says Michelle Obama in third place with 1% of bets
on her…don’t ask me I don’t make the rules). For
what it’s worth* and for the record, I’m still
assuming a Trump victory in November so laugh at
me if you want, I don’t mind. But before you write
in and tell me what you want to tell me, please note
1) my political neutrality regarding the winner of this
election and 2) the strong opinion that what
happens in August and September will have little bearing on the result. The wisest commentary
I’ve seen on the race to date came from Ben Hunt at Epsilon Theory, who said that the 2024
election is all about supporter turnout and not about trying to convince those on the other side
of a very polarized debate to change their mind. The candidate that gets their voters to the
polling stations on November 5th in the key swing states will win the prize and that will all
depend on the momentum gained in the final weeks (or even days) of the campaign.
*not much
Fundamental Analysis of Mining Stocks
Buying Eldorado Gold (EGO) (ELD.to)
I’ve run out of excuses not to own Eldorado Gold (EGO) (ELD.to) and the only real objection I
have left, that its category of Tier II miner and its market cap are not the profile we normally
cover and own in this publication, has worn thin and frankly, this is something I should have
done a long time ago.
It shows, too. We first identified EGO as an interesting alternative way back at the start of 2023
when including it in the Producer Basket for the first time, mainly due to the upside it promised
as the new Skouries project got the green light for construction. Way back then (in IKN dated
December 28th 2022 we introduced the company with a suitably positive blurb, including this in
the summary: “…Until recently, EGO was never on my personal shopping list, but the
convergence of circumstances here end 2022 means it could be in the right place at the right
time…”. At the time it was an U$8.36 stock….ah stupid me.
We’ve followed EGO assiduously since then and along the way, my interest has grown. After an
excellent 2023 (it was the best performing stock of our ten picks last year, up 55%) it was a
no-brainer for inclusion in the 2024 list and so far this year, it’s continued to out-perform the
median and while the beat in 2024 is less impressive at first sigh it’s no mean achievement to
follow up on a big year with more run-good. We’ve also made a point of more detailed
coverage on EGO, with dedicated space given to its results and a more detailed write-up in
IKN754 dated October 29th 2023 in the Fundamental Analysis note, “Eldorado Gold (EGO)
(ELD.to): An improving Tier 2 producer.” That note gave background on the main producing
assets at EGO and (after a reader prompt, thank you JH) we followed up the next weekend in
IKN755 dated November 5th 2023 with an extra piece on its interesting development asset,
Perama Hill in Greece. EGO certainly passed muster in IKN754 and that main note ended with
these words: “…EGO must be on your shortlist and is without doubt one of the quickest
improving gold mine stocks available. Don’t be surprised if I pull the trigger one of these fine
days.” I didn’t pull the trigger. At the time it was an U$10.78 stock….ah stupid me. Stupid,
stupid me.
So here we are today, with gold flying high and EGO having appreciated accordingly. Time to
update the corporate structure box:
3

Shares out: 204.761m
Options: 2.802m
Warrants: Zero
PSUs: 0.965m
Fully diluted: 208.528m
Current share price: U$16.17
Market Cap: U$3.331Bn
All prices are in US Dollars unless stated.
Now for the three reasons to buy EGO, even after watching the best prices disappear over the
last 10 months or so.
1) The 2q24 results
2) Guidance for the rest of 2024
3) The Skouries development project
4) Perama Hill enters the equation
We take these one by one:
The 2q24 results: The easy part of this company is the backward look at the Q2 numbers,
starting with production. Here’s the overview chart:
EGO: gold production breakdown, per qtr
160000
140000
17882
1 1 0 2 0 0 0 0 0 0 0 0 15779 16123 2 1 1 5 3 4 6 3 2 5 17561 13866 18848 22374 18788 2 1 2 3 3 5 9 4 7 1
8996 22793 22473 19928 22644 21142 18501
80000 21057 56619
60000 33377 46917 42454 51349 37884 38745 42821 42299 47391
40000
20000 29779 27973 37741 40307 37160 34180 37219 46291 37523 38990
0
4
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
Oz Au
Kisladag Lamaque
Efemcukuru Olympias
source: company filings
Here are a couple of notes on the four mines:
 Kışladağ: The bigger of EGO’s two mines located in Turkey had an in-line quarter,
producing 38,990 oz (sales 39,646oz) at an AISC of U$1,055/oz. Those criteria were right
in line with expectations, the mine therefore benefiting from the increased margins from
the average selling price of U$2,347/oz for gold. Guidance was for better production in the
second half of the year, as planned stacking rates ramp up.
 Lamaque: EGO’s Canadian mine had a good quarter, returning production of 47,391oz gold
(43,625 oz sold) at an AISC of U$1,233/oz. That's a better than planned production
number at a slightly higher than expected AISC, but received gold price covered that.
Guidance is also for improved production in the second half of the year and that's normal,
as Lamaque skews toward Q4 every year.
 Efemçukuru: The second Turkish mine had a good quarter, with 22,397 oz gold production
(22,462 oz sales) at an AISC of U$1,288/oz, that's a production beat with costs in line.
Guidance is for a continuation of current production levels.
 Olympias: The smallest mine of the current operations mix was the only disappointment, as
a labour strike over pay and conditions disrupted
production toward the end of the quarter.
Au/AuEq oz EGO: Olympias est Au Eq sales, per qtr
According to the company, workers are back on 30000 other AuEq
the job and negotiations continue, with a final 25000 gold oz
agreement expected in the next couple of weeks
20000
(probably a three year contract). As such,
15000
production dropped to 13,541oz in the quarter but
10000
5000
0
4q21 1q22 2q22 3q22 4q22 1q232q23 3q23 4q23 1q24 2q24
source: company filings, IKN calcs and ests

as this dedicated chart shows, we estimated that sales of “other” from the polymetallic
Olympias that lagged from Q1 help cover some of the shortfall.
The decent production result plus higher unit margin gives us this for Q2:
EGO: Earnings overview
5
76.491
64.41-
54.312
24.23
7.712
86.3
71.642
40.02
53.922
63.23
68.922
70.93
62.542
68.24
40.403
17.56 79.752 01.06
41.792
54.09
350
300
250
200
150
100
50
0
-50
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
U$m revenues
gross margin
mine op earnings
op. earnings
source: company filings
Revenues of U$297.14m were nearly a record, only beaten by 4q23 (when Lamaque returned a
blowout quarter). Costs were slightly up but that was expected, with input inflation in Europe
and higher royalties payable to Turkey due to the improved gold price. So costs in line and the
result was gross margin of U$169.3m, mine operating earnings of U$109.9m and operating
earnings of U$90.454m. There are a couple of quarters that returned slightly better numbers in
the EGO archives, but those are strong by any metric you like, as was the net of U$56.372m, or
28c/share. However, this is a growth story and it’s best to judge its performance on operating
metrics, so…
 Mine operating earnings of
54c/share
 Operating earnings of 44c/share
…in Q2 compared as seen in this chart and
shows the incremental improvement. Good
numbers and this desk’s preferred metric for
companies such as EGO, operating earnings
per share, implies a 9.2X multiple at this
weekend’s share price.
Guidance for the rest of 2024: The 2q24 literature, the Conference Call and also to a certain
extent the latest Corporate Presentation (1) gives good guidance on what we can expect and as
EGO is becoming one of those miners that can reasonably be taken at their word, we offer the
following after due consideration of the details. This chart uses the same dataset as above, but
only includes 2023 and onward and also shows our best guesses for production from its four
assets
EGO: gold production breakdown, per qtr
160000
140000
17882 20000
1 1 0 2 0 0 0 0 0 0 0 0 17561 13866 18848 22374 18788 1 2 3 2 5 3 4 9 1 7 1 2 8 0 0 0 0 0 0 0 20000
80000 19928 22644 21142 56619 18501 50000
47000
60000 37884 38745 42821 42299 47391
40000
55000
20000 37160 34180 37219 46291 37523 38990 45000
0
32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
1.00 EGO: mine op earnings and op earnings per share
0.80
0.60
0.40
0.20
0.00
-0.20
-0.40
Oz Au
Kisladag Lamaque
Efemcukuru Olympias
source: company filings
We know EGO expects production to improve in the second half of the year compared to the
first half, we know they have confirmed guidance that stands at 505,000 to 550,000 oz gold for
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
mine op earn/share
op earn/share
source: company filings, IKN calcs and ests

the year, we’re also given updated expectations for each mine. So we're estimating just over
120,000 ounces for Q3, the EGO to set a new quarterly record of 143,000 oz (and change) in
Q4. If we then apply a flat U$2,300/oz gold price to those quarters…
EGO: Earnings overview
6
53.922
63.23
68.922
70.93
62.542
68.24
40.403 17.56 79.752 01.06 41.792 54.09 523 011 063 831
400
350
300
250
200 150
100
50
0
32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m revenues
gross margin
mine op earnings
op. earnings
source: company filings
…revenues estimates come in at U$325m and U$360m for the respective quarters. The charts
below show mine operating earnings and operating earnings in absolute terms and on an
expected per share basis, taking into account the expected rise in costs but one that should
lower the overall AISC on a per-ounce basis.
EGO: Mine Op Earnings and Op Earnings, per qtr
If those numbers come to pass and the multiple remains, it points EGO to a year end target of
U$24.65, implying a 52.3% upside to this weekend. That’s probably too rich, but if we consider
another way of measuring a growth story in the middle of a “transformational” (their word not
mine) development, the price/book. As EGO grows out its balance sheet (charts below), delivers
on Skouries (see below) and continues to delivers strong operating profits, there’s no reason
why this multiple should stay under 1.0X and its
trajectory is clear. So if we assume it gets to 1.1X
by the end of the year, our model estimates a
price equilibrium of U$21.30 at that point,
representing an upside to this weekend of 31.6%.
That’s the type of near(ish) term price I’m
comfortable with and it looks very attainable on
straightforward execution. The main risk would be
(of course) the gold price, which is why we’re
pitching at U$2,300/oz,
Looking further out, we’ve adjusted the 2024
estimate on the EGO four year guidance slightly but 2025 and beyond remain as stands, with
the company reiterating guidance and delivery for Skouries in its Conference Call.
357.75
753.23 377.84
470.93
343.66
268.24
895.59
417.56
284.08
690.06
98.901 454.09 031
011
061 831 200 180 160
140
120
100 80
60
40 20
0
-20
32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m 0.90 EGO: mine op earnings and op earnings per share 0.78
mine op earnings 0.80 0.63 op. earnings 0.70 0.54 0.60 0.47
0.39 0.67
0.50 0.31 0.31 0.33
0.40 0.21 0.26 0.24 0.54 0.30 0.15 0.44
0.20 0.32 0.29
0.10 0.18 0.18 0.19 0.21 0.00 0.11
-0.10 0.02
-0.20 -0.08
source: company filings, IKN ests
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
mine op earn/share op earn/share
source: company filings, IKN calcs and ests
EGO: Price/Book ratio 2021 to date
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
source: NYSE, EGO data, IKN calcs

EGO: Annual gold production and median four year guidance
Oz Au
Skouries
750000
700000 Olympias
650000 Efemcukuru
600000 Lamaque 150000 200000
550000 Kisladag 55000
500000
450000 55639 56333 68157 70329 85000 85000 80000
3 4 5 0 0 0 0 0 0 0 0 0 92707 87685 86088 80898 75000 80000 65000
300000
250000 153201 174097 176069 186690 175000 190000 190000
200000
150000
1 5 0 0 0 0 0 0 0 0 0 174364 135800 154850 176513 180000 157750 170000
0
2021 2022 2023 2024e 2025e 2026e 2027e
source: company filings
Which bring us to the reason to hold EGO in 2025 as well.
The Skouries development project (and balnce sheet items): All systems go at Skouries,
with the project on time and budget with first production still estimated for 3q25. EGO
reiterated its forecast of 55,000 oz from its new mine (not including the impressive copper by-
product credit) and while it didn’t say so out loud, commercial production as from 1q26. That’s
all good. According to the Q2 MD&A Skouries is 49% complete overall and on track, with
capital spend also on course. We found out the capex increase would go to U$920m in February
(from the previous estimate of U$845m) and that news is now fully baked in. EGO has refi’d its
debt and booted maturity on its main credit line to 2029 (from 2025) as well as getting another
$100m added to its revolving credit facility, so liquidity is not an issue and the project capex is
guaranteed. Also, an interesting wrinkle was to hear the company expect to fund Skouries from
equity (i.e. treasury) as from 4q24.
To date, the spend at Skouries has been, U$153.8m in 2023 and U$144.4m in 1h24, with the
company estimating a spend of between U$230m and U$280m in 2h24. If we assume the top
end of that spend, it leaves U$346.8m to spend in 2025 and that look right. This screenshot
from the latest corporate presentation also notes the expected workforce headcount increase as
2024 closes, with 1,300 souls on site for the final stage of the build by the end of 2024.
To map all this and justify the U$21.30 asset-based target, here’s how we’re modeling the
balance sheet expansion. The overall assets and liabilities both expand but more importantly,
EGOP says it expects to continue to collect cash treasury in Q3 and Q4. With the debt booted
forward, that puts working cap in a strong position and guarantees the Skouries build-out. For
the record and to reiterate the point made above, this expanded balance sheet plus the
assumption that the market will willingly pay above 1X PE for and EGO returning strong
EGO: Liabilities breakdown, per qtr
2200
2000
1800
1600
1400
1200
1000
800
600
400
7 200
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
EGO: Assets breakdown, per qtr U$m
7000
current liab LT debt Other LT liab 6000
5000
4000
3000
2000
1000
0
source: company filings
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m
cash&eq inventory
other current property/plant/equip
other fixed
source: company filings

operating profits and about to deliver its fully budgeted 200k oz gold mine is the rationale for
the U$21.50 price target.
EGO: Treasury and working cap
8
86.434 43.394 69.963 90.064
63.603
91.114
47.413
25.124
82.262
51.514 85.654 10.495 26.674 78.736 74.045 91.656 57.415 93.946 50.595 29.327 056 077 007 018
800
700
600
500
400 300
200
100
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m
cash&eq
working cap
source: company filings
Perama Hill enters the equation: The final piece in the puzzle is Perama Hill, which only got
its normal couple of lines in the in the official Q2 literature and scant mention in the ConfCall,
but EGO dedicated two slides in its latest corporate presentation to confirm it will be the “Next
mine expected to be developed after Skouries” (quote/unquote). As well as underscoring the
strong organic pipeline at EGO, we should underscore our liking for this project that was put on
Care & Maintenance in 2016 when the then-lefty (in fact quasi-Communist) government in
Greece made it clear that it would oppose permitting and side with environmental activists in
then region. Since then Greece has become far more amenable to the idea of mining and EGO
has been doing its CSR outreach work, we’re now at the point where official stakeholder
consulting happens and if all is well, permit
applications in 2025. In IKN755 last year we ran
with slightly different numbers than the ones in
the corporate presentation (inset right), but
they’re close enough and in ballpark terms,
Peralta Hill would be able to run an open pit mine
of around 3,000tpd at a very low strip rate (under
0.3X, the mineralization is at surface and easily
extracted) feeding a mill that would produce just
over 100,000 oz gold per annum, with a similar
count for the silver by-product credit. Back in IKN755 we ballparked total cash costs at
U$1,000/oz and that’s still a reasonable line in the sand, in other words we’re talking about a
small mine with high margins that could supply around U$30m in free cash flow to the company
per quarter…that would do very nicely.
The bottom line: At U$3.3Bn market cap and a four mine company that’s about to become a
five mine company, EGO by rights is too big and too complicated a mine to feature in a
publication that focuses on the juniors and explorecos of our sector. However, I can no longer
deny that it fits well into my current portfolio as there is no “solid gold producer” currently in
the portfolio. My regret is being late to open a position in EGO after tracking it and warming to
the stock through 2023, but that was then and this is now, the task at hand is to consider
today’s price deck a circumstance and decide whether there is value today. The considered
opinion is that yes, indeed there is and for four reasons:
 Solid 2024 performance to date, with strong profits and earnings that fully justify the
current share price
 Expected improvement in production in the next two quarter that, gold price willing, will
drive earnings growth
 Development upside baked in and a company that will begin to get more credit for
Skouries as its inauguration date closes in…think Wesdome at Kiena in 2024.
 A secure future growth pipeline with Parama Hill in the back pocket, this aside from
potential offered by the expansion of its Canadian operations via a deal with AMX, as
noted in IKN791. There’s also the Stratoni mine in the background, on C&M in Greece.

EGO is a Tier 2 that doesn’t need higher gold prices in order to get its share price higher, all it
needs to do is execute on the plan and grow the company and the re-rate will follow. That’s not
to say it wouldn’t benefit from more gold upside of course, but by pitching our forward
calculations at U$2,300/oz and still showing a logical case for a U$21 stock, there’s plenty of
backbone in this equity at this price. I’m a buyer of EGO next week, spending juts about all the
spare cash I have left in the portfolio on an opening position. My fantasy also stretches to
buying once Barrick disappoints the market tomorrow with a poor Q2 and gets more cash to
exit the gold sector, allowing me to buy EGO at a discount to this weekend’s U$16.17 but even
if that doesn’t happen, this is a good price4. Buying, with an initial target price of U$21.30 on
the trade.
SilverCrest Metals (SILV) (SIL.to) 2q24 financials
On schedule Wednesday post-close our main silver trade by some distance, SilverCrest Metals
(SILV) (SIL.to), reported its 2q24 financials (2) and herea re two price charts to show how the
news went down with the market:
A couple of comparative charts for your consideration, with the ten-day chart (left) chosen to
show that the stock and the market were already in retreat before the earnings day came
along, while the five-day comparative chart pitting SILV, the main silver producers’ ETF (SIL)
and the main silver bullion ETF (SLV) against each other showed on balance, SILV performed
worse than the average once the numbers were known. That five day chart doesn’t capture the
Monday morning dump suffered by the entire sector, but overall SILV dropped 10.5% last
week, a heavy hit for the stocks and for my own portfolio, what with SILV being my biggest
silver position by quite some distance.
We’ve already chewed over the production results as well as the limited financial data supplied
by SILV when it gave us its production numbers, as seen in IKN791 dated July 14th. We were
happy campers that week because SILV had beat production estimates and its stock price had
rallied (into a rising silver price, which also helped). We ran predictions on costs, operating
margins and so forth and looked forward to the 2q24 filings.
So what went wrong?
The answer: Not too much, but SILV did report higher costs than expected and, with one thing
and another, the quarter didn’t sparkle as much as was anticipated. Before we get to the
adjusted charts and forecast, we did get new guidance for the rest of the year and that was
positive, at least for those new to the stock.
SILV bumped up production guidance a little and adjusted overall cash costs and AISC down a
little, thanks to the unit cost difference by producing those extra ounces. This wasn’t a surprise,
9

however, as considering what we knew about silver and gold production in the first half of
2024, we had already assumed a slight improvement in overall production for the year and our
estimates for Q3 and Q4 as seen in these charts were set at 5.67m oz silver and 58,472 oz
gold. As SILV uses a gold/silver ratio of 81.14X in 2024, that gives a grand total of 10.414m oz
AgEq and that fits closely enough with the new SILV guidance. These are out charts, they
haven’t changed from IKN791.
We have guidance on costs, but we also have costs and this chart shows the spike in Q2:
SILV: Cash cost and AISC, per qtr
10
63.7
09.01
44.7
56.21
35.6
32.21
54.7
63.41
90.7
09.21
78.8
88.61
05.9
04.51
05.9
04.51
U$/oz
20
cash cost
18
16 AISC
14
12
10
8
6 4
2
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24est 4q24est
source: company filings, IKN ests
We assume 2h24 the flat average of guidance, which means what we just saw was a one-off.
As for the cause, here’s what SILV told us:
The increase in cash costs and AISC for both periods is directly related to higher mining costs
due to the continued ramp up of mining rates, and a $1.0 million impairment of materials and
supplies inventories in the quarter. Also contributing to the increases were higher sustaining
capital and increases in G&A primarily related to share-based compensation as a result of
strong share price performance.
In hard dollar terms, this chart shows revenues, costs and resulting Mine Operating Income. For
3q24 and 4q24, we’ve cut the received price assumptions to U$28/oz silver and U$2,300/oz
gold and for a better view of the components, see below for the same data on COGS and MOI:
SILV: Quarterly Earnings overview
7.2 8.0 9.1
8.04
3.41
5.62
0.85
4.22 6.53
0.26
7.32 3.83
8.36
4.62 5.73
3.16
4.42 9.63
6.36
2.62 5.73
7.27
3.13 5.14
7.17
0.82 7.34
0.27
0.82 0.44
80
70
60
50
40
30
20
10
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
SILV: Silver production & sales, per qtr
U$m
revenues COGS Mine Op. Inc
source: company filings
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

SILV: Mine Operating Income per qtr
Coming into 2q24, we'd estimated MOI at U$47.2m so the U$41.488m result was a significant
drop. We've also adjusted MOI lower for the next two quarters, so instead of numbers that
push at the $50m line, we're now aiming for a regular U$44m target. That's still strong earnings
of course, just not quite as up there.
As for balance sheet items, the extra expense pulled down our estimates in much the same way
as over at the P+L (because essentially, this is a company with clean and simple financial
structure). Sustaining capital was higher than expected, as SILV decided to keep both sets of
mining contractors on site (the original plan was to swap one for the other). We still expect
assets to grow and liabilities to remain very low,
But once again, the story is more about slight downward adjustment than a changed or failed
model. We’re still on course to see SILV collect up to
U$240m in working capital by the end of the year,
as even in the quarter just reported with its extra
expense, they added $20m net.
The bottom line: My first impression of the SILV quarter when opening the financials last week was
“Okay, in-line”, then as the numbers were crunched
it became clear that they’d spent more than I
expected; perhaps $5m over my estimate on opex,
then another $5m or so on sustaining capex
matters. Also, when it comes to advertising among
the generalist brigade bottom line EPS matters (they
tends to look upon mining companies as if they were big box retailers)so the net income figure,
which took a big pending tax charge and dropped the MOIU/share of 28c to an EPS of just 4c,
mattered for the marketing of last week’s figures. Putting those together, the price drop was
more understandable and I changed my mind towards “slight miss”.
11
429.1
694.62
606.53 392.83 64.73 749.63 774.73 884.14 7.34 44
50
45
40
35
30
25 20
15
10
5
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m SILV: COGS per qtr
|
source: FVI filings
597.0
592.41
773.22 607.32 863.62 373.42 961.62
352.13
82 82
35
30
25
20
15
10
5
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m
|
source: SILV filings
SILV: Assets Breakdown, per qtr
600
550
500
450
400
350
300
250
200
150
100
50
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m SILV: Liabilities Breakdown per qtr
120
110
100
90
80
70
60
50
40
30
20
10
0
source: company filings
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m
LT liab
current liab
source: company filings
SILV: Working Capital per qtr
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 30.861 002 042
300
250
200
150 100
50
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
source company filings
srallod
fo snoillim

Then I changed it back again! Frnakly, if SILV hadn’t pre-announced that strong production
figure as well as a cash treasury position that made it look as though more profit had made its
way to the balance sheet than reality, SILV would not have been whacked like it was last week.
This company beat on production and even with its
one-time elevated costs, is clearing over U$10/oz for SILV: EPS and Mine Op Inc per share, per qtr
every silver equivalent ounce it produces (try saying
that about Hecla, First Majestic or any number of
mediocre silver producer companies out there. Last
week’s selling was as much to do with SILV, for once, not living up to high expectations and returning a
good quarter of production, operations and profits
rather than a great or sparkling one. As such, and with
Q2 likely to become a one-off when it comes to higher
costs, this is still the place to be for silver exposure.
With the company likely to return over U$40m in
operating profits on a regular basis with silver at U$2(/oz, there’sd a lot of upside available from
this weekend’s post dump U$7.84. Quality doesn’t go out of style and SILV is just that, an
outlier in the silver space. Even if it had returned a bad or mediocre quarter it would deserve
patience and leeway, but here we got a good one. The fact that it wasn’t out and out great is
only an issue for near-term traders. Easy hold from here.
Stocks to Follow
Another net negative week for our Stocks to Follow list and while there were four winners
(RIO.v, MARI.to, ARG.to, MENE.v) to lighten the load along with a full seven that remained
unchanged (MAI.v, PGZ.v, MIRL.cse, RPX.v, FTZ.v, PGDC.v, PAU.cse), the remaining eight
losers (SILV, FCGV.v, BCM.v, OCI.v, CTGO, NCAU.v, ALDE.v, IPT.v) did the damage. That list of
losers includes big percentage drops in SilveCrest (SILV down 10.5%), Newcore (NCAU.v down
10.2%), Contango ORE (CTGO down 9.5%) and Florida Canyon (FCGV.v down 8.5% as I throw
up slightly in my mouth). Those four drops did the damage.
With the addition of FTZ.v and PGDC.v to the Watch List we’re up to 19 open positions on our
Stocks to Follow list, just one under our self-imposed maximum. Six of those are in the green,
three are UNCH, ten are in the red.
12
71.0
10.0 21.0
81.0 81.0 42.0 61.0 62.0 12.0 62.0 42.0 52.0 32.0 52.0
40.0
82.0 82.0 92.0 92.0 03.0
0.35
0.30
0.25
0.20
0.15 0.10
0.05
0.00
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$/share
EPS
MOI
source: company filings, IKN calcs

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$0.285 35.7% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Rio2 Ltd. RIO.v STR 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$7.84 13.6% Quality Ag/Au, U$12.96 tgt
Florida Can. Gold FCGV.v hold C$0.63 21-Jul-24 C$0.485 -23.0% under offer, too cheap
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.14 -26.3% 3 adds,big position,cheap Cu
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$3.89 27.5% Quality Cu developer
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.60 3.9% return, (re)starter position
Bear Creek Min BCM.v SPEC BUY C$0.35 10-Jun-24 C$0.305 -12.9% Spec Ag(& Au) trade, 2 buys
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.055 -8.3% Exposed to several good jrs
Contango Ore CTGO BUY U$18.70 30-Jul-23 U$18.09 -3.3% Production re-rate in Q3
Newcore Gold NCAU.v BUY C$0.205 23-Oct-22 C$0.265 29.3% Cheap Au in West Africa
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$0.94 30.6% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.22 -26.7% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.02 -89.7% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Red Pine Expl RPX.v WATCH C$0.08 4-May-24 C$0.08 0.0% Special situation, poss trade
Fitzroy Min FTZ.v WATCH C$0.17 4-Aug-24 C$0.17 0.0% Rio Negro trade op, watching
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.02 0.0% Rio Negro trade op, watching
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.08 -5.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.48 6-Dec-20 C$0.10 -79.2% 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
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
2015 to 2023 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered companies this week:
Patagonia Gold (PGDC.v) & Fitzroy Minerals (FTZ.v): ADDED TO WATCH LIST. Please
see today’s Regional Politics section for some more background on the scene for mining in Rio
Negro Argentina, specifically about the PGDC Calcatreu permitting track. As for trading, I’m glad
to say that last weeks’ feature note did nothing for the share prices of either of these, which
tells me I managed to strike the right balance between presenting an interesting new story and
boring you enough so that share prices, particularly the 2c PGDC, didn’t move in silly ways.
Amerigo Resources (ARG.to): Up 4c on the week, but if we chart ARG against the main
copper producers’ ETF (COPX) we get to see how good this performance really was. I made
serious consideration to adding to this small starter position last week, once it became clear
ARG was showing excellent relative strength, but as I’m not made of money and the idea of
buying EGO grew to a firm decision (see above) that didn’t happen. Kind of regret not owning
more this weekend.
13

Florida Canyon Gold Inc (FCGV.v): More horrid action, as its suitor Integra (ITR.v) saw the
air come out of its recent mini-pump (just before this purchase, fishy) and FCGV was dragged
down with it. Still annoyed about this take under, will let them ride and sell the ITR shares
when they arrive.
Bear Creek Mining (BCM.v): This was all about
Wednesday and shows how these unloved stocks can
get pushed around big-time by a single seller.
Somebody somewhere ran out of patience with a
medium-sized holding and the market took full
advantage. Though I admit, it was good to see it ping
back immediately into the 30s, it’s done that three
times now. Building a base at a low level, the missing
ingredient is a silver price run.
Newcore Gold (NCAU.v): Much the same story here,
down on no news and thin trading as somebody
somewhere throw in the towel. There’s really not much
more to say about it, explorecos sometimes go through
these periods, it’s all about the lack of bandwidth. The
only way to avoid being trapped is to have a plan laid
out, whether that’s to move in and out quickly when
interest in the sector is higher, or to keep your eyes on
the big prize and the long-term fundamental reasons to
sponsor these companies. The key is to act on your own
plan, not to react when things don’t go to script. In the
case of NCAU I held patiently when it was a 10c and 12c
stock, I’ll do the same here at 26c and gold at
U$2,400/oz.
Contango ORE (CTGO): It seems that every time the name Johnson Tract shows up CTGO
shares sell off. This time we had a webinar (3) featuring CTGO CEO Rick Van Nieuwenhuyse
which was framed as a Deep Dive on the newly acquired asset and certainly went over what’s
known about project to date, but when it came to the corporate plans, it became clear that
there wouldn’t be as much work done on what was supposed to be the CTGO #2 project, Lucky
Shot, than was expected for 2024. That’s odd, because drilling at Lucky Shot was the reason
(excuse?) used by the company to raise capital via that contentious financing. That drilling
seems to have been put back to 2025, with CEO RVN saying that they preferred to be cautious
and wait until the cash was flowing from the recently inaugurated Manh Choh mine. There’s
also a sensation that CTGO is looking to flip priorities and make Johnson Tract its second
development asset, which makes one wonder whether there is some unexplained issue at Lucky
Shot. Also and along the way in last week’s webinar, RVN laid out a rough timeline for
development at Johnson Tract that goes like this:
2024: baseline work
2025 permitting for tunnel required to access orebody
2026 With permits awarded, driving the tunnel
2027: Drilling orebody from tunnel
2028 Feasibility Study and mine plan
2029-2030 Commercial mining
As previously explained, the idea here is to use the same “sell
the ore” model they’re suing at Manh Choh, thereby reducing
the need and expense of on-site infrastructure. Here’s how the
market reacted (right). The selling had already begun and the
gold miner market had already shown weakness, but CTGO has already shown itself to be more
volatile than the average goldie and last week the selling showed no respite. But I’m also clear
that the webinar did the stock price no favours and the story has changed a lot since the first
14

purchase and the idea of using free cash flow from Manh Choh to fund Lucky Shot and parlay
the profits. This has become a longer timeline and with the recent dilution of shares (to around
12m shares), that’s not the same game plan at all.
The painful volatility in this stock makes it a rollercoaster and a difficult ride, but it also means
there’s no reason at all to bail on the stock and selling just after one of these sharp downturns.
However, there is now a limit to this trade in my portfolio, my sights are set lower.
Mene Inc (MENE.v): Another rough ride of a week, but this
time there’s real reason to suppose we’ve found the bottom.
After trading for seven consecutive days under the 10c line
(which I find hard to believe, but reality is what it is) MENE
finally reacted on Friday after a week during which volumes
had perked up. The big seller was obviously still there, but it
now seems insiders are ready to defend the price.
That’s because we got this news from the stock (4) on
Wednesday:
TORONTO--(BUSINESS WIRE)-- Menē Inc. (TSX-V:MENE)
(US:MENEF) (“Menē” or the “Company”), an online 24 karat jewelry brand, announces the cancellation and
re-grant to its Chief Executive Officer of an aggregate of 7,469,437 incentive stock options (the “Stock
Options”) to purchase Class B subordinate voting shares of the Company (the “Class B Shares”) under the
Company’s incentive stock option plan.
Under TSXV Policy 4.4 – Security Based Compensation, the cancellation and re-grant of security based
compensation to the same person within a one year period requires approval of disinterested shareholders of
the Company. The Company intends to seek disinterested shareholder approval for the grant of the Stock
Options at its next annual general and special meeting of shareholders currently scheduled for October 10,
2024.
Subject to shareholder and TSX Venture Exchange approval, the Stock Options will be exercisable at a price
of $0.085 per Class B Share and vest according to the schedule below:
1,493,888 options vesting on October 10, 2024
1,493,888 options vesting on September 7, 2025
1,493,888 options vesting on September 7, 2026
1,493,888 options vesting on September 7, 2027
1,493,885 options vesting on September 7, 2028
The Stock Options shall have a term of ten years from the original date of grant, being September 7, 2023.
Just under a year after awarding the new CEO 7.47m options with a 43c strike, they have been
cancelled and (AGM vote permitting) replaced with the same amount of options, but priced at
8.5c. While a big difference, I’m not against the move as long as it stops the rot and brings new
activity to the stock price, so seeing volume perk up and then that move on Friday is the right
pattern. All I have for you people is the same table-bang as the last few weeks: Considering its
rock solid financial situation and basically-breakeven business at this stage, there’s a lot to like
about its future and very little to fear.
Orecap (OCI.v): We present our standard liquid(ish) assets valuation table:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.65 7.59 3.1
AE.v warrant 0.10 0.35 0.04 0.0
ARIC.v 8.33 0.57 4.75 1.9
ARIC.v warrant 4.17 0.37 1.54 0.6
QCCU.v 5.06 0.12 0.61 0.2
MIS.cse 24.71 0.025 0.62 0.2
Curprum privco 29.50 0.12 3.54 1.4
subtotal 18.69 7.5
Est.cash 1.50 0.6
Total 20.19 8.1c
At 247.714 S/O
At 8.1c per share of value you’re getting a lot for this weekend’s 5.5c close price, or even 6c (a
35% arb) if you don’t have the patience to mop up somebody else’s small sale and want to
15

secure shares. With both ARIC and AE due to return assays, this has the look of a “heads I win
tails I don’t lose” bet. Small stakes, of course.
Rio2 Ltd (RIO.v): I had a chat with RIO Executive Chair Alex Black last week to find out how
the financing process was going and the answer is, “all well”. I’m not privy to all the details, but
do know the company has multiple term sheets offered by the right size of financial institutions
all of the serious about financing Fenix into production. The exact make-up of the financial
package is still undefined, but the general idea of majority debt + minority equity raise hasn’t
changed and we shouldn’t expect any surprises at this late stage. There are permits to obtain
for the build green light and while Chair Black said that due to Chilean government bureaucracy
they were a little behind schedule, it’s no biggie and instead of them showing this month, they
may need the first few days of September to complete the process (we hasten to add at this
point that the required permits are not as uncertain as the EIA process of last year, that key
award in December means all permits from then on are awarded on a near-automatic basis as
long as the company complies with terms…and RIO complies with the terms). Therefore, we
can look forward to something along these lines:
a) Zero news August
b) NR in early September announcing the build permits
c) NR in mid to late September announcing the financing package
d) Construction beginning almost immediately after, e.g. October.
Finally, Chair Black mentioned that the Chilean workforce recruitment drive is going well and
they expect to have a full complement of hands come the
green light day.
Red Pine Exploration (RPX.v): New CEO Michaud is now
safely installed, we now await the inevitable financing round.
Once that is done, this may be a buy at these levels. Way
back when I guesstimated a 6.5c price on any new raising,
that might turn out to be too low as there was obviously a
backstop buyer at the 7c level and these days, the market
has homed in on the 7.5c/8c range.
The Copper Basket
After thirty-two weeks of 2024, The Copper Basket shows a gain of 4.50% 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 1694.49 9.07 26.7%
2 Solaris Res SLS.to 4.13 161.833 504.92 3.12 -24.5%
3 Marimaca Cop MARI.to 3.43 93.11 362.20 3.89 13.4%
4 Los Andes LA.v 11.80 29.53 251.01 8.50 -28.0%
5 Arizona Sonoran ASCU.to 1.75 109.17 183.41 1.68 -4.0%
6 Faraday Copper FDY.to 0.63 204.72 159.68 0.78 23.8%
7 Aldebaran Res. ALDE.v 0.89 169.819 159.63 0.94 5.6%
8 Hercules Metals BIG.v 1.38 231 129.36 0.56 -59.4%
9 Oroco Res OCO.v 0.375 236.911 84.10 0.355 -5.3%
10 American Eagle AE.v 0.26 116.75 75.89 0.65 150.0%
11 Element 29 Res ECU.v 0.18 106.25 30.28 0.285 58.3%
12 Kodiak Copper KDK.v 0.58 63.93 26.21 0.41 -29.3%
13 QC Copper QCCU.v 0.12 173.7 20.84 0.12 0.0%
14 C3 Metals CCCM.v 0.61 61.885 15.16 0.245 -59.8%
15 Camino Min COR.v 0.07 206.66 12.40 0.06 -14.3%
NB: All stocks in CAD$ Portfolio avg 4.50%
16

The Copper Basket 2024, weekly evolution
The basket average jagged down another two 25%
percentage last week, with just four stocks 20%
posting week-over-week wins (NGEX.to, MARI.to, 15%
ASCU.to, CCCM.v) and two unchanged stocks 10%
(QCCU.v, COR.v). Even the fact that those 5%
winners included a couple of big moves in Arizona 0%
Sonoran (ASCU.to up 23.5%) and C3 Metals -5%
(CCCM.v up 22.5%) couldn’t stop the nine losers -10%
(SLS.to, LA.v, BIG.v, ALDE.v, FDY.to, OCO.v,
KDK.v, AE.v, ECU.v), with the biggest drops taken
by Element 29 (ECI.v down 12.3%) and Faraday
Copper (FDY.to down 10.3%).
And considering the continued
weakness in copper, that basket result
wasn’t too bad. The week began with
the metal taking another swan dive that
put a 3-handle on prices for the first
time since March, the silver lining being
the way that level just about held over
the next days, as seen in this five-day
chart (right).
For our curated comment, this note (5)
with the upbeat and optimistic headline
"Copper steadies as gloom on global
growth hits demand", out Thursday morning hits the zeitgeist:
Difficult to argue with that and we know the cure for low prices is low prices, the question is
where the drop stops. I for one expected buyers to have stepped up by now but that doesn’t
seem to be the case and while last week’s drop under four brought buying interest, we’ve seen
this before only to see copper jag lower a few days later. My original call of it holding at
U$4.70/lb was admittedly too optimistic, but seeing the U$4.20/lb line break a couple of weeks
ago told me that I’d got this one wrong. In my defence (it’s all I have), the copper picks and
trades we choose tend toward the stable ones with strong fundies and support from the serious
end of the market, stocks such as ALDE, MARI and now the return to ARG. To round off on a
semi-related subject, we note in passing reports that in July, Chile’s Antofagasta (ANTO.L) re-
worked its TC/RC deal for 2024 with Asian smelters and will now only pay just over U$23/tonne
for treatment, down from the U$60/tonne it negotiated late last year.
Enough chit-chat, time for our weekly look at world copper inventories, data from Cochilco:
 The three official world inventory systems added another big chunk of copper to their
holdings last week, up a big 47,123 metric tonnes (mt) to bring the aggregate to
603,156mt.
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 ts12 ht82 ht4gua ht11
source: IKN calcs

 The new trend at the SHFE continued, with another small drop from its high total. This
time 8,836mt came off to bring the total to 286,305mt.
 The big move was at the LME, which saw a total of 49,900mt added to stocks to bring
the global total to 296,400mt and once again it was all about the totals in LME South
Korea (+33,450mt) and Taiwan (+17,550mt) warehouses. These have become the
dumping ground of choice for excess copper inventory and while China was exporting
for a while, the dynamic is now more about metal coming across the Pacific and not
getting any further toward a final end user than these storehouses.
 Normally a quiet backwater, this time the Comex brought real news to the equation by
adding 6,059mt to its inventory, bringing the total to 20,451mt moving stocks up 42%
from this time last weekend. This is the first time we’ve seen clear evidence of a supply
glut on the North American continent and while it may be a one off (especially in size),
this dataset will be worth observing in the next couple of weeks for more clues of slack
demand.
The dedicated SHFE chart shows the continued slow decline from the 300kmt+ highs, but
there’s no real difference as yet to the pattern and we’re a long way from the normal cycle
levels.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
18
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 some notes on a couple of our basket stocks.
American Eagle (AE.v): When AE started its current drill program at NAK, I did some
ciggypack calculations on drill metres and assay lab turnarounds, guessed at “maybe mid-
August” for the first assay result NR, got in contact with the company and was told “yes, that’s
a fair estimate, perhaps end August, definitely before Labor Day.” That’s where we are today.
It’s not just this desk rolling the drums in anticipation, as CEO Moreau has done an excellent
job in positioning the company in radars of market observers and there’s going to be all sorts of
chatter when the numbers drop, fair or foul. No second guessing here, just exposure via an OCI
that’s been buyable at a very deep discount (see above).
Arizona Sonoran (ASCU.to): I’m going to hold fire and comment on the PEA announced by
ASCU on Thursday (6), one that came quickly on the back of the resource update just three
weeks ago. Several reasons for this starting with the
way this PEA got the expected reception that a highly
touted junior gets, with sell-side sponsors and
interested high traffic newsletter writers (all
underwater on their trade) doing what they were
always going to do. The response was very positive in
the market on Thursday, as seen in this ten-day chart,
but if it were that good why didn’t we see any follow-
through on Friday?

At this point, we bring up the longer-term chart (right) to show ASCU’s bad habit. This thing
gets the pump from time to time, gains traction because “somebody tipped me off in a bar in
Denver” (tue story), but the long-term trajectory has been crystal clear. As such, I see no
reason to pile in and chase money into this equity before we know more.
Which brings up the next subject: In a prima facie level the numbers look good and it wasn’t a
surprise to hear the commentariat make warm and fuzzy noises about the NR contents. This
was the opening table offered in the release and numbers such as 24% post-tax IRR at
U$3.90/lb copper are in the realms of the possible.
But the publication of a PEA overview isn’t the publication of a PEA and in the case of
Cactus/Parks Salyer (now under the global name of Cactus, it seems), there are some specific
details about metallurgy that we don’t yet know. This short paragraph…
…is nowhere near enough, not for a project that has had this cloud hanging over it for two
years. I hope we get enough details in the full document to make a more informed decision.
There’s also the question of how they’ve decided to lower the ostensible capex barrier to the
U$668m in that table above, but…
…further down, the total capex number of U$1.836m tells a different story. This is offered as a
relatively low annual run rate compared to the deposit size, something that makes for the long
31 year mine life. That’s fair enough and responds to the deposit type, but it also means any
eventual operator will be ploughing back free cash flow on a regular basis to keep the mine
running, this is not 5 years of payback and then 26 years of clean free cash flow. More details
are required (and while we’re at it, a 15% contingency for a PEA in the current world
is…errr…optimistic, let’s say). This was supposed to be a short paragraph to say that I’m going
19

to hold fire on any analysis of ASCU until we have the 43-101 in our hands, it turned into
something a little longer but that’s okay. Counting the
45 days, as from now.
Faraday Copper (FDY.to): Down 13% on the week
while (reasonably) near neighbour ASCU was up sharply
(see above), but one swallow doesn’t make a summer:
That’s the YTD chart, if we used the same two year
chart FDY is up 80% this weekend while ASCU is in the
red. Of these two “Arizona Copper Exploreco” pays we
cover in the 2024 list. FDY is superior.
C3 Metals (CCCM.v): The other big mover on the
week was on purely technical reasons:
You occasion reminder of a basic tenet: traded volume
matters. This awful exploreco was included in the 2024
as a representative of the dog end of the sector, the
stocks designed to offer their officers and insiders a
cushy, salaried lifestyle. One in a hundred of these
companies will hit something and make me eat some
words but that’s okay, I’m here for the 99. Avoid CCCM
and all other stocks of its ilk at all costs.
The Producer Basket
After 32 weeks of 2024, the Producer Basket shows a gain of 23.65% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 54.99 47.71 15.3%
2 Agnico Eagle AEM 54.85 497.971 36.92 74.15 35.2%
3 Barrick GOLD 18.09 1756 30.57 17.41 -3.8%
4 Franco-Nevada FNV 110.81 192.119 23.27 121.11 9.3%
5 Pan American PAAS 16.33 364.439 6.96 19.11 17.0%
6 Lundin Gold LUGDF 12.64 238.22 3.97 16.67 31.9%
7 Eldorado Gold EGO 12.97 202.472 3.27 16.17 24.7%
8 Hecla Mining HL 4.81 617.768 3.11 5.04 4.8%
9 Dundee PM DPMLF 6.43 183.278 1.64 8.96 39.3%
10 Wesdome Gold WDOFF 5.83 148.95 1.41 9.49 62.8%
All prices and stock quotes in U$ Port. avg 23.65%
It wasn’t all one-way traffic for the Producer Basket, with three winners (HL, DPMLF, WDOFF)
softening the blow of seven losers (NEM, GOLD, AEM, FNV, PAAS, LUGDF, EGO) but we did do
a couple of tenths better than the GDX benchmark and we’re now ahead in the annual semi-
serious race by over 8%. That’s a decent lead.
The 2024 Producer Basket: Percentage diff. between
GDX benchmark & basket (negative= IKN ahead)
2.0%
1.0%
0.0%
-1.0%
-2.0%
-3.0%
-4.0%
-5.0%
-6.0%
-7.0%
-8.0%
20 -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 ts12 ht82 ht4gua ht11
The 2024 Producer Basket: Weekly performance and
40% comparative to GDX control
30%
20%
10%
0%
-10%
-20% source: IKN calcs, NYSE data
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 ts12 ht82 ht4gua ht11
ikn
gdx control
source: IKN calcs

Dundee Precious Metals (DPMLF): This week’s
winning stock, DPM got bought and bought all last
week in a remarkable display of relative strength.
Perhaps a sleeper reaction after its strong Q2, I’m
still not sure exactly what went on here and perhaps
I should, but I was too busy pondering what to do
about EGO last week. There’s clearly a deep pocket
keen to accumulate here, if anyone know anything
I’d be happy to listen.
Lundin Gold (LUG.to): (LUGDF): To my surprise, despite LUG returning one of the best sets
of financial results for a gold mining company that I’ve seen for a long time last week (7) it
wasn’t one of the three week-over-week winners on our list. It darned well deserved to be, take
a look at the P+L:
That’s a 57% gross margin on revenues of U$301m (!!) and with the royalty now extinguished,
nearly all of that flows to EBIT. Ecuador must be happy, what with getting a tax cheque for
nearly U$49m and shareholders too, as LUG pledged to deliver a quarterly dividend going
forward of at least 20c/share. That 50c quarterly EPS (not annual, just this quarter) means LUG
is running a forward PR of just 8.2X and while the days of 16X glides may be over, I see no
reason why it cannot move that multiple up to 12X and give a 50% equity win to buyer today.
As this ten-day chart comparing LUG to the GDX benchmark, the stock had been tracking GDX
lower for a week before reporting its quarter post-close Thursday. It reacted positively on an
influx of new volume, but the market wasn’t falling over
itself to buy at these levels and that’s a bit of a mystery
to me. With LUG also having announced the formal
discovery of the new and exciting Bonza Sur zone close
to the current mine last week, the potential for LUG to
extend its mine life considerably has also shot higher.
This could go a lot higher.
21

Pan American Silver (PAAS): At the other end of the scale, PAAS also reported its quarter
last week but the reception for its numbers, out Wednesday
post-close, was clearly different from those of LUG, what
with the stock dropping 9.0% from this time last weekend:
It had already sold down sharply on Monday, but Thursday
morning was a sharp reminder that this company has a long
way to go to justify its current elevated share price. The
operating profit of $89.4m wasn’t bas as such, but that’s
only 25c or so per share and that implies it’s running at 19X
this weekend, in practical terms double that of LUG. PAAS
reported a second small loss in a row, but despite its loud
proclamations of $100m+ free cash flow there was no
improvement in either book value or working capital so that
cash flow seems to have been spent on others (debt holders, tax man etc) rather than
shareholders or assets. It’s not right to call the PAAS Q2 bad, but it was mediocre and that does
no favours to elevated equity prices.
To say I much prefer SILF or EGO is the understatement of the year.
The TinyCaps List
After 32 weeks of 2024, the TinyCaps show a gain of 44.93% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 248.82 28.61 0.115 76.9%
Awalé Res ARIC.v 0.135 85.319 48.63 0.57 322.2%
District Metals DMX.v 0.170 106.98 29.95 0.28 64.7%
Endurance Gold EDG.v 0.18 150.136 18.02 0.12 -33.3%
Kirkland LDC KLDC.v 0.100 88.625 5.32 0.06 -40.0%
Latin Metals LMS.v 0.075 71.476 6.08 0.085 13.3%
Palamina Corp PA.v 0.130 71.285 10.69 0.15 15.4%
South Star STS.v 0.750 48.8 28.79 0.59 -21.3%
Surge Copper SURG.v 0.090 284.79 35.60 0.125 38.9%
Viva Gold VAU.v 0.120 118.384 15.98 0.135 12.5%
Prices in CAD$, data from TSXV basket avg 44.93%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
chosen under the following criteria to put together a list representing the state of play in the
sub-sector of tinycap exploration company stocks. At least, that’s the plan.
 Market capitalization of under $20m (though this year I’m making one clear exception and one rule
stretcher). They have to be tiny. In two cases I’ve stretched the window a little and allowed sub-U$20m
market capper in that are just over the C$20m level, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right
size, our task is to trawl through the TSXV and find companies that are small but with life in them. The vast
majority of tinycap stocks are broken stories, either traded to death on the exchange or with projects that are
a bust or with entrenched management more interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2024. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
Down another 6.03%% this week, which makes TinyCaps, 2024 weekly tracker
100%
15% in the last fortnight as the air comes out of the 90%
tinycap market and sellers into wafer thin bids do 80%
70%
what they do. Two stocks went up (BAY.v, STS.v), 60%
one stock remained unchanged (PA.v) and the other 50%
40%
seven were losers, including rhe dumps in 30%
Endurance Gold (EDG.v down 17.2%), Viva Gold 20%
10%
22 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 ts12 ht82 ht4gua ht11
source: IKN calcs, TSX data

(VAU.v down 12.9%) and Surge Copper (SURG.v down 10.7%).
Palamina Corp (PA.v): Good news from this one, as we hear the long-await and rather
delayed drill program started this weekend. So we set the close at “second week in August” and
as these won’t be deep holes, we have perhaps five or six weeks to wait until the first assays
get back to the company. If the results are good, we should hear something before October
shows up but if the turnaround is slow, October would be acceptable. No news before
November would mean the core didn’t live up to expectations. Game on and to remind readers,
this one has my personal interest as a potential trade. High
risk obviously, but there could be a real deal gold discovery
here.
Awalé Resources (ARIC.v): The ten-day chart is a
reminder that while we await more assays from Odienné, we
should also look out for price movements on no news
because they tend to frontrun any significant release. Sad
but true. Last week was pancake flat from ARIC, which
means any draft NR hasn’t reached the legal office or
proofreaders yet. Call me jaded, I don’t care.
NB: Please be clear that The Tiny Dogs is NOT a list of recommended tinycap stocks. It is a list of companies with
market caps of under $20m offering a reasonable representation of the wider tinycaps market. It’s possible in the future
I may buy shares in one or several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Brújula Minera and public opinion of mining in LatAm
I’m a little late to this one, but it’s worth an airing all the same. For the last four years,
Colombian-based mine consultancy company Brújula Minera (8) (Mining Compass) has
published a “State of Acceptance” poll on how mining is viewed by eight regional countries,
with around 600 people surveyed in each country and between 2,500 and 3,000 in its home
country of Colombia (this year 2,600). Find this years report on this link (9) and while there’s a
lot more in the report, including interesting insight on the thorny issue of CSR acceptance of
mining projects, we offer excerpts and visuals on the main findings.
The headline question asks this:
“Do you believe that mining is beneficial for your country?”
Chile comes out top, which isn’t surprising if you consider how much that country depends on
metals (in fact copper) exports for its trade balance and growth, or that the motto for Codelco
is “The Salary of Chile”. Peru comes a clear second (again, highly dependent on metals exports
for its world trade).
As for the companies involved, this question gives similar though less enthusiastic results:
“Do you have a positive opinion of mining companies?”
23

Chile does well, Brazil and Argentina do badly. Along with the headline results, we also get
insight on how country populations view the government bureaux charged with the oversight of
mining. Example One:
How much trust do you have in your country’s Ministry
(or Secretary) of Mining/Mining and Energy)
With green for good and red for bad, Panama gets the best results. It’s notable that the
governments of the top three, Panama, Guatemala and Colombia, all currently have either an
ambivalent or outright negative view toward the mining industry.
That repeats in this question, Example Two:
“How much trust do you have in your country’s Ministry
(or Secretary) of the Environment?
That negative view seems to be more about the target country’s general distrust of thier
governments, rather than a frown over mining. So to finish our quick overview of the survey on
a positive note, this last question and the graphic answer:
Is mining necessary for modern life?
24

Even the most anti-zones, Brazil and Argentina, recognize that mining is a necessity while
several countries with big and Developer industries are very much in favour of mining.
Bottom line: Chile isn’t the #1 mining jurisdiction in LatAm for nothing and it’s not just for
national policies and “miner-friendly” governments. The industry has deep and cultural level
acceptance, the type that doesn’t change just because a left wing government gets voted in.
That’s a lesson Gabriel Boric had to learn the hard way, but he learned it all right.
Mexico: Dates for Sheinbaum’s presidency
The length of the transition period in Mexico between the outgoing AMLO and incoming
Sheinbaum presidency is cause for some confusion, so here’s a timetable as one fo the key
dates is nearly upon us:
 Though she won the election weeks ago, Claudia Sheinbaum will only becomes the
official President Elect this coming Thursday, August 15th.
 Outgoing President Andrés Manuel López Obrador (AMLO) officially finishes his
period of office on September 30th, which jeans Sheinbaum gets sworn in on
October 1st.
 However, the official ceremony with assembled world dignitaries and so forth isn’t
set to happen until December 1st. As a small sidebar, the two country Presidents not
invited to the shows are Noboa of Ecuador (all that embassy violation thing) and
Boluarte of Peru, as AMLO says she is an usurper and not a legitimate head of state.
One of the issues we noted after her victory was the extended quiet period we’d get in Mexican
politics, which would invariably extend to mining. There’s no way Sheinbaum will cross or
contradict the policies of AMLO until she assumes office as she’s way too smart to do that.
We’re going to get a President who sets her own course, but not until she’s installed and until
then, it’s going to be quiet and boring. Moving to a more specific focus on mining, this BN
Americas report (10) out last week came as a pleasant surprise, not least because BN Americas
normally takes something of a negative, anti-mining editorial line. Published in English and
Spanish language versions, we’ll go with the easy one entitled “Incoming Mexico government
would adopt a favorable policy shift in mining”. In it, BN Americas assembles several expert
opinions on the Mexico mining scene, including junior CEOs, the current president of the main
chamber of mining in Mexico Camimex, lawyers and risk analysts. In general terms they see
reason to be cheerful about mining in Mexico under Sheinbaum and expect a more nuanced
approach to thorny issues, such as open pit permits. It also agrees with our general thrust and
argument that Sheinbaum is a more pragmatic politico and has appointed key ministers, e.g.
Alicia Bárcena at Environment, in order to strike a balance between growth and environmental
protection. Here are some extracts from the report, click through for the whole thing:
Jaime Gutiérrez, outgoing president of mining chamber Camimex, noted during the presentation
of the chamber's 2023 annual report in July that they have had several contacts with Sheinbaum.
“I believe that she has a clear awareness of increasing the economic possibilities in the country,
and this is only possible if she supports mining in some way,” he said.
Mariano Calderón, a mining partner at law firm Santamarina + Steta, considers the profiles of the
ministers that Sheinbaum has appointed for her next cabinet to be “positive” in general as they
are figures with technical expertise.
“We do see that there will be a change in the way of relating to the private sector in a positive
way, and with greater openness,” Calderón said in an interview with BNamericas, although he
warned that “the issue of mining is indeed a very sensitive issue.”
Mexico's current foreign minister, Alicia Bárcena, has been appointed by the president-elect to
lead the environment ministry at Semarnat.
Bárcena's first statements after learning of her appointment as the next head of Semarnat were
to highlight the need to move from extractivism to sustainability. However, she also recognized
the global challenge posed by climate change and the importance of the energy transition
promoted by Sheinbaum.
“In such general terms, one can think that the future minister is referring to control, to
extractivism with awareness, to sustainability, not a total stoppage of mineral or oil and gas
extraction, etc.,” Gutiérrez said in response to a question from BNamericas about Bárcena's
possible aim of ending extractive activity in the country.
25

“Knowing her, her technical background, surely the way to carry out or continue these operations
in a sustainable way will be studied,” he added.
Edmundo Sandoval, associate director at consultancy Control Risks, told BNamericas that
Bárcena will be crucial for the future of mining reform and in the negotiations regarding what will
happen with AMLO's proposal to ban open-pit mining, which Sheinbaum supports.
“Alicia Bárcena is one of the greatest diplomats in the country… She's a woman who
understands the business landscape, negotiates, dialogues and how to be pragmatic, but she
also has a very strong notion of sustainability behind it,” said Sandoval.
Argentina: A political scandal that matters to us
It’s not going to be a surprise to learn that LatAm sees a lot political scandal, all varieties,
countries, types and subjects. The vast majority of them don’t get an airing on these pages but
this one does. It might not have made your newsfeed in English up there but is a major story
down this end of the world in Spanish media, we’ll go with the Latin Times version (11) because
it covers the main facts in a few lines and saves me a job of translating:
Former Argentine President Alberto Fernández was sued on Tuesday by his ex-wife, Fabiola
Yañez, for gender-based violence while in office, as well as harassment.
Evidence about the mistreatment was found by authorities in the context of another investigation
about alleged embezzlement by the former president and some of his associates.
They came across photos and texts between a secretary of Fernández's and his then-wife, who
is now living in Madrid, about violent episodes. The federal judge overseeing the embezzlement
case then summoned Yañez, who initially rejected pressing charges before changing her mind
and agreeing to do so.
Señor Fernández had his reply ready, of course. Here’s Reuters (12):
In a post on X, Fernandez said he had learned of the accusation through media reports and that
he planned to provide courts with evidence to support his innocence.
"I will just say that it is false and what she is accusing me of never happened," Fernandez said. "I
will provide evidence and testimonies before the courts to show what really happened."
Fernandez added that he would refrain from making media statements.
Following the accusation, an Argentine court ruled that Fernandez was banned from leaving the
country and from approaching Yanez, local media said.
For those interested in the unpleasant details, this post on TwitterX (13) from a professional
Argentine journalist contains the chat messages and photos discovered by investigators as they
looked into a separate case filed against Fernández and his entourage (for presumed
corruption). The link is Spanish language, but the photos leave little to the imagination with his
ex sporting a nasty black eye and large bruises on her arms, apparently due to a physical
altercation with Alberto Fernández. The dates on the images coincide with the first months of
his presidency and that brings a suite of other serious implications, as they imply his physical
brutality while in office occurred at the Los Olivos Presidential residency. This opens Fernández
up to further charges of bringing the office of the President into disrepute, so he may not be
facing simple assault and battery charges. It also suggests the physical abuse may have been a
regular occurrence while the couple were together. But that’s enough gossip, we’ve made it
plain that the abhorrent news has dropped ex-President Fernández deep in the doo-doo, we
can now get to our point and why this should be a thing for FDI. Put simply, it’s laid waste to
another of the perennial accusations made against Milei by his opposition. As well as making
constant public exhortations against violence toward women during last years of his presidency
and during the election campaign (you may recall, he didn’t run but supported the dauphin
candidate Sergio Massa), the Milei opposition made much of Milei’s suspect private life and
personal relationships, accusing him of all sorts of impropriety. While he’s certainly no saint, last
week’s revelation has shone the light of hypocrisy on his opponents and weakened their moral
position against the current government. And be clear, last week’s news on the ex-President is
s Very Big Thing in Argentina on a subject taken very seriously in the country.
It comes at a useful moment, too. Milei’s deep economic reforms at a critical stage, one that
economics observers predicted when indicators such as inflation and balance of payments have
moved in favour but the country is in deep recession, unemployment is rising and poverty levels
increasing. The drop in overall standards of living is evident, but as it’s no surprise the country
seems to be willing to give Milei the time he asked for to show true improvement. If the models
26

are correct, Argentina should show significant year-over-year improvement in 2025 as long as
the citizenry patience doesn’t wear thin. Events such as last week are, therefore, a gift-wrapped
present for the Milei government that allows him/them ammunition against his enemies. Of
course, developments such as BHP/Lundin going JV on Filo/Josemaria to the tune of $3Bn or so
helps his cause tremendously and offer people concrete evidence that his reforms attract FDI,
but the time lag between a commitment and the job creation is a delicate period. Alberto
Fernández’s brutality against his ex-wife has caused mayhem among the opposition ranks in
Argentina, has quite literally handed President Milei a moral victory and has given him that
precious gift for any sitting President: More time.
PS: Yesterday Saturday Infobae published (14) an exclusive interview with Fabiola Yañez, which
I read on Sunday morning. Spanish language, a difficult but compelling read, a horrible case. I
applaud Ms Yañez for her bravery in coming forward and hope Fernández gets his day in court,
the sooner the better.
Argentina: More on Rio Negro and RIGI
Further to our main fundies note last weekend, this week brought this report (15) from Rio
Negro focused on the Calcatreu project owned by Patagonia Gold (PGDC.v) from local media
source “Letra P”. Written for non-specialists in the province, it covers the basics of Calcatreu, its
location, the job done by PGDC on community outreach and notably, the clear interest that Rio
Negro governor Alberto Weretilneck in moving the project forward. It ends this way:
“With dedicated to the social situation in the locality and the political decision by Weretilneck to
support it, all indications are that there will be large-scale mining in Rio Negro in the years to
come.”
Notably, governor Weretilneck is coming off a big victory for his province as Argentina’s biggest
oil company YPF, along with JV partner Petronas, has confirmed its decision to build its LNG
plant in the region with the capex slated at U$30Bn with the potential to extend to U$50Bn
(that’s with a B). Those are massive numbers for a relatively small and distant province and a
real feather in the governor’s cap. It’s also seen him cross words with the main opposition
figure to President Javier Milei in 2024’s Argentina, Buenos Aires Province governor Axel Kicillof,
a staunch opponent of Milei and also of his new RIGI law (one of the five “hold-out” governors
in the country that have not ratified RIGI in their provinces). When Kicillof complained that Rio
Negro had used the new RIGI investment laws to attract the deal and had beaten his province
to the project, Weretilneck last week was direct in his response (16): “Without RIGI this project
is unviable.”
Venezuela: A (final?) quick non-mining word
I was unsure how the coverage in last week’s edition on Venezuela, including my personal
observations in the intro section as well as the Regional Politics note, would go down among
readers. I therefore thank you for the positive feedback received via several channels (mail,
TwitterX DM, WhatsApp, etc), it’s greatly appreciated. Those interested in what happens in
Venezuela from here have plenty of reports to read and probably don’t need me to provide
running commentary on each and every development, so no big narration today. Instead and to
cover just one question posed by several people, we as a family are in a very safe and secure
location. This current scenario is something we factored into our decision to move here and as
such, we chose our place to live carefully. Though outsiders have trouble believing it, if you set
the national level politics aside and even with the current headline-making disruptions, daily life
continues in a country with a lifestyle that isn’t very different from the rest of South America
and on a purely personal level, I live on this continent by choice and not obligation. Obviously
it’s not for everyone, but that’s okay. Bottom line: You apply your education and experience in
order to carve out your life in your own country of residence, despite the madness of your own
national government and politics. Same here.
Market Watching
Deferred
It’s August. Doldrums. Laziness. Sorry.
27

Conclusion
IKN795 is done, we end with bullet points:
 Time to do something I should have done a year ago, time to buy Eldorado gold (EGO)
(ELD.to). despite its near-doubling since we first featured its story, it still looks cheap.
 On reviewing the edition, the growing vibes around Rio2 Ltd (RIO.v), Palamina (PA.v)
and the new arrival Patagonia Gold (PGDC.v) stand out as stories with growing
momentum.
 SilverCrest (SILV) (SIL.to) may have reported higher costs than expected (well, in fact
it did) but that doesn’t negate this trade or throw shade on the best silver company out
there, penny for penny. One to own and right now, available at a discount.
 Meanwhile, the two “Ore Group Stable” companies American Eagle (AE.v) and Awalé
(ARIC.v) both look ready to give us some long-awaited drill assay news. I’ll ride both
via the cheap entry, OCI.v
 I’m beginning to believe Milei is going to work his near-miracle on the Basket Case
country. Gosh, I hope so.
 Avoid Colombia but expose yourself to Chile, the best location to go mining in LatAm.
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://s2.q4cdn.com/536453762/files/doc_presentations/2024/August/ELD-Investor-Presentation_August-2024.pdf
(2) https://www.silvercrestmetals.com/news/2024/index.php?content_id=545
(3) https://www.youtube.com/watch?v=wXT4EcfSduI
(4) https://www.stocktitan.net/news/MENEF/mene-inc-announces-cancellation-and-grant-of-stock-2nu8gse2bk63.html
(5) https://www.hellenicshippingnews.com/copper-steadies-as-gloom-on-global-growth-hits-demand/
(6) https://arizonasonoran.com/news-releases/arizona-sonoran-standalone-pea-for-cactus-open-pit-project-reports-post-
tax-npv8-of-us-2.03-billion-c-2.77-billion-and-irr-of/
(7) https://lundingold.com/news/lundin-gold-reports-second-quarter-of-2024-results-122780/
(8) https://www.brujulaminera.com.co/brjula-minera-latam
(9) https://www.brujulaminera.com.co/s/Presentacion-Brujula-LATAMLOW-2024-DCR-InnSumm-COMPARTIR.pdf
(10) https://www.bnamericas.com/en/analysis/incoming-mexico-government-would-adopt-a-favorable-policy-shift-in-
mining
(11) https://www.latintimes.com/former-argentine-president-fernandez-sued-ex-wife-gender-based-violence-while-office-
557374
(12) https://www.reuters.com/world/americas/argentina-ex-president-fernandez-denies-violence-toward-former-partner-
2024-08-06/
(13) https://x.com/jpserna/status/1821741800048005164?t=B_hXTX8B4nwX63VSsEQ4lQ&s=03
28

(14) https://www.infobae.com/politica/2024/08/10/fabiola-yanez-revelo-detalles-de-su-vida-junto-a-alberto-fernandez-he-
cuidado-a-este-hombre-de-tantas-cosas-que-esos-videos-que-aparecieron-son-poca-cosa-al-lado-de-lo-que-hizo/
(15) https://www.letrap.com.ar/economia/alberto-weretilneck-va-el-oro-y-la-plata-como-es-el-proyecto-minero-insignia-
rio-negro-n5410343
(16) https://cnnespanol.cnn.com/radio/2024/08/06/alberto-weretilneck-sin-rigi-la-planta-de-gnl-es-inviable/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
29

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
30

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
31

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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