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The IKN Weekly
Week 801, September 22nd 2024
Contents
This Week: In today’s edition, The pleasures of being wrong.
Fundamental Analysis: Revisiting the Pan Global Resources (PGZ.v) long thesis.
Stocks to Follow: Contango ORE (CTGO), Red Pine Exploration (RPX.v), Rio2 Ltd (RIO.v),
Aldebaran Resources (ALDE.v), American Eagle (AE.v), Orecap Inv (OCI.v), Eldorado Gold
(EGO) (ELD.to), SilverCrest (SILV) (SIL.to), Minera Alamos (MAI.v), Amerigo Resources
(ARG.to), Bear Creek Mining (BCM.v).
The Copper Basket: Overview, Element 29 (ECU.v), Arizona Sonoran (ASCU.to), Los Andes
Copper (LA.v).
The Producer Basket: Overview, Barrick (GOLD), Wesdome Gold (WDO.to) (WDOFF), Lundin
Gold (LUGDF) (LUG.to).
The TinyCaps Basket: Overview, Latin Metals (LMS.v): Awalé Resources (ARIC.v).
Regional Politics: Bolivia: More Evo mayhem, Colombia: The “Temporary Nature Reserve”
law is ratified, Peru: The growing problem of illegal mining, Mexico’s Congress: Still on other
things, Ecuador: First call on the 2025 Presidential election.
Market Watching: New Found Gold (NFG.to) (NFGC): A Queensway crystallization moment.
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In today’s edition
 We’re not here to celebrate winners, our job is to examine the under-performing stock
picks, try to work out what’s going wrong and whether to continue in the trade. After
last week’s small lament on Pan Global Resources (PGZ.v) and then seeing the
company offer up new information on its projects and plans, it was time to take a
closer look at this underwater trade. That’s today’s main Fundies section and after
chewing it over, I was pleasantly surprised by the opportunity it now presents.
 The publication last week of a Short Report by a formidable short selling firm on one of
the sector’s hot story stocks, New Found Gold (NFG.v) (NFGC), plus prompting and
comments from a couple of subscribers out there (you know who you are, thank you)
had me reflecting on the lack of attention I’d paid to the company in the last year or so.
The result is in Market Watching, below.
 There’s only one more AMLO week (and precisely two Congress sessions) to navigate
before Claudia Sheinbaum becomes President of Mexico for the next six years and
hopefully by now, readers would have got the message that the shrill Ban Open Pit
Mining! voices have been exaggerating the reality of the country’s situation. That’s in
today’s Regional Politics, along with snippets from a deteriorating Bolivia, a riskier Peru
and an anti-mining Colombian executive that will now be able to show its true colours.
 As for our Stocks to Follow, they had another good week as money rotated out of the
Tier 1/Tier 2 producers and into some of the more volatile juniors. We’re there already,
waiting for the trickledown to trickle.
 Other things, too. There are always other things.
1

The pleasures of being wrong
A brief reminder that this desk has made these calls in the last week or two:
 The Fed would cut rates by 25bps
 Gold would top out at around U$2,550/oz
Regarding the former, in mitigation we did frame it as “prepare for the worst and hope for the
best” last weekend. As for the latter, here’s a price chart of spot gold:
Ha ha, wrong again and absolutely guilty of the sin of trying to call a top in gold, too. In the
run-up to last week’s FOMC decision gold broke away from the U$2,550/oz line and then had
the world’s technical analysts and chartists purring with joy as it re-tested the same level almost
to the dollar, before exploding upward and closing where it did on Friday, well North of
U$2,600/oz and apparently with plenty of momentum left in the tank. However, I’m more than
happy to be wrong and hope the run continues into the days ahead, because the real call made
by The IKN Weekly is working out well:
IKN800: “…keep your eyes on the real prize and that’s the mining stocks…”
IKN799: “…why the fundamentals for the mining stocks remain strong, as we’re about to
enter a classic sweet spot for the sector when rates drop, money gets cheaper, inflation
concerns abate and the margins being made on every ounce of mined gold is
consolidated.”
IKN798: “Enough of the pessimism, ladies and gents, gold is flying. Bring on the upbeat
speeches, bring on the fat treasury chests and bring on the M&A deals.”
IKN797: “…the real benefit to gold at 2500 is going to show in the share prices of the
miners. Be clear, the triple whammy of 1) controlled inflation 2) interest rates dropping 2)
gold at these prices is a near-perfect environment for precious metal mining stocks, the
ones we cover, watch and buy here at The IKN Weekly and unlike gold bullion in dollars,
the miners are obviously lagging the metal. That’s where we are today, an environment in
which the mining stocks will outperform not only gold, but most other industrial sectors. I
for one have positioned the personal portfolio for this moment and you’re free to argue
about my specific vehicles (you think owning IMPACT Silver is dumb? Fine by me), here in
the intro rant we’re all about the big picture strategy and from here, the job is simple. If
you’re not fully long PMs yet, make sure you are and then stay that way. The “sell high”
part comes later.
We could continue, but the point should be made by now. Own gold and make sure you know
what it’s up to, but the miners are the trade in this environment. HODL, ladies and gents,
there’s serious money to be made.
Fundamental Analysis of Mining Stocks
Revisiting the Pan Global Resources (PGZ.v) long thesis
Last week’s edition, IKN800, was full of big winners and moves on the back of gold’s big
breakout, but it turns out the segment on Pan Global Resources (PGZ.v) in the Stocks to Follow
2

notes mattered the most (at least to me). In it, we noted the lacklustre performance of the
stock both in recent months and that week, finishing with these words:
“…we have a laggard in our midst in the shape of PGZ, the question is what to do about it.
For the time being I’m going to give it some leeway and allow it to stink up my portfolio,
but today’s note is some sort of semi-official recognition that the clock is running and
without a reversal of fortune here, I’m going to have to sell this loser (better said “another
loser”), put it down to experience and find another place to deploy what’s left of this
capital.”
I don’t often re-read my own words but found myself reading that segment from IKN800 more
than once, far more compelling than reading about the booked wins. On reflection it felt weak,
bad portfolio management on my part, the winners can look after themselves but a laggard in
the portfolio means there’s work to be done. Combine that with the new information offered by
PGZ last week and that’s why today’s main fundies section is what it is. But before diving in,
here’s a quick rundown of our coverage of Pan Global (PGZ.v) to date, which began with its
inclusion in the 2023 Copper Basket. We watched its price drop in 2023 until there came a point
when reward started to outweigh risk, so in IKN747 dated September 10th we dedicated the
main note to the company in “The cheap copper at Pan Global Resources (PGZ.v)”, following up
on the report with some extra thoughts in IKN748 the next weekend. We then move to the
period IKN751 to IKN754 spanning the month of October 2023, which saw PGZ first announce a
placement of C$2m, only to see the stock sink on the news as it was obviously too small for its
needs. Just a few days later with the stock now under 20c it upsized the placement to a more
reasonable C$6m The process was complete in early November (see IKN755 dated Nov 5th)
and at that point, we put PGZ on our active Watch List.
Cut to 2024 and finally, after much humming and hawing over the trade and watching its price
action via the Watch List, I pulled the trigger in IKN770 dated February 18th 2024. On that day
PGZ was a 16.5c stock and a reasonable entry point. Then came a strategic error on my part,
as in IKN778 dated April 14th I added to the
position. As you can probably make out in this 12-
month chart (right), that addition came during
PGZ’s last sustained period above the 20c line and
made my own cost average what you see in the
Stocks to Follow table every weekend, 19c.
Perhaps not a big deal to you, but when the stock
has traded as badly as it has since then and now
languishes at 12.5c this weekend, every penny
counts toward the size of bag one holds and no
matter what the holding might be, I don’t like
being 34% down on a trade.
Since then we’ve followed PGZ in the Stocks to
Follow notes, but without deeper attention and
that’s not great, considering how it’s traded badly and particularly in the last three months.
With the prelude done and up to date on IKN Weekly coverage timelines, let’s get on with the
new stuff beginning with the updated corporate structure box for PGZ:
Shares out: 242.77m
Options+RSUs/DSUs: 19.99m
Warrants: 30.35m
Fully diluted: 293.1m
Current share price: C$0.125
Market Cap: C$30.34m
All prices are in Canadian Dollars unless stated. Forex U$0.75=CAD$1
In both our first coverage note in IKN747, then in IKN770 when finally pulling the trigger, PGZ.v
was a C$50m market capper but since then, it has seen a big drop to the C$30m-or-so of this
3

weekend. Why that should be in this world of strong copper prices and interest in sector juniors
is the question that needs answering today and, after due deliberation and study, I think there
are three factors in play:
1) Lack of cash. PGZ is running out of treasury and the market knows it. We know how
unforgiving the current financing market is when an exploreco has a thin treasury position,
that’s one of the main reasons PGZ cannot catch a bid today.
2) An ineffective 2024 drill campaign (to date). Please note I chose the word
“ineffective”, rather than bad or any other epithet. There’s been nothing particularly wrong
with what PGZ has done at Escacena this year, but by the same token nothing that stands
out or moves the market.
3) Unfocused marketing. The tale of the tape is that of weak-handed small and
medium-sized buyers, who then turn into sellers if the share doesn’t offer quick gains. PGZ
should be looking to attract a large strategic, rather than small retail.
However, all is not lost here and the current low price added to recent news flow may make
PGZ a decent buy for those not in and holding bags already (e.g. me). Or it may not, so it’s
time to consider the evidence:
1) Lack of cash: For part one we check out the updated balance sheet items at PGZ, which
come with some reasonable projections for 2024 quarters not reported yet. Due to PGZ’s
financial year-end on January 31st, we only have one quarter of the FY24 year booked so far (to
April) and while Q2 should be along any day, it shouldn’t make too much difference to our
guesstimates for the more important quarter to end October (i.e. where we are today):
PGZ.v: Assets
24
22
20
18
16
14
12
10
8
6
4
2
0
The assets and liabilities charts tell us that PGZ the exploreco still expenses its exploration
rather than collecting fixed asset value via the drill bit, which is how it should be. It also tells us
that liabilities are tiny, the sign of a tightly-run treasury (we like that). But the main visual is the
decline of assets due to cash burn after the most recent raise in 3q23 (the C$6m) and our
forecast of just C$1m in the coffers at the end of October 2024 (i.e. five weeks’ time). That’s a
problem and to get a better look, here below left is the working capital chart running to 3q24
estimate (October 31st) and then, adding a little more speculation, the cash treasury chart with
a guess added to 4q24 (January 31st):
4
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3
$m fixed PGZ.v: Liabilities per qtr
other current 2
cash 1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
source: company filings
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3
source: company filings
srallod
fo
snoillim
LT liabs
current liabs
20 PGZ.v: Working Capital per qtr
18
16
14
12
10
8
6
4
2
0
-2
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3
source company filings
srallod
fo
snoillim
PGZ.v: Cash treasury per qtr 20
18
16
14
12
10
8
6
4
2
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3 tse42q4
source: company filings
srallod
fo
snoillim

Yes indeed, we expect PGZ will go back to market and raise cash in an equity placement soon.
Exactly how much and at what price (with how
many warrants) is always a case of second-
guessing, but at this point and the way the stock
has been trading, the eye is drawn to maybe 50m
units priced at 12c for gross proceeds of C$6m.
That’s would put treasury back to roughly where it
was at the better points of 2023 and enough to
continue into 2025. If that guess is exactly right
(unlikely), it would do this to the shares out count
(right), putting the total just under 300m and
that’s now getting up there.
Long story short, PGZ is under pressure from a
capital market that knows it needs to raise cash
soon and is going to charge it the maximum to do
so. Not good for current holders (e.g. me) but at
some point this stock is going to be too cheap to
ignore for larger speculative cash. As for where the
money is going, here’s the admin expenses chart
that tracks burn and as usual, PGZ sends most of
its money to Spain to be used at project. That’s
good of course, but the last three reported quarters
have also seen a slowdown in spending rhythm.
Perhaps conscious of the low level of treasury and
trying to make things last as long as possible, the
result is less work done on site.
Unsurprisingly, the operating loss per quarter chart
tells us the same thing, burn rate has dropped at PGZ in the last few quarters. We’re about to
find out what happened in the quarter to July 31st (perhaps as early as this coming week) and
I’d expect the burn rate to improve somewhat from the very low levels recorded in 1q24, but
equally they’re unlikely to return to the mid-2023 levels of over C$3m/qtr.
PGZ.v: operating loss, per qtr
4
3.5
3
2.5
2
1.5
1
0.5
0
5
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1
PGZ.v: Shares Out
$m
source: company filings/IKN ests
This chart takes a closer look at how the grey “Exploration and Evaluation Expenses” columns in
the above chart are itemized:
34.351 9.651
80.981 87.391 1.302 15.502 51.212 51.212 51.212 4.212 4.212
57.242 57.242 57.242 57.242 57.242 392 392
325
300
275
250
225
200
175
150
125
100
75
50
25
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 tse42q2 tse42q3 tse42q4 tse52q1
source: company filings
serahs
fo
snoillim
PGZ.v: Admin expenses
4
3.5
3
2.5
2
1.5
1
0.5
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1
C$m other exp
share payments
IR
mgmt fee
office/rent
Exp&Eval
source: company filings
PGZ: exploration and evaluation expenses, per qtr
2.50
2.25
2.00
1.75
1.50
1.25
1.00
0.75
0.50
0.25
0.00
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1
C$m
other
tech services
Drilling
source: company filings, IKN calcs

Again, while “technical services” (geos, assay labs, met work, etc) and “other (there’s a camp to
run, food to cook, transport to fuel etc) remain reasonably constant, there’s a significant drop-
off in the amount of cash being applied directly to the drill bit.
2) An ineffective 2024 drill campaign (to date): We move to the second prong of my
argument against PGZ.v today and in fact, we’ve already touched on one of the issues. As seen
above, drill spend has dropped this year and the best guess on that is due to cash constraints.
For sure these things are not easy and there’s always going to be the fear of blowing all one’s
cash and leaving the stock twisting in the wind, but I cannot help but shake the feeling that
CEO Moody should have been accelerating the exploration program in this bullish 2024 for
metals prices, rather than trimming it back and making treasury last as long as possible (not
least because it’s going to run out at some point anyway).
The second point under this topic is Cañada Honda. At the start of the year and through the
early drill period, we heard a lot about the Cañada Honda target to the North of the main La
Romana deposit at Escacena, but talk of the target is now conspicuous by its absence. A good
example is the last ten days, so please see the latest corporate presentation that accompanied
last week’s webinar presentation (links here (1) and here (2)). The webinar talked extensively
about the La Romana drill assay results of September 10th (3), as mentioned in IKN800 last
weekend. With that done, CEO Moody went over the plans to drill at La Romana going forward
and also the progress made at the Bravo target since securing surface access rights and what
the team is seeing on the ground. Here are three slides from the PDF to make the point,
starting with this one that gives the overview of Escacena:
On the above, we see the main La Romana (from where the drills returned assays last week),
then Cañada Honda to its North, then just to the East of La Romana lays the Bravo target, that
got talked up (and frankly, does seem very promising).
The second chosen slide shows La Romana and in the presentation, CEO Moody talked up the
areas in the rectangles as great targets for the upcoming drill program(s), ones that can expand
the La Romana mineralization quickly and add tonnage if things go well.
6

Thirdly, this gravity anomaly map (PGZ underscores at every opportunity that gravity IP is a
great way to identify mineralized target all along the Iberian Pyrite Belt and Escacena is no
exception) showing the footprint Bravo offers compared to the nearby and better understood La
Romana. CEO Moody explained that the geology team has worked quickly since gaining surface
access via agreements with the landowners recently, with the next sampling and mapping jobs
aiming toward drill target generation and drilling in 2025.
Points to be made:
 The latest corporate presentation makes very little mention of Cañada Honda and the
webinar was the same, with only the barest mention while all focus is now on La Romana
for drilling (again) and Bravo for target generation.
 The Cañada Honda drill results this year were okay, but nothing special and obviously had
little impact on the share price. Therefore, seeing the company swing back to La Romana
and talk up those rectangular areas onn the North edge of La Romana makes one think “If
they’d drilled those first, we may have a 43-101 compliant resource by now.”
 Because yes indeed, we still haven’t been given a reasonable ETA for a 43-101 from the
company with the official line still “in 2024 or 2025” and the extra info “We’ll keep drilling to
capture as much tonnage as possible before releasing a technical report. If they’d drilled La
Romana first…(etc)
 Add to this the corporate decision to throttle back on the burn rate in order to make
treasury last longer, you’re left with not the greatest sequence of corporate decisions.
While we’re at it and before getting to the final bone of contention, the webinar video above
was posted to YouTube on Wednesday September 18th and on checking back for the link today
Sunday, I note its view count is at just 49 (and I’m four of those ). This leads to our third
point:
3) Ineffective marketing. The third weak point in my view is more subjective in nature, so
take what follows as a strict personal opinion (and feel free to call me stupid too, constructive
pushback always welcome). In my view, PGZ is a company and
story crying out for the entry of a strategic shareholder or a
large fund to take a block. This pie chart (right) ripped from the
latest corporate presentation shows 48% of shares purportedly
in the hands of “retail” and 27% with HNW individuals, which
begs the question “What’s the difference between retail and
HNW?” Answer: Whatever you want it to be and the mere fact
PGZ designates 27% of those to HNW people is no guarantee
that they’re any tighter-handed than the retail portion. Even
“institutional” isn’t a gimme, as a lot of those may have come in
on the last C$6m placement and be happy to clip their warrant.
The point being is that PGZ’s share registry isn’t one that
screams strength, that’s putting it as nicely as possible and what
it needs is a large block holder that isn’t going to go away in a
hurry. Consider, for example, our gold play Newcore (NCAU.v) with large share blocks held by
7

tight-handed funds and/or companies. For another more topical example, the entry of SAF has
invigorated Goldshore (GSHR.v) at Moss since moving in on the company (and into a technically
inferior deposit, for my money). There are plenty more, but instead of trying to attract a
strategic PGZ seems to spend its market time pitching at the retail world. I have nothing
against a company fomenting its online presence, but the amount and number of channels
where PGZ pops up these days, with social media paid promotion and aimed at audiences that
buy in smaller quantities with weaker hands. We should also note that a company tends to be a
reflection of the CEO’s personality and while CEO Tim Moody here at PGZ is undoubtedly a
strong technical guy and knows his way around rocks, he’s not a natural salesman. If you want
to 1) attract retail and 2) keep them around if the going gets rough, you need a Doug
Ramshaw at the helm rather than a dyed-in-the-wool geology guy (who, again, would be better
suited to pitching to his technically-minded peers in buyside, funds, madcap companies etc)
Discussion and conclusion
In order to frame the discussion and potential valuation, we need to get a handle on what
Escacena holds by way of mineralization and until PGZ publishes a resource estimate, that’s
going to be difficult. The company has already made it clear it wants to expand the tonnage
before putting a “snapshot in time” number into the public realm, after that there are new
targets to drill and even tonnes to add at what we already know, so it’s all something of a black
hole. However, we can make an educated guess or two on the back of what we know about
widths and grades to date and here’s a table with some numbers:
PGZ.v at Escacena: Estimated Contained Copper Equivalent Resource (Mlbs)
CuEq resource
mmt resource 0.8% 0.9% 1.0% 1.1% 1.2% 1.5%
10 176.4 198.4 220.5 242.5 264.6 330.7
15 264.6 297.6 330.7 363.8 396.8 496.0
20 352.7 396.8 440.9 485.0 529.1 661.4
25 440.9 496.0 551.2 606.3 661.4 826.7
30 529.1 595.2 661.4 727.5 793.7 992.1
35 617.3 694.5 771.6 848.8 925.9 1157.4
40 705.5 793.7 881.8 970.0 1058.2 1322.8
45 793.7 892.9 992.1 1091.3 1190.5 1488.1
50 881.8 992.1 1102.3 1212.5 1322.8 1653.5
source: IKN estimates and calcs from PGZ data
For this table, I’m going with La Romana only and assuming its grade averages something
around the 0.9% to 1.0% Copper Equivalent (including the tin areas) and that the early
promise shown by the met work is confirmed, making this resource an economic open pit
mining operation down the line. From there the job is to guess the size and while the multiple
targets and open flanks make Escacena almost certain to increase as more holes are put in,
we’re going with what we know about La Romana for the time being and estimating a resource
of around 25m to 30m tonnes.
So, between 25mmt and 30mmt of 0.9% to 1.0% CuEq is our ballpark first pass guesstimate
that’s almost certainly wrong, but gives a reasonable and conservatively pitched place from
where to start. That might not sound like much next to the massive porphyry copper operations
of this world that can run 30m tonnes of material in 100 days through their machines, but when
you’re considering high grade resource from open pits, this rock is very profitable indeed on
paper. A 30mmt resource is enough to run a 5,000tpd mill for 16 years and to keep the math
simple, if the 1.0% CuEq grade holds up and recoveries run at 90%, that’s around 16,425
tonnes, or 36.2m lbs, of copper per year. Assume a strong operating margin on those pounds
with copper at U$4.00/lb and beyond and you get a feeling for what a mine on top of just La
Romana could achieve. So again to keep things ballpark simple, clearing U$2.00/lb Cu should
be easy enough at these grades so, U$72m in operating profits per year over 16 years. At a
15% discount rate (i.e. a real cost of capital) that works out at a NPV of around U$295m of at
10% discount rate, it’s around U$295m. You don’t even need to plug in the false 5% discount
8

rate to see that PGZ today is trading at less than 0.1X NPV in US Dollar terms. Another way of
putting a value on those Lbs is via a simple in-situ calculation and at those grades (the gross
margins will always be good), 10c/lb is more than reasonable. So if we plump for a happy
medium of 600m lbs CuEq contained, that’s U$60m and over 2X today’s market cap.
These valuation methods are simple, but you don’t need to run a complex spreadsheet to
understand that PGZ today is sorely undervalued compared to what it has and even in the
event of a 20% dilution to the share count, we’re in “easy double” territory if the market begins
to put a more reasonable (though still cheap) value on its assets. Therefore we can say:
 On the one hand, we have a clearly undervalued company compared to its current asset
book, not even taking into account its clear potential for exploration upside.
 On the other hand we have a share price that’s been hit by a combination of factors in
2024, some of those outside the control of the company, some of them simple luck of
exploration (e.g. Cañada Honda may have returned a lot more), but at least some are
apparent mis-steps (let’s put it diplomatically) by the company.
The astute reader will note that the positive side to the debate is naturally is forward-facing and
considers values in the future, while the negatives are things that have happened to PGZ. They
don’t have to happen again and while it’s logical enough to see the negative effects of a less-
than-perfect 2024 reflected in the share price of PGZ, it doesn’t always have to be that way.
That thought brings your author full circle and to the note written last weekend, as I know I’m
not the only one with low morale when it comes to this stock and the way it’s traded.
At the risk of summoning the ghost of Chairman Mao Zedong and his pithy “It's always darkest
before it becomes totally black”, things seem to be at a low ebb for PGZ at the moment. Retail
interest in the stock is minimal, cash is running out, capital markets know it will need to run
some sort of placement and until that happens, it’s not going to be difficult to keep a lid on the
share price.
That’s often the right time to buy a stock.
Perhaps not immediately as the placement has to happen, but there’s now a list of reasons to
like PGZ from this point. It’s cheap, copper is rebounding, the world is looking for projects that
don’t need 20 years to go into production, it’s in a good address for mining activity and at some
point, the good results from La Romana will take the headlines back from the okay-not-great
results out of Cañada Honda earlier this year. On top of that, we’re about to move into the
Bravo Zone period of discovery and while there’s always risk when drilling a new target, PGZ
has made no secret of its liking for that particular zone and with surface access rights recently
obtained, we’re bound to hear a lot about Bravo going forward. There’s also the possibility that
its corporate matters improve; We don’t need a full change of C-suite in order to improve the
company, but there’s always the potential of bringing in new talent. Better marketing isn’t an
impossible task and if PGZ can attract the type of strategic partner that takes a big chunk and a
publicly declared long-term viewpoint, the optics would improve very quickly.
The bottom line to PGZ at the moment is that of a company and story that’s been beaten down
by a market sensing corporate weakness, the result of a not-great 2024 with the drillbit, some
executive decisions that could have been better and a treasury position that’s drained to the
point of discomfort. All those can change quickly (indeed, the sooner PGZ announces its equity
raising the better as far as I’m concerned) and if copper rallies, at some point PGZ will get its
own rebound. The good news there is that at current prices, any relief rally means serious
leverage to the 12.5c close this weekend and can make it a good option for the risk-tolerant
among the audience. Personally and after spending the week thinking about my
underperformer trade, I’d be stone cold crazy to sell at the moment so it’s an obvious hold. I
would NOT call this a buy until the placement comes along (and accredited investor readers
may want a slice of that, though that’s one part of this mining world I keep clear of
deliberately) but once it does, there may well be a trade in the offing, one that would get me to
add and average down on my loser.
9

Stocks to Follow
Another good week for the list, but it was notable how the Tier 2 picks stalled while our
preferred small cap juniors pressed on. This time four stocks were losers on the week (SILV,
EGO, CTGO, IPT.v) with one other remaining unchanged (PGDC.v), which means a big 16
winners from the 21 open or watched positions from this time last weekend. Those week-over-
week winners include the big moves in Fitzroy (FTZ.v up 36.7%), Orecap (OCI.v up 20.0%),
Red Pine (RPX.v up 19.0%), Provenance (PAU.cse up 16.7%), American Eagle (AE.v up
15.8%), Aldebaran (ALDE.v up 14.9%), Bear Creek (BCM.v up 11.1%) and Rio2 Ltd (RIO.v up
10.5%). A fairly decent list and along with the 5.0% added to the Top Pick Minera Alamos (and
they said it wouldn’t last), the paper value of my personal holdings put in a sizeable move.
Which, if you were wondering, is good.
With the culling of CTGO we’re back to 20 open positions on our Stocks to Follow, that’s the
max under normal circumstances. Thirteen stocks are in the green, one is UNCH, the other six
are in the red.
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$0.315 50.0% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.63 -21.3% Momentum now building
SilverCrest Met SILV STR BUY U$6.90 31-Mar-24 U$9.41 36.4% Quality Ag/Au, U$12.96 tgt
Eldorado Gold EGO STR BUY U$16.55 11-Aug-24 U$17.54 6.0% new trade, finally long
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.69 9.7% return, (re)starter position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$3.86 26.6% Quality Cu developer
American Eagle AE.v SPEC BUY C$0.43 21-Jul-24 C$0.55 27.9% new Cu trade, near-term flip
Red Pine Expl RPX.v BUY C$0.105 8-Sep-24 C$0.125 19.0% New sm position, will build
Newcore Gold NCAU.v BUY C$0.205 23-Oct-22 C$0.33 61.0% Cheap Au in West Africa
Bear Creek Min BCM.v BUY C$0.35 10-Jun-24 C$0.40 14.3% Spec Ag(& Au) trade, 2 buys
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.125 -34.2% Trade dying a death,cheap Cu
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.06 0.0% Exposed to several good jrs
Florida Can. Gold FCGV.v hold C$0.63 21-Jul-24 C$0.58 -7.9% under offer, will hold thru
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$1.08 50.0% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.225 -25.0% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.02 -89.7% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Fitzroy Min FTZ.v WATCH C$0.17 4-Aug-24 C$0.205 20.6% Rio Negro trade op, watching
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.035 75.0% Rio Negro trade op, watching
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.105 23.5% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.48 6-Dec-20 C$0.135 -71.9% 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
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
2015 to 2023 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
10

Now for notes on some of our covered companies:
Contango ORE (CTGO): POSITION CLOSED. It’s only fair to start with the news out of
CTGO last week (4) that it had received a U$19.5m distribution as its share of the profits from
its first campaign from Manh Choh, as per its 30% holding in the JV company Peak Gold. The
revenues came from sales of 14,700oz gold total and is a good result, with implied AISC under
U$1,000/oz and lower than the estimated life of mine average. The second campaign has
already started and should be accountable inside Q4 but
even before it does, there’s still there’s another 6,000 oz
of gold stockpiled at the Fort Know mine owned by the JV
from the first batch.
As for me, I sold as expected. The U$20-and-bits prices
offered on Monday and Tuesaday were slightly
disappointing but I took the offer, wanting to lock in the
deal before the FOMC potentially threw spanners in my
works. That CTGO closed under the U$20 line is testament
to some heavy volume on Friday (793k shares traded,
that’s around U$16m in value in one day and very few
juniors can boast that type of bandwidth) as well as the growing realization in the market that
the “costless collar” hedge at CTGO is going to weigh heavy on its books with gold doing what
it’s doing. Anyway, I’m now out and though it ended in the green as a trade, it ended as a
rather disappointing trade that started well, but the assets bolted onto the deal and the
unexpected addition of shares to the structure changed CTGO enough to blunt its equity
appreciation potential
Red Pine Exploration (RPX.v): The 12.5c close on
Friday was slightly overbought but, as the chart here
shows, RPX spent the week at 11c anc 12c which means
the placement is going to close fully taken. Once the
placement closes we’ll see whether RPX has the hype
and/or newsflow to move back to the pre-scandal trading
range of 18c to 20c. It’s starting to look possible.
Rio2 Ltd (RIO.v): Not the biggest percentage move of
our Stocks to Follow list last week, but arguably the best-
performing share of the lot. The market seems unworried
about the small delay in Chile’s permitting track and ready
to buy in before the re-rate, it’s also signaling that the
financing deal will be shareholder-friendly. The ten-day
chart (right) has a red arrow pointing to the moment on
Wednesday afternoon when a chunking buyer moved in
and bought around a million shares, mostly at 60c to 62c.
That set the rest of the week up and while not a breakout
price in the strict sense, has probably put in a new floor
level. It would be nice to say goodbye to the 5-handle
prices, once and for all.
Aldebaran Resources (ALDE.v): This desk has
exercised an out-sized measure of patience toward ALDE
in the expectation that, one fine day, the world will look
up from its Vicuña Region fixation and start looking
around for cheaper tonnes of copper and when the market
discovered Altar, enough of them would realize that the
economics of this lower grading resource are just as
robust (with the resource growing rapidly, too). There
were (finally) signs of that last week and while volume
11

wasn’t massive, it never really is with this stock. It was enough, however, to provide constant
accumulation and very little sign of sellers ready to take a quick profit.
American Eagle (AE.v): AE was cruising toward an unchanged-or-thereabouts week until
midday on Friday when suddenly at least a few people decided they couldn’t live through the
weekend without owning some AE shares and off it shot, up to 55c on decent end-week volume
and asks hit for two hours solid. Word is that we get the next set of drill results out next week
and with the move AE made, even if the holes come in badly we have some buffer on our trade
now. If they’re good, we got a nice place form which to springboard.
We remind readers that no matter what happens to AE in the future and whether NAK becomes
the next Bingham Canyon or bust, your author went into this trade with a near-term flipper’s
mentality and it’s going to stay that way. This weekend’s +28% gross is reasonably good and
for about a minute on Friday I was tempted to sell into the rush, but with assays coming up
and a risk/reward mentality on this one, I decided to stay at least to the other side of the next
NR to see where we stand. Therefore, if it moves well against next week do not be surprised if
I hit the sell button next weekend. It’s nothing personal or a sleight on the company, it’s just
capitalism.
Orecap Inv (OCI.v): It looked cheap as chips last week at 5c, it even traded at that price on
some modest volume on Monday and Tuesday, but with the market starting to pop you really
needed to pay at least 5.5c and the 6c close was no surprise, particularly as big holding AE.v
(above) put in a real spurt Friday afternoon. The updated liquid-ish asset calculation table..
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.55 6.43 2.6
AE.v warrant 0.10 0.25 0.03 0.0
ARIC.v 8.33 0.45 3.75 1.5
ARIC.v warrant 4.17 0.25 1.04 0.4
QCCU.v 5.06 0.12 0.61 0.2
MIS.cse 24.71 0.035 0.86 0.3
Curprum privco 29.50 0.12 3.54 1.4
subtotal 16.25 6.6
Est.cash 1.50 0.6
Total 17.75 7.2
At 247.714 S/O
…shows that the arb is down to 20% from the 40% of last weekend. Still cheap, but no longer
eye-poppingly considering where AE and ARIC are priced this weekend. However and we stress,
it’ll only take one market-moving drill hole from either of those names (or even MIS eventually)
to push these shares higher. This trade is all about the asymmetric risk/reward advantage.
Eldorado Gold (EGO) (ELD.to) and SilverCrest (SILV): Neither
drop was very big, but I was still surprised to see both of these lose
ground on the week even though they perform different roles in the
portfolio. If vox populi counts for something, note that my most liked
Tweet last week was a non-specific musing on what might happen
to exactly this type of stock in the next three weeks (or so) as the
3q24 production reports start coming in from Tier1 and Tier2 PM
producers and the wider world starts paying attention to their
earnings potential with gold (and silver) trading where they are:
Minera Alamos (MAI.v): It wouldn’t have been a shock to see
MAI retrace a little last week, even with gold doing what it did, but
in the end the stock held the 30c line pretty handily and closed up
5% on modest but reasonable volume. Above all, good to see a lack
of sellers ready to hit the bid, as the last couple of months got rather
boring. A reminder that we’re not expecting a massive improvement
12

in production out of Santana for Q3, the real production uptick starts in Q4.
Amerigo Resources (ARG.to): A decent week for our
solid and reliable copper play, up 10c and along the way
went paid out its Q3 dividend (note to self: check account
Monday). For the record, a look at the 2024 YTD chart
comparative with spot copper (strictly speaking the Comex
continuous contract price) shows that the last time copper
was price in this range, i.e. U$4.33/lb and moving up, was
April and back then ARG was price in the same price range
as today. Which is fair enough, ARG wins a prize for
consistency.
Bear Creek Mining (BCM.v): It was good to lay out the bull case for BCM before last week’s
move in silver, it was also good to see how it traded as the metal rose above U$31/oz because
there’s someone out there trying to build a position. Both the Thursday (500k volume) and
Friday (100k volume) saw the buying concentrated in the
final hour of the day and a similar buying pattern, though
the biggest chunks changed hands at 35.5c and 36c on
Thursday.
This continues to be my best idea of deep leveraged value
on silver (if that’s what you truly want from life) and if the
Mercedes turnaround goes well, that cashflow should be
enough to service its debt. With financial stability, the real
prize of Corani shows more easily in the share price.
The Copper Basket
After thirty-eight weeks of 2024, The Copper Basket shows a gain of 3.64% to level stakes:
company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.to 7.16 186.824 1851.43 9.91 38.4%
2 Solaris Res SLS.to 4.13 161.833 566.42 3.50 -15.3%
3 Marimaca Cop MARI.to 3.43 93.11 359.40 3.86 12.5%
4 Los Andes LA.v 11.80 29.519 243.24 8.24 -30.2%
5 Aldebaran Res. ALDE.v 0.89 169.819 183.40 1.08 21.3%
6 Arizona Sonoran ASCU.to 1.75 109.17 180.13 1.65 -5.7%
7 Faraday Copper FDY.to 0.63 204.72 163.78 0.80 27.0%
8 Hercules Metals BIG.v 1.38 231 140.91 0.61 -55.8%
9 Oroco Res OCO.v 0.375 236.911 77.00 0.325 -13.3%
10 American Eagle AE.v 0.26 116.75 64.21 0.55 111.5%
11 Element 29 Res ECU.v 0.18 119.31 30.42 0.255 41.7%
12 Kodiak Copper KDK.v 0.58 63.93 26.85 0.42 -27.6%
13 QC Copper QCCU.v 0.12 173.7 20.84 0.12 0.0%
14 C3 Metals CCCM.v 0.61 61.885 18.87 0.305 -50.0%
15 Camino Min COR.v 0.07 206.66 9.30 0.045 -35.7%
NB: All stocks in CAD$ Portfolio avg 3.64%
For the second week running our Copper Basket was mixed bunch, with seven winners (SLS.to,
MARI.to, ASCU.to, ALDE.v, FDY.to, AE.v, ECU.v), seven losers (NGEX.to, LA.v, BIG.v, OCO.v,
CCCM.v, KDK.v, COR.v) and one unchanged stock (QCCU.v) but the overall average managed
to add three points and crawl away from the neutral level for the year, mainly thanks to the
13

three larger winners American Eagle (AE.v up 15.8%), Aldebaran (ALDE.v up 14.9%) and
Solaris (SLS.to) up 11.8%). The two larger losers Camino (COR.v down 10.0%) and Kodiak
(KDK.v down 9.7%) at the bottom of the list
were enough to prevent the overall win.
The Copper Basket 2024, weekly evolution
25%
All the same, the last two weeks in junior copper 20%
exploreco world has been somewhat tepid 15%
compared to the rally in copper. We’re going 10%
with the 10-day chart of our preferred 5%
December Comex futures contract and no red 0%
ink required for this one, the story is the -5%
regularity of the price rise over the last two -10%
weeks that has added around 5% to the asking
price of copper. Slow and steady wins this race,
I suppose.
The above chart also documents copper’s reaction to the FOMC 50bps cut, first selling off on
Wednesday afternoon which, if you think about it, is the logical move. The baseline reason that
Fed cuts rates isn’t to reduce debt servicing costs on the 35.4 squillionzillion dollars its country
owes the world (or it shouldn’t be, at least), instead it’s to stimulate the economy. And if the
economy needs stimulating, it means its becoming sluggish. And if the US economy is sluggish,
the world is going to use less copper. QED. However, a quaint old concept such as logic doesn’t
drive markets in 2024 and come Thursday, the world decided that the 50bps cut was good for
copper, rather than bad and to explain why, here’s Nitesh Shah of Wisdom Tree (5):
"China's central bank has largely held off doing broad-based stimulus because of rate differentials,
but now that obstacle has been removed, it can start stimulating," said Nitesh Shah, commodity
strategist at WisdomTree.
China unexpectedly left benchmark lending rates unchanged at the monthly fixing on Friday, but
analysts said a rate cut would likely be included in a larger policy package.
And while the train of thought seems a little twisted, this desk agrees. The speculation about
China’s own stimulus has been running for months, this move now allows the country the
monetary wriggle room to do just that and to underscore the point, here’s Bloomberg (6) under
the one of its typical word salad headlines, “Copper price sees strong week with boost from
Fed, China demand”:
In China, too, conditions in metals market are showing signs of improvement. Premiums on
imported copper rose to the highest since the start of 2024 this week, and inventories on the
Shanghai Futures Exchange dropped.
“Macro conditions are turning positive now,” said Xu Wanqiu, an analyst with Cofco Futures Co..
“People are no longer talking about recessions and the consensus is that the US economy will be
fine, inflation will slow.”
All good, but let’s apply a small caveat to the upbeat message this week by reminding readers
that one of the main reasons we quote experts in our carefully curated copper segment is to
show how dumb and backward-looking they can be. We only need to go back to IKN795 to get
these words from the copper commentariat (7):
14
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41 ts12 ht82 ht4gua ht11 ht81 ht52 ts1pes ht8 ht51 dn22
source: IKN calcs

"The global economic growth cycle has turned lower," said Sandeep Daga, director at Metal
Intelligence Centre.
"This means that all markets might synchronise and move together. With rising visible stocks and
recovering TC/RCs, copper bulls have no story left."
Shades of the famous Groucho Marx quote, “Those are my principles, and if you don't like
them...well, I have others.” This desk has long asserted that when the world’s suited and
booted metals market analysts are tapped by newswires for comments on the market, at best
we’ll get a reverse-engineered comment born of “That’s what the market has just done, how
can I explain it?”. However, our bullish stance is well-documented and while we were somewhat
perplexed a few weeks ago when the price dropped under the U$4.00/lb line, sanity has now
been restored. The metal now up 10% from its recent lows, that position is becoming popular
again, even among the snake oil salespeople.
Moving on, our regular look at world copper inventories adds more bullish data to the mix:
 Another big drop in overall world copper inventories last week and once again, the
numbers were driven by SHFE draw downs. The total under roof in the three official
systems this weekend is 507,032mt.
 The draw down in stocks at the SHFE took time to get going but we’ve now had the
third successive week of 20kmt+ drops and while seasonally late, it means the market
is finally normalizing after a weird summer. Last week another 20,582mt left its
warehouses and brought the total on Friday to 164,938mt. We’re now close to what I’d
consider normality and at this rate, we’re going to be firmly back in the frame by
October.
 A small decrease in LME stocks, down 1,575mt on the week to close at 304,925mt. No
biggie this weekend, not going to dwell on the secondary level data.
 Comex added 884mt on the week to close at 37,169mt, so slightly up but still basically
treading water after its sharp inventory increase during the Northern summer months.
Our SHFE dedicated inventory charts document the continued reversion to the mean. It took a
while, but the chunks now being shipped out of warehouses and to end users have brought
things back close to normal.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
15
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2024
2023
2022
2021
2020
2019
source: Cochilco data
We did a long diatribe on this last weekend, all thoughts apply today, as well.
No Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
w
350000
for
300000
so 250000
me 200000
not 150000
es 100000
on 50000
a 0
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 8102ht72rpa ht91 ht11 9102
dr3bef
9102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD ht52beF ht91 ht11
Mt Cu
|
source: Cochilco

selection of our basket stocks.
Element 29 (ECU.v): Subject of one of the two main fundies notes last weekend, I was
expecting to read a NR from ECU.v last week announcing the start of drilling at Elida (as
outlined in the note) so was slightly surprised when no news was forthcoming. I therefore
pinged the company on Friday afternoon to ask why and ECU CEO Richard Osmond replied,
saying that they “...didn’t want to put out a news release until the drill is turning sometime
today - hopefully. The drill is track mounted so it is slowly climbing the hill to the first drill pad.
See the attached photos.” Quote/unquote. And here below are the two photos he sent over and
with proof the rig is on site and word it’s been doing its stuff since Friday, we should get that
NR tomorrow. In trading, ECU did very little and once again, underscored its need for news to
grab the market’s collective attention. A couple of long
hits in the style of ELID025 and its 909m of 0.55% CuEq
would do this C$30m market capper the world of good.
Arizona Sonoran (ASCU.to): My current piñata stock spent most of the week being sold, but
put in an 8.6% rally on Friday to close slightly up on the week and relieve a little of the
pressure.
Los Andes Copper (LA.v): In Thursday LA.v spent all
day under the C$8.00 price line and while it recovered to
close a little higher on Friday, that’s the first time the
stock has been under eight since Warren Gilman (Queen’s
Road Capital et al) arrived as a director and source of
funds in 3q21. While nobody can be happy in the company
about the legal delays and staunch community opposition
to the project, there is a silver lining to the lack of
progress and drilling at Vizcachitas. LA has been in tick-
16

over mode for several quarters and, thanks to the Gilman cash and the background burn rate of
around $500k/month Canadian, it still had C$28.5m in the treasury and working cap of
C$29.2m as at end of the last quarter.
LA.v: Working Capital per qtr
17
205.4
342.1
958.7
859.11
567.33
306.13 733.03 102.92
50
45
40
35
30
25
20
15
10
5
0
22.peS 22.ceD 32.raM 32.nuJ 32.peS 32.ceD 42.raM 42.nuJ
C$m
source company filings
The Producer Basket
After 38 weeks of 2024, the Producer Basket shows a gain of 41.52% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 62.78 54.47 31.6%
2 Agnico Eagle AEM 54.85 497.971 41.40 83.13 51.6%
3 Barrick GOLD 18.09 1756 35.79 20.38 12.7%
4 Franco-Nevada FNV 110.81 192.119 24.66 128.36 15.8%
5 Pan American PAAS 16.33 364.439 7.78 21.35 30.7%
6 Lundin Gold LUGDF 12.64 238.883 5.29 22.15 75.2%
7 Hecla Mining HL 4.81 617.768 4.18 6.77 40.7%
8 Eldorado Gold EGO 12.97 202.472 3.55 17.54 35.2%
9 Dundee PM DPMLF 6.43 180.051 1.80 9.99 55.4%
10 Wesdome Gold WDOFF 5.83 148.95 1.44 9.69 66.2%
All prices and stock quotes in U$ Port. avg 41.52%
Our basket of ten stocks lost around 0.9% on the week, while the GDX managed to add about
1.0% and once the wonders of comparative math had done its thing, it means we lost exactly
2.19% against the benchmark since last weekend. That’s a significant turnaround and while
part of it was due to having the same amount of losers (GOLD, AEM, HL, EGO, WDOFF), the
balance was tipped by having the weak trading Wesdome (WDOFF down 7.0%) and the (once
again) politically troubled Barrick (GOLD down 2.2%) as equal weight components during a
week that saw most Tier 1/Tier 2 producers move only slightly in either direction.
Despite losing over 2% to the semi-serious rival, we still have a comfortable lead in this year’s
race with one quarter and a bit to go. What could possibly go wrong….?
The 2024 Producer Basket: Weekly performance and
50% comparative to GDX control
40%
30%
20%
10%
0%
-10%
-20%
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 ht81 ht52 ts1pes ht8 ht51 dn22
The 2024 Producer Basket: Percentage diff. between
GDX benchmark & basket (negative= IKN ahead)
2.0%
ikn
0.0%
gdx control -2.0%
-4.0%
-6.0%
-8.0%
-10.0%
-12.0%
source: IKN calcs -14.0%
-16.0%
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 ht81 ht52 ts1pes ht8 ht51 dn22
source: IKN calcs, NYSE data

Barrick (GOLD): The weakest Tier 1 stock last week, due to the news out of Papua New
Guinea that the re-opening of the company’s Porgera mine had re-kindled a turf war (or village
rivalries, if you prefer) between neighbouring communities that have subsequently become
violent. If you read the company NR dated September 20th on the events (8) “Porgera Mine
Working with UN and Enga Provincial Government to Provide Humanitarian Aid to Violence-
Stricken Province”, the company comes across as innocent by-standers meanwhile Mining
Watch on September 17th (9) would have you believe the clashes are all to do with GOLD’s
presence there and life wasn’t that way before large-scale, formal mining came to the country.
Here’s an extended excerpt from the anti-mining group (if you feel triggered by my quoting
them, feel free to unsub):
Porgera is Burning, Where is Barrick?
“We are dying, ...we have no shelter from the rain, ...we are eating tree bark”
Ottawa – An already desperate situation at the site of Barrick Gold Corp.’s (Barrick) New Porgera Ltd.’s
(Porgera) gold mine in the highlands of Papua New Guinea has become deadly for local Indigenous villagers
in Porgera, who wonder why Barrick is doing nothing to help them.
On May 23, half a mountainside gave way in a massive landslide at Mulitaka, burying an estimated 2000
villagers and affecting many thousands more as the slide cut off food supplies to villages between the centre
of Wabag and the villages along the road to, and at, the Porgera mine. The road remains cut off today,
although the mine has found ways to continue to operate. On July 25, Barrick reported that “Porgera
Remains On Track Despite Mulitaka Landslide Challenges.”
However, a perennial problem at this mine has been intrusions by desperate villagers seeking scraps of gold
to sustain their livelihoods. As reported to MiningWatch Canada by the Akali Tange Association, a clash
between a villager and a guard at the mine in early September has cascaded into the latest tribal battles at,
and around, the mine site, burning down villages and leaving many homeless and starving.
This desk strongly suspects the truth lays somewhere in between the MW and GOLD positions,
though it’s notable (yet again) how slow GOLD was to make a public statement on the
problems in/around its mine…they really need to learn to get in front of the news cycle, rather
than play catch-up and be obliged to correct the excesses of others.
Wesdome Gold (WDO.to) (WDOFF): In IKN798 three weeks ago, we made a passing
mention to some price weakness in the stock in the days after the filing of its 2q24 financials.
Nothing particularly alarming, but enough to warrant a word or two on a stock that was a
sector star in the first half of this year. Here’s how the comment ended:
“…since then, WDO hasn’t sparkled. If I were a big holder of WDO this wouldn’t be a major
worry, however it would have me scratching my chin and wondering whether the buy
rumour/sell news truism is in operation regarding Kiena.”
In days that followed trading in WDO settled back to
“market perform” but last week, the weakness returned
(right). There was no news to merit this reaction (the
news of a new VP Ex on September 12th wasn’t a
market mover), so it’s a bit of a head-scratcher again,
but I’m going to hazard a guess:
1) We’re days away from the end of the quarter
2) WDO gives us a preliminary production number in
the days following quarter
3) Kiena has ramped well so far, but it wouldn’t
surprise to hear of glitches to the plan in these early
stages
4) It got better for a while, but WDO as a corporate entity picked up a reputation as a
leaky boat for information.
Call me paranoid or a conspiracy theorist if you must, all the above is pure conjecture on my
part and an attempt to explain the selling we saw last week. If so, it’s probably not connected
to the weakness seen around IKN798. Keeping an eye on WDO
Lundin Gold (LUGDF) (LUG.to): No such concerns for LUG, so while its +3.0% gain last
week wasn’t as spectacular as the run seen in August and the first two weeks of this month, it
was still better than the GDX and a new All-Time High for the stock (closing in Canada at
18

C$30.01, a eye-catching number). According to the fundamentals, there’s still a couple of
dollars’ worth of logical upside to this stock at U$2,500/oz gold.
The TinyCaps List
After 38 weeks of 2024, the TinyCaps show a gain of 40.92% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 252.95 24.03 0.095 46.2%
Awalé Res ARIC.v 0.135 86.798 39.06 0.45 233.3%
District Metals DMX.v 0.170 106.98 32.63 0.305 79.4%
Endurance Gold EDG.v 0.18 150.136 24.02 0.16 -11.1%
Kirkland LDC KLDC.v 0.100 88.625 4.87 0.055 -45.0%
Latin Metals LMS.v 0.075 71.476 6.08 0.085 13.3%
Palamina Corp PA.v 0.130 71.285 11.76 0.165 26.9%
South Star STS.v 0.750 52.64 31.06 0.59 -21.3%
Surge Copper SURG.v 0.090 284.79 38.45 0.135 50.0%
Viva Gold VAU.v 0.120 118.384 19.53 0.165 37.5%
Prices in CAD$, data from TSXV basket avg 40.92%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
chosen under the following criteria to put together a list representing the state of play in the
sub-sector of tinycap exploration company stocks. At least, that’s the plan.
 Market capitalization of under $20m (though this year I’m making one clear exception and one rule
stretcher). They have to be tiny. In two cases I’ve stretched the window a little and allowed sub-U$20m
market capper in that are just over the C$20m level, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right
size, our task is to trawl through the TSXV and find companies that are small but with life in them. The vast
majority of tinycap stocks are broken stories, either traded to death on the exchange or with projects that are
a bust or with entrenched management more interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2024. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
The basket average improved by a modest 2.65% on
TinyCaps, 2024 weekly tracker
the back of five winners (DMX.v, EDG.v, KLDC.v, 100%
90%
LMS.v, VAU.v) edging out four losers (BAY.v, ARIC.v,
80%
PA.v, STS.v), with just one stock remaining 70%
60%
unchanged on the week (SURG.v). Biggest move to
50%
the upside came from Viva Gold (VAU.v up 13.8%), 40%
30%
even though it was only 2c in real terms. Biggest
20%
loser was Aston Bay (BAY.v down 9.5%) 10%
0%
19
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 ht81 ht52 ts1pes ht8 ht51 dn22
source: IKN calcs, TSX data

Latin Metals (LMS.v): An acid test for this tinycap prospect generator, as after failing to
secure a meaningful deal on any of its offered projects in 2024 to date, it now needs to go to
market and raise working capital (10):
Vancouver, B.C. – Latin Metals Inc. (“Latin Metals” or the “Company”) - (TSXV: LMS) (OTCQB: LMSQF)
announces a non-brokered private placement for gross proceeds of up to $2.0 million.
The Company announces a non-brokered private placement (the “Financing”) of up to 25,000,000 units
(each, a “Unit”) for a subscription price of $0.08 per Unit, to raise total gross proceeds of up to $2.0 million.
Each Unit will consist of one common share in the capital of Latin Metals (each, a “Share”) and one-half of
one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one
Share at a price of $0.15 per Share for a period of 24 months from the closing of the Financing. Certain
directors and officers of the Company are expected to subscribe for approximately 10,000,000 Units under
the Financing (for gross proceeds of $800,000).
The proceeds of the Financing are intended to fund exploration, generative work, and for general working
capital.
Presumably, the 800k insider portion is main company backer Robert Kopple. The upturn in the
sector fueled by the gold price move may help (and I hope it does), but there’s still no
guarantee here. I like LMS and its projects and wish them well, but its connections to Henk van
Alphen is a poor optic in Canada and scares potential investors away.
Awalé Resources (ARIC.v): The most interesting stock in the 2024 TinyCaps basket on
current trading, ARIC spent the week bouncing around the 43c and 44c level before rallying
with the crowd on Friday, including that burst of volume
on Wednesday when over a million shares changed hands
and smacked of somebody throwing in the towel.
Company CEO Andrew Chubb did plenty of media
segments while at Beaver Creek two weeks ago and those
did the rounds last week, but without managing to move
the stock on Charger anticipation.
As noted last weekend, I consider this a good risk-
adjusted play at current levels and would be tempted to
play its next drill NR if I had the spare cash. Obviously
risky, if you go in do so with eyes wide open. For what it’s
worth, next week should include the publication of a new
corporate video with CEO Chubb and Ore Group’s Antony Moreau in conversation about Awalé.
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
Bolivia: More Evo mayhem
From time to time, starting late 2023 and into this year 2024, we’ve run segments on the
political instability in Bolivia and the growing feud between sitting President Luis Arce and ex-
President Evo Morales. By way of the quick re-cap, these erstwhile friends and left wing MAS
Party colleague first fell out over Arce’s government and its poor economic results, then became
full-scale enemies when Evo was blocked by the (Arce controlled) courts from running for
President again, the vote scheduled for 2025, leaving Arce in control and looking for his own re-
election. The Evo-led protests early this year involved mass marches, roadblocks and other
forms of public disobedience but to date Arce has not moved his position, all while Evo remains
insistent on his legal right to be on the ballot and run for President again. The issue has
rumbled on since the last time we ran a note but last week things blew up again when Evo,
now pressing hard and against the clock to get the changes required to get himself on the
ballot, started a march with thousands of supporters from the city of Caracollo that aims to
cover the 190km to La Paz and arrive in the country’s main city and administrative capital this
coming Monday, with Tuesday September 23rd set for a big rally in the city centre. The “March
To Save Bolivia: For Life, Democracy and Revolution” (Evo dixit) made headlines almost
20

immediately when Arce supporters blocked its passage and in the ensuing confrontation, 17
people were injured (including two journalists) and Evo’s participation was temporarily
suspended, but as of this weekend he’s back marching at the front of the column and set to
arrive in La Paz on time. Hilarity will ensue.
As it’s not an issue that directly affects mining I’m going to try to keep it succinct, but a
reminder of why we’ve covered it in 2024 is also required. Though mainly about internal
political power, this could become a clear negative influence on the mining sector in Bolivia
going forward. If Evo wrests control from Arce and runs (then becomes) President in 2025 it
would be bad news for the mining private sector in the country (i.e. FDI via explorecos and
operators there) as one of the central issues is Evo’s criticism of the way Arce has “opened up
Bolivia to right wing capitalism”, including in mining. Evo has already gained support from
Bolivian miners’ unions, co-operatives and collectives who are looking to re-gain more control of
the means of production (to use a little Marxist terminology).
For more on the current situation and what might happen, this report (11) from Infobae (these
days one of the most reliable sources for relatively unbiased news in LatAm) dated Saturday
21st does a good job in summing things up to date and goes under the prosaic and accurate
title, “The Struggle for Power between Evo Morales and Luis Arce Threatens to Destabilize
Bolivia”. The subhead is also accurate:
“The rivalry between the two leaders has arrived at a critical point. The leader of the coca farmers (i.e.
Evo) has started a mass march against the government, who in turn accuse him of staging a Coup
D’Etat and warn of legal actions to avoid “putting at risk the lives of the people.””
Evo has recently refused to sit down and talk with Arce in order to reach a negotiated
settlement and unless that happens, tomorrow Monday and then Tuesday could be a headline-
maker and not only inside Bolivia. However, we hope it doesn’t make too many international
headlines.
EDIT UPDATE SUNDAY: Violent confrontations again erupted today Sunday afternoon, when
the marchers arrived in the large residential zone outside of La Pax known as “El Alto”.
Opposing groups used faced off, used batons, fireworks and even dynamite sticks against each
other, then anti-riot police moved in with tear gas and other crowd dispersing techniques. The
government has charged Evo Morales with public disturbance charges and may move to arrest
him, while Evo told the press that the government is willing to kill him rather than see him on
the ballot.
Colombia: The “Temporary Nature Reserve law is ratified
In January this year via executive decree, the Petro government announced a law that allowed
the State to declare any area of the country a “temporary nature reserve”, in order to stop work
happening on the location (e.g. a mine development) before a full environment impact study
were done. The executive decree was immediately opposed by the mining sector, as it gave the
de facto power of veto to the government on any project deemed polemic by local communities
that opposed it. Examples include the Soto Norte gold project (Aris Mining), the Quebradona
copper project and La Colosa gold project (Anglogold Ashani), the Gramalote gold project
(B2Gold), the Mocoa copper project (Libero Copper) among others. The decree was put under a
stay order (amparo) until the case was considered by Colombia’s judiciary and last week the
verdict was handed down (12) when the State Council (Consejo de Estado, basically the
supreme court for civil/business matters) sided with the government and against those
appealing the executive decree.
The clearly anti-mining Petro government now has a powerful veto button on any mine
development it doesn’t like and be clear, it doesn’t like a lot of them. It was certainly interesting
to learn of the court decision at the same time that Libero Copper (LBC.v) ramped up its
promotional activity last week, with a carefully composed NR that talked of the company
moving into action at its Mocoa copper project and doing all sorts of development activities but
skating round the fact that it cannot start drill again without approval from locals via a prior
consultancy hearing, as per a 2022 court decision that upheld the rights of locals to decide on
whether exploration goes ahead (13).
21

Peru: The growing problem of illegal mining
This is another of those do-I-don’t-I-mention subjects, as it goes on in the background all the
time and this desk keeps an eye on developments without making much mention in the Weekly.
It gets plenty of titles, from the almost quaint “traditional” or “cultural”, to informal or artisanal,
sometimes plain illegal mining. It’s a growing issue in many countries with less traditions in
formal industrial mining (e.g. Ecuador, Colombia) but in Peru, the rise of illegal mining is now
becoming a direct threat to the formal companies operating there. One of the flashpoints is the
Pataz region in the La Libertad region of North Peru, where illegal gangs have taken over and
are mining entire concessions, often circumventing authorities with the standard heavy mob mix
of bribery for authorities and violence for locals. One formal mining company feeling the
pressure now is Compañia Minera Poderosa, one of the most established underground gold
mining companies in the country and owned/run by one of the traditional Lima oligarch
families. The mine itself has been attacked by gangs on several occasions, with one attack
causing the death of three security guards. However, its issues go beyond the mine gates as
seen last week when the Poderosa mine handed back a concession for a power line granted to
it by the government in 2017. The paperwork was accepted by the country’s mining ministry
and the concession dissolved with this (quote translated) given as explanation (14): “...for
reasons unconnected to the company, the Project has become unviable and unworkable due to
events out of its control.” That’s Peruvian code for “the locals won’t let us work on our power
line and keep vandalizing the towers and cutting us off from the grid”, something that’s been
reported by the company on several occasions. While illegal mining in Peru (and LatAm) has
risen in importance mostly under the radar of the average retail mining investor, moments such
as this give a window into its disruptive power and its influence on the future of mining
investments in the region is something we may need to consider more carefully going forward.
Mexico’s Congress: Still on other things
A quick addendum to last week’s note “Mexico’s Congress is focused on other things”. It was
indeed total radio silence in Mexico’s Lower House (deputies) on the law bill to ban open pit
mining last week, with Congress focused on other parts of the AMLO ‘Plan C’ constitutional
reform. This coming week sees (15) the Lower House sitting only twice, Tuesday 24th and
Wednesday 25th, and while there’s still no official agenda set for those sessions it’s now
extremely unlikely that Congress will move to debate the open pit mining ban law project next
week. The mining lobby has made its case well and in parliament, the bill is understood to be
one of the most difficult ones to pass even the Lower House (let alone the Senate). AMLO is
after wins and headline law changes, if his team puts this one up it will clog what little time he
has left as Head of State to leave on a high note and as such, he’s almost certain to focus on
other parts of his 20-point exit policy. That’s good news for the mining sector, as after
Wednesday there are no more Congress sessions until Claudia Sheinbaum becomes President
on Tuesday, October 1st. As noted last weekend, that doesn’t mean the law bill disappears but
it does mean it will be treated under the auspices of a President that has made it clear she does
not want to ban open pit mining (or any other mining, for that matter). Instead, her policies are
to tighten up environmental control and only allow those projects with community approval to
move forward.
IKN796 dated August 18th came at the start of this polemic when the noise was loudest and in
it, I wrote these words comparing the drama to the proposal in Chile in 2022 to “ban mining:
“…this whole charade reminds me greatly of the fun and games we had over the “Chile
Mining Ban” back in 2022, if you remember all that. The process and systems are of course
different, with Mexico using established routes to try to change its Constitution and ban
some type of mining while in Chile, it was the composition of the referendum on the
country’s Constitution in play, but in both cases the drama was set in motion by a militant,
left-wing, ecology-focused committee only to face the cruel light of reality later on, but not
before the media had enjoyed its field day and run the scary headlines.”
Still true today and the way this “danger to mining” is set to peter out and quietly fade into the
background is right on script, too. While I agree wholeheartedly that Mexico needs to get more
proactive about its support for mining once AMLO leaves, starting first and foremost with the
22

approval and emission of a few long-overdue permits to do normal mining things, those of us
that faded out the prophets of doom from the get-go were, are and will remain on the right
side of this story.
Ecuador: First call on the 2025 Presidential election
There are only three Presidential elections set for 2025, namely Bolivia, Honduras and Ecuador.
That makes next year low point in the cycle (2026 is particularly busy, but that’s for a day long
in the future) while Bolivia may become a thing for mining stocks for its own reasons (see
above today), the one that will get the most interest from mining FDI. It’s also fairly early in the
calendar year, with the first round of voting recently confirmed by Ecuador’s CNE electoral body
for Sunday, February 9th 2025, so with that, today marks our first look at the race to become
Ecuador’s next President and we go with the basic runners and riders. There are no fewer than
17 President/Vice President tickets registered and we’re not going with them all, instead the top
six candidates from which we’ll almost certainly get our winner:
 Daniel Noboa, of the Movimiento ADN (government): The current President is eligible to run
again and has gathered the right wing vote around him. Despite serious issues in the country
this year such as narco-trafficking gangs (his “war against” has faltered somewhat and after a
good start, violent crime is up again) and the electricity power grid (which is falling apart,
leading to widespread power blackouts in the country at the moment, it’s so bad that the
government has asked people with private electricity generator motors to use them as much
as possible)
 Luisa González Revolución Cuidadana (Citizen's Revolution Party): González is the main
candidate from the left wing and Rafael Correa's party. She was the losing candidate against
Noboa in the election run-off last year.
 Jan Topic, Movimiento SUMA: Señor Topic arrived on the scene in the 2023 election, a
private citizen with either hard right or libertarian politics (depending on who you speak to),
he's also very rich and won't lack for funds in the campaign. A potential outside candidate.
 Henry Kronfle, PSC Party. Head of the orthodox right wing PSC party, Kronfle would be the
obvious candidate to benefit if Noboa's support disappears (and you neevr know in Ecuador).
 Leonidas Iza: CONAIE/Pachakutik. President of the large and influential indigenous umbrella
group CONAIE, Iza has proven to be a canny politician. While he doesn’t have enough
national level support to win outright, his influence in the indigenous communities can make
him a kingmaker. He’s accepted the candidacy to date, whether he gets to the ballot paper or
steps aside in a deal to support another candidate is yet to be seen.
 Henry Cucalón: Our fifth and final potential comes from the political ranks and was part of
the inner circle of previous President Guillermo Lasso. Orthodox right wing policies.
As for polling, there are three basic things to know at this early stage:
1. Daniel Noboa and Luisa González lead the field: Depending on which poll you pick, either
Noboa has a sight lead over main challenger Luisa González from the Rafael Correa end
of the spectrum, or the two candidates are in a technical dead heat with around 30% of
voter intention apiece. Jan Topid has around 6% of voter intention, the others are under
3% and if things stay this way, we’re in for a repeat of the 2023 election when these
same top two went to the second round run-off and Noboa won fairly easily.
2. The “Undecided” group is still large: This is important at the moment, it’s still September
and we have four and a half months before the round one vote. That’s a long time and
what’s more, the serious campaign won’t even start before Christmas.
3. There’s room for an outsider to come forward and spring a surprise: Aside Noboa and
González, we’ve picked out the four most likely minor characters that may have a chance
and in an election of this type, it’s not beyond the realms of the possible to see the
current two-horse race become a three-candidate fight (or even four).
23

That’s enough to mark your cards today. We’ll go into the dynamics as pertains to mining as
the campaign rolls out and in particular, how Leonidas Iza plays its cards. Until then the only
things to consider for mining are that 1) the election day approaches the country’s public sector
is likely to grind to a halt and 2), if you’re betting on your Ecuador exposed junior being bought
out you’re probably going to have to wait until the other side of this election.
Market Watching
New Found Gold (NFG.to) (NFGC): A Queensway crystallization moment
“But the Emperor has nothing at all on!” said a little child. “Listen to the
voice of the child!” exclaimed his father. What the child had said was
whispered from one to another. “But he has nothing at all on!” at last
cried out all the people. The Emperor was upset, for he knew that the
people were right. However, he thought the procession must go on
now! The lords of the bedchamber took greater pains than ever, to
appear holding up a train, although, in reality, there was no train
to hold, and the Emperor walked on in his underwear.
Hans Christian Andersen, 1837
After posting last week on the Twitter account about a well-publicized short report by Iceberg
Research, sector professional “A Reader” reached out asked for a thought and any opinion I
might have on New Found Gold (NFG.to) (NFGC). Yes, we can do this.
To start, here’s the link to the short report (16). Please note that Iceberg is not some amateur
shop or set-up built on dubious, poorly researched hit-pieces looking for quick gains. Yes they
are short sellers and yes, Iceberg has almost certainly positioned short against NFG.v before
publishing last week, but Iceberg comes with a strong reputation and cannot be dismissed
lightly. It was, for example (17), the shop that uncovered the Noble Group accounting fraud
back in 2016. So feel free to oppose their views but brushing them off as some sort of shady,
semi-criminal bucket shop isn’t going to wash, not in this case. With that said we move to the
contents of the short report and while you need to read the whole thing of course, Iceberg
provides an executive summary at the top of the report in bullet points. Here’s a copypaste:
Summary of Findings
 New Found Gold Corp (NYSE: $NFGC, TSX: $NFG) is a Vancouver-based gold explorer. Since 2016, the
company’s primary focus has been the Queensway property, located on the Canadian island of Newfoundland.
Queensway is portrayed as an area with high-grade gold mineralization. However, the deposit, explored since
the 1980s, has historically been plagued by a lack of continuity: the presence of gold and grades vary widely
across the deposit. Many comparable gold projects have failed due to this problem.
 The company has conducted extensive drilling campaigns. As at 30 June 2024, the explorer has drilled 2,349
holes over 563 km. NFGC drills in certain zones, reports promising results, only to shift focus to other areas.
Despite all the intensive drilling, there is still no mineral resource estimate. We believe that management is
delaying the release of a resource estimate because continuity remains problematic.
 NFGC’s drilling data show that the best drill holes are concentrated in a limited area. This contrasts with peers
where grades may be lower but over a much wider area, which makes economic extraction possible.
 The company presents cross-sections of the ore body that are very difficult to read compared to peers. We
have recreated the cross-section for what is likely NFGC’s most promising zone to illustrate the lack of
continuity.
 The British Columbia Securities Commission caught NFGC for smearing — practice of averaging high-grade
sections with low-to-no-grade areas to hide the continuity issue — in April 2022. The regulator forced the
company to revise assay intercepts in press releases to include additional sub-intervals of high-grade gold
within areas of lower overall grade.
 In November 2021, independent consultants raised the alarm on issues with NFGC’s sampling process, when
gold content results varied widely among the laboratories involved in quality control and assurance. The same
consultants were replaced the very next year.
 In November 2023, the British Columbia Securities Commission took the unusual step of forcing NFGC to
retract statements that suggested the company was transitioning from exploration to development.
 The company generated significant hype with its first drill hole NFGC-19-01: reportedly intersecting 92.86 g/t of
gold over 19 meters. The discovery was characterized as “incredible luck”. But this was really a case of drilling
below a historic hole along the quartz vein and simply following the previous operator’s recommendations.
24

 NFGC is led by CEO and Chairman Collin Kettell, a career stock promoter with a disastrous track record. Kettell
was involved with at least 11 mining companies over the 2015-2023 period. The stocks of these companies are
down by a median of 83% as at the date of this report. In some cases, announcements of high-grade gold
discoveries were similar to those made by NFGC.
 Cornerstone investor Eric Sprott has poured $260m into NFGC. While Sprott is regarded as a successful
resources investor, he has a history of backing projects that later failed after making overly optimistic
statements.
 Shareholders can expect significant dilution as NFGC filed a shelf prospectus to issue up to $300m in
securities. The company only has 8.8 months of cash and marketable securities after burning C$76.8m over the
last 12 months. Drawing the remaining C$84m from its at-the-market facility would extend that runway to 21.9
months.
For what it’s worth, we can debate on style but I have no real issue with any of those criticisms.
The defender of NFG.v could take issue with the subjective slant on some issues, such as the
way Iceberg emphasizes the failures in Eric Sprott’s investment career instead of the obvious
fact that he’s made more money than he’s lost (he wouldn’t be rich otherwise) or that NFG
publishes “difficult to read” assay results (drill mapping is never easy to do right and “difficult”
is not “impossible”), but their spin is based squarely on facts and for the record, I agree with
Iceberg’s negative opinion of Collin Kettell, someone who comes from a family of stock
promoters, who went on my blacklist years ago for pumping obviously scammy stocks in full
court pump campaigns and quickly found friends in “the dark side” of Canada’s mining scene
(to put it as diplomatically as possible). That he’s become very rich along the way may be your
idea of succeeding at life, you are of course welcome to your opinion.
However, once you read the report a couple of times and digest its contents, you’ll probably
come to the same conclusion as I did; the sidebars on the backers, management and the
company’s brushes with the regulatory authorities are fair enough, but this short thesis rests
squarely on the rocks (you can change a CEO, you can’t change the geology) and the main
event is contained in the first two bullet points above, here repeated:
“…the deposit, explored since the 1980s, has historically been plagued by a lack of continuity:
the presence of gold and grades vary widely across the deposit. Many comparable gold projects
have failed due to this problem.
“The company has conducted extensive drilling campaigns. As at 30 June 2024, the explorer has
drilled 2,349 holes over 563 km. NFGC drills in certain zones, reports promising results, only to
shift focus to other areas. Despite all the intensive drilling, there is still no mineral resource
estimate. We believe that management is delaying the release of a resource estimate because
continuity remains problematic.
The issues at Queensway were known from the start, but to its credit the company went about
addressing them in a believable way, first by showing long hits of high grade (be those twinned
holes or not) and then assembling a very large financial war chest (a lot of that Eric Sprott
money) to apply the drill to the project, get detailed and granular information and build a
geological model that can unlock the high grade mineralization and turn the high grading veins
that geologists and miners have known about for decades into a mineable and economic
resource. And that’s the crux of Iceberg’s case against NFG.v; after four years of constant work
and a program that’s put over half a million metres of diamond drilling into the target, we’re yet
to get even a resource estimate, let alone a 43-101 complaint PEA or PFS. That’s a lot of work
(and money) for so little public accountability.
Now for my personal opinion and in simple terms, NFG.v is in trouble. To expand on that
thought I need to explain my position re the company and over the years: I’ve kept an eye on
New Found Gold without ever wanting to get involved with the company or its stock, be that
short or long. For a while I kept a journal of the drill assays and the impressive amount of
metres it was racking up (and the long delays between boxes and assays from the lab), but as
time has gone on it’s become a lesser interest, a company and a project in my periphery vision,
the edges of the radar. It’s not that I’ve ignored it, it’s more like the classic scenario of the frog
in a pan water that eventually dies as the scientists slowly turns up the heat, as it doesn’t
notice the change in temperature and doesn’t hop out.
That’s where I found myself last week, aware that 1) NFG.v has continued to drill and 2) that it
still hasn’t offered up a 43-101 resource, but never quite putting the two facts together and
25

thinking it through. It takes somebody such as Iceberg to come along and present facts to
crystallize the thoughts of others (so many genius moments in human history are of the
“anyone could have thought of that!” variety) and as such, I commend Iceberg for coming
forward and putting the pieces together the way that it did (though I’m sure they don’t care,
their reward is via plain old capitalism…make money). It got me checking back as the NFG.v
share price action and if you do, the chronic weakness in the stock price becomes clear (e.g.
the 12 month chart right, compared to GDX).
The issues becomes clearer if we work through basic facts. We know:
 The basic issue at Queensway has always been mineral continuity. No doubts
about the proliferation of high grading veins, but hanging them together into a
resource model that would allow for economic mining was the problem that
stopped Queensway from being mined in the years before NFG.v showed up and
it’s the one they’d need to solve.
 The market was willing to offer the company time and with the treasury chest it
accumulated, it had the firepower to drill in the detail they’d require to build a
competent resource
 The share price has been weak and companies/CEOs do not like weak share prices
Therefore, its stands to reason that as time has gone on and the market has become more
antsy about the results and the ongoing drill campaign at Queensway, the share price reflects
growing doubts. And as CEOs want share prices higher, not lower, why hasn’t NFG.v countered
the price weakness by offering solid arguments about a mineable resource that would convince
the educated and professional observers watching this stock?
In Hans Christian Andersen’s The Emperor’s New
Clothes, it took a small boy to say out loud what
everyone else knew before the mass hypnosis was
broken (and even then, the Emperor carried on the
pretense, as he had no other choice that wouldn’t
finish in public ridicule and mockery). In our case,
Iceberg has more investment nous than a small boy
but performs largely the same role, the first to state
what is, in hindsight, rather obvious. If NFG.v were
able to staunch the doubts and reverse the chronic
share price depreciation it would have done so by
now. It hasn’t, which strongly suggests its dreams of a
gold resource that builds a corporate empire are going
to remain unclothed. The Iceberg short report is set to become a before/after moment in the
history of this resource and unless NFG.v does something very quickly, its share price has more
significant downside to come in the near future.
Conclusion
IKN801 is done, we end with some bullet points:
 The good times rolled on last week, with gold hitting record after record and leaving my
top call at U$2,550/oz (or so) looking rather silly. Quite right too, and a another dose of
humiliation would be fine by me in the days to come.
 Meanwhile, this week marks the end of Q3 and from that point, we’ll be waiting with
bated breath for production reports out of the big PM producers. The reason we’re so
long at the moment is based squarely in the amount of money being made by sector
companies with gold where it is.
 Also eyes on the wires for news from a whole bunch of potential places, with Awalé and
American Eagle high on the list of possibles.
26

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://cdn.prod.website-files.com/63e904921eb4adc55bebeffb/66eb28b1df5b34752c368a3c_2024-09-
18_Pan%20Global%20Resources_Investor%20Webcast%20Presentation_FINAL.pdf
(2) https://www.youtube.com/watch?v=E7xheoEbANo
(3) https://www.panglobalresources.com/news/pan-global-intersects-1-14-copper-over-18-meters-expanding-near-
surface-mineralization-at-la-romana-southern-spain
(4) https://www.contangoore.com/press-release/contango-announces-19-5-million-cash-distribution-received-from-the-
peak-gold-jv
(5) https://www.tradingview.com/news/reuters.com,2024:newsml_L1N3L20A1:0-copper-pulls-back-from-two-month-
peak-on-firm-dollar/
(6) https://www.mining.com/web/copper-price-enjoys-strong-week-with-boost-from-fed-china-demand/
(7) https://www.hellenicshippingnews.com/copper-steadies-as-gloom-on-global-growth-hits-demand/
(8) https://www.barrick.com/English/news/news-details/2024/porgera-mine-humanitarian-aid/default.aspx
(9) https://www.miningwatch.ca/news/2024/9/17/porgera-burning-where-barrick
(10) https://latin-metals.com/news-releases/latin-metals-announces-private-placement-for-gross-proceeds-up-to-2.0-
million/
(11) https://www.infobae.com/america/america-latina/2024/09/21/la-pugna-por-el-poder-entre-evo-morales-y-luis-arce-
amenaza-con-desestabilizar-a-bolivia/
(12) https://gestion.pe/economia/empresas/minem-acepta-renuncia-de-minera-poderosa-a-concesion-electrica-en-la-
libertad-mineria-empresas-linea-de-transmision-peru-osinergmin-noticia/
(13) https://consejoderedaccion.org/sello-cdr/investigacion/con-fuertes-resistencias-y-dividiendo-a-las-comunidades-asi-
avanza-la-mineria-de-cobre-en-mocoa/
(14) https://mvsnoticias.com/nacional/2024/9/20/perfilan-diputados-fechas-para-recibir-aprobar-el-presupuesto-2025-
657631.html
(15) https://www.infobae.com/colombia/2024/09/18/gobierno-gano-batalla-judicial-contra-mineros-consejo-de-estado-
dejo-en-firme-decreto-sobre-reservas-naturales-temporales/
(16) https://iceberg-research.com/2024/09/19/new-found-gold-corp-nyse-nfgc-tsx-nfg-lies-misrepresentations-and-a-
professional-stock-promoter/
(17) https://www.hec.edu/en/arnaud-vagner-taking-down-fraudulent-firms-keep-green-business-honest
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
27

Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
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
28

Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
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
29

Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now
available on request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all
material within should not be construed as accurate or reliable or be utilized as advice for investment or business
purposes. Independent due diligence and discussions with ones own investment and business advisor is strongly
recommended. Accordingly, nothing in this report should be construed as offering a guarantee of the accuracy or
completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any
security or as an endorsement of any product or service. All opinions and estimates included in this report are subject to
change without notice. It is prohibited to copy or redistribute this report to any type of third party without the express
permission of the author.
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