IKN #803Premium

The IKN Weekly
Week 803, October 6th 2024
Contents
This Week: In today’s edition, HODL > Politics, Liquidity.
Fundamental Analysis: Coeur (CDE) buys SilverCrest (SILV), Looking for the next silver shoe
to drop.
Stocks to Follow: SilverCrest (SILV) (SIL.to), American Eagle (AE.v), Eldorado Gold (EGO),
Rio2 Ltd (RIO.v), Provenance Gold (PAU.cse), Red Pine Exploration (RPX.v), Aldebaran
Resources (ALDE.v), Orecap Inv (OCI.v), Minera Alamos (MAI.v), Bear Creek Mining (BCM.v).
The Copper Basket: Overview, QC Copper & Gold (QCCU.v), Hercules Metals (BIG.v), Camino
Minerals (COR.v), Arizona Sonoran (ASCU.to).
The Producer Basket: Overview, Barrick (GOLD) (ABX.to), Wesdome (WDO.to) (WDOFF).
The TinyCaps Basket: Overview.
Regional Politics: Mexico gets a new President and we take a win where we get it, Argentina:
Full court press at LME Week, Colombia to join China’s Belt and Road Initiative, Burkina Faso
risk increases.
Market Watching: Orezone (ORE.to) and the Canada – Burkina Faso Trade Agreement,
Testing myself on 35 exploration stage copper companies (Part Six), Trying not to obsess over
New Found Gold (NFG.v) (NFGC), Equinox Gold (EQX) runs a secondary.
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
 There was plenty of positive news and moves from our covered and owned stocks last
week, including the buyout offer from Coeur (CDE) for SilverCrest Metals (SILV). That
changed the main theme of this week’s edition from the planned analysis of Ascot
Resources (AOT.to) to what you see in today’s Fundies section.
 I may be guilty of overestimating the market, after watching Minera Alamos (MAI.v)
(along with other Mexico open pit trades) blow higher on blowhard voices using crossed
wire information. However, I’m not complaining.
 Good news from Rio2 (RIO.v) and Red Pine (RPX.v) as well, those are in today’s Stocks
to Follow notes.
 With copper failing to run higher and China closed for business last week, the main
event in this week’s Copper Basket is a look at QC Copper & Gold’s (QCCU.v) news on
the purchase of privco Cuprum (which was already mostly inside Ore Group)
 Lots of other things, too. There are always other things.
HODL > Politics
The last US Jobs report before the US Presidential election is now in the books and it was quite
a dataset, with the unemployment headline rate dropping to 4.1% and NFP jobs coming in at
+254k. Both those numbers were way above expectations and coupled with the recent drop in
inflation readings, saw the main indices kick into new record territory as most of the world
cheered Jay Powell’s soft landing and general genius (while others seethed and called the data
fixed for the benefit of the Democrats). It was a set-up designed to whack the price of gold on
1

Friday, so for once I hope you forgive me if I focus in tightly and offer a two day price chart,
featuring gold (GLD proxy), the broad market (S&P500 proxy) and the US Dollar index (DXY):
 Gold is often, but not always, “the anti dollar” that moves in the opposite
direction of the greenback
 Gold will often, but not always, zig when equities zag and suffers when the
market is less about safe havens and more about extending risk
Those pairs are not guaranteed of course, gold will sometimes move in tandem with the USD or
the SPX, but rare indeed are the days when all three rally together. There was zero surprise
when gold started Friday selling down, but the immediate rally came as a real eye-opener and
told this desk, as well as most others, that the bullion market is now moving to a very different
beat (and I didn’t add silver into the chart because I didn’t want to lose the subtleties of the
three moves above, but the Jekyll & Hyde metal did best of them all last week).
On consideration, there are three major geopolitical influences converging on the gold market
today; China, Middle East crisis and the US election, a combo that makes my position as
commentator and analyst an easy one:
 I know nothing about China
 I know nothing about The Middle East
 I could feign some discernment about the US election but hey you know I know next
to nothing about that as well
Therefore my job is to hold my gold position and not do anything stupid until further notice, as
well as listen to people who do know about those things. It follows that my only valid advice to
readers regarding gold and the metals market this weekend is to do the same.
Liquidity
Away from the wild and whacky world of geopolitical influences and US macro data it was a
good week for the personal portfolio, with positive news and market moves from a range of
held stocks (RIO.v, RPX.v, BCM.v, MAI.v) and the week topped off by the news that Coeur
(CDE) is buying out SilverCrest (SILV). That means I get a print on one of my larger positions
and while not quite the return I was looking for from my target, it’s still a welcome move that
will soon add much-needed treasury cash to the portfolio. As such, I’ve left thoughts on Ascot
Resources for next week and we’re focused on the silver world today, first with thoughts on the
SILV buyout and what to do with the held shares, then potential replacement companies for the
portfolio.
Fundamental Analysis of Mining Stocks
Coeur (CDE) buys SilverCrest Metals (SILV) (SIL.to)
Perhaps it wasn’t the best news for the personal portfolio, but I’ll take it: (1):
CHICAGO--(BUSINESS WIRE)-- Coeur Mining, Inc. (“Coeur”) (NYSE: CDE) and SilverCrest
Metals Inc. (“SilverCrest”) (TSX: SIL; NYSE American: SILV) announce that they have entered into
2

a definitive agreement (the “Agreement”) whereby, a wholly-owned subsidiary of Coeur will acquire
all of the issued and outstanding shares of SilverCrest pursuant to a court-approved plan of
arrangement (the “Transaction”).
That’s a buyout of one of The IKN Weekly positions, one we expected to be a target and that
means we get to print a win (and for what it’s worth, my personal portfolio liquidity problems
are no more and once this deal is executed, I’ll have new funds to deploy in this target-rich
market). However, it’s a fair distance from our target price for SILV of U$12.96 and the
numbers connected with last week’s deal, as the NR continues:
“…SilverCrest shareholders will receive 1.6022 Coeur common shares for each SilverCrest
common share (the “Exchange Ratio”). The Exchange Ratio implies consideration of $11.34 per
SilverCrest common share…”
In other words, an all-paper deal. The NR continues by saying the ticket price implies an 18%
premium, that CDE is paying around U$1.7Bn for SILV and that on consummation, the newco
will be around 63% current CDE shareholders and 37% SILV but unsurprisingly, the market
took a different view that morning:
It was no surprise to see CDE shares drop on the news, with the effect that SILV shares didn’t
show that much of a “win”. SILV closed Friday at U$10.13, which is still close to all-time highs
(and above the psychologically important U$10 line), but it leaves nearly 12% to find on the
ticket price CDE claims it is paying. As for me, it’s a full 27.9% away from my price target for
SILV, one that I thought a very reasonable one and generated using a price deck of U$30/oz
silver and U$2,400/oz gold, on a 14X PE ratio.
SILV tgt sensitivities on EPS & Metals Decks (in USD)
Price Deck 12x EPS 14x EPS 16X EPS
1 (2.2k Au, 25/oz Ag) $9.05 $10.55 $12.06
2 (2.3k Au, 28/oz Ag) $10.22 $11.93 $13.63
3 (2.3k Au, 29/oz Ag) $10.52 $12.27 $14.02
3 (2.4k Au, 30/oz Ag) $11.11 $12.96 $14.81
4 (2.5k Au, 35/oz Ag) $12.87 $15.02 $17.16
source: IKN calcs & ests
For my money (literally), CDE is paying on the 12X EPS line and that’s leaving too much money
on the table. However, that also is more like the “standard shareholder gripe” and a little too
Gollum-like for reality, with the large and brutish aggressor getting my precious for too small a
price. There is also the question of break fees, as SILV would pay U$60m to CDE in the event of
an interloper coming over the top. That’s a sizeable fee (plus lawyers’ expenses paid) and while
a third party fight is never impossible, it looks as though this one will go through as stands.
Therefore, officially and in the unreal world of the Excel spreadsheet I am not happy about the
agreed price for this friendly takeover, but in the real world there’s a point when one has to
shrug shoulders and say, “Ok, it’s a win”.
However, I see no reason to sell my SILV yet. As from this point, the shares are basically a
proxy to CDE and with silver running hot the way it is, it makes sense to keep exposure to the
3

metal for the time being. The obvious risk to holding SILV rather than selling immediately is the
Coeur 3q24, which could of course come in well but if CDE fails to please the market, it will now
take some of the edge off the SILV share price. As for
the timing of its Q3 earnings, look out for an
announcement in the days to come but the last two
years have seen CDE drop its Q3 on November 8th
and November 9th, with 2021 on October 27th, so it’s
at least three weeks from now and more likely closer
to five. More than enough time to monitor the
situation with the silver price and make a calmer
decision.
Bottom Line: While I will naturally kvetch about the
price and believe Coeur (CDE) is getting a real
bargain, it’s not something I’m going to complain
about too much and recognize that the current limited
mine life at Las Chispas is part of the equation. CDE now takes that exploration risk away from
me and once I’ve sold this position, the personal treasury will have funds to deploy in other
places. They may be planned additions (e.g. Red Pine) or new stock ideas (e.g. the reason
behind the second part of today’s main fundies section).
Looking for the next silver shoe to drop
Last week’s news means that the two latest significant M&A deals in the junior space, Gatos
Silver (GATO) (GATO.to) and SilverCrest Metals (SILV) (SIL.to), have a lot in common. Here are
ten points:
 Both silver miners
 Both producers
 Both single asset companies
 Both in Mexico
 Both make good profits from their mines
 Both with strong balance sheets and very little debt
 Both over U$1Bn market cap
 Both dual-listed in Canada and USA
 Both bought out by established silver mining companies
 Both bought out in all-share deals
We could also add that both GATO and SILV shareholders voiced complaints that the buyout
price was “too cheap” at the moment of the
announcement and with the purchasing companies’
stocks dropping on the news, there wasn’t much
premium for those speculating on the M&A angle.
However, we must credit GATO for managing to
rally with the pack since the day of its buyout
announcement on September 5th and in this simple
comparative chart (right), it’s at the top of the peer
pile, with SILV level thanks to the news last week.
However, both GATO and SILV are now in the past
and while we can sit around and give mutual pats
on the back for picking one of those as a silver trade
(you might have had both), now the win is in the
job is to look for the next shoe to drop, if possible. We can sit around congratulating each other
if you want, or we can think about the future and what other companies are ready for M&A.
Ideally, you’d want the candidate to tick as many of the same boxes as noted above, which
immediately cuts down the field. The silver space has plenty of names (of course), but not so
many that can check these, the most basic of items:
4

 Producer
 Profitable
Sounds easy, no? The majority of junior silver plays are explorecos and developers. That
doesn’t rule out names such as AbraSilver (ABRA.v, known to this audience and previously
owned here), Vizsla Silver (VZLA) (VZLA.v), GR Silver (GRSL.v), Discovery Silver (DSV.v) or a
host of others and indeed, they may well rise as well as or even better than the silver producer
names if the metal stops its gradual improvement and starts tearing higher in the way
silverbugs dream. However, at this stage they are not the front line of M&A candidates, which is
our focus for today.
Moving to the producers, yes there are a handful but a lot of the stocks are small sized and
unless silver puts on a price spurt, they tend to be the “breakeven at best” companies that will
suddenly put in a couple of winning quarters before the economic realities of higher costs
return. There are plenty of these, such as Guanajuato Silver (GSVR.v), my own “dog trade”
IMPACT Silver (IPT.v, carrying a small amount of my speculative cash) Americas Gold & Silver
(USA.to) (USAS), Avino (ASM.to) (ASM) and the list goes on. As well as economically marginal,
they’re also small in market cap size, for example Avino is on a number of people’s radars due
to its La Preciosa growth project but at under U$200m market cap, it’s not going to move the
dial of companies of the size of Coeur, Hecla, Pan American etc.
As my filtering process continues, the search for the next buyout target gets thinned down to
three stocks.
Aya Gold & Silver (AYA.to): This ticks the boxes for market cap size and profitability, but at this
moment it’s almost more a developer play than a producer and its production profile of around
500,000 oz silver per quarter is very small next to its $2Bn market cap. There’s also the
Morocco political risk, which the company will immediately call “perceived” and extol the virtues
of its host country, but that’s not going to change the preconceptions of the market in the
space of a week or a month. Overall, the easiest “large profitable” silver to discard.
Endeavour Silver (EXK) (EDR.to): This stock ticks the right boxes for market cap size (around
$1Bn), production profile (around 2m oz AgEq/qtr) and country location (Mexico), it also has its
new mine Terronera coming on line at the end of this year. However, its margins have never
been robust at Bolañitos and Guanaceví and it’s
one of those producers that is often only
marginally profitable. Rather than one high
production asset (Las Chispas, Gatos), the EXK
production mix is spread over two older mines
along with the upcoming Terronera, which is
also quite small when push comes to shove and
not as attractive for the major silver miners.
There’s also the balance sheet (right), which
used to be awful and today is merely bad. Since
this 2q24 financial was reported, EXK has drawn
another $15m on its credit facility to finish the
Terronera build-out and while the high silver
prices are bound to bring a windfall quarter in
Q3 (and hopefully Q4 and beyond), the hedge
book and financial debt on its books makes it a
less attractive target than a company such as
SILV with its clean balance sheet (one of the
reasons we liked it so).
5

MAG Silver (MAG) (MAG.to): Which brings us to MAG Silver, a company mentioned on these
pages previously. The last serious time was back when deciding to buy SilverCrest and at that
time, the verdict on MAG was that it fit the right profile but looked expensive. Our job today is
to decide whether that’s still true and we¿ll start with the advantages MAG brings to the table,
as it closely matches many of the points that SILV and GATO have in common above.
Thanks to its 44% minority holding of the Juanicipio silver mine in Mexico along with JV partner
Fresnillo (FRES.L), it’s a producing and profitable silver miners and while it does have two
development assets on its books (Larder and Deer Trail), the vast majority of its asset and
equity value is due to Juanicipio and for our purposes, it qualifies as a single asset company. It
also boasts a strong balance sheet, a market cap of over a billion (U$1.543Bn as at this
weekend, to be exact) and is dual listed on the TSX and NYSE. That’s a very close correlation to
the recently sold pair and puts MAG firmly in the crosshairs.
Now for the issues, and I see two main problems with a trade in MAG today:
Firstly, there’s only logical buyer of MAG and while Fresnillo (FRES.l) is certainly big enough to
do the deal and is currently making money hand over fist at current metals prices, the lack of
obvious competition is a handicap. Theoretically, we could see a third party move to buy out
MAG (or just its 44% minority) and become a new partner to FRES, there’s nothing in the
textbooks to stop that from happening and long-gone are the days when FRES held just over
20% of MAG shares (and tried to run a “take under” on the stock at the time). In 2024 the
biggest holder of MAG is Blackrock at 15.3% of shares out, the type of entity that would
entertain a reasonable buyout offer. However, FRES as Mexico’s biggest silver miner and very
protective of its locality and reputation wouldn’t be an easy partner for a newcomer. If FRES
thought it had been usurped by a 3rd party, it as 56% owner and operator could decide to
“play the long game” at Juanicipio and make things either financially or operationally difficult for
any foreign newbie. There is a case to be made for MAG eliciting a “stalking horse” offer from
another company in order to trigger FRES into coming over the top and buying out MAG at a
better price and I’m open to that, but there’s political
MAG:Price/Equity Ratio 2021 to date
risk involved here and there’s no real way of knowing 5.00
how the FRES board would react. 4.50
4.00
3.50
Secondly, the stock really does look expensive and on 3.00
2.50
several metrics. At this weekend’s U$14.96 it’s a 2.00
2.68X price/book ratio and while that’s been higher in 1.50
1.00
the past, it hasn’t been by much and doesn’t leave a 0.50
ton of room for a higher offer. 0.00
Earnings-wise, MAG has settled into a good rhythm
and we expect that continue, with regular production
from the mine (on a 100% basis around 4m oz silver per quarter, plus zinc, lead and gold
credits), profits flowing and better things to come as metals prices move up. However, its 44%
share isn’t a massive amount compared to current market cap and even if we use our forecast
U$32m in profits for 4q24 as a forward multiple, that’s still around 12X P/E at today’s levels. In
other words, where SILV just sold to CDE.
6
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
source: IKN calcs from MAG data
MAG: Quarterly Earnings overview
8.11 0.3 8.8 9.2 8.3 0.1- 9.7 3.3 5.4 4.22 2.3 1.91 7.31 1.4 1.9 1.12 0.3 9.71 2.91 1.4 8.41 1.52 6.3 4.12
0.03
0.4 0.62
0.63
0.4
0.23
45
40
35
30
25
20
15 10 5
0
-5
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
MAG: EPS, per qtr
U$m
Income from Juancipio
G&A
Mine Op. Inc
source: company filings
7.2
7.7 3.8 8.0-
6.4 8.81
6.8
2.51 5.41 9.02
2.52
0.13
40
35
30
25
20
15
10
5 0 -5
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$c/share
source: company filings, IKN calcs

To its credit, MAG has been racking up the treasury recently having taken a step back from
piling cash flow into its (somewhat mediocre) Larder
and Deer Trail pipeline projects. We expect that to MAG: Working Capital per qtr
continue and by the end of this year, around U$1.50
of market cap covered by cash. It wouldn’t be a
surprise to see MAG start paying dividends on that
cash, so even if a buyout offer doesn’t come, there’s
benefits to owning the stock.
As for overall project value, the March 2024
technical report estimates Juancipio at around
U$1.7Bn at current silver prices, with MAG’s 44%
worth around U$748m pro rata. Again, good money
but again it’s not easy to justify the buyout of a company already valued at U$1.5Bn on that
NPV, even before the premium is considered.
The bottom line to today’s thoughts on a replacement for SILV and/or the next silver stock shoe
to drop in the M&A market is “There isn’t one”. Well in fact there is, as MAG does make a lot of
sense and it wouldn’t come as a surprise to see FRES making a move. Then again, it would be a
surprise to see it remain as 56% owner and operator of Juanicipio at the current market cap of
MAG, all while sending out signals (subtle or not-so) to potential suitors to stay away from
buying MAG or suffer the consequences down the line. However, the clincher for this retail
minnow is that even if things go exactly to plan, I buy some MAG and then a buyout offer is
forthcoming in a timely and pleasant way, I don’t think I’m going to make much money for the
deal. While happy that my trade in SILV has gone well, it’s current +46% since inception is on
the low side of acceptable for the type of risk one takes for dabbling in these most volatile of
stocks. With MAG, getting a +20% win would be an
achievement even with a competitive M&A scenario and
that’s just not enough. Therefore and for the time being,
I will hold my SILV shares quietly and hope the silver
market puts wind in the sails of the CDE/SILV combo.
Then after the eventual sale, the most likely course of
action will be to look elsewhere for a trade on silver,
rather than to a straight GATO/SILV type replacement
as what’s left in the marketplace looks expensive for
what it is.
And if after reading all this you come to the conclusion
that’s today’s main Fundies section is a very long-winded
way of suggesting I’m likely to buy more Bear Creek Mining (BCM.v), you’re probably right 
Stocks to Follow
We did better than the market average. For sure it wasn’t one-way traffic and among the six
losers (EGO, ARG.to, AE.v, MIRL.cse, PGDC.v, MENE.v) there was even a double figure
percentage drop in Patagonia Gold (PGDC.v down 14.3%), even though that’s a Watch List
stocks and in real terms the change was half a penny. Also, one other stock remained
unchanged (OCI.v).
That’s the bad stuff out the way, what’s left are thirteen winners in a week when GDX and
GDXJ both dropped 2% and the metals prices were flat. We’ll just list the double-figure
percentage winners on Stocks to Follow, they’re headed by Provenance Gold (PAU.cse up
52.0%) and followed by big moves in Bear Creek (BCM.v up 27.5%), Red Pine (RPX.v up
25.0%), Fitzroy (FTZ.v up 20.0%) and Minera Alamos (MAI.v up 19.0%). It probably goes
without saying, but the only one that really matters personally is Top Pick MAI.v and its
7
167.75 872.35 376.74 434.24 232.92 899.35
6.15
880.55 262.76 338.27 64.69 121
941
180
160
140
120
100
80
60 40
20
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
source company filings
srallod
fo
snoillim

awakening on Friday that turned a good week into a great one. Also, somewhat strange to note
SilverCrest (SILV up 4.8%) didn’t make the list of big movers.
There are 20 open positions on our Stocks to Follow, that’s the max under normal
circumstances. Thirteen stocks are in the green, seven 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$0.375 78.6% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.66 -17.5% Momentum now building
SilverCrest Met SILV HOLD U$6.90 31-Mar-24 U$10.13 46.8% under offer, holding
Eldorado Gold EGO STR BUY U$16.55 11-Aug-24 U$17.29 4.5% new trade, finally long
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.79 16.2% return, (re)starter position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$3.99 30.8% Quality Cu developer
American Eagle AE.v SPEC BUY C$0.43 21-Jul-24 C$0.495 15.1% new Cu trade, near-term flip
Red Pine Expl RPX.v BUY C$0.105 8-Sep-24 C$0.15 42.9% New sm position, will build
Newcore Gold NCAU.v BUY C$0.205 23-Oct-22 C$0.34 65.9% Cheap Au in West Africa
Bear Creek Min BCM.v BUY C$0.35 10-Jun-24 C$0.44 25.7% Spec Ag(& Au) trade, 2 buys
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.125 -34.2% Cu jr, may add post financing
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.055 -8.3% Exposed to several good jrs
Florida Can. Gold FCGV.v hold C$0.63 21-Jul-24 C$0.60 -4.8% under offer, will hold thru
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$1.16 61.1% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.255 -15.0% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% 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$0.21 23.5% Rio Negro trade op, watching
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.03 50.0% Rio Negro trade op, watching
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.19 100.0% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.48 6-Dec-20 C$0.115 -76.0% LT bet, adding slowly
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
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
Now for notes on some of our covered companies:
SilverCrest (SILV) (SIL.to): STOCK UNDER OFFER, WILL HOLD. We’ve done this above
in the main fundies section, here a statement of intent as SILV and the decision to hold for the
time being. Essentially, SILV is now a proxy to Coeur (CDE) and will rise/fall with it on the back
of the silver price, then in a month or so the CDE 3q24 results (CDE doesn’t normally pre-
announce production). That’s the risk/reward and for the moment, I’m willing to take the
potential upside of silver and go with the flow.
8

American Eagle (AE.v): We must be close to the next set of drill results, as holders are
starting to get antsy over what they perceive to be a delay. As it turns out, we bought well so
it’s easier to hold in this waiting stage.
Eldorado Gold (EGO): The drudgery continues in EGO, though as the chart (right) shows it’s
not being any naughtier than its peers. But that’s
not the point, the idea of owning this is to out-
perform the Barricks, Agnicos and Newmonts of this
world. But instead of kvetching any more, I’m going
to look optimistically to the future and point to the
upcoming production (and preliminary sales?) news
that might show up as early as this coming week.
Last year, EGO was fast out the traps and gave us
the numbers on October 1st, so we’re now firmly in
the time window. We do know the 3q24 financials
drop on Ocxtober 31st post-close (tis the witching
hour), with the ConfCall the next morning.
I’m in this stock because I believe it will out-perform
on production, costs and then provide the type of organic growth pipeline that the market purrs
over. So as well as production numbers, all updates on Skouries as that approaches the final leg
of its build out will be important.
Rio2 Ltd (RIO.v): In a week of good news, the announcement that Rio2 Ltd (RIO.v) had
received its construction permit is almost minor level (2):
Vancouver, BC - Rio2 Limited (“Rio2” or the “Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO)
today announces that its Chilean subsidiary, Fenix Gold Limitada, has received the principal
Sectorial Permits it requires to begin construction at its Fenix Gold Project (“Fenix Gold” or the
“Project”) located in the Maricunga Gold Belt of the Atacama Region, Chile. These Sectorial
Permits are: 1) Mining Methods; 2) Process Plant; 3) Waste Dumps & Stockpiles; and 4) Closure
Plan.
Andrew Cox, President & CEO of Rio2, commented, “The team at both Rio2 and Fenix Gold have
done a great job in obtaining these permits, which will allow the Company to complete its debt and
equity financing for the construction phase of the mine. We look forward to rapidly continuing to
unlock value for all our stakeholders by progressing the Fenix Gold Mine towards an anticipated
construction start in November of this year”.
These Sectorial Permits represent the last governmental authorization required to enable the start
of the construction phase and subsequent operation of the Fenix Gold Mine.
Almost, but not really. This is excellent news for RIO.v and while fully expected (and a little late
due to some slow-moving Chilean bureaucracy) it’s still important as with this batch of permits
in-hand, RIO.v can close on the financing deal for Fenix. The NR also mentioned the financing
angle with a few lines to say that “it’s ongoing”, or some such. Finally, it noted that RIO.v had
hired a market maker to oversee its share trading, fee $7,500 per month on a four month trial
run (after which, the company will decide whether its worth the price). Regarding that, I spoke
to company Chair Alex Black last week once the news was out, learned one thing for sure and
also got strong vibes about something else.
1) For sure, we now know RIO.v aims for a formal start to the construction process on
November 1st. That’s early enough to allow the company to aim for first pour in late
2025 and while his “hopefully December” answer to my question shouldn’t be taken as
some sort of official and definitive target (with which to bash the company with later if
it turns out to be early 2026), it works just fine as a statement of intent. We should
recall that the tech and mining set-up at Fenix is as straightforward as they come and
in mining, simple is not only good, it’s quicker and cheaper as well.
2) I pressed Chair Black for details on the upcoming financing package. I didn’t get
anything concrete out of him but having jousted with him over the years on this type of
issue, can say that he sounds very pleased with the deal they’ve managed to secure.
The negotiation is clearly well-advanced and the two sides were obviously waiting on
9

the permit news in order to move forward and close. That means we’re at
legal/compliance stage and that normally takes a
couple of weeks to dot “i”s and cross “t”s, which
fits with the estimated announcement on the
package as “before the end of this month”.
RIO does have some treasury cash at hand and I’m sure
they’re already deploying that in order to hit the ground
running come November, but it’s no shock to learn that
the financing package is expected to close just before the
build begins.
Provenance Gold (PAU.cse): Last week’s note ended
with, “…PAU has managed to gain some market eyeballs and traction for this NR and the
market move to 12.5c may just be the start now that people are watching.” That’s true:
For whatever reason, PAU has captured the imagination of enough momentum flippers or drill
hole hounds and did what explorecos do from time to time; explode higher on new high
volume. Though I’m not holding any (more fool me) I’m happy for the company and its team,
so now that it has eyeballs on its upcoming drill numbers there’s no further excuses for more
upside.
Red Pine Exploration (RPX.v): This time last week we reminded readers that the “Marchaud
New Broom” $11m placement was about to close and when it did, we’d find out whether RPX
had momentum to send it back to the 18c-20c levels of before. The answer is simple, yes it
has:
Above left is the ten-day chart which shows the volume acceleration and price increase once
the placement had closed. The stock did very well indeed once the NR had dropped and peaked
at 15.5c before taking a breather and then running again to close at 15c and as the 2024 YTD
chart above right shows, those are the best prices since the assay scandal collapse. They tell
me that gaps always close….
10

We also have the confirmed share count now, with the 292.302m just 302k higher than our
guesstimate. That wasn’t bad and at this weekend’s
15c share price this is now a C$43.84m market
New RPX.v: Shares Out
capper. That leaves plenty of potential upside, as 300
275
explorecos with live 1.5m oz Au projects in good 250
225
Canada addresses can easily be double or triple
200
that market cap (eg AMX) Anyway, we could not 175
150
have asked for much more from RPX’s price action 125
last week. More, please. 100
75
50
25
Aldebaran Resources (ALDE.v): A look at the 12
0
month chart (right) shows that we’ve been here
before and what’s more, I’m a little reticent to say
anything out loud because I seem to have some
sort of jinx effect on the stock, but even on modest
volumes ALDE has had a very good run since Labor Day and it now threatening to break into
new all-time high territory. If it did it would be about time, that’s for sure.
And anyway, I’m not superstitious. Because it’s unlucky to be superstitious.
Orecap Inv (OCI.v): The news (3) that QCCU.v is buying Cuprum into its structure (see
Copper Basket below) makes a difference her with our small but value-driven position in our
Ore Group holding Orecap (OCI.v), as it owns 29.5m shares of the privately-held Cuprum and
to now, we’ve priced at C$0.12. As per the deal, those Cuprum shares will leave OCI and be
replaced by 34.037m QCCU shares and once they’re are added to the 5.06m and changed
already held here, makes a new total of just under 39.1m. Also, as the deal values Cuprum at
15c/share it makes the deal accretive to OCI even before QCCU/XXIX manages to grow its
share price and market cap.
The revamp and changes in Ore Group change the make-up of OCI in a meaningful way and as
such, I’ve changed up our tracking table to show the new pro-forma for its liquid-ish assets:
OCI.v: PRO FORMA Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.495 5.78 2.3
AE.v warrant 0.10 0.195 0.02 0.0
ARIC.v 8.33 0.44 3.67 1.5
ARIC.v warrant 4.17 0.24 1.00 0.4
QCCU.v 39.10 0.13 5.08 2.1
MIS.cse 24.71 0.035 0.86 0.3
subtotal 16.42 6.6
Est.cash 1.10 0.4
Total 17.52 7.1
At 247.714 S/O
11
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA tse42yluJ se42.tcO tse52.naJ
source: company filings
serahs
fo
snoillim

Aside the disappearance of the Cuprum shares and the boosting of the QCCU position, these
changes makes OCI more of a true “hub stock” in the Ore Group structure. Most of its value is
now shares fairly equally between three positions and while there are other parts, a buyer of
OCI going forward will do so because they get exposure to three potential exploreco winners in
one show, AE, ARIC and QCCU/XXIX.I also checked with the company on whether it would look
to top up the treasury position with an equity raise and the reply was a strong negative. Never
say never of course, but there are no plans to add cash to OCI by selling shares. Overall, this
move by QCCU to become a dual-asset copper story serves OCI positively and gives another
good reason to own the stock.
Minera Alamos (MAI.v): We go over the politics behind the move in Minera Alamos and
other Mexico-Open-Pit-Permit-Exposed mining stories (if that’s not too much of a mouthful) in
Regional Politics below. Here we kick back, relax and take in the pleasant view:
Jesse Livermore is a well-used source of market wisdom and this Saturday morning, as I write
up the notes and stare at the visual above, his classic “Be right, sit tight” comes to mind. I’m
somewhat out of context, as Livermore was talking trade positions that last more than a mere
month, but it occurred because not a single thing has changed politically in Mexico’s mining
sector all along that timeline. When MAI was 22.5c and 25c, while Doug Ramshaw was in a
hotel complex in Denver assuaging the doubts of investors, in the run-up to the investiture of
Claudia Sheinbaum, in the days since then. The only thing that’s changed is the perception of
open pit mining in Mexico. Observers were dead set against the sub-sector despite clearly
stated facts and policy statements from the incoming President, those same people have
decided that she wasn’t joking. Need an archetype example of “seek facts and hold fast to
knowledge”? Look no further.
Bear Creek Mining (BCM.v): This time last weekend I was “Looks like a placement
incoming!” and “BCM is a leaky boat!” about the sudden price drop it had just experienced. This
weekend we’re back at 44c, volume has dropped back to its modest norm and there has been
no word on any financing. So it may have been a
single punctual seller of size that wanted out, after all.
BCM did manage to catch decent bids on Friday
thanks to the tailwinds created by the SILV/CDE deal
(see above) and that makes sense, as for one Corani
is a large silver deposit and for another, in Mercedes
it’s operating in the right place in Mexico to attract
neighbour play attention even if that’s an underground
operation and not affected by all the open pit hoo-
hah. However, one thing that last week taught me
about Mexico political risk is not to over-estimate the
people betting on these stocks, see Regional Politics
for more on that.
12

The Copper Basket
After forty weeks of 2024, The Copper Basket shows a gain of 5.27% 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 2094.30 11.21 56.6%
2 Solaris Res SLS.to 4.13 161.833 545.38 3.37 -18.4%
3 Marimaca Cop MARI.to 3.43 93.11 371.51 3.99 16.3%
4 Los Andes LA.v 11.80 29.519 240.58 8.15 -30.9%
5 Arizona Sonoran ASCU.to 1.75 133.265 206.56 1.55 -11.4%
6 Aldebaran Res. ALDE.v 0.89 169.819 196.99 1.16 30.3%
7 Faraday Copper FDY.to 0.63 204.72 178.11 0.87 38.1%
8 Hercules Metals BIG.v 1.38 231 127.05 0.55 -60.1%
9 Oroco Res OCO.v 0.375 236.911 78.18 0.33 -12.0%
10 American Eagle AE.v 0.26 116.75 57.79 0.495 90.4%
11 Element 29 Res ECU.v 0.18 119.31 29.83 0.25 38.9%
12 Kodiak Copper KDK.v 0.58 63.93 26.21 0.41 -29.3%
13 C3 Metals CCCM.v 0.61 61.885 23.52 0.38 -37.7%
14 QC Copper QCCU.v 0.12 173.7 22.58 0.13 8.3%
15 Camino Min COR.v 0.07 206.66 11.37 0.055 -21.4%
NB: All stocks in CAD$ Portfolio avg 5.27%
Our basket average dropped by 1.67% on the week, a modestly negative result fueled by eight
losers (SLS.to, LA.v, BIG.v, ASCU.to, OCO.v, KDK.v, AE.v, ECU.v) being too much for the six
winners (NGEX.to, MARI.to, ALDE.v, FDY.to,
CCCM.v, COR.v), with just one stock remaining 25% The Copper Basket 2024, weekly evolution
unchanged on the week (QCCU.v). Just one big 20%
winner and one big loser to report, with Camino
15%
Minerals (COR.v up 22.2%) the best return in
10%
percentage terms, though effectively it was up a
5%
penny. The biggest loser was Hercules (BIG.v
0%
down 12.7%), we make a brief mention of both
-5%
below.
-10%
Moving to copper-the-metal, early trading
flattered to deceived somewhat last week after
spiking well over U$4.70/lb at the Asia open
Monday (while I was finishing last week’s edition, in fact). But it’s too much of a stretch to call a
week when the HGZ24 December
contract held between U$4.55/lb and
U$4.65/lb a failure; for one thing
China Golden Week stopped volume
trading in its tracks, for another the
rampant bull run needed to take a
rest and the atmosphere at LME Week
couldn’t have been more bullish about
copper among producers and buyers.
It won’t hurt to see copper flat line for
a couple of weeks, forest for the trees
and all that.
As for the commentariat, that was still
buzzing about China's decision to go
Keynesian and run the long-awaited stimulus on its macro-economy. Those measures look set
to get another chapter in the coming week, with China newswire services this weekend
reporting (4) that "Senior officials from the National Development and Reform Commission
13
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 ht92 ht6tco
source: IKN calcs

(NDRC) will provide an update on the "comprehensive implementation of a package of
incremental policies to robustly promote upward economic momentum, optimize structural
development, and sustain a positive growth trajectory." Gotta love that China State mechanism
writing style, shades of Orwell in there.
We do a little more on LME Week in Regional Politics below, so with the market quiet and
metals prices flattish, that’ll do for this week and we’ll move to our regular weekly world copper
inventories segment, data from Cochilco (and Richard, thank you sir):
 The aggregate of copper inventories held by the three world futures markets systems
enters a quiet fortnight before the year-end storm begins and last week added a thin
1,271 metric tonnes (mt) to close at 500,578mt.
 There was enough time on Monday before the Golden Week began to add 1,217mt to
the SHFE holdings, which puts its inventory this weekend at 141,625mt. Now closed
and will remain so for the days ahead.
 The LME saw another small drop of 4,000mt overall, with 3,050mt of those out of its
South Korea warehouses, to close the week under the 300k line at 298,525mt.
 Which means it was left to the normally quiet and minor Comex system to make the
difference. After the big 17,829mt increase to copper stocks of the week before, it
added another 4,054mt to close at 60,428mt and the weirdness continues.
Our dedicated SHFE chart shows little change, China is on vacay and inventories take a leg
sideways.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
14
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2024
2023
2022
2021
2020
2019
source: Cochilco data
Now for some notes on a selection of our basket stocks:
QC Copper & Gold (QCCU.v): Big news and a corporate shake-up coming to QCCU, with the
news last week under the title (5), “QC Copper Announces Strategic Acquisition of Cuprum
Corp”. We also offer up the bullet points at the top of the NR, as there are a few moving parts
here:
 QC Copper to acquire Cuprum and its 100% owned Thierry Copper Project in an all-
share deal
 The acquisition strengthens QC Copper’s position as a major Canadian copper
developer with two large, easily accessible multi-billion-pound copper projects
 Thierry Copper Project, a 7,907-hectare past producer, offers significant growth
potential
 The combined company will rebrand as XXIX Metal Corp., reflecting copper’s atomic
number 29
As usual, this desk strongly recommends that you go the extra mile and read the entire NR, not
just those bullet points. There’s also a 20 minute video out from the company narrated by CEO
and Ore Group head honcho, Stephen Stewart, entitled “A Canadian Copper Powerhouse: XXIX”
(6), which lays out the deal and some of the thinking behind it. As for my thoughts arising on
this corporate move, after doing the necessary reading, viewing and thinking I’ll start with a
clear verdict: I like this move by QCCU and think it will make it a more attractive

company going forward. That said, it’s time to get into the weeds and explain why I’m not
rushing out and buying QCCU on the back of this announcement. Here are two screenshots
ripped from the video to make the strategy points, firstly one of the basic slides with a map and
reference to its “Dual Asset Strategy”:
We see the map and location of the two assets, as well as a few notes extolling the virtues of
both Opemiska and Thierry. In the video, CEO Stewart also notes that the Horne smelter and
logical destination of the concentrate from either/both assets once mines is located midway
between the two. One of my first thoughts on reading the NR last week was something along
the lines of “Are they giving up at Opemiska? Are the social issues…?” etc but QCCU has been
quick to allay those fears. See the presentation, listen to the video and speak to the team (I’ve
done all three) and you’ll hear that Opemiska is still an integral part of the plan and the “we’re
doing them in tandem” message comes at you from all angles. Message received.
This second visual is a basic run-down of how the two assets compare and contrast. Please see
the NR for the details on Thierry resource (and Opemiska, though we’ve covered that one
closely over time), here we note they are fairly similar in overall size, with comparable plans to
expand and upgrade as they move to PFS and saleable/developable projects.
Putting these two assets under the same corporate roof passes the smell test easily and indeed,
CEO Stewart said that putting Cuprum into QCCU has been the plan all along, it had to wait for
the right time. Which is now, apparently.
As for the re-brand to “XXIX Metal Corp” (Roman numeral for 29, denoting copper’s position on
the periodic table of elements), it’s one of those things where I shrug my shoulders and say
“yeah okay, if you insist”. If you’re going to re-brand it makes sense to do it at a time like this,
the name “QC Copper & Gold” and its fleur de lys emblem is very Quebec while Thierry is not,
the current corporate branding is unlikely to be missed by many. As for “XXIX”, maybe I’m just
old but it doesn’t do anything for me…then again it’s not horrid and to its benefit, it will give the
company a ticker code that people remember.
Moving on to corporate structure post-deal close, in its literature, QC Copper says will issue an
aggregate of 82.76 million QC Copper Shares for Cuprum and its assets. If we catch up with its
share count evolution chart (right) it gives New-QCCU a pro forma share count of 257.16m
shares out, which at the presumed 13c share price is a market cap of C$33.43m. While the “per
15

pound in-situ” valuation technique is rather crude and not something upon which to bet money
alone, it does provide a benchmark and at current market cap, QCCU’s copper equivalent
pounds are valued at 0.7c apiece. That’s
300 QCCU.v: Shares out (m)
cheap and allows plenty of asset-based
275
upside as long as the pounds show to be 250
economic and viable for extraction. It also 225
200
underscores the sum-of-parts case for
175
putting Cuprum and Thierry inside QC 150
Copper and next to Opemiska, as the 125
100
market tends to reward larger resource
75
sizes. With 4.88Bn lbs CuEq over two 50
deposits, the soon-to-be XXIX still won’t 25
0
be the biggest copper story out there, but
it makes more sense.
However and on consulting with QCCU
management one weak point remains treasury and at some point, QCCU/XXIX will need to raise
more working capital. At present, QCCU has around C$5m cash and its FIND shares (which I
don’t expect them to sell at current levels), while Cuprum reportedly brings around C$900k into
the new structure. The fusion need to pay its lawyers, so let’s suppose it has a round C$5m
once the deal is closed and XXIX is off and running. Fine for one property but, if QCCU/XXIX is
true to its word about developing the twin assets in tandem, that’s nowhere near enough for
2025 so if you’re looking for the obvious headwind to share price appreciation in the near-term,
look no further. This is a predatory market for capital raising and unless QCCU/XXIX brings in a
new and willing strategic (who’d want an attractive entry price itself), its lack of 2025 (and
beyond) budget will weigh on the stock price.
Bottom line: This deal makes sense and on a per-Lb basis, is accretive for QCCU/XXIX and the
basic plan of putting together two similarly-sized small/medium copper deposits to make a
medium/large copper exploreco is good, the new whole is likely to be greater than the sum of
parts. Oddly, it may also help the social negotiations along at Opemiska, if the Chapais
community knows that QCCU/XXIX has another string to its bow and isn’t dependent on their
agreement so much. However, it will cost more to run on a per quarter basis and if QCCU/XXIX
is true to its word (every reason to assume so), it will need a bigger headcount and, of course,
burn rate for drilling will increase. So until it can show the type of treasury that doesn’t mean
it’s thinking of its next equity raise every other quarter, it’s not going to attract people to buy
on the open market at stage stage, still at least two seasons from any PFS (and the speed at
which QCCU developed Opemiska, that could be three or four). As I’m now exposed to
QCCU/XXIX via the upgrade in its holding at OCI, that will do for me for the time being.
PS: Please note I’ve tackled another aspect of this deal in ‘Stocks to Follow’ above, the way it
changes the asset mix at the “hub” Ore Group company Orecap (OCI.v).
Hercules Metals (BIG.v): Restless natives:
16
91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 tse42q4 tse52q1 tse52q2
source: company filings, IKN ests

The 24-month price chart hardly needs labels, it’s not difficult to spot the phases. The initial
period came to an end around this time last year, first with initial deep drill results for the
Hercules deposit with the move turbo-charged when Barrick jumped in as a new strategic. Then
came the disappointing follow-up results at the very start of the year (just after we’d added it
to the Copper Basket for the first time) and since then, a long chronic decline as the company
has failed to deliver any meaningful news this year. So far, at least. We can either blame
geology or the company for the poor start to the exploration season when it lost the majority of
early holes due to poor ground conditions (water table and faulting blamed), but it’s now
October and there’s still no news forthcoming. That’s odd and the selling recently is a fair
reflection of patience wearing thin among its sponsors.
Back in IKN763 at the start of the year, we introduced BIG.v to the list and wrote this as the
last paragraph of its notes that day:
“At its current C$300m market cap, BIG has run from nowhere and become an expensive
stock, but that’s what explorecos do on occasion. We’ll follow its fate in 2024 and see
whether expectations are overdone, or whether they can outline a real new world class
copper porphyry and leave the current valuation in the dust. For what it’s worth, I err to
the skeptical side on this trade and wouldn’t risk any of my personal capital at this price,
but wouldn’t mind being made to look foolish by the drillbit, the mining world needs a
couple of big wins.”
All that is still true, but despite its significantly cheaper price this one is still a strict “watching
brief only” until it delivers real news.
Camino Minerals (COR.v): The big winner of the week in percentage terms, the +22.2% win
looks more impressive than the reality: it was up a
penny on patchy volume. Admittedly, the 263k shares
it traded on Friday is just about tradeable, but at this
price it’s not even C$15k in real money terms.
Probably more important is the way COR seems to be
treating it shareholders, i.e. in classic Mushroom
Politics style (for those old enough to remember that
joke). In late June, COR announced it had exclusive
rights to negotiate a deal on the Puquios project in
Chile. That deal had until September to close, but on
September 6th (7) we got another NR from the
company, “Camino and Nittetsu Extend Again by One
Additional Week Exclusive Rights to Negotiate Copper Mine Acquisition in Chile”, in which it said
the deal deadline had been moved to September 14th. Since then, nothing from the company,
no updates, no NRs and no idea whether the deal is on or
off.
Arizona Sonoran (ASCU.to): The visual you see (right)
is the ten-day chart of a company that’s going to get its
$1.45 per shares bought deal and overallotment facility
fully filled (and no warrants), be in no doubt. The deal is
set to close this coming week.
The Producer Basket
After 40 weeks of 2024, the Producer Basket shows a gain of 38.93% to level stakes:
17

company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 61.48 53.34 28.9%
2 Agnico Eagle AEM 54.85 497.971 39.25 78.82 43.7%
3 Barrick GOLD 18.09 1756 35.31 20.11 11.2%
4 Franco-Nevada FNV 110.81 192.119 23.22 120.86 9.1%
5 Pan American PAAS 16.33 364.439 7.84 21.51 31.7%
6 Lundin Gold LUGDF 12.64 238.883 5.51 23.05 82.4%
7 Hecla Mining HL 4.81 617.768 4.08 6.60 37.2%
8 Eldorado Gold EGO 12.97 202.472 3.50 17.29 33.3%
9 Dundee PM DPMLF 6.43 180.051 1.83 10.15 57.9%
10 Wesdome Gold WDOFF 5.83 148.95 1.34 8.98 54.0%
All prices and stock quotes in U$ Port. avg 38.93%
The GDX dropped by 2.0%, our basket of ten dropped slightly less, we stretched our lead to
11.39% from the tally of seven losers (NEM, GOLD, AEM, FNV, HL, EGO, WDOFF) versus three
winners (PAAS, LUGDF, DPMLF) and of all those, the only stocks to make big moves were
Wesdome (WDOFF down 5.9%) and Lundin Gold (LUGDF up 6.7%) as it registered yet another
all-time high close and moved to within a dollar of the target price we set on receipt of its 2q24
financials. But as we’ve flogged that horse enough times already, we’ll just have comments on
WDO today.
The 2024 Producer Basket: Percentage diff. between
GDX benchmark & basket (negative= IKN ahead) 2%
0%
-2%
-4%
-6%
-8%
-10%
-12%
-14%
-16%
Barrick (GOLD) (ABX.to): In 2022 GOLD gave us its Q3 preliminary production and sales
numbers on October 13th and in 2023, it was October 12th. That suggests we’ll get the 3q24
preliminary count either at the end of this week or the beginning of the next, so heads-up on a
set of numbers that matters to the company, to JV partner Newmont and to the gold
community in general.
Wesdome (WDO.to) (WDOFF): Wesdome continued trading on the weak side, despite
shoring up its corporate standing last week via two announcements. First on Monday it
announced (8) the appointment of a new COO, Guy Belleau, then on Thursday WDO
announced (9) that it had appointed Philip Yee Independent Director and Audit Committee
Chair and in the words of the NR, “With Mr. Yee’s appointment, the Wesdome Board will be
comprised of seven members, including six independent directors.”
Fair enough. Frankly, I’d never heard of Belleau before
but on checking his CV and background, looks the part
for the job. As for Philip Yee, he’s one of the corporate
stalwarts in the Canadian mining scene and a solid new
addition that brings the board up to muster.
So with that doubt covered, we’re back to wondering
whether the weakness is connected to Q3 production
18
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 ht92 ht6tco
The 2024 Producer Basket: Weekly performance and
50% comparative to GDX control
40%
30%
20%
10%
0%
-10%
source: IKN calcs, NYSE data -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 ht92 ht6tco
ikn
gdx control
source: IKN calcs

and on that, we’re likely to find out the week after next if WDO sticks to its normal reporting
rhythm.
The TinyCaps List
After 40 weeks of 2024, the TinyCaps show a gain of 49.80% 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 27.82 0.11 69.2%
Awalé Res ARIC.v 0.135 86.798 38.19 0.44 225.9%
District Metals DMX.v 0.170 106.98 42.26 0.395 132.4%
Endurance Gold EDG.v 0.18 150.136 22.52 0.15 -16.7%
Kirkland LDC KLDC.v 0.100 88.625 4.43 0.05 -50.0%
Latin Metals LMS.v 0.075 96.476 7.24 0.075 0.0%
Palamina Corp PA.v 0.130 71.285 13.54 0.19 46.2%
South Star STS.v 0.750 52.64 32.64 0.62 -17.3%
Surge Copper SURG.v 0.090 284.79 38.45 0.135 50.0%
Viva Gold VAU.v 0.120 118.384 22.49 0.19 58.3%
Prices in CAD$, data from TSXV basket avg 49.80%
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 dropped by a tiny 0.17% and the
TinyCaps, 2024 weekly tracker
100%
headcount was six winners (ARIC.v, DMX.v, EDG.v,
90%
PA.v, STS.v, VAU.v) and four losers (BAY.v, KLDC.v, 80%
70%
LMS.v, SURG.v). Nothing much happened among
60%
these stocks last week and the overall basket 50%
40%
remains at roughly the same level as the last couple
30%
of months, so for this edition we’ll keep it brief on 20%
the tinycaps and move on to more interesting 10%
0%
matters.
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
Mexico gets a new President, we take a win where we get it
Politically speaking, the week went largely as expected for Mexico as it charged guard and
AMLO handed over the Presidency to fellow MORENA party member and first female President
of Mexico (and North America if you like), Claudia Sheinbaum. That’s a great day for regional
democracy no matter what side of the political spectrum you come from. The week was rolling
protocol, as is normal during Mexican government handovers these days, for example this
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 ht92 ht6tco
source: IKN calcs, TSX data

weekend’s swearing in of the new governor of Mexico City, Sheinbaum ally Clara Brugada with
all pomp and ceremony (10).
The centerpiece policy moment of the week was the Sheinbaum’s inauguration speech, which
ran a sweep over her “100 points” and we’re not doing all those here, this time we really will
focus on mining. In fact, President Shainbaum didn’t even utter the word during her (very) long
speech and the closest we got to something that matters to the industry was this moment (11)
Sheinbaum also used her first speech as head of state to address investor concerns after the
passing of a sweeping judicial reform pushed by her predecessor, Andres Manuel Lopez Obrador.
She reiterated that the central bank would be autonomous and told investors: “Rest assured that
the investments of national and foreign shareholders will be safe in our country.”
And that was that for the week in Mexico, or so I thought. Because then, suddenly, all hell was let
loose on Mexico-exposed mining stocks:
I’ve picked five stocks to show the move, as there’s more to life than the one I particularly care
about so alongside Minera Alamos (MAI.v) you see Zacatecas Silver (ZAC.v), Discovery Silver
(DSV.v), GoGold (GGD.v) and Prime Mining (PRYM.v), chosen semi-randomly as examples of
Canadian domiciled juniors that depend on open pit
mining projects in Mexico for their future (no matter how
large, small, likely or horrid the project might be and in
that fie, you get a real cross section). What we see is the
same move on Friday morning that consolidated during
the day and added between 10% and 25% to share
prices. Clearly “something macro” had happened and at
first I was scratching my head, then the penny dropped. A
couple of the high traffic “social media influencers had
taken it on themselves to run a series of what were either
misinformation (genuine error) or disinformation
(deliberately misleading) posts regarding the situation for
open pit mines in Mexico. Without linking to them (you can find examples online if you so
desire, their logic sequence in essence went like this:
 We heard all year that Mexico wants to ban open pit mining
 We just looked in Claudia Sheinbaum’s “100 Points” policy manifesto
 There’s nothing about banning open pit mining
 She must have changed her mind and removed the plan for her list!
 Everything is fine for Mexico miners again
 Buy!
To which I could do nothing but shake my head in disbelief. Feel free to peruse editions of The
IKN Weekly all this year for what we’ve been saying about Sheinbaum’s position regarding
mining and specifically open pit mining, for example IKN777 dated April 7th and the note
“Parsing Sheinbaum on mining”, which included this:
“In her manifesto that lists 100 policy points she’s looking to introduce in the first 100 days
of her Presidency. They include her decision not to allow new concessions for open pit
mining projects and to revise all currently held mining concessions (open pit, UG,
whatever), taking into account the approval of local populations. That’s bad news for any
project unpopular with locals (of course), but should be welcomed by those companies
with good CSR and a working relationship with the local communities around them.
Sheibaum’s position will allow her to keep in the good graces of the environmental lobby
(no new open pit permits) but at the same time, implies that those currently valid permits
for open pit projects will be accepted. Add that to her desire to seek approval from locals
and it indicates we’re going to see permits start to be awarded again as long as the criteria
are met.”
That’s the very same manifesto our social media warriors read for the first time last week
and claimed had changed. It hasn’t changed, not one iota or jot. Be very clear, Sheinbaum
has never called for a ban on open pit mining and all through the campaign has maintained
20

the position you see above, 1) no new open pit concessions will be awarded 2) current
concessions will be honoured 3) mines will only go ahead with the green light from locals.
What happened last week was that our social media warriors got their wires crossed. As
documented on these pages on too many times already, we know that the outgoing AMLO
government passed a law bill at committee stage to potentially ban open pit mining. It was a
committee filled with hardline lefties and the bill in question was never presented to the
outgoing AMLO-led assembly. That’s not the same as Sheinbaum’s position, never was and
never will be. However, it was only correct for Sheinbaum in her President-Elect period to
remain quiet and not interfere with the last week’s of her mentor’s highly successful six year
presidential term, so nothing was said on the law bill and as AMLO wasn’t silly enough to
present it to the lower house and then try to get it through the upper house before his term
was complete, it’s not been part of the recent news cycle. So to sum up:
 A law bill passed by an AMLO-led congressional committee to ban open-pit
mining
 A policy manifesto that will allow open pit mining while tightening up conditions
for the industry
Two separate things. Two separate documents. Two separate ideas promoted by two
separate groups of people and the fact they both happen to be under the same MORENA
party banner is neither her nor there. These are the things our internet warriors of truth
managed to intermingle, confound and confuse last week, be it through ignorance or malice.
Anyway, at some point I also have to shrug my shoulders and say “Hey, I’ll take the win”
because misinformed or not, the market has finally woken up to the fact that Sheinbaum’s
government is set to be far less ambivalent toward mining than AMLO’s was and the strong
current of jungledrums about permits finally starting to flow has not gone away. All these
things are good for the sector, for Mexico-exposed stocks and of course for my personal Top
Pick Minera Alamos (MAI.v), so we arrive at the philosophical point about preferring to be
right for the wrong reasons or wrong for the right ones. Me? I’ll take the money every time.
So all is fine and suddenly the market loves the beaten-down cheap stocks such as DSV,
MAI and others (even the horrid ZAC, which still has a snowball’s chance in Hell of being
permitted) have spring to life. Believe me when I state clearly that I’m not complaining and
seeing MAI.v start to recoup some of the lost ground of the last 18 months or so is a sight
for sore eyes. However! BUT (and there’s always a but) we need to lay out the risks involved
with this new development even though I fully agree that the Sheinbaum government will be
better for mining than the AMLO government was and have stated that all year. Do not
confuse the main takeaway from the next two thoughts.
 What lives by mis/dis information dies by the same. Be clear that the law bill to ban
open pit mining is not dead and while not a certainty, there’s every chance that it will
indeed be presented as stands to the lower house of deputies in the weeks to come. If
that happens, the same people shouting from the rooftops that “Mexico has retracted its
plans!” will get confused and try to explain their erroneous position away to their flocks of
followers. If so, you can bet they’ll find a way of blaming others (e.g. Mexico) and not
themselves. However, as we’ve been over this scenario before and noted that the bill has
stands has a vanishing low chance of getting through the lower and upper houses, it will
ultimately be a surprise setback and not a mine killer.
 We’re yet to see the elusive permits flow from the new Sheinbaum administration.
Be clear, I am confident that we’re going to see permits awarded as this government beds
in, but until such time as (for example) Santana gets its pad expansion permit or Cerro del
Oro gets its EIA permits, nothing essentially changes. If the wait goes on too long, our
ignorant friends with more followers than knowledge of Mexican affairs may get antsy and
shouty again.
Enough Mexico crazy for one week. Enjoy the MAI.v price pop, whatever the reason.
21

Argentina: Full court press at LME Week
It was a big turnout for one of the main base metals dates of the year, LME Week in London
last week. All the major private copper companies working the region sent their CEOs and
bigwigs (Freeport, Teck, Antofagasta, BHP etc), Chile sent both its Mining Minister Aurora
Williams and the Codelco Chairman, Máxmo Pacheco, but arguably, the star turn was on
October 1st and the “Argentina Day” events (12). The new copper/lithium kid on the block sent
a big delegation, including Secretary of Finance (the #3 finances public servant in the country)
Pablo Quirno and Mining Secretary (i.e. minister) Luis Lucero who gave the usual “come invest
with us” type welcome speeches, but the meat of the event came from the provinces. The
Argentina delegation included the governors of five of the key provinces for mining
development in the country: Marcelo Orrego of San Juan, Carlos Sadir of Jujuy, Gustavo Sáenz
of Salta, Alfredo Cornejo of Mendoza and Raúl Jalil from Catamarca, Additionally, Río Negro was
represented by its Minister of Production.
The five governors and one regional minister took turns to try and make their province sound
better than the other present and the impression they left, collectively, was extremely positive
for mining in the Andean cordillera, from San Juan’s Orrego highlighting the lead position of his
province for mining, to Salta’s Sáenz claiming his province is now the #1 region for mining in
the whole of Latin America which is….a stretch. Even Mendoza’s Cornejo got in on the act by
pushing the newly delimited Malargue zone in his province, an area that’s been separated for
fast track permits for mining development and would represent a major step forward for a
province that has dragged its heels on mining for decades (due to the “wine lobby”, but that’s
another story).
The cynical among you may point out that Argentina’s delegation was large and popular
because there’s nothing an Argentine public servant loves more than a free plane ticket and
hotel stay in a European capital and to be fair, there’s probably some of that in play. But it’s the
right time to press on Argentina’s claims as the next great frontier for large-scale mining under
Milei and with the RIGI laws now active and companies moving on projects, Argentina Day
turned out to be the centerpiece event of LME Week 2024
Colombia to join China’s Belt and Road Initiative
In something of a surprise announcement, Colombia last week announced (13) its intention to
join China’s Belt and Road Initiative (BRI), the economic cooperation plan started by the world’s
biggest user of metals in 2013. This time last year, there was talk of Colombia joining BRI when
President Petro made a State visit to China, but the idea was put on the back boiler with
comments from Petro about how China needed to improve its Human Rights record before
Colombia would consider the proposal. Here’s how The Diplomat magazine put it (14)
When the meeting between Petro and Xi in Beijing was announced, there was significant public
enthusiasm for a potential agreement that would see concrete steps being made for Colombia
to join the BRI. However, Petro asserted that Colombia should prioritize strengthening
investment ties with countries that have a deeper understanding of its needs – a reference to
China’s issues with integration, democracy, and human rights. Indeed, as late as August 2024,
Colombia joining BRI was considered part of a “long-term goal for Colombia”. Almost as
interesting was the way in which the news dropped, via comments from the Colombian Deputy
Foreign Minister Jorge Rojas at a protocol event at the Chinese Embassy in Bogotá (15):
During an event at the residence of Zhu Jingyang, Ambassador Extraordinary and Plenipotentiary
of the People's Republic of China to the Republic of Colombia, celebrating the 75th anniversary of
the founding of the People’s Republic of China, the Colombian Deputy Minister also announced
that Colombian Foreign Minister Luis Gilberto Murillo will be visiting China later this month
That’s a low-key channel for such a big move and the chances that Petro, a smart operator no
matter what you think of his politics, hadn’t thought this through and approved are roughly zero
so there is a larger game in play, especially considering the hoo-hah this announcement has
caused in the Colombia right wing. It also comes just a couple of weeks before the next BRICs
summit, potentially connected in some way.
22

Meanwhile and unrelated or not, Petro last week commented on the ongoing issue of the
Venezuela election result. When asked by foreign journalists, he said that neither Colombia nor
“Lula” (i.e. the President and government of Brazil) would recognize the Venezuelan election
result until Venezuela’s electoral committee had produced the vote receipt dockets. In other
words, Venezuela’s neighbours have turned their backs on Maduro and while the world is
currently looking toward the USA for all its election drama, come January and the supposed
handover of power from one government to the other, Venezuela will be back in the centre of
the storm. It’s not a mining-related subject and we’ve gone over the potential ramifications of
the Venezuela sham election in wider South America before so we’ll leave it here, but if anyone
has specific questions or comments feel free to drop me a line.
Burkina Faso risk increases
While not in LatAm (duh), we’ve kept a sporadic eye on developments in the West Africa nation
of Burkina Faso here at The IKN Weekly, firstly due to the potential of a trade in Orezone but
also because of its political risk profile. The last time we took a close look was in IKN723 dated
March 26th which was the last time we considered but eventually passed on a trade in Orezone
(ORE.to). At that time it was a C$1.26 stock and looked “cheap” if it could deliver on its ramp-
up plans, but one of the reasons we didn’t go for it was the elevated political risk. Here’s a
segment of the conclusion script from the note:
The political risk situation in BF is an interesting one because it’s so binary. There isn’t
going to be much grey area between “all fine” and “all lost” and if one buys ORE today
and nothing bad happens to the mine, then you should make money. However and be
clear, the risk is precisely why this stock is cheap and in that scenario, they tend to
stay cheap as well. Overall, the equity isn’t a big bargain at these prices, at the very
least it would pay to wait two or three quarters and see if ORE pays down its debt on
schedule and in the meantime, observe the country risk as its story unfolds. Perhaps
one that could be revisited at the end of this year but, with working cap set to stay
negative for a few quarters and a low overall book value compared to the current
share price, there’s too much risk for the potential reward and I pass.
We continued to keep an eye on BF in later editions during 2023, for example IKN741, July
30th 2023 and the note “Burkina Faso political risk”, then later in IKN754. Once the decision to
avoid had been taken we stepped away from coverage and 2024 has been largely Burkina-less
on these pages, but the decision to avoid BF has remained a good one. That’s doubly true this
weekend, here’s Reuters (16):
Burkina Faso plans to withdraw some mining permits, junta leader says
Oct 5 (Reuters) - Burkina Faso plans to withdraw mining permits from some foreign
companies and will seek to produce more of its own gold, junta leader Ibrahim Traore
said on Saturday, without specifying which permits could be cancelled.
"We know how to mine our gold and I don't understand why we're going to let
multinationals come and mine it," Traore said in a radio address to mark two years since
he seized power in a coup.
"In fact, we are going to withdraw mining permits," he said. He did not specify which
permits or provide further detail.
It’s unlikely to be a positive day for ORE.to on Monday. That’s putting it mildly.
Market Watching
Orezone (ORE.to) and the Canada – Burkina Faso Trade Agreement
NB: THIS IS A HEADS-UP AND NOT A TRADE RECOMMENDATION. NOT YET, ANYWAY.
The news out of Burkina Faso this weekend (see Regional Politics above) is likely to hit the
share price of those mining companies exposed to the country hard, with Endeavour (EDV.to)
and Orezone (ORE.to) coming to the mind of your author as he covers mainly Canadian mining
companies (Australia’s WAF.ax bought B2Gold’s Kiaka earlier this year). However, we should
23

also be clear that since 2017, Canada and Burkina Faso have had an operating trade
agreement, called the “Agreement Between the Government of Canada and the Government of
Burkina Faso for the Promotion and Protection of Investments”. Read all about it here (17) and
if you do, you may want to focus on “Section C – Settlement of Disputes Between an Investor
and the Host Party”, as the 18 articles included there lay out the process for arbitration if either
party reneges on the deal. Those include the agreement to use the ICSID/CIADI international
tribunal.
There’s no trade here yet and it will pay to wait and see how the Burkina Faso story plays out,
but at some point there may be a “litigation trade” in Orezone (ORE.to) of the type that gets
the win at the World Bank international tribunal system in a fairly straightforward manner.
Testing myself on 35 exploration stage copper companies (Part Six)
It’s month six of the series and the fifth month tracking our 35 copper explroecos on a relative
basis and as per the previous editions, we’re keeping the time periods straight by using the
closing prices of Tuesday October 1st, rather than those of this weekend. The rules of this game
are straightforward, we’re monitoring the price action in the copper exploreco sector in the
second half of 2024 looking for springers, winners and what type of stock does best in the new
environment for copper. The league table has 35 juniors with projects, all of them copper
targets and most of them in The Americas, be that North, Central or South. The rules:
 We start with the share prices as at May 17th (recent market top)
 We take a snapshot price reading at the end of each month and report in that
weekend’s edition (e.g. today)
 We calculate the percentage change since May 17th
 We put the 35 stocks in league table order, with the best performers at the top
However, before the game started I ranked the companies and projects, according to my wholly
subjective opinion of what they have to offer. Please see IKN783 for the stocks in colour
grouping, (with three added) but by way of a reminder, here’s how I’m rating them as
prospective Value propositions:
The colour code
Big Star Green
Star Blue
Neutral Cream
Dog Orange
Big Dog Red
Please be clear, those colour codes are my own subjective opinion, not some sort of definitive
judgment. Indeed, you’ll be able to see how badly my guesses are by checking the final column
on the right. Now for the updated table, in which they are ranked in order of percentage gain or
loss since IKN799. Back then just nine stocks in positive territory and that’s moved up slightly to
eleven. The colour-coded chart for easier discernment also show ten stocks down a maximum
of 20% (WRN squeezing in on appeal) which leave 14 true dogs.
Putting myself to the test on 35 copper juniors
Rank Company Ticker Project Proj. Quality PPS May 17th Oct 1st PPS Oct 1st % change
1 Panoro Min PML.v Cotabambas 3 0.12 0.28 133.3
2 Element 29 ECU.v FdC/Elida 4 0.16 0.255 59.4
3 Filo Corp FIL.to Filo 10 26.66 32.38 21.5
4 SolGold SOLG.to Cascabel 5 0.155 0.185 19.4
5 Regulus Res REG.v AntaKori 7 1.72 1.95 13.4
6 NGEx Min NGEX.to Helados 7 9.98 11.15 11.7
7 Northern Dyn NDM.to Pebble 2 0.415 0.46 10.8
8 Faraday Cop FDY.to Copper Creek 7 0.80 0.83 3.7
9 Atex Res ATX.v Valeriano 5 1.41 1.45 2.8
10 Cordoba Min CDB.v Alacran 3 0.47 0.475 1.1
11 Trilogy Met TMQ.to UKMP 4 0.65 0.65 0.0
12 Aldebaran ALDE.v Altar 6 1.20 1.13 -5.8
13 Marimaca MARI.to Marimaca 7 4.15 3.9 -6.0
14 Arizona Son ASCU.to Cactus etc 7 1.65 1.55 -6.1
24

15 QC Copper QCCU.v Opemiska 5 0.15 0.14 -6.7
16 Pampa Metals PM.cse Piuquenes 5 0.25 0.22 -12.0
17 C3 Metals CCCM.v Jamaica 3 0.41 0.355 -13.4
18 Hot Chili HCH.v Costa Fuego 5 0.97 0.8 -17.5
19 Alta Copper ATCU.to Cañariaco 3 0.71 0.57 -19.7
20 Los Andes LA.v Vizcachitas 5 10.40 8.33 -19.9
21 Western Cop WRN.to Casino 5 2.09 1.67 -20.1
22 Camino Min COR.v Chapitos 3 0.065 0.05 -23.1
23 Oroco OCO.v Santo Tomas 4 0.455 0.34 -25.3
24 Libero LBC.v Mocoa 4 0.395 0.29 -26.6
25 Kodiak KDK.v MDN 3 0.60 0.44 -26.7
26 Copper Fox CUU.v Schaft Creek 2 0.42 0.3 -28.6
27 American Eagle AE.v NAK 8 0.74 0.52 -29.7
28 Hercules BIG.v Hercules 7 0.89 0.6 -32.6
29 Solaris Res SLS.to Warintza 5 5.43 3.48 -35.9
30 Surge Copper SURG.v Berg/Ootsa 4 0.22 0.14 -36.4
31 Pan Global PGZ.v Escacena 5 0.19 0.115 -39.5
32 Kutcho KC.v Kutcho 2 0.20 0.11 -45.0
33 Sendero Res SEND.v Peñas Negras 5 0.095 0.05 -47.4
34 Chakana PERU.v Soledad 3 0.10 0.035 -63.2
35 World Cop WCU.v Escalones 2 0.305 0.055 -82.0
source: TSX/V data, IKN calculations
As for a commentary on this month, , in general terms we’ve seen some improvement to the
exploreco complex (please recall we started this experiment at the top on the market with
copper prices close to U$5.00/lb), but there’s still plenty of slack to make up and overall, the
sub-sector remained unloved. As for trends inside the list, one thing that may be in-play is the
rise of the “no hoper” projects, ones where community or government permitting issues have
stopped the project from moving forward but can still make the stock a speculative vehicle. I’d
include several of the names at the top of the list in that category, including Panoro at #1,
SolGold at #4, Northern Dynasty at #7, Cordoba at #10 and Trilogy at #11…all those in the
green section. As well as hitting permitting issues, all those boast the favours of big name
strategic partners and/or sponsors and help them remain in the recognizable names list-
However and overall, I continue to doubt the use and validity of this section and the results so
far look too random to be good as a pattern spotter. We’ll keep to the plan and run the series
to the end of 2024, at which point I’ll make a definitive decision on whether it’s worth
continuing.
Trying not to obsess over New Found Gold (NFG.v) (NFGC)
This is the third week out of three with Market Watching segments on New Found Gold
(NFG.to) (NFGC) since the Iceberg Research report dropped on the company. First I added my
thoughts to the mix with “A Queensway crystallization moment” in IKN801, then last week in
“New Found Gold (NFG.v) (NFGC) ignores its shorts” we noted how NFG’s response was to play
possum instead of tackling the issue heads on. So with no further news from the company,
there’s no real excuse for this third segment but I’m running one anyway, mostly due to my
own morbid curiosity but also because the chart action looks particularly weak all of a sudden.
25

I ended the longer IKN801 note with “…unless NFG.v does something very quickly, its share
price has more significant downside to come in the near future” and that’s looking spot on at
the moment. NFG either has to break the preconceptions placed by Iceberg, perhaps by giving
us a clear timeline to an MRE, or it has to address the short report directly and refute its points
in a public manner. The longer it tries the “ignore it and it will go away”, the more those doubts
and questions will foment in the minds of current and potential shareholders. Long story short,
the jury is still out but if NFG doesn’t do something soon, a vicious circle begins.
Equinox Gold (EQX) runs a secondary
As an erstwhile holder of Equinox Gold (EQX), I was interested in both content and market
reaction to its news last week (18)
October 3, 2024 – Vancouver, BC – Equinox Gold Corp. (TSX: EQX, NYSE American: EQX) (“Equinox Gold”
or the “Company”) has issued 24,761,905 common shares of the Company (the “Common Shares”) to Ninety
Fourth Investment Company LLC (“Ninety Fourth”), an affiliate of MDC Industry Holding Company LLC
(“MDC”) on conversion of a US$130 million convertible note (the “Note”) held by MDC.
Further, Equinox Gold and Ninety Fourth have entered into an agreement with BMO Capital Markets to
complete a secondary offering (the “Offering”) of the Common Shares issued on conversion of the Note.
Pursuant to the agreement, BMO Capital Markets has agreed to purchase, on a bought deal basis,
24,761,905 Common Shares from Ninety Fourth at a price of US$5.65 per Common Share, for total gross
proceeds of approximately US$140 million.
Net proceeds of the Offering will be paid directly to Ninety Fourth and Equinox Gold will not receive any
proceeds from the sale of Ninety Fourth’s Common Shares.
EQX CEO Greg Smith put a positive spin on the news, stating that the conversion “…reduces
our current debt and meaningfully enhances our liquidity” and that’s true of course, but the
whole idea of taking out the debt was to pay it back and the share price reaction to the news
(chart right) was wholly understandable. One look at EQX balance sheet items in 2024 is
enough to show it hasn’t generated the expected cash flow at this stage, even with gold priced
where it is, for example the working cap chart (below left) and the cash generation for current
operations hasn’t lived up to expectations (chart right).
800 EQX: Working Capital per qtr
700
600
500
400
300
200
100
0
And that’s mine operating income, rather than the corporate-wide number of U$11.3m for
2q24, that spreads thinly over 450m shares out. Add in the slight delay in getting Greenstone
up to speed and EQX finds itself a little strapped for cash at this moment and heavily dependent
on getting its new flagship asset to cash flow positive status as soon as possible. As for
Mubadala (MDC), they would surely have been offered the opportunity to refi the loan and boot
it forward, or if not convert and become a strategic, long-term diamond-handed shareholder.
Instead they want the money and with EQX unable to produce it from treasury, the alternative
of a secondary offering that allows the company to sell in an orderly block fashion is certainly
preferable to MDC selling around 25m shares on the open market.
In my case and trade in EQX, I held on while grumbling from time to time until IKN780 dated
April 28th, when EQX announced it was buying out the 40% of Greenstone it didn’t own from
Orion. That day’s note ended with “selling soon” and after thinking about it a little more,
announced the sale the very next week in IKN781 dated May 5th, as part of a small portfolio
spring clean. The records show that I got U$5.57 for my shares and considering what gold has
done since then, this weekend’s U$5.71 makes me very glad about biting the bullet and selling
26
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
source company filings
srallod
fo
snoillim
EQX: Mine Operating Income, per qtr
291.34
390.58 96.79
802.46
442.44 292.14 496.54
63.99 594.82
499.61
934.7
759.13
164.41
417.03 202.52
706.83
263.11
926.62
110
100
90
80
70
60 50
40
30
20
10
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2
U$m
source: company filings

when I did. I wouldn’t call EQX as “in trouble”, but the basic fact that it couldn’t cover the
U$130m exit of this tranche of the Mubadala loan money at least indicates near-term financial
weakness and the price move reflected that
reasonably faithfully.
All this is not to say that EQX is a no-go for future
trades, of course. Anyone with a pocket calculator
and the inclination knows that Greenstone is the
epitome of the game-changer asset and once the
money starts flowing from full-scale ops, EQX
should be able to show strong corporate-wide
earnings and a quickly improving balance sheet.
However, last week’s news underscores that this
is a “Show Me” story until further notice.
Conclusion
IKN803 is done, we end with bullet points:
 It was a successful week for the portfolio, with significant and positive news from SILV,
RIO.v and other stocks moving fact on newly improved volume (MAI.v, RPX.v, BCM.v).
It’s funny how these things tend to happen all at once, the old saying about London
buses comes to mind.
 We’re now just four weeks away from the centerpiece crazy moment of the political
year and while I don’t know if mining stocks and metals will be influenced by its
shadow, it wouldn’t be any sort of surprise.
 Happy to hold through on SILV/CDE for the time being, but don’t be surprised if I cash
in before the deal is consummated. All depends on the silver price.
 Avoid Colombia.
I thank you in advance for any feedback. Our Top Pick stock is Minera Alamos (MAI.v). Flash
updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.coeur.com/investors/news/news-details/2024/Coeur-Announces-Acquisition-of-SilverCrest-to-Create-
Leading-Global-Silver-Company/default.aspx
(2) https://www.rio2.com/post/rio2-receives-all-key-sectorial-permits-for-construction-of-fenix-gold-mine
(3) https://qccopper.com/news/qc-copper-announces-strategic-acquisition-of-cuprum-corp/
(4) https://x.com/Sino_Market/status/1842816267444744556?t=UMIcargB9L6lhZuT4_pFOw&s=03
(5) https://qccopper.com/news/qc-copper-announces-strategic-acquisition-of-cuprum-corp/
(6) https://www.youtube.com/watch?v=gscM28JsXE0
(7) https://caminocorp.com/news/camino-and-nittetsu-extend-again-by-one-additional-week-exclusive-rights-to-
negotiate-copper-mine-acquisition-in-chile/
(8) https://www.wesdome.com/English/investors/latest-news/news-details/2024/Wesdome-Gold-Mines-Appoints-Guy-
Belleau-as-Chief-Operating-Officer/default.aspx
27

(9) https://www.wesdome.com/English/investors/latest-news/news-details/2024/Wesdome-Gold-Mines-Appoints-Philip-
C.-Yee--as-an-Independent-Director-and-Audit-Committee-Chair/default.aspx
(10) https://cnnespanol.cnn.com/video/juramento-clara-brugada-jefa-de-gobierno-ciudad-mexico-sot
(11) https://www.swissinfo.ch/eng/sheinbaum-sworn-in-as-mexico%27s-first-female-president%2c-vows-%27it%27s-
time-for-women%27/87656403
(12) https://www.panorama-minero.com/es/news/conclusiones-de-la-lme-week-litio-y-cobre-claves-en-la-promocion-
minera-de-argentina-en-el-exterior-1
(13) https://www.prensa-latina.cu/2024/10/02/colombia-se-unira-a-iniciativa-de-la-franja-y-la-ruta-de-china/
(14) https://thediplomat.com/2024/08/evaluating-colombias-strategic-partnership-with-china/
(15) https://tvbrics.com/en/news/colombia-to-join-china-s-belt-and-road-initiative-to-strengthen-bilateral-ties/
(16) https://www.reuters.com/world/africa/burkina-faso-plans-withdraw-some-mining-permits-junta-leader-says-2024-10-
05/
(17) https://www.international.gc.ca/trade-commerce/trade-agreements-accords-commerciaux/agr-
acc/burkina_faso/fipa-apie/index.aspx?lang=eng
(18) https://www.equinoxgold.com/news/equinox-gold-announces-convertible-note-conversion-and-bought-deal-
secondary-offering/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
28

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
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
29

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
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
30

Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now
available on request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all
material within should not be construed as accurate or reliable or be utilized as advice for investment or business
purposes. Independent due diligence and discussions with ones own investment and business advisor is strongly
recommended. Accordingly, nothing in this report should be construed as offering a guarantee of the accuracy or
completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any
security or as an endorsement of any product or service. All opinions and estimates included in this report are subject to
change without notice. It is prohibited to copy or redistribute this report to any type of third party without the express
permission of the author.
31