IKN #805Premium

The IKN Weekly
Week 805, October 20th 2024
Contents
This Week: Trade heads-up, In today’s edition, Now sit tight.
Fundamental Analysis: Selling Bear Creek Mining (BCM.v), Buying Libero Copper (LBC.v).
Stocks to Follow: Bear Creek Mining (BCM.v), Florida Canyon (FCGV.v), SilverCrest (SILV)
(SIL.to), Eldorado Gold (EGO), Rio2 Ltd (RIO.v), Minera Alamos (MAI.v), Red Pine Exploration
(RPX.v), Orecap Inv (OCI.v), Newcore Gold (NCAU.v), Fitzroy Metals (FTZ.v), Pan Global
Resources (PGZ.v), Aldebaran (ALDE.v).
The Copper Basket: Overview, NGEx Minerals (NGEX.to).
The Producer Basket: Overview, Barrick (GOLD) (ABX.to), Wesdome (WDO.to) (WDOFF).
The TinyCaps Basket: Overview, Awalé Resources (ARIC.v), Palamina Corp (PA.v), Surge
Copper (SURG.v).
Regional Politics: Mexico: No strikes at Peñasquito this year, Mexico: The Senate is aware,
Chile: Acid test, Argentina: RIGI and Salta.
Market Watching: Deferred
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
Trade heads-up
Two sales and a purchase to signal, first the sales:
 I’m taking profits in Bear Creek Mining (BCM.v)
 I’m selling the badly-born trade in Florida Canyon Gold (FCGV.v)
Depending on how tomorrow Monday trades, those sales might not happen for a couple of days
but the positions will be closed by this time next weekend. Details in today’s main Fundies
section for BCM.v, plus a couple of extra thoughts on FCGV.v in the Stocks to Follow notes
section. Now the purchase:
 I’m buying Libero Copper (LBC.v) as a near-term speculation. Seriously.
Despite the ownership roster, location and country risk, this is an obvious vehicle for a quick
turnaround fliptrade on last week’s news. Details also in today’s main Fundies section.
In today’s edition
 All I really have to say today is in the intro section, “Now Sit Tight”. Ultimately, it
doesn’t really matter if you buy the same stocks as I do or go a different way, the job
now is to hold on to your big positions and resist the temptation to take profits too
early. The sweet spot for mining companies, particularly precious metals miners, has
arrived and it’s time to make some money.
 However and to prove my hypocrisy, I’m selling two positions and raising treasury in
the days to come. Not only that, but part of the cash raised is funding a new purchase
in a base metals story. Read about the sale of Bear Creek Mining (BCM.v) and plan to
buy Libero Copper in today’s main Fundamentals section, plus the sale of Florida
Canyon Gold (FCGV.v) in the Stocks to Follow notes
 By popular demand (though I’m surprised the message hasn’t arrived loud and clear by
now), Regional politics continues with the “It’s okay in Mexico, honestly” messaging.
1

 In The Producer Basket, we take a look at the mediocre numbers posted by Barrick
(GOLD) last week but despite the overall sense of disappointment, the stock is probably
a buy from here. That’s a good thing for the sector, even if I don’t partake myself.
Now sit tight
“It never was my thinking that made the big money for me. It always was
my sitting. Got that? My sitting tight! It is no trick at all to be right on the
market. You always find lots of early bulls in bull markets and early
bears in bear markets. I’ve known many men who were right at exactly
the right time, and began buying or selling stocks when prices were at
the very level which should show the greatest profit. And their
experience invariably matched mine–that is, they made no real money
out of it. Men who can both be right and sit tight are uncommon.”
Reminiscences of a Stock Operator, 1923
Edwin Lefèvre’s imagining of Jesse Livermore includes the above quote, one of the most
repeated saws of wisdom in stock market circles and if the entire block quote is new, the “be
right sit tight” snippet certainly isn’t. As such, I do try to steer clear of the over-used cliché
quotes (Livermore, Buffett etc) however, there comes a time when Shakespeare or Robert Frost
will not do. It’s not the first time you’re getting this pep talk from an intro to The IKN Weekly
either, there have been several recently with the most recent IKN801, under the title “The
pleasures of being wrong”, in which we noted how bad a couple of my recent macro calls had
been. If you recall, my best guesses for September and October included The US Federal
Reserve making its first cut 25bps rather than 50bps, also the price of gold topping out at
around U$2,550/oz. What fun.
So, stupid me. While it’s nice to be right about such things and add a little value to the
publication (when it comes to opinions, I have them), I don’t mind being stupid about the
issues on the margin of our true remit. Those sidebars include the macroeconomic moving parts
of The USA/Europe/China etc, they also include political views and predictions on elections
(mostly LatAm, but I doubled down on my stupidity by daring to mention “that election” in last
week’s intro and have the mailbox to prove it) and even price calls on gold and other metals are
sidebar options, as far as I’m concerned. Don’t let that last one surprise you, The IKN Weekly
obviously cares about what gold does next and share prices of what we do care about will
always move with their underlying metals, but we’re about the mining stocks here, specifically
junior mining operators, developers and explorecos. On that we’ve been as clear as possible
recently and to prove it, here’s the repeat list of excerpts from recent intros:
IKN797: “…the real benefit to gold at 2500 is going to show in the share prices of the miners. Be clear, the triple
whammy of 1) controlled inflation 2) interest rates dropping 2) gold at these prices is a near-perfect environment
for precious metal mining stocks, the ones we cover, watch and buy here at The IKN Weekly and unlike gold
bullion in dollars, the miners are obviously lagging the metal. That’s where we are today, an environment in which
the mining stocks will outperform not only gold, but most other industrial sectors. I for one have positioned the
personal portfolio for this moment and you’re free to argue about my specific vehicles (you think owning IMPACT
Silver is dumb? Fine by me), here in the intro rant we’re all about the big picture strategy and from here, the job
is simple. If you’re not fully long PMs yet, make sure you are and then stay that way. The “sell high” part comes
later.
IKN798: “Enough of the pessimism, ladies and gents, gold is flying. Bring on the upbeat speeches, bring on the
fat treasury chests and bring on the M&A deals.”
IKN799: “…why the fundamentals for the mining stocks remain strong, as we’re about to enter a classic sweet
spot for the sector when rates drop, money gets cheaper, inflation concerns abate and the margins being made
on every ounce of mined gold is consolidated.”
IKN800: “…keep your eyes on the real prize and that’s the mining stocks…”
All that underscored by the signoff sentence in IKN801, “…the miners are the trade in this
environment. HODL, ladies and gents, there’s serious money to be made.”
That time is now. This chart, showing the relative performance of gold bullion (GLD proxy) and
the precious metals mining stocks (GDX proxy) since IKN801 was published brings us up to
date and adds key context:
2

Though gold bullion has done well since the IKN801 intro section, its derivative stocks, the
things we most care about, have taken their sweet time to get moving. Indeed, macro
headwinds of a couple of weeks ago saw them lose ground as a group and drop around 5% to
the start point. But the last couple of weeks have been more like the action we expected from
our sector of focus, with PM stocks catching up to gold and, most recently, putting in a spurt as
the market realizes that the sweet spot is upon us:
 Gold rising
 Interest rates dropping (and maybe even inflation)
 Sentiment for equities bullish
That’s the right combination for precious metals producers, all ducks in line to improve margins
and the first real alpha move came on Thursday and Friday, when gold powered above
U$2,700/oz, silver moved +6% in 24 hours, momentum for stocks began to grow. Also, as the
Producer Basket testifies to great effect this weekend (see below), the money that pushed PM
stocks higher is new, fresh and coming in top-down via the wide bandwidth channels such as
GDX. There was a palpable feel of triggers being hit as gold went through U$2,700/oz last week
and Friday was not a buying peak, blow-off top or crescendo. It was the start of something, not
the end, sentiment is good and generalists smell money being made, but the next price driver
won’t be on good feels or even the result of a highly contested election. We now look toward
the 3q24 financials from the Tier 1 and Tier 2 miners, as the new audience cares about bottom
line profits more than the nuances of the mining industry. As a matter of fact I am very bullish
about the near-term future for mining stocks, as well as their longer-term outlook and a lot of
that positive feeling is based on what I believe the big miners are about to show the world in
earnings. That includes the big companies like AEM, NEM and as shown in today’s Producer
Basket, at current share prices we can even expect the operational mediocrity at Barrick
(GOLD) to be outweighed by metals prices. When the rest of the world sees how much money
is being made in mining (at long last) as gold rises, financing costs drop and inflation eases, the
sentiment we’re enjoying today moves up another gear.
There will be a time to sell and that won’t be an easy day, we all know we’re dealing with
cyclical goods with prices that ebb and flow compared to the rest of the world economy, it will
feel like leaving a party when it’s at full swing. But we’re not there yet, not even close, the
party is only just getting started and the time to sell is not with us. If you’ve done what I’ve
done, you’re fully bought this market and you’ve got the “be right” bit done. Now do the second
part.
And with the exhortation to sit tight done, I now do exactly the opposite. Read on.
Fundamental Analysis of Mining Stocks
Selling Bear Creek Mining (BCM.v)
Before you tell me I’m mad, that I should read my own intro today, that selling a silver name
with the metal breaking out is a dumbness squared, hear me out. But if you don’t want to hear
me out, at least take in four TL:DR bullet points:
3

 The 3q24 production numbers out of BCM last week were okay, not great, and lower
than my guesstimates.
 I still think BCM will go to market to raise extra capital via a share placement and if it
does, that will cap further gains in the near-term.
 The stock price has moved up and is now in the price range I was targeting. From the
beginning this was a speculative trade, not an investment and it’s not the type of stock
story to inspire trust or real conviction. Also, taking profits is a part of running a portfolio
and I plan to use the money in other places.
 Silver put in a great move last week, but don’t count me in with the “straight to $50/oz
and then the moon” crowd, I’m sticking with my target of U$35/oz or thereabouts.
We opened this trade on July 9th, in the main fundies report of IKN786 prosaically entitled
“Buying Bear Creek Mining (BCM.v)”. at the time it
was a 38c stock, we got in that week for 36.5c and
then averaged down at the end of July to make the
position average 35c. By then the size was slightly
larger than I’d originally planned, but not enough to
lose sleep over. BCM then went through a tough
period during the Northern summer and spent more
time trading with the 2-handle than a 3-handle, but
the return of interest in the precious metals sector and
the recent spike of interest in silver names had seen it
move back up before last week came along. Then last
week, this happened:
It’s always, fun and exciting to get a run out of a position and a big gain in a short period, but
it’s not a shocker either as this is junior mining and volatility is the name of the game. All the
same, seeing BCM blast through the 40s, into the 50s and close at 60c on Friday vindicated the
original game plan, even though the move happened later than I expected. The catalyst for the
move was obviously the run in gold and also silver the two metals that matter at BCM, but we
also had the NR from the company with its 3q24 production numbers from Mercedes on
Thursday (1), which seemed to help things along. The headline told us they produced “…10,751
Ounces Of Gold And 76,939 Ounces Of Silver…”, here’s how that looks on our tracking chart:
BCM: Mercedes quarterly gold production
4
1089
07111 36631 83021
2129 5519
87431 82221
4039
15701
Oz Au
20000
18000
16000
14000
12000
10000
8000
6000
4000
2000
0
2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24
source: company filings
When we ran our original buy call analysis in IKN we guesstimated 2q24 production at 12,500oz
gold and 3q24 at 13,000 oz gold. When Q2 came in lighter we noted the issue but kept the Q3
guess at the same level as for one thing, BCM is not providing any official guidance for 2024
due to its operational issues and for another, there were enough signals from the company that
Q3 would improve. To his credit BCM CEO Eric Caba looked on the bright side in his CEO
comments last week:
Eric Caba, President and CEO of Bear Creek, states “We are pleased to report that Mercedes’ gold
production improved as expected during Q3 2024 in comparison to the previous quarter and silver production
increased markedly. These results stem from our ongoing efforts to improve efficiencies, control costs and
implement protocols that provide the foundations for Mercedes’ long-term success. During the third quarter
Mercedes maintained the reduced dilution and increased development rates established previously. We

have now initiated a transition to narrow vein mining techniques that will be required to further reduce dilution
and improve profitability. That transition will continue through Q4, 2024 as we prepare to move out of San
Martin, and into Marianas and other areas, which will become the primary drivers of production for 2025.”
However, numbers are numbers and while 10,751 oz gold is an improvement on the very low
Q2, it’s still on the low side. Also, it’s not too difficult to read between the lines in the second
part of that comment above and see Q4 isn’t going to be that much of an improvement. Behind
the headline numbers, we see tonnages mined/milled remain low and while gold head grade
improved somewhat, we’re still behind the 4.24 g/t gold grade that Mercedes averaged in the
ten years before BCM bought it (Equinox really saw them coming). However, a quick shout-out
to the silver production number as at 76,939oz, it’s markedly better than recent quarters and at
U$27/oz silver, over U$2m in gross revenues.
Which brings us to what we can expect from the P+L and if we assume 1) all production is sold
2) gold received average of just over U$2,500/oz and that silver by-product above, we get to
U$27m in top line revenues. From here and to be as fair to my “Sell” call as possible, I’ve been
as generous as I dare with costs and when in doubt, assumed low end on order to give BCM as
much of the cash as possible. With that in mind, our COGS estimate of U$16.5m doesn’t move
up much from Q2 (when less gold was produced) and the better gold price leaves an operating
gross margin of U$10.5m….
BCM.v: Operations overview
5
180.01
255.1
925.8 455.62 127.32 338.2 304.42 730.81 663.6 182.42 573.41 609.9 988.91 216.41 772.5 508.81 743.41 854.4 371.62 869.51
502.01 235.72
97.61
247.01
831.22
528.51
313.6
72
5.61
5.01
40
35
30
25
20
15 10
5
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
U$m
revenues
COGS
diff
Source: company filings
…then DD&A comes out to give an estimated gross profit of U$3m:
BCM: Mercedes operations, per qtr
196.3
619.0
840.3-
328.7-
25.0-
676.9-
62.1-
598.5-
623.3-
944.6-
957.6-
56.11-
419.0-
767.4-
933.3
694.1-
426.2-
181.7-
3 1-
10
8
6
4
2
0
-2
-4
-6
-8
-10
-12
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
BCM Mercedes: Tonnes mined/milled
U$m
gross profit
Op earnings
source: company filings, IKN ests
1.38 0.221 4.621 2.841 0.821 0.241 0.431 0.431 5.121 1.521 5.321 2.621 0.811 0.631 0.601 0.901 1.39 7.59 9.301 5.201
kmt BCM Mercedes: Gold head grade
tonnes mined
160 tonnes milled
140
120
100
80 60
40
20
0
2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24
source: company filings
16.2 54.2 11.3 19.2 24.2 04.2 03.3 96.3 32.3 04.3
g/t Au
4.0
3.5
3.0
2.5
2.0 1.5
1.0
0.5
0.0
2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24
source: company filings

That moves through to an operating earnings of negative $1m. As for net earnings, it’s a tough
call on a quarterly basis, but for all intents and purposes it’s breakeven:
BCM: Operating and Net earnings, per qtr
4
2
0
-2
-4
-6
-8
-10
-12
-14
-16
-18
6
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
U$m
Op earnings
Net earnings
source: company filings
As you can probably gather, that’s an improvement on recent quarters and with U$7.5m of
gross deductions on the P+L coming from non-cash DD&A, there may even be some positive
cash flow for the company. However, this is me being as nice as possible to BCM on costs and
any of those many have been higher.
The problem shows up clearly on the balance sheet. We know its liabilities look worse than they
really are and the debt deferral deal it reached early this year means its extremely negative
working cap position isn’t as life-threatening as it looks at first sight (see IKN786 for more).
BCM.v: Assets
300
250
200
150
100
50
0
We also know that the gross margin in Q3 may have allowed BCM to collect a little more cash in
treasury. But that doesn’t mean things are comfortable either and with an optimistic best guess
of U$5m in liquid funds available BCM is either close to cash crunch levels or at best, living
hand-to-mouth with a CFO who checks the mail every morning to see whether bullion buyers
have deposited funds.
If we add our loose forecast for 4q24, with production now expected around current levels (let’s
say 11,000 oz gold) and gold prices improving, there may be an extra U$2m coming on
compared to 3q24 but not much more. So near-term help is not at hand and while BCM
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
U$m fixed BCM.v: Current liabilities breakdown per qtr
other current 160 inventory
cash 140
120
100
80
60
40
20
0
source: company filings
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
U$m
other current liab
convert debenture
note payable
A/c payable
source: company filings
BCM.v: Working Capital per qtr
5.22 9.71 7.43- 5.34- 2.15- 0.06- 5.75-
1.66- 7.98- 2.88-
8.29-
40
20
0 -20
-40
-60
-80
-100
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
U$m BCM.v: Current Assets
30
25
20
15
10
5
0
source company filings
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3
U$m
other current
cash
source: company filings

probably could limp through to 2025 and then guide for better things next year, we’re a long
way from April and the first production NR of that year.
Long story short, the fragility of this company’s balance sheet looks set to continue when it
reports its 3q24 and won’t get a lot better when 4q24 comes around. That, plus the recent
price run we saw, tells me that BCM may well go to market and run an equity financing while
the going is good. It probably wouldn’t need much,
something as low as U$5m would be enough. On BCM.v: Shares Out
due consideration and sticking a wet finger in the
air, I’d guess around U$8m, which gives a target
gross proceeds of over C$10.6m and at 60c, 17.8m
new shares (let’s not fret over warrants). That ends with a best guess share count of 246m leaving 2024
and that’s not so bad, dilution kept to a reasonable
level. However, it would imply a market cap of
C$148m at this weekend’s share price, a lot more
than the C$86.5m we noted in IKN786 when starting
the BCM trade and coverage. Also, due to the heavy
debt (which may have been booted forward, but still exists) it’s an estimated EV of over
U$260m and a share price now trading at almost 2X book value. That’s a lot for a loss-making
mine and a silver project that the company cannot fund under its own steam.
That’s three of the four bullet points covered: 3q24 production, the potential of an equity
placement, stock price at a reasonable sale price. Now for a word on the last item and what
silver might do.
Frankly, I don’t know.
This is the Jekyll & Hyde metal and while I get the bull case (please, no need to write in and tell
me off) I also know the difference between silver and gold and only one of them is good for
investment purposes. Silver is a valid trade and a good speculative vehicle (check the current
portfolio for more details and its move last week is a good example of why it’s worth betting on,
but let’s not get carried away. For all the talk of a deficit in silver, there’s still enough
overground inventory to cover current demand (for a couple more years, at least). For all the
new mania, we also know physical will be sold back into the market and become a larger source
of supply as prices rise (because it always happens). It has momentum, it has speculative
dollars behind it and that’s good, but it’s not going to fulfill the dreams of those who dream of a
broken dollar. The last time I took a serious look at the silver market was IKN777 dated April
14th, when the metal had just legged up to U$28/oz and the first 2024 feeding frenzy was on.
That note looked at the supply and demand sides of the market as well as the financial
influences and at the end I ran this table along with the opinion that it would be reasonable to
assume the gold/silver ratio could get back to a 75X multiple:
Targets for silver at different gold prices and GSR multiples (U$)
Gold oz Silver oz 70/1 Silver Oz 75/1 Silver oz 80/1
1900 27.14 25.33 23.75
2000 28.57 26.67 25.00
2100 30.00 28.00 26.25
2200 31.43 29.33 27.50
2300 32.86 $30.67 28.75
2400 34.29 $32.00 30.00
2500 35.71 33.33 31.25
3000 42.86 40.00 37.50
source: IKN calcs & ests
At the time, I went for a silver target price of between U$30.50 and U$32/oz but with gold
having done what’s it’s done, we can move that somewhat higher. Yes, U$40/oz is certainly
possible but I doubt we’ll get there in one move, so pencil me in at U$35/oz. And hey, we’re
nearly there, but don’t start holding me to an exact number because as stated in IKN777,
7
72.421 72.421 58.251 14.351 03.451 46.451 46.451 73.171 37.891 85.722 56.722 822 642
300
250
200
150 100
50
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
source: company filings/IKN ests
serahs
fo snoillim

targets “could be blown out the water easily by overbuying on the way up.” This is a
framework, not a verdict.
The bottom line: That silver price range is not hard and fast, but it’s enough for today and to
help make the decision to sell my small and speculative trade in Bear Creek Mining (BCM.v). In
IKN786 we noodled and tried to put a valuation on BCM as it stood at the time, considering the
moving parts of both Corani and Mercedes. Since then, both gold and silver have moved up
nicely in value and that’s good of course, however Mercedes has delivered less production than
expected and as noted above, BCM remains financially tight. The conclusion section of IKN786
had this as a valuation range:
“Today’s C$86.5m market cap (U$65m) is justified by Mercedes alone, which means
any deal (or even envisaged deal) for Corani would add something between U$80m
and $120m of pure gravy on top, or if you prefer C$0.47 to C$0.70 per share.”
That would be a range of C$0.80 to C$1.00 (or $1.05 if you must), higher than this weekend’s
share price. For sure both this weekend’s C$0.60 and the IKN786 target range would be blown
out the water if BCM managed to find a buyer for Corani tomorrow morning, if the silver rally
on Friday follows through at the same cadence we’ll see better numbers than 60c in the near
future, too. However and on due consideration, a 70% win in just over three months is good
enough to take profits. It’s also a decision made with my
wider portfolio in mind so please be clear, if I were bearish
on silver I’d be selling SilverCrest (SILV) and IMPACT Silver
(IPT.v) as well. That is not the case, this is a profit-take on
a position that’s zoomed quickly and may find itself capped
in the near-term by its own circumstances. Its 3q24
production was okay at best, operations are still not
profitable and with its fragile balance sheet in mind, if I
were CEO I would at least entertain the idea of improving
treasury while the going is good.
Buying Libero Copper (LBC.v)
On a purely personal level, I find it ironic that I’m opening a trade on Libero Copper on the
same day as announcing the close of the successful trade in Bear Creek Mining (BCM.v). Back
when opening the BCM.v trade in IKN786, the note began by recognizing that Bear Creek was a
company I’d held in disdain for a long time but despite that, seemed to be offering a clear
opportunity for a winning trade in 2024. The same applies very much so here, as Libero Copper
& Gold Corp (LBC.v) (LBCMF) is a company I’ve watched from afar for several years, constantly
marveling at the diametric differences between what it promised to the market and retail
community (most often via paid marketing campaigns) and what it managed to achieve.
So far, not very much. Its activities on the ground have included failed exploration campaigns
at the Tomichi deposit in The USA, the Big Red project in BC Canada and most recently the
Esperanza project in Argentina, for which they failed to get the necessary environmental
permits to drill what would otherwise be a very promising, high-grade large tonnage copper
target. The ins and outs of that particular LBC disaster can wait for another day, because our
focus ad the reason we’re buying shares in LBC after such a long time on the sidelines watching
its string of failures is Mocoa
Mocoa: Along the way in 2018, LBC also picked up the Mocoa copper/moly project in Southern
Colombia, close to the border with Ecuador. It got the project cheaply in a shares-plus-
optioning in deal from B2Gold (BTG) after that company had hit a permitting and community
dead end on the project. In common with Esperanza, Mocoa is a very promising porphyry
copper deposit and target with plenty of potential for further drilling and resource expansion. It
has also seen plenty of work over the years, with both B2Gold and previous owner Anglo
8

putting tens of thousands of drill metres into its and generating a 43-101 compliant inferred
resource:
At a 0.25% Copper Equivalent (CuEq) cut-off, Mocoa has an inferred resource of 636mmt
(million metric tonnes) grading 0.45% CuEq, for 4.6Bn lbs copper 511m lbs molybdenum.
Those are strong numbers already, but the deposit is almost certainly larger than drilling to
date has defined and possibly a lot larger. The inferred resource also uses U$3.00/lb copper
and U$10/lb moly, price decks that are well out of date these days and while the moly by-
product can probably go bigger and add to the resource count, the copper number is probably
still close considering cost inflation since then.
In 2022 LBC put its first hole into Mocoa, cutting 557m of 0.89% CuEq comprised of 0.62%
copper and 0.083% moly, an assay that included 251m grading 1.13% CuEq from the first
451m of the hole. That partial result was announced a week before the entire hole and caused
the stock to jump by 80% on high volume. That's a good hole and would have been the start of
an interesting exploration and development program if not for other circumstances.
The issue at Mocoa is its community relations, as a sizeable percentage of locals are strongly
anti-mining and in particular, opposed to the type of large-scale copper project that Mocoa
would imply if it ever made it to production. There are several reasons for the opposition to
mining in this locality and the easy way out is to say "it's complicated", but there’s a heady mix
of politics, cultural objections, the fact that this zone was until recently a hotbed of FARC
insurgent activity and after that, often controlled by the far-right paramilitary gangs that filled
the vacuum after the FARC peace treaty, geographical issues and connected to that, a recent
natural disaster that saw flash flooding and many deaths in the valley zone below the Mocoa
project area.
Suffice to say it’s a long and complicated issue and one I’ve kept my eye on over the years, not
least because the prize of Mocoa would be a big one if the company ever got the locals on-side.
Back in 2022 they didn’t do that and, after the first hole was done, locals filed a legal action
against the company and got exploration closed down by passing a by-law that prohibited
mining activities. From that moment until mid 2024, LBS fought against the legal ruling on two
fronts, firstly via the courts (the case made it to the Colombian Supreme Court) and secondly
via a hearts and minds effort on the ground in Mocoa. Its first real success came when the
company sponsored pro-mining candidates in the local elections and took control of the local
council, a move that eventually resulted in the ordinance against mining activity to be lifted.
That was it pure politics angle, but to its credit LBC has also run a smart and effective
community outreach program in the last couple of years that’s provided jobs and opportunities
for locals, creating wealth and improving life quality in the town and surrounding areas. The
company will never have overwhelming support for its activities however small, but it’s done a
good hearts&minds job and these days, has enough of the town on its side to allow it to do
what it wants to do at this stage, i.e. drill.
At the same time and after a prolonged legal case, the Colombian Supreme Court ruled in LBC’s
favour by stating that it had the right to drill and that locally passed laws could not stop activity
9

governed by national regulations. That was another step in the right direction, but by then LBC
also had enough of the municipal council on its side to facilitate things.
Details aside, that’s the combination of factors that have culminated in the news release of last
week (2):
VANCOUVER, BC, Oct. 16, 2024 /CNW/ - Libero Copper & Gold Corporation (TSXV: LBC) (OTCQB:
LBCMF) (DE: 29H) ("Libero Copper" or the "Company") is pleased to announce a significant milestone
in advancing the resource expansion, with the start of hole MD-044, at its flagship Mocoa Porphyry
Copper-Molybdenum Deposit ("Mocoa" or the "Mocoa Project"), located within Colombia's Jurassic
Copper Belt, near the town of Mocoa, Putumayo. MD-044 is the start of a program of up to 14,000
metres. This phase marks the culmination of over two years of extensive groundwork in establishing a
sustainable and responsible base for ongoing project development and follows up on recent mobilization
activities.
After over two years of legal battles, astute sponsorship of local political candidates supportive
of Mocoa’s development and an intelligent, well conceived community relations and outreach
program that has improved public opinion of
LBC in Mocoa, they have finally started the next
drill hole. The NR is a long one and covers many
aspects including plenty of details on its
community program and environmental controls
and stewardship, but the one that really counts
is in this diagram (right).
Hole 043 was the one drilled in 2022, LBC is
now drilling MD-044, from the same platform
(lower footprint), planned to go to 1,200m and
to intersect known zones of robustly grading
porphyry copper (and moly) mineralization
before testing an area open at depth but with a
high probability of deeper mineralization. This
hole is as close to an upcoming slam-dunk as
they come in geology. After over two years of
waiting and with a strong desire to make a
positive impression, there’s no way LBC would have chosen a true exploration target for its first
hole. So, not only should we expect a long interval of economic grading copper and moly, but if
the company uses the same strategy as before (which is very likely, this group isn’t backwards
about coming forwards when it’s promo time) we may even get and early assay result of the
uppoer part of the hole, or before that a NR with visuals of what they’ve seen so far. So barring
a big surprise, expect hole MD-044 to return market-pleasing numbers.
And when it does, the share price should move. With 48.5m shares out and a price of c$0.30
this weekend, LBC has a market cap of C$14.55m with around C$2.5m of that covered by
treasury. That’s enough to drill and if allowed, drill some more in 2025.
Shares out: 48.5m
Options: 4.7m
Warrants: 35.9m
Fully diluted shares: 89.1m
Current share price: C$0.30
Market Cap: C$14.55m
Approx cash per S/O: 4c
All prices are in Canadian Dollars unless stated, USD/CAD forex assumption 0.73x
The share structure is fairly tight and includes Frank Giustra, who bought into the deal early this
year at a low price as the company ran a roll-back and now owns around 11% of the company.
Giustra, plus a handful of other insto level holders, should keep the free float fairly tight in
these early stages of drilling (perhaps they sell later, but unlikely straight away) and as such,
the right drill assay should see LBC create plenty of leverage on its share price. That’s a long-
winded way of saying “I think drill hole 44 is going to make this stock fly”.
10

A look at a couple of price charts shows what’s possible, starting with the ten-day chart and the
reaction to last week’s news. I was unsurprised to see LBS jump sharply to 34c with the news
that the drill was finally turning and expected it to move up further, so the way it faded into
Friday’s close of 30c was a surprise. Perhaps because the world was all about silcver and gold
on Friday or perhaps because people weren’t paying attention, but for whatever reason the 30c
close gives a great price for speculators such as you and I to move in. As for the two-year chart
on the right, that shows the tribulations of LBC in 2023 while it failed to move Esperanza
forward in Argentina. But then when its re-focused on Colombia, rolled bacj shares, brought
Giustra in as a strategic and promoted on the back of its expectation of drilling at any moment
(it took eight months longer than they expected), the stock ran to 80c.
That’s the kind of move I’m now expecting from LBC and frankly, I’m a little bemused that it
didn’t cover more of the gap last week after the NR came out. This makes the stock a sleeper
and a good buying opportunity, as the closer we get to assay results day the more this story
will get marketed around.
Bottom line: This stock is a buy at today’s price and I’d go as far as to say any price under 40c.
However, the trade I propose to run will have strict objectives and limits, as the people who run
LBC cannot be trusted further than they can be thrown and at any point, local protests or a
change in circumstances could negatively affect this project story. While not shocked that LBC
has managed to get all the approvals and permissions required to re-start its drill program I am
impressed, they’ve done a good job in furthering their cause and bringing enough of the local
community on their side to get to this point. That means they’re not going to pick any old
target for the first hole trade set-up. When it does, I plan to sell back the share I’m buying this
coming week for a profit and moving on.
As the story of LBC at Mocoa unfolds in the months and years to come, it’s bound to go through
difficult and risky periods that make the stock price volatile, however this is highly unlikely to be
the case at this point, at the re-start of drilling activities. As drill plays go, this one is a safe bet
and as such, the plan is to buy and then sell when the results show and people want in at
higher prices. This is not a difficult trade set-up, in fact it’s as simple as they come, so as from
next weekend I’ll be an owner of some LBC shares and the stock will feature as one of the
Stocks to Follow. If things go to plan, by January it will be gone again and would have made
me a quick double for my money.
Stocks to Follow
It was another good week, so we’ll just point to the two week-over-week losers (MARI.to,
PAU.cse) and three unchanged stocks (AE.v, OCI.v, MENE.v) rather than list the 15 winners,
but a few cheers should go to the big movers on the week so hoorah and hip-hooray for Fitzroy
(FTZ.v up 30.8%), Bear Creek (BCM.v up 30.4%), IMPACT Silver (IPT.v up 17.0%), Patagonia
Gold (PGDC.v up 16.7%), Aldebaran Resources (ALDE.v up 15.4%), Florida Canyon Gold
11

(FCGV.v up 11.7%) and SilverCrest (SILV up 10.0%). A good crop of winners but, with GDX up
7.7% and GDXK up 8.85% on the week it would be embarrassing not to have a few big
winners. Make hay while the sun shines.
There are 20 open positions on our Stocks to Follow, that’s the max under normal
circumstances. Fourteen stocks are in the green, five 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$0.395 88.1% $0.75 first tgt, #1 idea
RECOMMENDED STOCKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.71 -11.3% Momentum now building
SilverCrest Met SILV HOLD U$6.90 31-Mar-24 U$11.13 61.3% under offer, holding
Eldorado Gold EGO STR BUY U$16.55 11-Aug-24 U$18.62 12.5% new trade, finally long
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.83 18.8% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.15 36.1% Quality Cu developer
American Eagle AE.v SPEC BUY C$0.43 21-Jul-24 C$0.52 20.9% 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$0.365 78.0% Cheap Au in West Africa
Bear Creek Min BCM.v SELLING C$0.35 10-Jun-24 C$0.60 71.4% TAKING PROFITS
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$0.06 0.0% Exposed to several good jrs
Florida Can. Gold FCGV.v SELLING C$0.63 21-Jul-24 C$0.67 6.3% RAISING CASH
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SPEC BUY C$0.72 16-May-21 C$1.35 87.5% into FY24 news season now
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.275 -8.3% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.025 -87.2% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Fitzroy Min FTZ.v WATCH C$0.17 4-Aug-24 C$0.255 50.0% Rio Negro trade op, watching
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.035 75.0% Rio Negro trade op, watching
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.215 152.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.48 6-Dec-20 C$0.12 -75.0% LT bet, adding slowly
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
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:
Bear Creek Mining (BCM.v): SELLING: As explained above, taking profits on this trade. Do
I risk selling this way too early and missing out on bonanza profits? Yes, of course and I won’t
be selling first thing on Monday morning, but sell and take profits at some point next week I
will.
Florida Canyon (FCGV.v): SELLING. By pure luck, this bad trade that fell out the gates and
was flattened by some nasty Canadian chicanery from the word go has somehow moved into
12

the green, something I did not expect before the close of the deal and the removal of the
standard short position. The market seems to have decided the buyer of FCGV, Integra (ITR.v)
is a “Trump Trade” and along with a handful of other stocks dependent on US permitting
schedules (e.g. Trilogy, Revival Gold) and that’s fair enough, but for my money it’s way too
early to bake in those sort of presumptions-on-presumptions and whatever Polymarkets or
Stanley Druckenmiller says, the US election is still a toss-up (and is unlikely to be resolved
completely on November 5th). This is a small trade that went wrong, so even if I’m selling early
and leaving money on the table I consider myself fortunate to come out unscathed. The funds
will be deployed in other places
SilverCrest (SILV) (SIL.to): STOCK UNDER OFFER, HOLDING. We have to document last
week’s move in silver and its consequences to stocks somewhere, here’s as good a place as any
other. This ten-day chart shows silver bullion (SLV proxy, blue line) and that impressive +6%
move on Friday, then SILV tracking up with the main silver producers’ ETF (SIL). Our preferred
charge, now a larger $4Bn pro-forma assumed company
fused with CDE as far as the market is concerned, even
managed to put in a little burst of out-perform at the
very end of the week and saw buyers while peers saw
(some very understandable) profit-taking.
It may get buried under the US election newsflow, but
part of the decision to hold was laid out in IKN803. After
examining Coeur Mining (CDE), the call is the hold
through its 3q24 earnings as the improvement in
Rochester is set to make a meaningful difference to its
revenues and bottom line. At some point I will sell this
trade, certainly not wedded to it, but selling Bear Creek
next week also allows me to take more risks in other areas of the portfolio. I’m aware that
“holding through earnings” on a company with a poor track record in the last few years is a
risk,
Eldorado Gold (EGO): It moved with the pack last week. I’ll remind you today that EGO
“…will release its Third Quarter 2024 Financial and Operational Results after the market closes
on Thursday, October 31, 2024, and will host a conference call on Friday, November 1, 2024 at
11:30 AM ET (8:30 AM PT)”, and I’ll remind you next weekend, too.
Rio2 Ltd (RIO.v): On Wednesday evening, RIO filed a short form base shelf prospectus on
SEDAR to raise up to $100m. While other companies will typically file this well in advance of any
funding event, the timing here suggests RIO.v is on the cusp of announcing its financing deal.
We’ve always expected the main part of mine capex to come from debt, but with an equity
component as well. With the prospectus suggesting debt at $100m, RIO.v currently holding an
IKN-estimated U$13m treasury and our best guess that RIO will target a U$150m treasury to
cover any eventuality, our guesstimate is for a $30m to $40m share placement alongside the
debt component. However, if they go for more I’m not going to bleat or complain, this market
is as much about showing popularity as anything else and if RIO.v can pull a “Mini Lundin” (see
NGEX.to in Copper Basket notes, below), announce its
raise and then a substantial upsizing in the same way it
did in April this year (C$10m upsized to C$23m), the
signal would be strong.
We leave you with the 12-month chart, a reminder of
how far this company has come since this time last year
and a personal reminder of the flak I used to take for
remaining steadfast about this investment.
13

Minera Alamos (MAI.v): By the same token, the critics
have lowered their voices on MAI recently. For a moment
on Friday, it seemed MAI was about to stick its 4-handle
again and put my personal holding back to a double, but
stalling at 40c is more than acceptable and though profit-
takers took that small dream away, it’s very positive to see
760k of volume and the price holding up. MAI trading is
suddenly healthy and that can only mean buyers see the
deep value.
Red Pine Exploration (RPX.v): Exploration news last
week, as the Under New Management RPX announced (3)
the discovery of new mineralized zone at the Wawa project:
To expand and refine its pipeline of exploration targets, Red Pine initiated a property-wide prospecting
program in July targeting new areas where historical mapping or prospecting had indicated a potential for
gold mineralization. This press release reports new exploration and assay results from prospecting for the
Cooper Area, located north of the Jubilee Shear and the current Mineral Resource estimate (“MRE”)
described in National Instrument 43-101 Technical Report dated September 30, 2024 (with a resource
effective date of August 28, 2024) entitled “National Instrument 43-101 Technical Report for the Wawa
Gold Project”.
It’s a little contrived, because 1) the large property would have been walked by previous
geology teams umpteen times already 2) the Cooper Area showings would have been noted
already and 3) the issues at Wawa aren’t a lack of targets, more a case of hanging together the
shear zones into a cogent mine plan that allows continuity and efficient mining. But that’s just
me being a bit cynical, the NR was reasonably positive and if part of the New Broom of CEO
Michaud to look at zones that could provide additional on-strike tonnage to Surluga etc, it’s
valid enough. The other detail is that the Cooper shear zone shows outcropping rocks, an
unusual occurrence at the Wawa property where most mineralization is blind, so it makes sense
to see geologists zero in on the area for a quick “discovery” and take grab samples. In trading,
RPX shares popped on the news but couldn’t beat 15c, that price has become a bit of a ceiling.
Orecap Inv (OCI.v): The tracking chart this week with no long-winded commentary, we note
the arb down to around 15%:
OCI.v: PRO FORMA Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.520 6.08 2.5
AE.v warrant 0.10 0.220 0.02 0.0
ARIC.v 7.39 0.43 3.18 1.3
ARIC.v warrant 4.17 0.23 0.96 0.4
QCCU.v 39.10 0.12 4.69 1.9
MIS.cse 24.71 0.03 0.74 0.3
subtotal 15.67 6.3
Est.cash 1.50 0.6
Total 17.17 6.9
At 247.714 S/O
A reminder that this table does not include OCI’s wholly-owned land assets in Canada and one
fine day, it may be able to farm those out to a third party in standard prospect generator style.
Newcore Gold (NCAU.v): At times when the market suddenly turned bullish and rocks
higher, the ideal reaction from your small junior
exploreco is to see it move up with larger peers and
the producing stocks while getting new and higher
traded volume. Those are the signals from a
smallcap that’s being taken seriously and can gather
momentum. As for NCAU last week (right) that’s just
what we got. The price pop was nice, the volume
surge to see 673k shares traded even better. NCAU
14

is doing what good exploreco spec trades are supposed to do at time like these, more please.
Fitzroy Metals (FTZ.v): The placement closed successfully and the price took another leg up
on the buoyant sentiment. All good and it’s quite nice to have identified this trade at a good
price, but seeing another stock run in the Watch List without my money on board is…well, not
exactly annoying but it makes me wonder whether I’m too much of a coward. Or whether this
whole “Watch List” idea is getting long in the tooth. Anyway, good luck to anyone who bought a
few and I’ll keep an eye on its progress for a few more weeks, but if it goes too high without
me this idea will go the way of others before it (e.g. Ero Copper) and get quietly dropped.
Pan Global Resources (PGZ.v): Just what the doctor ordered. Last week started with the
awaited news of a placement, with PGZ going to market to raise $3m but then, be it luck or
design, it got more interest from “European funds” and on Friday morning, this NR dropped (4):
VANCOUVER, BRITISH COLUMBIA – (October 18,2024) – Pan Global Resources Inc. (“Pan Global” or the
"Company") (TSX-V: PGZ; OTCQX: PGZFF; FRA: 2EU) announces today that due to strong institutional
demand, particularly from European resource funds, the previously announced non-brokered private
placement financing has been increased from $3 million to $7 million.
"In addition to a lead order from a strategic partner in Spain, Pan Global has received a further commitment
from a prominent European resource fund for a significant portion of the financing. The exceptional support
from key existing and new investors places us in a stronger position to advance the Company’s exploration in
Spain and in particular at the highly prospective Bravo target," said Tim Moody, Pan Global President and
CEO. “Pan Global’s mineral rights in southern Spain are ideally located in a top-tier copper mining region,
where the number of active mines and development projects continue to grow.”
It’s a non-brokered private placement that’s now set to sell 58.333m units at 12c a shot (unit =
share + ½ warrant at 16c with an 18 month shelf life) and as we’d previously guesstimated the
placement would put the share count at 293m, the new pro-forma of 301.08m is in the ballpark
and acceptable. Regarding the events of last week, my heart did sink a little when seeing the
original plan for a $3m raise, it’s not enough to cover the year and would leave the share price
vulnerable. So the upscale to $7m is very welcome, that’s 2025 covered and will allow the price
to rise if and when PGZ shows us the goods.
We’re now four editions on from my review of PGZ in IKN801 dated September 23rd. That day
in the main fundies section note “Revisiting the Pan Global Resources (PGZ.v) long thesis” I got
my gripes and concerns off my chest and put the company on the clock. Last week was the first
step in a better direction and investor appetite for shares at this level is a good sign. Here’s part
of the conclusion paragraph from IKN801:
“…a company and story that’s been beaten down by a market sensing corporate
weakness, the result of a not-great 2024 with the drillbit, some executive decisions
that could have been better and a treasury position that’s drained to the point of
discomfort. All those can change
quickly (indeed, the sooner PGZ PGZ.v: Shares Out
announces its equity raising the
better as far as I’m concerned) and
if copper rallies, at some point PGZ
will get its own rebound.”
We ended by saying that at 12.5c (or
so) PGZ offered decent risk/reward
potential for new buyers and that’s
been borne out by the appetite for its
upsized placement. Therefore I’m going
to hold through a while longer, aware
that it could come under pressure from
tax-loss sellers in December but a now little more optimistic for 2025. Treasury covered, that’s
no bad thing.
Aldebaran (ALDE.v): Said it before and I’ll say it again, what ALDE needs more than anything
else is volume and that came last week:
15
34.351 9.651
80.981 87.391 1.302 15.502 51.212 51.212 51.212 4.212 4.212
57.242 57.242 57.242 57.242 57.242
80.103 80.103
325
300
275
250
225
200
175
150
125
100
75
50
25
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4 tse52q1
source: company filings
serahs
fo
snoillim

The approx 300k shares traded last week isn’t a massive amount for what’s essentially a dollar
stock, but it’s better than normal and included 125k volume on Thursday, the day when it
popped. It’s also moved while most copper explorecos didn’t, that’s either a case of playing
catch-up or the market tipping its cap to the gold also held in Altar. Either way, it’s a welcome
move and comes as the company gets into gear
for its 2024/2025 drill campaign. According to
the slide included in the latest corporate
presentation dated October 18th (5) we now get
“multiple catalysts” including the impending
resource update and the PEA which, as
mentioned last week, is due to drop in 2q25.
On a personal note, this trade has always been
speculative and based firmly on that most basic
of market tenets, “buy low sell high”. If the rally
continues and volume blossoms further, I’ll be
happy to sell into the move and take profits. Not
quite yet, but don’t be shocked if I pull the trigger before $2.00 shows up.
The Copper Basket
After forty-two weeks of 2024, The Copper Basket shows a gain of 15.10% to level stakes:
company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.to 7.16 186.824 2212.00 11.84 65.4%
2 Solaris Res SLS.to 4.13 161.833 530.81 3.28 -20.6%
3 Marimaca Cop MARI.to 3.43 93.11 386.41 4.15 21.0%
4 Los Andes LA.v 11.80 29.519 239.10 8.10 -31.4%
5 Aldebaran Res. ALDE.v 0.89 169.819 229.26 1.35 51.7%
6 Arizona Sonoran ASCU.to 1.75 133.265 201.23 1.51 -13.7%
7 Faraday Copper FDY.to 0.63 204.72 188.34 0.92 46.0%
8 Hercules Metals BIG.v 1.38 231 150.15 0.65 -52.9%
9 Oroco Res OCO.v 0.375 236.911 84.10 0.355 -5.3%
10 American Eagle AE.v 0.26 116.75 60.71 0.52 100.0%
11 Element 29 Res ECU.v 0.18 119.31 48.92 0.41 127.8%
12 Kodiak Copper KDK.v 0.58 63.93 30.69 0.48 -17.2%
13 C3 Metals CCCM.v 0.61 76.381 25.97 0.34 -44.3%
14 QC Copper QCCU.v 0.12 173.7 20.84 0.12 0.0%
15 Camino Min COR.v 0.07 206.66 10.33 0.05 -28.6%
NB: All stocks in CAD$ Portfolio avg 15.10%
16

Another modestly positive week for the basket
The Copper Basket 2024, weekly evolution
25%
average last week, but unlike the full-scale fiesta
in precious metals stocks it wasn’t one-way 20%
traffic for the copper explorecos. Our 15%
representative basket registered four losers 10%
(LA.v, MARI.to, CCCM.v, QCCU.v) and four 5%
unchanged on the week (FDY.to, AE.v, KDK.v, 0%
COR.v) but there was enough among the seven -5%
winners (NGEX.to, SLS.to, BIG.v, ASCU.to, -10%
ALDE.v, OCO.v, ECU.v) to make a difference,
particularly the only double figure percentage
move in Aldebaran Resources (ALDE.v up
15.4%) and happily, I own a few shares in that one (see Stocks to Follow, above).
Also notable that copper-the-metal did not join the
party thrown by gold and silver, as seen in this
chart below. After closing last weekend at
U$4.50/lb (Comex December futures contract),
copper jagged down and was sold for most of the
week, reaching a low of U$4.30/lb before a relief
rally on the back of gold and silver kicked in.
That’s a long way from the exuberance in precious
metals and it's all due to another round of
ChinaFears!
The country that consumes over half the copper
produced in the world posting disappointing GDP
figures last week, growing at the slowest pace since early 2023 with the key property sector of
most concern. Markets are hanging on the Chinese government's every world for signs or news
of another economic stimulus measure and nothing came last week, compounding the bearish
backdrop, Finally and as we're about to see, copper demand has not come roaring back in the
normal way it does after Golden Week. For more on that, we move to our regular weekly world
copper inventories segment, data as usual from the reliable souls at Chile’s Cochilco:
 The overall change in world copper inventories in the three futures systems could
hardly have been smaller, down just 70 (seventy) metric tonnes (mt) on the week and
closing at 523,439mt.
 However, there was a shift in the balances, with Shanghai SHFE copper stocks putting
in a somewhat surprising jump of 11,940mt to close at 168,425mt. This might be
arbitrage with the LME (see below) or simply its own market for physical sorting itself
out after the Gold Week break, but at this time of year we’d normally expect draw
downs and those didn’t happen. One anomalous week isn’t something to fret too deeply
about, but I’ll be keeping an eye on the daily numbers from SHRE next week, just in
case.
 The balance to the above came from the LME, which saw its copper inventory continue
to drop, this time by a chunky 13,350mt to close at 284,200mt. It’s waving good bye to
the 300kmt level in no uncertain terms now and what’s more, the bulk of the inventory
was shipped out of its Asia warehouses, chiefly the 10,950mt out of Taiwan. So we may
have seen arb from the market as copper moved from LME to SHFE for its own sweet
reasons.
 The Comex added another 1,340mt to stocks, not as big as the eye-catching intakes
we’ve seen in some recent weeks but still in the same direction. This weekend stocks
stand at 70,814mt. Is this an election thing, end users waiting to commit?
Our dedicated SHFE chart
17
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41 ts12 ht82 ht4gua ht11 ht81 ht52 ts1pes ht8 ht51 dn22 ht92 ht6tco ht31 ht02
source: IKN calcs

SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
18
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2024
2023
2022
2021
2020
2019
source: Cochilco data
Now for some notes on just one of our basket stocks:
NGEx Minerals (NGEX.to): It was a winner on the week, though at +3.3% far from the best
performer in the copper exploreco sub-sector. However, not a single doubt that the Lundin
vehicle NGEx Minerals (NGEX.to) provided the smash hit copper story of the week. The news on
Tuesday, October 15th that it would raise C$100m via the sale of 9,091,000 shares priced at
C$11.00 was eye-catching and makes the company an impressive cash magnet, but the very
next day, we got this (6):
VANCOUVER, BC, Oct. 16, 2024 /CNW/ – NGEx Minerals Ltd. ("NGEx Minerals" "NGEx" or the "Company")
(TSX: NGEX) (OTCQX: NGXXF) is pleased to announce that due to strong demand it has elected to increase
the previously announced non-brokered private placement to an aggregate of 15,909,091 common shares of
the Company (the "Common Shares") at a price of C$11.00 per Common Share for gross proceeds of C$175
million (the "Private Placement").
Raising $175m in a heartbeat is a vulgar display of power,
a measure of the market gravitas the Lundin Group has
cultivated thanks to its successful operations and recent
big wins, with a focus on the recent Vicuña deals with
BHP. This is “the serious money” getting on board a
copper exploreco story for the first real time in the
current cycle. And the greatest flex of all is in this five-
day chart tracking NGEX against the main copper ETF
(COPX). This exploreco just swallowed a C$175m equity
placement (with no warrant) and took it completely in its
stride.
The Producer Basket
After 42 weeks of 2024, the Producer Basket shows a gain of 50.78% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 66.41 57.62 39.2%
2 Agnico Eagle AEM 54.85 497.971 42.91 86.17 57.1%
3 Barrick GOLD 18.09 1756 36.74 20.92 15.6%
4 Franco-Nevada FNV 110.81 192.119 25.38 132.13 19.2%
5 Pan American PAAS 16.33 364.439 8.90 24.41 49.5%
6 Lundin Gold LUGDF 12.64 238.883 6.03 25.25 99.8%
7 Hecla Mining HL 4.81 617.768 4.52 7.31 52.0%
8 Eldorado Gold EGO 12.97 202.472 3.77 18.62 43.6%
9 Dundee PM DPMLF 6.43 180.051 1.90 10.55 64.1%
10 Wesdome Gold WDOFF 5.83 148.95 1.46 9.78 67.8%
All prices and stock quotes in U$ Port. avg 50.78%

You won’t be shocked to learn that it was a good week for The Producer Basket, with ten
winners out of ten and percentage gains which ranged from least worst Barrick (GOLD up
4.7%) to the silvers as best performers with Hecla (HL up 10.3%) and Pan American (PAAS up
9.7%) leading the pack. So there was some variance in moves but overall they all moved up
together, the show this market puts on when the money comes in from the top-down and via
the main channels (GDX etc). Indeed, even holding a couple of out-performing silver names we
only managed to beat the GDX move by 0.4% on the week, putting us 11.63% in front with ten
weeks remaining.
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): Barrick dropped its 3q24 production and preliminary sales
numbers on Wednesday morning (7) and this five-day chart versus GDX shows how the market
took the news:
Not great, but not disastrous either. Here’s how it kicked off:
TORONTO — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”)
today reported preliminary Q3 production of 943 thousand ounces of gold and 48 thousand
tonnes of copper, as well as preliminary Q3 sales of 967 thousand ounces of gold and 42
thousand tonnes of copper. The Company continues to expect a materially stronger Q4 to deliver
2024 production within the range of its full year gold and copper guidance.
We’ll go with the higher of those two sets of figures to show the quarterly evolution, so here’s
how the gold sales stack up against all quarters since Covid:
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 ht31 ht02
The 2024 Producer Basket: Weekly performance and
60% comparative to GDX control
50%
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 ht31 ht02
ikn
gdx control
source: IKN calcs
Barrick (GOLD): Segment sales, per qtr
825 225 245 245 884 554 584 116 854 364 424 115 114 854 084 115 424 004 783
Nevada GM Loulo-Gounkoto
Pueblo Viejo Kibali
North Mara Veladero
Bulyanhulu Tongon
Au Koz
Hemlo Buzwagi
1300 Porgera
1200
source: company filings
1100
1000
900
800
700
600
500
400
300 200
100
0
0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4 4 4
2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2
1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q

The main issue was once again Nevada Gold Mines (NGM) which at 387k oz gold attributable to
Barrick, means the two lowest post-Covid quarters from the complex (i.e. since NEM and GOLD
went JV) are 2q24 and 3q24. Not great. In the NR, Barrick also talked up the improvement at
Pueblo Viejo without mentioning that even with the improvement the mine is way behind its
guidance for 2024. Then we have the case of Porgera, which was supposed to add meaningfully
to the 2024 mix but has stuttered to date and has recently seen production suspended.
In its NR, GOLD stated that it still expected to meet 2024 guidance. That was set at 3.9m to
4.3m oz gold (chart below left) and if so, means at least 1.069m oz gold in 4q24. Even though
all quarters of FY24 have been under 1m oz to date, that’s still possible because Q4 tends to be
its strongest (as you can probably make out on the chart above). But it’s going to be close and
even if they make it, scraping in at the bottom end is hardly an achievement. As for costs, it’s
still up for debate but at this stage and knowing Q3 will be slightly more expensive on a per-oz
basis, we’re almost certainly going to miss the 2024 guidance of U$1,420/oz and as the chart
(below right) shows, that number was already substantially higher than FY23 and other years,
Barrick: Annual Au AISC guidance high-end vs result
(please note cut-down Y-axis)
However, we must also be realist about GOLD with its main metal now trading above
U$2,700/oz. These charts pout the margin of gold to AISC into perspective and show that a
company producing at/around 1m oz gold per quarter is making a hatful of money these days,
no matter whether they are pleasing snippy and cynical observers such as I, peering in from the
peanut gallery and feeling all superior.
Add in the small amount of margin we can
expect from copper and realistically, GOLD is
going to EBIT over U$930m in this quarter and
over U$1.1Bn in Q4. No matter how cruddy your
execution has been in any given year, that is an
awful low of money and puts GOLD on a 9X
multiple to market cap. What GOLD decides to
do with that money is up for debate and
eventual criticism, as Reko Diq is the main focus
20
079 769
0201 6201 0211 2221 0521 6331
0241 2941
Barrick: Annual Au prod. guidance, low end vs result
U$/oz (please note cut-down Y-axis)
1500
1400 Hi-end AISC guidance
1300 Actual AISC
1200
1100
1000 900
800
700
600
2020 2021 2022 2023 2024*
source: company filings
0084 0674
0044 7344 0024 4514 0024 4504 0093 0093
5000
4800
4600
4400
4200
4000
3800 3600
3400
3200
3000
2020 2021 2022 2023 2024*
source: company filings
uA
zo
s000
Low-end prod guidance
Actual production
Barrick: Gold AISC vs realized price, per qtr
3000
2500
2000
1500
1000
500
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$/oz Barrick: Gold realized price minus AISC, per qtr
Gold AISC
Au realized price
source: company filings
957 337 737 228 217 946 354 684 235 716 376 226 106 648
949
0501
1200
1000
800
600
400
200
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$/oz Au
source: company filings
Barrick: Realized price minus AISC total revs, by metal
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
-100
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 tse42q3 tse42q4
U$m
copper margin
gold margin
source: company filings, IKN calcs

of capital allocation presently, but the bonus revenues from the run in gold could be used to
revive the debt pay-down strategy that worked well for the company in the mid-teens and got
the burden down from around U$18Bn (when Munk left and Thornton took over the sinking
ship) to the current U$5Bn-or-thereabouts.
Wesdome (WDO.to) (WDOFF): WDO also gave us its 3q24 preliminary production and sales
data (8), here’s a chart:
WDO: Gold production vs sales, per qtr
21
56522 75422 57303 00582 44392 00003 95514 44573 11652 00082 04272 00062 38822 00572 61153 00513 86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924
50000
45000
40000
35000
30000
25000 20000 15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
Ozt Au
Production
Sales
source: company filings
Production of 45,109oz gold and sales of 42,900 oz gold are quarterly records and that’s bound
to feature in its literature when the company reports its financials on November 6th. Despite
that, these results are basically in-line with expectations as Kiena hits its stride and WDO still
hasn’t given us a blow-the-doors-off quarter.
The breakdown of production favoured Eagle River slightly and reading between the lines of the
careful comments from CEO Bath, there’s still logistics left to be ironed out at Kiena.
WDO: Gold prod/qtr
69312
63892
12632 76242 43391 65771 50471 20552 95102 54822 19302 99842 27291 88632
9614 8423
5511 8147
51128914 7877 7369
5208
92961
44121
47042
36742 12412
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
Ozt Au
Kiena
Mishi
Eagle River
source: WDO filings
Tonnages mined and milled were slightly low at Kiena, on target at Eagle
WDO: Tonnes milled, per qtr
07403
30065
00083
95165
26112
71235
87462
46995
21161
74225
91415
60385
42324
33184
42815
27646
15374
35155
94694
96645
44354
23615
96675
25525
12315
48975
120000
110000
100000
90000 80000
70000
60000
50000
40000 30000
20000
10000
0
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
mt Kiena
Mishi
Eagle River
source: company filings
Almost certainly sheer coincidence, average head grade at both mines was 13.1 g/t gold. We
kind of get used to these numbers from WDO, well worth remembering how rich these mineral
deposits are and that’s the best indicator of a strongly profitable operation.

WDO: Average gold grade, per qtr
20
18
16
15.5
14 13.4 13.7 14 13.5 14.1 13.1
12 11.4 11.9 11.8
10
11.6 10.7
8 9.6
6
4
2
0
22
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
g/t Au Eagle River
Mishi
Kiena
source: company filings
Overall and in-line quarter and the CEO comment
“…This operational momentum sets us up to achieve the
mid-point of our 2024 production guidance range of
160,000 to 180,000 ounces…” points us to a 4q24 of at
least 47,534 oz. That’s what they’d need to hit exactly
the midpoint of guidance, so the real message is
basically “We’re expecting Q4 to be slightly better than
Q2 and Q3”. An acceptable NR last week and as the ten-
day price chart shows, the market liked the news
without going bananas, that small out-performance is
likely to be luck as they chose the right day to deliver
good news.
The TinyCaps List
After 42 weeks of 2024, the TinyCaps show a gain of 59.86% 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 25.30 0.10 69.2%
Awalé Res ARIC.v 0.135 86.798 37.32 0.430 229.6%
District Metals DMX.v 0.170 106.98 46.00 0.43 120.6%
Endurance Gold EDG.v 0.18 150.136 21.77 0.145 -19.4%
Kirkland LDC KLDC.v 0.100 88.625 5.32 0.06 -40.0%
Latin Metals LMS.v 0.075 96.476 9.65 0.10 33.3%
Palamina Corp PA.v 0.130 71.285 18.53 0.26 80.8%
South Star STS.v 0.750 52.64 31.58 0.60 -20.0%
Surge Copper SURG.v 0.090 284.79 32.75 0.115 27.8%
Viva Gold VAU.v 0.120 118.384 27.23 0.23 91.7%
Prices in CAD$, data from TSXV basket avg 59.86%
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 rode the gold wave and finished
TinyCaps, 2024 weekly tracker
up %, thanks to six winners (DMX.v, EDG.v, KLDC.v, 100%
90%
LMS.v, PA.v, VAU.v) doing better than four losers
80%
(BAY.v, ARIC.v, STS.v, SURG.v). Four percentage 70%
60%
gainers of note in Latin Metals (LMS.v up 25.0%),
50%
Kirkland LDC (KLDC.v up 20.0%) Viva (VAU.v up 40%
30%
15.0%) and District (DMX.v up 14.7%) and if I had
20%
to pick, the most interesting of the bunch was seeing 10%
0%
Viva Gold (VAU.v up 15.0%) basically because it the
has the right metal in its corporate title. It’s that kind
of market, all of a sudden.
Awalé Resources (ARIC.v): Another week and another opportunity for ARIC to rally passes
by, but this time it watched as all around it juniors and precious metals producers shot higher.
But the marketing continues and last week we also learned (9) that Newmont (NEM) had added
a little extra commitment to its JV by buying the 10% of Odienné held by local group Africa
New Geological Technologies Côte d’Ivoire SARL. While it was always implied that NEM might
do this, it’s a positive to see it happening in reality.
Palamina Corp (PA.v): In its October 15th NR “Palamina Participating in Two Separate
Drilling Campaigns in the Puno Orogenic Gold Belt” (10), PA took another pass at marketing
itself telling the world it was now drilling at Usicayos and confirmed that three holes were now
complete and boxed. It also reminded us of its connection to sister company Winshear
(WINS.v), now also drilling at its chosen target in the zone.
And good for PA, it’s managed to improve the share price and traded volume recently, which is
the whole idea of these NRs as an exercise in arm-waving. We await assay results from the lab.
Surge Copper (SURG.v): Meanwhile, SURG has been notably weak recently and closed Friday
at 11.5c, its worst price since April. SURG hasn’t been filling
the screens with NRs recently, with the last two NRs from
the company announcing the start of its 2024 summer drill
campaign on July 19th, its conclusion on September 26th,
the only two NRs for the last three months. In the
completion NR, SURG told us it had put 11 holes into its
Berg target and two into Ootsa for a total of 5,054m drilled
and CEO Leif Nilsson said that he looked “…forward to
providing further updates as we analyze the results in the
coming months.”
I have nothing against “the quiet route”, in fact it’s a
refreshing change in this world of hype and buster. It all depends on whether any company has
the goods, after all.
NB: Please be clear that The Tiny Dogs is NOT a list of recommended tinycap stocks. It is a list of companies with
market caps of under $20m offering a reasonable representation of the wider tinycaps market. It’s possible in the future
I may buy shares in one or several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Mexico: No strikes at Peñasquito this year
It seems Newmont has learned a lesson. You may recall that in June 2023, workers at Mexico
largest gold mine, NEM’s Peñasquito, went on strike to protest that the company had not kept
its side of an agreement over profot sharing bonuses. The strike went on for almost months
until mid-October (i.e. this time last year), at which point NEM finally backed down and gave
into nearly all the Mexican unions’ demands. Since then all has been calm and this week, we
got this (11):
23
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 ht31 ht02
source: IKN calcs, TSX data

Newmont, (NYSE: NEM, TSX: NGT) announced Friday that its Mexican subsidiary, Newmont
Peñasquito, has agreed on a new collective bargain agreement with its miners’ union for 2024-
2026.
The new agreement, Newmont said, reflects the mutual commitment of all parties and is the
outcome of open dialogue and safeguards the rights of all workers and provides a solid
foundation for continuing operations at Peñasquito.
That’s from mining dot com, regional news (12) gives some more details of the deal including
the main wage increase of 7.5% and 5.89% on benefits paid, as well as a range of improved
conditions. The pay increases are comfortably ahead of Mexico’s inflation rate, currently 4.6%.
Expect this deal to be used as a marker for pay negotiations in other Mexican mines.
Mexico: The Senate is aware
As fears subside about the present and future of mining in Mexico, we remind readers that part
of the disinformation going around is how “Sheinbaum has withdrawn her plan” of the law to
ban open pit mining. That is false for two reasons:
 Sheinbaum never proposed such a law. The law bill came in the AMLO government from the
AMLO-controlled lower house of deputies. Far too many people have confused the organic
law bill with Claudia Sheinbaum’s campaign manifesto (now her plan of government). They
are two separate things.
 The law project passed lower house committee and still exists. That’s important to
understand because at some point, probably next year, it’s going to get treatment at least on
the floor of the lower house and if it passes there (modified or not) it will then go for debate
in the upper house (Senate).
Do not be deceived and last week I even saw an interview with the CEO of Sonoro Gold
(SGO.v) get this point 100% wrong (be it deliberately or through ignorance). Therefore, don’t
be surprised the way others will if/when this story resurfaces in 2025. However, also please
remain calm as these days the new Senate is evermore aware of the law bill and the damage it
could do. Take for example the new Senator for the mining State of Sonora, Señor Manlio Fabio
Beltrones (PRI opposition party). He was asked about the subject during a mining forum last
week (13) and here’s what he said (translated)
“I have been taking calls from the leaders of formal mining companies in Sonora and other
parts of Mexico, who have told me of their concerns about the law project that is being
advanced (through Congress). Of course, I am committed to analyzing, debating and
deciding (on this law bill) in the Senate, with a view to reaching a fair balance between
environmental protection and the continuation of this strategic business activity.”
A mouthful of politico-type words that says “The mining companies have been lobbying and we
know all about this law, one that will never pass.” Indeed, Sonora State seems to be taking a
leading role in the lobbying as here’s a report on the efforts made last week by one Roberto
Carlos Reyes Durán, director of the Association of Sonora Miners (Amsac), who told reporters
that “…in Mexico the majority of mines are open pit and in Sonora, 40 of the 47 mines in
operation are open pit, accounting for 90% of all State production.” If he’s telling reporters,
he’s also making sure the people with the votes in Senate know. As we pointed out way back
when people were still selling Mexico-exposed stocks on this hoo-hah, what matters most to
know Senators don’t commit political suicide and vote for measures that ruin their own local
economies. Those members of the Morena party in Chiapas or Baja California Sur may be all for
a blanket ban on open pit operations in Mexico, that won’t be the case for Senators
representing Sonora, Chihuahua etc. There’s no way this bill becomes law, no matter how many
times the scaremongers try to resurrect the issue in 2025.
Chile: Acid test
An interesting knock-on effect of Chile’s decision at the start of President Gabriel Boric’s tenure
in 2022 to close down its environmentally contaminating metals smelter complexes, in particular
the Ventanas and Hernán Videla Lira copper smelters, showed up in a Cochilco report recently.
The copper mining industry in Chile covers at least 60% of all exports in dollar value and is one
of the central pillars of the country’s economy, it’s also one that relies on the supply of sulphuric
24

acid to operate (let alone grow in the way Chile projects in the years to come. A lot of that
supply comes as a by-product of metals smelting and it’s a useful by-product revenue generator
for smelting complexes around the world. The 50 page Cochilco report (14) in dense Spanish
covers many aspects of the local market for H2SO4,
including historic supply and demand and
projections in several scenarios, but the main point
is captured by this visual (right).
Things are projected to improve by the end of this
decade, but the country currently faces a H2SO4
deficit forecast at between 2.93 and 3.2 million
metric tonnes for 2025 and that can only be covered
by imports, leaving the country exposed not only to
potential supply droughts but also prices rises (the
acid is famously volatile in price), something that
local mines are now feeling as acid prices have recent seen sharp increases, affecting opex
input costs in many mines.
Argentina: RIGI and Salta
Meanwhile in Argentina, pro-mining provinces continue to get behind President Milei’s RIGI
investment law passed at a national level in July. Friday was the turn of Salta at a meeting and
press event called “Impact of RIGI in Mining: A New Opportunity?” with main speaker Gustavo
Saenz the governor of the province (15). The entire event was set up to educate local
businesses (suppliers, service providers etc) on the advantages of getting large-scale mining
investment into the Salta province and was strongly pro-mining and pro-RIGI, listing the
positives of the new law and so forth, underscoring that “the time is here and now” to attract
investment and build more mines in Salta. Here’s how local media reported on Saenz’s keynote
speech
“In his speech, Sáenz underscored the importance of mining for rhe economic development of the
province and highlighted the role RIGI plays as a key legal framework to boost innovation and attract
new investment. “This regimen is an important tool to improve the competitivity of our mining sector,
allowing us to move toward a more efficient and sustainable mining industry”, the governor said.
“This meeting, as well as allowing us to expound and converse about this key tool (RIGI) designed to
attract large-scale national and international investment, is a demonstration of the federalism that we,
the descendents of Güemes, demand.”
For those who’d like a quick history lesson on Martín Miguel de Güemes, local to the Salta
region, hero of Argentina’s War of Independence and an obligatory chapter of your Argentine
secondary school education wherever you might live, I was happy to discover this weekend that
Wikipedia even has a page on him in English (16). As for the mining side, Sáenz has already
had significant success with the news First Quantum plans to move ahead with Taca Taca in
2025, a project with the size to make an immediate impact on provincial GDP even in its
construction phase.
Market Watching
Deferred
I’ll find something to talk about next week
Conclusion
IKN805 is done, we end with bullet points:
 Two sales, but nothing from the serious end of the portfolio. I’m not a bottomless pit of
cash and the decision to hold through on SilverCrest (SILV) means coffers are thin. So,
Bear Creek and Florida Canyon leave, Libero enters and I’ll have some cash in reserves
for something else.
 This may be the week when we find out the deal Rio2 (RIO.v) has put together for the
money to build Fenix. No matter place for your cash at the moment, with the right
conditions this should move to C$1.00.
25

 Mexico is fine. Avoid Colombia, unless you’re running a near-term trade on a drill play.
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://bearcreekmining.com/news/2024/bear-creek-mining-announces-10-751-ounces-of-gold-and-76-939-ounces-
of-silver-produced-at-the-mercedes-mine-in-q3-2024/
(2) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2126-tsx-venture/lbc/168762-libero-copper-
advances-resource-expansion-at-the-mocoa-porphyry-copper-molybdenum-deposit.html
https://liberocopper.com/_resources/news/nr-20241016.pdf
(3) https://redpineexp.com/red-pine-discovers-additional-high-grade-veins-on-surface-north-of-the-jubilee-deposit-wawa-
gold-project/
(4) https://www.panglobalresources.com/news/pan-global-increases-private-placement-financing-to-7-million-due-to-
new-institutional-investor-orders
(5) https://wp-aldebaranresources-2023.s3.ca-central-1.amazonaws.com/media/2024/08/18173011/Aldebaran-
Corporate-Presentation-October-2024.pdf
(6) https://ngexminerals.com/news/ngex-minerals-increases-private-placement-to-c175-122769/
(7) https://www.barrick.com/English/news/news-details/2024/barrick-reports-q3-preliminary-production-results-with-
continued-improvement-at-pueblo-viejo/default.aspx
(8) https://www.wesdome.com/English/investors/latest-news/news-details/2024/Wesdome-Announces-Q3-2024-
Production-on-Track-for-Record-Production-Year/default.aspx
(9) https://awaleresources.ca/2024/10/15/awale-update-newmont-to-exercise-10-minority-interest-option-on-the-
odienne-joint-venture/
(10) https://www.palamina.com/news/2024/10/14/palamina-participating-in-two-separate-drilling-campaigns-in-the-puno-
orogenic-gold-belt
(11) https://www.mining.com/newmont-penasquito-mexico-miners-union-ink-new-collective-bargaining-agreement/
(12) https://www.informador.mx/amp/economia/La-mina-de-oro-mas-grande-de-Mexico-acuerda-aumento-salarial-
20241018-0141.html
(13) https://www.expreso.com.mx/noticias/sonora/manlio-fabio-beltrones-discuto-futuro-de-la-mineria-en-sonora/218678
(14) https://www.cochilco.cl/Mercado%20de%20Metales/Mercado%20del%20acido%20sulfurico%202024-2033.pdf
(15) https://www.salta.gob.ar/prensa/noticias/impacto-del-rigi-en-la-mineria-saenz-resalta-el-potencial-de-inversion-del-
sector-en-salta-98302
(16) https://en.wikipedia.org/wiki/Mart%C3%ADn_Miguel_de_G%C3%BCemes
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
26

Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
27

Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
28

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