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The IKN Weekly
Week 811, December 1st 2024
Contents
This Week: Trade heads-up, In today’s edition, Tis the season to sell losers, The Fed and The
Donald and The BLS Jobs Report.
Fundamental Analysis: Aldebaran Resources (ALDE.v): Selling the news, IMPACT Silver
(IPT.v) 3q24 financials.
Stocks to Follow: Aldebaran Resources (ALDE.v), Red Pine Exploration (RPX.v), Rio2 Ltd
(RIO.v), Orecap Inv (OCI.v), Libero Copper (LBC.v), Aftermath Silver (AAG.v), Amerigo
Resources (ARG.to).
The Copper Basket: Overview, American Eagle (AE.v), Hercules Metals (BIG.v), Arizona
Sonoran (ASCU.to), Element 29 (ECU.v).
The Producer Basket: Overview, Wesdome (WDO.to) (WDOFF), Barrick Gold (GOLD)
(ABX.to).
The TinyCaps Basket: Overview, Surge Copper (SURG.v), Latin Metals (LMS.v).
Regional Politics: Colombia likely to revert to the right wing in 2026, Colombia stops
permitting in the Santurbán zone, Ecuador 2025 is a two horse race, Peru fires its Mining
Minister.
Market Watching: Contango ORE (CTGO) and a missed bullet, Minera Alamos (MAI.v) and its
3q24 financials, Fitzroy Minerals (FTZ.v) drops its placement unit price.
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
The standard top-of-the-shop note to make sure it’s seen. I’m selling Aldebaran Resources
(ALDE.v) in the days ahead and taking profits on a good trade. Details in today’s main Fundies
section. Also, as from next weekend I’m adding Surge Copper (SURG.v) to the Stocks to
Follow Watch List. No big announcement or deep dive in this edition, but as we’ve followed it
in the TinyCaps List section all year it’s also the place today for a little more on the call.
In today’s edition
 The arrival of the Aldebaran Resources (ALDE.v) Mineral Resource Estimate (MRE)
update and its positive reception is our cue to sell this position and take profits. The
resource and project is developing well and after too long a time in the shadow of other
projects (Filo/Vicuña, Los Azules) it’s getting well-deserved attention. Why sell at a time
like this? That’s in today’s main Fundamentals section.
 Today’s fundies section also runs a ruler over the 3q24 numbers out of IMPACT Silver
(IPT.v) last week, the epitome of a “leveraged to its metal” trade.
 Regional Politics this week focuses on Colombia, with that country’s decision to use its
“Temporary Nature Reserve” law for the first time last week on the ecologically
sensitive and mineral endowed Santurbán páramo (high wetlands) region. We also take
in the first snapshot of voter intention for its 2026 Presidential election as while that
may be quite a way out in real terms, its effects and influence on 2025 in South
America cannot be underestimated.
1

 The TinyCaps section doesn’t often make a bullet point here at the start, it does today
to make sure you see that component stock Surge Copper (SURG.v) is getting a
promotion and will be a Watch List stock as from next week. It’s the right price for a lot
of copper in a good address and the move also makes room for one more new
TinyCaps stock when the new list is put together at the end of the year.
 Other things, too. There are always other things.
Tis the season to sell losers
We noted it a couple of weeks ago and, with US Thanksgiving behind us and December on the
date stamp, we remind readers that we’re now entering Canadian Tax Loss Selling (TLS) season
and there’s a traditional pattern to the period, too. We’ll see some selling in the first week of
December, to which commentators say things like “Heh, looks like Tax Loss Selling started early
this year!” Those same people will pipe up in week two with “Looks like the market got the tax
loss selling out the way early this year!” and suggest bargains “before the best prices go”. Then
in week three the selling really begins, culminating just before Christmas Day and as that falls
on a Wednesday this year, it means Monday 23rd should be on your radar.
Consider the scenario according to your own portfolio needs. For what it’s worth, on a personal
basis I’m not against buying before Christmas if circumstances arise, but the current ballpark is
to deploy treasury cash (currently healthy and about to get even better on the planned sale of
Aldebaran (ALDE.v)) once TLS season is behind us; that means post-Christmas.
The Fed and The Donald and The BLS Jobs Report
Meanwhile and before all that fun, this week sees the last US BLS Employment Report for 2024,
with the November numbers up this Friday. Current consensus (1) at +183,000 Non-Farm
Payroll jobs and the headline unemployment rate unchanged at 4.1%. Macro wonks in this
audience will also care about the US Trade Deficit reading for October due out on Thursday, but
for those who care more about the market the other US day to watch out for is in Wednesday
December 4th and the NYT DealBook Summit, which includes a discussion round table including
Fed Chait Jay Powell. That happens at the same time the Fed drops its Beige Book on the
market, so expect plenty of “What About Powell And Trump In “2025” talk to fill the biznews
cycle, at least for 24 hours.
Finally, a word about President-Elect Donald Trump who, for all intents and purposes, is already
leading the world’s most powerful nation and setting the policy narrative both nationally and
internationally*. Alongside his picks for key posts in his upcoming administration, Trump has
been making waves with policy announcements and none more so than the one this weekend,
basically threatening BRICS nations with prohibitive tariffs on imports into The USA if they move
away from using the US Dollar. Here’s a direct quote from his Truth Social post:
“The idea that the BRICS Countries are trying to move away from the Dollar while we
stand by and watch is OVER. We require a commitment from these Countries that they
will neither create a new BRICS Currency, nor back any other Currency to replace the
mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to
selling into the wonderful U.S. Economy.”
Hilary ensued, with no end of controversy in the last 24 hours, all the opinions about all the
possible things and people reading into his BRICS move whatever they prefer. Anti-Trumpers
attacked, those against the whole idea of tariffs were given extra ammo, Pro-Trumpers rallied
round their flag, anti-Dollar/Anti-America voices did their thing and on an issue closer to The
IKN Weekly’s brief, the pro-gold world made the case for the declaration being….yes you
guessed it…pro-gold. All those and more so instead of simple agreement or disagreement with
any view, the point this desk wants to make is more straightforward:
Get used to it
We know Trump is about disruption and from the way he’s putting his new cabinet together,
he’s looking to shake things up and will hit the ground running. This means there’s no way in
the world this weekend’s warning toward the BRICS nations is the last headline-making policy
2

move. Controversy, upset, turbulence and nervousness on a macro scale will become the norm
in 2025, not the exception. As such, there’s a straightforward case for gold ownership on the
back of that thought and I’d tend to agree that large reserve money will tend to gravitate
toward the monetary metal, but that doesn’t imply the collapse of the USD or for gold to go on
a(nother) tear. Instead, we should expect Trump to focus on a strong dollar policy and quietly
drop any move that seems to erode confidence in the greenback, because that was another
hallmark of his first term; try a thousand things, drop those that don’t fly, find other things to
fill the news cycle. Around his election, I put forward the idea that he’s be negative for gold in
the same way that we saw after he’d beaten Ms Clinton to the job. That wasn’t a strongly held
opinion though, I’m as ready to change stances in this fluid scenario as anyone else and the
way in which gold has rebounded and re-claimed the U$2,700/oz price line (just about) is good
news for the sector. We’ll see how this runs, but at this stage the best advice I can offer is to
hold weakly to your opinions as to “What Trump Means For Gold” because I highly doubt
anyone really knows, DJT included.
*As an outsider looking in, your author finds it amazing that for all practical purposes, both President Biden and Veep
Harris have disappeared from the map.
Last call for 2025 Basket Cases
The third of three calls for the 2025 baskets today, I’m not going to bug you into December but
before the copypaste begins, a sincere thank you to those who offered up their thoughts and
suggestions last week, I was hit with a pleasant mini-deluge (especially Tuesday and
Wednesday, don’t know why) and once again, I was offered plenty of food for thought. Now for
the repeat script and for the third of three runs, this is our annual call to you out there,
esteemed subscribers of The IKN Weekly, for nominations, suggestions, ideas and thoughts on
the companies we should include in the 2025 Copper Basket, the 2025 Producer Basket and the
2025 TinyCaps Basket.
Every November/December, your author puts together a long list (then a short list) of stocks for
our three tracking baskets for the year to come, namely The Copper Basket, Producer Basket
and TinyCaps Basket. Year-end will see those lists refreshed, with companies leaving and being
replaced by others and as usual, my long-list is already in place for all three lists. However,
every single year without exception, when I ask for your ideas and suggestions I get ideas that
are better than mine and the final make-up of the tracking baskets is always an amalgam of
brains. We therefore throw the subject out to the collective mind of readership today, asking for
suggestions and here’s the framework required for each category, as the baskets are somewhat
different in make-up:
 For The Copper Basket: We look for a group of 15 stocks that as a whole represent the
junior copper mining world. The maximum market cap is normally $1Bn (it can go
higher, e.g. NGEX.to this year) but preferably I like them lower to better reflect our
sector of interest. We welcome tinycaps, as a cross section is required. As we’re not
trying to beat the street and want a faithful reflection of the sector, always happy to
include bad copper companies or dog stocks if they bring something to the table (e.g.
this year we deliberately included CCCM.v and COR.v, both doing “as expected”).
 For The Producer Basket: There is no upper limit in market cap size, but we normally
require a minimum market cap of U$2Bn. For this list, I’m looking for suggestions for
precious metals producers that will out-perform in 2024, as we also try to beat the GDX
benchmark. That’s a semi-serious competition but, as The IKN Weekly has managed to
out-perform the GDX in seven of the eight years we’ve run this segment, there’s more
than a little pride involved in the picks as well these days.
 For The TinyCaps: First and foremost, for this list we try for a maximum market cap of
$20m, as The TinyCaps tracks market moves of the smallest companies. However, at
this level of market cap there are many broken stocks and dead companies with
projects going nowhere. They are not interesting, as although we cannot expect
operational or managerial perfection at this level the company still needs to “have a
pulse” and be a reasonable trade or speculative alternative.
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I normally look to change between three and five companies on each list, so if you have a good
candidate for the Producer, Copper or TinyCap list, be they companies you own or not (or if it’s
a doggish type of idea, perhaps “owned”) please drop a line the usual addresses.
Fundamental Analysis of Mining Stocks
Aldebaran Resources (ALDE.v): Selling the news
You don’t need to read this whole note in order to find my trade decision, as I’m putting it up
here at the very start: I’m selling my position in Aldebaran Resources (ALDE.v) in the days
ahead and taking profits. The rest of today’s main fundies note is about justifying that decision,
so first you’ll read why last week’s Mineral Resource Estimate (MRE) was every bit as good as
expected, then why I’m ready to close the trade despite the very positive NR. We begin.
In last week’s issue, IKN810 dated November 24th, we mentioned in the Stocks to Follow
section that “…ALDE may be at a decent selling price before the fun and games of January…”,
in allusion to a potential change of plan that would perhaps allow a sale of this position before
the original window. We didn’t have to wait long, as on Monday November 25th we got this NR
from the company (2):
“Aldebaran Reports a Very Significant Increase in Mineral Resources at the
Altar Copper-Gold Project in San Juan, Argentina”
Indeed, on time and before the end of November as promised by the company (which is nice),
we got one of the major catalysts for company stock, the new and updated MRE for Altar,
incorporating the work and drilling done on the project since its last resource estimate in 2021.
Here are the bullet points from the NR in straight copypaste, with a small amount of bold type
added to pick out the headline numbers:
 Measured & Indicated resource of 2.40 billion tonnes grading 0.42% copper, 0.07 g/t gold,
1.22 g/t silver and 42 ppm molybdenum
 22.01 billion pounds of copper, 5.08 million ounces of gold, and 93.76 million ounces of
silver
 Inferred resource of 1.22 billion tonnes grading 0.37% copper, 0.04 g/t gold, 1.25 g/t silver
and 45 ppm molybdenum
 9.83 billion pounds of copper, 1.71 million ounces of gold, and 49.04 million ounces of
silver
 Significant increase when compared to the 2021 mineral resource estimate
 100% increase in Measured and Indicated tonnes
 542% increase in Inferred tonnes
 94% increase in Measured and Indicated copper pounds
 462% increase in Inferred copper pounds
 48% increase in Measured and Indicated gold ounces
 338% increase in Inferred gold ounces
 Mineralization is still open in several directions
 Amenable to open-pit mining
That’s a very good result. We knew Altar would offer a hefty increase in tonnage and contained
copper, but the headline 22bn lbs copper M+I and 9.83Bn lbs inferred, plus gold, silver and
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moly kickers, puts it in the top rank of copper projects still held by a junior exploreco and the
share price reaction was suitably positive. Two price charts of ALDE for you, with above left the
ten-day chart and the way it launched from the already-impressive C$2.00 of last weekend to
top out at C$2.30, before closing the week at C$2.20, up exactly 10% and a very good
response in what was otherwise a tepid market for copper stocks. Meanwhile above right we
have the four year chart, showing the period during which I have owned (two purchases
making up my 72c cost average) and the long gestation period we went through before the
recent price rise.
But back to last week and in order to conceptualize the difference between the 2021 MRE and
the new resource, this slide from the company’s October presentation is the most useful visual:
To the left we see the areas included in the 2021 report then, to the right, the deeper zone that
has made the big difference after ALDe has drilled 63,000m into it. That “Altar United” area has
made the two smaller deposits into one large pit area and as such, allows the pit shell to
capture efficiently a lot more mineralization at depth. Please note that in both resource
estimates, the smaller “QDM” zone to the right of the visual is not part of the current 43-101
resource (though ALDE says it has development metres planned for that next year).
Below is the main resource table from the NR and I’ve added a bit of red ink to highlight some
of the key results.
Now for notes and first, the MRE uses the same U$13.99/tonne NSR cut-off as in 2021 but
there is a slight drop in average grade of 0.01% for copper and 0.02 g/t for gold (though silver
5

has increased). We also note the arrival of moly as a payable (not a big contribution, this
project really is about the copper) and the assumed life of mine arsenic levels have dropped
slightly, due most likely to the inclusion of more of the deeper hypogene material. Indeed, it’s
the deep hypogene that makes the vast amount of the difference in the MRE compared to
2021. Back then, total contained hypogene copper was 8.4Bn lbs M+I, plus 1.6Bn lbs inferred.
Those are now 18.5Bn lbs M+I and 9.6Bn lbs inferred. That brings a grand total of 22Bn lbs
M+I and 9.8Bn lbs inferred, basically 32Bn lbs copper, with 6.8m oz of gold as the main
byproduct kicker. The quickmath using the company’s reasonable and conservative recovery
assumptions for each metal puts copper at 85% of gross metal revenues.
Summing up so far, this is an impressive updated MRE that’s lived up to all expectations and
the share price rally we saw last week is fully justified on what we have today. With the current
169.82m shares out at this weekend’s C$2.20 price, ALDE runs a C$373.6m market cap (approx
U$266m at current forex) and while that’s starting to get up there in dollar terms, it’s still only
0.8c/lb Cu in situ (all categories) and that’s a lot less than the price one of these deposits
should sell for come the day.
Then on Wednesday November 27th we got an extra layer of insight t and information when
ALDE’s two main people, Kevin Heather and John Black, gave a live, one hour webinar. It’s well
worth watching the repeat if you haven’t seen it already, found on this link (3) and if you don’t
have that amount of time to dedicate and want the meat of the presentation, skip to around
the 17 minute level to miss out the intro and re-cap sections. From there you’ll see the model
presentation by Kevin Heather, which runs to around 36 minutes and at that point, the Q&A
begins. While useful for those who haven’t followed the story closely, it wasn’t a Q&A that
offered much in the way of new insight, so with around 20 minutes invested from minute 17,
you can capture the essence of the webinar. If you do, you’ll learn among other things that the
43-101 will be filed to SEDAR in January (i.e. they’ll be making use of the full 45 day allotment
and that at present four rigs are current operating on site, with a fifth to join them soon. On
that score and notably, drilling will now concentrate on resource definition of what’s known at
Altar more than any large amount of discovery or resource enlargement drilling (there might
be some, but not much). That’s understandable, as while the PEA is l on schedule for “mid-
2025” (which, you may note, is a longer time from now than the previous “in Q2 of 2025” ALDE
is run by and for serious geology people, not to try and wow the audience at any given moment
with splashy drill results. That ALDE openly said it is mostly drilling for resource definition from
now in right on-game for this company as they’re obviously already looking further out than the
PEA and toward the PFS, currently slated for “late 2026”. That’s the document that will
eventually form the basis of the sale of Altar to the highest bidder and as it’s also the stage at
which inferred resources cannot be included, as much drilling to turn inferred into M+I as
possible is the order of the day in 2025 and 2026. One final and interesting snippet from the
webinar is that the conceptual pit shell for the project now assumes pit walls at 45°, rather than
the 40° used in 2021. According to Kevin Heather, that decision is based on rock competency
studies that the team believes will allow the steeper and more efficient angle and while we’ll
have to wait for the 43-101 filing in January to know more, it will certainly help a pit of that size
capture the deeper and often highest grading mineralization in the central part of the overall
deposit, as well as cutting down the strip ratio.
All this is useful data and the webinar had plenty more to offer, once again we can also
acknowledge the high quality work done by this team on its projects, the same dedication and
detail that helped sell Haquira to First Quantum, back in the day. But it also begs the question,
why sell now? Here we go with that:
 It’s a 200% winner. Originally (and it was a long time ago) I planned to hold ALDE until it had
given me a reasonable return in a shorter period of time, with “roughly a double and roughly a
year” on my mind. As things have turned out it required more patience, but the recent run has
more than made up for the wait and with an approximate 200% winner and at the right time,
there’s personal portfolio management to consider.
6

 This was the main catalyst for at least six months. Long-termers in ALDE will know that the
recent volume increase isn’t normal for the stock and being tightly held by large strategic and
insto holders, its free float isn’t that large. We could easily see interest in the story wane until
the next big catalyst comes along, that’s the PEA due out in mid 2025. That’s going to be at
least six months (and could be eight). Before then we’re sure to get drill assay results and they
could make decent headlines, but it’s not going to be easy for a project with 32Bn lbs Cu
already defined to wow the market with a new hole or two, even if they’re long and nicely
mineralized. The other potential catalyst is the first run results from the Rio Tinto/Nuton tests,
as they could help unlock the value of the deeper hypogene and moving it into a cheaper,
heap-leachable assumed processing that’s cheaper and adds extra margin to eventual operating
profits. However, we need to recognize that with this excellent MRE, the stock is now getting
close to fully valued for its development point.
 No stock goes up forever. I’m not going to fall back on a trite saying such as “buy the rumour
sell the news”, because that implies ALDE’s share price will fall back and I simply don’t think
that’s the case. At approx 0.8c/lb, the in-situ resource is cheap and its large enough to maintain
the attraction of the big players looking for the next big mine to build, however there is a top to
its valuation and at C$374m, it’s either there or it’s close. Even if it runs up a little further, I see
better value in taking the money and dedicating it to a different speculation.
 The copper market doesn’t convince. If copper-the-metal were popping and running, or at least
trading with gusto, I’d be more inclined to hold at these levels but the fact is, copper has been
a lackluster performer for several weeks and is only just managing to hold onto its U$4.00/lb
handle at the moment. Semi-related to that is one of the selling points used in the webinar by
Kevin Heather and John Black last week: They mapped the share price evolution of ALDE next
to their previous success at Antares (Haquira) and using it to argue that there’s still plenty of
upside left in ALDE. In fact I agree, but its upside is more likely to come in spurts, perhaps the
first around the PEA publication next year but mostly before and after the PFS at the tail end of
2026. That’s the document that will sell ALDE and the suitors are the serious miners who’ll want
that level of study before committing. And before you say it, yes I know Antares was sold when
Haquira only had a PEA, but it was just a couple of weeks before the PFS was due to be
delivered and if you look at what’s happened at Haquira since then (basically nothing), there’s
even more reason for the buyers to wait until the PFS is at hand. But as an Antares shareholder
at the time, I also remember the very lucky timing of the deal that was all-share and just before
copper set off like a rocker, dragging up First Quantum shares and in the process, adding
several extra dollars to the selling price of Antares in Loonie terms (it was the epitome of the
lucky trade and on more than one occasion). In order to see ALDE do the same, it would need
the same luck in running from the copper price and right now, I just don’t see it happening. For
sure I’m your well-documented copper bull and that hasn’t changed over the mid and long-
term, but there’s no law against me selling ALDE today and buying back in later if market
circumstances suit.
 Selling when others are buying isn’t a bad strategy and it’s especially appealing to the natural
born contrarian. That’s where we are today, with plenty of market chatter about this company
and its advantages from people who either knew nothing about it a few months ago or if they
did, were keeping very quiet. The interest brings traded volume and exit liquidity that I won’t
be able to guarantee (myself) in a couple of months’ time.
The bottom line: A great resource update from Aldebaran and the price rise in recent weeks is
fully deserved, as are the market plaudits it’s now receiving from the great and the good.
However, with the price rise now in, the lack of another clear market catalyst for at least two
quarter (and perhaps three), the ho-hum nature of the copper market at present (not to
mention all the geopolitical turmoil) and my own desire to book a win, raise more cash and
stoke the treasury in preparation for new trades and deployment soon, it’s time for me to book
the win. I am selling ALDE in the days to come and the position will be closed by this time next
weekend, in IKN812. For what it’s worth, I’m not going to rush out and take the first price
offered tomorrow morning as the tape over the last week shows the worst prices are early and
7

there are willing buyers of the stock. If I can get out at or around the current C$2.20 I’ll be
very happy, but accepting a few cents less won’t hurt too much.
IMPACT Silver (IPT.v) 3q24 financials
One of the many juniors listed on the TSXV to file its 3q24 financials last week, our second
string silver trade IMPACT Silver (IPT.v) is now our only dedicated silver trade thanks to our
recent sale of both SilverCrest (SILV) and Bear Creek (BCM.v). It’s also a producer and that
means its quarterlies are more important for valuation than the standard exploreco, so to
supplement this week’s main note on ALDE (above), let’s run over the main points of the IPT
here.
First up production and these charts give the long-term overview. Below left we take in
quarterly silver production back to 2017 to show the type of numbers IPT used to offer, then
below right quarterly tonnage throughput since 2019.
IPT: Silver production, per qtr
240000
220000
200000
180000
160000
140000
120000 100000
80000 60000
40000
20000
0
This chart right (with a cut down
Y-axis to make the contrasts
easier to see) shows sales of
142,945 oz silver was well below
our guesstimate of 155,000 oz for
the quarter and the second
lowest since The Covid Quarter,
2q20. The tonnes milled chart
shows that's where the issues lay
as mill thoughput was the main
bottleneck.
However, thanks to lag from Q2, sales of 147,206 weren't that far off the 155k target. That was
okay-ish, but the real good news comes as IPT managed to benefit from the rising silver prices
and booked its highest ever revenue per tonne sold, C$180.90.
8
71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
Oz Ag IPT: Tonnes milled per qtr
source: company filings
82563 73593
20652
51143 51804 31463 33873 78543 52663 34163 38173 61893 02793 88683 35753 87173 52853 53713 26053 10923
50000
45000
40000
35000
30000
25000 20000
15000
10000
5000
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
source: company filings, IKN ests
rtq/sennot
IPT: Silver production and sales
095661 982271
871451 897651 093351 788141 991151 602741
180000
170000
160000
150000
140000
130000
120000
110000
100000
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
Oz Ag
Ag prod
Ag sales
source: company filings, IKN ests
IPT: Revenues per tonne sold vs
200 Direct costs per produced tonne
180
160
140
120
100
80
60
40
20
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
IPT: Difference between revenues and costs per tonne
C$/tonne
70
Revenue per tonne sold 60
Direct costs per prod. tonne 50
40
30
20
10
0
-10
-20
-30
source: company filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
$/tonne
source: company filings, IKN ests and calcs

Direct costs per tonne were up as well (it was all-but inevitable) but the resulting margin of
C$34.63 per tonnes is the best IPT has recorded since 2021. That's not so bad and with the
Plomosas expansion project now running closer to design capacity and scheduled to reach its
200tpd target by 1q25 (i.e. next quarter), add in a silver price now trading handily over
U$30/oz average and there's good reason to expect better from the company in the quarters to
come.
That brings us to the P+L and the main chart that matters, sales vs mine operating expenses.
Take one away from the other and you’re left with C$1.03m in gross profit before DD&A is
backed out
IPT: Sales vs mine op expenses
And once that’s done, IPT still manages to
return a thin operating profit, the first for five
quarters (right). That doesn't cover corporate
G&A (C$1.033m) some minor BTL items and
tax (C$0.444m) so the net for the quarter was
a loss of C$1.238m. These are all small
numbers and there’s nothing in this quarter
that would compel you to go out and
accumulate shares, but equally it’s a better
result, IPT is now a steady ship at thee silver
levels and all it needs to do from here is
return its main operation to a decent
throughput level and deliver Plomosas in order
to start making some real money.
That also shows at the balance sheet, where liquid assets held up in the last period when we
expect Plomosas to be a burden rather than a benefit (thanks to the positive mine cash flow)
and current liabilities dropped slightly,
With the share count steady at 247.429m, that gives a book value of 28c/share and there’s no
reason why IPT cannot trade at a multiple above that, as long as it starts running a regular
9
926.4 965.3 105.3 174.3 497.3 239.3 214.4 341.4 411.5 974.4 294.5 495.4 767.4 357.4 983.5
125.7
743.5
799.6 227.7 429.7
546.8
116.7
10
9
8 7
6
5
4
3 2
1
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
C$m IPT: Gross mine margin, per qtr
sales op expenses
source: company filings, IKN ests for 2024
03.0
89.0
60.2
43.1
59.1
23.1
38.0 36.0 60.1
30.0
41.0-
72.0
46.0 09.0
10.0 31.2-
56.1-
02.0-
30.1
2.5
2
1.5
1
0.5
0
-0.5 -1
-1.5
-2
-2.5
02q1 02q3 12q1 12q3 22q1 22q3 32q1 32q3 42q1 42q3
C$m
source: company filings
IPT: Mine Op Earnings
1
0.5
0
-0.5
-1
-1.5
-2
-2.5
-3
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
C$m
source: company filings, IKN ests
IPT: Assets breakdown
100
90
80
70
60
50
40
30 20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
C$m IPT: Liabilities breakdown
source: company filings, IKN ests
0.5
5.2
4.4
2.2
3.4
0.2
5.4
4.2
5.3
7.2
9.3
3.2
2.4
3.2
5.4
8.1
1.4
5.2
3.4
1.2
3.4
0.2
6.4
6.2
0.5
0.2
5.5
0.2
4.6
1.6
6.6
9.5
7.7
7.6
1.8
9.6
0.8
1.7
9.7
5.6
16
14
12
10
8
6
4
2
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
C$m
LT debt
current debt
source: company filings, IKN ests

profit in 2025. Working capital dropped by C$1.8m as the company paid (what we expect to be)
the last capex bills for Plomosas, but C$7m is more than enough to see it through.
IPT: Working capital, per qtr
10
475.3
83.3
837.5
987.61 823.02 239.12 177.22 60.22 25.12 431.12 9.91 595.71 24.61 156.51 213.31
147.8 465.7
517.2
608.8 650.7
26
24
22
20
18
16
14 12 10
8
6
4
2
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
C$m
source: company filings, IKN ests
The bottom line: IPT was until recently my third string silver trade now its #1 by default
because the other two are gone. Though it’s never
going to be a thrusting and dynamic operator, what
we require from the company is the ability to tread
water indefinitely and turn itself into a call option on
the price of silver. In that light, whether it earns or
loses a million or so in any given quarter is of
secondary interest, this is a small and ratty silverco
and I don’t own it because its potential of changing
from ugly duckling to beautiful white swan. It’s here
for the leverage, it’s a small trade and at current
valuations, it’s easy to hold through as long as it
continues to return ok-not-great production and
financial quarters. That’s what we got from IPT in
3q24, no more no less, as such it’s going to stay in
the portfolio and allow us exposure to the potential silver has of taking off and providing big
wins in short periods of time.
Stocks to Follow
With gold dropping 1.7%, copper flat and the main ETF benchmark tickers down as well, it was
never going to be an auspicious week for a portfolio full of juniors so all things considered, the
portfolio held up fairly well. Seven of our 16 covered stocks gave week-over-week gains (MAI.v,
RPX.v, LBC.v, ALDE.v, MIRL.cse, PGDC.v, AAG.v), one was unchanged (MENE.v) and there were
eight losers (RIO.v, EGO, ARG.to, MARI.to, PGZ.v, OCI.v, IPT.v, PAU.cse). There were two
double figure percentage winners in Patagonia (PGDC.v up 14.3%) and Aldebaran Resources
(ALDE.v up 10.0%) and one bigger loser in Orecap (OCI.v down 13.3%...that’s a penny to you,
madam/sir). Overall, nothing busted out of its trading range in either direction or was out of
control.
There are 16 stocks on our list, four less than our self-imposed maximum. Treasury cash is
healthy and will have a little more by this time next weekend as we harvest ALDE.v profits. As
noted last weekend, the shopping will begin soon enough but as things stand today, we have
ten stocks are in the green and six stocks in the red.

company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v BUY C$0.21 13-Oct-19 C$0.295 40.5% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.635 -20.6% Now building Fenix, will re-rate
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$16.55 11-Aug-24 U$16.00 -3.3% undervalued midcap gold
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.71 11.0% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.78 56.7% Quality Cu developer
Red Pine Expl RPX.v ADDING C$0.105 8-Sep-24 C$0.125 19.0% New sm position, will build
Libero Copper LBC.v SPEC BUY C$0.34 20-Oct-24 C$0.415 22.1% spec trade on Mocoa drilling
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.09 -52.6% Cu jr, disappointing to date
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.065 8.3% top fundy value, illiquid
SPECULATIVE TRADES
Aldebaran Res. ALDE.v SELLING C$0.72 16-May-21 C$2.20 205.6% taking profits
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.24 -20.0% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.025 -87.2% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.04 100.0% Rio Negro trade op, watching
Aftermath Silver AAG.v WATCH $0.46 10-Nov-24 C$0.485 5.4% Silver exploreco, nice project
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.29 241.2% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.48 6-Dec-20 C$0.11 -77.1% 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
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 21-Jul-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
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:
Aldebaran Resources (ALDE.v): SELLING. A brief line to confirm the decision as laid out
above, in today’s main Fundies section. This stock has risen well, the MRE news last week has
seen full value added and copper price moves aside, it’s going to hit a ceiling at-or-around here
until the next phase of its de-risking path comes along. It’s time to take profits and deploy them
somewhere else.
Red Pine Exploration (RPX.v): MAY STILL ADD, BUT.... Same as last week again, I’m
vacillating over the addition but, with TLS season now upon us, there’s the chance of the deep
bargain in the next three or four weeks so I’ll wait on the sidelines. Probably. The other reason
to wait it out was evident last week, when RPX again offered a NR reporting solid progress by
the new team under CEO Michaud that failed to move the market. This time, the company told
us (4) that they’d been exploring in the War Eagle zone of the greater Wawa property, located
11

South of the main Jubilee/Surluga shear that holds the 43-101 compliant resource and had
found “Significant Gold Mineralization”. That’s all good and details of the grab sample numbers
are in the NR. Once again, these aren’t the NRs
that move markets and while RPX managed to add
a penny on the week, there’s still no rush to own.
It does however provide testimony that the new
managerial team are doing what’s required of
them, re-thinking Wawa and taking the time to
consider all options before putting together the
next phase of its development program. It’s why
I’m a holder and why I’m looking to add more, the
brains trust is worthy of sponsorship here for the
first time in a long time.
Rio2 Ltd (RIO.v): Two things to report (or three if we consider the small price drop that’s
firmly inside the recent trading range). Firstly, we saw significant insider share accumulation,
when seven insiders exercised 55c options and of the list here…
 Alex Black 500,000
 Drago Kisic 200,000
 Kathryn Johnson 39,809
 Klaus Zeitler 200,000
 Ram Ramachandran 200,000
 Sidney Robinson 200,000
 Albrecht Schneider 200,000
…the only seller was Drago Kisic, who sold all his newly minted 200,000 shares into the market
at 68c. Secondly, the preliminary works phase is now complete at Fenix and as from this week,
the build-out officially starts. Last week saw an on-site corporate alignment meeting of key
personnel at which the real deal green light was given to the project and we should get some
sort of announcement from the company in the days to come. We remind readers that
technologically speaking, Fenix is a straightforward build-out that shouldn’t pose any serious
technical questions and as such, we can expect the mine to be built quickly and in operation as
early as late next year, 2025.
Orecap Inv (OCI.v): Down 13.3% sounds dramatic, down a penny on the week less so. The
b ig drop in main holding AE.v made most of the difference, the small drop in ARIC.v some of
the rest, then QCCU.v (soon to be XXIX.v) was down its own penny. Last but not least, the
news wasn’t great from the even smaller Ore Group company Mistango (in cash terms at least),
which returned “geologically interesting” drill results from its exploration program…we know
them as dusters. With that, the pro forma chart (which assumes the QCCU.v/Thierry fusion
goes ahead as planned next month) looks like this:
OCI.v: PRO FORMA Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.92 10.75 4.3
AE.v warrant 0.10 0.62 0.06 0.0
ARIC.v 7.39 0.475 3.51 1.4
ARIC.v warrant 4.17 0.275 1.15 0.5
QCCU.v 39.10 0.12 4.69 1.9
MIS.cse 24.71 0.03 0.74 0.3
subtotal 20.90 8.4
Est.cash 1.50 0.6
Total 22.40 9.0
At 247.714 S/O
I think 6.5c is too much of a drop and this should be priced at least 7c, but that’s just me.
12

Libero Copper (LBC.v): Quite a week for LBC on no news, as sellers appeared to push the
stock down to my own cost price of 34c midweek before a low volume rally dragged the stock
back up and eventually saw a serious piece of tape painting Friday afternoon to give the stock a
week-over-week win. All these moves are unusual, none of them should be too much of a
surprise; this is, after all, the TSXV.
Our plan is simple and remains in place: We hold until the first Mocoa drill assays come back
then evaluate
Aftermath Silver (AAG.v): The private placement by Eric Sprott ($10m worth of shares at
45c) that required approval at the AGM on
November 20th closed in good order last week (5), 16 AAG.v: Working cap per qtr
on time before the end of November and the AAG 14
12
reporting quarter. As a reminder, here’s the 10
8
working cap chart from our recent fundies look at
6
AAG to show what that treasury inflow does to the 4
company and how long we expect it to last. 2
0
-2
In trading, AAG shares one again showed -4
-6
resilience at the low 40c levels and bounced back,
though US Thanksgiving week may have skewed
things
Amerigo Resources (ARG.to): Slow and steady wins the race. To the surprise of nobody,
ARG last week announced (6) the renewal of its NCIB share buyback facility for the next 12
months, with the ability to buy back a maximum of 12m shares on the open market between
now and then. If it manages to buy back the
entire 12m, it would emulate the most aggressive
share buyback year, 2021, when the company
extinguished 12.3m shares. Buybacks are a tax-
efficient way of returning capital to shareholders
and normally preferred by the large instos over
bonus dividends, which are taxable.
In trading, ARG lost 3c on a quiet week for copper
but seems to have build a firm floor price around
the C$1.70 level.
The Copper Basket
After forty-eight weeks of 2024, The Copper Basket shows a gain of 36.31% to level stakes:
13
12.yam 12.gua 12.von 22.bef 22.yam 22.gua 22.von 32.bef 32.yam 32.gua 32.von 42.bef 42.yam 42.gua tse42.von tse52.bef tse52.yam tse52.gua
source company filings
srallod
fo
snoillim
ARG.to: Shares Out 190
185 (NB: cut down Y-axis)
180
175
170
165
160
155
150
145
140
71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3
source: company filings, IKN ests
serahs
fo
snoillim

company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.to 7.16 186.824 2344.64 12.55 75.3%
2 Solaris Res SLS.to 4.13 161.833 726.63 4.49 8.7%
3 Marimaca Cop MARI.to 3.43 93.11 445.07 4.78 39.4%
4 Aldebaran Res. ALDE.v 0.89 169.819 373.60 2.20 147.2%
5 Arizona Sonoran ASCU.to 1.75 159.33 226.25 1.42 -18.9%
6 Los Andes LA.v 11.80 29.519 221.39 7.50 -36.4%
7 Faraday Copper FDY.to 0.63 204.72 169.92 0.83 31.7%
8 Hercules Metals BIG.v 1.38 231 140.91 0.61 -55.8%
9 American Eagle AE.v 0.26 150.07 138.06 0.92 253.8%
10 Oroco Res OCO.v 0.375 236.911 67.52 0.285 -24.0%
11 Element 29 Res ECU.v 0.18 119.31 66.81 0.56 211.1%
12 Kodiak Copper KDK.v 0.58 63.93 26.21 0.41 -29.3%
13 QC Copper QCCU.v 0.12 173.7 20.84 0.12 0.0%
14 C3 Metals CCCM.v 0.61 76.381 19.48 0.255 -58.2%
15 Camino Min COR.v 0.07 206.66 8.27 0.04 -42.9%
NB: All stocks in CAD$ Portfolio avg 36.31%
After the previous week’s intriguing trade patterns for copper explorecos as noted last weekend
in IKN810, things went back to something akin to normal last week and the juniors mostly
moved with the price of copper. Which means they didn’t move much, because the metal
remains attached to the “just above four” price channel as seen here, with copper trying to rally
into the open last weekend but after much huffing and puffing, ended the week virtually UNCH.
Unlike the previous week, the week in copper reflected in the juniors world and the average of
our representative basket of explorecos ended down by a thin 1.09%. There were seven week-
over-week (WoW) losers (NGEX.to, SLS.to, LA.v, MARI.to, FDY.to, AE.v, QCCU.v) from our
chosen 15, five WoW winners (BIG.v, ASCU.to,
ALDE.v, OCO.v, ECU.v) and three that stayed The Copper Basket 2024, weekly evolution
50%
unchanged (CCCM.v, KDK.v, COR.v). The 45%
negative week would have been worse if it 40%
35%
weren’t for the big moves in Element 29 (ECU.v 30%
25%
up 14.3%) and Aldebaran Resources (ALDE.v up 20%
10.0%), while to the downside the biggest loss 15%
10%
came from American Eagle (AE.v down 13.2%), 5%
0%
which gave up some of its big move of the week
-5%
before. -10%
Regarding the prices moves or lack thereof, a
reminder that this metal doesn’t have the
14
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41 ts12 ht82 ht4gua ht11 ht81 ht52 ts1pes ht8 ht51 dn22 ht92 ht6tco ht31 ht02 ht72 dr3von ht01 ht71 ht42 ts1ced
source: IKN calcs

nickname “Dr. Copper” due to its anti-bacterial effects on doorknobs in hospitals. Instead it’s
due to an imagined “PhD in Economics” and for more, this definition (7) is as good as any:
Doctor Copper earns its title due to its proven track record as a reliable gauge of global economic
health. Its price movements offer valuable insights into industrial demand, investor sentiment,
and overall economic activity. While not a standalone predictor, copper prices are a critical piece
of the economic forecasting puzzle, providing clues about the global economy's direction.
Economic theory would have you believe that tariffs would dampen demand in the world’s
biggest consumer and if so, you’d expect an immediate knock on from the lead indicators of
this world. One of those is The Good Doctor, so it’s notable how little it moved on the
announcement from the Trump transition camp of potential tariffs on imports into The USA.
According to this commentator (8) "China is in wait-and-see mode, until they know how bad the
tariffs are going to be, before deploying some of its dry powder in terms of fiscal stimulus" but
if you ask me, that's a bunch of word salad nonsense. If these tariffs were a serious and
immediate threat to world trade cadence, you'd see their effects in the fungible commodity
markets immediately and the fact that copper shrugged it off is evidence that the real money
world remembers how much hot air comes out of Trump compared to real actions.
Moving on, it’s the end of another month and time to check in on our long-term copper
inventory tracking charts and the notable change is the way COMEX stocks are making up for
the drop in Shanghai stocks. Overall there’s plenty of metal available and with the shift of
physical copper to North America, we’re less likely to get the same type of physical squeeze
that Trafigura suffered in its Comex contracts in March and April this year.
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
15
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von
Mt Cu
Comex
Shanghai
LME source: Cochilco
On a percentage basis, SHFE has dropped but that’s normal for this time of year. Overall,
there’s not much of a signal coming from copper inventories at the moment.
Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von
LME Shanghai Comex source: Cochilco
Now for our weekly look at the moves in world copper inventories, data from Cochilco:
 Another week of business as usual for world copper stocks, with the aggregate
inventory down another 10,963 metric tonnes (mt), the component parts all doing
normal things for the time of year and a overall total of 462,053mt this weekend.
 Once again, SHFE made the difference on the week with a 11,461mt draw down on
copper stocks on the week, Friday’s total coming in at 108,775mt. We again point your
eyes toward the dedicated SHFE tracking chart below, as it does its normal late Q4
thing.
 The LME registered a modest 1,525mt drop in copper stocks, Friday’s close 271,000mt.
Nothing to write home about, apart from the gratifying round number.

 The Comex continues to fluctuate around this new normal level after the rush up in Q3
and early Q4, stock going up by 2,023mt to close the week at 82,278mt. No biggie.
The dedicated SHFE chart shows another week’s worth of 2024 tracking 2019 closely. Probably
a good thing but again, it’s difficult to get a proactive signal from the moves in copper
inventories at the moment, be it bull or bear. UIn the near future, the dates and turn points to
wastch out for are 1) just after Christmas and how early/late the re-stocking of SHFE begins
and then February 17th and the Chinese New Year (it’s the Horse this time around), at which
point we’ll know more about appetite for copper as a trading commodity.
SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
16
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2024
2023
2022
2021
2020
2019
source: Cochilco data
Now for some notes on a couple of our basket stocks:
American Eagle (AE.v): There was no leaky boat of information (good) and the run of two
Fridays ago looks merely speculative than anything else
(also reasonable). AE dropped back last week to 92c,
which is still a great price and platform from which to
build if the news from the NAK project continues to be
bullish. It also announced last week (9) the successful
closure of the South 32 strategic investment, adding
C$29m in gross proceeds to treasury and cashing the
company up for the foreseeable future, no matter how
much it decides to accelerate the drill program. Also
good news.
Hercules Metals (BIG.v): Our low level thought about
this stock in a last couple of months is that it’s
fliptradeable (dat a word?) off the 50c line and last
week, we got another piece of evidence toward that.
With USA closing early Friday as part of its Thanksgiving
celebrations, we sometimes get anomalous moves in
“hot” TSXV stocks and BIG.v hit the spot Friday
afternoon, picking up bids into the close and adding 9%
to close at 61c, giving us the best single percentage
performer from our 15 last week.
It’s up to the Market Gods to decide whether that price
holds into next week; for what it’s worth I’d bet on my
writing up BIG as a loser next weekend, but this is the TSXV and anything can happen.
Arizona Sonoran (ASCU.to): I still think this one is one of the more likely to pick up a bid,
but the way interest in explorecos faded suddenly last week may mean ASCU will have to wait
until the Canadian Tax Loss Selling (TLS) season is over before staging any rally. As the YTD
chart (right) shows, most of the volume spikes in ASCU this year have come at higher prices,

that’s the recipe for December weakness as speculators who didn’t do their own DD and relied
on the judgment of others sell and take their tax credits.
Element 29 (ECU.v): To say 4q24 has been very good to ECU.v is an understatement of
sizeable proportions, having turned a 25c stock into the 56c close we saw Friday. However, we
need to recognize that volume is still relatively thin for this
amount of share price improvement. For sure it’s better,
but we’re talking about adding C$30m to the company
market cap and that means this move is certainly
speculative.
It’s all about the drill program currently going on at Elida
in North Peru, of course. Buying the rumour is normal, but
so is selling the news if it doesn’t justify the anticipation.
We’ll see, but even while sitting on the sidelines and
watching I do wish this team and project the best of
fortune, ECU is an example of an exploreco going about its
job in the right way. The Truth Machine will decide.
The Producer Basket
After 48 weeks of 2024, the Producer Basket shows a gain of 31.22% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 48.34 41.94 1.3%
2 Agnico Eagle AEM 54.85 497.971 42.04 84.42 53.9%
3 Barrick GOLD 18.09 1748.05 30.57 17.49 -3.3%
4 Franco-Nevada FNV 110.81 192.119 23.56 122.62 10.7%
5 Pan American PAAS 16.33 364.439 8.01 21.97 34.5%
6 Lundin Gold LUGDF 12.64 238.883 5.51 23.05 82.4%
7 Hecla Mining HL 4.81 617.768 3.41 5.52 14.8%
8 Eldorado Gold EGO 12.97 204.909 3.28 16.00 23.4%
9 Dundee PM DPMLF 6.43 180.051 1.69 9.36 45.6%
10 Wesdome Gold WDOFF 5.83 148.95 1.29 8.69 49.1%
All prices and stock quotes in U$ Port. avg 31.22%
A negative week for the producers, as they followed the lead of gold (GLD down 1.7%) and
retraced moderately. Our list was fairly representative of the wider sector, with two winners
(AEM, WDOFF) and eight losers (the others) in a tight range with the biggest loser Barrick
(GOLD down 4.0%) and the two winners up just 0.1% and 0.2% respectively.
With just December to survive, our 2024 basket remains 10%-or-abouts ahead of the GDX
benchmark and at this late stage I’m feeling confident of the win.
17

The 2024 Producer Basket: Weekly performance and
60% comparative to GDX control
50%
40%
30%
20%
10%
0%
-10%
-20%
Wesdome (WDO.to) (WDOFF): It’s been a year of
two halves for WDO, as it easily out-performed peers in
the first six months only to lag them all once Kiena was
up and running. We’ve watched, slightly perplexed, from
the sidelines waiting for new signs of life in WDO shares
and that may have shown last week:
WDO showed decent relative strength to peers and even
managed to eke out a 0.2% win on the week. One
swallow doesn’t make a summer at and one week’s
worth of recovery is exactly that, but the uptick in a
crowd favourite is certainly welcome. Also, we should
note that with a move from around C$8 to around C$12
this year, the main Canadian WDO listing is unlikely to suffer much tax loss selling in December
2024.
Barrick Gold (GOLD) (ABX.to): So much for my preening and strutting about GOLD as a
potential rebound play these last couple of weeks, GOLD reversed course last week, gave back
all the temporary advantage it garnered the week before last and was the worst-performer on
our list at -4.0%. That also means it’s back into the red for 2024 YTD, even if you count in the
30c in dividends it’s paid. Woeful stuff and Barrick is now over $11Bn behind AEM in the market
cap league table. Bristow’s “planned retirement” in 2026 cannot come soon enough.
The TinyCaps List
After 48 weeks of 2024, the TinyCaps show a gain of 34.54% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 252.95 17.71 0.07 7.7%
Awalé Res ARIC.v 0.135 86.798 41.23 0.475 251.9%
District Metals DMX.v 0.170 106.98 40.65 0.38 123.5%
Endurance Gold EDG.v 0.18 150.136 21.02 0.14 -22.2%
Kirkland LDC KLDC.v 0.100 88.625 3.10 0.035 -65.0%
Latin Metals LMS.v 0.075 96.476 8.68 0.09 20.0%
Palamina Corp PA.v 0.130 71.285 9.98 0.14 7.7%
South Star STS.v 0.750 52.64 29.48 0.56 -25.3%
Surge Copper SURG.v 0.090 288.518 27.41 0.095 5.6%
Viva Gold VAU.v 0.120 118.384 20.13 0.17 41.7%
Prices in CAD$, data from TSXV basket avg 34.54%
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.
18
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41 ts12 ht82 ht4gua ht11 ht81 ht52 ts1pes ht8 ht51 dn22 ht92 ht6tco ht31 ht02 ht72 dr3von ht01 ht71 ht42 ts1ced
The 2024 Producer Basket: Percentage diff. between
GDX benchmark & basket (negative= IKN ahead)
2%
0%
ikn -2%
gdx control
-4%
-6%
-8%
-10%
-12%
-14%
source: IKN calcs -16%
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 ht72 dr3von ht01 ht71 ht42 ts1ced
source: IKN calcs, NYSE data

 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 2024 TinyCaps list is limping into its close,
TinyCaps, 2024 weekly tracker
with a slight increase in the basket average on the 100%
90% week thanks to the six winners (BAY.v, DMX.v, 80%
LMS.v, PA.v, STS.v, VAU.v) out-doing the two 70%
60%
losers (ARIC.v, KLDC.v), with two unchanged 50%
stocks (EDG.v, SURG.v) making up the count. No 40%
30%
massive moves in either direction, the biggest shift 20%
being Palamina Corp (PA.v up 16.7%) which looks 10%
0%
big, but in reality it’s a 2c dead-ish cat bounce
after its recent waterfall drop on bad drill assay
results.
Surge Copper (SURG.v): MOVING TO WATCH LIST. I’m increasingly of the opinion that
SURG is getting hard done-by in this market and from the looks of things, its management
team agree. Last week saw both company
Chair Christian Kargl-Simard and director
Patrick Glazier make insider purchases of
stock, with the former adding a cool million
shares to his holding (now almost 4m) and
the latter adding 200k to his already large
holding (almost up to 10m shares). In a
market suddenly eager to snap up copper
explorecos of size, this stock is being
overlooked by the retail day-to-day, probably
because they turn their collective noses up at
the low overall grade. That’s understandable
to a certain extent, this isn’t the #1 top line
project out there, but grade isn’t the killer in
this address that it might be in other parts of the world (BC opex is low) and its location and
jurisdiction are advantages, no matter what you might think of the political leadership there in
2024. SURG has a real project, it has strategic support and looks dirt cheap for its size and
potential.
The reason SURG made the 2024 TinyCaps list was to keep an eye on its progress.
Operationally it’s done well enough in its 2024 exploration program (to date, more to come)
while in the market, it enjoyed a bit of a price run that
made it look expensive for a while, but since then has
dropped back and now looks singularly oversold.
That’s the right combination for a guy like and as a
result, SURG will be added to the main Stocks to
Follow Watch List as from next weekend (and will stay
on this list until the end of 2024, at which point we’ll
find a replacement). Moving to the Watch List means
that it’s now on my shopping list, so don’t be shocked
to read a deep dive on its fundies and purchase
decision on the other side of Christmas.
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 ht72 dr3von ht01 ht71 ht42 ts1ced
source: IKN calcs, TSX data

Latin Metals (LMS.v): The other TinyCaps list stock that’s being unjustly ignored these days,
LMS has managed to get a couple of deals on its projects and can start to rely on OPM to move
them forward, particularly the Esperanza copper project in Argentina with a solid privco partner
(backed by Queens Road Capital (QRC.to), no less) and if they score the permit to drill there in
2025, this could be a great way of playing the newly buoyant Argentina exploreco scene. This
company will definitely remain in the TinyCaps list next year.
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
Colombia likely to revert to the right wing in 2026
In last week’s note, “Chile: The right wing takes control” we ran a ruler over the very early
running for the Chilean Presidential election due this time next year. This weekend we look at
the early running in Colombia for its next Presidential vote, slated to happen in May 2026, and
for two good reasons:
1) As noted last week, along with the election of Gabriel Boric in Chile, the election of
Gustavo Petro in 2022 was the high water mark for the South American left wing.
2) Recently, we’ve seen a clear shift back toward the political right, with the election of
Javier Milei in Argentina the most emblematic, but there has also been Daniel Noboa in
Ecuador, the clear and sharp shift to the right in Peru under Dina Boluarte (though she
took over control, rather than being elected) and the polling in Chile that strongly
suggest the next President will either be a righty or a far righty.
By coincidence, last week saw Colombia main polling company Invamer publish its snapshot poll
for the year, one of the most complete and detailed polls in the country. You can read the
entire poll report on PDF at this link (10), here we’ll keep it to the headlines and who is in the
running to be next President of Colombia. It’s still VERY early in the process so bear that in
mind, but the poll does indicate clear tendencies. To the question “If the election for President
of Colombia were held tomorrow and these candidates were running, for whom would you
vote?”, these were the responses and I’ve added a quick left/right/centre note against the
most popular names for basic orientation purposes:
Sergio Fajardo (right wing): 15.4%
Claudia López (centre-left): 12.6%
Germán Vargas Lleras (hard right): 9.2%
Gustavo Bolívar (left): 8.6%
Vicky Dávila (centre): 8.6%
Juan Manuel Galán: 7.3%
Daniel Quintero: 6.1 %
Juan Daniel Oviedo: 5.5%
Luis Gilberto Murillo: 4.5%
María José Pizarro: 4.1%
Miguel Uribe Turbay: 3.1%
María Fernanda Cabal: 1.6%
Juan Fernando Cristo: 1.5%
Susana Muhamad: 1.2%
Paloma Valencia: 0.9 %
Roy Barreras: 0.8%
other: 2.7%
Spoil ballot: 6.3%
I’ve run all the names, as total then gets to 100% and you can also appreciate the fractured
nature of current support at this early stage. However, as the process evolves and candidates
drop out voting is likely to be consolidated around the top names and as such, today we’re
facing a battle between the respected centre-lefty Claudia López (mayor of Bogotá until last
year), last election’s losing finalist Sergio Fajardo from the right wing and potentially, a hard
right candidature of Germán Vargas Lleras, who appeals to the Uribistas in the country.
20

There’s a clear shift away from the left in Colombia and, as Gistavo Petro was the first ever
democratically elected left wing President, it looks as though Colombia is reverting to type.
However, we should also note that Petro’s support has hardly collapsed in the way other
Presidents have seen their numbers drop (e.g. Boluarte in Peru, down at 5% approval) and this
poll saw is approval steady at around 31%...that might not sound like much, but it’s better than
the approval won by his predecessor Ivan Duque. Therefore, the more moderate and pragmatic
Claudia López is not out of the running.
To close, we again point out that for Colombia’s left in 2025, a lot depends on what happens in
its neighbour Venezuela and with the Trump win adding an extra layer of uncertainty into that
mix, literally anything could happen in the next couple of months. This desk’s current baseline is
that Petro will be forced into a proactive decision about the legitimacy of Maduro’s election this
year and the Zero Hour for that will be at or around January 10th, the date which Maduro is
supposed to receive his new mandate as “winner” of the election. The situation is fluid and the
nightmare scenario for Petro will be new sanctions on Venezuela that triggers a new migration
wave out of the country, because the first and most obvious port of call is a Colombia already
coping with the influx of migrants from the first wave and unready for a second, large influx.
Petro’s government riosks becoming very unpopular very quickly if he supports Maduro or
allows Colombia’s economy/society to be adversely affected by a migration wave, but so far
he’s limited himself to voicing doubts about the Venezuela election result without going the full
hog. It’s a fluid situation and if Trump takes a hard line on Venezuela, things could come to a
head quickly. That’s one of the narratives to watch out for in 2025’s South America and for the
moment, our best call is “watching brief” without forming a clear opinion.
Colombia stops permitting in the Santurbán zone
On Wednesday, Colombia’s Environment Minister and part of President Petro’s inner circle,
Susana Muhammad, made the long-awaited announcement on what the country planned to do
with the thorny problem of mining in ecologically sensitive zones. While wholly in line with the
current government’s left leaning politics, the initiative also comes as response to the Colombia
Surpreme Court’s decision in 2022 that the country must pass laws to better protect aquifer and
water source zones from pollution and since then, the government has been looking for ways to
limit mining activities in these zones without incurring the wrath of international tribunal.
Their answer was to pass a law early this law that allows the executive to create “temporary
nature reserves” that would limit permitting and/or industrial activity in these zones while
studies decided on a permanent solution and on Wednesday we got the first practical example.
Ms. Muhammad declared (11) some 75,000 hectares in the Santurbán paramo high country
would go to public consultancy and a vote on whether to suspend activity for two years. This
area includes many small and artisan-level mining co-operatives but more interesting for our
cause, it includes the Soto Norte project majority owned by Aris Mining (ARIS.to).
This is an announcement we’ve anticipated for some time (in fact, it’s taken far longer than
originally expected) and despite ARIS coming out on
Thursday evening with a NR that makes it sound like a
minor issue for the company, this is a serious problem
for both the company and the wider Colombia FDI in
mining, as the optics of “no permits until studies are
done” is negative indeed. So expect the current 20 day
period to receive observations to run, then expect the
government to set a date for a public consultancy, then
expect that to happen and to ratify the temporary
nature reserve proposal, then expect two years of frozen
development once all that is done. That means the “two
years” we’re hearing about this week is more like two
and a half years at the very least, which takes us
beyond the next Presidential election and if you put a gun to my head, I’d say that Soto Norte
will be suspended from any sort of development for at least three years, while the worst case
for the company is a forever ban after studies that show the damage it would cause to the
21

surrounding zone and the potential effects to water supply for the 1.3m people who depend on
this aquifer downstream.
Ecuador 2025 is a two horse race
We’ve been running a lot of macro political pieces in recent weeks, some of which aren’t
directly related to mining but this one certainly is. So here comes a brief update on the race for
the Ecuador presidency, the first round vote now less than three months away (Feb 2025), with
a run-off required if no candidate reaches 50%+1 vote or 40% + 10% lead on the second
placed rival. As things stand and according to the latest poll from reasonable pollster Negocios
& Estrategias (12), it’s going to be a two-horse race between incumbent President Daniel
Noboa on the right wing and Luisa González of the left wing Revolución Ciudadana (i.e. Rafael
Correa’s party), with the poll giving Luisa González 39% voter intention, Daniel Noboa 31%
voter intention and notably, none of the other 14 aspirants even gets to 3% (three percent).
We’ll probably see at least one alternative candidate come out the pack and make headway
during the campaign proper (starts January) and there are also 21% who don’t know who
they’re voting for in this poll, but overall it’s going to be very hard to dislodge either of the top
two from the lead. It’s also highly likely that we get that second round run-off, a story that
matches the last election when Noboa beat González by 52% to 48% in the second round.
For what it’s worth, the poll results show consistent opinions toward the current President, with
Noboa getting 29% approval, and 32% saying they support the current government, both those
smack in line with his 31% voter intention for 2025. It also suggests this is going to be a very
close fight and González will fancy her chances more than the last time, which may scupper the
idea of a blanket move toward the right for all South America (something this desk generally
agrees with, see recent IKN Weekly op-eds on Chile, Argentina, Colombia etc). Finally, Noboa
may get a boost on news this week that the rolling electricity blackouts in the country are down
from 8 hours per day to 5 hours per day, thanks to a combo of the arrival of some seasonal
rainfall allowing hydroelectricity dams to run again, plus the provision of power from neighbour
Colombia. As 46% of voters blame the Noboa government for the power shortages, this is
coming at the right time for his re-election campaign.
Why does this matter to mining? We know Noboa is pro-mining and wants to develop the
sector, we also know Rafael Correa (i.e. Luisa González) is pro-mining and would do the same if
possible. The problem is with the community and indigenous antipathy toward mining, with
anti-mining opinion that runs high in provincial areas and headed by CONAIE, as an election
allows these groups the political capital to move their anti-mining agenda forward. The result is
anti-miners looking to swap their votes for support of their local demands and that’s more likely
to happen with Luisa González than with Noboa. When the race hots up in the New Year, we’ll
see how the scenario plays out but we should also note that in the near-term, we’re also set for
the classic election nerves negativity to show in Ecuador-exposed companies. An eventual
Noboa win would make the country a clear “buy” for those that care about capitalism, it’s too
early to make that call today.
Peru fires its Mining Minister
We run a necessary update to last week’s longer note on the country, “A Peruvian mining
postcard”, as last week saw the corrupted Congress get its way, first by getting rid of the
troublesome Minister of Energy and Mining, Romulo Mucho and secondly by getting rid of his
law project for updating the informal mining laws and keeping the current one that suits the
illegal miners in the country.
First on Tuesday, Congress proceeded against Romulo Mucho by holding a censure debate and
vote against him. The debate was called on what is little more than a technicality, he’d
delivered his planned MAPE law project about a month later than planned. During the debate
he was also criticized for issues and events that had shown in the hydrocarbons side of his
ministry recently (around the State O&G company, PetroPeru), but the real reason for wanting
to get rid of him was shared by many members of Congress and across several parties: His
MAPE law project threatened the livelihoods of illegal mining operations and therefore the
source of funds to many of the people now sitting in Peru’s Congress (including, amazingly, the
22

current President of Congress who works as a lawyer for several of the rich illegal mining
bosses). Therefore, by a vote of 79 to 4, with 13 abstentions and 34 no-shows, Señor Mucho
was duly censured for being a bad man and resigned from his post (as he must) the next day.
Then on Friday, the current law governing the formalization of mining, REINFO (see IKN810 last
week) that was due to lapse on December 31st was prolonged for another six months, with a
simple vote to allow it another six months of life. In other words, MAPE was killed by Congress
and the current law will continue for another year, at which point it’s almost certain to be
prolonged for another year in 2026 (this has been going on for ten years). Be clear, the
developments of last week in Peru amply demonstrate that its parliament is now heavily
influenced by its illegal and highly damaging gold mining operatives, a mafia that’s every bit as
toxic to land and country as the Escobar cocaine mafia were in Colombia in the 1980s. You
might not see the rot from the outside, but Peru is becoming institutionally extremely fragile
under the nefarious governance of Boluarte and the thieves running Congress.
Market Watching
Contango ORE (CTGO) and a missed bullet
The moment I read the title line when it hit the wires Friday (8), “Contango Reaffirms and
Updates 2025 Manh Choh Guidance”, the news out of previous holding Contango ORE (CTGO)
last week sounded off. How can you reaffirm guidance and update it at the same time? That
got me opening the NR within seconds and sure enough, it was bad news. The reaffirm bit was
straightforward:
“The Company anticipates that its share of 2025 gold production from the Manh Choh
mine will be approximately 60,000 ounces (“oz”) of gold.”
That’s as per the previous guidance. But the update bit sucked bigtime:
The estimated AISC for the life-of-mine (“LOM”) is projected to increase to
approximately $1,400 per oz of gold equivalent (“AuEq”) sold compared to $1,116 per
oz of AuEq sold, as estimated in the Manh Choh Technical Report Summary1 (the
“TRS”), while the estimated AISC for 2025 on a standalone basis is expected to be
approximately $1,625 per oz of AuEq sold. A main factor leading to the AISC increase
relates to recent weight restrictions on the Chena Flood Plain Bridge, a bridge along the
Manh Choh ore haul route, as well as higher than anticipated moisture content in the
Manh Choh ore, which limits the overall amount of ore being transported annually by
approximately 20% compared to what was originally projected in the TRS. In addition,
the AISC is being impacted by higher processing costs. At current hauling rates, the
Company expects the LOM to be four to five years. At assumed spot gold prices of
$2,500 per oz, Contango projects that the 2025 cash distributions from the Peak Gold
JV to Contango will be approximately $50 million (“M”).
The Company is working with its lenders to restructure a portion of the Facility principal
repayments and related hedge contracts to better match the production schedule of the
Manh Choh production campaigns.
In other words, the margins with which CTGO would cover its hedge have been reduced by
over U$500/oz next year due to extra capex outlay on the bridges the JV uses to transport the
Manh Choh ore to Fort Knox and because of that, it would have to run a refi on the rest of its
books. Ugh. The market reacted accordingly (chart right), closing CTGO at a new low for the
fully-fledged CTGO ticker, trading at/around U$14.
Quite frankly, I’d be surprised if we don’t see
further downside next week as Friday was a half-
day in the NYSE when a lot of traders and
investors were more interested in turkey
sandwiches, hangovers and Black Friday deals
than anything happening at the stock market, this
could go under U$10 if market tides turn against
it. The decision to sell this position in September
was part of the portfolio realignment at the time
23

and not taken lightly, but it came after being increasingly uncomfortable with the company and
its story, which had changed considerably from the original “fund Manh Choh, reap the
rewards” that I’d originally bought. I managed to get away with an 8% profit on the trade and
that’s basically breakeven (or a loss if one considers opportunity cost) but this weekend, it feels
a lot more like a bullet missed.
Minera Alamos (MAI.v) and its 3q24 financials
On time and as expected, our Top Pick Minera Alamos (MAI.v) dropped its 3q24 financials last
week and as we took a close look at the company last week in IKN810 when we put MAI “On
Notice”, a note that included preliminary guesstimates for its financials based on the
information included in the placement documentation, today’s update will be brief (or as brief
as possible), mainly to compared our estimates for the
Q3 numbers with reality.
As noted last weekend, we knew that costs would be
up as MAI paid the bills in order to get Santana “Plan
B” running for Q4 and beyond. We weren’t expecting
much, but it was a bit of a surprise to see zero ounces
of gold sales (right). That turns out to be because
sales couldn’t be booked before the end of the quarter
due to delays in refinement, so the 1,000 ounces
shipped out are down as deferred revenue and will
join the Q4 results. The numbers are small and don’t
make a big difference, but it’s a clear difference to our model last weekend.
Meanwhile, we also got a handle on the costs of putting Santana back online, the C$4.613m in
total expenses includes the final earn-in payment of C$1.5m for Cerro de Oro, plsu $1,1m in
drilling costs at Santana.
MAI.v: financial results
24
61.5
136.3
925.1
962.7
196.4
875.2
490.9
411.7
89.1
602.0
390.5
788.4-
487.6
458.5
39.0
80.3
726.5
645.2-
97.1
96.6
9.4-
667.1
651.6
93.4-
64.2
854.5
899.2-
994.1
169.3
264.2-
0
316.4
316.4-
MAI.v: Revs, COGS and Gross margin
Revenues C$m total exp
10 mine op inc
8
6
4
2
0
-2
-4
-6 source: company filings
1q22 2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24
As for the balance sheet, the assets part of the ledger came in largely as forecast last weekend.
80.3 744.3
763.0-
97.1
209.1
211.0-
667.1
473.3
806.1-
64.2
715.2
750.0-
994.1 33.1
961.0
0
634.0
634.0-
C$m Revenues
5 COGS
"gross profit"
4
3
2 1
0
-1
-2
2q23 3q23 4q23 1q24 2q24 3q24
source: MAI filings, IKN ests
MAI.v: Assets
60
55 50
45
40
35
30
25
20
15
10
5
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 tse42q4 tse52q1 tse52q2
inventories MAI.v: Liabilities per qtr
$m f o ix th e e d r current 16
cash 14
12
10
8
6
4
2
0
source: company filings
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 tse42q4 tse52q1 tse52q2
source: company filings
srallod
fo
snoillim
LT liabs
current liabs

Cash at C$5.967m was around a million lower than our forecast, but inventories and "other
current were significantly higher so the overall current asset number of c$19.066m was C$1.5m
more than forecast and our overall assets guesstimate of CD$40m was out by just $100k.
However, our liabilities were out because MAI elected to put the entirety of the Auramet debt
onto the currents as from this quarter, rather than waiting until Q4. Fair enough, but it does
mean we were $9m out on current liabilities and $7,5m out on working capital for this quarter.
It sounds a lot but it's not a big miss, as our model assumed it would all change in Q4 anyway
and when that quarter gets reported, the "error" unwinds.
The 3q24 numbers do underscore how the
MAI.v: Working Capital per qtr
recent bought deal is required by MAI. As noted
last weekend, it could squeeze by without the
extra cash injection, but it would mean a few
rather uncomfortable months and if just one
more thing went wrong, they'd be facing a cash crunch and the obligation, rather than the
option, to find more capital quickly. Overall, the
point is made and last week's argument is
backed by the official Q3 numbers. Working
capital at C$5.511m is low, but by the end of Q4
we see the arrival of the bought deal cash and
then in 1q25 and beyond, further improvement
as 1) the Auramet loan is refi’d and booted
forward and 2) Santana starts delivering
significant free cash flow. Under these
circumstances, the Q3 dip can be considered a
one-off.
In trading, MAI added half a penny and to be
honest, that was about as good as I could have
hoped for. Importantly, there was no further rush
for the door which suggests the company has
done the rounds and explained the rationale
behind that painful raise to the right people. With
that, we'll leave MAI and its "last quarter before
the fund starts" numbers, as from 4q24 and in 2025 we expect much better things. The
company is on notice to improve and if it doesn't, my patience will find its end.
Fitzroy Minerals (FTZ.v) drops its placement unit price
On Thursday, FTZ quietly announced (8) to a market distracted by the US Thanksgiving lull
thatb it was dropping the unit price of the placement it’s running c oncurrent with the purchase
of Ptolemy Mining:
VANCOUVER, BRITISH COLUMBIA, November 28, 2024 – FITZROY MINERALS INC. (TSXV: FTZ,
OTCQB: FTZFF) (“Fitzroy Minerals” or the "Company") announces that it has repriced the non-brokered
private placement of units (each, a “Unit”) for gross proceeds of a minimum of $2,500,000 and a maximum of
$3,000,000 (the “Offering”), previously announced on October 30, 2024 in connection with the Company’s
acquisition of Ptolemy Mining Limited (the “Acquisition”). The price per Unit has been repriced from $0.20 per
Unit to $0.15 per Unit. The Offering will now consist of a minimum of 16,666,666 Units and a maximum of
20,000,0000 Units. Each Unit will consist of one common
share of the Company and one-half of one common share
purchase warrant. Under the new terms, each whole warrant
will entitle the holder thereof to purchase one common share
of the Company at a price of $0.25 for a period of three
years.
That’s down from 20c and considering the deal, it
means the incoming privco owned by Matthew
Gordon of Crux Investor (see recent editions) is
being given a nominal value of C$13.2m, rather
25
654.51 805.71
562.22
482.81 198.91 816.02 866.91 869.91 942.81 184.41 115.5
11
02 12
26
24
22
20
18
16
14
12 10 8
6
4
2
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 tse42q4 tse52q1 tse52q2
source company filings
srallod
fo snoillim

than C$17.6m. Still a very good deal for the incoming privco, considering its outlay to get this
far has been around C$1.5m. We also understand that Crux Investor subscribers have received
a second mailer from Gordon, trying to sell the deal at the new price.
As noted in the previous write-ups on this shady, pals-in-it-together deal, the baseline is all
about risk versus reward and by framing this deal with this size of lift on the central asset, he
reduces his own risk to zero. However, the exploration and development risk of this or any
other tinycap stock doesn’t simply disappear into thin air and is as high as it ever was. The only
change is that the risk he was carrying is being transferred wholesale to anyone buying in at
this stage. And with this update, this time I really have reached the end of this short series on
this company (or at least hope so). Caveat emptor.
Conclusion
IKN811 is done, we end with bullet points:
 I was going to include a brief overview of the Mene (MEBNE.v) 4q24 financial results in
this edition but, after due consideration, think it would be better to take a closer look at
the numbers because there’s some significant changes happening at the company,
financially speaking. Its Q3 isn’t the quarter that matters, as that’s the current one with
the key Holiday Season sales included, so there’s no rush to get them to your eyeballs.
However, we’re now witnessing the hand of the new CEO at work, delivering a more
streamlined and apparently more cost-effective company.
 Aldebaran has been quite a ride in the last few weeks, but no stock goes up non-stop
forever and last week’s MRE marks a clear jumping off spot for someone like your
author, looking for a suitable exit window on a good trade.
 With ALDE leaving the Stocks to Follow, next week Surge Copper (SURG.v) arrives but
for the moment, on the Watch List only. However, don’t be surprised if it’s a fully-
fledged holding by 2025 as it offers clear value compared to peers. Low grade isn’t the
killer you might think it to be.
 Avoid Colombia. Not the first time I’ve mentioned it, though.
I thank you in advance for any feedback. Our Top Pick stocks are Rio2 Ltd (RIO.v) and 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.
26

Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2024/11/schedule-for-week-of-december-1-2024.html
(2) https://aldebaranresources.com/aldebaran-reports-a-very-significant-increase-in-m-9761/
(3) https://www.youtube.com/watch?v=PFCLfdAVs_E
(4) https://redpineexp.com/red-pine-prospecting-confirms-significant-gold-mineralization-at-the-war-eagle-zone-wawa-
gold-project/
(5) https://aftermathsilver.com/news-releases/aftermath-silver-closes-10-million-private-placement-with-mr-eric-sprott/
(6) https://www.amerigoresources.com/_resources/news/nr-20241128.pdf
(7) https://www.linkedin.com/pulse/doctor-copper-metal-phd-economics-streetsmartu-8a1pc?trk=article-ssr-frontend-
pulse_more-articles_related-content-card
(8) https://www.hellenicshippingnews.com/copper-steady-on-china-optimism-set-for-second-monthly-decline/
(9) https://americaneaglegold.ca/news/american-eagle-announces-closing-of-c-29-million-strategic-investment-by-
south32/
(10) https://www.noticiascaracol.com/politica/asi-va-la-intencion-de-voto-de-cara-a-elecciones-presidenciales-de-2026-
segun-encuesta-de-invamer-rg10
(11) https://www.minambiente.gov.co/a-consulta-publica-proyecto-de-resolucion-para-declarar-zona-de-reserva-
temporal-en-santurban/
(12) https://www.prensa-latina.cu/2024/11/28/encuesta-evidencia-descenso-de-apoyo-a-noboa-en-ecuador/
(13) https://www.contangoore.com/press-release/contango-reaffirms-and-updates-2025-manh-choh-guidance
(14) https://fitzroyminerals.com/news-releases/fitzroy-minerals-updates-buen-retiro-private-placement/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
27

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
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
28

Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
29

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