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The IKN Weekly
Week 815, December 29th 2024
Contents
This Week: In today’s edition, Wishing you all a Happy New Year, Gold: Orange Man Not Bad.
Fundamental Analysis: The new Copper, Producer and TinyCaps lists.
Stocks to Follow: Arizona Sonoran Copper Co (ASCU.to), Surge Copper (SURG.v), Aftermath
Silver (AAG.v), Ero Copper Corp (ERO) (ERO.to), Barrick Gold Corp (GOLD) (ABX.to), Red Pine
Exploration (RPX.v), Menē Inc (MENE.v), Minera Alamos (MAI.v), Provenance Gold (PAU.cse),
Orecap Inv (OCI.v), Eldorado Gold (EGO).
The Copper Basket: Overview, year-end wrap-up Aldebaran (ALDE.v), Element 29 (ECU.v).
The Producer Basket: Overview, year-end wrap-up.
The TinyCaps Basket: Overview, year-end wrap-up.
Regional Politics: El Salvador passes its mining law.
Market Watching: Deferred
I remind subscribers that no part of this newsletter can be copied, reproduced or
given to any third party without the express permission of the author.
This Week
In today’s edition
 IKN815 draws a line under 2024, even though there are a couple of trading days left to
run. Week 52 has ended and we mark the official results of the 2024 Copper Basket,
Producer Basket and TinyCaps Basket. All three were up on the year, all three lost
some of the profits in Q4 that had been generated in the previous three quarters, all
three had big winners and sore losers in their mixes. However, I’m particularly happy to
report that for the eighth year out of nine, we beat the GDX benchmark in the Producer
Basket and this year, we did so by a record margin. Plenty of charts and tables in the
sections today.
 The main work done today is to present the new make-ups of the 2025 Copper Basket,
Producer Basket and TinyCaps Basket, all that done in the main Fundies section for the
lists that swing into action as from next weekend. We say goodbye to the stocks
leaving the lists, consider why the stayers are staying on, then welcome the new names
and explain why they are interesting options. Nothing too deep, more like a round-up
of the DD done by this desk in the weeks prior to IKN815.
 The other workplace today is in the Stocks to Follow list, which looks very different
compared to last week after the arrival of three brand new names and the promotion of
two others from The Watch List. Treasury was deployed as planned into a quiet-ish
market and the portfolio is now ready for the slings and arrows of 2025.
Wishing you all a Happy New Year
Hope you enjoyed a very Merry Christmas, please accept my sincere wishes for 2025, may your
year ahead bring you health and happiness, as well as plenty of wealth via successful trades in
the stock market. On the subject, please note that North American markets will be closed on
Wednesday January 1st, but next week does see four full trading days including what may turn
out to be a volatile Tuesday’s worth of window dressing trades.
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Gold: Orange Man Not Bad
Last weekend’s op-ed “Gold’s stealth strength” made the case for the relative strength we’ve
seen in the monetary metal, despite the ostensible drop in US Dollar terms since the Trump
election victory. Here’s another look at the same two squiggly lines used to illustrate in IKN814
but, instead of the very-near-term, this time we take in the whole of Q4 including the moment
the election result dropped:
So yes, gold has dropped and the USD has rallied (or perhaps better “rallied further”, as the
market was already quietly anticipating a Trump victory by then), but there hasn’t been a
wholesale exit or liquidation of safe haven positions in order to pile into equities. Compare the
chart above to the period around Trump’s first election victory in 2016:
Anyone saying “Orange Man Bad For Gold” is knee-jerking a reaction rather than considering
hard evidence and while we’re here, the other thing to note about those two charts above,
2016 vs 2024 is that gold was literally half the price way back then. When Trump won in 2016
gold was trading at U$1,300/oz, then that December saw the historic recent low and it left the
year at U$1,158/oz. There’s a massive difference in attitude toward gold these days and Bitcoin
can snatch all the headlines it wants away from the true safe haven asset. I don’t care, gold’s
easily beating the underlying inflation rate over the period and providing a true safe haven for
big money. It’s not favoured by so many of
the world’s Central Bankers through sheer
coincidence.
Returning to late 2024, spot gold has held
its own over Q4 and those comparing this
weekend’s U$2,637/oz to the brief moment
its topped U$2,800/oz in the last days of
October are making a mistake, those pre-
election nerves* were not indicative of
gold’s true trend. This chart (right) does a
better job of showing gold’s trajectory. It’s
human nature to pick the top or bottom
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price and compare subsequent movements to them, but that’s not the big picture. Gold has
been the healthiest of trades in 2024 and new admin or not, there’s scant evidence to say that’s
going to change in the year to come.
Or put all the above another way: Gold traded under U$2,000/oz in February this year, it’s up
over 30% from that level, it’s up 27% 2024 YTD, but goldbugs are still not happy! Never
underestimate the power this most fascinating of metals holds over people’s imaginations.
* Added to a far more volatile MENA backdrop and belligerence in Ukraine scaling up, rather than down, in the days
before the election. Time flies.
Fundamental Analysis of Mining Stocks
The new Copper, Producer and TinyCaps lists
Today’s Fundies section is a tradition for the year-end edition, it’s time to refresh and update
the Copper Basket, Producer Basket and TinyCap Basket by removing some of the companies in
the 2024 lists and adding new names. Those changes come for several reasons and depend on
the list and its purpose, but in the most general terms the job is to provide a representative
selection for each sub-sector and allow us to better gauge what’s going on in our main focus of
attention, i.e. our open trades of the Stocks to Follow list. So without further ado we present
the changes, the additions and the new lists for the 2025 Copper Basket, Producer Basket and
TinyCaps basket.
The 2025 Copper Basket List
Before we begin proceedings, we offer our standard and permanent reminder, in bold-typed all-
caps, that THE COPPER BASKET IS NOT A LIST OF RECOMMENDED STOCKS. Instead it
is intended as a representative mix of what there is in the junior copper exploration world. Next
up, please note that for the third year running we’ve gone with non-producers for the 2025 list.
Time was when we’d mix in miners with production and top line revenues, but the supply of
reasonable explorecos and developers has now improved and it makes better sense to remain
focused. Thirdly, we keep all picks to Canadian listed stocks and all are priced in Canadian
dollars for the sake of a level playing field. Fourth and final admin note this year is a slight
change to previous editions of The Copper Basket as all stocks begin the year at under C$400m
market cap. As usual there are smaller caps and even a tinycap representative, but thanks to
the sheer number of copper explorecos now out there and available as reasonable selections, I
felt spoiled for choice this time around. After due consideration, I made the decision to focus on
the stocks that (normally) matter the most to both author and readership of The IKN Weekly,
which means we went down the market cap scale and have kept away from the big names,
which tend to have more generalized coverage and often sell-side brokerage analysis.
As for geographical spread, we stick to The Americas as usual and here’s a summary list:
USA: Four companies
Argentina: Three companies
Canada: Two companies
Peru: Two companies
Chile: Two companies
Ecuador: One company
Mexico: One company
Colombia: One company
Last year saw the Copper Basket include just 1.5 stocks from Argentina, with Aldebaran the
whole numbers and NGEx Minerals counting as a half (its main resource is in Chile, while the
Lunahuasi expansion project is just over the border in Argentina). With Argentina now arguably
the most exciting new jurisdiction to go exploring in The Americas and certainly the right place
for copper projects, that had to change and even though NGEX.to doesn’t make the 2025 list,
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we’ve upped the number of Argentina stocks to three (ALDE, KBX, PM). However, The USA is at
the top of the geography pile this year with four stocks, three of those in the Lower 48 (FDY,
ASCU, BIG) and one representing the GWN of Alaska (TMQ). It’s another carefully considered
choice, as we gauge and watch for the influence the incoming Trump administration might have
on large-scale capital works projects and the notoriously difficult and time-consuming
permitting track these days, up there in the developed world. And with those two countries
taking seven spots between them, the rest are spread between Canada (2), Chile (2), Peru (2),
Ecuador (1) and Colombia (1).
Preliminaries done and context set it’s time for our 2025 Copper Basket list, as always
presented as a market cap league table:
company ticker price 1/1/25 Share out(m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.46 274.823 401.24 1.46 0.0%
2 SolGold SOLG.to 0.13 3001.11 390.14 0.13 0.0%
3 Aldebaran Res. ALDE.v 1.95 169.914 331.33 1.95 0.0%
4 Trilogy Metals TMQ.to 1.57 160.903 252.62 1.57 0.0%
5 Regulus Resources REG.v 1.93 124.659 240.59 1.93 0.0%
6 Arizona Sonoran ASCU.to 1.39 135.524 188.38 1.39 0.0%
7 Faraday Copper FDY.to 0.75 205.336 154.00 0.75 0.0%
8 Hercules Metals BIG.v 0.57 253.391 144.43 0.57 0.0%
9 American Eagle AE.v 0.68 167.45 113.87 0.68 0.0%
10 Hot Chili HCH.v 0.67 151.42 101.45 0.67 0.0%
11 Element 29 Res ECU.v 0.65 119.833 77.89 0.65 0.0%
12 XXIX Metal XXIX.v 0.115 258 29.67 0.115 0.0%
13 Kobrea Exploration KBX.cse 0.59 35.085 20.70 0.590 0.0%
14 Libero Copper LBC.v 0.315 57.05 17.97 0.315 0.0%
15 Pampa Metals PM.cse 0.175 83.164 14.55 0.175 0.0%
NB: All stocks in CAD$ Portfolio avg 0.00%
Last year we swapped out six stocks, this year we swap out a new record of eight. This
outsized amount was prompted by 1) the decision to aim for lower market cap stocks
(excluding NGEX and SLS) 2) the new and wider selection of explorecos available as the world
of copper juniors expanded rapidly in 2024 and equally as important 3) the fact that many of
your reader suggestions received were copper stocks for this basket this year. We start by
noting the names of the leavers and a quick word on why they didn’t make the cut for 2025
(feel free to mail for deeper debate on any case, happy to expand on the thought process).
The Eight Leavers:
 NGEx Minerals (NGEX.to): I’d like to keep it in the list, as “The Lundin Companies” are as hot as
Hansel in the mining markets at the moment, the problem is its size. We were puching the envelope
this time last year by including it in a list that’s supposed to represent what’s going on in the copper
exploreco.
 Solaris Resources (SLS.to): I thought long and hard about keeping Solaris Resources (SLSR)
(SLS.to) in the 2025 basket, with it eventually it becoming the watershed decision on aiming for the
lower end of the junior copper exploreco market. At around C$750m market cap it was inside our
normal framework, but what with the embarrassment of riches now available in the sector it’s now
easier to build a list of pure copper explorecos with a focus on low-to-medium sized market caps and
SLS, on reflection, would have been an outlier.
There’s also the state of the company and its progress, because the world and its spouse knows it’s
being set up for a sale to Chinese capitals with the only question being whether it can improve its
abysmal social and community situation before any sale, or whether the Chinese buyers will gladly
accept the risk discount and then use their less-than-optimum attitude toward CSR in South America
at their new prize. I’m betting on the latter.
4

 Los Andes Copper (LA.v): An example of companies we include in this representative list without
regard to my personal taste, LA made the 2024 basket despite me being a “…well-documented bear
on this stock and its Vizcachitas copper project in Central Chile.” We recognized that a house as well-
regarded as Queen’s Road Capital (QRC.to) disagreed with me and that the Chilean administration
under Gabriel Boric had taken a big lurch away from the left wing, so we made the call “…to watch
this advanced stage project more closely.” And as it turns out…
…I was right and Warren Gilman was wrong. LA spent 2024 doing absolutely nothing at Vizcachitas,
hamstrung by the ongoing legal challenges to its exploration and development brought against it by
the local community. The depth of feeling against the project should be crystal clear by now and on
that score, we must remind readers that even if the court cases are resolved in LA’s favour and the
company is allowed to drill its project again, Chile has some of the clearest laws on community
approval for civil works projects and the veto it would almost certainly use against any eventual mine
plan would be a very tough one to get around. As 2024 was a near-total washout and without much
prospect of things improving in the near future, it’s an easy one to drop.
 Marimaca Copper (MARI.to): Not dropping MARI due to personal taste; quite the contrary in fact,
this is one of the best copper exploreco stories in the world right now and with a high probability of
finding a buyer in the year to come. Instead, I plan to cover MARI closely from the main Stocks to
Follow section (and profit from my own trade accordingly, so dropping MARI from the 2025 Copper
Basket frees up a space for something else. It would also be one of the higher market cap stocks if it
had stayed on and with the emphasis this year on the sub-$200m bracket, it made the decision to cut
MARI that much easier.
 Oroco Resource Corp (OCO.v): The good Lord knows I’ve tried with this stock, having been
bearish for several years and then, alter its drop in 2023, allowing it a chance to rebound form new
lows and deciding it was worth tracking in 2024. Instead it went from bad to worse and its “broken
stock” image was underscores rather than repaired. There are better companies with better copper
projects out there, OCO is no longer a reasonable representation of the potential in this sub-sector.
 C3 Metals (CCCM.v): It was a horrid thing when exploring its Jasperoide project in Peru, but we
decided to give CCCM a spot in the 2024 list because if had pivoted to its projects in Jamaica and
though not my personal cup of tea, they might have been able to show enough to move what looked
like a cheap stock if things went well. Instead, the Jamaica program returned results that were
patchy at best and the cheap stock got a lot cheaper. I’ve never liked this company, it’s always been
borderline scammy and nothing that happened last year changed my opinion, very easy to swap this
out for a small cap with more going for it.
 Kodiak Copper (KDK.v): I’ve persevered with this company over the years, mostly because the
group behind it are highly regarded by peers and once upon a time, its flagship MPD project returned
some very promising drill assays only to disappoint by never being able to expand the asset with the
same grades or widths. However, the best will in the world and all the slack possible to Discovery
Group and the quality of the brains trust cannot hide the fact that this company’s share share has
dropped off a cliff. As such, the decision is to move it to the TinyCaps list and follow it from there for
one more year, to see if it has a pulse.
 Camino Minerals (COR.v): COR did exactly what I expected it to do this year, i.e. it sank without
trace. The 2024 tinycap representative is another that’s easy to drop for something with more pizzazz
about it.
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So with the old gone, it’s time to present the 2025 components but before we get to the
newbies and in no particular order, a brief word on why these seven companies remain on the
list from the 2024 basket.
The Seven Remainers:
Arizona Sonoran (ASCU.to): As a current owner, there’s a clear argument for leaving ASCU
off the list this year and following it as an active trade in Stocks to Follow, but in this case I
don’t plan to hold for long (but you never know) and if the trade goes to plan, I’ll still want to
follow the fate and development of this closely followed and often hyped exploreco. It’s in an
interesting address and if the technical development of Cactus goes well, it’s going to get
buyers in Trump’s new America. I have my doubts, but there’s enough to like about the stock at
its current price and point in development to consider it a tradable copper option.
Faraday Copper (FDY.to): A winning mover in 2024 and with volume that makes it into a
potential fliptrade vehicle, my personal liking for FDY at its main Copper Creek project in AZ
USA is on the record. I consider it superior to the (relatively) nearby ASCU at Cactus and a
decent investment option for those looking for the mix of this metal in The USA at this time. It
did better than ASCU last year, too. I don’t own because I prefer trades in other places and the
equity looks a little pricey at the moment, though I could be wrong (often happens) and that
makes FDY a good choice to retain its berth in the 2025 list.
Hercules Metals (BIG.v): Included by popular demand last year’s list,, it changed its
corporate name from Hercules Silver to Hercules Metals in 2024 to underscore its new focus on
what lies at depth at its Hercules project. It also got off to a very bad start to 2024 by returning
lackluster assays, then continued to under-perform with a troubled drill campaign that cost a lot
of money compared to the scant and patchy results it delivered. All in all 2024 wasn’t BIG’s
year, but we’re good about giving it a second chance as recent results have hinted at better
things to come and if they do hit something nice, there will be a lot of people who get to hear
about it very quickly. I’m not champing at the bit to own, but it fulfills a good role in the “high-
visibility, high risk world of copper drill plays and its strategic partner Barrick means it will have
the funds to do what it wants.
Aldebaran Resources (ALDE.v): Subject of a personal trade that recently came to a
successful conclusion, ALDE has finally broken out from its low market profile and has caught
the attention of market players large and small, looking for the next big copper project that
could move the dial of the biggest world-class mining companies out there. Its recent resource
update shows Altar has the scale the majors look for, its address in San Juan Argentina is
suddenly the most desirable in town and the team is known for its high quality technical work
and providing all the things the big companies look for when evaluating a new deposit. I may
return and buy back shares in ALDE at some point, depending on how the market develops and
for that reason alone it’s going to have a place on the 2025 Copper Basket, as it keeps my
attention sharp on a weekly basis. However, the company is worth monitoring if only for its
recent strategic developments and getting big name backers to fund its progress, with Rio Tinto
(via Nuton) the latest to take a big bite on terms that are friendly toward current ALDE holders.
Now a $2.00-or-thereabouts proposition, ALDE is no longer cheap and the days of banging on
the table about the undiscovered value are over, but on a per-Lb basis it still offers plenty of
deep value and if the copper market takes off, this stock could climb a lot higher.
American Eagle (AE.v): ECU fans may disagree (below), but AE.v was arguably the copper
junior story of 2024 and the NAK project in BC Canada is certainly one of the more exciting and
media-friendly in our sub-sector now. Well funded and with the drills turning on its latest
program, AE is going to give us plenty of newsflow this coming year as the team go about
defining the NAK deposit size, shape and grade with a view to putting together its first serious
resource and then on toward a PEA. No longer dirt cheap at C$113m market cap, its job now is
to move through the gears and define a economically robust project in order to add value and
put it into the same category as the Altars of this world (at 3X market cap).
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Element 29 Resources (ECU.v): After several seasons of lackluster performance, ECU has
finally come alive. The transformation began in Q2 when previous headman Richard Osborne
re-took control of the day-to-day and became CEO, from there the company raised capital and
improved its CSR at the Flor de Cobre project in the South of Peru, as well as making faster
progress on permitting (we should see its key drill target drilled next year). But the real
difference came when ECU mobilized on its Elida property in the North of Peru and made sure
the world heard about the project’s prospectivity before the drills went in. In the right place at
the right time with the right metal target, ECU shares rallied on speculation and have recently
turbocharged as initial anecdotal word of good initial results spread. See today’s Copper Basket
section for the latest on that, but it would be near-criminal to exclude ECU from the list in 2025
after what we’ve seen in Q4.
XXIX Metal Corp (XXIX.v): The new name for QC Copper & Gold is now two major projects
instead of one, as the Thierry project has been added by merger. XXIX tells us it will move
aggressively on both the newly incorporate Thierry and the established Opemiska in 2025 and
we’ll be watching, mostly to see whether it can finally bust out of its obstinate trading range
that now dates back two years
The Eight New Arrivals:
With that done, we get to the eight new arrivals, with brief overviews on each stocks, a link to
each company’s website and a 12-month price chart for context, all presented in descending
market cap order:
Atex Resources (ATX.v): (1) By popular demand (the single most-requested stock by you
guys out there, thank you for caring) Atex Resources (ATX.v) makes its Copper Basket debut
and as we’ve decided to aim a little lower in the market cap stakes in 2025, it’s also the #1
company on our list…to begin with, at least.
ATX is the owner of the Valeriano copper project in Chile and has been around since mid-2022
as a way of playing the large-scale Andean copper drill play sector. The property was optioned
out of Barrick and was always known to contain a large porphyry deposit, but its high altitude
and relative distance from infrastructure, as well as being a deposit under several hundred
metres of barren rock, put it on the back burner until founder Raymond jannas came along. The
initial drill results in 2023 confirmed the presence of the porphyry and gave long hits of high
grade copper (or high for this day and age), enough to propose Valeriano as an underground
block caving project that wouldn’t need to spend billions on pre-strip, instead and according to
the plan the eventual operator could access the mineralization from the side of the hill, using
friendly geography and gravity to mine and retrieve. ATX hit a high of C$1.74 in 2023, fell back
somewhat by the end of the year but as this 12-month chart shows, 1q24 saw it recover most
of its lost ground and recent drill results have underscored its resource growth. This certainly is
a multi-billion lb copper deposit and the grade does, in theory at least, support the technically
complex and expensive block caving plan, but doubts will remain about its high and remote
location as well as the lack of water supply (the company says it will be able to access water
supply from a planned new pipeline that will service the region). With early backers including
media star turn Pierre Lassonde and now with the arrival of Agnico Eagle (AEM) as a strategic
investor in 4q24, ATX has plenty of big name backers and these days, a C$400m market cap.
For the record, I’m not a fan of Valeriano and think it’s overpriced by the market, with its water
issue the most obvious red flag. The second major stumbling block is its plan to be a block cave
operation, as its one thing to build such a mine relatively straightforward localities, quite
another to do so at this elevation, between
3,800m and 4,400m above sea level. However, I
thought that when the stock was at $1.00 and
70c, so today’s $C$1.45 price tells you I don’t
know much and I’ve been wrong…so far, at
least. A lot of readers like the stock and I’m also
opposing opinion here, which is fine by me
7

because I have no problem about being proven wrong and changing my mind if necessary, but
as things stand today ATX is an example of the stocks we carry on the Basket lists that run
against my personal taste or conviction (e.g. Los Andes Copper and C3 Metals in 2024).
SolGold PLC (SOLG.to) (SOLG.L): (2) Back on the list after a couple of years away SOLG.to
is on my radar as a potential turnaround story. The way SolGold at Cascabel has changed from
promising, to Next Big Thing, to overdue to the latest public opinion of unmitigated disaster is
quite the narrative sequence. Having owned share myself in 2023 and early 2024 before giving
up the ghost and taking a loss, I’m keenly aware of how disappointing this company has turned
out to be and the latest management iteration has done precious little to improve on the
controversial Mather Era.
However, SOLG and Cascabel are now back on my radar and I think this could be a potential
trade for the year ahead. Development has been slow and has become even slower since the
new team made the decision to rationalize the company and cut costs (which were nose-
bleedingly high for a long time) and we should see more of the same in 2025. According to the
latest company guidance, the upcoming year is for 1) de-risking the Cascabel project and
tightening up on the criteria as laid out in the recent PFS, 2) raising capital with the company
aiming to do more deals with strategic partners (e.g. Franco-Nevada and/or Osisko) and 3)
divestment of non-core projects (SOLG owns a lot of Ecuador real estate and would benefit
from raising cash by selling some of it to raise cash and slow down further dilution.
However, the reason I like the idea of SOLG as a trade in 2025, aside from the new discounted
share price, is the macro-political backdrop. If, as I now suspect, Daniel Noboa wins the
Ecuador election and becomes repat-President, he’s likely to get the type of mandate required
to accelerate the development of mining in the country and finally (after many years of
struggle) move the industry forward. It wouldn’t be
without a fight and certain controversial projects
would still be off-limits as far as I’m concerned (e.g.
Loma Larga, Warintza) but those with fewer
objections from locals would become live prospects
in a Noboa II government and when it comes to
prizes, there’s nothing bigger (or more attractive to
Chinese capitals) than Cascabel. Combined with the
drop in share price (we go with the main UK listing
in the chart right, now a paltry 6.65p) it makes
SOLG live potential for big copper for the year
ahead.
Trilogy Metals (TMQ.to): (3) One of four USA- located stocks on our list this year, TMQ is
back on the radar due to its potential as a “Trump Trade”. I’m not in a hurry to own, but a
return to the Copper Basket will make sure we keep a close eye on its development and the #1
likely factor for price movements in 2025 will be whether the incoming admin pushes through
the environmental permitting of both mine projects
(Arctic and Bornite, collectively the Upper Kobuk
Mineral Projects, or UKMP) and connecting road.
That may be a straight green light to project and
infrastructure, it may be finding a better way of
connecting the zone to the outside world), or it may
all turn to dust once the Federal government
realizes it’s picking a fight with local communities.
We shall see, but we already know TMQ shot higher
on the news of Trump’s victory. That move may
have baked a lot of the upside into the pie
immediately and prematurely, another reason to
watch its progress carefully.
8

Regulus Resources (REG.v): (4) The sister project to Aldebaran and with much the same
executive team (Black, Heather etc), Regulus was dropped from the list last year due to lack of
movement and sure enough, proceeded to double in quicktime. That showed me. The company
finally got some market traction for AntaKori in the first part of the year and while it didn’t
manage to follow through much in the second half of 2024, it has seemingly built a new price
base at the $2-or-abouts level.
The upcoming year should see REG deliver a PEA
on the wider area along with its collaborative
partner, the next door neighbour Coimolache at
the Tantahuatay mine. That company is
apparently ready to evaluate a larger “TantaKori
Sulphides” project that would combine the two
company’s mineral resource, but we should also
note Coimolache Sa has already begun the
environmental permitting process for its own.
Wholly owned Sulfidos project that would replace
its now depleted gold oxides mine and be 100%
owned. The other issue facing REG in the months
to come is the apparent decision by Gold Fields
(GFI) to sell its nearby Cerro Corona mine, via local subsidiary La Cima The withdrawal from the
region of a company REG hoped would provide competitive tension for a deal to sell its project
means plans must change, we’ll have to see who buys La Cima (probably Chinese capitals) and
then what their plans might be.
Overall of the two sister companies I much prefer Aldebaran, its pathway to development is
clearer and simpler. However, comparing ALDE to REG in the 2025 Copper Basket will be a valid
exercise and a good way of gauging progress at both AntaKori and Altar.
Hot Chili (HCH.v) (HCH.ax): (5) We dropped it last year, I got a steady trickle of “Why don’t
you follow HCH any more?” mails, then when the request for 2025 idea went out it got at least
half a dozen mentions in your correspondence so who am I to judge? HCH is back on the menu
and its Costa Fuego project in Chile last year went through a clear transformation when the
company finally realized its water supply capex would cripple project economics, so they did
what any self-respecting junior C-suite would do…and buried the cost item. They did so by
flipping the water supply project out into a newco which, apparently, will look to raise its own
capital in order to bring the seawater desal, treatment and pipeline facility into operation.
Meanwhile, HCH now has the luxury of ignoring all water capex costs and simply factoring in an
opex cost to its project economics (and let other people worry about whether that water supply
ever appears at the cost forecast they pick).
With a main listing in Australia a secondary in Canada and a habit of using the social media
pay-to-play channels for outreach, HCH gets plenty
of airtime. That’s a double-edged sword and in this
case, its promises and hype have not matched the
reality of its share price performance in the last
couple of years (we go with the 12 month chart to
make is less embarrassing). I see no reason to
hold this stock over companies with similar profiles
and a more serious technical approach (e.g.
Marimaca), but my distaste has never stopped a
company from doing well and HCH is included
because of the potential to make me look stupid. It
wouldn’t be the first time.
9

Kobrea Exploration Corp (KBX.cse): (6) This is an interesting tinycap copper exploreco and
one I’m keen on tracking closely in the year ahead, with a view to eventually buying shares and
taking a position. Kobrea has been on my backburner radar for a while thanks to a series of
NRs, starting in Augusdt and the announcement it had secured a large concession area in the
province of Mendoza, Argentina. KBX calls its new concession area the “Western Malargüe
Copper Projects” and it sits inside the newly created “Western Malargüe Mining District”, or
WMMD. This is an important new initiative out of thr government of Mendoza province, for a
long time very anti-mining but after a series of debates and agreements (as well as seeing the
impressive development happening in the neighbouring province of San Juan) the provincial
government has set aside a specific zone of the province, the WMMD, as suitable for mining
exploration and eventual development. KBX is one of the largest concession holders in this new
zone and its move was quickly followed by a couple of highly interesting corporate
developments. Firstly in October they announced that Axemen Resource Capital (i.e Cal Everett
and Darren Pylot (i.e. Capstone Copper) were joining as Strategic Advisorsto the company. Say
what you like about Cal Everett (and I do), but those a couple of large-calibre appointments for
a tinycap CSE exploreco. That got my attention, but what really grabbed it was the
announcement in early December that Paul Johnston was joining the company as Chief
Geologist. Formerly of Element 29 the GlobeTrotters, Johnston is a highly regarded and
experienced geologist with vast amounts of knowledge on the Andean Cordillera, so seeing him
accept a officer role in tiny little KBX was certainly eye-catching.
Up to the Johnston announcement, the plan was to include KBX in the 2025 TinyCaps Basket
but now my interest is more than piqued. With a recent placement closing to raise $5m (at
slightly lower prices than this weekend’s share price), KBX is cashed up for just about anything
it wants to do in 2025 and that may even include some initial drilling. The prospective buyer
should also be aware of the “fun and games” that went on in late July and early August, just
before KBX announced its move into Argentina, as the stock’s initial placement deal saw cheap
shares come out of escrow and a flood of sellers hitting the market. That’s part of the deal
when you consider buying on the wild west CSE
exchange and it’s a risk factor to be taken
seriously, as a management team that “allows”
such things happen once will allow them a second
time. Today’s prices are not ones I’d chase before
we have a clear idea og its 2025 work plan, but its
claims to be a “first mover” in Mendoza are
genuine and we know the rocks could offer up
special things…just look across the border at what
the Lundin family has found. On the 2025 Copper
Basket list for a good reason, I’ll be keeping a
close eye on its progress.
Libero Copper (LBC.v): (7) It’s a current open
position in the Stocks to Follow list, we know LBC
is now drilling at its flagship Mocoa project in
South Colombia, we also know that the initial
results should be out in the next few weeks and
with luck, there will be enough in them to cause
the stock to rally in the way this desk expects.
However, the current open trader is near-term in
nature and I want to keep track of LBC’s progress
(or lack thereof) in the year to come, so it makes
a natural choice at the lower market cap range of
the list.
10

Pampa Metals (PM.cse): (8) Our final new entry and smallest market capper of the 2025 list,
PM made the cut for several reasons:
 Cheap and value entry point: I wanted another representative at this tinycap level,
plus it’s had a difficult Q4 and sold off quite sharply, allowing a potential value entry
point
 Location: In Argentina and a neighbour play to Aldebaran at Altar, that’s a good
address
 Newsflow: It’s not just a concession squatter, PM has already run a drill program on
its main Piuquenes project and has just raised more cash for the next round of
drilling, so newsflow is a cert for the
year ahead
I recognize that we’re treading on some of the
same ground as ALDE, also a Basket component
this year. I also know that this is very high risk
tinycap speculation and I don’t ask the world
from either project or personnel at this price
bracket. It’s another CSE-listed stock too, so
that plays against the company as well. What
PM offers is a mirror to what might go on at
Altar and to show whether neighbour plays in
Argentina are a valid option in Milei’s new and
FDI-friendly world.
The 2025 Producer Basket List
This list is comprised of ten precious metals producers, all Tier 1 or Tier 2 and with a nominal
minimum market cap of U$1Bn (which we keep to this year). The main job of The Producer
Basket is to monitor what’s happening among the big players while The IKN Weekly gets on
with its focus on junior mining stocks, but we also play a semi-serious side game: Every year I
try to choose 10 stocks that, on a flat-weighted 10% per company, I believe will out-perform
the benchmark GDX ETF over the year. In other words, this is a basket designed to represent a
sub-sector, but with a competitive edge and as our track record has been good over the years,
it’s one I’m keen about maintaining.
11

company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.84 1152.6 43.61 37.84 0.0%
2 Agnico Eagle AEM 78.65 497.971 39.17 78.65 0.0%
3 Barrick GOLD 15.68 1748.05 27.41 15.68 0.0%
4 Franco-Nevada FNV 116.21 192.119 22.33 116.21 0.0%
5 B2Gold Corp BTG 2.47 1313.11 3.24 2.47 0.0%
6 Eldorado Gold EGO 14.97 204.909 3.07 14.97 0.0%
7 OceanaGold OGC.to 4.02 708.074 2.02 4.02 0.0%
8 New Gold NGD 2.49 790.9 1.97 2.49 0.0%
9 Sandstorm SAND 5.47 296.844 1.62 5.47 0.0%
10 Wesdome Gold WDOFF 8.75 148.95 1.30 8.75 0.0%
All prices and stock quotes in U$ Port. avg 0.00%
For 2025 we’ve made the same number of changes as last year, swapping out four of the 2024
component stocks and added new or returning names in their place. The four new entries are
(in market cap order):
 B2Gold (BTG) (BTO.to)
 New Gold (NGD)
 OceanaGold Gold (OGC.to)
 Sandstorm Gold Royalties (SAND)
That also means six remain on the list from last year. So in the same style as The Copper
Basket, now for brief notes on the leavers and the remainers for the 2025 Producer Basket:
The Four Leavers: Unimportant notes on why have been removed:
 Pan American Silver (PAAS): With a +26% performance this year, PAAS did slightly better
than our basket average (+23.73%, see below) and much better than the GDX benchmark so
there’s no complaints about its performance. Instead, PAAS gets the chop for the same basic
reason as Hecla (HL), the decision to reduce exposure to silver and concentrate on target
metal gold in what might be a difficult year for the Jekyll & Hyde metal’s stocks. In PAAS’s
case, it’s more style than substance as while the company’s share price tends to move with
the price of silver and is a major component of the large silver ETFs (eg SIL), its revenues
these days come mostly from gold. But image counts and PAAS makes room for a more
conservative pick for 2025 (see below).
 Lundin Gold (LUGDF) (LUG.to): Every year there’s a “victim of its success” stock that’s cut
from the list, one that makes extra progress and is unlikely (in the author’s opinion) to repeat
it during a successive calendar year. This time around the stock is LUG, which had a
magnificent 2024 and led our list of ten stocks, improving by over 70% in 2024. For one
thing, getting massive out-performance to peers in this sector for two years running is
difficult, for another reason it’s already factored in at least some of the exploration success
achieved at Bonza Sur, next to Fruta del Norte and for a final factor, it’s now an open secret
that LUG’s on the acquisition hunt, looking for a company and/or project to buy and
complement what’s it’s been doing at Fruta del Norte. Under normal M&A dynamics, any move
on a smaller company would put a lif on price upside for a period of time.
 Hecla Mining (HL): As with PAAS above, the desire to lower exposure to silver is the main
driver of the decision to drop HL. Unlike PAAS, HL also gets the chop ue to comparative
under-performance. It was always a risk to include a perennial under-achiever in the 2024 mix
and for a while it paid off (up over 40% at the end of Q3), but HL went back to its bad old
ways in 4q24 and I don’t want to leave my basket open to the same type of risk this year. The
strategy is partly to batten down hatches and potentially be “less worse” than GSX, rather
than sparkle as a market-leading sub-sector and HL doesn’t fit well into that strategy.
12

 Dundee Precious Metals (DPM.to) (DPMLF): This was the toughest choice, as DPM has done
well recently and there’s still improvement potential in the tank, especially if Loma Larga gets
its permit approval and the company finds a way of reaching agreement with protesting locals
afterwards. But in the end I wanted to make room for a more conservative smallcap pick and
as the idea is to try and beat the street, the subjective choice was made. For what it’s worth I
realize this may be a mistake and I’ll keep an eye on DPM next year and inform you if I was
wrong to drop it.
The Six Remainers: Now for a quick line on the six stocks that carry through from 2023 to
2024. Nothing too long here, all these are known entities to regular readers
 Newmont (NEM): The top three of these six get virtually the same comment, as it’s nigh-on
impossible to offer a representative mix of large and mid-cap producer stocks without
including the three that set the tone for precious metals miners among the generalists. The
GDX ETF aside, NEM, GOLDS and AEM are the go-to stocks for those would occasionally
allocate funds to the sector and if we don’t include them, the tracking basket would get out of
shape quickly. Yes I’m trying to beat the GDX, but the primary job of The Producer Basket is
to keep tabs on the bigger producers in order to gauge the prospects of our focus juniors,
these three are required.
 Barrick (GOLD): Everything is says above, plus the fact that GOLD had the worst of years in
2024 and is at such a sentiment washout level that it’s a logical buy for true contrarian traders
now, as well.
 Agnico-Eagle (AEM): Eevrything it says above, but also if I could drop one of the “Big
Three” it would be this one. AEM had a stellar 2024 and it’s very tough for a company this
side to repeat such a performance year in, year out. It’s included because I have to include it.
 Franco-Nevada (FNV): It was either FNV or its logical competitor Wheaton (WPM) but with
the desire to steer away from the silver market in 2024, FNV gets the nod and stays in.
There’s also the potential upside from a resolution at the First Quantum Panama Cobre mine
and as FNV holds a large royalty on that op, it would get a boost as well. Looking for
something on that score in the second half of 2025.
 Eldorado Gold (EGO): Because I like it. At +15% for 2024 EGO can’t be called a failure, but
it’s under the average for this year’s basket and with the best will in the world, I have to call
its Q4 rather disappointing (never thought I’d be holding a loser after buying for what I
thought was a true bargain price). But here we are and alongside my own obstinate bias,
there’s decent reason to give EGO another chance in the year ahead. For one we expect a
strong Q4 from the company and we should hear about that in the next three weeks or so,
but another obvious catalyst is the Skouries mine, scheduled to come online by the end of the
2025 and if that goes (reasonably) well, the re-rate potential is clear.
 Wesdome Gold (WDOFF): Last but not least, WDO made the list last year even though it
was a sub-U$1Bn market capper because I thought it would do well in the second half of
2024 once Kiena was at full tilt. Instead it out-performed in the first half of the year as the
market front-ran the good news, leaving H2 as a consolidation period. WDO stays on in 2025
because 1) it now has the minimum market cap and I don’t feel sheepish and 2) because I
think it’s an obvious M&A target. A dual asset producer in Canada with high grade out of both
mines is a prize that buyers will pay a premium for in this day and age, WDO as an acquisition
target fits several companies.
The Four New Arrivals: Now for the four new names, with which we aim to beat the GDX
benchmark for the ninth time in ten years (see Producer Basket below for more). With the
steadying influence of conservative picks at the top end of the list, the 2025 alpha has to come
from the small market cappers and I’ve gone for a mix of companies, with a risky pick, two
improving performers and one that I might love to hate, but it’s about time I showed
something. Here we go with the rationales:
13

B2Gold (BTG) (BTO.to): The risk play. So promising for so many years and tipped by all the
high-traffic sector experts as the play to to be on once its Africa operations1 hit full gear, BTG
has been an abject disappointment for the last two years, not just in 2024. It was a member of
the list in 2023, we dumped it last year and a good job too, as after its bad 2023 it got even
worse last year, down almost 20% standalone and a mile off the pace set by GDX (which we
beat easily). So why allow its return? Factors:
 Mali is an issue, but that’s now baked into the share price and Barrick is now taking all
the flak. Any resolution will suit the country risk for miners, but BTG may even benefit as
a “good partner” compared to the sector heavyweight in the eyes of the government.
 The Goose cost overrun is another major issue and the trigger for the most recent price
weakness, but that’s also baked into the price now and it wouldn’t take more than a
“things are going to plan” message for the next two or three quarters (let’s say three, it’s
rather cold up there at the moment) for the market to assign price to the asset again.
 The price at the moment is so low that it could attract predators, either from without and
a takeover bid or from within and an activist move to replace the current C-suite,
including the increasingly erratic Clive Johnson (there, said it).
I know I’m taking a risk by including BTG in the 2025 basket but the price is too tempting to
overlook and you don’t often get the opportunity to buy “stinkbid cheap” gold miners with 1m
oz production potential, especially not when gold is price over U$2,600/oz. With all the
problems and issues in gold miners such as BTG and others (NEM, GOLD) it’s easy to forget just
what the current gold price is going to do to their top line revenues and, imperfect as these
stocks are, that will cover a multitude of lesser sins come the day the financials are filed.
New Gold (NGD) (NGD.to): The improved company. After spending five long years in mining
purgatory (or six if you include the back end of 2018 and the front of 2024), NGD has finally
started to show real recovery, an improving balance sheet and is on the way to the U$3 to U$5
trading range it used to command. The key ingredients of the 2024 performance are firstly the
fruits of labour at New Afton, which has seen plenty of sustaining capex sunk into the mine to
improve production potential and loser opex. Secondly, Rainy River is running steady state (at
last) but more importantly, recent development work has added vital mine life to the asset and
the company now firmly believes there’s more to come.
14

I’m slightly worried about the prospect of NGD being the eventual buyer of Wesdome, because
that would almost certainly be an all-paper deal and weigh heavily on the stock price if it
happened, but the risk is manageable and there’s too much to like on pure fundies to ignore.
OceanaGold Corp (OGC.to): Our potential surprise package for the 2025 basket, OGC is
making significant headway on several fronts with Haile now operating well, and its New
Zealand mines finally profitable after cost controls have widened margins. Set to produce
around 500k oz this year and perhaps 540k in FY25 on the way to further organic growth in
FY26 and beyond, OGC also has a potential joker in the pack thanks to its Dorado project in El
Salvador, a high grade mine that could quickly add 50k oz of wide margin ounces to its mix.
The downside is the expected peak in AISC next year as the final stages of the current
investment are deployed, plus we need to keep an eye on the political risk around its Didipio
mine. Finally, although OGc has a US pinkshet listing it’s very illiquid and so we’ll run this line
item using its Canadian ticker, adjusting the market cap for USD as required during the year.
Sandstorm Gold Royalties (SAND) (SSL.to): My very own love-to-hate stock, SAND has
been an intensely annoying company in the last few years due to its propensity of snatching
defeat from the jaws of victory. However, the stars may finally be aligning for the stock after
several years of under-performance and that, coupled with the more defensive nature of a
royalty/streamer in what may be a complicated year for the sector, gets it the vote.
While 2024 has been a disappointment overall, SAND should now benefit from the arrival online
of Greenstone, Lundin Gold’s Fruta del Norte has shown its full worth (and at that mine, SAND
also holds a royalty over the promising Bonza Sur zone), and there may even be light at the
end of the long tunnel for Hod Maden, with a construction decision at that mine due next year.
15

On the corporate level, then company has been getting its heavy debt burden gradually under
control since opening that rather stupid line in late 2022 (the stock price is unchanged since
that fateful decision) and while it has got the number down substantially already and probably
needs 2026 to bring it down to a reasonable level, the high gold prices will help matters and the
faster that burden drops, the better. It’s also been buying back stock (instead of offering a
meaningful dividend), that’s the strategy preferred by large Wall St instos and further moves
away from the 300m S/O line next year will go down well.
Overall, SAND is often a painful ride and you simply cannot trust management to do the right
thing or stay away from making further dumb deals. For 2025, all this company really needs to
do is not to touch the controls and the share price should improve organically. At the current
low ebb, the risk is biased to the upside and I’m going to take a chance on getting the timing
right.
That wraps up the new Producer Basket, now for an outline on the new make-up of The IKN
Weekly’s smallfry section.
The New TinyCaps Basket List
As with the two sections above, we begin with a reminder of the rules but this year, we’ve
altered the main criterion slightly: Up to now we’ve set a market cap limit for TinyCaps Basket
stocks of $20m but what with inflation, share dilution and suchlike, that’s a little too restrictive
going forward. Therefore, as from 2025 we’re allowing stocks with a maximum market cap of
$25m. Apart from that the rules are the same as every year and as with The Copper Basket,
we’re not trying to be clever and beat the street; this basket is chosen as an attempt to
represent the microcap end of the juniors market and use is as a barometer for the health of
the wider sector.
This year I’ve swapped out six stocks and left four from the 2024 in the list. Three of the six
newbies were suggested by you people out there, for which I thank you. Without further ado,
here’s the 2025 list with notes and thoughts below:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.180 133.87 24.10 0.18 0.0%
Condor Res CN.v 0.165 141.155 23.29 0.17 0.0%
Electrum Disc ELY.v 0.13 98.99 12.87 0.13 0.0%
Endurance Gold EDG.v 0.13 174.5 22.69 0.13 0.0%
Kodiak Copper KDK.v 0.36 75.92 27.33 0.36 0.0%
Latin Metals LMS.v 0.075 96.476 7.24 0.075 0.0%
Mogotes Metals MOG.v 0.120 236.796 28.42 0.12 0.0%
Radius Gold RDU.v 0.065 107.41 6.98 0.065 0.0%
South Star STS.v 0.750 52.64 28.95 0.55 0.0%
Viva Gold VAU.v 0.120 118.384 15.98 0.135 0.0%
Prices in CAD$, data from TSXV basket avg 0.00%
The Six Leavers: First up a few words on the leavers:
 Aston Bay Holdings (BAY.v): This tinycap is a case study in how smooth-talking Canadian
“rock stars” can spin out a story on a marginal story for years on end, all with no apparent
penalty. It’s been interesting in 2024 to watch as BAY brought in reinforcements from
Australia to continue spinning its tales, but the recent precipitous drop in the share price is
a clear indication that the game is up and the stock has finally broken. Easy to drop.
 Awalé Resources (ARIC.v): I’d love to keep this on the list, but at the current market cap of
C$35m and change, it’s too expensive to make an exception. We’ll continue to monitor its
progress at Odienné, at least via the small open trade in Orecap (OCI.v) and you never
know, it shows enough and I may do what I’ve threatened to do on a few occasions and
16

actually buy some shares. At 40c it’s the right base level, as long as newsflow improves
again in the New Year.
 District Metals (DMX.v): The main reason to drop DMX is also its market cap, now at
C$45.7m and too rich for the blood of our list. However, the more I look into this stock the
more I realize its impressive price run in 2023 and 2024 is based on being able to move
forward a uranium project that’s going to have a very hard time to get permitted for
development or drilling), even if Sweden rescinds its current ban on U mining. There’s an
awful lot of wishful thinking baked into this stock price.
 Kirkland Lake Development Corp (KLDC.v): When Danièle Spethmann left in May, so did
most of my interest in KLDC and when its final drill results came back shortly after with
“geologically interesting results (i.e, dusters), its goose was cooked. It’s recently been
pivoting to a new project and the drills are turning, we should also recognize the high
profile backers at the company with deep pockets (e.g. Laviolette), so there may be a new
chapter for this company (and maybe a another name change as well), but this is as far as
we go under its current iteration.
 Palamina Corp (PA.v): Not only has PA been on the TinyCaps list for the last two years, but
before that I owned some shares and covered it on the Stocks to Follow list in 2022 (taking
a small cash and large percentage loss for my troubles). However, our time with PA has
now come to a close as after waiting patiently for almost two years to see what it could
come up with when drilling the supposed high priority sweet spot it had identified at its
Usicayos project in South Peru, the drill assays came back with mediocre numbers a few
weeks ago and the stock price duly dropped off its cliff. It’s an honest exploreco doing
classic exploration work and unafraid to drill its best targets, but this has always been a
high risk/high reward sub-sector and the best will in the world will never be able to gloss
over poor assay numbers: the Truth Machine will out. PA needs to re-group and come up
with a new strategy for 2025 and to its advantage has cash treasury on its side, but until
further notice it’s one to watch more passively.
 Surge Copper (SURG.v): As well as being on the expensive side for the TinyCaps these days
at C$33m and change (U$23m), the better reason to drop SURG from the list is that it’s
now a personal holding and being covered in the Stocks to Follow section. That might not
last (buy low and sell high is a two-part strategy, after all) but even if I sell, it’s now a stock
that’s firmly on the active radar and one to consider for those clichéd “leverage to the
metal” speculations.
The Four Remainers: With six stocks gone, that means four stocks stay on from the 2024 list.
They are the following and each gets a few words on why they made the cut:
 Endurance Gold (EDG.v): I debated on whether to cut EDG after a lackluster-at-best
2024, but it’s not a disaster either and as an exploreco with a live gold project in a good
address, is only ever one drill hole away from significant upside. I’m not gagging at the bit
to own, but it’s not trash material either. Wishing them luck.
 Latin Metals (LMS.v): A member of this group for the last three years, LMS keeps its
place for a 4th year in 2025 because it might be ready to show real progress after several
false starts. The main reason to retain LMS is Esperanza, the project that was farmed out to
Libero (LBC.v) but was handed back (because they are idiots) and these days is optioned
out to Moxico, a privco with serious UK insto backing that has managed to get a
bootleather-type exploration permit out of the local authorities. If the JV can go the next
stage and get the locals to agree to a drill program on the project, expect fireworks because
while ecologically sensitive (it’s in a water source location), Esperanza has already shown
some of the best copper assay results for the entire Argentine cordillera and would impress
the market no end with a simple twinned hole. LMS has other irons in its fire and any deal to
bring in OPM on any of its Peru (or North Argentina Sedex) projects would be welcome and
17

another source of potential upside. A tightly-run project generator that gets another chance
to show us what’s what here at The IKN Weekly in 2025.
 South Star (STS.v): The “critical metals” tinycap play made slow progress in 2024, but it’s
now mining in Brazil and moving its USA project forward into more systematic exploration.
The reason to keep it on the list isn’t because it’s a live investment option, it’s more for
monitoring its progress (or lack of) and watching for the moment when its Brazil operation
goes cash flow positive. How many shares it sells the world before (or even after) that
moment will be interesting.
 Viva Gold (VAU.v): VAU made the cut because I couldn’t think of a reason to drop it. It’s
at a reasonable price, it’s chasing the best metal for a tinycap to chase and whi9le it hasn’t
set the exploration world on fire yet, it’s far from a broken stock or failed story and I see
nothing wrong with giving it a second year on the list, it’s representative enough.
The Six New Arrivals: We get to the business end of the 2025 TinyCaps List and the six new
stocks chosen for the annual ride, half of which were reader suggestions (so thank you once
again). However, before we dive in I want to mention one stock that did not make the list
despite being suggested by many of you, as after due deliberation and the way we already
have plenty of “Ore Group” stocks featured on these pages, the new stable vehicle Metal
Energy (MERG.v) didn’t make it. It’s certainly an interesting stock and at the right price for roll-
the-dice speculation, but we need to spread the love around a little more. So in alphabetical
order, hwere are just a few words on why the new stocks make it and we’re bound to expand
on these arguments as 2025 unfolds.
1) Barksdale Resources (BRO.v): Currently being pumped by Crescat/Quinton Hennigh,
BRO has two interesting projects in San Javier (Mexico) and Sunnyside in Arizona USA (very
close to the Mexico border, but USA is USA), part of a larger concession holding in that zone. Of
the two, Sunnyside is the most interesting at the moment as the company tried to emulate the
results from the neighbouring Hermosa development, owned by South 32.
2) Condor Resources (CN.v): This prospect generator with most of its interesting assets in
Peru has been through many corporate iterations over the years but always seems to survive
and be around for the next cycle. With the company share price dumping hard last year after it
decided to drill what it belived to be one of its most interesting project, only to hit dusters, plus
its deal with Chakana Copper (PERU.v) falling apart because the latter ran out of money, CN
had a tough year but with the amount of irons it has in its fire, there’s always something going
on here and it can offer market-pleasing news at any given moment. The reason to add CN is
to provide a barometer of the state of the Prospector Generator model, supplementing that of
Latin Metals.
3) Electrum Discovery Corp (ELY.v): This is a recommendation from one of you nice people
and I’m intrigued enough about its chances to give it a spot. This makes two “critical metals
plays” from the ten on our list this year (if you exclude copper) and as the sub-sector starts
gaining traction, that’s reasonable.
4) Kodiak Copper (KDK.v): An easy one to explain, as seen above we’re moving KDK from
its berth in The Copper Basket and down here, mainly because its market cap allows the swap
but also because it’s now totally dead, despite its mediocre drill results in 2023 and 2024. KDK
has big group backing and a following, what’s missing is an assay result (or two) that grab the
audience’s attention. Worth a final year.
5) Mogotes Minerals (MOG.v): This new exploreco is in essence a neighbour play to the big
Vicuña development and discovery zone opened up by the Lundins and spearheaded by their
Filo, Josemaria and NGEX companies. MOG has optioned into a large zone backing on to the
Vicuña in San Juan Argentina (and some concession zones on the Chile side of the border and
has now assembled a team to explore and develop targets). This would be grassroots if any
grass grew at that altitude, but it is raw exploration speculation and anyone getting on now is
18

doing so in the hope that the whole district becomes fashionable and more valuable. A good
stocks with which to check the pulse of enthusiasm for this zone as the next major mining camp
in South America.
6) Radius Gold (RDU.v): The central company in Simon Ridgway’s mini-empire of companies
that never seem to benefit anyone aside Simon Ridgway, RDU has been around literally as long
as I’ve been covering the sector. Over the years it’s popped up with projects and plans in South
Mexico (Chiapas, Oaxaca), Guatemala, Yukon and many places in between. For most of its life
RDU has been an easy pass, but from time to time it comes up with a new project that’s more
interesting and this seems to be the case with its latest Peru project, Tierra Roja in the coastal
Arequipa region. RDU has raised drill money and if it hits something there, this stock price could
shoot higher quickly given the current appetite for big copper stories. Worthy of a place in the
list, at least for one year, no matter my personal opinion of Ridgway.
And with that, our new baskets are named and shamed. As the next few weeks develop we’ll
do the same with at least some of the names on those lists, as there’s plenty of initial DD done
to back up those brief intros. Onward.
Stocks to Follow
On the whole a subdued week, with small moves in either direction for the wider market, also
reflected in the results of our now-expanded Stocks to Follow list. Of the 19 stocks now in the
table, seven moved up on the week (RIO.v, RPX.v, OCI.v, GOLD, ERO.to, AAG.v, SURG.v), four
were unchanged (MAI.v, MIRL.cse, PGDC.v, MENE.v) and eight were losers (EGO, ARG.to,
MARI.to, LBC.v, PGZ.v, ASCU.to, IPT.v, PAU.cse) and to underscore the balanced result, there
were no double figure percentage moves either up or down.
A small admin note: Aside the additions made to RPX and MENE last week, I’ve lumped the
other five newly bought positions at the bottom of the Recommended Stocks section and with a
slightly different colour code to separate them from the others. This isn’t a reflection of trade
size and as the weeks progress, I’ll probably start putting them in normal order of importance.
With the additions last week our Stocks to Follow list has jumped to 19 stocks, one less than
our self-imposed maximum. Nine stocks are in the green, one is unchanged, ten are in the red
but that should change for the better by this time next weekend.
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$0.26 23.8% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.61 -23.8% Now building Fenix, will re-rate
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$16.55 11-Aug-24 U$14.97 -9.5% undervalued midcap gold
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.61 4.5% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.89 60.3% Quality Cu developer
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.12 9.1% FY25 gold exploreco spec
Libero Copper LBC.v SPEC BUY C$0.34 20-Oct-24 C$0.315 -7.4% spec trade on Mocoa drilling
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.10 -47.4% 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
Barrick Gold GOLD BUY U$15.70 22-Dec-24 U$15.68 -0.1% near-term Au fliptrade
Ero Copper ERO BUY C$19.37 22-Dec-24 C$19.25 -0.6% near/medium term Cu fliptrade
Aftermath Silver AAG.v BUY $0.425 22-Dec-24 C$0.435 2.4% New cheap Ag trade for FY25
Surge Copper SURG.v BUY $0.11 22-Dec-24 C$0.115 4.5% bulk copper in good address
Arizona Sonoran ASCU.to BUY C$1.39 22-Dec-24 C$1.39 0.0% near-term Cu fliptrade
19

SPECULATIVE TRADES
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.195 -35.0% Silver spec, added IKN783
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.03 50.0% Rio Negro trade op, watching
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.27 205.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.105 -76.7% 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
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
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, starting with notes on the seven purchases
made last week (the flurry of activity got me all light-headed):
Arizona Sonoran Copper Co (ASCU.to): POSITION OPENED. This one comes at the top
of the notes on the seven purchases made last week because…I didn’t purchase. The stock
dropped as low as C$1.35 before the Christmas break but then, when trading resumed Friday
and I went to buy some, not only had it popped to 38 and 39 but the market was thinner than
my aunt’s gravy and after watching (and executing successfully on all other purchase plans that
day) I made the executive decision to wait until this coming week. So you see the official
“Position Opened” and ASCU’s place on the table above however, please be clear the nominal
$1.39 price marked above may change by this time next weekend.
A reminder: Not getting wedded to this company, if it offers the type of quick profit I’m looking
for these shares will be sold back to the market quickly with zero hesitation.
Surge Copper (SURG.v): POSITION OPENED. The same story here, though SURG and its
large, low grade copper resource is a less likely stock to run in the first rank of market springers
if copper suddenly comes back into fashion. I’ve put “12 month perspective” on this trade idea
to give a reasonable time window if required, but if SURG ran quickly at the start of 2025 I
wouldn’t have a single issue about selling and taking a quick profit. This trade set-up is all
about taking advantage of the current depressed share price, caused I believe by a combo of
dampened enthusiasm for copper and the tax loss selling season in Canada. Insiders have been
notable buyers in recent weeks and I cannot blame them, as although risky and speculative (it’s
a 10c share people, don’t forget the obvious), SURG.v is a cheap way of playing a copper rally
in the weeks and months to come and from where I sit, there’s low probability of any
meaningful downside as long as the copper price doesn’t collapse on us completely. Meanwhile
we’re bound to get plenty of news from the company in 2025 and as such, as return to at least
15c is easy to envisage.
20

Aftermath Silver (AAG.v): POSITION OPENED. We’re a week too late to get the cheapest
December prices but that’s okay, happy to be in for all I wanted at 42.5c on a stock that Eric
Sprott was happy to pay 45c in October and one that’s already shown its speculative potential
since then (though ‘Uncle Eric’ did get a half warrant with his).
This is one of the purchases that I’m willing to allow time to in 2025, the nominal “12 month
perspective” rather than looking for a near-term flip.
Ero Copper Corp (ERO) (ERO.to): POSITION OPENED. As threatened last week, I’ve
gone with the Canadian ticker for my own portfolio purposes but if you prefer to trade this via
the NYSE there’s zero issue whatsoever as far as I’m concerned. Getting in for under C$20 was
the plan, so C$19.25 is a great place to start this trade and the first significant news moment
should come with its 4q24 production numbers and 2025 guidance, with the latter more
important than the former. What could possibly go
wrong?
Barrick Gold Corp (GOLD) (ABX.to): POSITION
OPENED. It managed to gain a little on the week
after its rock bottom U$15.46 close as seen last
weekend, but GOLD still traded under firmly U$16 all
week and that’s a great price for my fliptrade plan. If
there’s one stock in the gold space that should benefit
from the end of Tax Loss Selling in the days ahead,
it’s this one. Sentiment for this name remains awful
out there…not a bad thing for a new position.
Red Pine Exploration (RPX.v): ADDED. At 12c, I
probably paid too much for the shares on Friday and have left myself room for a few more, but
it doesn’t change the cost average by much (I rounded up to 11c above) and in real dollar
terms, no biggie. If sub-11c shares are available next week I’ll build a little further.
Menē Inc (MENE.v): ADDED. Easier than I expected to buy on Friday, this was the most
straightforward of the purchases last week and it brought the cost average down a couple of
pennies. As noted last weekend, the reasons to continue with this trade today rather than
throw in the towel are price (darned cheap equity for a financially rock solid company), timing
(the Q4 sales should give the company room to market itself) and macro (the luxury goods
market is on the way back after nearly two years of
drudgery).
Minera Alamos (MAI.v): Our Top Pick ends a
disappointing 2024 with a whimper rather than a
bang, though the red ink on this chart suggests a bit
of bargain hunting was going on. Seeing MAI flat at
26c when the volume spikes in the patchy trading
would have otherwise sent it down further.
21

The company remains On Notice and we’re a couple of weeks away from a couple of its acid
tests, we’re due the close of the Sabre Gold purchase (at which point insiders and management
can get vociferous again) and after that, we should get initial production numbers for the
Santana Q4. Or put another way, if MAI decides not to give us a preliminary data on its Q4
after signaling its importance as the turnaround quarter for Plan B, we’d have to wonder why it
was holding back information.
Provenance Gold (PAU.cse): Regrets of 2024? Yes, there are always regrets and things you
wish you’d done better and one for me was the
decision to make PAU a Watch List component
instead of buying a few shares:
The six-month chart shows the way it has suddenly
taken off, the market finally paying attention to the
long hits of gold mineralization it’s been finding at
Eldorado in Oregon. The personal problem is that,
on looking back, I cannot think of a single reason
why I didn’t buy some shares aside a period of low
cash in the treasury mid-year (and that’s not a good
excuse).
Wishing the company good fortune in 2025 and it’ll
stay as Watch List component for the time being. The current drill program has a couple of drill
holes left to report and once those are known we can take another look and decide on whether
there’s value in following the story further.
Orecap Inv (OCI.v): A single 10k trade on Friday added 8.3% to the stock price on the week,
no biggie either way. The price is 6.5c, there’s a penny on the arb and that sounds about right
as things stand this weekend,
OCI.v: PRO FORMA Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.68 0.68 7.95 3.2
AE.v warrant 0.10 0.38 0.04 0.0
ARIC.v 7.39 0.40 2.96 1.2
ARIC.v warrant 4.17 0.20 0.83 0.3
XXIX.v 39.10 0.115 4.50 1.8
MERG.v 5.50 0.03 0.17 0.1
MIS.cse 24.71 0.035 0.86 0.3
subtotal 17.30 7.0
Est.cash 1.20 0.5
Total 18.50 7.5c
At 247.714 S/O
Eldorado Gold (EGO): A disappointing and flat end to the year (bar the next two days), witrh
EGO closing week 52 under U$15. Back on the purchase day in August, I would have laughed
at you if you’d told me how the company would leave 2024. And that’s the mining sector, an
excellent way of remaining humble.
The Copper Basket
After fifty-two weeks of 2024, The Copper Basket shows a gain of 30.68% to level stakes:
22

company ticker price 1/1/24 Shares out Market Cap current pps gain/loss%
1 NGEx Minerals NGEX.to 7.16 186.824 2557.62 13.69 91.2%
2 Solaris Res SLS.to 4.13 161.833 737.96 4.56 10.4%
3 Marimaca Cop MARI.to 3.43 93.11 455.31 4.89 42.6%
4 Aldebaran Res. ALDE.v 0.89 169.914 331.33 1.95 119.1%
5 Los Andes LA.v 11.80 29.519 209.58 7.10 -39.8%
6 Arizona Sonoran ASCU.to 1.75 135.524 188.38 1.39 -20.6%
7 Faraday Copper FDY.to 0.63 205.336 154.00 0.75 19.0%
8 Hercules Metals BIG.v 1.38 253.391 144.43 0.57 -58.7%
9 American Eagle AE.v 0.26 167.45 113.87 0.68 161.5%
10 Element 29 Res ECU.v 0.18 119.833 77.89 0.65 261.1%
11 Oroco Res OCO.v 0.375 236.911 66.34 0.28 -25.3%
12 XXIX Metal XXIX.v 0.12 258 29.67 0.115 -4.2%
13 Kodiak Copper KDK.v 0.58 75.92 27.33 0.36 -37.9%
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 30.68%
The Copper Basket ends 2024 with a 3.26%
The Copper Basket 2024, weekly evolution
week-over-week improvement, despite having a 50%
45%
net negative headcount of six winners (NGEX.to, 40%
35%
SLS.to, BIG.v, CCCM.v, AE.v, ECU.v) to seven 30%
losers (LA.v, MARI.to, ASCU.to, ALDE.v, FDY.to, 25%
20%
OCO.v. COR.v), with two stocks remaining 15%
10%
unchanged (KDK.v, XXIX.v), as better winners
5%
such as Element 29 (ECU.v up 16.1%) and 0%
-5%
American Eagle (AE.v up 7.9%) were enough to -10%
outweigh the worse losers such as Camino
(COR.v down 11.1%, basically half a cent) and
Aldebaran (ALDE.v down 8.0%).
A quiet end to the year, also true for
the copper metals market that ran its
hours out without making waves on
low volume. The end of the Chinese
factory stocking season is upon us
and for the next couple of months,
we’re unlikely to get much internal
copper market news to move the
market. The metal may fluctuate of
course, but if so the drivers would
either be changes in the USD forex or
a macro move that alters the outlook
for demand down the line.
Here’s a comment I enjoyed from one of our market experts on the subject (8):
"In 2025 the rate cuts should lift economic activity and boost demand for copper. China
will likely return to the market while mine supply is another factor to watch out for," said
Ajay Kedia, director at Kedia Commodities in Mumbai.
All I can say is that I want Ajay’s job. Getting paid for telling a reporter…
1) rate cuts should boost the economy
2) China stays away from buying at the start of the year and a little later starts buying
again, same as every other year
23
ts1naJ ht7naJ ht41 ts12 ht82 ht4bef ht11 ht81 ht52 dr3raM ht01 ht71 ht42 ts13 ht7rpA ht41 ts12 ht82 ht5yam ht21 ht91 ht62 dn2nuj ht9 ht61 dr32 ht03 ht7luj ht41 ts12 ht82 ht4gua ht11 ht81 ht52 ts1pes ht8 ht51 dn22 ht92 ht6tco ht31 ht02 ht72 dr3von ht01 ht71 ht42 ts1ced ht8 ht51 dn22 ht92
source: IKN calcs

3) “supply is a factor”
…is my idea of financial salary heaven. Moving on and it’s time to wrap up the year. As with the
other sections today, we recognize there are two more trading days left in 2024 (and will adjust
the new Basket components’ starting prices accordingly, as from next weekend) but you gotta
draw a line somewhere and with a full 52 weeks in the bag, today is the day. Here’s our
tracking chart of the 15 components and how they did compared to each other, the grey bars
showing the preceding three quarter ends and the colour bars the final score:
The 2024 Copper Basket after 52 weeks
24
%1.162
%5.161
%1.911
%2.19
%6.24 %0.91
%4.01 %2.4- %6.02- %3.52- %9.73- %8.93- %9.24- %2.85- %7.85-
275%
250%
225%
200%
175%
150%
125%
100%
75%
50%
25%
0%
-25%
-50%
-75%
v.UCE v.EA v.EDLA ot.XEGN ot.IRAM ot.YDF ot.SLS v.XIXX ot.UCSA v.OCO v.KDK v.AL v.ROC v.MCCC v.GIB
13 wks
26 wks
39 wks
52 wks
source: TSX, IKN calcs
Three cheers for Element 29 (ECU.v), which came from well behind at the start of 4q24 but
after a massive run this quarter, is our winning stock for 2024 with a net gain of a cool 261.1%.
This move is all about the Elida project, one I’ve always liked and while I am kicking myself
slightly about being an observer rather than shareholder, I’m truly happy for the progress made
by the team under CEI Osborne, one of the nicest guys in the Peru/South America mining
scene. More on ECU.v below in the notes. In other news, up to this quarter American Eagle
(AE.v) was the runaway leader of the pack and to its credit, the stock managed to return a
positive Q4, getting back to the level seen at the end of Q1 and finishing the year up 161.5%.
The other major winners for 2024 were Aldebaran (ALDE.v up 119.1%, a personal winning
trade) and NGEx Minerals (NGEX.to up 91.2%), one I didn’t fancy so much even though its
Lunahuasi project was always going to return impressive drill assays….got that one wrong. The
other genuine winner of the basket 15 this year is Marimaca (MARI.to up 42.6%) and yes,
happy about that one as well. After the winners come the “meh” performers Faraday (FDY.),
Solaris (SLS.to that could have been a lot worse if it weren’t for the very recent newsflow) and
XXIX Metal (XXIX.v the new name for the perma-flatlining QC Copper). After that come the real
losers and this year a full seven stocks low at least 20%. Worst of all Hercules (BIG.v -58.7%)
was scuppered in the very first days of the year by bad drill assays and never recovered, C3
was chosen specifically because of its doggish status and did what I expected it to do, then
came the poor shows from the much-hyped Los Andes and the social media BS vehicle Camino.
No mitigation available for any of those performances, they were either bad or worse.
See above in today’s main Fundies section for more and to find out which ones manage to keep
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
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
Mt Cu
Comex
Shanghai
LME source: Cochilco

Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
25
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
December saw a continuation of recent trends, with SHFE stocks dropped and LME stocks
remaining reasonably high, thanks mostly to a build-up of inventory in Asian warehouses
(Taiwan went from nearly empty to over 100kmt). However, the general pattern as seen in the
percentage chart remains as per other years, SHFE and LME doing their seasonal dance. The
only real change has been in The Americas and while LME New Orleans is a factor, it’s most
easily seen in the Comex warehouse data so here’s that in the chart below: The current levels
are the highest we’ve seen since 2018 and at any point since the Covid crisis, partly a reply to
the physical stock shortage that caught Trafigura napping early in the year, but there’s more
than a hint of slack demand in the North American market at present.
Comex copper stocks, 2019 to date
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
91
naj
bef ram rpa yam nuj luj gua pes tco von ced 02
naj
bef ram rpa yam nuj luj gua pes tco von ced 12
naj
bef ram rpa yam nuj luj gua pes tco von ced 22
naj
bef ram rpa yam nuj luj gua pes tco von ced 32naj bef ram rpa yam nuj luj gua pes tco von ced 42naj bef ram rpa yam nuj luj gua pes tco von ced
mt Cu
source: Comex
That’s enough on the long-term, time to round out the year in world copper inventories with
the weekly overview, sourced as ever from our reliable friends at Chile’s Cochilco:
 World copper stocks ended week 52 by adding an aggregate of 5,926 metric tonnes
(mt) and closing at 433,658mt. The year ends with a whimper, rather than a bang. Not
a bad thing in what’s been an abnormal year.
 The main point of interest came from SHFE, which reversed nine weeks of new draw
downs and closed up 3,308mt at 74,172mt. That could well mean the bottom is in for
the cycle and if so, that’s a decent place to bottom out, right time and a right amount
left in stock.
 The LME rarely trades much over Christmas week and this was no exception, we saw a
tiny net add of 400mt and worldwide stocks closed Friday at 272,725mt.
 Comex stocks also rose last week, up another kind-of-significant 2,218mt to close the
week at 86,761mt.
The dedicated SHFE chart shows stocks ending at the levels we’d normally expect. You can just
about make out on the upper chart how we sometimes get the first stock uptick in this final
week of the year (e.g. 2020, 2022) while in other years we have to wait until the start of the
next year before SHFE stocks start their seasonal uptick. That normally reaches a peak just
after the start of the Lunar New Year (2025 year of the snake, Kung Hei Fat Choi

SHFE copper inventory levels, 2019 to 2024
400000
350000
300000
250000
200000
150000
100000
50000
0
26
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
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 8102ht72rpa ht91 ht11 9102
dr3bef
9102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD ht52beF ht91 ht11 42'dr3von
Mt Cu
|
source: Cochilco
Aldebaran Resources (ALDE.v): We mentioned last
weekend that the sudden rush over C$2.00 looked like fat
finger ETF adjustment trading and was unlikely to hold, so
seeing the stock dump back under the $1.90 line wasn’t
such a big surprise. However, there was enough minor
trading at the end of the week to support the price and
$1.95 was better than I expected. Maybe I was a bit rash in
predicting the end of $2.00 prices after all, we’ll see.
The Producer Basket
After 52 weeks of 2024, the Producer Basket shows a gain of 23.73% to level stakes:
company ticker price 1/1/24 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 41.39 1152.6 43.61 37.84 -8.6%
2 Agnico Eagle AEM 54.85 497.971 39.17 78.65 43.4%
3 Barrick GOLD 18.09 1748.05 27.41 15.68 -13.3%
4 Franco-Nevada FNV 110.81 192.119 22.79 118.63 7.1%
5 Pan American PAAS 16.33 364.439 7.50 20.58 26.0%
6 Lundin Gold LUGDF 12.64 238.883 5.14 21.52 70.3%
7 Hecla Mining HL 4.81 617.768 3.10 5.01 4.2%
8 Eldorado Gold EGO 12.97 204.909 3.07 14.97 15.4%
9 Dundee PM DPMLF 6.43 180.051 1.65 9.18 42.8%
10 Wesdome Gold WDOFF 5.83 148.95 1.30 8.75 50.1%
All prices and stock quotes in U$ Port. avg 23.73%

The Producer Basket average managed to add a couple of tenths last week, a fine result
considering that the GDX benchmark dropped by 1.4%, the GDXJ by 3.0% and gold was down
by 0.3% on the week. We got lucky thanks to having no fewer than four week-over-week
winners in the basket (GOLD, AEM, FNV, DPMLF) while one other remained unchanged to the
penny (PAAS). There were five losers (NEM, LUGDF, HL, EGO, WDOFF) but none of them were
heavy losses and the net result was positive.
And that means we wrap up the year with a resounding success to report:
The Producer Basket beat the benchmark by a
cool 13.25% over the 52 completed weeks of
2024 and as this next chart shows, that’s the best
result we’ve ever had in a calendar year. With
eight of the nine years in the winning column, it’s
probably a damning judgment against the
shareholder-unfriendly set-up of the GDX, rather
than any positives about my own stock picking
prowess.
To wrap up the year, we now move to the Basket
Component tracker and its final quarter-end snapshot for 2024:
The 2024 Producer Basket components after 52 weeks
27
%3.07
%1.05 %4.34 %8.24
%0.62
%4.51 %1.7
%2.4
%6.8-
%3.31-
80%
70%
60%
50%
40%
30%
20%
10%
0%
-10%
-20%
FDGUL FFODW MEA FLMPD SAAP OGE VNF LH MEN DLOG
The 2024 Producer Basket: Weekly performance and
60% comparative to GDX control
50%
40%
30%
20%
10%
0%
-10%
-20%
13 weeks
26 weeks
39 weeks
52 weeks
source: NYSE: IKN calcs
No doubt about where the out-performance came from, as the decision to include Lundin Gold
(LUG.to) worked out very well. The other winning decision was bend the rules and allow
Wesdome Gold (WDOFF) (WDO.to) in, despite being under the normal U$1Bn minimum market
cap at the start of year. That ended up 50% and while it gave back some of its high prices in
Q4, it was still a great year. Indeed, if you loom carefully you’ll see that all ten stocks finished
lower at the end of q4 than their prices at the end of Q3…some sort of commentary there.
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 ht8 ht51 dn22 ht92
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 ht8 ht51 dn22 ht92
source: IKN calcs, NYSE data
The Producer Basket vs GDX, annual result
16% 13.25%
14%
12%
9.46% 9.05% 10%
8% 5.95%
6%
4% 2.10% 2.49%
1.01%
2% -1.80% 0.05%
0%
-2%
2016 2017 2018 2019 2020 2021 2022 2023 2024
source: GDX data, IKN data

Meanwhile, a special shout-out goes to Agnico Eagle (AEM), up over 43% on the year and the
best performance from a Tier 1 goldie by a long distance. AEM started the year in third place in
the market cap league table and ended it closing in on Newmont for 1st despite that stock’s
consummation of the U$17Bn merger with Newcrest in the period. Another strong performance
worthy of mention came from Dundee (DPMLF), while Pan American (PAAS) also performed
better than the average.
Then come the under-performers and to my own chagrin, Eldorado Gold (EGO) did okay-I-
suppose but no better than that. Franco-Nevada (FNV) didn’t manage to deliver on the rebound
we were looking for from good Panama news, while Hecla (HL) managed to give back nearly all
its excellent Q3 performance in the last quarter of the year to finish all-but flat. That was a risky
one to include this year, it won’t happen again.
But the true wooden spoon performances came from the biggest names in the business, as
Newmont (NEM) and Barrick (GOLD) both failed to live up to market expectations or their own
in-house guidance, above all costs. A sorry state of affairs to see the flagships of the precious
metals world shows so badly in a year when gold prices hit record after record, in a normal and
healthy sector the management teams responsible for this mess would be out on their ear. But
this is mining and somehow, these mediocre rock stars carry on regardless.
And that’s that for 2024, we begin next weekend with our brand new list, as featured in today’s
main fundies section. Let battle recommence.
The TinyCaps List
After 52 weeks of 2024, the TinyCaps show a gain of 24.14% to level stakes:
company ticker price 1/1/24 Shares out Mkt Cap current pps gain/loss%
Aston Bay BAY.v 0.065 252.95 15.18 0.06 -7.7%
Awalé Res ARIC.v 0.135 86.798 34.72 0.40 196.3%
District Metals DMX.v 0.170 106.98 45.47 0.425 150.0%
Endurance Gold EDG.v 0.18 174.5 22.69 0.13 -27.8%
Kirkland LDC KLDC.v 0.100 88.625 3.55 0.04 -60.0%
Latin Metals LMS.v 0.075 96.476 7.24 0.075 0.0%
Palamina Corp PA.v 0.130 71.285 7.13 0.10 -23.1%
South Star STS.v 0.750 52.64 28.95 0.55 -26.7%
Surge Copper SURG.v 0.090 288.518 33.18 0.115 27.8%
Viva Gold VAU.v 0.120 118.384 15.98 0.135 12.5%
Prices in CAD$, data from TSXV basket avg 24.14%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies
chosen under the following criteria to put together a list representing the state of play in the
sub-sector of tinycap exploration company stocks. At least, that’s the plan.
 Market capitalization of under $20m (though this year I’m making one clear exception and one rule
stretcher). They have to be tiny. In two cases I’ve stretched the window a little and allowed sub-U$20m
market capper in that are just over the C$20m level, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right
size, our task is to trawl through the TSXV and find companies that are small but with life in them. The vast
majority of tinycap stocks are broken stories, either traded to death on the exchange or with projects that are
a bust or with entrenched management more interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2024. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too
choosy, but still I preferred companies that have teams or people with good peer reputations.
A reasonable end to the year for the 2024 TinyCaps Basket, up 3.2% on the back of just three
winners (BAY.v up 20%, DMX.v up 10.4%, SURG.v up 9.5%) but as they all moved by a solid
28

TinyCaps, 2024 weekly tracker
amount and were helped by three unchanged stocks 100%
in the mix (EDG.v, LMS.v, VAU.v), there was enough 90%
80%
to beat out the effects of the four losers (ARIC.v, 70%
KLDC.v, PA.v, STS.v). 60%
50%
40%
We don’t do a year-end summery or snapshot here, 30%
20%
but it’s clear the basket’s positive performance rested 10%
squarely on the shoulders of just two (perhaps three) 0%
stocks. However, that’s normal for this end of the
mining world and overall, the representative basket
worked fairly well this year, in my opinion at least.
NB: Please be clear that The TinyCaps list 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
El Salvador passes its mining law
Confirmation from last week’s note that on Monday, El Salvador’s Congress did indeed debate,
vote and pass the law amendment that now allows metals mining to take place in the country,
overturning the ban on mining put in place in 2017.
Over the week I received a handful of requested to see the IKN749 edition that included our
original overview of the El Salvador mining scene. I passed on the edition, but it might be
useful to get a full re-print in front of your eyes so here’s that note in its entirety again (please
note that since its publication, Bukele did indeed get the country to change its laws and
subsequently won his election by a vast majority
From IKN749, September 24th 2023
El Salvador and a Presidential election and mining
Three ingredients, then some expansion on the subject
 El Salvador’s next Presidential election is coming up in the near future, the vote scheduled
for February 4th 2024 (i.e. less than five months from now)
 Sitting President Nayib Bukele is ineligible for re-election, but shows every intention of
changing the law/constitution to allow him to run again. Assuming he can do that, he’s a shoo-
in to win.
 There has been plenty of talk of Bukele changing the 2017 law that banned mining in the
country. His win would open the door to mining returning to El Salvador.
First the background on President Nayib Armando Bukele Ortez, just 42 years old and one of
the most popular Presidents ever elected in any Latin Ameican country, let alone Central
America or El Salvador. It depends on opinion pollster you prefer but his approval rating is at
least 75% and is normally measured in the 80% to 90% range. He’s a hard right winger, has
plenty of charisma, a proponent of free market economics and (in)famously made Bitcoin legal
tender in El Salvador, but his amazing popularity is less about any of those and more about his
crackdown on gangs and violence in the country. This is an impressive chart:
29
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 ht8 ht51 dn22 ht92
source: IKN calcs, TSX data

Even though the sky-high murder rate of 2015 had already started to tumble by the time
Bukele came to power in mid-2019, it’s his ultra-hardline policies against gangs that have
turned El Salvador into one of the safest regional countries in just one period of office. That
register of 7.8 per 100,000 inhabitants last year was already good, 2023 is even better as
noted here (12), El Salvador’s homicide rate in 2023 is 0.40 per day or 2.3 murders per
100,000 inhabitants. In 2022, the Salvadoran murder rate was 1.4 per day or 7.8 homicides
per 100,000 inhabitants.”
Even though those rates do not include the deaths of gang members in confrontations with
police (120 in 2022, 32 in 2023) they are extremely impressive and it’s no surprise that Bukele
is now feted as a hero in the country. That brings us to our second point as even though he’s
ineligible according to the law, Bukele has already announced himself a candidate for the
February 2024 election and it seems as though it’s merely a case of “how”, rather than
“whether” its executive and legislature will change the law to allow him to run again (it is a
Central America TPLAC, after all*).
Which moves us to point three, as there has been talk all year of Bukele having something
akin to “informal talks” with the country’s mining sector. These rumours have been doing the
rounds on environmental websites such as Mongabay since February but recently it’s been
starting to feature in El Salvador press as the election talk cranks up and this report dated
Thursday 21st (13) was enough to get me to make first mention of the issue this weekend. It’s
an interview with a pair of politicos going into the election as a loose coalition and opponents
to Bukele. They’re obviously railing against his plans to change the law (if he’s barred, they’ll
have a real chance of winning instead of virtually zero) and part of their strategy is to stir up
public opinion on his rumoured plans to bring mining back to El Salvador. It also just so
happens that one of the two was a lawyer for the State of El Salvador in its battle against
Pacific Rim, after El Salvador cancelled the permits for its controversial flagship El Dorado
project in the country. El Salvador won that legal battle in the ICSID/CIADI international
tribunals.
The interview is long and covers a lot of domestic policy issues that are unrelated to mining,
so I’m going to keep it on-point and excerpt one section (author translates) from early in the
note that gives a reasonable flavour of our chosen subject and the lawyer/candidate in
question:
“Luis Alberto Parada Fuentes is an ex-army captain in the El Salvador armed forces who was
educated in colleges in The USA, where he obtained a doctorate degree in law. In 2016 he
became famous in El Salvador for leading the team of lawyers that won the international suit
against the Pacific Rim Mining Company (now OceanaGold). After that case, Parada says
that he’s followed the issue of mining in the country closely and due to this, is concerned that
the Bukele Government has been in negotiations with mining companies and that eventually,
it intends to reverse the law that prohibits metals mining in the country.”
Then there’s the sub-header of the interview, a quote from Señor Parada:
“If re-elected, the Bukele government plans to allow metals mining (to go ahead) and we will
not allow this suicidal policy in El Salvador.”
That’s just his opinion, of course. So the issue is set to be part of the upcoming election
campaign, but as Bukele enjoys such high approval ratings if he’s the candidate he could
almost certainly include it in his government’s manifesto and rightfully claim a mandate to
move forward on mining if/when he’s re-elected in a landslide.
30

Which brings us to the opportunity afforded by an El Salvador that may about to re-open for
the formal mining sector next year. This map from this link (14) show the main geological
zone of interest, an approx 20km wide zone that runs the length of the country (from its NW
border with Guatemala to it SW border with Honduras) prosaically called “The Gold Belt of El
Salvador”. It contains the aforementioned Dorado project, still owned by OceanaGold and with
a 43-101 compliant M+I resource of around 1.43m oz grading a very interesting 10.4 g/t AuEq
(gold and silver), with another 300k oz inferred. That’s a potentially good mine, but as
OceanaGold (OGC.to) these days is a big, billion-plus market capper it’s not the company to
give the prospective retail speculator much leverage.
Apart from OGC at Dorado there’s very little in the way of junior mining or exploreco action in
El Salvador, largely due to that blanket ban on mining in the country. We should therefore be
on the look-out for companies that do their own speculation on the back of a potential change
in country policy, as explorecos quick and nimble enough to stake, option or purchase the
more prospective ground along that belt may be able to pick up a world-class asset for
peanuts and do wonders for their share price and market cap.
*In deference to my old Geography at school, TPLAC = Tin Pot Lil American/African Country
Market Watching
Deferred
No politics over Christmas in South America, everybody’s too busy dancing.
Conclusion
That’s all for IKN815, we close with a couple of bullet points:
 This year’s new basket presentation leans most heavily on the Copper Basket, probably
because it’s the most interesting one for 2025, potentially at least. It’s also the basket
that got the most suggestions for new stocks from you guys out there, so I don’t think
I’m alone in this assessment.
 It was fun to do multiple stock buying last week, mostly on Friday and I’m also glad I
waited as long as I did before hitting the buy button.
 As from next weekend we’re bound to put more focus on what to expect from the
incoming Trump admin once New Year and all its festivities are behind us. So before
the drudgery of politics re-start, I’ll take a final opportunity to wish all readers of this
humble publication a healthy, happy and prosperous 2025. No matter from whom you
voted for or whatever your political bent might be. We’re all in this crazy world together
and the biggest tent is the best tent.
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.
Footnotes, appendices, references, disclaimer
(1) https://www.atexresources.com/
(2) https://solgold.com.au/news/
(3) https://trilogymetals.com/
(4) https://regulusresources.com/
(5) https://www.hotchili.net.au/investors/company-presentations/
(6) https://www.kobreaexploration.com/
31

(7) https://liberocopper.com/
(8) https://www.pampametals.com/projects/piuquenes.html
(9) https://www.hellenicshippingnews.com/copper-steady-as-tight-supply-counters-strong-dollar/
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Set-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
32

Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
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Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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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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