IKN #826Premium

The IKN Weekly
Week 826, March 16th 2025
Contents
This Week: In today’s edition, FOMC neutral and Trump neutral, Silver setting up for a spike higher.
Fundamental Analysis: Minera Alamos (MAI.v) lays out Copperstone.
Stocks to Follow: Gold Royalty Corp (GROY), Ero Copper (ERO.to) (ERO), Eldorado Gold (EGO), Amerigo
Resources (ARG.to), AbraSilver Resource Corp (ABRA.to), Red Pine Exploration (RPX.v), IMPACT Silver
(IPT.v), Orecap Inv Corp (OCI.v), Surge Copper (SURG.v).
The Copper Basket: Overview, SolGold (SOLG.to) (SOLG.L), Faraday Copper (FDY.to), Hot Chili (HCH.ax)
(HCH.v), Element 29 (ECU.v).
The Producer Basket: Overview, Franco-Nevada (FNV), B2Gold (BTG).
The TinyCaps Basket: Overview, Radius Gold (RDU.v).
Regional Politics: Ecuador: Canny CONAIE and photo opportunities, Mexico: Industrial output drops and
mining is a weak link, Panama: Ticking the boxes on Cobre Panama, Argentina: The peasants are revolting.
Market Watching: Wheaton Precious Metals (WPM) has a war chest, Bear Creek Mining (BCM.v) and a 43-
101 on Mercedes.
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
This Week
 Today’s main fundies note takes in the new Copperstone asset at Minera Alamos (MAI.v), puts up a
price target for the project and updates on the other main moving parts of our underperforming Top
Pick. At some point, the rest of the mining sector will notice how cheap this stock is and when they do,
I’ll be ready.
 With gold breaking through the U$3,000/oz barrier last week, albeit briefly, we place our rational and
boring bets on the monetary metal consolidating at or around the current level and a continued
modest improvement in the price of silver. Of the two, silver is looking the most interesting today.
That’s in the main intro note today.
 The copper bull run continued last week and continues to surprise a lot of people who are not me,
even as I swap out Ero Copper for Gold Royalty Corp (which started very well, for what it’s worth). My
own bets aside, we consider the big move in SolGold and the decent fundies of the attractive Faraday
in the notes section of The Copper Basket. I still don’t own any FDY and as I put together these intro
notes, I’m wondering why.
 Other things, too. There are always other things.
FOMC neutral and Trump neutral
Macro fun begins this week with US retail sales out tomorrow Monday morning, then continues with the main
event FOMC Tuesday and Wednesday, with the announcement scheduled for its normal time 2pm ET Weds
and the Jay Powell presser half an hour later. This edition also comes with the “dot plot” so, as the Fed is
widely expected to leave rates untouched this time, most focus will be on those future projections, any
nuances reporters draw out of Jay Powell and the drama (be it real or imagined) as the market chews over
the difference in views of doves and hawks (those these days it’s mostly hawks), or of the communiqué and
That Wot Jay Say.
Meanwhile, last weekend’s intro suggested that the market was getting over its habit of knee-jerking to every
Trump twist and turn. Among other words, this desk opined that…
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“…at some point last week I got the distinct impression the market had started to ignore the
non-stop battering of crazy coming from the White House.”
And…
“…there was more than a hint of a market that had started to maintain Trump as a net
neutral.”
It was, therefore, interesting to read Clyde Russell, Reuters’ commodities columnist, on Thursday under the
title “Commodities tune out of Trump's noise to trade fundamentals”. Again, it’s always worth reading the
entire note for full context (1) but the title gives a clear indication of the contents. Being metals-focus as I
am, my comments about “the market” may not cover biotech, AI robotics or the cutting edge thoughts of the
banking sector, so that title probably explains my position better than I did myself. Anyway, go and have a
read as it runs through differences in the metal mix, with the last lines resonating particularly well as Mr.
Russell gave them to the monetary metal:
“In some ways gold is the poster child for how commodities should deal with Trump. Assess the risks,
act accordingly and don't make too much noise about it.”
I couldn’t agree more, though gold doing what it did last week saw its commentariat get a little more
attention than normal. It would be a little remiss for a publication that focuses on gold’s move not to include
its price chart this week, so…
…we officially recognize the moment someone on the open market willingly paid over U$3,000 for an ounce
of the stuff. All good. No surprises here and indeed, we didn’t have to wait very long into the year for our call
in IKN824 dated March 2nd to become reality:
“We're going to see U$3,000/oz gold this year, of that I have little doubt and when it
happens, it will probably be as part of a spike move before consolidating to the new level.
But for the meantime, we're going to have to settle for gold prices that are U$200/oz
higher than those used by the world's mining companies to set record
revenue and profits records in 4q24.”
Regarding the former, before taking my annual repose from TwitterX I ran this
little survey (right) and the results show that whatever might happen, very few
metals watchers expect gold to power straight through the U$3,000/oz line to
higher numbers. For what it’s worth put me down for option #3 as I’m
reasonably optimistic, don’t expect a big drop going forward and something
like a consolidation at these levels for a while would suit just fine. However,
the real reason to like gold at $3k is contained in the second part of that
paragraph from IKN824. By now, generalist observers of the Q4 results from
the major and madcap mining companies would have noticed how many times
the word “record” was used in earnings NRs, reports and presentations and
that was when those companies sold their gold for an average of between
U$2,600/oz and U$2,650/oz. It doesn’t take a math whiz to realize precious
metals mining companies are in for a bonanza year in 2025 and that’s why I’m as long as I am on these
companies.
2

Silver setting up for a spike higher
We’ve run a couple of intro op-eds on silver in 2025, with the first in IKN818 dated January 19th under the
title line “Silver: Bullish not moonish” and the second one month ago in IKN822 dated February 16th
prosaically entitled “A silver update”. In both notes we were constructive and bullish on its prospects but, as
the first title indicates, not part of the “To Da Moon” brigade that gets very shouty at times like these. Here’s
how the note four weekends ago closed out:
“So, U$30/oz six weeks ago and U$32/oz today, we continue to be bullish on silver, but not moonish.
As for the trades, ABRA is going well and AAG is on the right side of the line, the only headache is
IPT.”
Four weeks later we have:
 Silver spot at U$33.79/oz, up 5.6%
 ABRA.to at C$3.40, up 5.3%
 AAG.v at C$0.60, up 11.1%
 IPT.v at C$0.21, up 10.5%
Silver’s doing well, up $2/oz per update. As for the stocks I know those numbers aren’t the most spectacular
out there (and ABRA had to go through quite a dip before rallying again), but IPT aside I’m okay about the
way our silver trades are going. More pertinent to the intro section, the bullish not moonish call for the metal
is an accurate description of what we’ve seen so far.
However, I think silver’s about to get exciting.
Without changing the longer-term call on the metal at all, my thoughts on silver have always included those
moments when it spikes higher and with gold breaking the $3k line (albeit briefly), silver is in line for closer
examination from people with far more money than the average metals desk. Our target range chart…
Targets for silver at different gold prices and GSR multiples (U$)
Gold
oz Silver oz 75/1 Silver Oz 80/1 Silver Oz 85/1 Silver oz 90/1
2500 33.33 31.25 29.41 27.78
2600 34.67 32.50 30.59 28.89
2700 36.00 33.75 31.76 30.00
2800 37.33 35.00 32.94 31.11
2900 38.67 36.25 34.12 32.22
3000 40.00 37.50 35.29 33.33
3100 41.33 38.75 36.47 34.44
3500 46.67 43.75 41.18 38.89
source: IKN calcs & ests
…indicates that silver is trading at just under 90X to gold, it wouldn’t take much to bring that down to 85X as
speculation builds so even if gold trades slightly under $3k going forward it’s easy to see silver moving to
U$35/oz. And be clear, silver’s volatility means it wouldn’t need to ramp carefully and slowly into that target,
it could do it in a matter of hours. After that, it’s no big leap of the imagination to see silver back at 80X and
something in the region of U$37.50/oz and again, these are targets that may take some time but may also hit
in mere days. Silver is the Jekyll & Hyde metal, it does what it does.
If we see this sort of spike, get ready for the circus barkers and snake oil salesmen with their predictions of
$50/oz and $100/oz and whatever-per-ounce for the metal. It’s part of the capitalist game after all, but any
student of the metals market knows how wrong these people have been over time. Like it or not, silver is
behest to the same mechanics of supply and demand as any other commodity and until such time there is a
real supply shortage, not one imagined in the brains of people who like to cherry pick their data, silver will
not be able to hit the type of price the PT Barnums of the mining commentariat suppose. We occasionally get
exciting and profitable runs in the price of silver and though there’s no guarantee (it’s capitalism, after all),
the market seems to be setting up for one of those special moments. However, it pays to be clear-eyed and
rational about the limitations of these moves. Silver suddenly breaking out and spiking higher conforms to its
own trading patterns, but silver defying the basics of supply and demand does not.
3

Fundamental Analysis of Mining Stocks
Minera Alamos (MAI.v) lays out Copperstone
The last extended commentary on our Top Pick stock came in IKN and the Market Watching note “Minera
Alamos (MAI.v) leaving the penalty box” in IKN820 dated February 2nd 2025. Back then the stock had just
climbed out of an extended and painful period in the 20c to 30c range and on the corporate side, the
company had just about completed our checklist of items to complete while it was “On Notice”. That, plus the
improving backdrop of political risk in Mexico had improved the aspect of our chronically lagging Top Pick
stock and dragged it to a close of 32.5c that weekend. This chart gets us from there to here:
A bit of a Curate’s Egg, frankly. The Sabre Gold deal officially closed on February 6th, just after IKN820 and
after that, MAI looked as though it was consolidating well. Then came a sector-wide soft period as February
turned into March, so it wasn’t just MAI that saw selling but all the same, it was a little disheartening to see it
trade back at 30c. However and as seen in that chart above, last week saw a change in its fortunes and while
the price bump to 37c didn’t hold into the Friday finish, MAI did move up nicely and this weekend, we are at
34c. Or if you like, 4.6% better than six weeks ago. Not great, not a disaster.
The reason for the spike last week was this NR (2), dated March 12th and prosaically entitled “Minera
Alamos Copperstone PEA”, which sets out the revised economic parameters of its new acquisition and the
reason MAI bought Sabre Gold when it did. To its credit MAI didn’t hang around and also filed the full 43-101
technical report to SEDAR a day later and that’s been most of my professional reading time this week. There
isn’t a great deal of brand new information in the PEA, as it’s the same as the Sabre Gold PEA filed in late
2023 except for 1) the labels have changed 2) there are a few places that reference the December 2024
acquisition 3) The 3% NSR is now a 1.5% NSR, as half the royalty burden has been extinguished and 4) MAI
has updated the price deck to better reflect gold prices. Or in the words of the cover NR, “in light of the
significant move in gold prices in the last 18 months, the study includes a sensitivity analysis that takes into
account gold prices ranging from $1,000/oz to $3,000/oz compared to the original study that had a gold price
sensitivity range of $1,600/oz to $2,000/oz.”
As the Sabre Gold deal is now done and dusted and the mine itself is fully permitted through to production
under the current mine plan filing of the new PEA means MAI can get on and do two important things. Firstly,
as from now it can get out and market its new mine project to the world and secondly, it can move to raise
the capital it requires. Regarding the first, that should begin very soon and as for the second, the cover NR
also mentioned in passing that the raising process had already started and there was plenty of interest in
offering the company a debt facility to cover capex, estimated at U$36.2m. With plenty of infrastructure in-
place and all permits in-hand, that was the type of ticket price expected to get Copperstone into production.
So far so good and, with the technicals of the Copperstone project largely unchanged, the publication also
gave me every excuse to update my sum-of-parts valuation of the house Top Pick stock and justify its
continued inclusion at the top of my list of recommendations, even though it’s been a poor performer all
through the Mexico permitting embargo period.
To begin, here’s the updated Top Box for Minera Alamos, with the new share count and valuations:
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Shares out: 576.5m
Options: 27.7m
Warrants: Zero
Fully diluted: 604.2m
Current share price: C$0.34
Market Cap: C$196.1m
Approx cash per S/O: 2c
All prices are in CAD unless stated, USD/CAD forex 0.7/1
At this weekend’s 34c, it’s a C$196m market capper, or U$137m if you prefer and for that, you now get four
main assets with either operations or advanced level developments (for the sake of being conservative,
“Minera Copper” is best valued at zero until the day it gets spun out)
 Santana: It’s current small operation
 Cerro de Oro: The most advanced pipeline project, basically waiting for its permits
 La Fortuna: Its larger project, waiting at the back of the development queue
 Copperstone: The new arrival and the only project outside of Mexico
Though each asset is different, they all share one common trait: These are all relatively small gold mine
projects (or ops) with low capex tickets required to get them into operation (or as proven, in the case of
Santana). That’s the MAI.v wheelhouse and as such, even though it’s underground in Arizona USA and not an
open pitter in Mexico, Copperstone fits right in with the suite. This isn’t a complicated mine plan and while
there are always things that can go wrong (it’s mining), what Copperstone brings to the table is a simple,
permitted and near shovel-ready project that the highly competent team at MAI can move to development
bring into operation in the near future, no matter what happens in Mexico.
As for the PEA, after reading and studying it I came to a couple of conclusions for today’s write-up:
1) It’s one of the “good PEAs”, with detailed information on the project and often to Pre-Feas standards.
2) I’m not going into the deep details
The former was already known, but the update does a good job in laying out the new project economics
without assuming too much. The six year mine life is relatively short, but from the getgo MAI has made it
clear there’s a lot of upside potential to the resource so anyone approaching this model should consider its
“first six years”, rather than assuming the mine closes after that time has elapsed.
As for the latter, the relatively small size of Copperstone and its place in the overall valuation of MAI.v means
that we’re better off assuming the mine can and will be built, then running a simple model valuation then
adding the other moving parts of the stock to arrive at a valuation range that’s of practical use, rather than
explaining every deep detail of Copperstone then getting to the end and saying something blithe such as
“and this is only 20% of the value of the stock, folks!” So instead of every nook and cranny on Copperstone,
we now lay out the economics assumptions of the project, get to a partial valuation, then run the same new
cost, metals price and valuation multiple criteria on its other assets to come to a new global price target for
the entire corporate animal.
Here’s how we value Copperstone:
 As per the PEA, a mine and mill that runs at 544 tonnes per day
 Head grade of 6.6g/t. This is lower than the 7.44 g/t M+I resource grade as stated in the PEA, but
takes into account the likelihood of mine dilution (which the company also accounts for in its own
model to a comfortably conservative level).
 Recoveries of 95%: The mine's previous operators, American Bonanza, grade and recovery issues
when operating the mine 15 or so years ago but having read through the Technical Report and heard
the view of MAI president Doug Ramshaw, it's clear those are unlikely to be repeated in any new
operation. American Bonanza made some fairly basic errors when mining and processing its ore back
in the day and more importantly, MAI (via Sabre) knows what went wrong and how to avoid the
issues.
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 A cash cost of U$1,100/oz. That's significantly higher than the U$985/oz assumption in the MAI PEA,
done because erring on the side of caution is definitely the way forward here. In any given project
model, this desk likes to make sure any surprise is a pleasant one and this is no exception.
 TC/RC of 10%, which is at the low end because the product will be a doré produced by the Merrill
Crowe process, therefore easily marketed and transported.
 The 1.5% NSR. There is a small royalty on gold production but it's not a major factor for project
economics model, so we'll take that one as read.
 Zero credits for copper or silver. The PEA NR cover letter, the PEA and the words of president
Ramshaw all make it clear there's potential for extra revenues streams from copper and silver, but for
the time being we'll leave those as potential upsides.
 Other small items
Then we run all that on four price parameters:
 U$1,800/oz: For some reason MAI uses very low prices in its PEA and stress tests the
model, so let’s do the same
 U$2,500/oz: My idea of a low-end conservative price these days
 U$2,700/oz: Our baseline for valuation purposes today
 U$3,000/oz: Because spot price.
Here’s how production looks:
MAI.v: Copperstone Annual Operating parameters
Price deck U$1.8k/oz Au U$2.5k/oz Au U$2.7k/oz Au U$3.0k/oz Au
Tonnes per year 195,840 195,840 195,840 195,840
Avg grade (g/t Au) 6.6 6.6 6.6 6.6
Au prod oz(95% rec) 39,483 39,483 39,483 39,483
gross Au revs (U$m) 71.1 98.7 106.6 118.4
TC/RC, trans/mkt 7.1 9.9 10.7 11.8
Revenue (U$m) 64.0 88.8 95.9 106.6
source: MAI data, IKN calcs & estimates
Then that revenue total becomes our sales number on the condesed income statement:
MAI.v at Copperstone: Condensed Income statement model (U$m)
item U$1.8k/oz Au U$2.5k/oz Au U$2.7k/oz Au U$3.0k/oz Au
Sales (U$m) 64.0 88.8 95.9 106.6
COGS 43.4 43.4 43.4 43.4
Depreciation 6.0 6.0 6.0 6.0
SGA+R&D 2.0 2.0 2.0 2.0
NSR 1.0 1.3 1.4 1.6
Op income 11.6 36.1 43.1 53.6
Interest 4.0 4.0 4.0 4.0
Workers Part. 0.6 2.6 3.1 4.0
Tax 2.0 8.3 10.1 12.8
Net income 5.0 21.2 25.9 32.8
Shares out 577 577 577 577
EPS 0.009 0.037 0.045 0.057
Sust. Capex 2 2 2 2
FCF 0.02 0.05 0.06 0.07
Sources: MAI data, IKN calcs & estimates
At U$2,700/oz, we model EPS of 4.5c per share in US Dollars, decent money for a cheap to build and fully
permitted gold mining project. Here’s how we value this new corner of MAI:
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Sales and earnings Target price & valuation data for Copperstone
Year 1.7kAu 2.5kAu 2.7kAu 3.0kAu based on blended EPS target and U$2,700/oz gold
Sales (U$m) 64 89 96 107 12-month target C$0.23 based 4x EPS
Sales growth 39% 8% 11% at U$2,700/oz gold
EPS 0.01 0.037 0.045 0.06 Mkt cap (CAD$m) $196 Enterprise value $195
FCF 0.02 0.05 0.06 0.07 P/sales (1.7kAu) 2.21 EV/sales (1.7kAu) 2.20
P/E (1.7kAu) 39.1 EV/EBITDA (1.7kAu) 11.1
P/E (1.9kAu) 9.2 EV/EBITDA (1.9kAu) 4.6
P/E (2.0kAu) 7.6 EV/EBITDA (2.0kAu) 4.0
Arguably, we could use a higher multiple on the EPS, we could also use free cash flow instead of bottom line
earnings, but for the time being let’s pitch to the low side. Even so and after using 1) higher costs than the
PEA, 2) a gold price 10% lower than spot 3) no credits from copper or silver 4) other conservatively pitched
inputs, Copperstone still comes out worth 23c/share CAD.
That’s the new corner of the company covered with updated gold and cost inputs, so now seems like a good
time to do the same for the other assets at MAI. They are the working mine at Santana (now in “Plan B”
production and finally producing at a profitable and sustainable level), the #1 development project Cerro de
Oro and the larger La Fortuna, waiting in the wings. For each of the mines, we’ve update the models using
the same price deck for gold (U$1,800/oz, U$2,500/oz, U$2,700/oz, U$3,000/oz), a higher cost of production
than our previous model to build in more conservatism, plus new low EPS multiples for each one. At Santana,
the previous 8X on cash flow is dropped to 6x, at Cerro de Oro we use the same 4X EPS as Copperstone and
for La Fortuna, we cut things down to size with a tiny 2X multiple. All use the new share count, of course.
Here’s the adjusted income statement for Santana:
MAI.v at Santana: Model condensed income statement model (U$m)
item U$1.8k/oz Au U$2.5k/oz Au U$2.7k/oz Au U$3.0k/oz Au
Sales (U$m) 34.4 36.4 38.3 42.1
COGS 24.5 24.5 24.5 24.5
Depreciation 1.0 1.0 1.0 1.0
SGA+R&D 1.5 1.5 1.5 1.5
NSR 1.7 1.8 1.9 2.1
Op income 5.7 7.5 9.4 13.0
Interest 0.0 0.0 0.0 0.0
Workers Part. 0.5 0.6 0.7 1.0
Tax 1.5 1.9 2.4 3.3
Net income 3.8 5.0 6.2 8.6
Shares out 577 577 577 577
EPS 0.01 0.01 0.01 0.01
Sust. Capex 4 4 4 4
FCF 0.02 0.02 0.02 0.02
Sources: MAI data, IKN calcs & estimates
The target price for this corner of MAI is now 15c:
Sales and earnings Target price & valuation data for MAI.v based on
Year 1.8kAu 2.5kAu 2.7kAu 3.0kAu Santana Only and U$2,700/oz gold
Sales (U$m) 34 36 38 42 12-month target $0.15 based on 6x FCF
Sales growth 6% 5% 10% and U$2,700/oz gold
EPS 0.007 0.009 0.011 0.015 Mkt cap (CAD$m) $173 Enterprise value $170
FCF 0.015 0.017 0.019 0.024 P/sales (1.8kAu) 4.76 EV/sales (1.8kAu) 4.68
P/E (1.8kAu) 45.7 EV/EBITDA (1.8kAu) 25.3
P/E (2.5kAu) 34.7 EV/EBITDA (2.5kAu) 19.9
P/E (2.7kAu) 27.9 EV/EBITDA (2.7kAu) 16.4
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Here’s the adjusted income statement for Cerro de Oro:
MAI.v at CdO: Condensed Income statement model (U$m)
item U$1.8k/oz Au U$2.5k/oz Au U$2.7k/oz Au U$3.0k/oz Au
Sales (U$m) 96.3 133.8 144.5 160.6
COGS 72.0 72.0 72.0 72.0
Depreciation 7.0 7.0 7.0 7.0
SGA+R&D 5.0 5.0 5.0 5.0
NSR 5.5 7.7 8.3 9.2
Op income 6.8 42.1 52.2 67.3
Interest 2.5 2.5 2.5 2.5
Workers Part. 0.3 3.2 4.0 5.2
Tax 1.1 10.2 12.8 16.7
Net income 2.9 26.2 32.9 43.0
Shares out 577 577 577 577
EPS 0.00 0.05 0.06 0.07
Sust. Capex 2 2 2 2
FCF 0.02 0.06 0.07 0.09
Sources: MAI data, IKN calcs & estimates
The target price for MAI at Cerro de Oro only is now 30c:
Sales and earnings Target price & valuation data for MAI.v based on
Year 1.8kAu 2.5kAu 2.7kAu 3.0kAu CdO Only and U$2,700/oz gold
Sales (U$m) 96 134 145 161 12-month target $0.30 based on 4x EPS
Sales growth 39% 8% 11% and U$2,700/oz gold
EPS 0.005 0.046 0.057 0.075 Mkt cap (CAD$m) $196 Enterprise value $193
FCF 0.020 0.060 0.072 0.089 P/sales (1.8kAu) 1.46 EV/sales (1.8kAu) 1.44
P/E (1.8kAu) 68.7 EV/EBITDA (1.8kAu) 14.0
P/E (2.5kAu) 7.5 EV/EBITDA (2.5kAu) 3.9
P/E (2.7kAu) 6.0 EV/EBITDA (2.7kAu) 3.3
Finally, here’s the adjusted income statement for the longer-term project La Fortuna:
MAI.v at La Fortuna: Condensed Income statement model (U$m)
item U$1.8k/oz Au U$2.5k/oz Au U$2.7k/oz Au U$3.0k/oz Au
Sales (U$m) 71.9 99.3 107.8 119.9
COGS 49.0 49.0 49.0 49.0
Depreciation 8.0 8.0 8.0 8.0
SGA+R&D 2.5 2.5 2.5 2.5
NSR 2.2 3.0 3.2 3.6
Op income 10.3 36.9 45.1 56.9
Interest 4.0 4.0 4.0 4.0
Workers Part. 0.5 2.6 3.3 4.2
Tax 1.6 8.5 10.6 13.6
Net income 4.1 21.8 27.2 35.0
Shares out 577 577 577 577
EPS 0.01 0.04 0.05 0.06
Sust. Capex 2 2 2 2
FCF 0.02 0.06 0.06 0.08
Sources: MAI data, IKN calcs & estimates
The target price for the La Fortuna part of MAI is now 12c and I’m selling this one mightily short, as one fine
day this mine alone could be worth C$300m.
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Sales and earnings Target price & valuation data for La Fortuna
Year 1.8kAu 2.5kAu 2.7kAu 3.0kAu based 2x EPS target and U$2,700/oz gold
Sales (U$m) 72 99 108 120 12-month target $0.12 based on 2x EPS
Sales growth 38% 9% 11% and U$2,700/oz gold
EPS 0.01 0.04 0.05 0.06 Mkt cap (CAD$m) $196 Enterprise value $192
FCF 0.02 0.06 0.06 0.08 P/sales (1.8kAu) 1.97 EV/sales (1.8kAu) 1.93
P/E (1.8kAu) 47.3 EV/EBITDA (1.8kAu) 10.5
P/E (2.5kAu) 9.0 EV/EBITDA (2.5kAu) 4.3
P/E (2.7kAu) 7.2 EV/EBITDA (2.7kAu) 3.6
Add those together, ignore “Minera Copper” entirely and assume gold returns to U$2,700/oz instead of
climbing higher and you get a C$0.80 price target for our Top Pick Minera Copper, representing a
135.3% upside to this weekend’s C$0.34 share price and once again, underscoring just why I’ve exercised
so much patience with this company.
Discussion and conclusion: “Too much patience”, I hear you say and for what it’s worth, I think that a
valid criticism. Holding a large position in a non-performer isn’t for everyone and as the process dragged to
the end of 2024, I freely admitted my own frustration in the trade, seriously considering at least a partial sale
and putting the company “on notice” for better newsflow as a result. However, the arrival of Copperstone has
once again underscored just how much deep value there is on offer in Minera Alamos today and with one
working mine now making an operating profit and another fully permitted and with a clear track to
production, even if you decide I’m being silly about the prospects for permitting in Mexico in 2025 there’s
more than enough value in this stock to buy at current levels. Our price targets for both Santana and
Copperstone are pitched deliberately low but even after building conservatism into the model at almost every
corner, you could buy MAI at today’s price, forget about Cerro de Oro and La Fortuna and still make a profit.
Copperstone fits very well into the MAI asset suite and means that 2025 will be a busier one for the
company, no matter what happens in the Mexican
permitting offices and when your worst case still comes
out with a buy recommendation, you don’t need much
to go right for the target price to move up rapidly. I’m
going to leave the target price at 70c for the time being,
but the day permits start flowing in Mexico (and most
companies are gearing up for exactly that now), MAI is
set to be one of the chief beneficiaries, In the
meantime, thanks to Copperstone it has a valid project
and something to get on and do from right now so as
tiresome and predictable as it might sound, there’s no
way I’m abandoning Minera Alamos now. It’s on the
cusp of the long-delayed re-rate thanks to the upcoming
improvement in permitting in Mexico but now, via
Copperstone, it has a new and fruitful way of adding value in The USA as well.
Stocks to Follow
A week in which gold rose by 2.55% (GLD proxy), GDX by 4.8% and GDXJ by 5.8% is the type of week that
a junior mining portfolio should perform well so, with just four losers (RPX.v, PGZ.v, PGDC.v, MENE.v) and
two unchanged stocks (SURG.v, MIRL.cse) in the mix of 19 stocks, it qualifies. However, those 14 winners
didn’t have many massive out-performers in the mix and only had Orecap (OCI.v up 10.0%) as a double
figure percentage mover week-over-week so it wasn’t anyone’s idea of spectacular, either.
We swapped out ERO for GROY last week, which means there are still 19 open positions at the moment, one
under the self-imposed maximum. Nine stocks are in the red, nine stocks are in the green, one is UNCH but it
9

would only take one more decent week for the sector to see five of the red ones turn green and if gold
continues to blast higher it could be 14 vs 5 this time next weekend.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v STR BUY C$0.21 13-Oct-19 C$0.34 61.9% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.78 -2.5% Now building Fenix, will re-rate
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$15.26 -4.2% Added Feb'25, cheaply valued
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.88 22.1% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$5.57 82.6% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$3.40 24.5% Main Ag trade, $5.74 tgt
Aftermath Silver AAG.v STR BUY $0.425 22-Dec-24 C$0.60 41.2% New silver trade going well
Gold Royal. Corp GROY STR BUY U$1.37 9-Mar-25 U$1.51 10.2% New turnaround trade
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.09 12.5% Ecuador elex/buyout trade
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.11 0.0% FY25 gold exploreco spec
Surge Copper SURG.v SPEC BUY $0.105 22-Dec-24 C$0.10 -4.8% bulk copper in good address
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.14 -26.3% Cu jr, some recovery recently
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.055 -8.3% top fundy value, illiquid
SPECULATIVE TRADES
IMPACT Silver IPT.v SPEC BUY C$0.30 14-Apr-24 C$0.21 -30.0% Silver spec, done nothing
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
Lumina Gold LUM.v WATCH C$0.63 23-Feb-25 C$0.61 -3.2% Ecuador gold developer
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.035 75.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.165 94.1% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.14 -72.2% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
Now for notes on some of our covered companies.
Gold Royalty Corp (GROY): POSITION OPENED. As is sometimes the case, instant regret for making
this just a foothold position instead of buying more. Your author managed to fish some of the cheapest
shares of the week on Monday, bagging U$1.37 before the market decided that mining stocks were largely
immune from the Trump Crazy, spent the rest of the week buying higher volume issues and in the case of
GROY, volume spiked to average over 1m shares per day. That’s all the bandwidth this audience will ever
need, so we enjoy good entry timing and a cushion as we
enter GROY’s 4q24 earnings, due out post-close
Wednesday. The reason we’re long the stock is essentially
its 2025 guidance and prospects of the stock moving into
real profit territory and staying there for the first time
ever. Therefore, expect a detailed update on the nascent
trade next weekend.
Before we move on there’s an angle we should cover re
GROY, as feedback from last week’s opening coverage
report on GROY included two people asking for an opinion
10

on the open trading warrants on the NYSE, under the ticker GROY.WS. Three things to say:
1) As mentioned to the mailer and the DMer, I thought about mentioning them last weekend but, as
they are a leveraged derivative of the shares and essentially the same trade, decided to leave them
out of the equation.
2) There are around 20m warrants listed for trading, generated from the 2q24 bought deal offering
which raised gross proceeds of U$34.5m. They have a shelf life of 36 months (i.e. to May 2027)
and a strike of U$2.25.
3) They currently trade at 30c, which means the stock would have to trade over U$2.55 come the
expiry date for any buyer today to make a profit. However, as they are free trading they do offer
the potential of leveraged gains if the stock trades sharply higher.
GROY.WS offers a way of adding extra risk/reward to your trade. The three main differences are that 1) you
don’t have to tie up as much money to get control over the same amount of shares (1,000 shares ties up
U$1,500 or so, 1,000 warrants has U$300 tied up), 2) the time limit on the warrants means they trade lower
as the due date comes nearer and 3) there’s less liquidity in the warrants than the shares. The risk-takers
might want to conside the potential of controlling 5x the amount of shares for the same U$1,500-or-so (at
today’s prices), but be clear that if the share price flatlines from now until then you get your money back if
you own the equity, whereas those warrants would expire worthless. You pay your money, you take your
choice but personally, there’s enough risk dabbling in the junior sector without turbocharging it by trading the
derivatives such as call options or free-trading warrants. Then again, I am a yellow-bellied whuss.
Ero Copper (ERO.to) (ERO): POSITION CLOSED. The flipside to buying GROY cheaply is that to raise
the cash, I sold ERO on the same day and even though I got a decent price compared to other Monday
trades, by the time the week had ended ERO.to was back over C$18. Anyway, the trade is now closed for a
loss as planned, reasoning as per last weekend as I believe ERO will need to go through a longer fallow
period before picking up momentum again.
Eldorado Gold (EGO): Seems as though BlackRock Inc
agrees with this desk regarding EGO. On Monday, Larry
Fink’s big money house updated its holding disclosure on
EGO from its last disclosed position in 2024 when BLK held
26.33m EGO shares, or 12.9% of total shares out. That’s
now moved up to 34.088m shares, representing 17.0% of
shares out and a significant upsize. The stock proceeded to
do well all week, continuing its decent move from the week
before and beating out the GDX benchmark as seen in this
ten-day comparative chart (right). As such, EGO has clawed
back a few of the percentage points it lost to peers in the
first two months of the year and that’s good.
Amerigo Resources (ARG.to): The rally continues. While we don’t look toward ARG as the spearhead of
percentage gains in the copper space when the metal is in bull mode, we do look for constructive price action
and that’s what we got, up another four pennies and plenty of interest to own.
One correction from last week, as I erroneously wrote that ARG goes ex-divi on the 20th and that was a
brainfart, as the stock went ex-divi on March 6th and the 20th is when the dividend is delivered to
shareholders. That’s good, I’ll be looking for the cash to arrive in my account by the following Monday.
AbraSilver Resource Corp (ABRA.to): The rally in ABRA continues and came with solid fundamental
news, too. The first of two NRs last week came Monday (3):
Toronto – March 10, 2025: AbraSilver Resource Corp. (TSX: ABRA; OTCQX: ABBRF) (“AbraSilver” or the “Company”) is
pleased to announce further strengthening of its technical team with the engagement of Caro & Navarro Limitada (“Caro &
Navarro”). The principal of Caro & Navarro is Boris Caro who will serve as Project Director, effective full-time from April 1,
2025.
Mr. Caro brings over two decades of international experience in mining operations and project development, having played key
roles at leading global mining companies, including Newcrest Mining Limited (acquired by Newmont Mining Corporation),
former Orocobre Limited company (currently part of Rio Tinto) and Galan Lithium Limited.
In his new role, Mr. Caro will help oversee the completion of the Definitive Feasibility Study (the “DFS”) for the Company’s
flagship Diablillos Project in Argentina, which is targeted to for completion in Q1/2026. The DFS will follow approval of the
11

Environmental Impact Assessment (expected in Q4/2025), and qualification of the Diablillos Project under Argentina’s RIGI
law. The Diablillos Project is expected to advance to a construction decision in H2/2026.
Without having a depth of detail on Señor Caro (a Chilean national with a strong reputation who went to
Australia to complete his geology studies and worked in several companies before going independent and
starting a consultancy service), from the company
standpoint this is positive as it’s the type of move
you’d want from a serious junior, expanding its brains
trust as the permitting and DFS deadlines approach.
He gets 300k incentive options and I sincerely hope he
does well on those.
The next day Tuesday 11th saw positive drill assay
news from Diablillos (4), under the title line
“AbraSilver Reports High-Grade Drill Results from
Multiple Targets at the Diablillos Silver-Gold Project”.
Three areas of Diablillos saw assay results published
and while the Sombra and Oculto NE results were also
good and a reminder that the project area has
excellent development prospects (something potential
buyers like to hear, their geol teams can dream of
“free ounces”) the drills 072, 073 and 075 from the far
edge of the JAC zone were the most interesting
This section view (dotted line in above visual) shows the location of the three holes and how these can easily
add tonnage and ounces to the current JAC resource by simple extension of the current mine plan.
Or in the words of Dave O’Connor, ABRA Chief Geologist, “The consistency of high-grade mineralization
across multiple target areas at Diablillos is highly
encouraging. These drill results continue to extend
known mineralization beyond existing conceptual open
pit boundaries, supporting further Mineral Resource
growth and strengthening the Project’s geological
potential.” Couldn’t have put it better myself. The red
ink added to the assay results table highlights the cuts
from those three holes and while the grade of 073
wasn’t quite up to standard, what matters in UG
mining is an average and the mineralization width for
easy access. This zone of 20m to 30m will be simple
and technologically simple mining for its eventual
operator, one fine day.
Red Pine Exploration (RPX.v): A reminder, if you ever needed one, that these tinycappers can move up
and down sharply on relatively small amounts of market money. That flurry of selling on Monday was 854k
shares and that’s a lot for this stock, but in cash terms it was about U$60k and that compares to this
weekend’s market cap of around U$23.5m.
12

It’s the way it is in this sub-sector, but bargains attract bargain hunters and come Friday there were willing
buyers to move the stock back up from whence it came, just half a cent off last weekend’s price instead of
the 21.7% discount we witnessed on Monday and Tuesday.
IMPACT Silver (IPT.v): I’m not sure how much this stock needs, or even deserves, a running weekly
commentary but with silver rallying and starting to look as though it
could put in a serious pop (see today’s intro section) there buying
we saw in the last three days of last week is interesting on a near-
term level.
We’re about to get IPT’s 4q24 and YE earnings report, which was
slightly late last year but normally drops in the last week of March.
The company has been talking up its new Plomosas mine in recent
NRs and that’s the place to look for guidance positives when the
accounts drop. Even though I’m in at an expensive-looking 30c (it
looked cheap at the time...sigh…), don’t let my stupidity stop you
form considering IPT as a leverage spec on silver price moves. It has
the track record of moving fast and far from time to time and a return to an easily reachable 30c implies a
42% upside from here. Gamblers, on notice.
Orecap Inv Corp (OCI.v): The liquid-ish assets table this weekend shows that each OCI share is worth at
least 6.9c at liquidation value…
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.51 6.01 2.4
ARIC.v 7.39 0.54 3.99 1.6
ARIC warrant 4.17 0.34 1.42 0.6
XXIX.v 39.097 0.095 3.71 1.5
MERG.v 5.125 0.035 0.18 0.1
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.025 0.62 0.2
subtotal 15.93 6.4
Est.cash 1.20 0.5
Total 17.13 6.9
At 247.714 S/O
…so the 5.5c looks good and explains why the stock found it easy to add 10% on the week. However, bottom
feeders who got filled at 4.5c early week must feel happy with their patience fishing.
Surge Copper (SURG.v): Notable by its absence on any
type of junior mining channel, this tinycap controlling multi-
billion pound deposit in BC Canada is being completely ignored
by the sector. Which is interesting in itself.
13

The Copper Basket
After eleven weeks of 2025, The Copper Basket shows a gain of 5.92% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 579.88 2.11 47.6%
2 SolGold SOLG.to 0.13 3001.11 420.16 0.14 7.7%
3 Trilogy Metals TMQ.to 1.65 160.903 371.69 2.31 40.0%
4 Aldebaran Res. ALDE.v 1.90 169.914 319.44 1.88 -1.1%
5 Arizona Sonoran ASCU.to 1.47 148.409 305.72 2.06 40.1%
6 Regulus Resources REG.v 2.05 124.659 255.55 2.05 0.0%
7 Hercules Metals BIG.v 0.55 253.391 190.04 0.75 36.4%
8 Faraday Copper FDY.to 0.74 205.336 178.64 0.87 17.6%
9 Hot Chili HCH.v 0.67 151.42 93.88 0.62 -7.5%
10 American Eagle AE.v 0.69 167.45 85.40 0.51 -26.1%
11 Element 29 Res ECU.v 0.63 119.833 49.13 0.41 -34.9%
12 XXIX Metal XXIX.v 0.11 258 24.51 0.095 -13.6%
13 Kobrea Exploration KBX.cse 0.60 35.085 22.45 0.64 6.7%
14 Pampa Metals PM.cse 0.16 83.164 14.55 0.175 9.4%
15 Libero Copper LBC.v 0.315 57.05 11.98 0.21 -33.3%
NB: All stocks in CAD$ Portfolio avg 5.92%
The Copper Basket average kicked on by 3.64% last The Copper Basket 2025, weekly evolution
8.0%
week to reach +5.92% and the highest weekly close of 7.0%
2025 so far. Not exactly headline-making numbers, but 6.0%
it also marks six straight weeks in positive territory and 5.0%
4.0%
that’s what juniors need to build sector momentum. Nine
3.0%
stocks of our 15 were week.over-week winners 2.0%
(SOLG.to, TMQ.to, REG.v, ASCU.to, FDY.to, BIG.v, AE.v, 1.0%
0.0%
HCH.v, PM.cse) and of those, the big moves in Trilogy
-1.0%
(TMQ.to up 25.5%), SolGold (SOLG.to uo 16.7%) and
American Eagle (AE.v up 15.9%) stand out. One stock
remained unchanged on the week (XXIX.v) and that
leaves five losers (ATX.v, ALDE.v, ECU.v,
KBX.cse, LBC.v) with Element 29 (ECU.v down
15.5%) and Libero Copper (LBC.v down 12.5%)
doing most damage to the overall average.
The positive week for stocks fed directly from
the bullish sentiment for copper-the-metal, with
the Trump tariff threat on copper continuing to
dominate trading. We’ll continue with our
regular Comex futures chart and it shows the
4%-or-so improvement on the week to close at
U$4.88/lb, though we stress as last week that
for the time being, Comex isn’t representative of
copper prices around the world.
This little chart (right) gives an idea of the current
arbitrage between Comex and LME copper contracts. With
the cash trade at U$4.87/lb in Comex and U$4.43/lb in the
LME the arb starts at 10%. From there, the Comex March
2025 is 10.3% more expensive than the equivalent at
LME, which moves to 10.8% for the June contract, 12%
14
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61
source: IKN calcs
Price difference between
LME and Comex copper contracts
34.4 968.4 14.4 78.4 44.4 29.4 44.4 79.4 14.4 40.5
U$/lb LME
6.00 Comex
5.50
5.00
4.50
4.00
3.50
3.00 2.50
2.00
1.50
1.00
0.50
0.00
Cash March June August December
source: Comex, LME

for the August contract and a whopping 14.4% for the December contract.
There’s plenty of talk about large shipments of copper now making their way toward The USA, with buyers
and importers looking to make coin on the physical arbitrage. There’s evidence of this flow already (see the
weekly inventory round-up below) but with another 100kmt of LME copper now on-warrant (i.e. earmarked to
leave stores) the move may become an avalanche. This should also see the arb tighten as bidders for LME
(and other) tonnes are willing to pay more and sure enough, even though the Comex and its 4%
improvement on the week led the way, LME prices also rose by around 2% as Trump Tariff players focus on
the likelihood that copper join steel on the White House list. However, we also had bullish news from copper’s
own fundamentals to back up the bull run. For one, satellite intelligence company Earth-i last week reported
(5) that despite an overall slowdown in smelting activity worldwide, China’s smelters had surprisingly
accelerated production:
Last month, an average of 8.8% of global copper smelter capacity monitored was inactive, up from
8.6% in January, the company said in a statement. The change was driven mainly by Europe, Asia
(excluding China) and Oceania.
“Nevertheless, smelting activity remains strong, defying prevailing market conditions for treatment and
refining charges (TC/RCs),” Earth-i said.
Smelter inactivity in China, home to over 40% of capacity covered by its services, fell for the fourth
consecutive month to 5.5%, the lowest since March 2023.
“While this is consistent with seasonal patterns and the uptick in economic activity that comes with the
spring thaw in the northern hemisphere, it is remarkable given TC/RCs at record lows for the annual
benchmark and spot market terms that are now widely marked in negative territory.”
Remarkable indeed and a strong signal that China’s demand for copper was stronger than the market had
previously assumed. Another came later in the week and here’s Reuters to explain (6):
In top metals consumer China, copper on the Shanghai Futures Exchange closed daytime trade 2.08%
higher on prospects of improving demand, having earlier hit its highest since September 30. Underlying
fundamentals are showing improvement, with the ANZ Downstream Copper Demand Indicator showing
positive growth, especially in grid infrastructure and electric vehicles, ANZ analysts said in a note.
“Manufacturers, supported by recent stimulus measures, are ramping up production… copper cathode
inventories in Shanghai and Guangdong extended declines from a peak due to fewer imports in recent
months.”
If you were wondering, this is the same copper market observers were calling as peaked and over-supplied in
the near-term at the start of the year, and the same metal this desk has been overtly bullish about over the
same period. The question you should be asking yourself isn’t whether the market commentators and
analysts dialed up on a regular basis by the world’s business media channels are lying to you. Instead, take it
for granted they are lying and ask yourself why, because it’s either that or they’re stupid. We move to the
regular look at copper inventories, data supplied by Cochilco:
 A notable week in the copper space, as world inventory movements are offering a strong backing
signal to the price move. The aggregate of the three official systems dropped by a significant
35,218 metric tonnes (mt) to close the week at 573,406mt, under 600kmt for the first time since
the end of the Chinese holiday season.
 Last weekend we noted the first small drop in SHFE copper stocks the Lunar New Year and flagged
it as potentially significant. This weekend confirms that in spades, as the drop of 11,904mt in SHFE
inventory to a close of 255,472mt Friday means the top is in the for the year. It also strongly
suggests we’re not going to see another anomalous 2024 pattern, so the drawn drown of stock
should now start in earnest. We follow the movements in copper on a week-by-week basis for
moments like this, the weeks when a clear signal shows up and this weekend, SHFE is shouting
“China demand for copper is strong”.
 What’s more, the LME joined in on the stock draw with a widely reported draw on its physical
copper stocks as US buyers moved to secure supply in North America at non-tariff prices. Some
23,575mt left LME warehouses last week and the rumour is that there are more big withdrawals in
the pipeline as warrants become due. This weekend’s total in LME is 233,750mt, we’ve finally
cracked away from that tight range around 260kmt. Asia stocks made up nearly all the drop, losing
22,925mt and offering up the intriguing possibility of copper moving the opposite way across The
Pacific than we’ve seen since forever. Taiwanese stocks landing in Los Angeles, anyone?
15

 The Comex bucked the trend and added 261mt to close at 84,184mt. In the weeks ahead, we may
get another signal of a new desire to store copper in The USA from this data set.
The dedicated SHFE tracking chart shows that yes indeed, stocks are now rolling over. Our model from here
is the 2023 line and that one goes very low.
SHFE copper inventory levels, 2019 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
16
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
source: Cochilco data
Now for notes on a couple of our basket stocks:
SolGold (SOLG.to) (SOLG.L): SOLG rallied 20% on the back of real news, when announcing that Chinese
backer Jiangxi was essentially doubling its position in the company (7):
SolGold plc (LSE & TSX: SOLG) is pleased to announce that its wholly-owned subsidiary, SolGold
Canada Inc., has entered into a share purchase agreement pursuant to which it has agreed to sell
157,141,000 ordinary shares of SolGold ("Owned Shares") at a price of US$0.115 per Owned Share,
raising gross proceeds of approximately US$18 million (the "Investment"), to Jiangxi Copper (Hong
Kong) Investment Company Limited ("JCCHK"), a wholly-owned subsidiary of Jiangxi Copper
Company Limited ("JCC", and together with JCCHK, "Jiangxi").
The shares come from the stock received when SOLG bought out minority holder of Cascabel Cornerstone
Capital and that means 1) no new shares are created in this sale and 2) all proceeds go to the SOLG treasury.
That’s U$18m or so and useful money, as noted last weekend the company has been running on fumes and
needed a cash injection of some sort, however we also guesstimate they need around U$50m for a fully
productive 2025, so this is only enough to get them half way through the year.
Moral: Expect another financing.
However, we like that Jiangxi is once again willing to pay significantly over the going open market price for its
block, we also like the signal it sends for the future of the
company as there’s little doubt which country would most like
to secure this large source of long-term copper supply. Jiangxi,
now up from 6.95% to 12.19% of shares out, can compete
toe-to-toe with BHP and the other major shareholders. Which
beings us to the other angle to like about this deal, how the
sale of “Canada Held Shares” will make it easier for SOLG to
rescind its TSX listing, make the shares London-only and
facilitate an eventual sale to Chinese capitals. Unlike its other
recent newsflow, this event did manage to bring new
momentum to the stock and it’s not difficult to spot where the
London market started trading this update.
Faraday Copper (FDY.to): FDY filed its 4q24 and YE financials Tuesday evening and with no big surprises,
we’ll just cover the basics and make one prediction on its numbers for 2025. The first charts show the assets
and liabilities overview and they don’t come much simpler than this. Regarding assets, FDY expensing its
costs which means the only real change is the gradual cash burn. Regarding liabilities, there is a small
increase as there were some fees due to management outstanding, but even with that slightly larger column
on the right it’s still small stuff.

FDY.to: Assets, per qtr
55
50 45
40
35
30
25
20
15
10
5
0
What matters most to FDY financials in 2025 is its cash
position, which stood at C$17.004m as at end 4q24. The
cash chart (right) makes it easy to see the typical burn
rhythm, it also gives obvious clues as to when FDY will go
back to market and top up treasury as all you have to do
is count to five, or if you like wait until the pot drops under
C$10m. Therefore, we do a little extrapolation in the
working cap chart (below left and guesstimate a new
raising 2q25, with the share count chart (below right)
making our second guesstimate of 220 m shares out by
the time it’s done. Those forecasts should be taken with a
pinch of salt, but even if we’re out by a quarter or by 10m shares either side it provides a framework of what
to expect.
Hot Chili (HCH.ax) (HCH.v): Another with news for the market on Tuesday, but this time it was the early
hours of Tuesday morning and the optics were not good. After halting the stock for trading in Australia, HCH
announced post-ASX close (8) “…that Dr Nicole Adshead-Bell, Non-Executive Chair and Mr Stephen Quin,
Non-Executive Director have tendered their resignations as Directors of the Company, effective immediately.”
The Board extended its sincere appreciation to the departing duo and wished both well in their future
endeavours. Because business. Those with an eye for track records will know that Adshead-Bell has a habit of
taking directorships in suspect companies and then either
brokering deals (e.g. when Beadell Resources Limited was
bought by Great Panther and hilarity ensued at its Tucano mine)
or jumping ship just before things go wrong (e.g. Silver Bull in
Mexico). The market reacted negatively to the news at first, but
HCH was out with plenty of marketing, promo and appearances
on the influencer interview circuit a few days later when the
company announced its half-year financials (ASX style), with
promises and optimism about the upcoming feasibility study and
the opportunity for its spun-out water company. It seems that
nice talk matters more to an Australian audience than the
sudden departure of two directors. So be it.
17
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
C$m FDY.to: Liabilities, per qtr
5
fixed 4.5 other current 4
cash 3.5
3
2.5
2
1.5
1
0.5
0
source: company filings/IKN ests
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
source: company filings/IKN est
srallod
fo
snoillim
LT liabs
current liabs
FDY.to: Cash treasury per qtr
30
25
20
15
10
5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
C$m
source: company filings/IKN ests
FDY.to: Shares out (m)
8.69 3.79
5.221 0.321 3.321
3.571 0.671 0.671 6.671 6.671 3.502 3.502 4.502 5.502 0.912 0.022
250
200
150
100
50
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1 tse52q2 tse52q3
FDY.to: Working Capital per qtr
source: company filings, IKN ests
185.3
506.0 674.51 288.11
246.6 823.62 626.02 557.81
497.21
432.7
632.42 991.02
921.31
7
52
02
51
30
25
20
15
10
5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1 tse52q2 tse52q3 tse52q4
C$m
source company filings/IKN ests

Element 29 (ECU.v): Two charts of the same trio, ECU.v plus
the main copper ETF (COPX) plus the copper continuous
contract, show two things. Below left the ten-day chart shows
how ECU was walked down to a price and then came the
reason, a flurry of 250k shares that somebody somewhere
wanted to dump. Then below right the two-month chart shows
that ECU’s decadence stems from the January 22nd date when it
announced the much awaited drill results from Elida, including
that long hole.
What’s the issue? Back in IKN819 when considering the drill
assay results that day, the question of depth and accessibility came up. Here’s an excerpt:
“….ECU at Elida does not have the luxury of favorable and friendly topography around its resource in the same
way that, for example, Aldebaran has at Altar. That project can easily expand its pit shell to include the
successful deep drill assays sunk by the ALDE team, ECU will need to justify block caving and when you add
complications, you add cost. In correspondence with CEO Osmond, I was told that ECU believes there’s plenty of
opportunity to expand Elida laterally. That’s important, so we’ll see how this resource develops.”
Comparing Elida’s restricted geography to that of the open and easy Altar was the best way I had of voicing
the concern. I think this is the issue and ECU has more to prove before it attracts longer-term money. What
we do know is the 4q24 share price run of 40c to 65c on the back of the promise offered by Elida has all-but
completely unwound.
The Producer Basket
After 11 weeks of 2025, the Producer Basket shows a gain of 20.16% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 52.11 46.24 24.2%
2 Agnico Eagle AEM 78.21 497.971 51.59 103.60 32.5%
3 Barrick GOLD 15.50 1748.05 32.83 18.78 21.2%
4 Franco-Nevada FNV 117.59 192.119 29.46 153.35 30.4%
5 B2Gold Corp BTG 2.44 1313.11 3.89 2.96 21.3%
6 Eldorado Gold EGO 14.87 204.909 3.13 15.26 2.6%
7 New Gold NGD 2.49 790.9 2.52 3.19 28.6%
8 OceanaGold OGC.to 3.98 708.074 2.02 4.08 2.5%
9 Sandstorm SAND 5.58 296.844 1.94 6.53 17.0%
10 Wesdome Gold WDOFF 8.98 148.95 1.62 10.89 21.3%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 20.16%
For the second week running, all ten of our basket component stocks were week-over-week winners ut this
time there were disparate performances from the mediocre move made by Barrick (GOLD up 1.0%) to the
strong rallies seen in B2Gold (BTG up 10.5%) and New gold (NGD up 10.0%). Overall, our basket managed
to claw a couple of tenths from the GDX benchmark and at this stage in a sorry Q1 that feels like a big win.
The 2025 Producer Basket: Weekly performance and
30% comparative to GDX control
25%
20%
15%
10%
5%
0%
18
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead) 9%
8%
7%
ikn 6%
gdx control
5%
4%
3%
2%
1%
0%
source: IKN calcs
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61
source: IKN calcs, NYSE data

Franco-Nevada (FNV): A good week for FNV as the stock
reacted to the news out of Panama that its government and
First Quantum (FM.to) had moved a little closer to each
other (see Regional Politics, below). The stock still has work
to do to beat its all-time high of just over U$168 set intraday
in 2022 (or ATH close of just under U$164), but that’s less
than 10% away now and the world’s #1 royaltyco is now
snapping at the market cap heels of Barrick (which under-
performed again last week).
B2Gold (BTG): We included BTG this year because the bad
news on the Goose capex overrun was basked in before
2025 started and, if the company can deliver of the revised
guidance, we should see a re-rate. BTG has managed its
West Africa risk far better than Barrick (by basically caving in
early to the Malian government instead of trying to fight)
and with gold moving fast, it’s in a sweet spot for Tier 2
miners that start to look like juicy snacks to the Tier 1
players. BTG got over its YE earnings report with a positive
verdict from the market and as this comparative chart
shows, the out-performance has just started to kick in again,
the year started badly but is now improving so, I’d venture
to say that this is one of the few new picks I don’t feel bad
about this year.
The TinyCaps List
After 10 weeks of 2024, the TinyCaps show a gain of 2.54% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 133.87 16.06 0.12 -29.4%
Condor Res CN.v 0.145 141.155 21.88 0.155 6.9%
Electrum Disc ELY.v 0.13 98.99 7.42 0.075 -42.3%
Endurance Gold EDG.v 0.145 174.5 23.56 0.135 -6.9%
Kodiak Copper KDK.v 0.39 75.92 31.89 0.42 7.7%
Latin Metals LMS.v 0.08 96.476 8.20 0.085 6.3%
Mogotes Metals MOG.v 0.13 236.796 30.78 0.13 0.0%
Radius Gold RDU.v 0.085 107.41 17.72 0.165 94.1%
South Star STS.v 0.55 52.64 24.74 0.47 -14.5%
Viva Gold VAU.v 0.14 118.384 17.17 0.145 3.6%
Prices in CAD$, data from TSXV basket avg 2.54%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, 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 2025. 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.
19

TinyCaps, 2025 weekly tracker
5%
4%
The TinyCaps basket moves back into positive territory 3%
2%
thanks to seven winners out of ten (CN.v, ELY.v, KDK.v,
1%
LMS.v, MOG.v, RDU.v, VAU.v) and the other three all 0%
unchanged (BRO.v, EDG.v, STS.v)…yes indeed, no week- -1%
-2%
over-week losers. The best move of the week came from -3%
Electrum (ELY.v up 25.0%), which may have finally found -4%
its bottom. Condor and Radius also did well and moved up
10%.
Radius Gold (RDU.v): The big mover on the list for Q1 has been getting the Ridgway pump for several
weeks on the back of its Tierra Roja project in Peru, but we note with interest a key missing piece of the
puzzle. No drill permits. Signed onto the company in September, we were told this in December…
Drill Permitting: Progress has been made in obtaining permits for an initial drill program, ensuring that the next
phase of exploration can proceed efficiently.
… then six weeks ago we were told this…
Radius is pleased to announce that the Company has acquired a water supply agreement to source sufficient
water to operate 5 drill rigs for the next 5 years. This supply agreement has been signed off by a local magistrate
and allows water trucks to supply drilling operations. This is a significant step towards drill permitting. Further, the
Company has obtained federal notification acknowledging that the project area has no registered or resident
community and is state owned, enabling the Company to proceed with drilling and potentially mining operations
without requiring community consultation.
...and all that’s fair enough, but this is Peru and even after hearing minister after minister promise a faster
permitting track for explorecos, the required papers can still take an age to appear. We’re now three months
on from the “progress in permits” and still nothing to report, so if you’re interested in this play, your advice is
to wait until the permits are officially announced.
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 $25m 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
Ecuador: Canny CONAIE and photo opportunities
Last week saw the CONAIE indigenous pressure group finally make a call on the run-off and while its leader,
Leonidas Iza, clearly wanted to throw his full support behind the leftist candidate Luisa González, the result of
the long debate was less decisive. While the leadership of CONAIE were clear about the main call of “Not one
vote for the right wing” (i.e. Noboa), its eventual position was best captured by Agence France Presse in this
report (translated) (9):
“Ecuador’s Indigenous Movement Denies its Support to Daniel Noboa in Ballotage”
Iza’s problem is that there are too many sections of the CONAIE umbrella group that cannot stomach either
party up for the election. As noted last weekend, The Correa government of 10 and 15 years ago was hated
by local indigenous due to the way they were violently repressed, arrested and jailed for protests against
developments they did not want on their territories. Also as noted last weekend, there are certain factions
inside CONAIE that have also voiced their support for Noboa over González, as local issues will always trump
a national party political position for this type of umbrella movement. Iza had to walk a tightrope and the
decision, to announce that the executive committee would not support Noboa and that they would present
their demands to Luisa González, with a view to getting her pledge on key issues before offering active
support, is the best he could do under the circumstances. That laundry list of issues include the opposition to
all type of mining projects and developments, so that we are clear. It was enough for his ardent supporters
to shout “Iza Kingmaker”, but the government must be happy with the watered-down declaration from
CONAIE on Wednesday afternoon, as the upshot is a split CONAIE that does not send any clear signal to its
members on how to vote.
Or as Ecuadorian political scientist and commentator Tomás Rodríguez Maguana correctly stated in this report
out of America Economia last week (10), “In Ecuador, voting blocs are non-transferable. There is no
20
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61
source: IKN calcs, TSX data

guarantee that the decisions taken by organizations are adhered to by their members.” Needless to say, the
lukewarm-at-best support for Luisa González by CONAIE plays in President Daniel Noboa’s favour, as the
5.3% of voters who opted for Leonidas Iza in round are highly unlikely to transfer en masse to the opposition
candidate.
The real fun starts as from next weekend in Ecuador, with the scheduled live TV debate between Noboa and
González on the evening of Sunday March 23rd (I’ll try to watch it and report back on the performances),
then the next day the start of the official three week campaigning period before the April 13th run-off vote.
In the meantime, we had an odd interview with the minister of Energy and Mining, Inés María Manzano, by
Forbes on the sidelines of PDAC, which was as much a photo shoot as a Q&A in matters of State. Seriously,
the magazine openly admits it and there are three smiling-posing shots of the Minister to prove it, we quote
(translated) (11):
“The conversation went on for more than an hour and was accompanied by a photography session, which
underscored the confidence she has in the (mining and energy) sector at the moment.”
Check out the link for the elegant minister and her smile. Bizarre, but there was some real news on mining
projects a little further down the article:
“Mining project in progress
Manzano said that the government was about to sign off on the Cascabel project and hoped that Cangrejos, in the
El Oro province, would begin this year. Regarding Ecuacorriente, she mentioned that what Mirador wanted above
all was a permit addendum that (would allow the mine) to increase its production.”
Good for a sound bite or two as you strike your next pose for the camera, but all the above will, of course,
depend on whether Noboa gets the nod on April 13th and even then, we’re talking about the promises of a
South American politician rather than a normal human being.
Mexico: Industrial output drops and mining is a weak link
Last week saw the INEGI official Mexican stats beancounter bureau (Instituto Nacional de Estadística y
Geografía) announce (12) industrial output figures for January that were down on a month-over-month
(MoM)and year-over-year (YoY) basis. Industrial output dropped by 2.8% compared to January 2024 and a
seasonally adjusted 0.4% compared to December 2024, with the weakest points including mining, down
8.6% YoY and 1.8% MoM. The pro-growth Sheinbaum government has just been handed another reason to
get behind its mining industry.
Panama: Ticking the boxes on Cobre Panama
Way back in IKN781, dated May 5th 2024, we ran the Regional Politics note “Panama: José Raúl Mulino wins”
on the back of the news of his election victory. Those living in Panama may have a different opinion and of
course certain US politicians are concerned about the battalions of Chinese soldiers now patrolling its canal,
but when it comes to this small Central American country The IKN Weekly cares most about the First
Quantum (FM.to) Cobre Panama dispute so the victory of Mulino, the stand-in for ex-President and pro-
mining Ricardo Martinelli who was barred from running due to his love of money (he says, diplomatically),
was always going to be good news. At the time in IKN781 we sketched out a roadmap for the dispute over
the mine:
“…nobody should be holding their breath on a quick resolution or a sudden reopening of the mine.
We ballpark the following:
 Mulino assumes office.
 The new assembly is more anti-mining than the new President
 Both get a honeymoon period, nothing happens this year
 The new President is lobbied by FM and eventually opens the debate on mining, first
by allowing the 120,000mt or so of copper concentrate still stored on site at Cobre
Panama to be exported. This breaks the port blockade.
 President Mulino points to the severe financial penalty Panama would suffer if it lost
the ICSID/CIADI international tribunal, then attempts to bring parliament around to a
negotiated settlement with FM.
All this will take some time, of course.
21

IKN826 back and as from this week, the fourth of those five bullet points gets ticked off. Here’s Reuters to
explain (13):
PANAMA CITY, March 13 (Reuters) - Panama has authorized the sale of copper concentrate at First Quantum's
(FM.TO) shuttered Cobre Panama mine, President Jose Raul Mulino said on Thursday, boosting shares in the
Canadian miner by 15% to a two-month high on the Toronto Stock Exchange.
Mulino also ordered the restart of a power plant needed to operate the Punta Rincon port, located about 17 miles (27
km) north of the mine, that will be used to help export production from the mine.
The sale of concentrate was always going to be a first step in the right direction. Not only does it free up the
cash sunk into the conc for FM, but it also means the dedicated port will be opened for business for the first
time since the dispute began and if the well-organized local protesters decide to try and stop the shipments,
this time they’ll have the government against them and not for them. The physical unblocking of the port is
as important to the future of the mine as anything else and both sides know it. The government also offered
to start talks with local communities and put an emphasis on small business owners who had been adversely
affected by the closure, again suggesting its pro-reopening
position. FM responded to this move by offering to suspend its
international arbitration proceedings at ICSID/CIADI and sit
down to talk with the government, all nicely orchestrated.
We’ll now move to the 5th talking point soon, once the
environmental report lands on Mulino’s desk to give the mine a
relatively clean bill of health. FM stock responded to this act of
détente by rallying to over C$21 for the first time since the
story exploded the stock back in October/November 2023 and
as seen in the Producer Basket above, big royalty holder on
the mine Franco-Nevada also enjoyed a decent week.
Argentina: The peasants are revolting
By luck or otherwise, last week’s note on Argentina, “Libra and the end of the Milei honeymoon”, was well-
timed as some minor level rioting hit the streets of Buenos Aires. We’ll go with AP for the background (14)
and a couple of long-ish excerpts but even this is only scratching the surface, there’s a whole back story that
we’re not going to touch on these pages (if you’d like to know more, feel free to contact and ask away):
Argentine pensioners and soccer fans clashed with police on Wednesday as a protest unfolded in front of
Congress, with citizens rallying against the economic policies brought in by the government of President Javier
Milei.
It was an unlikely mix with retirees gathered in Buenos Aires flanked by soccer fans from teams normally at odds
with one another.
What started as a peaceful event escalated into violent clashes as police fired water cannons, tear gas and pellets
while protesters threw stones.
And…
For several weeks, retirees have staged protests calling for increased pensions, citing a precarious standard of
living. While previous demonstrations involved scuffles with authorities, including tear gas deployed against the
elderly, Wednesday's unrest was unprecedented in scale.
The Milei government has imposed a range of public spending cuts since coming to power a year and a half ago.
Security Minister Patricia Bullrich on Wednesday posted a photo on X, formerly Twitter, showing a line of police
facing off with protesters she described as "hooligans."
She later posted a video, saying "the violent individuals arrested today" demonstrated "the worst of the decline we
are leaving behind. In Argentina, the law rules, not the hooligans or the left."
Pensioners have felt the brunt of most of the austerity measures implemented by the far-right government in
Argentina.
Indeed, pension increases have fallen well short of inflation.
Nearly 60% of pensioners receive only the minimum amount, equivalent to around $340 (€312) per month.
The combo of pension associations and “barrabravas” (hardcore football fans, each club having its own
group) may seem unlikely to the outside observer, but it makes sense in the weird world of Argentina where
the fan clubs move serious money and have sophisticated hierarchies and political affiliations. The
government wanted the world to focus on the hooligans (of course), but the beating taken by a 73 year old
protester and the serious injuries inflicted on a press photographer who took a rubber bullet (or tear gas
canister) in the face made the headlines locally. The Milei government later tried to paint the incident as a
“type of coup d’etat”, which is really stretching the case as even though the violence made world headlines,
that’s more about the high-profile of Milei in the international scene compared to previous presidencies (that
saw a lot worse than the confrontations of last week).
22

What it does underscore, however, is the point we made last week: Milei is being feted on the world scene
for his fiscal and monetary reforms but inside the country, people care less about the macro numbers and
more about the grinding austerity that now sees a small percentage of people getting rich quickly while the
majority continue to suffer. That’s the wrong recipe for continued popular support and with elections on the
agenda on 2025, any spread of the protests (as is now being predicted among the opposition ranks) needs to
be watched closely. Adding to the fun is the way the Argentina Peso traded last week, as on Thursday and
Friday volume in the Peso/Dollar paid shot higher and forced the Central Bank to sell U$474m of its reserves
in order to calm the waters and keep the Peso from a sharp devaluation. The rumour (15) is that in order to
reach a deal with the IMF on its debt repayments, the IMF wants Milei to accept a crawling peg on the
currency. That sounds reasonable, but inside the country a large section of the financial community has been
making money on a simple and effective carry trade, using the high interest rates offered by the Peso to flip
in and out of dollar positions and make easy money. A crawling peg implies a devaluation of the Peso that
would ruin the arbitrage and as a result, the rumour was enough to get Peso holders running for the exit.
Summing up, mix political unrest, street protests, police using heavy mob tactics that only fuel the “he’s a
fascist!” fires being stoked by the left and a week of economic turbulence that threatens to alienate the
people who’ve been Milei’s biggest column of support, i.e. the people getting rich off the economic re-set,
and it’s fair to say the President’s 2025 is not going as well as his 2024. Though he’s still loved and adored by
the foreign observer fans looking in on Argentina, so we may see him making more frequent foreign trips in
order to reap the harvest of flowers and hearts.
Market Watching
Wheaton Precious Metals (WPM) has a war chest
We’re into the tail end of the reporting season for the Dot Tee Oh stocks, with the 2024 YE reports for TSXV
companies next in line, but one big company that reported later than most was Wheaton Precious Metals
(WPM) last week.
Not part of the Producer Basket this year because I’m stupid, WPM is already up 31.3% this year and a look
at the comparative chart to GDX and its closest peers shows why it shouldn’t just be me calling myself stupid
for excluding WPM; you should do it, too. These bullet points from the top of its cover NR speak for
themselves:
 Fourth quarter of 2024: A record $381 million in revenue, a record $319 million in operating cash flow, $88
million in net earnings and a record $199 million in adjusted net earnings1. Declared a quarterly dividend1
of $0.155 per common share.
 Full year of 2024: A record $1,285 million in revenue, a record $1,028 million in operating cash flow, $529
million in net earnings and a record $640 million in adjusted net earnings1. Declared record annual
dividends1 of $0.62 per common share.
 Balance Sheet: cash balance of $818 million, no debt, and an undrawn $2 billion revolving credit facility as
at December 31, 2024.
Of the three, the last bullet is why this small update on WPM exists in IKN826. While 2024 sales were a new
record, net earnings were more in-line than anything else (note the carefully worded bullet points above),
however, that cash pile is enormous even before we add its U$2Bn in undrawn credit to the mix. A look at
23

the cash treasury position at WPM over the years shows its current robust health, but also screams “They
going to buy something” because if that pile gets any taller, shareholders will wonder whether the company
is simply resting on its laurels.
WPM: Sales and net earnings, annual
It does pay a dividend of course, and last week saw
WPM announce a hike to 16.5c. On the other hand,
that dividend increase looks rather late compared to
the cash it had been accruing and this time last year,
we predicted 16.5c for all of 2024, rather than 2025.
Overall, a good result and quarter for WPM but the
overriding message is that this company is about to
spend money.
Bear Creek Mining (BCM.v) and a 43-101 on Mercedes
Last weekend we covered the Bear Creek Mining (BCM.v) financing that tanked the stock, along with the
announcement of a strategic review to be headed up by a combo of Sandstorm and Equinox chosen
people…the fox guarding the henhouse. That share price dumping news was swiftly followed this week by the
closure of the financing (unsurprisingly, no problem in filling the discounted offering…beats me why they
offered commission on it ) and more importantly, the filing its new technical report on Mercedes to SEDAR,
surely part of the strategic review process.
As is correct for a working mine, the economic analysis was run on the proven and probable reserves, which
as at end 2024 came to just over 54,000 oz, compared to the total Measured and Indicated resource of 449k
oz. The P+P reserves give a mine life of just over two years and at current gold prices, the report estimates
pre-tax NPV -5% at around U$28m. That’s small stuff of course, but the report recommendations are the
more interesting part as they recommend a drill program to prove up more ounces costing around $2.1m and
improvements to the tailing facility with an estimated price tag of U$15m. In other words, even if the
company produces using some M+I material mixed in with the P+P and lengthen mine life, it’s going to take
time and money to turn Mercedes around. Or more precisely, more time and more money as it’s already
turned out to be an unholy money pit since BCM was suckered into buying it from Equinox, Sandstorm
enabling this awful deal. After perusing the 43-101 over the week and taking into account normal G&A burn,
what we’re faced with is a company that will use every dollar of cash flow from the next two years of mining
and producing just to get its asset into shape.
The current strategic review will be more aware of this than your author, too. As supposed last week, the
review will surely be about trying to find a buyer or doing some sort of deal on its Corani silver (zinc) mine in
Peru, a deal that will give it the money and buy it the time to re-work Mercedes, drill into new zones, find
new resources, add the sustaining capex required to make current known ounces cheap to mine and turn
Mercedes into the reasonable, efficient operation it once was.
24
2.348
7.75
0.497
1.724
3.168
1.68
2.6901
8.705
7.1021
9.457
1.5601
1.966
0.6101
6.735
6.4821
1.925
U$m WPM: Cash&Eq, year end
1400
1200 sales
net earnings
1000
800
600
400
200
0
2017 2018 2019 2020 2021 2022 2023 2024
source: company filings
125.89 767.57 99.301
86.291 50.622
90.696
35.645
71.818
U$m
900
800
700
600
500
400
300
200
100
0
2017 2018 2019 2020 2021 2022 2023 2024
source: company filings
Wheaton (WPM): Quarterly dividend
90.0 90.0 90.0 90.0 90.0 90.0 90.0 1.0 1.0 1.0
21.0 31.0 41.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 551.0 551.0 551.0 551.0 561.0
0.2
0.18
0.16
0.14
0.12
0.1 0.08
0.06
0.04
0.02
0
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$/share
source: WPM data, IKN calcs and ests

Therefore, those interested in a speculation in BCM should consider this trade as reasonably binary. Nobody
buying shares should look toward Mercedes to help their trade or save them from a downturn, at least not in
the next year or so. A buyer of BCM is second-guessing a deal that unlocks all or some of the value of Corani
and as laid out last week, if we assume Bear Creek wants its asset carry price that would imply a cash value
of around 40c Canadian per share. On a pure gambling basis, it’s a reasonable risk/reward proposition
because if no transaction on Corani is forthcoming, it wouldn’t see it drop much further. On the other hand,
anyone holding into a deal announcement would be looking for a double on their money. The risk is high and
there’s the opportunity cost of laying up cash in the stock until the twelfth of never if all goes quiet, but a
double with limited downside risk isn’t the worst idea I’ve ever considered. In due consideration I’m going to
stick with my three open silver trades and won’t buy BCM shares, but I’m a little warmer about the idea than
I was this time last weekend, even with the mediocre forecast now in for the next two Mercedes years. In
theory it could pay for its own development and turnaround from cash flow, not the most exciting gold idea
but one that leaves all the upside from a Corani deal to move to equity.
Conclusion
We reach the end of another edition of The IKN Weekly, IKN826, and close with some bullet points:
 I don’t mind being called a Minera Alamos fanboy, because it implies I’m a fan of misunderstood and
fundamentally dirt cheap mining companies that are going to move up in price. The way Copperstone
fits easily into the asset book at MAI is testament to how prospective all their projects are and after
years of drudge and inertia, it’s set to spearhead a far more fruitful year. And be clear, that price
target could be double my 80c.
 Gold Royalty (GROY) has started very nicely, now comes the first acid test and the 4q24 financials.
All eyes on the 2025 guidance and to see whether our forecast of meaningful operating profits in the
quarters to come is shared by the company. Also pleased with the way the relatively new trades in
AbraSilver (ABRA.to) and Aftermath (AAG.v) are going.
 Gold bullion took out the 3k number and while it pains me slightly to agree with the mouthbreather
end of the metals market, I also think it’s now the turn of silver to impress the world with a sharp
price spike higher. But there will be a limit to its upside, you don’t have to be a silverbug to be bullish
on the metal.
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.reuters.com/markets/commodities/commodities-tune-out-trumps-noise-trade-fundamentals-russell-2025-03-13/
(2) https://mineraalamos.com/news/2025/minera-alamos-copperstone-pea/
(3) https://www.abrasilver.com/news-releases/abrasilver-appoints-project-director-to-advance-diablillos-definitive-feasibility-study
(4) https://www.abrasilver.com/news-releases/abrasilver-reports-high-grade-drill-results-from-multiple-targets-at-the-diablillos-silver-gold-
project
(5) https://www.hellenicshippingnews.com/copper-smelting-activity-falls-for-the-first-time-in-four-months-satellite-data-shows/
(6) https://www.brecorder.com/news/amp/40352636
(7) https://polaris.brighterir.com/public/solgold/news/rns/story/x8329jr
(8) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/3087-tsx-venture/hch/176600-hot-chili-announces-board-
changes.html
25

(9) https://www.france24.com/es/am%C3%A9rica-latina/20250313-el-movimiento-ind%C3%ADgena-de-ecuador-niega-su-apoyo-a-
daniel-noboa-de-cara-al-balotaje
(10) https://americaeconomica.com/noticia/ecuador/elecciones-en-ecuador-daniel-noboa-y-luisa-gonzalez-dividen-al-pais-rumbo-al-
balotaje-del-13-de-abril.html
(11) https://www.forbes.com.ec/daily-cover/61-minutos-ministra-manzano-n69012
(12) https://www.rumbominero.com/peru/noticias/internacionales/produccion-industrial/
(13) https://www.reuters.com/markets/commodities/panama-president-review-closed-first-quantum-copper-mine-next-week-2025-03-13/
(14) https://www.dw.com/en/argentina-pensioners-and-soccer-fans-unite-in-protests/a-71905118
(15) https://www.lanacion.com.ar/economia/dolar-una-ola-de-rumores-disparo-la-demanda-y-obligo-al-banco-central-a-vender-us474-
millones-nid14032025/
Stocks To Follow Closed Positions 2024
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 25-Aug-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
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
26

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-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
27

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

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