IKN #827Premium

The IKN Weekly
Week 827, March 23rd 2025
Contents
This Week: Trade heads-up, In today’s edition, A market prediction for April 2025, Gold and silver keep on
keeping on.
Fundamental Analysis: Gold Royalty Corp (GROY): Adding on a misunderstood Q4 earnings report.
Stocks to Follow: Gold Royalty Corp (GROY), Eldorado Gold (EGO), Amerigo Resources (ARG.to), Aftermath
Silver (AAG.v), AbraSilver Resource Corp (ABRA.to), Red Pine Exploration (RPX.v), Orecap Inv Corp (OCI.v),
Surge Copper (SURG.v), Marimaca Copper (MARI.to), Rio2 Ltd (RIO.v).
The Copper Basket: Overview, Trilogy Metals, The US copper explorecos.
The Producer Basket: Overview, Sandstorm (SAND) and Franco-Nevada (FNV), Wesdome Gold (WDO.to)
(WDOFF).
The TinyCaps Basket: Overview, Condor Resources (CN.v), Latin Metals (LMS.v), Kodiak Copper (KDK.v).
Regional Politics: Mexico: Los Filos may be about to close, Ecuador: The presidential debate, Colombia
catch-up and more reasons to avoid investment there, Panama: Copper and GDP and five cats, Argentina:
Copper starting to become political.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
I’m adding more Gold Royalty Corp (GROY) shares to my small starter position. This may be the last chance
to get in at this discounted level. Full details in today’s main fundies section.
This Week
 Stop listening to the top-callers in gold, they’re ignoring the obvious. Gold isn’t going higher because of
unknown factors or sparkly market magic, it’s going higher because the world’s macro scenario makes
it so. Until that changes substantially, there’s no reason to expect gold’s bull run to top out.
 It feels strange to come to the defence of David Garofalo but in this case, it’s not just my back pocket
speaking or bringing bias to my opinion. Even if I weren’t long Gold Royalty Corp (GROY) this weekend
I’d be telling you it didn’t deserve the 10% drop it suffered at market last week on the back of its 4q24
earnings report, we saw a market react to numbers that simply don’t matter to the stock’s future. This
is an obvious buy and I’m going to add more.
 The copper tariff arb trade is getting hotter and hotter, we add to recent thoughts and consider some
of the latest implication in The Copper Basket.
 Regional Politics gets plenty of work done, including a hot take on tonight’s TV debate in Ecuador
between the Presidential candidates
A market prediction for April 2025
We start with a high probability near-term and actionable forecast. It’s not political, it doesn’t try to guess the
price of any given metal, it’s not even trying to nail a top in something that refuses to stop going up (as that
early-year fashion among good soothsayers seems to have returned, the fools). Quick a simple, here we go:
Gold miners will be quick with their 1q25 production NRs.
1

Bold typed, underlined, no rocket science required. Considering the raft of “record revenue” NRs we saw for
Q4 from larger producers, then the hike in gold prices since then, any company worth its salt will draw
attention to the way it’s absolutely printing money
hand over first at the moment, waving its hands and
NEM reported avg received gold price, per qtr
pointing to the cash flow from the never-ending
stream of record gold prices. If we use the average
received price at Newmont (NEM) as a reasonable
benchmark (as not only is it still #1 by market cap*
but it’s also a pan-global operation with mines most
everywhere), we saw what the hike in production
ounces and gold price did for its Q4 and with our
estimate of U$2,800/oz for 1q25 almost U$400/oz
higher than the 2024 average, we’re going to see
some serious cash harvesting going on both at NEM
and in all its peers. In a market looking for a winner
to back, gold miners and their still relatively low
valuations compared to other times of strongly bullish moves for gold should be out there, vying for
generalist dollars. An obvious way of doing exactly that is waving Q1 production totals at the non-mining
world, inviting them to multiply the numbers by the price of an ounce of gold and telling them the best is still
yet to come.
Gold and silver keep on keeping on
It’s always funny until someone gets
hurt, then it’s just hilarious
Bill Hicks
As the first quarter of 2025 draws to a close (two Mondays from now), this desk has again detected in uptick
in gold bullion top pickers, as well as the usual bunch of silverbugs raging about the downturn in silver last
week, raging about the fixed market and how “they will do anything to stop silver”, whoever they might be.
The noise comes from the usual suspects, a range of market voices and opinion mongers playing a cute
game with very little downside to their own reputation. Sticking just with gold as an example, it’s easy to
frame a top call with some sort of “Don’t misunderstand this, I’m bullish gold but this rally looks like topping
out” message because if you’re right and manage to catch the top tick, you get to boast about it for weeks
(or months, or years, or even longer; there are still people who dine out on their calling the 1987 Black Friday
crash correctly) and if you’re wrong and gold piles higher, you don’t lose your gold bull credentials. You’re still
part of the gold club and what’s more, if challenged you can even play the “Yes and I’m so glad I was wrong,
aren’t you?” card. The silverbug variant is more simplistic and based around “misery loves company”: The
fools betting financial futures on the “sure thing” known in wiser circles as the Jekyll & Hyde metal are
exactly the sort that will do anything rather than admit they might just be wrong. On that, they will always
have a legion of soothsayers to help, TwitterX, Instagram, Facebook warriors ready with “proof” the market is
rigged and in the very next breath telling their audience that dirty nasty banksters are worried, sweating
because their wicked scheme is about to fall apart so don’t give up now, fellow silverbug, keep the faith,
riches await us all (etc).
The gold top pickers and “Silver $500/oz soon” brigades are two sides of the same shiny coin and while the
noise never goes away, its volume does tend to rise and fall. It was prevalent at the start of the year and is
showing up again as the monetary metal tries to establish itself above U$3,000/oz (“Surely it can’t hold!!”
they say) and silver fails to rally at the same pace (“It’s all rigged!!” they say). This desk says it’s all a bunch
of old phooey. Gold is going higher because it’s back as a safe haven vehicle in nervous times, while silver is
failing to match its rally in gold because it’s not a safe haven. Ownership of silver increases investor
nervousness, gold does the opposite. This is nothing new, it’s a clearly established pattern and this desk’s
ongoing call on gold, the metals market in general and the mining stocks has been laid out for all to see since
the end of 2024. We waited to see the fall-out of the Trump victory, held treasury in reserve until the end of
Q4 and since then, have been 100% full bull on the monetary metal, while being constructively positive on
the chances of silver while clear about its upside limitations and more speculative nature. Witness the op-ed
in IKN814 dated December 22nd 2024, “Gold’s Stealth Strength” that considered the market’s reaction to the
Trump victory six weeks previously. We’d seen the USD rally hard, gold was down in dollar terms and the
gold mining stocks had been hit very hard, but the “stealth strength” seen in bullion over those final weeks
2
2981 1961 1961 8571 6091 5691 0291 4002 0902
7432 8152 3462 0082
3000
2500
2000
1500
1000
500
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1
U$/oz Au
source: company filings., IKN calcs

looked good to us and, once the world realized that the mining companies would be direct beneficiaries, their
slide would reverse. The scenario painted had more words and angles than the final paragraph shows, but
this excerpt will do if you aren’t inclined to go back and read it all:
“The market may be ready to use the gold safe haven even with the rising USD, but it’s quickly dumped its more
speculative positions in the PM miners. Also notable is that GDX, full of larger cap miners that shouldn’t be as
volatile as the smaller fry, has performed worse than GDXJ in the period. That’s where we come in, as the selling
in the last six weeks has become overselling, with the combo of tax loss trades, the political flux and
underperformance from the sector’s leading players combining to cause the sell-off in PM stocks. That’s why the
next section exists because, if gold’s holding its own while the USD re-adjusts, it’s only a matter of time before
the high price being fetched by gold is reflected in the operating results of the mining companies and even
Barrick and Newmont can’t help but make a profit at U$2,600/oz and above.”
IKN827 back. For what its worth, that “next section” referred to above was the call to buy seven stocks with
the cash I’d raised, with some planned as near-term fliptrades and others with a longer-term view. On the
whole that strategy worked, wins harvested from the near-term trade plans in Barrick and Arizona Sonoran
(and yes, they’ve both gone higher than my sales price but that’s a side issue, the trade set-up was strict in
both) and the purchase of Aftermath Silver (AAG.v) at just the right time. There have also been a couple of
meh results from the seven, including the addition Red Pine (RPX.v hasn’t moved yet, still optimistic there),
the purchase of Surge Copper (SURG is up a little, not a lot) and the addition to Mene Inc (MENE.v is up 38%
since the decision, but the addition was very small and part of a long-term strategy so it hardly matters
much). The only outright dud of the seven trades was the decision to buy Ero Copper (ERO) for new copper
exposure, that got closed at a loss recently and even though it’s rallied since then, it would still be an
underwater trade this weekend if it were active….dem’s da breaks. In other words, the strategy call was good
and the stock picking reasonable, rather than outstanding.
However, this current market is all about getting the
former right because without a handle on gold, copper,
silver etc price movements even your best stock calls are
going to struggle.
But the past is of no use to us, you can’t trade results so
the real question is to consider what happens next and for
that, here’s a price chart showing the last ten days in gold
and silver, with copper in there to make a point. Gold may
have been mostly flat last week but be clear, up 4% in
two weeks is another sizeable move in the monetary
metal. As for copper and silver, the notable bifurcation
happened on Tuesday when the metal with tariff
speculation kicked on, but silver retreated as macro questions about a USA slipping into recession came on
deck. We’ve said it before and we’ll say it again, silver responds to supply and demand more readily than gold
and those silverbugs hoping for a collapse of the world’s financial system and a hike in the price of silver at
the same time are barking up the wrong tree; when over half your demand comes from industry, you want
robust growth in industry else see demand, and therefore prices, drop. Meanwhile, copper is affected by
geopolitics flying over the head of silver and shows what happens when the basics of supply and demand are
interfered with. So what does that near-term chart tell us about gold and silver?
 As for gold, three thousand line broken or not there’s very little sign of the rally petering out. The macro
scenario didn’t change last week or the week before, its attraction as a safe haven is intact and if nothing
has changed around it, why do you think gold will change? Its job isn’t to lead a market, bullion has no
alpha, it’s there as warning about things going badly around it…so the best course of action is to keep on
keeping on. The influences that have moved gold up by 13% in 2025 to date, by 38% in the last 12
months and by 50% in the last two years remain influences, so why should you expect gold to suddenly
change course just because some opinionator thinks it’s been on too long a run already? When the world
changes around it, we should revisit the argument for gold ownership but to date and no matter what’s
thrown at it (shooting wars, trade wars, Fed decisions, inflation policy flip-flopping, currency strength, etc),
gold sails on regardless.
 As for silver, its speculative qualities are still active, but until such time when the world’s economies gain
some confidence and the talk of recession recedes, there’s no reason why it should suddenly become a hot
3

commodity. We know its relation to gold, we also know it out-performs gold when macroeconomic growth
kicks in so as long as the world is more concerned about inflation control, that’s going to have to wait.
The bottom line to this weekend’s intro is, therefore simple: Pay no heed to gold top-pickers, all they’re trying
to do is second-the moment when the financial tide truly turns. Keep dancing til the music stops, keep on
keeping on, expect gold to continue to get more expensive in dollar terms until it doesn’t. That moment could
come tomorrow and make a bunch of guessers feel proud, or it could be another year or two. As for silver,
use is as the speculative vehicle it most definitely is, don’t confuse a commodity with an asset class. Here
ends another version of “hold gold it’s going higher” intro notes, time for something more interesting and
lucrative. By the time gold adds another 10% and gets to U$3,300/oz, the stock featured in today’s main
fundies section would have either doubled in price or have been bought out.
Fundamental Analysis of Mining Stocks
Gold Royalty Corp (GROY): Adding on a misunderstood Q4 earnings report
The easiest way into this update note on our newest position is to offer the ten-day price chart, point to the
moment its 4q24 earnings report affected the price of shares and from there, start the argument as to why
the market is being moronic about GROY and I’m going
to grab the opportunity to add shares with both hands.
Here’s the price chart (right). You don’t need me to
point to the moment. GROY dropped its Q4 report late
on Wednesday evening and though on perusing the
numbers I expected some weakness by way of reaction,
the dump of over 10% at the bell had me contemplating
sending a Flash update for the first time in a long time. I
desisted, but only because the volatile market conditions
meant that we might get a second round of selling
surprises and potentially se GROY go even lower
(stranger things have happened) but the dust settled
quickly and come Friday there was new appetite for the
shares. Quite right too at these prices. Before moving
on, we also note that the 6.8m shares traded on Thursday was the heaviest volume since May 28th 2024, the
day GROY announced its acquisition of the Vares copper stream as well as the U$30m bought deal placement
to fund that purchase. Hat was also a negative day for the stock, but in that case the reaction was justified.
What we saw on Thursday morning was plain silly, reception to the earnings report smacked of auto-
programmed algos reacting to the cookie-cutter numbers without applying an ounce of reason to the
situation. On the bright side, it’s ray of hope in our future and a reminder that human brains still hold
advantages over the our new fangled AI overlords. More immediately, after bemoaning the decision to buy a
small starter position and feeling too light as GROY ran higher the week before last, this is a second chance
to add and get the position up to size and, deserved opportunity or not, I’m going to take it.
Therefore, this weekend I find myself in the strange position of defending David Garofalo, a mining executive
who is the epitome of the over-promoted lightweight. His track record of equity destruction and under-
performance at previous gigs before GROY is impressive (but not in a good way) and his first years in charge
of this company were a simple continuation of bad dealmaking practices (as noted in IKN825, overpaying and
badly allocating funds and overseeing a precipitous drop in the share price. However, GROY has indeed
reached an inflection point in its story and though the bold-typed numbers (to which the algos apparently
reacted) from the Q4 report don’t show it, the company is is great shape in 2025. As posited two weeks ago,
we’re at the point in GROY’s history when even a poor management team can’t upset the applecart and all
they need to do from here is not touch the controls. On that, the news is also good but we’ll get to that ina
moment. First job is to update the financial parameters presented in our buy decision report from IKN825,
two weeks ago, then break down why the reaction to last week’s Q4 earnings was overdone and how GROY
this weekend is exactly the same value proposition it was this time last weekend, beginning with the
corporate structure:
4

Shares out: 170.47m
Options: 7.7m
Warrants & RSUs: 20.65m
Fully diluted: 198.82m
Current share price: U$1.37
Market Cap: U$233.54m
Approx cash per S/O: 1.3c
All prices are in US Dollars unless stated
Some slight adjustments compared to two weeks ago, but nothing massive and thanks to the stock price
drop, the market cap is just 2.15m lower. Now for the balance sheet items and the main asset and liability
charts show very little change compared to two weeks ago:
GROY: Assets
900
800
700
600
500
400
300
200
100
0
The company continues to be financially dominated
by its fixed asset book of royalties and while the tax
liability is the major event on the liabilities, it’s of
little near-term consequence and the only thing that
really matters is the near U$25m of bank debt from
its (now U$30m and expandable to U$75m)
revolving debt facility. On that, GROY stated that
one of its main priorities in 2025 would be to pay
down the revolver as much as possible, something
that was music to this author’s ears (again, more on
that later). Meanwhile on the assets side (chart
right), property assets are still led by Canadian
Malartic, then USA and other Canada, then the rest in a total value pile which didn’t change much from Q3.
Moving to the question of liquidity, GROY is in reasonable shape with $2.267m in cash and working capital of
just over U$2m.
Not massive numbers for sure, but royaltycos don’t need to hold large amounts of cash in order to operate
and the charts show the steady state of these metrics, even during the recent period before and during the
process to spend U$40m on the Vares copper stream. No issues here.
5
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m total fixed GROY: Liabilities
other current 220
cash+ST 200
180
160
140
120
100
80
60
40
20
0
source: company filings
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m
current liab bank debt
deferred tax liab other LT liab
source: company filings
U$m GROY: Non-current asset breakdown
900 Can Malartic Other Canada
800 USA Brazil
Mexico Bosnia & Herz
700
600
500
400
300
200
100
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24
source: company filings
U$m GROY: Current assets GROY: Working cap
14
12 other current
10 cash+ST
8
6
4
2
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24
source: company filings
83.6
306.43
892.91 623.6
647.9
955.7 917.6 970.4 710.3 596.1 799.1 599.2 603.2 210.2
U$m
40
35
30
25
20
15 10
5
0
21 21 22 22 22 22 23 23 23 23 24 24 24 24
3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q
source: company filings

With the balance sheet stuff covered and no red flags found, we now move to the main bone of contention in
the 4q24 results and one of the main reasons for GROY’s sell-off on Thursday morning. While sales came in
as expected at U$3.335m (and another 400k or so from land payments received), COGs shot higher and G&A
was up as well. The basic COGs chart (right) looks like a painful move up and if you consult the literature,
GROY explains the difference is due to depletion costs are held royalties. In other words, this “cost” is non-
cash and not one that affects its true earnings ability.
The same happens with G&A, as a breakdown of items reveals that two items made the difference in 4q24,
namely higher share-based payments (also non-cash) and staff year-end bonuses that are one-time extra
costs. Other items were in-line and we should
expect the columns to go back to the levels
seen in 2q24 and 3q24 last year as 2025 rolls
out. The upshot to the COGS depletion and the
extra G&A total was an operating profit that
largely missed my best guess +$0.2m from two
weeks ago and in fact, came in at negative
U$1.966m. I get why that would have
disappointed the casual observer and indeed,
with GROY’s poor track record of losses and
over-spending to date you cannot blame
anyone from rolling their eyes and walking
away from another poor looking quarter.
However, this time (and perhaps for the first
time ever) GROY is getting a raw deal from the
headline numbers and we should look more closely. Indeed, you may have already noticed that despite the
extra costs and negative operating profit result, I haven’t changed my forecasts for the rest of 2025 and still
expect the company to show profits in the upcoming quarters.
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
6
475.7- 526.8- 457.2- 105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
7.0
5.1
2.2 3
4
2
0
-2
-4
-6
-8
-10
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 tse52q1 tse52q2 tse52q3 tse52q4
GROY: Sales
4
3.5
3
2.5
2
1.5 1
0.5
0
U$m
source: company filings, IKN calcs
Which is what really matters, but before looking to the future let’s take a different look at the results
parameters via the charts below, as when considered on a cash flow basis, GROY had a successful Q4.
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m GROY: COGS
source: company filings
782.0 884.0
730.1
650.0 612.0 711.0 402.0 373.0 942.0 25.0 524.0 884.0
930.2
2.5
2
1.5
1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m
source: company filings
U$m GROY: Corp G&A/admin expenses/project evaluation costs
4 share based comp
deprec
3.5 Prof fee
Employee costs
3 Corp admin
2.5
2
1.5
1
0.5
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24
source: company filings

Operating cash flow came in at U$0.955m and the incremental gains over the last two years are obvious and
positive in the chart above left. Meanwhile, above right documents the total cash provided by operating
activities and includes money put toward non-cash working capital items, which at U$1.262m for Q4 shows
the company tucked an extra 300k away.
GROY: Operating cash flow
0.955
0.343
0.059
-0.156
-0.894 -0.995
In other words, back out the non-cash items (that all royaltycos need to deal with) and GROY is already
making money on a regular basis. This is the same dynamic we come across at Sandstorm (SAND) when
calculating its real cash generating ability in order to better gauge its profitability and while smaller. GROY is
also better served by considering cash flow over standard GAAP P+L items.
Which brings us to the other bone of contention in last week’s earnings report, its 2025 guidance and here’s a
direct quote from the cover NR (1)
2025 Outlook
The Company currently forecasts GEOs between 5,700 and 7,000, which includes approximately 600 GEOs of
contractual Land Agreement Proceeds, based on an assumed gold price of $2,668 per ounce. We also assume a
copper price of $4.23 per pound in our 2025 outlook. To date, 2025 continues to be a growth year for Gold
Royalty, as many of our cash flowing assets continue to ramp up towards full production run rate levels.
The Company expects to achieve positive free cash flow in 2025 when a number of recently completed and cash
flowing projects ramp up in production, including a full year of cash inflows from the Company's interests in the
Côté Gold mine and Vareš mine, initial production revenue from the Borborema project as it achieves commercial
production in 2025 and continued cash flow from the Cozamin mine, Borden mine and Canadian Malartic /
Odyssey mine.
The guidance of a low-end 5,700 GEO didn’t impress people, but I was okay with it on first reading and even
more when hearing the comments made during the conference call. GROY offers a wide range because with
three producing streams still in ramp-up mode and early in their expected mine life, plus other NSR that don’t
cover the entirety of the partner mines so they cannot
guarantee their rocks are used in any given quarter, it
makes sense to offer a low guidance base. However and
after a very boring and uninspiring ConfCall, we finally
got insight thanks to John Tumazos (he of Very
Independent Reseach) and his typically insightful
questions wrapped up in dry humour. Thanks to him, we
learned that GROY is pitching its guidance deliberately
low and prefers to use the low end guidance range of
each partner, instead of pitching mid or upper end and
hoping for the best. As such, the outside analyst (e.g.
me) can more confidently use a midpoint in GROY’s
guidance range, as seen in the chart (right). We expect GEOs to be weighted to the back end of the year and
once considered next to Q4, the upcoming year doesn’t seem so mediocre after all.
Top of the 2025 guidance, GROY also unveiled a five year guidance target for the first time and here’s that
segment:
Five-Year Outlook
In 2029, we expect GEOs to increase to between 23,000 and 28,000, which includes approximately 600 GEOs of
contractual Land Agreement Proceeds. The midpoint of our five-year outlook range represents an increase in
GEOs of 367% relative to 2024 GEOs.
7
387.1-
773.1-
U$m GROY: Cash provided by operating activities
1.5 1.262
0.987
1
0.336
0.5
0
-0.042 -0.5
-1
-1.5
source: company filings
-2
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24
160.2- 733.1- 157.1- 727.1-
U$m
1.5
1
0.5
0
-0.5
-1
-1.5
-2
source: company filings
-2.5
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24
GROY: GEOs per qtr
3401
282 117 766
9102
749 1501
5441 0051 0051 0061 0071
2200
2000
1800
1600
1400
1200
1000 800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1 tse52q2 tse52q3 tse52q4
source: comapny data, IKN ests

All production and expected production growth implied by our guidance is sourced from assets already held in our
portfolio and is based on public forecasts, expected development timelines, and other disclosures by the owners
and operators of the properties underlying our interests. In addition to the mining operations expected to be in
production in 2025, our 2029 outlook includes contributions from development projects including Ren, Granite
Creek, and South Railroad.
In addition to the price assumptions outlined above, the 2025 and five-year outlooks included herein are based on
the disclosed forecasts and expectations of the owners and operators of the properties underlying our interests
and our assessment thereof. We assume a gold price of $2,212 per ounce and a copper price of $4.24 per pound
in our projected five-year outlook. The outlooks respecting land agreement proceeds are based on contractual
payments under existing agreements.
I rolled my eyes at this, as it would have been easier to take such a rise in expected production more
seriously if it didn’t come from such a serial over-promiser. However, I also get the idea and even if GROY
doesn’t get close to the bottom end of that range by 2029, it’s still going to see much better numbers as
streams such as Coté and Vares find steady state full production and promising assets such as Ren come
online. The nature of the royaltyco model means not all plans will come to fruition as the partner companies
promise, but even a move to 15,000 GEO would see GROY operating profits at U$5m per quarter minimum,
probably higher and that’s more than enough for our purposes in this trade. Because last but not least, this
final chart is still the most compelling reason to own GROY at these prices:
Price/Book Ratios of royaltycos, as at March 23rd 2025
5.5
5.0
4.5
4.0
3.5
3.0
2.5 5.00 4.69
2.0
1.5 3.10 3.20
1.0 0.42
0.5 1.41 1.09
0.0
FNV WPM RGLD OR.to SAND MTA GROY
source: Yahoo Finance
Updated to this weekend, the Price/Book of nearly all its peers is much higher and GROY is still priced as a
company in financial difficulties. Anyone looking at the bottom line net profit or disappointing operating profit
number from 4q24 may think that’s still the case, others who look at costs and wonder why GROY can’t seem
to control its outgoings may feel the same. But a better look at the numbers shows a company already
making decent cash profits and when it repeats and improves on the income per quarter in 2025 and gets
judged on its cash generation ability, rather than on normal GAAP operating profits that must include non-
cash depletion at third party mines, there’s no way in the world GROY will continue to be priced this low. We
don’t have to hold this stock until it’s the next Franco-Nevada in order to make good money, it will be enough
to see GROY priced in the same range as the (also mediocre) Metalla Royalty (MTA) for our trade to make for
a decent win. We’re not going to see the company get creative and busy on new deals in 2025 because
Garofalo made it clear during the ConFCall that 2025 will be all about harvesting from the set-up as stands,
plus paying down debt and becoming a tighter operation, we won’t see it move to raise more capital by
dilution either, as it’s already free cash flow positive and will become more so as 2025 gets older. As such, we
only need the market to recognize that GROY is no longer a distressed vehicle and price it at 1X P/Bv for a
target price of U$3.26 to appear, some 138% higher than this weekend. That’s a perfectly feasible target too,
all it will take is the growing recognition that GROY is not a financial disaster or fracturing cash. Those that
only looked at bottom line results or scanned the P+L may have though that of its 4q24 as well, but on closer
inspection GROY showed more than enough to underscore its growth and turnaround credentials.
Expect good things from this company in 2025. As for me, this time last week I honestly thought the window
on the cheapest prices had already slammed shut and I was cursing myself for not being courageous enough
from the getgo. This drop has offered a second chance and I’m going to use it to the full, as this company is
the same excellent value proposition it was seven days ago. Just cheaper.
8

Stocks to Follow
A positive week for our portfolio of juniors and watched stocks, with just three of the 19 on our list returning
a week-over-week loss (GROY, PGZ.v, PGDC.v) and five others remaining unchanged (RIO.v, OCI.v, IPT.v,
MIRL.cse, PAU.cse). That means eleven winners on the week so not listing them all, we’ll simply mention
Surge Copper (SURG.v up 15.0%) did best of the lot and leave it at that.
We currently have 19 open positions at the moment, one under the self-imposed maximum. Eleven stocks
are in the green, one is unchanged since inception, seven languish in red ink.
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$0.345 64.3% $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$15.64 -1.8% Added Feb'25, cheaply valued
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.91 24.0% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$5.60 83.6% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$3.42 25.3% Main Ag trade, $5.74 tgt
Aftermath Silver AAG.v STR BUY $0.425 22-Dec-24 C$0.56 31.8% #2 silver trade
Gold Royalty Co GROY ADDING U$1.37 9-Mar-25 U$1.37 0.0% Mispriced on poor perf to date
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.095 18.8% Ecuador elex/buyout trade
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.12 9.1% FY25 gold exploreco spec
Surge Copper SURG.v SPEC BUY $0.105 22-Dec-24 C$0.115 9.5% bulk copper in good address
Pan Global Res PGZ.v SPEC BUY C$0.19 19-Feb-24 C$0.135 -28.9% 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$0.64 1.6% Ecuador gold developer
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.03 50.0% 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$0.145 -67.8% 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
2015 to 2024 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered companies.
Gold Royalty Corp (GROY): ADDING. As seen above, when regret becomes opportunity. This time last
weekend I was bemoaning the fact that I had only taken a small, starter position in GROY before watching
the stock zoom almost immediately, this weekend thanks to a 4q24 earnings report that was roundly
misunderstood by the market (see above in today’s main fundies section), I’ve been given a second bite at
the cherry. I don’t have a massive amount of free cash in the account, but there’s enough to make a
reasonable second purchase here and bring the trade position up to where I’d feel less pain if it ran fast
9

again. There’s every reason to believe it will run from here and return to the pre-earnings price bracket,
essentially nothing has changed since last weekend.
Eldorado Gold (EGO): While tape-watching on Tuesday, I
enjoyed the minute or so when the personal cost average in
EGO moved back into the green. It didn’t last, but only
because EGO tracked the movement of the sector from then
until the Friday and as the ten-day chart shows, the recovery
of EGO against the field continues.
Amerigo Resources (ARG.to): The top price paid on the
week was C$1.97 and that’s nice, but even nicer is the way
ARG traded above the C$1.90 line all week. Meanwhile in a
small sidebar issue, the 3c Canadian quarterly dividend was paid in good order on the 20th and that’s going
to help me buy a few more GROY shares this coming week.
Aftermath Silver (AAG.v): For a moment back there on
Monday AAG looked as though it was about to slip its field, but
whatever caused the burst of buying didn’t last long (a
newsletter reco?) and when sanity prevailed, the profit-taking
pushed lower than this time last weekend. So be it. In other
news, AAG brought fundamental positive in this NR (3) when
announcing the arrival of one Danny Keating to the company:
With over 30 years of experience, Danny has held senior
executive roles leading mining, processing, and infrastructure
projects across multiple jurisdictions. Most recently, he was
responsible for the development of a High Purity Manganese
project in Southern Africa, overseeing the construction of an EV battery demonstration plant and successfully
securing strategic investors for the project. He brings extensive knowledge of the battery customer market
and the evolving battery chemistry landscape, along with a track record of delivering technical studies
essential for project financing.
Without ever coming across Mr. Keating personally, that’s the type of CV you’d want to be interested enough
in AAG in 2025 to want to take an active paid role, someone who knows their manganese market, know the
difference between the plethora of iffy Mn projects and those that could produce a high quality product, plus
plenty of knowledge and contacts in the corporate finance side of mining. This desk approves.
AbraSilver Resource Corp (ABRA.to): So far so good with ABRA in 2025 though, as this chart tries to
sketch out, anyone joining your author for the ride should also wear a seat belt. ABRA has a habit of
becoming bumpy, with particularly sharp downspikes along the way. I’ve picked out just seven of them and
only focused on the last two calendar months, but the number of 7% or 8% drops speaks for itself.
10

Red Pine Exploration (RPX.v): The person who bought the bottom in that modest dumpage two Mondays
ago, as documented last weekend, is now 33% up on their decision and we get another underscore of the
point made in that note; these things happen in tinycappers so roll with the punches and keep eyes on the
real prize. Regarding that, I was impressed with the assays included in RPX’s NR last week (8)
Orecap Inv Corp (OCI.v): The liquid-ish assets chart this weekend…
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.49 5.77 2.3
ARIC.v 7.39 0.51 3.77 1.5
ARIC warrant 4.17 0.31 1.29 0.5
XXIX.v 39.097 0.090 3.52 1.4
MERG.v 5.125 0.035 0.18 0.1
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.035 0.86 0.3
subtotal 15.40 6.2
Est.cash 1.20 0.5
Total 16.60 6.7
At 247.714 S/O
…puts per-share value at 6.7c, implying an arb of 21.8% to market. Of its holdings, the most fun was seen
by Awalé (ARIC.v) which was bought up on anticipation of drill results, sold off once the results didn’t sparkle
and shine, but was then bought back up to within 3c of last weekend’s price by people who like the longer-
term prospects and can’t look beyond the lack of a splashy headline. Personally, on previous occasions I’ve
seriously considered buying a few shares in ARIC directly and playing what’s becoming an interesting Africa
development trade, but to date there hasn’t been the type of deeply discounted price that would tempt me in
and this weekend’s 51c is about 10c more than I’d want to pay. At 40c or so, it would provide the potential to
fliptrade. For the moment, I’m good about limiting my exposure via this position in OCI; it was the point of
spreading the risk in the first place, the downside risk here is minimal.
Surge Copper (SURG.v): Its traded volume didn’t pick up by much, but it was telling that the person who
decided on Friday that they absolutely had to own 150,000
shares before the weekend was with us had to pay 11.5c for
the privilege. That’s the flipside of the point made last
weekend, as the lack of buyers as seen in SURG recently
would often imply a stock that’s under pressure of cracking
and breaking to the downside. Not here, as the lack of
trading at just under 10c is all about a lack of sellers. With
copper on everyone’s mind all of a sudden, it would only
take one eye-catching NR to see this return to the 15c-and-
above price bracket.
Marimaca Copper (MARI.to): The most obvious copper
takeover target on the Canadian stock market filed its 4q24 financials on Friday evening and while MARI is a
simple and straightforward corporate numbers story, there’s no harm in taking half a page to update on the
main information.
First the less important stuff that doesn’t get a chart in this quick overview, starting with the 2024 overall net
loss of U$13.752m at MARI, of which U$5.348m was cash burn (the rest was mostly share-based payments
and a credit loss adjustment). It raised U$23.7m in the year, it spent U$12m (which shows up in the balance
sheet chart below) and cash ended the year at U$22.648m, up over U$5.5m. All good and very much in line
with the budget for a 2024 that was all about doing the hard yards and getting the Marimaca project
developed from PFS level to FS level. They went about business as planned.
So to the charts, starting with the overview assets and liabilities with the latter as easy as they get. Though
there was a slight uptick in currents to $2.8m in the final quarter, it’s all-but insignificant in the great scheme
and the MARI liabilities book is still in optimum shape. As for assets, we see the fixed total now up to
11

U$86.9m as the development cash ploughed into Marimaca is capitalized to the project (and correctly so,
indicating its advanced status).
MARI.to: Liabilities per qtr
40
35
30
25
20
15
10
5
0
The cash position remains healthy and as liabilities are tiny, the working capital chart is enough for our
purposes today. With a positive balance of U$22.663m, MARI has more than enough to get through the final
stages of the FS, then go out marketing the project once that is published (in mid-2025, they say). Therefore
and while we can expect a few extra shares to be made whole (around 150k have been added since the end
of 2024), there’s no reason to expect any significant further dilution to the share base, unless of course the
expected buyout offer doesn’t come and MARI does indeed go it alone, building its mine and becoming the
operator.
However and be clear, that’s unlikely. It’s the job of the self-respecting junior development company
management team to represent that outcome and make the right moves, hiring experienced team members
(maybe a high level COO, maybe deepening the bench, maybe corporate banking people to explore the
financing package) but in this case, it’s a near certainty MARI gets bought wholesale by the highest bidder.
The trigger moment for that will be the publication of the
Feasibility Study and as that’s due at some moment in the next
100 days, we’re now game-on for the exit strategy of this trade.
Rio2 Ltd (RIO.v): What’s your idea of a useful and attractive
mining company social media channel? I’ll go for one that gives
succinct and factual information about the company’s
development, uses as few words as possible and includes pretty
pictures of its latest achievements.
My only complaint is the redundant exclamation mark. In trading,
RIO.v continued its recent battle against the 80c line and this
time, even managed to spend more of the week above it than
below it before the now-customary low-volume Friday selling
dragged it back to the 78c line and UNCH on the week. Fair
enough, but one glance of the 12-month chart is enough to
remind you what the real tendency is. Going higher, so be on
12
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m MARI.to: Assets, per qtr
LT liabs
current liabs
source: company filings
724.74 349.95 239.25 956.35
266.55
984.75 547.95 128.06
2.45
967.86 332.67 901.76 953.56 901.76 295.07
346.37 339.17 173.47 274.67
439.28 419.68
120
110
100
90 80
70
60
50
40
30
20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m
fixed
other current
cash
source: company filings
MARI.to: Working Capital per qtr
6.01-
6.32-
4.7- 3.8-
1.9
2.14 4.73 7.92
1.92
2.41
7.8
2.71 9.81 3.61
6.11
1.32 5.22 9.81 4.81
0.03
7.22
45
40
35 30 25
20
15 10
5
0
-5
-10 -15
-20
-25
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4
U$m MARI.to Shares Out
source company filings
853.46 853.46 853.46 853.46
146.37
737.78 39.78 39.78 820.88 811.88 622.88 622.88 622.88 622.88 32.88 288.29 709.29 662.39 662.49 20.101 20.101 71.101
110
100
90 80
70
60 50
40
30
20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1
source: company filings

board when the next leg-up happens. As for what’s next, the next few days should get confirmation that the
next U$25m tranche of the Wheaton Precious Metals (WPM) funding has become available and while that’s
not market-moving news (in fact the inverse, there would be serious trouble if it dind’t happen) it will be
good to know the association with WPM is now on a good footing.
The Copper Basket
After twelve weeks of 2025, The Copper Basket shows a gain of 9.15% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 667.82 2.43 69.9%
2 SolGold SOLG.to 0.13 3001.11 435.16 0.145 11.5%
3 Trilogy Metals TMQ.to 1.65 160.903 413.52 2.57 55.8%
4 Aldebaran Res. ALDE.v 1.90 169.914 356.82 2.10 10.5%
5 Arizona Sonoran ASCU.to 1.47 148.409 350.25 2.36 60.5%
6 Regulus Resources REG.v 2.05 124.659 263.03 2.11 2.9%
7 Faraday Copper FDY.to 0.74 205.336 182.75 0.89 20.3%
8 Hercules Metals BIG.v 0.55 253.391 177.37 0.70 27.3%
9 Hot Chili HCH.v 0.67 151.42 87.82 0.58 -13.4%
10 American Eagle AE.v 0.69 167.45 82.05 0.49 -29.0%
11 Element 29 Res ECU.v 0.63 119.833 48.53 0.405 -35.7%
12 XXIX Metal XXIX.v 0.11 258 23.22 0.09 -18.2%
13 Kobrea Exploration KBX.cse 0.60 35.085 22.10 0.63 5.0%
14 Pampa Metals PM.cse 0.16 83.164 14.14 0.17 6.3%
15 Libero Copper LBC.v 0.315 57.05 11.41 0.20 -36.5%
NB: All stocks in CAD$ Portfolio avg 9.15%
The Copper Basket did what it’s supposed to do in a rising copper price scenario and moved up on the week,
but it’s far from a sector-wide feeding frenzy so far and most of the action is concentrated in a few spots and
juniors with higher market caps and/or heavily marketed stories with brokerage backing. As such, it’s
remarkable to witness the split between the seven
The Copper Basket 2025, weekly evolution
winners (ATX.v, SOLG.to, ALDE.v, TMQ.to, REG.v, 10.0%
9.0%
ASCU.to, FDY.to) and the eight losers (AE.v, HCH.v,
8.0%
ECU.v, XXIX.v, KBX.cse, LBC.v, PM.cse, LBC.v) as the 7.0%
6.0%
winners were all from the top half of the list and the
5.0%
losers all from the bottom. Market cap mattered to the 4.0%
3.0%
buyers of copper stories last week and anything
2.0%
deemed too small by the insto money was an insta- 1.0%
0.0%
pass. As for those seven winners, four attracted the -1.0%
real attention so a cheer for Atex (ATX.v up 15.2%),
13
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32
source: IKN calcs

Arizona Sonoran (ASCU.to up 14.6%), Aldebaran (ALDE.v up 11.7%) and Trilogy (TMQ.to up 11.3%) and
among those names lay fashion.
Next week sees the regular quarter-end review of relative component stock performance and if things don’t
change much, three companies stand head and shoulders above the rest in Q1. The more speculative punts
aside (SURG, PGZ etc), this desk made money grabbing some of the upside in ASCU, but longer term has
backed Amerigo Resources (ARG.to) and Marimaca Copper (MARI.to) as its copper trades in the current
bullish environment. In 2025 year to date, ARG.to is up 24.8% and MARI.to is up 5.9%, so not up in the first
rank of performers b ut I’m not complaining too much. ARG is up there in the second rank and MARI from
now on is a binary trade, one to be on before it
gets bought out at a fat premium.
Meanwhile in copper-the-metal trading, the Comex
bull run continued without catching breath last
week and last weekend’s just-under-five is this
weekend’s 5+, a new record level for Comex
contracts. The more likely benchmark LME copper
prices also rose, but contracts improved by an
average of around 10c/lb instead of Comex’s
20c/lb. The chart below left shows the update to
last weekend’s comparative, while the
accompanying chart below right shows how the
arbitrage between LME and Comex grew again
last week. In IKN826 last weekend, we were
Price difference between
LME and Comex copper contracts
impressed by the arb of between 10% for cash and
12% for the
longer-dated contracts. That’s been blown away and the arb now ranges from between 12.96% and 15.37%
So what’s going on? First we point to the way the market is cottoning on to the amount of copper now
expected to be imported into The USA before any tariff move happens and our segment last weekend…
“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.”
…got plenty of backing from trade papers and op-eds last week. There are no end of examples out there, so
let’s go succinct and with ING observing (4) "Copper prices are likely to remain supported in the near term
amid front-loading ahead of tariffs." Fair to say that bullish copper is suddenly more popular, but that
segment in IKN826 last weekend also predicted tightening arbs and that’s not what happened last week,
when arbs widened even further. The reason for that is a combo of timing and increased expectation that
tariffs are indeed going to be imposed, so I’m sticking to my call but adding an extra line to it for the near-
term. Right now, traders are happy to pay 12% and 15% higher than LME prices for Comex contracts
14
05.4 5870.5 15.4 11.5 15.4 51.5 05.4 91.5
U$/lb LME Arb between Comex and LME
Comex
6.00 contracts, weekly change
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 2mo 4mo 6mo
source: Comex, LME
10.01 69.21 03.01 33.31 48.01 62.41 79.11 73.51
%
20 March 16th
March 23rd
18
16
14
12
10 8 6
4
2
0
Cash 2mo 4mo 6mo
source: Comex, LME, IKN calcs

because as they mature, their physical copper will go into US-located warehouses (or delivered to US
customers). With an assumption of 25% being added to prices, paying +15% extra in the expectation that
you’ll be able to sell your physical copper at +25% makes business sense, so futures contracts are getting
snapped up accordingly. However, that “tightening arb” should happen as the first contracts mature and
copper arrives in country, lowering the appeal for further speculations. So long story short, the gap that’s
now developed between LME and Comex futures should close, the big question is how it happens, as the
wider gap now indicates that traders are betting the LME dollar prices move up to close on Comex, rather
than Comex moving down much.
And that, ladies and gents, is an extremely bullish signal for the price of copper in 2025. Essentially, the
wider the arb goes between Comex and LME in the near-term, the more likely that world prices move up to
meet Comex at the U$5.00/lb line, rather than Comex sinking back under again. In other words, be long
copper.
We now move to the regular look at copper inventories, data supplied by Cochilco:
 A week of small changes in world copper inventories, with the aggregate of the three official
dropping by a modest 8,438 metric tonnes (mt) to close at 565,550mt.
 SHFE copper stocks were all-but unchanged on the week with a small net gain of 856mt to bring
the total to 256,328mt. See below for what that does to the shape of the annual comparative
chart, not reading much into a single week’s pause though, the top is still almost certainly in and
the pattern of 2024 is unlikely to repeat.
 The only real change came at the LME, where a large draw down in Asia stocks and a smaller
addition to European stocks saw the overall LME copper inventory total finish at 224,600mt, down
9,150mt since last weekend.
 The Comex saw a small drop, down 144mt to close at 84,622mt. No biggie.
The dedicated SHFE tracking chart shows the development and despite this week’s pause, it’s still acting in a
typical way for the time of year. The question how is whether SHFE stocks “do a 2019” and go on a gradual
decline, or they “do a 2023” and put in a sharper drop back to the 150kmt line.
SHFE copper inventory levels, 2019 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
15
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:
Trilogy Metals (TMQ.to) (TMQ): It’s time to review the reasons your author gave to include TMQ in this
year’s Copper Basket in order to give you the opportunity to laugh at him. Here’s the script as per IKN815,
dated December 29th:
“One of four USA- located stocks on our list this year, TMQ is back on the radar due to its potential as a “Trump
Trade”. I’m not in a hurry to own, but a return to the Copper Basket will make sure we keep a close eye on its
development and the #1 likely factor for price movements in 2025 will be whether the incoming admin pushes
through the environmental permitting of both mine projects (Arctic and Bornite, collectively the Upper Kobuk
Mineral Projects, or UKMP) and connecting road. That may be a straight green light to project and infrastructure,
it may be finding a better way of connecting the zone to the outside world), or it may all turn to dust once the
Federal government realizes it’s picking a fight with local communities. We shall see, but we already know TMQ

shot higher on the news of Trump’s victory. That move may have baked a lot of the upside into the pie
immediately and prematurely, another reason to watch its progress carefully.”
Long story short, TMQ is in the list in 2025 because I wanted to keep an eye on its progress under the new
Trump permitting regime (a good enough call), but I wasn’t interested in owning (bad call) and thought most
of the upside had already been baked in the period between the election victory and the last week of 2024.
Stupid, stupid and thrice stupid. Not only has TMQ kicked on well, but more than one of the Trump admin’s
missives on critical metals and permitting has referenced the UKMP project directly. It’s become a central
trading chip in the new US hard rock mining promo and on the subject…
The USA Copper Explorecos
…we can expand the argument, as all four of the USA juniors included in this year’s Copper Basket have
shown the value of The Trump Trade:
 Arizona Sonoran (ASCU.to): Up 60.5%
 Trilogy (TMQ.to): Up 55.8%
 Hercules (BIG.v): up 27.3%
 Faraday (FDY.to): up 20.3%
Aside TMQ, the other three were also part of the 2024 list, but we kept them in and added a fourth because
of the trumpy angle. Here we are with one week left in the quarter and all four are beating our Copper
Basket average. To take a further step and for what it's worth, the main copper producers’ ETF is up 9.3%
YTD so our four are beating the bigger world of copper stocks easily, too.
The Producer Basket
After 12 weeks of 2025, the Producer Basket shows a gain of 23.05% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 53.37 47.36 27.2%
2 Agnico Eagle AEM 78.21 497.971 51.96 104.34 33.4%
3 Barrick GOLD 15.50 1748.05 32.99 18.87 21.7%
4 Franco-Nevada FNV 117.59 192.119 29.94 155.83 32.5%
5 B2Gold Corp BTG 2.44 1313.11 4.10 3.12 27.9%
6 Eldorado Gold EGO 14.87 204.909 3.20 15.64 5.2%
7 New Gold NGD 2.49 790.9 2.55 3.22 29.8%
8 OceanaGold OGC.to 3.98 708.074 2.13 4.30 8.0%
9 Sandstorm SAND 5.58 296.844 2.02 6.79 21.7%
10 Wesdome Gold WDOFF 8.98 149.891 1.65 11.04 22.9%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 23.05%
We get to report a rarity this weekend. Despite many of the improvements being on the small side, with
three stocks improving by less than 1.0% and the biggest moves in B2Gold (BTG) and OceanaGold (OGC.to)
a relatively modest 5.4% apiece, all ten of our basket stocks were up and that’s the third weekend running
we’ve seen ten winners from ten. That’s a testament to the continued strength of the gold market and gold
price, with bullion improving and holding readily above U$3,000/oz all week.
The 2025 Producer Basket: Weekly performance and
35% comparative to GDX control
30%
25%
20%
15%
10%
16
5%
0%
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead)
9%
8%
ikn 7%
gdx control 6%
5%
4%
3%
2%
1%
0%
source: IKN calcs
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32
source: IKN calcs, NYSE data

As for our ongoing race (aka hopeless chase) against the GDX benchmark in 2025, we’ll have a little more to
say next week when the regular quarter-end snapshot segment comes around (yes indeed ladies and gents,
the year is already a quarter gone) but we did at least manage to claw a few more tenths back and beat the
median last week. It’s drops in the bucket though, a eight percent deficit after three months is awful stock
picking on my part.
Sandstorm (SAND) and Franco-Nevada (FNV): I wasn’t surprised to see Sandstorm (SAND) out-perform
last week, this current backdrop of rising gold prices and
rising geopolitical risk affecting equities is the right one
to see the defensive PM stocks move up faster than the
rest. Sandstorm’s lower market cap and extra ounce of
leverage gives it an advantage over the GDX and
Wheaton Precious Metals (WPM), chosen as it was
featured in last weekend’s edition and has become the
feted star of the royaltyco space in the last 12 months.
However, I was surprised to see the lack of extra oomph
from Franco-Nevada (FNV). Not only is it in the same
sweet spot, but the news out of Panama (see below)
continues to be clearly positive for one of its biggest
NSR positions and over the same ten-day period
pictured above, owner/operator First Quantum (FM.to) is up
28%. With President Mulino’s confirmation that his
government will begin the serious talk about what to do with
Cobre Panama and its decision to allow FM to sell the stored
concentrate on site already in the books (about 140kmt, no
small amount), there’s no reason why an eventual decision to
re-open the mine over the medium-term should not be baked
back into the FNV share price as well. For an idea of what that
might mean to the FNV stock price, this five year comparative
of FNV versus WPM gives a visual sketch and if you guessed
just by looking at the chart that the hoo-hah in Panama began
in late 2023, you’d have guessed right.
Wesdome Gold (WDO.to) (WDOFF): The world and his wife were expecting good numbers from WDO’s
4q24 and year-end financials, so when they dropped on Wednesday evening (5) “good” wasn’t enough any
longer. However, once the sellers speculating on a blowout quarter had gone away, there was enough
interest from real people to buy the stock back up. The
eventual +1.4% week-over-week performance wasn’t that far
behind the GDX benchmark (GDX +2.0%) and considering the
out-sized volume that sold into the numbers on Thursday
(1.5m shares traded on WDO.to and WDOFF combined), it
was a decent performance that longer-term holders who
understand the stock will appreciate. I debated going into
further depth on WDO this week, but there was very little out
of the ordinary and the January 14th production NR had
already given us the market moving data, including forward
guidance, so I’m going to keep this segment succinct as a
reminder that The IKN Weekly isn’t about covering larger cap
stocks. WDO is still one of the more obvious takeover targets
in my opinion and I’d have no argument against any retail owners telling me they have a positon and urging
me to do the same.
The TinyCaps List
After 12 weeks of 2024, the TinyCaps show a gain of 3.33% to level stakes:
17

company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 133.87 14.06 0.105 -38.2%
Condor Res CN.v 0.145 141.155 19.06 0.135 -6.9%
Electrum Disc ELY.v 0.13 98.99 8.41 0.085 -34.6%
Endurance Gold EDG.v 0.145 174.5 21.81 0.125 -13.8%
Kodiak Copper KDK.v 0.39 75.92 34.92 0.46 17.9%
Latin Metals LMS.v 0.08 96.476 10.13 0.105 31.3%
Mogotes Metals MOG.v 0.13 236.796 31.97 0.135 3.8%
Radius Gold RDU.v 0.085 107.41 17.19 0.16 88.2%
South Star STS.v 0.55 52.64 25.79 0.49 -10.9%
Viva Gold VAU.v 0.14 132.955 17.95 0.135 -3.6%
Prices in CAD$, data from TSXV basket avg 3.33%
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.
TinyCaps, 2025 weekly tracker
5%
The TinyCaps basket average added 0.79% on the week, 4%
3%
with the five winners (ELY.v, KDK.v, LMS.v, MOG.v, STS.v)
2%
just edging the five losers (BRO.v, CN.v, EDG.v, RDU.v, 1%
VAU.v) and it was more luck than judgment, considering the 0%
-1%
biggest percentage mover Latin Metals (LMS.v up 23.5%) -2%
and its shaky volume base (see below for more). -3%
-4%
Condor Resources (CN.v): The company’s March 19th NR
(6) is an exercise in lipsticking a pig, with the key
information found in this section of script:
In August 2024, Condor submitted its Declaración de Impacto Ambiental (“DIA”) application to the Peruvian Ministry
of Energy and Mines (“MEM”) for the expanded Pucamayo South East area. The Company subsequently received
follow-up questions from the MEM in November and December, with responses submitted in mid-January. The
Company has received DGAAM directorial resolution disapproving the DIA application. In all, 26 new observations
were provided which are not substantive and can be corrected. Without having been given an opportunity to address
these deficiencies, management is confident that the Company will be successful in an Appeal for Reconsideration
with the DGAAM of the MINEM based on new evidence. This is a typical path in applications for DIAs within Peru,
and often results in applications being approved after the technical questions are sufficiently addressed.
Management believes that the Company’s application will similarly be approved in time. In the meantime, the
additional bureaucratic delay is motivation for a shift towards our other meaningful exploration alternatives.
I beg to differ. Yes, the Peru government will always provide “observaciones” to your initial permit
application, but once they are addressed the permit should pop pout the other end, given enough time. The
scenario as painted by CN above is unusual and considering the DIa permit application began in July last
year, after a lot of time has passed. Regarding this and the permit denial, even though CN has drilled its
sister project next door we have to note this specific region of Peru is notorious for difficult community
relations and people with attitudes that differ substantially when you move from small village to small village.
All it takes is one “caserio” (small hamlet) to oppose the arrival of outsiders and your project gets stuck in
limbo and considering the news as seen above, I see no reason to take the company’s whitewashy-sounding
excuses and the way they’ve decided to focus on its other projects at face value. The CN team has been
working Peru for over two decades and know all the ins and outs, they wouldn’t walk away from a project
awaiting a permit in its final stages on a whim.
18
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32
source: IKN calcs, TSX data

Latin Metals (LMS.v): I want to believe and the percentage gain on the week looks good at first sight, but
while volume remains miniscule there’s no need to consider a
trade. LMS keeps bouncing around in a loose trading range
between 8c and 11c and even if you were interested in
accumulating a spec position on the chance it gets a deal or a
permit, there’s no need to pay the top and of the range.
Pardon the pun, but the real hope here continues to be
Esperanza and until such time as Moxico gets a drill permit,
LMS will remain on watching brief only.
Kodiak Copper (KDK.v): Unlike LMS, the big stable backing
enjoyed by KDK means it can do what we see in this ten-day
chart without breaking much sweat, i.e. remain quietly trading
and then drop a half million share volume burst at any given
moment. KDK successfully closed its placement last week (7), raising gross proceeds of C$5.5m and that will
be enough to keep this well-meaning and well-run tinycapper in business and doing its exploration for all of
2025 if required. I still prefer SURG.v but at this price, there are worse lottery ticket stocks out there.
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
Mexico: Los Filos may be about to close
A long and murky story, in which neither side seems to have been particularly transparent or acted in total
good faith, is about to come to a head around the Los Filos gold mine in Guerrero State, South Mexico. The
mine owned by Equinox Gold (EQX) (EQX.to) has never enjoyed an easy relationship with the local
community but that seems to have become a lot worse recently and may well see the forced closure of the
mine. EQX referred to the dispute in its February 19th literature announcing its 4q24 earnings here’s the
segment from the cover NR (8):
The Company and the three communities have held collaborative and open dialogue and reached consensus on
terms for new agreements. Two communities have ratified and signed new long-term agreements; however, one
community remains outstanding. If the Company is unable to satisfactorily complete these agreements with all
three communities in the very near term, the Company will suspend operations at Los Filos indefinitely.
The problem with that is how it sounds as though the majority of landowners (Ejidarios) are onside and there
are just a few hold-outs. In fact the reverse is true, as the two communities that have reached agreement
with Los Filos cover only a very small part of the mine site and the community still in dispute, , namely
Carrizalillo, owns the vast majority of land on which Los Filos is located. That community (Ejido) has been in
dispute with the mine on-and-off for nearly all the 20 years of its existence and has never been happy with
the mine, accusing it of all sorts of things including water contamination and being a bad actor in the
community. The last major dispute between Los Filos and Carrizalillo saw the mine closed for almost three
months before an agreement was reached, one that covered a six year period that’s due to run out in eight
days’ time, on March 31st 2025. The run-up to the deadline has seen negotiations between mine and
communities (hence the “two out of three” comment from EQX above), but also an uptick in tensions with
Carrizalillo, with both sides accusing each other of being bad actors and not wanting to negotiate on good
terms, as well as dirty tricks (we could go into examples, such as the community accusing the mining
company of death threats and the mining company accusing community leaders of heavy mob activities and
using their own veiled threats to stop community members who support the mine from voicing their own
opinions.
The deep local politics are muddy and unpleasant, but the upshot is simple: If Carrizalillo and Los Filos don’t
reach an agreement in the next eight days, the mine’s rights to use the land on which it operates are
annulled and it will be forced to close down, something the company has recognized openly in iots
communications with the Carrizalillo community (e.g. this March 10th letter signed by EQX CEO Greg Smith
19

(9). There are two conclusions to draw from this, assuming as we must at this stage that the land agreement
will indeed lapse and EQX closes Los Filos. Firstly regarding EQX the corporation and its share price will take
a hit from the news. After its merger with Leagold, Los Filos was the company’s major attraction, but EQX is
a bigger company these days, it’s about to get even bigger with the Calibre deal and in revenues and profit, it
will be able to take the hit. In 2024 Los Filos accounted for U$412m, or 27%, of the EQX top-line revenues
(total U$1.514Bn) and U$29.5m, or just over 12%, of its operating profit (total U$238.9m). The problem is
more about this...
..., the asset value of U$1.162Bn and carry of over U$900m is still a large chunk of EQX (and very large ex-
Greenstone). Not only would a close Los Filos blow a large hole in the company balance sheet, but it would
have to cover remediation and closure costs at the mine site.
However, the second conclusion is probably more important, as it will underscore the risks of operating in
one of Mexico’s diciest jurisdictions for mining, Guerrero. Your author has a clear policy, you don’t go there
and you keep exposure to the State of Guerrero as low as possible. As noted in the last note on EQx a few
weeks ago, it means I miss a few winners (e.g. Heliostar and Torex) but as far as I’m concerned, that’s a
small price to pay. A note such as this one day only scratches at the surface e of the issues mining companies
face when choosing Guerrero, the politics are deep and almost always mixed up with the #1 source of slush
money, narcotrafficking (a statement that covers the riches enjoyed by narco gang leaders, politicians of all
sizes and the police and army, to boot). Other companies operating in Guerrero are bound to distance
themselves from the Los Filos mess if a last-minute deal isn’t reached and will try to frame the issue as
localized and not one that affects them. Which is true sensu stricto, but their own community issues are only
one bad day from being the same and in Guerrero, when things go wrong they can go very wrong very
quickly.
Ecuador: The presidential debate
Fun viewing for your political junkie author, this evening saw the only scheduled live TV debate between the
two candidates for President in the April 13th run-off vote, current President and righty Daniel Noboa and
opposition lefty Luisa González and, between editing the report and reading bedtime stories, I managed to
catch most of the event. It was a critical moment in the election campaign because 1) the race is tight 2)
from here it’s a reasonably classic left-vs right battle and 3) the official run-off campaign period begins
tomorrow March 23rd and runs until April 10th. Three recent polls (10) (11) show how the race stands, or at
least how the pollsters want you to believe it stands. Here are the polling companies and their results, but
comment is required below:
 MR Analitica (March 20th): Noboa 46.31%, González 53.96%
 Tino Electoral (March 19th) Noboa 49.1%, González 46.2%
 Trespuntozero (March 12th): Noboa 46.1%, González 53.9%
None of these three are particularly reliable: Both Trespuntozero and MR Analitica are (in)famously pro-
Correa and most Ecuadorians assume Rafael and his friends pay them directly. Both those companies
predicted a landslide González win in round one. As for Tino Electoral, it’s not a big or established firm and its
36% Noboa / 32% González prediction for round one was biased the other way, but to be fair it did get
closer than many pro-Noboa polls, some of which predicted a win in round one.
Those numbers provide context to tonight’s debate, i.e. this one is close. As such the candidates’
performances were important and overall, neither Noboa or González showed much star quality tonight. Both
experienced politicos, so audiences may have expected more than the constant and repetitive personal
20

accusation and negativity on show, but then again the best reactions only came when Noboa called González
a Kermit the Frog lookalike or when González called Noboa a criminal and a drug addict, so maybe I was
expecting too much. The five main debate topics, 1) Education, 2) Health, 3) Crime/Security, 4)
Economy/Employment, 5) Governability should have offered plenty of chances to open a real debate, but
each was used as a platform for negative campaigning and I lost count of the number of times Noboa said
Gonzalez would de-dollarize the economy or the times Gonzalez told Noboa to stop lying. Overall, it was 90
minutes I’ll never get back and did nothing to help tip the balance in favour of either candidate. A wasted
opportunity, this campaign is all about the momentum gained by one or the other over the next three weeks
and tonight, the race remains too close to call.
Colombia catch-up and more reasons to avoid investment there
So much has happened in Colombia since its last real mention on these pages that I don’t really know where
to start, so instead of giving you a blow-by-blow of (breathes in)…
…the worst live TV cabinet meeting of all time, the subsequent litany of ministerial resignations that followed
in including that of mining’s Bête noire Susana Muhamad in the Environment Ministry, the swapping out of an
mining-ambivalent Minister of Energy and Mining for another mining-ambivalent Minister of Energy and
Mining, the drama caused by President Petro admitting that the country would have to buy LNG from
Venezuela and the way in which same President has gone out of his way to avoid a confrontation with The
USA since he got put firmly in his place by President Trump in his last social media skirmish…
…(breathes out), I’m going to ignore it all. Suffice to say that if you think North American politics is
megacrazystupid, you should try a month in South America one of these fine days.
However, we need to mention Colombia for a couple of reasons more directly related to mining with one
obviously negative and the other positive, at least at face value. Firstly the potential positive and last week,
the President of the National Mining Agency (Agencia Nacional de Minería, or ANM), one Álvaro Pardo,
announced to an audience at a mining event in Cartagena last week (12) that the government would offer for
auction 17 exploration blocks, located in the Antioquia, Cesar and La Guajira departments. The blocks were
earmarked for their copper discovery potential and according to Señor Pardo, the move is part of a longer-
term plan to wean Colombia off imported copper and make it self-sufficient in the critical/green future etc
metal. That’s all good and as the pro-mining sub-sector of Colombia’s Ministry of Energy and Mining, the
body is well paced to know that the auction will take place. It’s also good to see Colombia recognizing it
needs to get more grassroots mining exploration done, though one has to wonder just how much politicking
is behind the strategy of making the country copper self-self sufficient via early stage projects that even in
the best of circumstances would take over a decade to become a mine.
Now for the negative, which came from Colombia’s Congress last week. The congressional committee in
charge of the initiative to update the country’s mining law last week rejected the latest proposal for the
planned changes, which included the suspension of new coal concessions, a clear distinction between artisan
and small-scale informal mining and would have given the State priority in strategic metals projects, among
other changes. Those items were not queried, instead the committee threw out the law project before
allowing it to go to the full Congress for debate and vote because it did not comply with the Constitutional
Court’s ruling on prior consultancy for communities affect by large-scale civil works projects. According to the
Congress website report (13) on the decision (translated), it “…reinforced the commitment of the House of
Representatives (lower house of Congress) to comply with constitutional processes and guarantee citizens’
participation in high social and environmental impact.”
What that means in real English: There’s been a lot of talk in business circles about how Colombia is a buy
today because Petro’s time is limited and the next government is bound to be better for FDI. That may be
true, but when it comes to mining the now-25 year old mining law is holding back investment mining law
onto the books, but what this ruling states, and very clearly, is that any updated mining law must include
provisions for prior consultancy by local communities. In other words, a de facto veto on any project moving
forward for locals affected by its development. That may not come as a shock during a Petro mandate, but
what last week’s rejection states, and clearly too, is that any law project brought to Congress by any party in
front of any congress during any presidency that does not include prior a prior consultancy mechanism will
also be rejected, as a law project that doesn’t comply with the Supreme Court’s 2023 ruling will simply not
make it onto the Statute. As a matter of fact, the government is still working on a second proposal for a
21

mining law and part of the process is to consult with communities potentially and currently affected by mining
for their views and preferences, but as this law project has been in the works since 2023 and still hasn’t seen
the light of day, it’s anyone’s guess as to when it finally gets sent to Congress for debate (14). Therefore,
those of you looking to the last day of the Petro government and the first day of whoever takes over in order
to make a big bet on some-or-other mining project or company may need to think again. While I readily
agree there may be a speculative win by trading a right wing (or righter-than-Petro) victory in the 2026
presidential election, longer-term Colombia will still be the permitting mess for mining projects that it’s been
for at least a decade and the day its law is updated will also be the day when local communities get real
power to oppose any project they don’t like.
Panama: Copper and GDP and five cats
The country of Panama is facing the reality of suspending operations at the First Quantum (FM.to) Cobre
Panama mine and last week, its new President finally showed his true colours on the subject. We begin with
this, from Reuters (15):
PANAMA CITY, March 19 (Reuters) - Panama's gross domestic product grew 2.9% in 2024, significantly slowing
from the previous year's 7.4% expansion, as air transport declined and a major copper mine closed, official data
showed on Wednesday.
In the last decade, Panama was one of the world's fastest-growing economies, but authorities had predicted a
decline in growth, largely due to the closure of a copper mine operated by Canadian miner First Quantum
(FM.TO), following clashes over its tax contributions and environmental impacts.
Reacting to the 2024 GDP reading, President José Raúl Mulino last week confirmed the news we reported in
this section last week and, as from tomorrow Monday, would sit down to decide on what to do about Cobre
Panama. He also called on FM to make good on their verbal offer and suspend the international arbitration
case against Panama in order that both sides could sit down and talk. However, he went further than this
apparently conciliatory position toward the mining company and made explicit comments against those
protesting against the mine. Here’s a direct translation from this report (translated) (16) on the President’s
comments to the press, feline explanations below:
“Mulino reiterated that the possible re-opening of the mine “is not capricious” and in order to avoid arbitration, he
was looking to have “an intelligent negotiation” with the local mining company, a subsidiary of First Quantum.
“If a favourable opinion is reached (regarding a re-opening), how could I tell the country there won’t be any
mining? Because five cats that don’t pay any income taxes don’t want a mine?”, said the President in relation to
pressure groups, syndicates and environmental organizations that denounce serious environmental and social
ramifications due to Minera Panamá.”
One of the nicer ways of denigrating a group or organization in Spanish is to call them “cinco gatos”, the
allusion being five motley moggies making more noise than their numbers suggest but being ultimately
unimportant. And of course, that comment went down like a lead balloon among all those organizations set
against the mine, if you’d like to read their howls (or caterwauls) of indignation, keep reading that linked
report from where the excerpt came. You can probably guess the tone.
Last weekend in IKN826 we noted that of our original five point list of things to expect from Mulino as he
moves to support First Quantum, four had been ticked off. The only one left to tackle was…
 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.
In other words, the process for #5 has begun. Timelines are difficult to predict with precision but put a gun
to my head and I’d go for Panama reaching an agreement with FM.to at some point this year and the mine
re-opening for business in 2026.
Argentina: Copper starting to become political
To give you an idea as to where the debate on mining in Argentina has reached so far, this link (17) goes to
this rather droll title line (translated) and accompanying photo:
“San Juan: A Canadian and Fanatical Supporter of Javier Milei Wants to
Operate the Most Environmentally Friendly Copper Mine In The World”
22

The website in question is “Letra P”, one of the better places to go to monitor national level political comings
and goings in Argentina so, seeing Rob McEwen’s face pop up there last week was a bit of a surprise. Add to
that how it’s notable to see Letra P caring about what’s happening in “The Provinces”, as Argentina’s national
political world rarely ventures out of Buenos Aires. Also, the title line is…errr…typically Argentine in its style,
with superlatives and a lack of real understanding of its subject shining through. The article is for an audience
wanting politics rather than technical data on mining and does a decent job on that, explaining how Rob
McEwen has “loved Javier Milei” ever since he saw him campaigning with a chainsaw in-hand, but also notes
the potential environmental issues around Los Azules and McEwen’s previous connection to the polemic
Pascua Lama failure, back in the day.
That’s all very well, but the point of including this article (and that pearly white toothy grin) in The IKN
Weekly today is to note how for the first time, mining in general and copper mining in particular is becoming
a national political issue, a double-edged sword for a business sector that abides by the phrase “no news is
good news” when it comes to local politics. Expect mining to become a political football moving forward, as it
provides obvious leverage for Milei’s opposition. In this case, the “they say it’s green, but that’s a lie!”
scenario is laid out before those who would oppose.
Market Watching
Deferred
You don’t need my thoughts on Alphamin.
Conclusion
We reach the end of another edition of The IKN Weekly, IKN826, and close with one bullet point as it’s the
only thing that really matters in this week’s edition:
 It still feels strange to defend David Garofalo and champion his latest company, but the numbers
speak for themselves and the deep value on offer at GROY is undeniable. With its CEO in the ConfCall
vowing to keep his hands off the controls and allowing GROY to reap from the existing royalties on its
books without adding a new round of deals this year, it’s time to get long this stock before the rest of
the world notices how cheap it is. And the rest of the world includes fellow streamers and royaltycos,
23

GROY would be a bargain accretive purchase for any of the royalty bigger boys out there, even if
they paid double the current share price. Get on now, these prices will not last.
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.goldroyalty.com/news/news-releases/gold-royalty-reports-fourth-quarter-and-2024-results-record-revenue-and-positive-
operating-cash-flows-with-continued-significant-growth-expected-in-2025-and-over-next-five-years
(2) https://event.choruscall.com/mediaframe/webcast.html?webcastid=4UQIOvjb
(3) https://aftermathsilver.com/news-releases/aftermath-silver-appoints-danny-keating-as-strategic-advisor/
(4) https://www.hellenicshippingnews.com/copper-hovers-near-more-than-five-month-high-on-anticipated-us-tariffs/
(5) https://www.wesdome.com/English/investors/latest-news/news-details/2025/Wesdome-Reports-Fourth-Quarter-and-Year-End-2024-
Financial-Results/default.aspx
(6) https://condorresources.com/news/condor-provides-update-on-exploration-priorities-and-plans/
(7) https://kodiakcoppercorp.com/kodiak-closes-oversubscribed-private-placement-of-5-5-million/
(8) https://www.equinoxgold.com/news/equinox-gold-reports-record-results-for-2024-with-623579-ounces-of-gold-sold-revenue-of-1-5-
billion-and-operating-cash-flow-of-430-million/
(9) https://orgullomineronoticias.com/2025/03/11/carta-de-minera-los-filos-a-la-comunidad-ejidal-de-carrizalillo-en-el-municipio-de-
eduardo-neri-en-guerrero/
(10) https://x.com/ElDatoEcua/status/1902900010909401394
(11) https://x.com/divoskus/status/1902527314803458243/photo/1
(12) https://www.rumbominero.com/colombia/colombia-subastara-proyectos-cobre-mayo-sustituir-importaciones/
(13) https://www.camara.gov.co/archivan-reforma-al-codigo-minero
(14) https://www.valoraanalitik.com/nueva-ley-minera-esta-por-terminar-la-consulta-previa-para-presentarla-al-congreso/
(15) https://www.reuters.com/world/americas/panamas-economic-growth-slows-29-2024-after-key-mine-closure-2025-03-19/
(16) https://www.laestrella.com.pa/panama/mulino-decidido-a-revisar-tema-minero-y-tacha-de-5-gatos-a-quienes-protestan-FF11277750
(17) https://www.letrap.com.ar/economia/san-juan-un-canadiense-fanatico-javier-milei-quiere-explotar-la-mina-cobre-mas-verde-del-
mundo-n5414811
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
24

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
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
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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
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
26

Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
27

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.
28