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The IKN Weekly
Week 832, April 27th 2025
Contents
This Week: In today’s edition, The Jobs Report comes around again, Saying the same thing about gold
using different words, Weaker than expected demand for silver isn’t helping the price.
Fundamental Analysis: Lumina Gold (LUM.v): A personal reaction to last week’s news, Salazar Resources
(SLR.v): The next shoe to drop.
Stocks to Follow: Lumina Gold (LUM.v), Salazar Resources (SRL.v), Latin Metals (LMS.v), Marimaca Copper
(MARI.to), Rio2 Ltd (RIO.v), Orecap Inv (OCI.v), AbraSilver (ABRA.to), Aftermath Silver (AAG.v), Minera
Alamos (MAI.v), Provenance Gold (PAU.cse), Eldorado Gold (EGO) (ELD.to).
The Copper Basket: Overview, Faraday (FDY.to), Kobrea (KBX.cse), Element 29 (ECU.v), SolGold (SOLG.L)
(SOLG.to).
The Producer Basket: Overview, Newmont (NEM), Agnico (AEM).
The TinyCaps Basket: Overview.
Regional Politics: Argentina: Milei’s popularity falters, More Argentina: CRU quant on RIGI.
Market Watching: Gold Royalty Corp (GROY) 1q25 production and sales.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 This time last weekend I thought The IKN Weekly could step back from the sharp focus on Ecuador for
a while, which shows how little I know. Big Ecuador gold play Lumina Gold (LUM.v) is now under offer
and our solid risk/reward trade on the country, Salazar Resources (SRL.v), is at multi-year highs and
looking like the next company to go under the hammer. We consider the developments in our main
fundies section and all that table banging about LUM.v last weekend is transferred to Fredy Salazar’s
creation.
 “Weaker than expected demand for silver isn’t helping the price” is not the type of headline your
average silverbug wants to read, in fact they’ll probably ignore its contents as the message doesn’t fit
with their worldview and therefore must be false (bias confirmation is a helluva drug). However,
anyone studying the contents of this year’s World Silver Survey published by The Silver Institute this
month has to come to that conclusion, based on the data contained compared to previous estimates.
That’s today’s main intro piece.
 Regional Politics is light on content this week, our only subject Argentina with one positive as the RIGI
investment program gets a pass from the beancounters watching its development, and one negative as
the popularity of the man atr the centre of the country’s reforms, Javier Milei, sees his popularity take
a leg down at what could be a key moment in his tenure.
 Better news from the copper space, though. Filter out the noise and price volatility caused by the
incessant drama of the Trump Tariff policy and there’s growing evidence that the long-projected supply
deficit is beginning to bite. That’s mostly in this week’s Copper Basket section and also down there,
more words on just about the only Ecuador-expeosed junior that failed to rally last week. That’s
SolGold and by popular request, more thoughts on the stock and its potential in light of my recent
conversation with company chair Smith.
 Other things, too. There are always other things.
1

The Jobs Report comes around again
Writing on a Sunday afternoon about an event due Friday morning and trying to frame is as one of the most
important moments of the market week is a bit of a stretch in 2025, the crazy is flowing fast and free this
year. Still, it’s right to mention that Friday May 2nd sees the US BLS Jobs report for the month of April and
according to those who know (1), consensus is for 130,000 Non-Farm Payroll jobs added and the headline
unemployment rate unchanged 4.2%.
Before then, of course, we have the small matter of the Federal Election in Canada, home to many of the
companies this publication covers as well as many of the readers of these words. You may have noticed the
complete lack of comment or coverage on this election from your author, that’s not by chance as for one
thing, I can play the “not my jurisdiction” card and for another I’m not shooting my mouth off on the election
and demonstrating my ignorance to anyone. Wishing you all happy voting up there.
Saying the same thing about gold using different words
While gathering thoughts and trying to work out how to broach
the subject of gold price action for today’s intro, the free daily
mailer from Seeking Alpha plopped into my inbox, something I
normally ignore (I’m not a subscriber, it’s been coming for years,
tried and failed to turn it off once) but this time, the header
screamed at me:
Sure enough, it’s another top picker for the monetary metal and
on clicking through (2) found myself reading the technical
analysis of JR Research, who writes on charts over a range of
stocks and trade vehicles for an audience of over 41,000 free
readers. That’s fair enough, I’m not here to denigrate JR’s work,
I presume his previous calls on stocks such as Tesla and Nvidia
were timely and actionable as stated on the subscription service marketing page, JR may well turn out to be
right. Then again, he may not:
We know gold’s been on a historic, headline-making tear and we know that “Keep Dancing” has been the
right call through the first four months of 2025, much to the disappointment of the technical chartists and
strategy commentators that have been getting evermore shrill about their “This Cannot Go On!” bear calls on
gold. We could have chosen a different and altogether more impressive timescale for the above chart, one
that highlights the parabola move in the last couple of weeks topping out at U$3,500/oz last Tuesday, instead
we have the two month chart that starts the Y-axis at U$2,800/oz and points out that while it may seem like
a trick of the memory, but gold was trading under U$2,900/oz just two months ago and only crossed the
milestone U$3k line in the middle of last month. However and despite the relatively brief timescale chosen,
that chart is also replete with moments when bearish market voices told us to sell gold and even the not-so-
bearish told us that “gold needs a rest” despite it not having muscles, lungs or a circulatory system that runs
out of energy after a few hours. Standard anthropomorphism from standard TA enthusiasts using standard
rhetoric, we therefore refer readers back to words written in IKN830 two weeks ago, rather than continue
with the cute re-writes of the same message. Yes, gold might top at any moment and yes, those top-callers
are going to be right one of these fine days and yes, if they do manage to monkey-witrh-dartboard the right
2

price and day we’ll hear about it for years on end (from them or their publicists), but I’d rather be right five
times and wrong once than wrong five times and right once, especially when it’s my money on the line.
Weaker than expected demand for silver isn’t helping the price
The Silver Institute’s annual “World Silver Survey” tends to make an annual segment on the pages of The IKN
Weekly. The report normally drops in April, this year is no exception, though last year’s write-up didn’t show
until IKN788 dated June 23rd (for the reasons explained in that edition). But this year we’re going to consider
its contents now, as data contained helps explain why silver-the-metal has failed to meet the bullish
expectations of its proponents.
That includes your author, of course. While certainly not one of the most fervent proponents of silver as an
investment medium, my “constructively bullish” position on the metal is well documented and it’s been that
way for around a year (and a bit). For example, the
IKN788 write-up made mention of the shares I’d
recently bought in SilverCrest, IMPACT Silver and Bear
Creek Mining and while all three of those trades are now
closed (two of those worked out okay, IPT was a fail),
between that edition now I’ve continued the silverbug
tendencies by opening on AbraSilver (ABRA.to) and
Aftermath (AAG.v). We’ve also run recent op-eds and
intro notes on silver predicting U$35/oz prices, the
potential to spike to U$40/oz and a gold/silver ratio that
should eventually return to 85X or even 80X. Instead
we’ve had this (chart right), a silver price that goes into
stall mode at the 35 line, rather than consolidating
there. It’s difficult to complain too much of course, back in
IKN788 I was happy that the metal had moved from 26 to 29
in the first half of 2024 and even in 2025 YTD, silver is up by
around 10%, but as this chart (right) of the silver vs gold
continuous contracts shows, not only has silver failed to offer
the type of “Leverage To…” it’s supposed to offer its
speculators, but the Trump Tariff market shock has played
right into gold’s strong points, leaving silver in the dust.
Long story short, silver hasn’t been the best place to put your
cash. Not bad, but nowhere near the uber-bullish predictions
made by market soothsayers, the “Like Gold? Love Silver!”
message has fallen short.
Why so? It’s a complex story and there’s more than one moving part (of course), but The Silver Institute
World Silver Survey 2025 report (3) offers insight into at least one of the reasons. We begin with the supply
overview data and according to TSI, 2024 annual total supply was 10.0151m oz Ag, that expected to grow to
1.0306m oz in 2025:
Silver: Annual total supply
(NB: Cut down Y-axis)
3
2.709 1.619
8.4701
8.3401 5.5101 3.7201 3.5501 7401 4.7501 1.5201 3.4101 2.6101
479
1.3201 6.4301
8.799
1.5101 6.0301 1200 1150
1100
1050
1000
950
900
850
800
8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
M oz Ag
source: Silver Institute, GFMS, IKN ests, IKN calcs
These two charts break the headline number down, with Mine Production (below left responsible for the
majority of supply with 819.7m oz in 2024, expected to move up to 835m oz in 2025. Most of the “Total

Other” is scrap supply (other very small amounts come for net government sales and net hedging positions)
and we isolate the scrap data, below right.
Silver: Supply breakdown
[Sidebar: Though not particularly important for our argument today, The Silver Institute seems to have re-worked its
definitions of scrap supply, as we’ve seen large upward adjustments in the data over the last year or two. Its
published data is refined every year and most categories get small adjustments as more is known, but in the case of
Scrap Supply there have been large alterations compared to its own previously published data, mostly to the
detriment of the “Mine Production” totals]
Moving to the demand side, the breakdown is as seen below right with “Total Industrial” at 680.5m oz in
2024 the lion’s share of the total 2024 demand 1,164.1m oz Ag. That number includes the big growth story
of recent years, the Photovoltaic sector demand for silver and we’ll return to that subject in a moment. First
and below right we get a clearer view of the other two big components of the demand equation,
“Jewelry/Silverware” and “Coins & Bars” and in 2024, the jewelry segment took 262.9m oz silver, a slight
increase on 2023. However, the first notable weak point in the demand side shows in “Coins & Bars, which
saw a significant drop in demand, from 244.3m oz in 2023 (not to mention the record 338.3m oz record set
in 2022) to 190.9m oz in 2024, all according to TSI. We touched on this subject in IKN788 by stating that
“…while we can debate on elasticity and overall dollar values, the plain and boring fact is that if things go up
in price, they become less popular.” The relationship is simplicity itself, price goes up = fewer sales.
These data (as well as the simple point being made by your author) do of course fly in the face of the
constant narrative fed to the world by the circus barkers and snake oil salespeople that congregate around
silver and its mining sector. Anyone paying attention to mining stocks online for more than ten minutes will
have read, seen and heard all about how the financial world is “running out of silver” due to “massive
investment demand” that’s setting up the mother of “silver squeeze” opportunities etc ad infinitum. And while
it may not be politically correct to borrow from such an odious character as Joseph Goebbels, he was right
when stating that if you repeat a lie often enough, people will believe it and you will even come to believe it
yourself.
With the first evidence of weaker than expected demand in the books, we now move to the second place in
which we see weaker than expected demand. The recent star turn in the silver space has been the fast
growing photovoltaic sector, with demand for silver from this subset of ‘Industrial Demand’ having more than
doubled in the period 2021 to 2023. It’s also the sector most often cited by proponents of the silver bull story
as the place that will change the game for silver demand and, as seen in last year’s report (IKN788), The
4
1.009 9.368 8.058 4.738 8.387 8.038 4.938 7.218 7.918 538
1200
1000
800
600
400
200
0
6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
Total Other Silver: Scrap supply
M oz Ag Mine Production
source: TSI, GFMS
741 3.551 2.061 3.261 8.361
5.081 7.091 5.391 5.381 9.391 2.391
200
190
180
170
160
150
140 130
120
110
100
5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
M oz Ag
source: The Silver Institute, GFMS
Silver: Demand breakdown
338.3 212.9 155.8 165.9 187.4 284.3 244.3 190.9 208.1
242.6 255.6 270.3 262.9 182.1 222.7 308 258.2 262.9
194 825 8.525 4.525 9.115
1.465
3.295
1.756 5.086 4.776
1400
1200
1000
800
600 400 204.4
200 242.2
0
6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
M oz Ag Silver: Jewellery/Silverware & Coin/Bar demand
Jewelry/Silverw Coins&Bars
Total Industrial photo
net hedge
Source: The Silver Institute, GFMS
6.242 9.212 6.552 8.551 3.072 9.561 9.262 4.781 1.281 1.802 7.222 3.482 803
3.833
2.852 3.442 9.262 9.091 2.242 4.402
400
350
300
250
200
150 100
50
0
6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
M Oz Ag
Jewelry/Silverw
Coins&Bars
source: The Silver Institute

Silver Institute itself projected another sharp hike in expected demand from the 2023 total of 192.7m oz Ag
to 232m oz Ag. That’s not how things turned out, as seen in this chart (right). Instead of 232m oz (or the
house guesstimate of 240m oz Ag, I’m as guilty as the rest)
the photovoltaic sector used 197.6m oz silver, less than 5m
oz more than in 2023 and 35m oz lower than the TSI
forecast. That’s a lot of silver and a big miss, what’s more
TSI now forecasts flat demand for 2025 and an estimated
196.7m oz used by the photovoltaic sector this year.
In the report, TSI put a brave face on the downgraded
demand, deciding not to mention its missed forecast and
explaining the result with these words:
“While thrifting and substitution within the photovoltaic (PV)
sector tempered growth compared to 2023, demand continued
to benefit from the structural gains in the green economy, such
as grid infrastructure and vehicle electrification, as well as PV. This PV growth was led by China where newly
added capacity reached a record 278GW in 2024.”
Indeed, thrifting is the Achilles’ heel that we’ve most often mentioned on these pages, as companies find
evermore economical ways to use silver in its solar paneling and wiring. Add in the increase of substitution of
cheaper metals and the result is demand that came in lower than the TSI experts expected and way, but
WAY lower than the bullish silver shills that populate social media told would be one of the inevitable results
of the EV revolution.
There were other influences on a demand number for 2024 that failed to live up to expectations, but they
were the two big ones. So we can now tie together the supply and demand data into this chart:
Silver: Annual total supply and demand
1400 (NB: cut down Y-axis)
1350
1300
1250
1200
1150
1100
1050
1000
950
900
850
800
5
8002 9002 0102 1102 2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
Silver use in photovoltaics, per annum
M oz Ag
Total Supply
Total Demand
source: The Silver Institute
As stated on many other occasions on these pages, the post-Covid silver market has indeed been in clear
supply deficit. After all, every good sales pitch is based on some truth but there’s a distinct difference
between the yawning gap expected in 2024 and the result.
This time last year, 2024 was expected to show a deficit of
215.3 Moz Ag, the result was 66m oz lower and a supply
deficit of 149m oz. What’s more, that’s expected to close
even further in 2025 and TSI now expecting a supply deficit
of 117.6m oz Ag (chart right) for this year.
Now for sure, a supply deficit that’s been running for the
last four years and is expected to run a fifth in 2025 is not a
sustainable situation and the uber-bull silver shillers make
great play of that fact, predicting as they do a “stock out”
of silver and “the banksters” of JP Morgan, London, Comex
(or whoever is used as target du jour) reported as
sweating, nervous, fearful of what silver might do if they “lose control”. Etc etc, the rhetoric never seems to
change and is designed to instill fear and greed into its audience. However, things are nowhere near as
desperate as they would have to believe:
1.69 8.28 501 9.88
721 1.811
1.161
7.291 232 6.791 7.591
240
220
200
180
160
140
120
100
80
60
40
20
0
2020 2021 2022 2023 2024 2025
source: The Silver Institute
gA
zoM
annual TSI forecast
Annual TSI reported result
Silver: Supply surplus or deficit
(positive = surplus, negative = deficit)
64.2 52.2 45
13.5 9.8
-18.4
-79.2
6.942-
6.002- 941-
6.711-
100
50
0
-50
-100
-150
-200
-250
-300
5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
M oz Ag
source: Silver Institute, GFMS, IKN ests, IKN calcs

Identifiable silver bullion inventories
6
7.7311 2.2611 5.0801 5.1611
9.048 2.658 5.728
Moz Ag
Other
1800
Comex
1600 London
1400 293.9 317.2 396.5 355.7
1200
1000 299 277.9 318.5
800
600
400
200
0
2018 2019 2020 2021 2022 2023 2024
source: TSI
From the same TSI report, we see “Identifiable Silver Bullion Inventories” stood at 1,239.2m oz as at end
2024, a number that had in fact managed to grow by 17m oz since end 2023. Compared to that silver bullion
inventory, even if no extra is added it’s going to take many years of supply deficit to deplete stocks to a level
that would truly put the silver delivery system under pressure and force the type of dystopian doomsday
scenario so beloved of the silver shills to occur. And we stress, the TSI data only takes into account
Identifiable Silver Bullion Inventories and as noted in IKN788 last year, those amounts are far from all the
potential above ground supply. Put simply, the world isn’t going to run out of silver. Sorry if that clashes with
the propaganda that you’ve been fed on social media by the silver bull community, but the data simply does
not allow their argument any reality and for further information, please re-read that Goebbels quote above.
The Bottom Line: Your author remains constructively bullish on silver and its prospects, a case that extends
to quality silver companies (e.g. AbraSilver) and/or reasonable companies with attractive risk/reward bias
(e.g. Aftermath). The above data on supply and demand for the silver is only one aspect of its price discovery
dynamic, it’s by far from the only reason to invest in or avoid the metal and there are plenty of other reasons
to remain positive about its future. However, the discerning investor needs to sort the wheat from the chaff
and not believe any old statement trotted out in favour of any given investment vehicle and in the case of
silver-the-metal (along with its dependent mining stocks), there tends to be an awful lot of chaff. I don’t mind
admitting surprise in the extent of the demand drop from the photovoltaic sector (but understood that
thrifting would reduce the demand on a per unit basis, something the rampant bulls decided to forget or
ignore). Meanwhile the drop in demand for investment coins and bars was more logical to forecast (plain old
Adam Smith stuff, see IKN788) but the upshot is that at least some of the perceived underperformance of
silver in 2025 to date must be laid at the door of the physical market for the metal. And if The Silver Institute
analysts and soothsayers, with detailed and granular data at their fingertips as well as constant
communications with C-suites of major suppliers and customers alike can’t get their forecasts to within 20%
of a key demand market, what chance has the average outsider got?
Fundamental Analysis of Mining Stocks
Lumina Gold (LUM.v): A personal reaction to last week’s news
So much for my sweating and worrying about not being able to place a reasonable ballpark price target on
the stock, as per IKN831 last weekend. And so much about banging on the table about the trade opportunity
as well, because just hours after publishing and before any trading had happened, this NR hit the wires (4):
Lumina Gold Announces Acquisition by CMOC for C$581 Million
Vancouver, British Columbia – Lumina Gold Corp. (TSXV: LUM) (OTCQB: LMGDF) (the “Company” or
“Lumina”) and CMOC Singapore Pte. Ltd., a Singapore entity and a subsidiary of CMOC Group Limited
(collectively “CMOC”), both of which are arm’s length to the Company, are pleased to announce that
they have entered into an arrangement agreement (the “Arrangement Agreement”), pursuant to which
CMOC will acquire all of the issued and outstanding common shares of Lumina (the “Lumina Shares”),
in exchange for C$1.27 per Lumina Share (the “Consideration”) in an all-cash transaction by way of a

plan of arrangement (the “Transaction”). The Consideration represents total equity value of
approximately C$581 million on a fully diluted basis.
The NR continues and there are plenty of details, an outline of the agreed deal and the requisite quotes and
pleasantries from all concerned, but the news is captured in that opening paragraph. Here’s the price chart:
That’s what I call a quick result; First mentioned on these pages in IKN816 dated January 5th as one of the
target stocks in the main fundies note “Ecuador Is A Buy” that day, it was a 48c stock. We then got specific
about LUM.v in IKN821 dated February 9th in “An overview of Lumina Gold (LUM.v)”, that weekend it was a
55c stock. Then came IKN830 dated April 13th and the main fundies note “Buying Lumina Gold (LUM.v)”,
which is self-explanatory and came on the back of the trigger we’d been waiting for, the victory of Daniel
Noboa in the Ecuador presidential election. By then the price was 71c and the very next morning, plenty of
other people had the same idea and I ended up paying 77c. However and as noted in IKN831 last week I
paid up “…without a moment’s hesitation because it was crystal clear what was happening to any stock
touched by Ecuador’s election news.”
That blow-by-blow paragraph is to underscore a sidebar point, something that gets mentioned on these
pages with regularity. I’m a whuss. If I’d bought when first interested in LUM in IKN816, this weekend I’d be
sitting on a 152% win rather than the 55.1% as seen (in Stocks to Follow), or even a logical purchase once
the main note on the company was published in IKN821 would imply 120% win this weekend. However, my
risk-averse stance required me to wait until the Ecuador election were over and as such the plan has given
me a 55% win (presumably 65% once closed at C$1.27). Long story short, there’s a significant difference
between what a risk tolerant Mark could have made in this trade and the eventual profit of the yellow-bellied
coward writing these words. Be clear, I’m perfectly happy with the result of this trade and not complaining in
any way shape or form, this sidebar exists for you and not for me. If your risk tolerance is different to mine
and you are looking to the market for different trades and use different reasoning, it makes no sense at all to
follow my trade patterns to the letter. Take the thoughts and use them by all means, but it’s up to you to run
them through your own filters first. The IKN Weekly isn’t and will never be a tip sheet publication that treats
its audience as if they were automatons and when it comes to trades, the “least worst” method of telling you
what I do with my own money is the way it happens. My age, circumstances, needs, tastes, ambitions,
attitude toward wealth and money are different from yours and all, and many other factors, affect my
decisions. So yes, I’m happy about the win in LUM and not a single regret about not getting on in January or
February and that’s me. If you think that’s strange, your point of view is different to mine and that’s perfectly
normal. Back to the job at hand and the first thing is to get the standard retail kvetches out the way:
Oh my, why did they sell so early?
Oh dear, why didn’t they hold out for more?
This deal sucks, these shares are worth way more than C$1.27
This is so cheap! Surely a third party is going to swoop in and make a better offer!
The irony should be self-evident. There is no way I’m complaining about making a big difference in any trade
in such a short space of time, I consider myself fortunate to have got on when I did. That said, there is some
validity in all the standard retail player moans above, I for one know how much money is on the table having
run the numbers and understood the likely ROI for the entity that can put up U$1.2Bn to get Cangrejos into
production, then a similar amount to get it to full speed. However, we live in the real world and I’m sure LUM
has made the right decision to accept this deal offer. It may not reflect the reality of U$3,000/oz gold in your
view, but the market valued LUM at X and CMOC has come in with an valid X+1 offer, one that includes the
7

reality of the Noboa victory and what it implies for jurisdictional confidence for the next four years. Fact is,
the Chinese are paying plenty above the open market price and if you think they’re getting a knock-down
bargain well, I’m sure they’ll agree. So yes, we can complain all we like about the deal price, but it was done
in a fair and capitalist manner. I say this deal is a win-win-win, all concerned getting what they want
(including me).
As for the final point and to cut to the chase, I put the chances of a competitive sale and a third party at
“unlikely, not impossible”. the NR states that “Under certain circumstances, CMOC would be entitled to a
termination fee of C$23,280,000.” That works out at just over 5c per share on the same fully diluted basis as
the deal price and sets the bar of any counterbid at C$1.32, so in turn and to best guess, any interloper
would have to bid to around C$1.45 (+10%) cash to be considered superior in real terms. That’s C$663m
and that’s a lot of money. Equally, we can be sure CMOC wasn’t the only entity interested in purchasing LUM
at Cangrejos and there has been a sales process going on in the background, with the obvious trigger of
Noboa’s victory formalizing the Chinese offer and brining it to the board. If CMOC has been in the process, so
have plenty of the other likely buyers and while the potential for FOMO still exists, the process is now over
and the data room closed. Some other company could make a public bid and come over CMOC (I’ve seen
names such as Lundin Gold and Equinox floated this week, not to mention the other Chinese companies
looking to expand their operations worldwide in this precise way) but it seems unlikely, considering the
friendly nature of the deal and then stepping back and asking how many world level mining companies are
willing to commit almost U$3Bn to a mine in Ecuador. So the bottom line to the counterbid question is that it
gives me another reason to hold my shares and not sell them to the arb people, it’s unlikely to happen, if it
does I get to enjoy a pleasant surprise but at this point, I’m reconciled with the fact that I’m getting C$1.27
for my C$0.77 shares.
The real reason to hold through and wait for the close of this offer is to make the most of this trade and
again, it’s personal. This weekend’s C$1.21 is not C$1.27, this is a firm cash deal and while there may be
advantages in selling and putting the cash to work in another place, I went into this trade with my default 12-
month mindset and that means waiting a quarter or so for the closure is not an issue. However, The IKN
Weekly keeps it real as always and our “Least Worst” way of running the public portfolio means I cannot go
around recommending stock after stock without having the cash to buy, so it’s possible that I end up using
LUM as a source of funding. As you are likely aware, I’m heavily bought into this market and not much cash
in the personal treasury (sales of the losers PGZ.v and IPT.v, plus a little extra, that’s all). If a compelling new
opportunity comes along then I may sell some/all of my LUM, but that’s a decision for tomorrow and not a
policy call this weekend.
Bottom line: By no means perfect or the maximum amount we could have hoped for, but good result to a
timely trade. I didn’t make the most of the opportunity and the early arrival of the friendly deal to buy out
LUM means I’m probably not getting the best from the back end of the trade either, but it’s difficult to get
sniffy about a quick and meaningful difference to your money. However, the most significant part of this
episode is how I now feel in tune and synchronized with what’s going on in the mining scene in Ecuador.
Little old retail me decided that the Noboa win was the key moment when risk dropped and reward became
compelling, the way in which LUM rose two Mondays ago on the news and then keep on rising means plenty
more open market participants thought the same way, but now we know that the really big money that buys
projects and builds them also agrees. That’s what really matters, it bodes well for the future and on that
subject, we now move to the next item on today’s agenda
Salazar Resources (SLR.v): The next shoe to drop
Unsurprisingly, the good news from LUM.v last week (see above) rubbed off on plenty of other Ecuador-
exposed companies. For example, one of our other recently-opening trade, Salazar Resources (SRL.v):
8

The hourly (15c) daily (14c) and weekly (13.5c) closes
were all 52 week highs, in fact they’re the highest
seen since early 2023 and the final phase of the
stock’s post-Covid selling that took it as low as 5c. If
we focus on the last four weeks of trading in a second
chart (right), we note that SRL had already moved
higher thanks to the feel-good from the Noboa victory,
lifting the price from the Tariff Crisis low moment of
8c to 10.5c or so. Therefore the LUM buyout news
came at the right time to maintain market optics and
momentum, with a top price of 15c paid on Tuesday
and trading that fluctuated around the 14c level for
the rest of the week, volume reasonable without being
blowout. Overall a good, though expected, response
to the news out of LUM
Before getting to the reasons for today’s note, a quick re-cap on coverage and our two main pieces on SRL
came in January, first the detailed political risk call in IKN816 dated January 5th which ended with a focus on
four companies and the decision to buy what I believed at the time to be the best value risk/reward
proposition of the four, i.e. SRL. We then went into more detail on our new holding in IKN817 dated January
12th and the main fundies note “Salazar Resources (SRL.v) is obvious value in Ecuador”. Today’s note isn’t
going to reiterate much of the information contained in those reports, we now take as read that 1) you
understand that the victory of Daniel Noboa is a bullish catalyst for Ecuador mining stocks and 2) the benefits
and advantages offered by SRL in particular. Instead, the reason for today’s note is to update on the stock
and consider the investment in light of the LUM.v news. Three things:
1) We got an update on progress at the El Domo/Curipamba development from both SRL (25% owner) and
its 75% majority partner at the project, Silvercorp (SVM) (5), a NR that came with surprising news on the
capex:
“The Company is targeting bringing the Project into production by the end of 2026 at an estimated
cost of $240.5 million, comparable to the $247.6 million estimate in the feasibility study”
That’s a rarity in our sector, a capex bill that actually drops. In my ballpark estimates for El Domo/Curipamba
until last week, I’d gone the normal route and assumed a higher capex bill than the FS estimate and had
penciled in U$300m (which still delivers excellent project economics). It does alter out assumed price target
calculation for SRL slightly, as we’re basing our trade on what SVM is likely to pay for the 25% of El
Domo/Curipamba it doesn’t own, but that’s not a serious consideration in real terms. This is obviously good
news, as is the information that the mine is scheduled to open for business at the end of 2026. That puts it
slightly behind the original schedule, but nothing dramatic and given the detailed explanation of the three
development packages and the critical path activities, it all looks reasonable and logical (with diesel backup if
the grid power doesn’t arrive on time). Early works have begun, the plant construction starts soon and with
the Noboa victory, it’s clear the company feel confident to say as much out loud now.
2) There’s more reason to expect SVM to buy out SRL. Our trade rationale in IKN817 is clear enough, as
while SVM gets 95% of revenues until its capex bill is paid down (after which revenues go back to their 75/25
pro rata split), as SVM has to stump up the capex it will be capitalized to its balance sheet. There’s no reason
why SVM should gift SVM 25% of the U$240m development price, let alone the approximate U$200m carry
on SVM’s current books, when it can move now and secure 100% of the asset for its own balance sheet.
However, the advent of CMOC moving on LUM gives SVM a second reason to speed up its consolidation of El
Domo/Curipamba, as we now know Chinese companies are circling Ecuador, looking for mining projects to
buy. For sure 25% of a more modest project than Cangrejos and its massive gold resource isn’t the same
scale, but it would open the door to a minority position in SVM itself, a company with most of its assets
in…yes indeed, China (the Ming mine). If SVM wants to protect its own hind quarters, the sooner it moves to
consolidate 100% of its Ecuador arm the better and with SVM having already flipped out its exploration stage
assets to SRL, the deal wouldn’t even need SRL to create spinco…all it needs to do is sell the subsidiary
holding its 25% minority and Fredy Salazar can go and do what he really likes to do; explore and develop
with a solid treasury position behind him.
9

3) Capital payback is now expected to be faster. Our estimates in IKN817 were based on the accepted price
deck for metals, that’s now changed and that means the 95/5 revenues regime will move to the JV of 75/25
in as little as three years. That makes the SRL carry more valuable and SRL will hear that clock ticking louder.
4) Our 23c price target is right in the ballpark. If we assume the total asset value of El Domo/Curipamba
(current carry plus capex) will be U$440m come production day 1, 25% of that would be worth U$110m and
that’s a lot for little SRL and its 249m shares out. We don’t expect SRL and SVM to agree to a price anywhere
near that, but half the price in Canadian dollar terms gets us to 20c. With its exploreco properties, it’s not a
difficult leap of logic to see SRL become worth 23c when SVM makes its move.
The bottom line: The move by Chinese CMOC to buy out LUM.v just days after the Noboa election victory is
as clear a signal as you’ll ever see as regards China’s intentions for the Ecuador mining sector and with El
Domo/Curipamba the obvious next target (or at least one of the most obvious), it’s time to secure your full
position in SRL. The 13c and 14c prices offered last week aren’t the 8c and 9c we saw during Q1, but they
still offer plenty of upside to an eventual logical selling price and in SVM, we now have the most logical buyer
with extra reason to move smartly and secure 100% of its mine before somebody tries to get there first (and
make it pay up in a bidding war). This is as obvious an M&A target as they come and with the LUM news, it
now becomes more likely in the near future. Make sure you’re bought in before it’s announced.
Stocks to Follow
The IKN Weekly Stock to Follow list held up well against the volley of slings and arrows of outrageous fortune
last week, with eight of our 18 names returning week-over-week gains (RIO.v, ARG.to, MARI.to, SRL.v,
LUM.v, SURG,.v, LMS.v, PGDC.v), nine losing ground somewhat (MAI.v, EGO, ABRA.to, GROY, AAG.v, RPX.v,
OCI.v, PAU.cse, MENE.v) and one remaining unchanged (MIRL.cse). There were big winners and big losers
with the plus column led by the Watch-Listed Patagonia Gold (PGDC.v up 55.6%) and following by the real
open trades in Lumina Gold (LUM.v up 34.4%), Salzar Resources (SRL.v up 28.6%) and the very pleasing
move in Rio2 Ltd (RIO.v up 16.7%). To the downside we saw hits taken by Orecap (OCI.v down 13.3%) and
Gold Royalty Corp (GROY down 9.8%). Overall and considering GDX dropped by 4.1% and GDXJ by 4.8%, I’ll
take this weekly result happily.
There are now 18 open positions on our list, two under the self-imposed maximum. Only two of the positions
are in the red these days and that’s utterly bizarre, I’m so used to the battle to try and get the list into an
overall positive count and can’t remember it ever being this lop-sided in our favour. Oh well, it’s what I was
supposed to do in the first place, no?
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$1.05 31.3% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$19.07 19.7% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.74 13.0% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.73 55.1% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$2.94 7.7% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$1.47 5.0% Cheap entry, still great price
Aftermath Silver AAG.v STR BUY $0.425 22-Dec-24 C$0.465 9.4% #2 silver trade, spec
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.135 68.8% Ecuador buyout trade
Lumina Gold LUM.v bot out C$0.78 23-Feb-25 C$1.21 55.1% holding to deal close.
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.115 4.5% 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
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.065 8.3% top fundy value, illiquid
10

SPECULATIVE TRADES
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
Latin Metals LMS.v WATCH C$0.095 6-Apr-25 C$0.13 38.9% proj.generator, newsflow soon
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.07 250.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.24 182.4% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.135 -70.0% 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
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
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:
Lumina Gold (LUM.v): UNDER OFFER, WILL HOLD. As laid out above, I see no reason to cash in my
LUM trade at the first opportunity and hand over 6c/share to some or other arbitrageur, plus there is the
outside chance that a third party comes along and bids up on the deal.
Salazar Resources (SRL.v): As expanded upon in today’s main fundies section, another good week for a
SRL pulled higher by the news of the LUM deal. Quite right too, it’s now the single most obvious takeover
candidate in a country ripe for deals.
Latin Metals (LMS.v): Up a penny on the week, but it’s difficult to get hot and sweaty about a stock that’s
only doing U$15k worth of business in an entire week of trading. On the Watch List until real news arrives,
which could be from Cerro Bayo (a new JV partner required), Esperanza (Moxico), Organullo (Anglogold
Ashanti) or even a combo of those. Maybe even something from its other projects. But until such time, no
need to pay up.
Marimaca Copper (MARI.to): Up 6.3% on the week, trading in MARI was mostly the same boring and
bitty we’ve seen since the Tariff Scare but this time, we had one moment of interest as someone stepped up
and bought nearly 500k shares on Wednesday in a couple of block trades at C$4.50 and C$4.57. If you ask
me, the buyer got an excellent bargain. It then went back to sleep and C$4.73 close on Friday was on
inconsequential volume, but to its credit we’ve seen MARI build using these low volumes and at some point
interest in the stock will change, most likely when the FS drops.
Rio2 Ltd (RIO.v): One of the interesting variables in our wild and volatile world of juniors is the uncertainty
about when a good company and its good project gets re-rated as it moves through the construction phase
and toward production. It happened to RIO.v last week, as
even though RIO has done very well in the last couple of
months, it’s also largely tracked the gains seen in the wider
junior market. However and as seen in the comparative chart
versus GDX (right), the stock took flight last week and it was
suddenly all buyers, no sellers. I’m pleased, I’m happy, I’m a
little richer, but the only real surprise is that it happened last
week and not some other time. Not complaining though. More,
please.
Orecap Inv (OCI.v): A significant deal announced by the
Ore Group companies OCI and XXIX last week and one that
makes use of one of the strong suits of its main man, Stephen
11

Stewart, who has shown himself to be apt at putting deals together at low cash cost to his dependent
companies and securing mine assets and land in his preferred stomping grounds. We could go with the XXIX
or KTR versions of the news, instead we stick with OCI’s NR (6) and here’s how it starts:
Toronto, ON – April 22, 2025 – Orecap Invest Corp . (OCI.V | ORFDF: OTCQB) (“OCI” or the
“Company”) is pleased to announce that it has entered into an asset purchase agreement dated April
21, 2025 (the “APA”) with Kintavar Exploration Inc . (“Kintavar”), a TSX Venture Exchange (“TSXV”)
listed mining issuer, and XXIX Metal Corp. (“XXIX”) pursuant to which Orecap and XXIX will sell
100% interest in the 987-hectare Roger project (the “Transaction”) located in the Chibougamau
mining district within the Abitibi greenstone belt (the “Roger Project” or the “Project”).
The Roger project was 50% owned by (what is now) XXIX until last year, when it bought the other 50% from
its JV owner SOQUEM. That’s a mostly share deal, so is this and essentially, it’s a three-way deal that once
closed, means Kintavar gets the Roger project. In exchange, XXIX gets 19.9% ownership of KTR and OCI
also gets 19.9% ownership of KTR, effectively putting Ore Group in executive control and adding a new horse
to its stable. In the case of OCI, it gets its new strategic holding of KTR by paying XXIX some of the shares it
owns in the company, basically a swap of XXIX shares for KTR shares. That makes a material change to our
standard tracking table of the OCI liquid-ish assets which now looks like this:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.495 5.83 2.4
ARIC.v 7.39 0.50 3.70 1.5
ARIC warrant 4.17 0.30 1.25 0.5
XXIX.v 22.992 0.09 2.07 0.8
KTR.v 42.750 0.015 0.64 0.3
MERG.v 5.125 0.02 0.10 0.0
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.03 0.74 0.3
subtotal 14.33 5.8
Est.cash 1.20 0.5
Total 15.53 6.3c
At 247.714 S/O
The changes (aside from the weekly moves in share prices):
1) OCI’s ownership of XXIX drops from 39.097m to 22.992m, or 8.9% of shares out
2) OCI gets 42.75m shares of KTR, or 19.97% of its pro forma shares out total
This compares to the OCI share price this weekend of 6.5c, which we’ve argued in recent weeks is an
absolute bargain due to the developments at Gold Candle. The overall per-share value has dropped on this
deal, partly due to the depressed price of KTR which we expect should increase (see below) but as we expect
McGarry to provide a windfall once Pierre Lassonde does the obvious and reaches a deal to fold McGarry into
his new project, there’s a lot of intrinsic value here.
As for Kintavar (KTR.v) it is indeed a broken and sorely in need of a re-set. This five year chart (right) shows
that once upon a time it was a tradable speculation stock, but
the last year and a half have seen it bouncing around 1.5c and
2c without any obvious catalyst to move it higher. KTR has been
under halt since the news dropped and this weekend is priced at
1.5c for our valuation purposes, but it’s reasonable to assume
some upside in the near term once the halt comes off and the
market takes into account its capital injection and new project
on which it can go to work. It may even benefit from the image
of being the new part of the Ore Group family, implied access to
capital in the mix. The new KTR pro forma structure implies
214.057m shares out, so if it manages to get to a C$10m market
cap in the near or medium term it points us o a 5c share price
and a decent lift for the incoming OCI and XXIX.
Finally, I’ve spoken to Ore Group head honcho Stephen Stewart about this three-cornered deal and from his
point of view, it makes sense on several levels. Firstly, it adds a new company into the Ore Group stable and
12

consolidates his presence in the Quebec/East Ontario region (the more Ore Group is considered a player, the
better). Second up, it’s a non-cash deal. Third, it extracts Roger (with its all-category 450k oz of gold
resource and copper kicker, suitable for heap leaching) from XXIX where it was very much a third strong
project offering zero value to shares and puts it in the hands of a company with its own local project that can
move it forward and add value. Fourth and more relevant to OCI, the deal terms that cut OCI’s ownership of
XXIX to 8.9% and adds a new asset line item plays into the strategy he wants to develop for this investment
hub entity. As he saw it, OCI owned too many XXIX and by doing this, it creates an extra strategic asset and
allows OCI to take more of a passive, back seat role by keeping the holding at under 10% (so presumably
OCI will be happy about allowing its 19.97% in KTR to be diluted down).
Overall, I’m good about the move but we’re not going to see an immediate re-rate of either OCI or XXIX on
this news.. I like the way OCI has its fingers in a new pie at very little cost to itself, I also like the longer-term
strategy as revealed. So summing up, I like OCI this week for the same reasons I liked it last week, as all it
needs is a big result from AE.v, ARIC.v or the eventual deal around McGarry to transform this stock and move
it much higher.
AbraSilver (ABRA.to): The silver stocks remained firmly
out of fashion last week, that sentiment fairly reflected in
our two choices as both ABRA the more speculative AAG
(see below) both continued to dive into Tuesday, as seen
in this two-for-one chart (right). The rebound came with
the rest of the mining market on Wednesday, but there
wasn’t much follow-through and the stocks basically
flatlined for the rest of the week, notable
underperformance compared to their gold stock cousins.
Again.
As for news, we got some on Thursday (7) from ABRA’s
second string Project, the early-stage La Coipita copper
target in San Juan Argentina that’s optioned out to Teck. The optioners Teck have been drilling and last week
reported a decent hit from its latest reported hole 006. Here’s how the data was presented in bullet-point
form in the NR:
 114 metres (“m”) grading 0.70% Cu, 0.07 g/t Au and 81 ppm Mo, from 410 m to 524 m down-hole depth,
interpreted as a secondary enrichment zone.
 Including a higher-grade interval of 20 m at 1.03% Cu, 0.08 g/t Au and 71 ppm Mo, from 412 m to 432 m depth.
 98 m grading 0.55% Cu, 0.10 g/t Au and 143 ppm Mo, from 524 m to 622 m, interpreted as hypogene porphyry
mineralization
 409 m grading 0.25% Cu, 0.06 g/t Au and 37 ppm Mo from 622 m to 1,031 m, corresponding to a high-
sulphidation epithermal overprinting zone.
 Combined these intercepts comprise 621 m grading 0.38% Cu, 0.07 g/t Au and 62 ppm Mo, from 410 m to 1,031
m demonstrating the scale of the mineralized system.
The drill map included in the NR gives a decent visual summary and includes the previous hit from hole 002
and notes one of two completed holes with pending assays, 007. That looks promising, while the other hole
in the lab, 008, has already been flagged as a
likely miss.
A personal opinion: Hole 006 is decent, but
you’ll note the depth from which the copper
mineralization starts and that’s going to be an
issue for any eventual economic model if it
doesn’t improve. Teck made the right noises
about the early stage progress and seems
keen to continue, that makes sense and as
stands La Coipita has already shown itself to
be a copper porphyry target of merit, but it’s
early days and the lack of reaction in the
ABRA share price to this news on Thursday is
all we really need to know at this stage.
13

Aftermath Silver (AAG.v): Price chart above, we note the arrival of the AAG.v 3q24 financials (to Feb 28th
2025, its financial year-end being May 31st) last week and don’t have to spend too much time here, just a
check-up of the balance sheet will do us.
Starting with assets (below left), treasury came in at C$7.953m in cash&eq, plus C$5.287m in "other" due to
the decision to squirrel C$5m of the recent share raise into an interest-bearing time deposit (that's now worth
C$5.04m). We like prudent financial management in explorecos. Liabilities (below right) dropped by C$4.2m,
with AAG using other chunk of the same raise to pay down the loan it had taken out at just under a year ago.
AAG.v: Assets, per qtr
50
45
40
35
30
25
20
15
10
5
0
As a result, working capital came in at C$12.558m and that was right in line with expectations. As 2025 rolls
out burn will increase as the drills start turning again. Finally, shares out came in at 290.308m as at end
February, an amount that may creep up slowly in the next few quarters but with the amount of cash now at
bank, no expectations of further raises and significant changes.
Bottom line: AAG filed a neat and tidy set of quarter numbers, right in line with our expectations and giving
us a corporate structure that will not provide much friction to the share price if the company delivers on its
exploration goals this year. All good.
Minera Alamos (MAI.v): Along with plenty of other TSXV stocks, MAI is due to deliver its 2024 YE
financials this coming week. Then due to the Venture exchange reporting schedule we get the 1q25 earnings
report (fairly) hot on its heels at the end of May. In other words, in the next five weeks we’re going to get
useful information from out Top Pick stock:
 First and foremost, a clear idea of how the Plan B production schedule at Santana is going. We know
that the mine is running at positive free cash flow (because MAI told us during Q1), but quants such as
sales ounces, COGS and average received prices of gold matter. With gold doing what it’s done and
aside the loan they’re bound to take out to build Sabre, we should look to Santana as able to support
the rest of the MAI structure fairly easily.
 Next and usefully, we should get more clarity on the developments on Sabre…okay, Copperstone, but
MAI should seriously consider changing the project name. Anything gleaned about timelines, funding
and the pre-construction work required at the site would be welcome.
14
12.yam 12.gua 12.von 22.bef 22.yam 22.gua 22.von 32.bef 32.yam 32.gua 32.von 42.bef 42.yam 42.gua 42.von 52.bef tse52.yam tse52.gua
C$m AAG.v: Liabilities per qtr
fixed 14
other current 12 cash
10
8
6
4
2
0
source: company filings
12.yam 12.gua 12.von 22.bef 22.yam 22.gua 22.von 32.bef 32.yam 32.gua 32.von 42.bef 42.yam 42.gua 42.von 52.bef tse52.yam tse52.gua
source: company filings
srallod
fo
snoillim
LT liabs
current liabs
16 AAG.v: Working cap per qtr
14
12
10
8
6
4
2
0
-2
-4
-6
12.yam 12.gua 12.von 22.bef 22.yam 22.gua 22.von 32.bef 32.yam 32.gua 32.von 42.bef 42.yam 42.gua 42.von 52.bef tse52.yam tse52.gua
source company filings
srallod
fo
snoillim
300 AAG.v: Shares Out
275
250
225
200
175
150
125
100
75
50
25
0
02.yam 02.gua 02.von 12.bef 12.yam 12.gua 12.von 22.bef 22.yam 22.gua 22.von 32.bef 32.yam 32.gua 32.von 42.bef 42.yam 42.gua 42.von 52.bef tse52.yam tse52.gua
source: company filings
serahs
fo
snoillim

 Lastly and while less likely to be definitive, any word on the permitting track for Cerro de Oro, Santana
expansion or even Minera Copper and La Fortuna would be useful.
The period January – April is the one where radio silence reigns for stocks such as this and it’s
understandable that shareholders get antsy. That period ends this coming week and instead of being grumpy
about MAI not moving and maintaining radio silence, we will at least have data to work on and consider (no
matter what happens or doesn’t happen to the share price in the meantime).
Provenance Gold (PAU.cse): PAU announced (8) the start of its 2025 drilling program at Eldorado this
week, including these details:
The initial drill holes for the first phase of the 2025 RC drilling will focus on expanding the mineralized zone
intersected by Provenance’s drill holes ED-04, EC-02, and EC-03. The first phase of the 2025 drilling campaign will
utilize a Boart Longyear reverse-circulation (RC) drill rig and is fully funded. The second phase will introduce a core
drill rig to complement the program’s objectives. Provenance is confident that this year’s drill program together with
other exploration activities will continue to expand the footprint of the Eldorado gold mineralization.
That makes sense. We know they’ve previously hit problems in previous diamond drill holes, so using an RC
rig in specific locations gives them better margin for error and avoids lost holes. Then later comes the
diamond rig for the second phase, but note the wording about treasury in the paragraph and how they
quietly explain how only phase one is fully funded. We know junior explorecos need to go to market and sell
things (normally shares) in order to develop their projects, but it’s always useful to know when we can expect
them to run a placement.
Since we started following PAU, it’s become something of a market darling and one of the better volume
trade vehicles among the gold explorecos, certainly those listed on the CSE. As a result it gets plenty of rah-
rah and fanboy social media, which is of course a double-edged sword. For the time being and at these 20c+
price levels I’m not inclined open an active trade position, let’s see where it is once the new drill programs
results start coming back from the lab.
Eldorado Gold (EGO) (ELD.to): We’ll have a lot more to say about EGO next weekend, as the company is
due to report its 1q25 financials on Thursday post-close (9), followed by the requisite Conference Call on
Friday morning:
VANCOUVER, British Columbia, April 08, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado”
or the “Company”) will release its First Quarter 2025 Financial and Operational Results after the market closes on
Thursday, May 1, 2025, and will host a conference call on Friday, May 2, 2025 at 11:30 AM ET (8:30 AM PT).
Details and options for tuning into the CC on that link. Meanwhile, EGO has traded lockstep with the sector
median in the last couple of weeks, as seen on this comparative chart to GDX. EGO is one of the producers
that doesn’t pre-announce production numbers for the quarter, so plenty of potential market-moving
information on our way Thursday evening. By way of a
reminder, this is from the outlook section of the YE 2024
MD&A…
Gold production in 2025 is expected to be between 460,000 and
500,000 ounces. Similar to prior years, quarter-to-quarter gold
production in 2025 is expected to fluctuate with higher production
expected in the second half as a result of ore grade variability
across the portfolio and the impact of winter conditions at
Kisladag.
….so don’t fret if the Q1 number seems lighter than the
guidance on a straight line basis. We’ll be more interested in
its costs numbers and of course any updates from the build-
out at Skouries. Until IKN833.
The Copper Basket
After seventeen weeks of 2025, The Copper Basket shows a loss of 4.70% to level stakes:
15

Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 568.88 2.07 44.8%
2 SolGold SOLG.to 0.13 3001.11 390.14 0.13 0.0%
3 Trilogy Metals TMQ.to 1.65 160.903 373.29 2.32 40.6%
4 Arizona Sonoran ASCU.to 1.47 148.409 323.53 2.18 48.3%
5 Aldebaran Res. ALDE.v 1.90 169.914 290.55 1.71 -10.0%
6 Regulus Resources REG.v 2.05 124.659 249.32 2.00 -2.4%
7 Faraday Copper FDY.to 0.74 205.336 176.59 0.86 16.2%
8 Hercules Metals BIG.v 0.55 253.391 152.03 0.60 9.1%
9 American Eagle AE.v 0.69 167.45 82.89 0.495 -28.3%
10 Hot Chili HCH.v 0.67 151.42 58.30 0.385 -42.5%
11 Element 29 Res ECU.v 0.63 124.181 40.36 0.325 -48.4%
12 Pampa Metals PM.cse 0.16 172.61 25.03 0.145 -9.4%
13 XXIX Metal XXIX.v 0.11 258 23.22 0.09 -18.2%
14 Libero Copper LBC.v 0.315 74.78 17.20 0.23 -27.0%
15 Kobrea Exploration KBX.cse 0.60 35.085 11.93 0.34 -43.3%
NB: All stocks in CAD$ Portfolio avg -4.70%
With uncertainty and volatility ruling last week’s market, The Copper Basket 2025, weekly evolution
10.0%
the copper explorecos did fairly well under the
8.0%
circumstances and that was reflected in our 6.0%
4.0%
representative group of 15 stocks which, we repeat for 2.0%
the benefit of newcomers or the forgetful, is NOT a list 0.0%
-2.0%
of recommended companies, instead it’s a mix of the -4.0%
good/bad/ugly this sub-sector has to offer that tries to -6.0%
-8.0%
track the sentiment of investors toward these most -10.0%
-12.0%
volatile of stocks. Once the dust had settled, our basket
average had improved by 2.12% week-over-week as it
slowly claws its way back to breakeven on the year,
thanks this week to the mix of eight winners (ALDE.v,
TMQ.to, REG.v, ASCU.to, FDY.to, BIG.v, AE.v, ECU.v, LBC.v) versus five losers (ATX.v, SOLG.to, HCH.v,
XXIX.v, KBX.cse), with one remaining unchanged on the week (PM.cse). There were two big movers in both
directions this time, with the losers topped by Kobrea (KBX.cse down 17.1%) and XXIX Metal (XXIX.v down
10.0%) and the winners led by Libero (LBC.v up 21.1%), Trilogy (TMQ.to up 19.0%). All in all, a volatile
week but one that came out in the favour of bulls, not a bad result.
As for the main driver of this sub-sector,
copper-the-metal continued its tariff
influenced ways with our indicative Comex
futures contract reaching U$4.90/lb. That’s
not such a big move in hard cash terms this
week, up around 15c/lb from last weekend,
but the trend remains intact and more
importantly the arbitrage between Comex
and LME continues to grow. With the
equivalent LME contract closing at
U$4.27/lb, the arb is up to 14.8% and that’s
a market telling us to expect a Trump Tariff
on copper sooner, rather than later.
However, it’s also the sound of an Asian
market that continues with strong demand for Dr Copper, these things don’t just go up due to artificial
Keynesian macro meddling. And according to the latest data out of China this week, we need look no further
than the roadways of China for the answer to where this demand is coming from. In 1q25 (8) passenger car
sales reached 5.117m, up 5.8% YoY, but the eye-popping stat is how “New Energy Vehicles” made up
16
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source: IKN calcs

2.419m of the total, up 36.4% YoY. So stop wondering when or even whether the tipping point of EVs would
be reached, it’s happened already. It’s just not where you’re living, working or driving, Cybertrucks don’t
count.
As for other market coverage of copper, here are four handpicked headlines from sequential days that, as a
group tell the story of the week:
April 23rd (10): “London copper near 3-week high on hopes of US-China tensions easing”
April 24th (11): “Copper hits three-week high, buoyed easing trade tensions”
April 25th (12): "Copper gains on softer dollar capped by tariff uncertainty"
April 26th (13): “Copper sags on tariff turmoil, firmer dollar”
Copper dollar, tariff dollar, tariff tariff, dollar copper, dollar dollar, tariff dollar and tariff. The market moved to
the beat of the macro turmoil with price action dominated by White House whispers and statements, rather
than normal comings and going of metal supply and demand. However, those drivers are not to be
underestimated and as the next section shows, they are beginning to point bullish again in no uncertain
terms. That’s our segue into the regular weekly world copper inventory section:
 The aggregate of world copper inventories in the three official futures systems took a big leg down
last week, the total dropping by 56,495mt metric tonnes (mt) to close at 440.040mt. That’s a big
move at any time of the year, it’s particularly impressive right now as it comes after the normal
pop/drop period in China.
 The big move was driven by action at the Shanghai SHFE, where a cool 54,858mt of copper left its
warehouses last week leaving stocks at 116,753mt. This couldn’t be any more different from the
way the 2024 market acted, as this time last year stocks plateaued at over 300kmt and stayed
there all through the Northern spring and summer. The biggest one week drop in SHFE.
 The LME joined the draw down party and 9,250mt of copper left its warehouses, the move entirely
due to stock leaving its Asia stores. This weekend’s total is 203,975mt.
 And once again we see copper leaving Asia and arriving in The USA, with the 7,613mt added to
Comex stocks our indicator of the wider trend. The total this weekend is 119,312mt and it’s a near
cert that total keeps moving higher in the weeks ahead, no matter what words come out of the
White House.
The dedicated SHFE chart has a good visual on SHFE’s copper stock decrease, as noted above the biggest
one-week drop on record. Usefully, the annual comparative also shows the second lowest Week 17 total of
the last eight years (which is more than enough, it used to move much smaller amounts) with only 2022
lower at this stage. Taking that a little further, if we consider the development of the 2022 line (and 2023’s,
for that matter) it’s a reminder of how SHFE stocks dropped to “scrape bottom of barrel” levels and stayed
there in the second half of the year. In both 2022 and 2023 the Asia futures warehouses became bereft of
copper and no longer an alternative for end users looking to buy physical, that scenario is now starting to
play out in 2025 and, with the well-documented scramble among Chinese smelters that are willing to forego
TC/RC payment in order to secure concentrate supply, we’re getting a very clear and bullish signal from the
world biggest user of copper.
17

SHFE copper inventory levels, 2019 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
18
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
source: Cochilco data
As for a detail on last week’s record drop, according to Reuters on Friday (14), “The steep drop was driven by
consumers pulling out stocks they’d bought several weeks earlier when copper prices fell dramatically after
President Donald Trump imposed new tariffs, according to two traders.” That makes sense, as the dip on the
tariff news was sharp, deep and started to revert quickly. End-user factories taking advantage of a macro
event in order to stock up on an input they knew was getting difficult to source at a good price is what smart
buyers of real world materials do and a reminder that no matter how many futures contracts are paper-only
(historical averages are 99.5% and I get the feeling copper is closer to 99.99%), the market will always be
driven by the physical end user of the commodity, the entities that take delivery and use the stuff.
The bottom line: Look beyond the current market-driven turmoil in copper stocks and toward where the
physical market is indicating. We’ve had several years of theory telling us copper will go into deep deficit as
demand ramps up and supply cannot add the required amount of new mines in time. That theory has been
debated back and forth, but instead of data and models we’re now getting real world evidence of the supply
crimp, plus clear data showing demand for copper that’s not going away anytime soon. Bullish.
Now for notes on a handful of our basket stocks:
Faraday Copper (FDY.to): I’m on record as liking this company and project, also that its price action is
somewhat mystifying as it tends to zig when its peers zag,
but here were are and in recent weeks, FDY has put in a
bit of a rally and now looks headed back to the top of its
recent trading range (at least…we’ll see).
In its most recent corporate presentation, aside from now
really pushing its Lundin Group connection (from the very
first page) it also points investors to it next major catalyst,
the updated resource and technical report due in the
second half of the year. In this notes section we’ve seen
how the 2025 drill program has made progress in the zone
above the American Eagle and Keel deposits, the
presentations underscores this and claims the deposit is
showing good continuity. This simple schematic from the
presentation shows the potential importance of developing mineralization and economic tonnage in this zone
of Copper Creek.

Kobrea (KBX.cse): The previously announced “Property-Wide Airborne Magnetic & Radiometric Survey” on
KBX’s West started at KBX’s Western Malargüe Copper Projects region and to get an idea of the scale of the
concessions footprint, go see the maps and visuals in the
NR. However, the stock dropped hard last week and that’s
probably due to a combo of two purely corporate factors.
For one, the lack of market moving news in its near future
and for another, last week the escrow came off the 11.6m
units sold in its latest private placement, the share plus full
warrant sold at 43c (15).
This CSE stock price has been supported by threads and
gossamer in the run-up to the hold coming off, the rush for
the door was therefore blatant and obscene and marked by
the company releasing the aforementioned NR on Tuesday
to make the stock sound attractive to people thinking about
buying what the placement participants were selling.
Welcome to the CSE.
Element 29 (ECU.v): One of the earlier TSXV stocks to file its 4q24, ECU’s numbers didn’t have many
surprises. The company finished the year with C$1.19m and since then has added C$0.82m thanks to
warrant exercises, which brings the shares out total to the 122.222m you see in the table above. ECU as a
corporate structure sips cash and can keep ticking over with that
C$2m treasury for quite a while, but as its plans this year include
drilling at Elida (and potentially Flor de Cobre later on), be clear
that the company will need to raise more capital soon. On the
subject of warrants, while perusing the 4q24 filings I was
reminded ECU has 18.335m warrants outstanding at a strike price
of 25c, expiring September this year. The company's price run to
50c and above may have erased it from my mind, but now we're
back in the low 30s and with the need to raise capital soon, it may
become a factor in its trading.
Overall, ECU is one of the likeable cheap copper trades out there,
a good team doing solid work. I’m mentally earmarking the stock
as a potential trade in the second half of the year but don’t see the need to speculate on it today.
SolGold (SOLG.L) (SOLG.to): Last but not least, the LUM deal energized Ecuador-exposed stocks across
the board, with SRL, SLS, LUG and even ATY putting in strong gains. Perhaps the only stock not to feel the
love and benefit from Chinese buying a development-stage project in Ecuador was SolGold, a company with a
development-stage project in Ecuador that already has a
major Chinese company as a recently bought-in strategic
investor. To the right is the 12-month chart of its main
London listing, it was a 7p stock when Caldwell was still at
the company and we didn’t know who would be the next
President of Ecuador, it’s a 7p stock today. Go figure.
As mentioned last week, I had a long conversation with new
SOLG Chair Paul Smith and came away from that chart
newly interested in the opportunity SOLG had to offer, but
that it’s going to take for the new team to turn this boat
around. We should expect some sort of corporate message
in May to add more substance to its new strategy to get
Cascabel/Alpala into production on a quicker timeline and with lower upfront capital. Part of that plan is to
drill outlying zones around Cascabel that show promise as easy access zone of mineralization that could
support a first stage open pit operation and we know SOLG is putting holes into those areas at the moment.
Another thing mentioned by Chair Smith is that the executive team would visit China this week, mostly as a
fact-finding/pay-respects operation to connect with the new strategic holders Jiangxi Copper, which recently
upped its holding of SOLG from 6.95% to 12.2% by buying shares at 11p (which, according to LSE rules, now
19

means Jiangxi cannot bid any lower than that price if it decides to make its move and buy SOLG out). Be
clear that the new team has no intention of selling yet, the visit to China is not to close a deal or seek offers
and while the full strategy isn’t laid out yet, the plan is clearly to get momentum rolling again and move the
share price up before entertaining offers.
That’s where we stand today. I got plenty of feedback and queries about last week’s note on SOLG and the
above is by way of extra flavour, but I’m not trying slow play anyone or hide information. My position is
simple, that SOLG is back with the potential to make for a good trade as long as the new management team
comes up with a cogent and viable plan. Because the flipside to this story is having bought and lost money
not once but twice by trading it (or at least trying to), the first way back in 2017 and 2018 when selling at
C$0.415 for a 13% loss as the trade thesis didn’t work out, then in 2023 to 2024 when I ran out of patience
and sold at C$0.165 for another 25% loss. Notably, the C$0.13 share price this weekend means that although
I lost, getting out of the way was the right decision both times. It would be nice to run a “Three’s A Charm”
trade and finally make good on SOLG, but there’s no rush to make a decision here and before anything else
happens, let’s see what they tell us in May.
The Producer Basket
After 17 weeks of 2025, the Producer Basket shows a gain of 36.70% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 60.79 53.94 44.9%
2 Agnico Eagle AEM 78.21 497.971 59.01 118.51 51.5%
3 Barrick GOLD 15.50 1748.05 33.30 19.05 22.9%
4 Franco-Nevada FNV 117.59 192.119 32.68 170.09 44.6%
5 B2Gold Corp BTG 2.44 1313.11 4.04 3.08 26.2%
6 Eldorado Gold EGO 14.87 204.909 3.91 19.07 28.2%
7 New Gold NGD 2.49 790.9 2.68 3.39 36.7%
8 Sandstorm SAND 5.58 296.844 2.51 8.44 51.3%
9 OceanaGold OGC.to 3.98 708.074 2.47 4.98 25.1%
10 Wesdome Gold WDOFF 8.98 149.891 1.82 12.16 35.4%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 36.70%
And so comes the pullback. All ten of our Producer Basket component stocks registered losses last week,
from the biggest drops in B2Gold (BTG down 7.2%) and New Gold (NGD down 6.9%), to the least worst in
the two royaltyco picks for the year, Franco-Nevada (FNV down 0.6%) and Sandstorm (SAND down 0.6%).
Overall, our picks did slightly better than the GDX benchmark on the week and we’re now trailing it by 7.24%
instead of 7.94%. Still ugh.
The 2025 Producer Basket: Weekly performance and
55% comparative to GDX control
50%
45%
40%
35%
30%
25%
20%
15%
10% 5%
0%
Newmont Gold (NEM): Wednesday saw Newmont drop its 1q25 financials (16), effectively kicking off the
Q1 reporting season for the Tier One and Tier Two mining companies and as this ten day chart running NEM
next to our GDX benchmark line shows, the market took the results largely in its stride.
20
ts1naJ ht21 ht62 ht9 dr32 ht9 dr32 ht6rpA ht02
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%
source: IKN calcs 1% 0%
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72
source: IKN calcs, NYSE data

These pages are not dedicated to the analysis of large cap miners (interesting as they certainly are) but we
do track some of the more interesting metrics of the big boy companies including its ongoing AISC evolution,
which touched a record U$1,651/oz in 1q25.
NEM: AISC per qtr
21
319 529 819 009 388 149 139 349 879 598 548 709 6101 789 649 0301 7901 0201 3401 9301 5301 0211 6501 6511 9911 1721 5121 6731 2741 6241 5841 9341 2651 1161 3641 1561
1800
1600
1400
1200
1000
800 600
400
200
0
61q2 61q3 61q4 71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$/oz
source: company filings
That number compared to our estimate of U$1,620/oz and to be fair to NEM, it did warn us as the year
began that Q1 would be its highest unit cost quarter. Meanwhile, gold production was an ok-not-great 1.54m
oz, the lowest total since the Newcrest merger was consummated and on looking at the longer-term data, it’s
notable that NEM was producing that type of ounce count before even considering a merger with Newcrest.
This quarter NEM blamed the lacklustre number on season changes, plus the sale of the non-core assets that
contributed to overall sales. So production wasn’t great, but the received price of U$2,944/oz came to the
company’s rescue.
NEM: Attibutable gold production, per qtr
The result is a raw margin per ounce of U$1,293/oz,
enough to counter the low production level and allow
NEM to record another U$1.2Bn in free cash flow.
Finally, we knew NEM had been busy running share
buybacks and its new count of 1.127Bn shares out is
now confirmed, but it was somewhat disappointing not
to see the cash dividend get hiked. NEM has been
26.1 43.1 5.1 94.1 36.1 72.1 42.1 92.1 47.1 86.1 16.1 76.1 9.1 45.1
2
1.8
1.6
1.4
1.2
1 0.8
0.6
0.4 0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Moz Au NEM reported avg received gold price, per qtr
source: company filings
2981 1961 1961 8571 6091 5691 0291 4002 0902
7432 8152 3462
4492
3500
3000
2500
2000
1500
1000
500
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$/oz Au
source: company filings., IKN calcs
NEM: Received price minus AISC, per qtr
165 726
398
908 217 887 856 247 637 294 024 345 035 394 494 915 156 587
709
0811 3921
1400
1300
1200
1100
1000
900
800 700
600
500
400 300 200
100
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$/oz
source: company filings, IKN calcs

distributing at 25c/qtr since the Newcrest merger was a thing and
with gold rocketing and its margins growing like wildfire, it’s a bit
tight-fisted of them not to have increase the capital return by
paying more cash to holders.
Agnico Eagle (AEM): The other bigboy Q1 result out last week
came from the increasingly powerful AEM (17), which cannot
match NEM for absolute ounces produced but is arguably both a
more efficient and financially stronger company, the reasons why
there’s precious little in it on the market cap league table these
days. The 1q25 report also dropped Thursday evening and as the same 10-day comparative used for NRM
shows, AEM did slightly better than its main rival but it wasn’t that big a move, AEM dropping around 1% on
a day the GDX dropped 2%. In other words, record numbers or not the market took AEM’s results in its
stride, now expecting the company to be printing cash hand over foot.
And print cash it does, as seen in the tracking chart that pits revenues against costs. In 1q25 AEM top line
revenues were U$2.47Bn and costs at a remarkably constrained U$767.7m, which means…
AEM: Revenues from mining operations vs
production costs, per qtr
22
7.5231
7.166
1.1851
6.756
7.9441
1.756
7.4831
9.666
7.9051
1.356
2.8171
3.347
4.2461
4.957
6.6571
5.777
8.9281
6.387
6.6702
0.277
6.5512
7.387
7.3222
9.647
2.8642
7.767
2600
2400
2200
2000
1800
1600
1400
1200
1000 800
600 400
200
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Newmont: Quarterly dividend
U$m
Revs
COGS
source: company filings
….AEM made an operating margin of over U$1.7Bn. An amazing number and one that looks even more
impressive when considered in percentage terms.
52.0 52.0
04.0
55.0 55.0 55.0 55.0 55.0 55.0 55.0 55.0
04.0 04.0 04.0 04.0
52.0 52.0 52.0 52.0 52.0 52.0
0.60
0.50
0.40
0.30
0.20
0.10
0.00
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$
source: company filings
AEM: Operating margin, per qtr
87.672 18.765 06.355 52.235 06.155 91.825 64.484 59.366 24.329 26.297 48.717 25.658 49.479 00.388 91.979
42.6401 46.4031 69.1731 48.6741 25.0071
1800
1600
1400
1200
1000 800
600 400
200
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m AEM: operating margin as percentage
of gross revenues, per qtr
source: company filings
%7.94 %9.75 %6.95 %0.65 %0.65 %7.35 %9.05 %1.05 %4.85 %7.45 %8.15 %7.65 %7.65 %8.35 %7.55 %2.75 %8.26 %6.36 %4.66 %9.86
80%
70%
60%
50%
40% 30%
20%
10%
0%
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source: company filings, IKN calcs

Our favoured metric here is operating margin as a percentage of gross revenues and the flat costs means
AEM can benefit from all the recent gold price rocket without having to pay extra for its inputs. If you look
back a put brief look at the AEM 4q24 results you’ll see how impressed I was with the 66.4% number…that’s
now 68.9%. But when a mining company makes this much cash and doesn’t see its share price move, it
means the market has already baked the project upside into the stock. AEM had its great quarter, but it will
need to continue to do so if it wants to retain its now mature equity price level.
The TinyCaps List
After 17 weeks of 2024, the TinyCaps show a gain of 1.24% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 133.87 13.39 0.10 -41.2%
Condor Res CN.v 0.145 141.155 16.23 0.115 -20.7%
Electrum Disc ELY.v 0.13 98.99 5.94 0.06 -53.8%
Endurance Gold EDG.v 0.145 174.5 26.18 0.15 3.4%
Kodiak Copper KDK.v 0.39 75.92 33.78 0.445 14.1%
Latin Metals LMS.v 0.08 96.476 12.54 0.13 62.5%
Mogotes Metals MOG.v 0.13 268.9 45.71 0.17 30.8%
Radius Gold RDU.v 0.085 107.41 11.82 0.11 29.4%
South Star STS.v 0.55 52.64 20.27 0.385 -30.0%
Viva Gold VAU.v 0.14 145.53 24.01 0.165 17.9%
Prices in CAD$, data from TSXV basket avg 1.24%
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.
The TinyCaps basket had a quiet and balanced week,
TinyCaps, 2025 weekly tracker
losing just nine one hundredths from its average with four 6%
winners (KDK.v, LMS.v, MOG.v, VAU.v), five losers (BRO.v, 4%
2%
CN.v, EDG.v, RDU.v, STS.v) and one unchanged stock
0%
(ELY.v). The moves were mainly small on either side, with -2%
the only double figure moves the winner Mogotes (MOG.v -4%
up 13.3%) and the loser Radius (RDU.v down 15.4%). -6%
-8%
Nothing much to report by way of newsflow this week, so -10%
we’ll leave it at that.
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.
23
ts1naJ ht21 ht62 ht9 dr32 ht9 dr32 ht6rpA ht02
source: IKN calcs, TSX data

Regional politics
Argentina: Milei’s popularity falters
A prophets in hometowns update. Javier Milei continues to enjoy international acclaim and right wing flowers
and love from around the globe, but his popularity and that of his government is coming under more
pressure in Argentina as we run toward its politically vital midterm elections in October (just six months from
now). Though not strictly a mining issue, it’s obviously important to the fate of mining investment in the
country as all its reforms, as well its recent positive international image, hangs firmly on the success or failure
of Milei and his admin. As Argentines are obsessed with polls and surveys there’s always new information at
hand as well, with two polls in recent days both pointing to the same dynamic. What’s more the pollsters,
namely Analogias (18) and Delfos (19), are both known to be sympathetic to the government cause and
normally mark up Milei and his crew compared to other publications.
Both polls put Milei’s popularity rating in the negative: For Analogias Milei got 38% approval and 46%
disapproval (that -8% reading the first negative aggregate that poll had registered), while for Delfos the
difference was 38% approval and 55% disapproval. But as the Delfos visual (below) shows, his approval
rating improved from 33% in March.
Meanwhile, the Analogias poll (20) had for me the most interesting question and response of either report,
here’s the screenshot (below), with the question translated as, “Do you believe that the (economic) sacrifice
made over recent months is helping to resolve the economy’s problems?” This is in reference to the deep
reforms enacted by Milei in order to bring inflation under control, allow the Peso to float freely, provide
Argentina access to the sovereign debt market, etc etc. Here’s the response:
A question posed by Analogias in all its monthly polls, up to recently the responses have been fairly balanced
but, starting in February and accelerating in the latest poll (taken at the end of Marc1h and recently
published, support for Milei’s reforms has seen a clear drop and this time, just 35.6% of people were
supportive of the Milei policies with 51% against them, due to the lack of effect they were experiencing. This
is an issue, as if the positive effects of reform don’t manage to trickle down (yes, that phrase, it gets used a
lot in 2025 Argentina) to the rank and file the government of Milei will pay a heavy price in October.
24

Finally and to overdose you on polls, another survey out this week from pollster Pulso went into the more
technical debate about how the October midterms were shaping up. The link is the report is here (21) and
LatAm political junkies will enjoy it, but most of it is deeper Argypolitik and doesn’t fall within the remit of The
IKN Weekly. I’ll just quote the answer to one survey question to offer gist, as when asked who voters were
thinking about supporting, 37.5% of people said they were thinking about voting for a candidate opposed to
the national government (i.e. Milei), 36.2% for “someone aligned with the government” and 26.3% were
undecided.
More Argentina: CRU quant on RIGI
This probably should have made last weekend’s report, but didn’t so it’s better late than never on perhaps
the most interesting paper delivered to the CRU/CESCO Copper Week seminar in Santiago de Chile earlier this
month. The analysis team at CRU published a report on the effects of what they consider the five biggest and
most advanced copper projects in Argentina, namely Taca Taca (First Quantum), El Pachón (Glencore), Los
Azules (McEwen Copper), Josemaria (Lundin et al) and MARA (Glencore) (with no room given to Altar, tyou
may note). According to CRU, those projects would bring an estimated U$47bn in FDI into the country and if
all qualified for the RIGI investment benefits program, the State burdens in the RIGI period 2026 to 2040
would drop by nine points, from 47% to a global average total of 38% of cash flow. That compares to the
current estimated total State burdens of 42% in Peru and 45% in Chile, the obvious yardsticks to Argentina
considering the proximity and development of mining in those countries. In other words, Argentina is offering
an attractive deal to the world’s major mining companies. Or to quote source material (translated) (22):
“…CRU believes that RIGI could become an efficient method to capture investments and advance the
development of a robust copper sector (in Argentina). The effective taxation rate of 38% for the period
2026 to 2040 is key to positioning Argentina among the most competitive investment destinations.
However (lead author Francisco) Acuña warned that fiscal incentives, though important, are not enough
on their own. “Long-term stability is needed. RIGI is a good signal, but the country must continue to
build confidence (among potential investors”, the specialist said during an interview on the TV program
Panorama Minero.”
Market Watching
Gold Royalty Corp (GROY): A light Q1
Our final segment in IKN832 considers the preliminary results announced by our royaltyco turnaround trade
of 2025, Gold Royalty Corp (GROY) as it was one of the few real trading disappointments of the week. We
were ready for a light quarter from GROY, they’d made it crystal clear production/sales in 2025 would go
from lower to higher as the quarters rolled out as some of its more significant royalty assets came online, but
even so the sales number of 1,249 GEO was lighter than we’d anticipated.
GROY: GEOs per qtr
25
3401
282
117 766
9102
749 1501
5441 9421 0051 0061 0071
2200
2000
1800
1600
1400
1200
1000 800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3 tse52q4
source: comapny data, IKN ests
However, all is not lost on the production front because GROY reiterated its (admittedly wide) guidance rnage
for 2025, as seen in this segment of the NR:
Gold Royalty maintains its 2025 full-year production guidance 5,700 - 7,000 GEOs as released on March 20,
2025, and expects that production will be more heavily weighted to the second half of the year as recently-started
mining operations including Côté, Vareš, and Borborema continue to ramp up towards full production run rates
through 2025.

Overall, the light-ish quarter made for a top line sales number (below left)of U$3.1m (with total revenues
U$3.6m). That’s around U$1.1m short of our original guesstimate and while that’s a lot in raw percentage
terms, it’s not the worst miss in the world. GROY is still in its early days with some of its paying streams (e.g.
Vares) and they’re likely to be irregular payers until the mines are in stable and commercial production.
So if we estimate costs at a round U$1m (below right) and make a reasonable guesstimate for G&A in line
with normal quarters, we end up with an operating loss of U$0.4m.
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
26
475.7- 526.8- 457.2- 105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
4.0-
5.1
2.2 3
4
2
0
-2
-4
-6
-8
-10
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 tse52q1 tse52q2 tse52q3 tse52q4
GROY: Sales per qtr
U$m
source: company filings, IKN calcs
That’s still an improvement on recent quarters, but we had hoped to be able to book a first real operating
profit this quarter (we estimated +$0.7m). However we’re close to that tipping point moment and as the
above chart shows, as long as GROY sees GEO growth as expected we should get that happening in the
current quarter. So operationally a miss, though by no means a disaster. However, we need to mention last
week’s price action in GROY and here’s the ten-day
chart to illustrate the issues (right). It was
disconcerting to see the way GROY shares dropped
off a cliff on Monday, dumped hard for no
apparently reason, then continued the drop on
Tuesday. When the 1q25 production report was
published the damage had already been done and
light quarter or not, there were no more sellers to
push down the price. Put simply, GROY last week
displayed all the symptoms of a leaky boat and
while it’s not that much of a surprise considering the
level of mediocrity running this company, it’s not the
type of professional or serious image a company
should convey to the market. The timing of the leak
strong suggests to me one of the third parties with access to material non-public information, e.g. the
company lawyers, associated brokerages or counsel and there was clearly an open secret being bandied
about. When it comes to the ratty end of the market this is something we need to take into account and
while it might put me off a different company, in the case of GROY and its team I went into this trade with
eyes wide open, fully aware of the lwo caliber at C-suite and board level, so the only person I can really
335.0 836.0
709.1
668.0 285.0 767.0 864.0 797.0 610.1
498.2
497.1 60.2 553.3
1.3
4
3.5
3
2.5
2 1.5 1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1
GROY: COGS U$m
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
1
2.2
2
1.8
1.6
1.4
1.2
1 0.8 0.6
0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 tse52q1
U$m
source: company filings

blame is myself. It’s the price I’m willing to pay to own this deep value opportunity and one of the risks of
ownership (another is hoping they keep their hands off the petty cash box and G&A doesn’t start blowing out.
The leaky boat syndrome is unpleasant to witness in a holding (even when it works for us and shares start
moving up before good news is released) and I won’t have unlimited patience with the Garofalo clownshow,
but for the time being I’ll let it gently annoy me as I continue to hold.
Bottom line: A light quarter that now more than fully baked into the share price, in fact GROY is almost
certainly oversold in the same way t went oversold around its not-bad-not-great 4q24 filings. It’s still
extremelt cheap and this drop has allowed a second opportunity to position before the real revenues
increases start flowing during the second half of the year. Very buyable at these levels.
Conclusion
IKN832 is done, we close with bullet points:
 Last week’s table banging about Lumina Gold (LUM.v) becomes this weekend’s table baning about
Salazar Resources (SRL.v) and with the developments in Ecuador, the clock is now ticking on this
window of opportunity.
 Gold has been a better bet than silver all year, the latest data from The Silver Institute goes some
way to explain why. Don’t’ believe the hype you read online, there’s no supply crunch and the way
things are going, there won’t be for several years to come.
 Copper is the bet for a trade dispute resolution, it’s also the bet on what we’re seeing from end users
in China even before the trade war is settled.
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.calculatedriskblog.com/2025/04/schedule-for-week-of-april-27-2025.html
(2) https://seekingalpha.com/article/4778104-gold-reversal-of-fortune-about-to-hit-hard-technical-analysis
(3) https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf
(4) https://luminagold.com/lumina-gold-announces-acquisition-by-cmoc-for-c581-million/
(5) https://silvercorpmetals.com/silvercorp-announces-the-construction-plan-and-schedule-for-the-development-of-the-el-domo-project/
(6) https://orecap.ca/news/orecap-to-acquire-19.9-of-kintavar-exploration/
(7) https://www.abrasilver.com/news-releases/abrasilver-announces-new-copper-discovery-at-la-coipita-project-621-metres-grading-038-
copper-including-114-metres-grading-070-copper
(8) https://www.provenancegold.com/20250424-provenance-gold-commences-2025-drilling-program-at-the-eldorado-project-in-eastern-
oregon
(9) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-provides-q1-2025-conference-call-details
(10) https://www.hellenicshippingnews.com/london-copper-near-3-week-high-on-hopes-of-us-china-tensions-easing/
(11) https://www.hellenicshippingnews.com/copper-hits-three-week-high-buoyed-easing-trade-tensions/
(12) https://www.hellenicshippingnews.com/copper-gains-on-softer-dollar-capped-by-tariff-uncertainty/
(13) https://www.hellenicshippingnews.com/copper-sags-on-tariff-turmoil-firmer-dollar/
27

(14) https://www.brecorder.com/news/40359543/copper-sags-on-tariff-turmoil-firmer-dollar
(15) https://www.newsfilecorp.com/release/234830/Kobrea-Closes-Private-Placement
(16) https://www.newmont.com/investors/news-release/news-details/2025/Newmont-Reports-First-Quarter-2025-Results/default.aspx
(17) https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2025/AGNICO-EAGLE-REPORTS-FIRST-
QUARTER-2025-RESULTS---STRONG-QUARTERLY-OPERATIONAL-AND-FINANCIAL-PERFORMANCE-BALANCE-SHEET-
FURTHER-STRENGTHENED-BY-STRONG-FREE-CASH-FLOW-GENERATION-16TH-ANNUAL-SUSTAINABILITY-REPORT-
RELEASED/default.aspx
(18) https://www.cba24n.com.ar/opinion/-es-la-economia--milei---la-crisis-le-pasa-factura-al-gobierno-en-las-ultimas-
encuestas_a680b9c741fc434fdf6de2c46
(19) https://www.lapoliticaonline.com/politica/milei-recupero-cinco-puntos-despues-de-hundirse-en-marzo/
(20) https://www.cronista.com/economia-politica/una-encuesta-revela-cual-es-el-la-decision-que-debera-tomar-milei-para-ganar-las-
elecciones/
(21) https://www.iprofesional.com/politica/427001-nueva-encuesta-revela-por-que-javier-milei-depende-dolar-para-elecciones-2025
(22) https://infoenergia.info/mineria/argentina-mejora-su-competitividad-minera-con-el-rigi-y-supera-a-chile-y-peru
(23) https://www.goldroyalty.com/news/news-releases/gold-royalty-announces-first-quarter-2025-preliminary-results
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
28

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
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
29

INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
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
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Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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