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The IKN Weekly
Week 833, May 4th 2025
Contents
This Week: In today’s edition, An FOMC and a day off for the Brits and a sixteenth birthday.
Fundamental Analysis: Eldorado Gold (EGO) (ELD.to) 1q25 financials.
Stocks to Follow: Minera Alamos (MAI.v), Lumina Gold (LUM.v), Salazar Resources (SRL.v), Gold Royalty
Corp (GROY), Latin Metals (LMS.v), Rio2 Ltd (RIO.v), Orecap Inv (OCI.v).
The Copper Basket: Overview, Pampa Metals (PM.cse), Libero Copper is now Copper Giant (CGNT.v),
Faraday Copper (FDY.to), XXIX Metal (XXIX.v), Element 29 (ECU.v), SolGold (SOLG.L) (SOLG.to).
The Producer Basket: Overview, New Gold (NGD), Agnico (AEM, Newmont (NEM).
The TinyCaps Basket: Overview, Radius Gold (RDU.v), Mogotes Metals (MOG.v).
Regional Politics: Argentina: Copper wine and water, Bolivia: Keeping an eye on future opportunities,
Chile: Mining drives economic growth, More Chile: Codelco’s thousand year reich.
Market Watching: Equinox Gold (EQX) M&A update, Bear Creek Mining (BCM.v) 1q25 production.
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
 Today’s main fundies note covers the 1q25 earnings filed by Eldorado Gold (EGO) (ELD.to) on
Thursday and this publication again finds itself explaining why the tepid market reaction is wrong and
that EGO is fast becoming one of the standout trade options in the gold producer world. So what if it
gave up 4% or so last week, the market is an ass and this stock is going higher.
 Instead of EGO, New Gold (NGD) won the plaudits of the gold sector last week with a 1q25 earnings
report that saw the stock rise 13.2% week-over-week and against the grain of sector headwinds. The
Producer Basket has thoughts on the NGD earnings, why it rose the way it did and why I’m still not a
buyer, despite its theoretically attractive forward valuation.
 Regional Politics turns away from its rather repetitive coverage of Ecuador, I am very please to report.
Instead we consider the latest from Chile, which has good news and political winds for the mining
industry, then we cast new eyes on the emerging political situation in Bolivia. It’s too soon to make a
tradee move, but come August we may have a good reason to go long Bolivia and bet on a political
move to the right, one that would see the country’s mining industry suddenly become far more
attractive to FDI. Today’s note is a primer and a clear statement of “don’t do anything yet”, but sets
the scene all right. There’s also something on another repeated jurisdiction, Argentina, but this time it’s
specifically on a province that’s hated mining for years and is now falling in love with miners.
 However, it must be said that the Ecuador trades are going well, with under-offer Lumina Gold (LUM.v)
and last weekend’s centre of attention Salazar Resources (SRL.v) both showing solid gains. Those and
notes on other holdings in the Stocks to Follow notes section, exactly where they should be.
 Other things, too. There are always other things.
An FOMC and a day off for the Brits and a sixteenth birthday
Please note that tomorrow Monday [EDIT: Errr, we did plan for this edition to go out on time…sorry] is the
May Day Bank Holiday in the UK and as such, its financial institutions and stock markets are closed until
Tuesday. However, it’s a normal five day working week for The Americas. No rest for the wicked.
1

As for macro events, next week’s big moment is the FOMC with the normal schecule of announcement
Wednesday 2pm ET and the Jerome Powell presser half an hour later. However, it’s unlikely to be that big in
market moving news this time around and to explain, we quote Bank of America’s preview column on this
edition of Fed meetings (1):
The May FOMC meeting looks like a placeholder: policy rates on hold and no change in Chair
Powell’s tone from his recent speeches. He will probably reiterate that the Fed is assessing the total
impact of all policy changes by the Trump Administration, not just trade policy in isolation. We think
the bar for a June cut is high, but Powell is unlikely to rule it out at this stage.
That’s not just BofA’s opinion, the market this weekend prices the chance of a rate cut at under 1% (sorry
Mister President). So with the target range remaining 4.25% to 4.5%, eyes will be on any change in wording
in the communiqué and ears will be on the Powell presser for clues on future FOMCs. Sadly, ears will also be
on President Trump as he’s bound to stick his oar in at some point and make his views on a slow Fed clear.
Wrapping up our mixed bag of intro matters today marks the 16 years of The IKN Weekly and that, believe
me, is a lot of weekends of not doing other things. Or as I normally put it, 16 years of keeping me out of
trouble. It’s also the opportunity to offer my sincere thanks to its audience, as without you people out there
this would never have happened. Thank you one and all, from the longest of the long-termers (looking at you
David C) to the recently arrived, your author is truly grateful for your support. Now for another year, onward.
Fundamental Analysis of Mining Stocks
Eldorado Gold (EGO) (ELD.to) 1q25 financials
On time and schedule Thursday post-close (2), Eldorado Gold (EGO) (ELD.to), at U$3.7Bn or so the largest
market capper in my personal portfolio, filed its 1q25 financials and as the five day comparative chart with
GDX shows…
…the market shrugged its collective shoulders and let the quarter go by without much comment. There was a
slight ramp into the earnings which made Friday’s 1.7% down day look slightly wose than reality, the fact
that EGO performed in-line with GDX on the week is what matters. So the market’s verdict was “In Line” and
that’s ours as well (for the TL:DR out there), the rest of today’s main fundies note is to explain why that
means EGO is a buy at its current price level. We production numbers, we do financial numbers, we do
guidance numbers and then tie it all together with a bow at the end. This shouldn’t take too long.
Production numbers: With no pre-announcement is common among sector peers, we went in with the
potential for more volatility and with EGO guiding 2025 for incremental quarterly production improvements as
the year progresses, there was a chance of a negative surprise. In the end, the total production number of
115,893 oz gold (or an estimated 120,393 AuEq if we include the other metals at polymetallic Olympias)
came in at the low end of acceptable.
2

EGO: gold production breakdown, per qtr
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
3
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Oz Au
Kisladag Lamaque
Efemcukuru Olympias
source: company filings
The overview production chart above gets 1q25 added on the right and shows a couple traits, firstly the
“normal quarter” at EGO that oscillates around the
120,000 oz level and then the “Q4 bonus quarter” EGO: Kisladag Au prod, per qtr
as, with the exception of 4q21, production shows
a bump in the last quarter of the year. So yes, if
you want to be picky you can point to the slight
drop compared to the same quarter of 2024, or
the big drop compared to the previous 4q24
period, but overall there’s nothing reall wrong
here. Now to take a look at each production unit,
starting with…
Kisladag: The clear positive of the quarter,
Kisladag’s 44,319 oz produced put it solidly ahead
of 2025 guidance (top end 170k oz) and while
revenues from the unit at U$129.2m were U$21m
lower than the record set in 4q24, one look at the
chart here will tell you why No further comment required, no news is good news.
Lamaque: While 40,438 oz isn’t a real miss and we
didn’t expect a repeat of its 4q24, it is slightly light
compared to recent results. EGO pointed to lower
average head grades as the main cause and that’s
fiar enough, mine sequencing does that
sometimes.
Efemcukuru: Another smack-in-line quarter from
this asset and while it might not be the biggest
gold mine in the world or the cheapest to run, my
job would be whole lot easier if they could all
crank out regular quarters like this one does. The
company reported higher head grade offsetting
slightly lower throughput tonnage during the
quarter, hardly a drama.
Olympias: The miss of the quarter came from the
polymetallic Olympias, with 11,829 oz gold and an
IKN estimated 4,500 AuEq added from the other
metals produced (220,111 oz silver, 2,029 tonnes
lead, 1,948 tonnes zinc and I'm not adding those
tracking charts to the report today). But you do
get a chunk of script from the EGO MD&A at this
point, because it’s more succinct than I can be:
63133 97792 37972 14773 70304 06173 08143 91273 19264 32573 09983 48014
38465
91344
70000
60000
50000
40000
30000 20000
10000
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Oz Au
source: company filings
EGO: Lamaque Au prod, per qtr
45315
77333
71964 45424 94315 48873 54783 12824 91665 99224 19374 60134 24736 83404
70000
60000
50000
40000
30000
20000
10000
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Oz Au
source: company filings
EGO: Efemcukuru Au prod, per qtr
13622 75012 39722 37422 26312 82991 44622 24112 47322 10581 79322 49791 15491 70391
30000
25000
20000
15000
10000
5000
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Oz Au
source: company filings
EGO: Olympias est Au Eq sales, per qtr
35000
30000
25000
20000
15000
10000
5000
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Au/AuEq oz
other AuEq
gold oz
source: company filings, IKN calcs and ests

The decrease was driven by lower volumes milled, and also resulted in lower by-products produced. In addition,
unplanned maintenance related to pyrite concentrate filtration and issues affecting the flotation circuit stability
limited plant throughput and recoveries. Analysis has shown that the flotation stability was impacted by the
viscosity modifier that is added to the underground paste backfill (which assists in paste pumping in the
underground). When ore stopes are mined adjacent to cemented paste backfill, there is some mining dilution
which includes backfill material in the ore mined. Several mitigation actions have been implemented and as a
result, the flotation performance in the process plant has stabilized and throughput and recoveries have been
restored to planned levels.
They hit a recovery problem, they worked out why, fixed it and it shouldn’t happen again. The resulting light
quarter isn’t great and it will be worth keeping an extra eye on the Q2 numbers when they show up, but it’s
unlikely to be a biggie.
As for guidance for the rest of 2025, in its 1q25 literature, EGO told us that it was maintaining 2025 annual
gold production guidance “…of 460,000 to 500,000 ounces with average total cash costs per ounce sold of
$980 to $1,080 and AISC per ounce sold of $1,370 to $1,470. Quarter-to-quarter gold production in 2025 is
expected to fluctuate during the year, with production continuing to be weighted to the second half of the
year.” That’s exactly in-line with previous guidance, the weighting toward H2 all about mine plans, grade
fluctuations and the way Kisladag production drops during its winter months.
Summing up the production quarter, the numbers are okay and with guidance set for 460k to 500k oz gold
for 2025, they’re just inside the range on a straight line basis. With production expected to weight toward Q3
qnd Q4, no major issues expected. Now for the main value driver of the stock price going forward, the
Skouries development project
Skouries: Unlike the production numbers, we knew more about the Skouries development project before this
1q25 report because EGO has been informing the world it's still on track for budget and timeline (or "adjusted
budget and adjusted timeline”, see the hikes announced in February for more) via NRs and video segments.
However, it's good to get official word in the RegFs and in this one, EGO went into detail on several of the
devleopment segments at Skouries such as (and we capitalize) Underground Development Tailings Plant,
Tailings Storage, Primary Crusher, Process Plant and Thickeners. Feel free to check the MD&A for the details
on each but the need-top-know is that all seems to be on track.
EGO: Skouries Project completion
The overall project progress was at 66% as at end 1q25 (chart
right), on track for first pour at the start of 2026 and commercial
production mid-2026. We also learned that its previously reported
issues with securing the necessary workforce seems to have been
solved, as there are now 1,375 workers on site, up over 300 since end 4q24. That is good, so the bottom line to Skouries is that
everything is back on track. We’ve had two capex “adjustments”
(the news from Salazar/Silvercorp at El Domo/Curipamba last
week was a real rarity, they hardly ever adjust downward) in the
space of two years and a little added to the construction timeline,
so there was no reason to expect further issues in this report but it’s always good to know things are going
the way they should and it’s particularly positive to see a full headcount of workers on site now.
Financials: The world judges gold miners on their operating results, we like EGO for its balance sheet. As far
as operations go, the combo of slightly-light-but-okay production and an average received price for gold of
U$2,933/oz delivered top line revenues of U$355.245m, its second best ever total after the Q4 production
blowout quarter.
4
%43 %83 %34 %94 %45 %06 %66
100%
90%
80%
70%
60%
50%
40% 30% 20%
10%
0%
3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
EGO: Earnings overview
53.922 63.23 68.922 70.93 62.542 68.24
40.403
17.56 79.752 01.06
41.792 54.09 67.133 001
27.534 961
52.553
32.411
500
450
400
350
300
250
200
150
100
50
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
revenues
gross margin
mine op earnings
op. earnings
source: company filings

Mine operating earnings of U$146.765m were in line and a solid 41.3% of revenues, then once costs for
exploration, standby costs (eg Perama Hill), G&A, share-based payments and the ever mysterious "other" are
subtracted, the operating earnings of U$114.229m were 32.2% of revenues, a percentage only bettered by
the blowout 4q24. Which brings the costs number into focus, as a lot gets written about EGO's rising costs
and on a year-over-year basis (Turkish mining salaries have
jumped considerably and via the strike action at Olympias
in 4q24, EGO found out that they have to pay up these
days). That's fair enough, but they're still more profitable
now than before, the measure of that being a gold price
that's improving faster than cost inflation. With the gold
price rocketing even higher since the end of 1q25, expect
margins to improve further as the year rolls out.
Net earnings came to U$73.533m for an EPS of 36c and
that’s decent enough money, but the better benchmark fo
the growth miner will always by operating earnings per
share, which at 56c implies a Price/Operating Earnings
ration of 8.2X. That’s the type of multiple we’d expect from a mature and profitable gold mine at the
moment, but EGO is a lot more thanks to a Skouries mine waiting in the wings to come online (as well as its
other projects, plenty of organic pipeline and no need to pay for the next project).
1.20 EGO: mine op earnings and op earnings per share
0.93
1.00
0.71
0.80 0.62
0.54 0.82
0.60 0.47
0.39
0.31 0.31 0.33
0.40 0.21 0.26 0.15 0.24 0.44 0.49 0.56
0.20 0.32 0.29
0.00 0.18 0.18 0.19 0.21
0.11
0.02
-0.20 -0.08
5
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
EGO: production costs per qtr
mine op earn/share
op earn/share
source: company filings, IKN calcs and ests
Meanwhile, the balance sheet shows EGO is good shape to finish Skouries, with assets totaling U$5.952Bn
and liabilities U$1.967Bn as at end 1q25.
Importantly, cash at U$978.1m and working cap at U$1.002Bn provide ample liquidity to pay the approximate
U$500m outstanding for Skouries and EGO still has about a third of its 480m Euro term loan left to draw (it
surely will), not to mention an overrun facility. There's also the small fact that it's now making around
U$150m a quarter in operating profits from its mines. The chart below takes the same data as seen for the
liquid assets in the chart above left, it’s easier to see this way:
69.611 65.801 8.211 81.011 12.811 65.401 23.901 94.321 22.221 39.901
711
39.511 90.631 10.321 18.721 32.141
21.271
13.841
200
180
160
140
120
100
80
60
40
20
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source company filings
srallod
fo snoillim
EGO: Assets breakdown, per qtr
9.5263 7.0563 9.2263 3.6953 1.8163 3.7463 2.3763 6.5773 1283 8.7193
1.7004 8.8114 2.5424
7000
6000
5000
4000
3000
2000
1000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m EGO: Liabilities breakdown, per qtr
2200
cash&eq inventory
other current prop/plant/equip 2000
other fixed 1800
1600
1400
1200
1000 800
600
400
200
0
source: company filings
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
current liab LT debt Other LT liab
source: company filings

EGO: Treasury and working cap
6
86.434 43.394 69.963 90.064 63.603 91.114 47.413 25.124 82.262 51.514 85.654 10.495 26.674 78.736 74.045 91.656 57.415 93.946 50.595 29.327 95.676
37.038 8.658
0701
41.879 7.1001
1200
1100
1000
900
800
700
600
500
400 300
200
100
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
cash&eq
working cap
source: company filings
Summing up so far:
 No problem with current profitability
 No problem with liquidity
 No problem paying for the Skouries growth project (and project now on track)
 No problem with the debt load
Which brings us to the point of this update, it’s time to EGO: Price/Book ratio 2021 to date
1.4
reiterate how undervalued EGO is compared to peers
1.2
and this is chart (right) is the one that does it. As at this
weekend, EGO is running a price/book ratio of 0.94X, 1.0
which is a lot better than it was a few weeks ago but is 0.8
still a long way from other companies of it ilk. The last 0.6
time we took a close look at EGO was in IKN823 dated 0.4
February 23rd and the main fundies note “Eldorado Gold 0.2
(EGO) (ELD.to) and its 4q24: Making a stand”, in which
0.0
we expressed something between exasperation and
incredulity that EGO, on that weekend priced at U$13.40
per share, was trading as low as it was on an asset price
basis. We ran the previous iteration of the above P/Bv chart, noted the ratio at a crazylow 0.71X and made
this statement by way of a first price target:
“…our simple yet attainable first price target goal for EGO is U$18.90/share in 2025, which represents a
1.0X price/book ratio at current valuations. For what it’s worth I think EGO is worth more than that, but
straightforward, logical and attainable goals are the way forward and after Friday’s negative action, it
represents upside of over 40% to this weekend’s price…”
This weekend’s U$18.30 is just under the target set ten issues ago, but as we’ve already seen plenty of
U$19+ share trades in the last couple of weeks we can state confidently that the first target has been hit.
After all, it’s why in IKN823 I was “making a stand” and bought more shares on the back of the report,
averaging down the position. That’s turned out to be a good addition, but with gold trading where it is today
compared to late February it’s a no-brainer to go a step further and say that even at 1.0X, EGO is being
sorely undervalued compared to peers. This little table (below) shows a handful of reasonable peer stocks to
EGO, including Tier 1s to mark the playing field and fellow Tier 2s to show how valuations are ahead of our
preferred vehicle:
Price/Book ratios of gold mining peers
Name Ticker Price/Book
Wesdome WDO.to 4.21
New Gold NGD 2.94
Agnico AEM 2.59
Kinross KGC 2.52
Newmont NEM 1.84
Pan American PAAS 1.81
Barrick GOLD 1.30
B2 Gold BTG 1.30
OceanaGold OGC.to 1.30
Eldorado EGO 0.94
source: NYSE/TSX, IKN calcs
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 WON
source: NYSE, EGO data, IKN calcs

Now of course there are never any apples-to-apples companies and they all have their own wrinkles, but
taken as a group there’s no reason why EGO should trade as low as it does, particularly when its asset book
is as solid and as fairly valued as it is (not to mention some of the cheapest cash debt loans in the entire
industry thanks to its European Union deals). Im not saying EGO is hairless, I am saying its negatives are
nothing worse than most of the stocks in that table and certainly no wrse than the other goldies deemed to
be under-performing laggards or damaged stories such
as Barrick (underperformance to peers and betting it all
on Reko Diq), B2Gold (West Africa political risk and
Goose capex overruns) or OceanaGold (heavy debt). If
EGO joined those three at that a price/book ratio of
1.30X and in-line with the worst of that table, it would
imply an equity price of U$25.20, that’s an upside of
37.7% to this weekend’s price.
I cannot think of a single reason why it shouldn’t trade
at the same level as those three at the bottom of the
table, there’s nothing they have that EGO lacks.
Therefore, with gold upand above U$3,200/oz and
looking as though it’s going to stay there and our first
2025 for the stock already hit, we up the target for Eldoarado Gold to that “fair asset value” of U$25.20. Even
if it takes all year and a re-rate on the back of a Skouries first pour, at some point this well-run, profitable
and financially solid gold miner will catch its peers and trade at a level more in line with what it has as a
mining company. When it does, we’ll be long.
Stocks to Follow
A negative week for mining stocks of all types, shapes and sizes and our while our portfolio of 18 open
positions didn’t escape the downdraft, with nine losers (RIO.v, EGO, ARG.to, ABRA.to, GROY, AAG.v, SURG.v,
PAU.cse, MENE.v), five winners (MARI.to, SRL.v, OCI.v, LMS.v, PGDC.v) and four unchanged stocks (MAI.v,
LUM.v, RPX.v, MIRL.cse), damage was minimal with no big losers at the top of the list where the money
matters more, and we even had a couple of big percentage winners in the shape of Salazar (SRL.v up 18.5%)
and Orecap (OCI.v up 15.5%)
.
There are 18 open positions on our list, two under the self-imposed maximum. Two of the trades are in the
red, one is unchanged, the others are in the green and it’s nice to have a real double on the board too, not
just the ones in the Watch List.
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$1.02 27.5% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$18.30 14.9% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.71 11.0% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.79 57.0% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$2.89 5.9% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$1.47 4.3% Cheap entry, still great price
Aftermath Silver AAG.v STR BUY $0.425 22-Dec-24 C$0.44 3.5% #2 silver trade, spec
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.16 100.0% 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$0.105 0.0% bulk copper in good address
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.075 25.0% top fundy value, illiquid
SPECULATIVE TRADES
7

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$0.135 42.1% proj.generator, newsflow soon
Patagonia Gold PGDC.v WATCH C$0.02 4-Apr-24 C$0.08 300.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.20 135.3% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.125 -72.2% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
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:
Minera Alamos (MAI.v): Our Top Pick delivered its 4q24 and Year-End financials last week and just by the
price chart…
…you’d be hard-pressed to know which day it dropped. MAI trading took the Q4 report in its stride, with no
surprises and nothing that made it a sudden sell or urgent buy in the documents. That means the company
lived up to its pre-earnings billing of returning free cash flow from Santana, guiding for improvements in 2025
but not not having much to say that’s new about the permitting impasse in Mexico. So on due consideration
of the market reaction last week and with the knowledge that more relevant information about the company
is coming soon as the 1q25 financials are due at the end of May, we’re holding off on the deep dive. Not
hiding, not shirking, simply leaving the detailed analysis until the end of the month to capture as much
information in one go as possible because until 1) we have more on the Mexico permit track and 2) a clear
pathway and timeline to finance and construct Copperstrone, there seems little point of doing two deep dives
on the stock in quick succession. Therefore and with the greatest of respect for fellow antsy holders of this
Top Pick, I’m going to run the big analysis when the 1q25 numbers show, rather than over-egg the pudding
and do one today.
Lumina Gold (LUM.v): UNDER OFFER, WILL HOLD. It
looks as though we’ve arrived at the market’s agreed pre-close
arb price and we shouldn’t expect much variation from the
current $1.21 and $1.22 until the deal closes, unless of course
a competing bid shows up and as noted previously, that’s
unlikely but not impossible so there will be no holding of
breath here. As long as I decide not to pull out the cash early
and put it to work somewhere else, as from next weekend we
won’t cover the week-over-week in LUM.v and waste space.
8

Salazar Resources (SRL.v): Make mine a double, barman.
It was a little bit of a pimp to see it close at 16c on Friday,
rather than the generally available 15c and 15.5c, but it makes
for a nice round number and a decent headline so I’m not
complaining. From here, we await what is one of the more
predictable M&A announcements in the world of mining and
the only thing that could really stop this from happening in the
near-term is disagreement on the price to be paid. Even then,
SRL’s pirce of Curipamba/El Domo will find a new owner, but if
Feng doesn’t want to pay Fredy’s price it might take a few
more weeks before a third party does. Everything stated last
weekend in the main fundies note “Salazar Resources (SLR.v):
The next shoe to drop” is valid this weekend, except for the assumption that you can get in at 13c and 14c.
Still cheap at 15c and 16c compared to any eventual purchase price, however.
Gold Royalty Corp (GROY): After the negative reaction from its Q1 reported production numbers, as
discussed last weekend in the Market Watching note “A light Q1”, GROY got back on an even keel and did
what it was supposed to do last week, outperforming the
market median as a defensive play on the mining sector.
Which brings us to the real deal Q1 filings coming this
week, as post-close Wednesday GROY is scheduled to file
its fist quarter financials with the accompanying
Conference Call 11am ET the next day (see this link for
details on how to tune in (3)). As this desk strongly
believes GROY got oversold on its production number
release and the real reason to own this is still the
incremental gains we can expect in the quarters of 2025
and then 2026, chances are we’ll see GROY rally once the
market has digested its official numbers, then considered
forward guidance which is bound to be bullish. As for
potential bad news from this week’s report, I’ll be looking for 1) a tight G&A number (because I don’t trust
management here and 2) clear signals that they’re making good on the plan to pay down liabilities and
strengthen the balance sheet, one of the stated objectives of 2025, because….well, because I don’t trust this
management team. Anyway, it’s a risk I’ve decided to take and on
a strict cost/upside basis I was very happy to get in at/under
U$1.40 when I did. As there’s only a few pennies add to that cost
average so far, the door is still wide open for any of you guys to
follow me in.
Latin Metals (LMS.v): Once again, tiny volumes and a bid/ask
you can drive a truck through, no point in paying the ask and
every reason to fish at lower or much lower levels if you want to
try and second guess newsflow. I’ll continue to watch.
Rio2 Ltd (RIO.v): It was down 3c on the week but that’s a
side issue, I was very impressed with the way RIO.v traded
last week, showing good relative strength to an asthenic
market and plenty of frustrated buyers under the Loonie line
who may or may not have given up the bargain hunt and paid
the market price. Traded volumes were down a little on the
surge of buying we saw the week before last, but still plenty
of trades going through and these days the stock is eminently
tradable. We got the promised corporate update NR from the
company last week and there was nothing particularly new
9

contained for anyone paying close attention, but it was still good to see official words on the way the build-
out is going (one finger injured, everything else in fine shape) as well as confirmation that end-2026 is slated
for first production.
Orecap Inv (OCI.v): The running total of liquid-ish assets is now…
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.475 5.60 2.3
ARIC.v 7.39 0.485 3.58 1.4
ARIC warrant 4.17 0.285 1.19 0.5
XXIX.v 22.992 0.11 2.53 1.0
KTR.v 42.750 0.015 0.64 0.3
MERG.v 5.125 0.025 0.13 0.1
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.03 0.74 0.3
subtotal 14.41 5.8
Est.cash 1.20 0.5
Total 15.61 6.3c
At 247.714 S/O
…still 6.3c/share, which means OCI is now getting 1.2c/share added for the implied value of McGarry and its
other land assets, or just under C$3m in tangible terms. That’s a tiny amount compared to the potential value
of land assets, even after the NR out Tuesday (4) announcing that OCI now plans to spin out its Kirkland
Lake region gold assets into newcos. This is an interesting development and though still in early “…we have
the intention of…” stages, the idea of flipping out the three Kirkland Lake properties would be a near-instant
value add for a OCI that until very recently got predcisely zero equity value from its concessions and even
with Gold Candle’s moves, gets fractions of what its McGarry property is worth. The stock rallied to 8c on the
news, it didn’t last there the week and vaolume tailed off again, but we should consider the reaction to the
news as an arrow pointing to the next stage of OCI’s development. The Ore Group (i.e. Stephen Stewart,
ably advised by his father) has begun to take the idea of OCI being the “hub” investment incubator entity of
its stable seriously and is positioning it accordingly, as such I see plenty of value in the stock at current
levels. It will perhaps take time to develop the type of following needed for regular trade volumes on the
open market, but that’s okay.
The Copper Basket
After eighteen weeks of 2025, The Copper Basket shows a loss of 5.88% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 535.90 1.95 36.4%
2 SolGold SOLG.to 0.13 3001.11 405.15 0.135 3.8%
3 Trilogy Metals TMQ.to 1.65 160.903 355.60 2.21 33.9%
4 Arizona Sonoran ASCU.to 1.47 148.409 295.33 1.99 35.4%
5 Aldebaran Res. ALDE.v 1.90 169.914 292.25 1.72 -9.5%
6 Regulus Resources REG.v 2.05 124.659 249.32 2.00 -2.4%
7 Faraday Copper FDY.to 0.74 205.336 168.38 0.82 10.8%
8 Hercules Metals BIG.v 0.55 253.391 149.50 0.59 7.3%
9 American Eagle AE.v 0.69 167.45 79.54 0.475 -31.2%
10 Hot Chili HCH.v 0.67 151.42 63.60 0.42 -37.3%
11 Element 29 Res ECU.v 0.63 124.181 37.25 0.30 -52.4%
12 XXIX Metal XXIX.v 0.11 258 28.38 0.11 0.0%
13 Pampa Metals PM.cse 0.16 172.61 24.17 0.14 -12.5%
14 Copper Giant CGNT.v 0.315 74.78 18.32 0.245 -22.2%
15 Kobrea Exploration KBX.cse 0.60 35.085 10.88 0.31 -48.3%
NB: All stocks in CAD$ Portfolio avg -5.88%
10

After the early April hit it took on the advent of the tariff turmoil, our 2025 Copper Basket can’t make it back
to above the waterline and instead of making
The Copper Basket 2025, weekly evolution
progress, last week lost 1.18% and marked its fifth 10.0%
week firmly underwater. The headcount balance was 8.0%
6.0%
negative, with nine losers (ATX.v, TMQ.to, ASCU.to, 4.0%
FDY.to, BIG.v, AE.v, ECU.v, PM.cse, KBX.cse), five 2.0%
0.0%
winners (SOLG.to, ALDE.v, HCH.v, XXIX.v, CGNT.v), -2.0%
-4.0%
one unchanged on the week (REG.v) and if it weren’t
-6.0%
for the big percentage improvement in XXIX Metal -8.0%
-10.0%
(XXIX.v up 22.2%), the loss would have been that -12.0%
much worse. There were no double figure percentage
losers, but several were down in the 5% to 8% range
and combined, did the damage.
As for copper-the-metal, the ten-day chart of our preferred near-dated Comex futures contract (currently
HGN25) shows the big drop midweek that coincided with the latest act in the Tariff Kabuki Theater: Act 56
Scene Seven in which the two warring parties smile at each other, sheathe their swords and shuffle their feet
until they’re just inches apart in the centre of the stage.
However, despite this approximate 20c/lb week-over-week drop in copper across Comex contracts, we still
got headlines such as “Copper heads for weekly gain on hopes of US-China trade talks” on the wires Friday
morning (5). So when is a loss not a loss? When it’s a Trump Tariff trade. The Comex dropped on reports The
USA and China were getting a little cosier about negotiations over trade deals, thereby lessening the potential
for unilateral tariffs being slapped on copper imported into The USA and while LME adjusted at the same
time, its drop was less dramatic and from a lower price shelf so by the time Friday came around, copper
prices were down for the week on one exchange and up on the other. Here’s a line from under that Reuters
header, to underscore the point: “Three month copper on the London Metal Exchange was up 1.9% to
$9,378 per metric ton, as of 0704 GMT. It has gained 0.1% this week.”
Meanwhile in macro copper news, last week saw the International Copper Study Group (ICSG) meet for its
semi-annual pow-wow early last week and unsurprisingly, the assembled finance people and copper experts
decided that tariffs are bad. You can get the ICSG presser on this link (6), alteratively this report on the
committee’s conclusions from the Shanghai Metal Market (7) is a cut above normal media dross, as it’s heavy
on the hard data and light on the editorial op-ed. Here are three excerpts as examples, with this on the latest
ICSG supply forecasts….
In 2025, world mine production is projected to rise by 2.3% to 23.5 million mt, primarily driven by additional output
from expansions at Kamoa (DRC) and Oyu Tolgoi (Mongolia), as well as the start-up of the new Malmyz mine
(Russia). These gains will be partially offset by expected declines in Australia, Indonesia, and Kazakhstan.
In 2026, production is expected to grow at a higher rate of 2.5%, supported by continued additions/expansions,
anticipated improvements in output from Chile and Zambia, and a recovery in Indonesia from the production
decline in 2025.
…this on supply…
11
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam
source: IKN calcs

Global refined copper usage growth is expected to be 2.4% in 2025 (down from 2.7% previously). China's usage is
expected to grow by about 2% in 2025 and by 0.8% in 2026.
…and this as a summing up:
ICSG expects a surplus of approximately 289,000 mt in 2025, slightly higher than the 194,000 mt surplus forecast
in September last year. A surplus of about 209,000 mt is currently expected for 2026.
In other words, ICSG has trimmed its demand growth a little (tariffs to blame) and as a result, its projected
surplus for 2025 has grown by 95kmt. If you require more opinion we recommend Andy Home of Reuters on
the ICSG findings (8), not surprising as he’s the house mancrush. His note starts this way:
LONDON, April 30 (Reuters) - The copper market may need to rethink its bull narrative of constrained supply and
worry more about weakening demand, judging by the latest forecasts from the International Copper Study Group
(ICSG).
Andy Home notes that one of the pillars used by the ICSG to form its slightly-more-bearish opinion (and
“slightly” because the extra 95kmt in projected surplus is around 0.3% of the annual market for copper, so
let’s not get too carried away) is the build-up of inventory in Asia during Q1, so it’s fair to say that data need
to be updated as soon as possible as it’s turned clearly bullish in April (see below), but the main event is of
course the effect of tariffs on the world market and on that, the ICSG has toed the line with just about every
orthodox economic think-tank outside of the Republican Party’s influence in predicting headwinds.
Presumablyl, if tariffs on copper fail to happen the ICSG would consider is a bullish turn of events, whereas
the market last week took signs of China and The USA being able to reach a deal as a negative. Go figure.
Moving on, it’s the end of another month and that means we catch up on the long-term copper inventory
trend data, via our two standard tracking charts and this month, another focus on the increase in Comex
copper stocks. First the totals chart and the sharp drop in SHFE stocks has made the difference as overall
stocks total is down almost 200,000 metric tonnes since the end of February.
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
12
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram
Mt Cu
Comex
Shanghai
LME source: Cochilco
The second chart showing percentage distribution also shows the big drop in SHFE tonnes, but also the rise
and rise of Comex warehouse inventory, now 31.7% of the total:
Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram
LME Shanghai Comex source: Cochilco
And one look at the Comex warehouse end month totals show something abnormal going on:
Comex copper stocks, 2019 to date
160000
140000
120000
100000
80000
60000
40000
20000
0
91
naj
bef ram rpa yam nuj luj gua pes tco von ced 02
naj
bef ram rpa yam nuj luj gua pes tco von ced 12
naj
bef ram rpa yam nuj luj gua pes tco von ced 22
naj
bef ram rpa yam nuj luj gua pes tco von ced 32naj bef ram rpa yam nuj luj gua pes tco von ced 42naj bef ram rpa yam nuj luj gua pes tco von ced 52naj bef ram rpa
mt Cu
source: Comex

We have seen Comex copper stocks higher than this, but you have to go back to November 2018 to see
similar levels and the above chart shows over six years of normality in Comex, plus one month that sticks out
like a sore thumb. We see here one of the effects of the Trump Tariff policy, as copper stocks have now
made it into the USA and won’t have to pay any tariffs (if they are eventually levied, but equally those tonnes
haven’t found an end-user buyer yet. The importers are playing the market and gambling (we may as well
use the word) their decision to import will see them clean up at a later date…without fracturing any gross
gains on storage costs or a reversal of the arbitrage if President Trump decides that copper gets an
exemption. Faite vos jeux, mesdames et messieurs.
That’s the monthly look done, now we zoom in on the weekly changes in copper inventory, data as always
from Cochilco:
 World copper inventories kept on dropping last week, down another 20,375 metric tonnes (mt) in
the aggregate to close at 419,555mt and all three components of the total continued on their
recent trends.
 Starting with the biggest move, the 27,446mt lost by the Shanghai SHFE system which has
dropped the total to 89,307mt. The big chunks continue to leave SHFE warehouses and as the
dedicated chart below shows, we’re on a direct course for zero effective stocks in the same way we
saw in the second halves of 2022 and 2023.
 Another drop in tandem at the LME, where the total of 197,300mt puts us under the 200kmt line
and of the 6,150mt net draw down last week, all but 50mt went out of its Asia warehouses.
 Last week we noted the continued rise in Comex stocks and how “…it’s a near cert that total keeps
moving higher in the weeks ahead…”, sure enough another 13,221mt entered Comex warehouses
last week to put the total at 132,948mt. At this rate, Comex may start to challenge LME as the
biggest store of copper in the suppliers of last resort.
The dedicated SHFE chart gives details on the comparative years and how stocks are now at lows for all
recent years bar 2022.
SHFE copper inventory levels, 2019 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
13
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
Those with the memory for that year should remember how stocks reached a floor level of around 50kmt and
then stayed there, so in effect 2025 is shaping up as the same situation and once we reach those levels,
SHFE warehouses will not be a place where end users go for inventory for the rest of the year.
Now for some notes on a few of the Basket component stocks. Six, to be exact:
Pampa Metals (PM.cse): Some odd NRs out of the 2025 list’s representative minnow recently. The
sequence started on March 27th with this NR (9), mostly about the assay results of the okay-not-fantastic
hole PIU-05 which failed to move the market but along the way, talks up the recently completed hole PIU-08:
“In addition to hole PIU-05, hole PIU-08 was collared 370m to the northwest of PIU-05 and has encountered
strong porphyry-style mineralization expected to further enhance definition of the southern margin of the
Piuquenes Central system. Results for PIU-08 are pending.”
PIU-08 also made the CEOs comments that day. So far so normal, but then last week April 29th we get this
NR (10) that starts with these words:

April 29, 2025 – TheNewswire - Vancouver, British Columbia - Pampa Metals Corp. (“Pampa Metals” or the
“Company”) (CSE:PM / FSE:FIR / OTCQB:PMMCF) is pleased to advise that drillhole PIU-08 (PIU-08) at
Piuquenes Central was completed to 769.5 m downhole depth. PIU-08 was collared on the western flank of the
Piuquenes Central porphyry copper-gold mineralization system and was designed to test both the western (near
surface) and eastern (at depth) flanks of the system. The drill hole successfully encountered the mineralized
porphyry vein system over substantial length downhole, with assays pending.
In other words, another NR talking about PIU-08 and its pending results. Admittedly last week’s NR went into
some extra detail on the hole, including a “look at the sexy porphyry rock” corebox photo, but there was
precisely nothing that couldn’t have waited for the assay result NR. And then the very next day April 30th,
another NR from the company (11) reporting the assays for…hole PIU-06 and PIU-07, completely different
holes from a target on the other side of the company’s Piuquenes project area. That PIU-06 is reasonably
promising, with a reported 208m of 0.31 Cu (with Au and Ag kickers) including 98m of 0.49% Cu, is beside
the point. Why tease hole 08 twice? The recent trend of teasing holes (photos, XRF results, “assays pending”
etc) isn’t my idea of the way to run an exploreco in the first place, so maybe it’s my own negative bias
showing but to do so twice….well, it’s odd and I’ve learned from the school of hard knocks that odd is rarely
good in the world of the exploreco.
Libero Copper is now Copper Giant (CGNT.v): A change of name in an exploreco usually comes as a
way of hiding past sins and trying to re-start a story afresh without drawing attention to its previous poor
performance, LBC turning itself into “Copper Giant” (CGNT.v) is a classic example. However, that’s not what
CGNT want you to believe, we quote from last week’s announcement NR (12):
“The Company's name change to Copper Giant Resources Corp.
reflects its belief that Mocoa is not simply a deposit, but potentially part
of a much larger, district-scale copper system. The new name captures
the Company's strategic focus on advancing major copper projects that
can help meet the growing global demand for large, sustainable
sources of supply.”
In my considered opinion, mining executives and/or their
investor relations teams should not masturbate in public. In
trading, LBC-cum-CGNT had a quiet transfer day on Thursday
and then got buyers up to 24.5c on Friday, make of that what
you will.
Faraday Copper (FDY.to): Here’s an example of why I
continue to bang on about volume and how low volume rallies
are not to be trusted. The fundamentally likeable FDY had rallied
nicely on modest volumes for a couple of weeks, right up to the
moment and more substantial holder decided they’d cash in,
presumably booking a reasonable trade flip win. The result:
The 90c trades seen a couple of times in FDY early week
evaporated when the big sale shows and the stock limped to an
82c close on Friday, all through no fault of its own.
XXIX Metal (XXIX.v): Somebody somewhere waited all week
and then decided, during the final hour of trading on Friday,
they simply must own some XXIX. The last 39k chunk pushed the
price to 11c and added $1.2m to the market cap. Seems legit,
guv. Facetiousness aside, XXIX continues to trade loosely in the 9c
to 11c bracket and something needs to happen to make it
attractive to the outside world. It’s certainly priced cheaply
compared to its potential valuation as a working mine asset, which
implies that the world won’t get interested until it shows a clear
and logical path to production, including agreements with
community (all those potential relocation issues) and most
importantly, the capex to build the mine.
As for the share price action, we’ve followed this stock for a long
14

time and mentioned its chronic flatline tendency, but on dialing up the three year chart again this weekend
there may be a more disturbing trend developing. Within trading ranges and standard deviations, it was a
15c stock in 2023 and a 13c stock in 2024, so if 2025 turns out to be its 11c year there’s something going on
that’s not so great.
Element 29 (ECU.v): Further to last week’s notes, we’ve
officially made it back to the 30c line. Also further to last week,
reader TR wrote in to mention that ECU.v has been radio silent in
recent times, with no NRs for almost three months. In mitigation,
its YouTube channel has published a couple of videos with
interviews with its Peruvian head of geology, but on checking the
website indeed TR is right, the last NR was this on February 10th
(13)
Vancouver, British Columbia – February 10, 2025 – Element 29
Resources Inc. (TSXV: ECU | OTCQB: EMTRF | BVL: ECU) (“Element
29” or the “Company”) announces that, subject to regulatory approval,
has retained San Diego Torrey Hills Capital, Inc. ("Torrey Hills) to increase awareness about the Company
through its established relationships with investment professionals, investment advisors, and money managers in
the United States. Torrey Hills has been engaged at a rate of US$8,000 per month for a term of three months.
Torrey Hills is arm’s length to Element 29 and currently has no interest in the Company. Cliff Mastricola is the
principal of Torrey Hills and will be responsible for all activities related to the Company.
Turns out ECU paid U$24,000 for an investor awareness campaign that managed to watch its share price
move from 50c to 30c in the period. U$24k that could have been used for about 150m of drilling.
SolGold (SOLG.L) (SOLG.to): A step forward for SOLG last week, when the company announced (14)
“…the execution of the Amended Investment Protection Agreement ("AIPA") with the Government of Ecuador
for its flagship Cascabel Copper-Gold Project ("Cascabel" or the "Project").” The main change of the
amendment was to get the government to recognize U$311.5m of exploration-stage investment during the
early stages of Cascabel (thereby improving its tax credit come the day), while the main benefit of the deal is
that it completes the requirements for the second, U$33.3m payment of the U$100m “Initial Deposit”
segment of its gold stream deal with Frnaco-Nevada and Osisko made last year. In other words, with this
agreement SOLG gets the U$33.3m from its backers and that’s money sorely needed to keep the project and
the company ticking over. We now await the expected NR from the new team that sets out its timeline and
objectives for 2025 (and perhaps 2026. With their respects paid in China (see IKN832) we retail humbles get
to find out the plan as well.
The Producer Basket
After 18 weeks of 2025, the Producer Basket shows a gain of 33.28% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 58.07 51.53 38.4%
2 Agnico Eagle AEM 78.21 497.971 55.33 111.12 42.1%
3 Barrick GOLD 15.50 1748.05 32.18 18.41 18.8%
4 Franco-Nevada FNV 117.59 192.119 31.68 164.92 40.3%
5 B2Gold Corp BTG 2.44 1313.11 3.86 2.94 20.5%
6 Eldorado Gold EGO 14.87 204.909 3.75 18.30 23.1%
7 New Gold NGD 2.49 790.9 3.04 3.84 54.8%
8 Sandstorm SAND 5.58 296.844 2.48 8.35 49.6%
9 OceanaGold OGC.to 3.98 708.074 2.29 4.63 16.3%
10 Wesdome Gold WDOFF 8.98 149.891 1.73 11.57 28.8%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 33.28%
Nine out of ten of our component stocks were week-over-week losers so you don’t get that list, we will
however point the finger of shame at the biggest drops suffered by OceanaGold (OGC.to down 7.0%) and
15

Agnico Eagle (AEM down 6.2%), unusual to see the best performer in the gold space for the last couple of
years at the bottom of the list. Most others were at or around the median loss registered last week by our
benchmark GDX, down 3.5% on the week. The clear exception was also our only week-over-week winner,
New Gold (NGD), up an impressive 13.3% on a 1q25 earnings report and guidance that went down well with
the market. As a result, we were distinctly less worse than GDX and our deficit is cut to 5.56%. There’s a
glimmer of hope after that disaster Q1.
The 2025 Producer Basket: Weekly performance and
55% comparative to GDX control
50%
45%
40%
35%
30%
25%
20%
15%
10% 5%
0%
New Gold (NGD): A most impressive reaction to NGD’s 1q25 financials on Tuesday April 29th (15) and one
look at the ten-day comparative to GDX will also tell you the earnings report and associated literature
dropped after the close on Tuesday:
I don’t mind telling you I was surprised by such a highly positive reaction as the 1q25 number in isolation
were much of a muchness, so we’ll glance over the most general data before getting to the reason it jumped
the way it did (in this desk’s opinion, of course). We knew production at Rainy River would be lower than
normal because NGD had flagged its intention to concentrate activity on pre-stripping the mine to improve
future quarters, even so the 33,908 oz gold produced was definitely at the low end of even the previously
dampened expectations. As for New Afton, overall production of 18,278 oz gold and 13.6m lbs copper were
in-line and nothing to write home about:
16
ts1naJ ht21 ht62 ht9 dr32 ht9 dr32 ht6rpA ht02 ht4yam
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 ht4yam
source: IKN calcs, NYSE data
NGD: Gold production, per qtr
31565 10925 58706 00507 59895 61524 91306 12217 10266 28895 07946 09246 91725 89205 29816 68706 80933
90000
80000
70000
60000
50000
40000 30000 20000
10000
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
OzAu Gold NA NGD: New Afton copper production and sales, per qtr
Gold RR
source: NGD filings, IKN ests
5.81 5.71 8.31 3.31 2.81 9.61 6.51 0.41 2.41 2.41 2.8 2.9 4.7
4.4
5.8 9.9 9.6 8.6 3.01 5.9 21 1.01 2.31 0.31 21 9.11 3.31 0.21 6.31 3.31 6.21 0.11
5.41
6.31
6.31 2.31
20
18
16
14
12
10 8 6 4
2
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Mlb Cu
Cu prod
Cu sales
source: NGD filings, IKN ests

The resulting top line revenues of U$209.1m was substantially lower than Q4, though the company got to tell
us of a YoY increase compared to 1q24 thanks to the improvement in the price of gold between then and
now (NGD average received prices: 1q24 U$2,061/oz, 1q25 U$2,894/oz). Op-ex at U$103.4m was good and
as a result, mine operating earnings of U$48.5m came in well enough, though again without ever wowing its
audience.
NGD: Quarterly Earnings Overview
17
6.102
2.711 1.55 3.92
4.481
9.401 3.45 2.52
3.102
5.701 8.85 53
2.991
8.021 66 4.21
1.291
8.601 7.26 6.22
2.812
5.901 8.96 9.83
252
6.701
3.85
1.68
2.262
4.211 7.65
1.39
1.902
4.301
2.75
5.84
300
275
250
225
200
175
150
125
100
75 50
25
0
-25
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
$m
revenues
op-ex
deprec/deplet
Mine Op Earnings
source: company filings
A quick check on the main balance sheet items before getting to the real matters at hand, with the overview
assets chart showing incremental improvement, while long-term liabilities crept up slightly and are set to
continue to do so as NGD boots its debt load into the future.
NGD: Assets
3000
2500
2000
1500
1000
500
0
As a result, both cash and working capital saw healthy bumps up as the operating profits combined with the
corporate financial re-work did their things. That wraps up the potted review of NGD’s Q1 and while there
was nothing ostensibly wrong, the low Rainy River production result was always going to put a dampener on
the quarter and it’s difficult to say anything more positive than “in line with reduced expectations”. Therefore,
it’s fair to say the +15% reaction on the day and +13% share price improvement on the week (into a market
full of headwinds for gold producers) was not a backward-looking conclusion and we need to look elsewhere
for explanations.
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m fixed NGD: Liabilities
other current 2000
cash & eq 1800
1600
1400
1200
1000
800
600
400
200
0
source: company filings
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m other LT liabilities
LT debt
current liabilities
source: company filings
NGD: Working Capital per qtr
4.303
3.322 3.602 1.102 6.541 9.431 8.221 7.701
2.0- 6.28 5.77
8.341
350
300
250
200
150 100
50
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source company filings
srallod
fo snoillim
NGD: Cash treasury per qtr
2.772 742 8.002 3.791 4.471 4.971 5.581 7.651 4.481 6.231 2.501 8.212
350
300
250
200
150 100
50
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source: company filings
srallod
fo
snoillim

The main reason NGD flew higher last week is here:
Yes there were other things the market liked and I’d tick off 1) the news about its 100% consolidation of New
Afton into a rising metals price market and 2) the fact it could turn a meaningful profit in a low production
quarter, both items that would have impressed the more generalist market observers and instos that seemed
to have been the buying forces last week. However, the above Outlook box that saw NGD reiterate its
forecast gold production for Rainy River in 2025 is the central positive. The simple math says that if we
assume the low end 265,000 oz production for the year, subtract the 34k oz from the Q1 and divide by three,
NGD just told the market its star asset will produce at an average of 77,000 oz/qtr for the rest of 2025 and if
you take another look at the above production tracker chart, those would be record recent quarters if they
came to pass. Indeed, the only time Rainy River has produced that much gold in one quarter was the 77,202
oz of 4q18. And that’s just NMGD meeting the low end of guidance, the top end implies an average of 87,000
oz/qtr for the next three quarters.
To put that in perspective, let’s ballpark some financials for the average of next three quarters (“NEXT
THREE”) using the following:
 Gold production/sales of 95,000 oz/qtr (Rainy River 77,000 oz, New Afton 18,000 oz)
 Average received gold price of U$3,200/oz
 Copper production/sales of 13.5m lbs at U$4.30/lb avg
 Costs in line with current quarters
A simple model, here’s how it looks when added to the above financial overview dataset (same as chart
above), with revenues slated to average around U$360m and mine operating eanings jumping to a cool
U$180m.
NGD: Quarterly Earnings Overview
18
1.291
8.601
7.26
6.22
2.812
5.901
8.96
9.83
252
6.701
3.85
1.68 2.262
4.211
7.65
1.39 1.902
4.301
2.75
5.84
063
021
06
081
400
350
300
250
200
150
100
50
0
42q1 42q2 42q3 42q4 52q1 TXEN EERHT
$m
revenues
op-ex
deprec/deplet
Mine Op Earnings
source: company filings
Or if you prefer, an operating earnings per share total of 20.7c, numbers that blast all previous quarters out
the water:

NGD: Operating earnings per share
0.22
0.20
0.18
0.16
0.14
0.12
0.10
0.08
0.06
0.04
0.02
0.00
-0.02
19
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 EERHT
TXEN
cents
source: company financials/IKNcalcs
And please note, this simple ballpark uses the low end guidance for Rainy River and does not take into
account the extra cash flow from the 100% ownership of New Afton. That’s what all the fuss is about and if
NGD can deliver on the guidance now offered by its management, it points to a Price/Operating Earnings
ratio accoerding to our strict calculation of 4.64X, though our numbers are ballpark and it’s smarter better to
add extra leeway and say “less than 5x”, still very cheap by this metric. Then NGD has U$400m to find to pay
its teachers out of New Afton, but it’s still a different prospect than the company of just one year ago.
Assuming, of course, NGD lives up to its billing. And here’s the rub, because I cannot help but wonder
whether Rainy River can indeed deliver the type of production improvement being guided by the company
last week, it’s one thing to forecast such an improvement or deliver a single quarter of 80k+, another to do
so over an extended period at a mine that has never managed to live up to expectations, not even once. I
cannot help but wonder whether the market has become over-enthusiastic and baked in too much
expectation into NGD on the back of its Q1 numbers and guidance, perhaps driven by numbernerds (like me)
rather than tried and tested mining market old-timers who take optimistic guidances from companies that
never seem to live up to the hype with the requisite tonne of salt (hey----also like me…who knew?). Thoughts
return to the way Newmont was talked up and bought up in 2024, starting at the lows after the Newcrest
buyout consummation and all through the year, the stock in favour through iffy results in Q1 nd Q2 because
of the company’s unwavering confidence it would hit its guidance marks….right up to 3q24, when a third
mediocre quarter was announced, NERM management admitted it wouldn’t make guidance and the stock fell
off a cliff: You may not remember the U$58 NERM share pride
towrd the end of October and the U38 price at the end of 2024,
but I surely do and you couldn’t blame it on the gold price
action, either.
Therefore and as far as I’m concerned, the jury is out on New
Gold (NGD) after its 1q25 results and I don’t think we should
rush into the stock at its newly improved price. Also, a look at
its longer-term performance against GDX shows a pattern of it
being able to break away from the median for brief periods,
only to revert back. For sure a great performance from the stock
on the week and it’s saved my Producer Basket from further
embarrassment by being one of the ten in 2025, but for the
time being and with real money I’m in no hurry to buy the hype of a company that has disappointed one too
many times already.
AEM and NEM: Margin/Oz Au, per qtr
Agnico Eagle (AEM) and Newmont (NEM): $/oz Au NB: AEM = operating margin, NEM = received price minus AISC
In the space of a year (IKN781 May 6th 2024), 1800
Newmont (NEM) has added just over U$11Bn to 1600
AEM
1400
its market cap and that's a lot of money, but in NEM
1200
the same period Agnico has added over U$22Bn
1000
to its market cap, almost exactly double the
800
amount. And here's why (chart right):
600
400
200
0
4q211q222q223q224q221q232q233q234q231q242q243q244q241q25
source: company filings, IKN calcs

The increase in real world margin per ounce of gold produced has been impressive, even at Newmont with its
chronic cost creep but particularly for AEM, which has kept a more effective lid on costs and in 1q25 made an
operating margin of over U$1,700/oz, a number that will only increase in the current quarter. If we then
subtract the NEM "received price minus AISC" from the AEM "operating margin", this is what you get:
Margin per ounce, AEM vs NEM
20
852-
27-
134 463
571
723 284 983 064 593 025 564 792 804
$/oz Au
600
500
400
300 200
100
0
-100
-200 source: company data, IKN calcs
-300
4q211q222q223q224q221q232q233q234q231q242q243q244q241q25
It's not an exact apples-to-apples because the two companies crunch their data in slightly different ways, but
it's close enough and shows how much money per ounce AEM has been making recently, compared to NEM.
And if we then dial up a long-term comparative chart of the two companies...
...that makes for an interesting visual.
Moral: Margins matter.
The TinyCaps List
After 18 weeks of 2024, the TinyCaps show a gain of 4.30% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 133.87 11.38 0.085 -50.0%
Condor Res CN.v 0.145 141.155 17.64 0.125 -13.8%
Electrum Disc ELY.v 0.13 98.99 5.94 0.06 -53.8%
Endurance Gold EDG.v 0.145 174.5 26.18 0.15 3.4%
Kodiak Copper KDK.v 0.39 75.92 33.78 0.445 14.1%
Latin Metals LMS.v 0.08 96.476 13.02 0.135 68.8%
Mogotes Metals MOG.v 0.13 268.9 45.71 0.17 30.8%
Radius Gold RDU.v 0.085 107.41 13.96 0.13 52.9%
South Star STS.v 0.55 52.64 22.11 0.42 -23.6%
Viva Gold VAU.v 0.14 145.53 23.28 0.16 14.3%
Prices in CAD$, data from TSXV basket avg 4.30%

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.
In the same vein as last weekend, The TinyCaps has another quiet week with three losers (BRO.v, CN.v,
VAU.v), three winners (LMS.v, RDU.v, STS.v) and a full four
TinyCaps, 2025 weekly tracker
remaining unchanged on the week (ELY.v, EDG.v, KDK.v, 6%
MOG.v). One larger loser in Barksdale (BRO.v down 15.0%) 4%
2%
and one larger winner in Radius (RDU.v up 18.2%), that’s
0%
about it. As for the evolution of our basket 2025 to date, -2%
even though it was another modest week for the tiniest end -4%
of the market the +4.30% marks the year’s highest close. -6%
-8%
Things have been quiet, not the massive gains (or losses) -10%
we often see in these most volatile of stocks, time will tell if
the whole of 2025 turns out to be a damp squib.
Radius Gold (RDU.v): Tape-painting a house specialty, around 50k of buying was enough to turn a 11.5c
stock into a 13c stock last thing on Friday. That’s about C$6.5k of shares adding around C$1.5m to the
company’s market cap, the kind of “leverage to the metal” that retail can only dream about.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Argentina: Copper wine and water
¡Vermouth con papas fritas y…good show!
Tato Bores (1927–1996)
Mendoza Province in Argentina oponed its provincial parliement on Thursday and as is normal, the
government of the province, Alfredo Cornejo, gave the opening keynote speech. However, this year’s was
vert different and has made national and even international headlines as the governor made the most pro-
mining declararions ever heard by a governor of this province. He even brought along visual aids for his
speech, including a bottle of wine, a glass of water and a large lump of green rock, clearly some type of
21
ts1naJ ht21 ht62 ht9 dr32 ht9 dr32 ht6rpA ht02 ht4yam
source: IKN calcs, TSX data

copper oxide showing. His speech included (translated) (8), "We'll make copper, we'll make better wine, we'll
take care of the water supply." Then he picks up the lump of copper oxide mineral supplied as his visual aid,
continues with his speech talking up the potential Mendoza has for copper
mining, makes a point of stating that mining and winemaking are not
incompatible and ends with a flourishing, "This product can make Mendoza
prosperous” to rousing applause from his political allies in the parliament
and audience in the galleries.
All good, but it’s worth considering how transendential this moment is for
Mendoza and why that bottle of wine was on the table, too. For decades,
Mendoza province was one of the provinces most vehemently opposed to
mining and had passed laws to severely restrict its development, as well as
denying permits to projects. Although complicated, much of this anti-
mining feeling came from what’s called “the wine lobby”, a rich and
powerful group that controls Mendoza’s world reknowned wine industry,
who would use the environmental/pollution card and say mining would
ruin the pristine image of the Mendoza wineries. In fact, what they were
most concerned about was ensuring another large-scale industry didn’t set
up shop in the province and steal people away from their cheap pool of
labour around harvesting, but the advent of Milei in mational office has finally tipped the scales in favour of
multi-sectoral development in Mendoza and the calls from the governor to develop mining in the way he did
last week sets an official seal on the turnaround in attitudes toward our sector of focus in the province. If
you’d told me five years ago that the governor of the most anti-mining province in the country would make a
rousing pro-mining speech to his parliament and get rousing applause for doing so, I would have thought you
mad but hey, here we are. As for the Tato Bores quote, that’s deeper Argentina.
Bolivia: Keeping an eye on future opportunities
The IKN Weekly's blanket advice on Bolivia has been "AVOID" for years, a call I've never had reason to regret
but that may change in August. As from Sunday August 17th to be exact, as that’s the day Bolivia votes in its
General Election to choose a new President (and Veep), as well as new members of parliament for its 130
seat lower house of deputies and 36 seat upper house of senators. Our main concern is with the presidency
(of course), as for the first time in almost 20 years there’s a realpossibility that the left wing MAS party is
beaten and we get a right wing President voted in. That woulo, of course, be good news for stocks of all
types and sizes exposed to Bolivia (at least in the short run after the election result is known) and that’s why
we care, though it needs to be stressed at this point that the size andmake up of the current field of
candidates make it very difficult to discern who will become the next President of Bolivia. However, we have
a strategy going into the election period and it goes like this:
 Don’t worry about it yet. The highly fractured nature of the battle between candidate on either side of
the political fence means it’s very difficult to forecast a winners and we're highly likely to get the second
round run-off scenario. The most likely sc1enario is a run-off between the most voted lefty versus the
most voted righty, but it’s such an odd and fluid situation with several “outsider” candidates and others
with policies that criss-cross the traditional left/right political ideologies that it’s even possible we get two
ostensibly left-wingersor two right wingers in the run-off.
 The potential for a “Bolivia trade” starts on August 18th. To avoid a second round runoff between the
two most popular candidates, the winner of round one has to get either 50%+1 of valid votes or get at
least 40% and be at least 10% ahead of the second placed (i.e. the same system as in Ecuador). That
second round run-off is scheduled for Sunday October 19th, if required.
 The high level of uncertainty about who will win, who the favourites are or even who might turn out to
be an outsider with a chance means the August 17th election is unlikely to affect Bolivia exposed stocks.
The moment is matters may come on August 18th when we know the names of the two candidates going
into the run off (or in the unlikely scenario, the name of the outright winner) and at that point we can
consider the final pairing's political leanings and affiliations, attitudes toward mining, capitalism, etc.
 There's no doubt that Bolivia is an untapped jurisdiction for publicly quoted mining companies (junior or
senior), with very few companies brave (or foolhardy, or desperate) enough to go mining there. If the
22

election goes well for the politicaql right, there are going to be ample opportunities to trade the result for
pleasure and profit in the mining sector, but we can cross that bridge when (or if) we come to it.
Bottom line: Until the first round result is in this election is one less thing to worry about but, once the
second round is defined, there may be a real chance to trade profitably if (and only if) the right wing shows
well in round one. We won’t know until August 18th, but if Bolivia becomes the next South American country
to move to the political right wing there are no end of potential mining related trades available to the junior
speculator and that’s where we come in. We’ll keep this story on the back burner, but it may become a real
opportunity for trading gains as 3q25 becomes 4q25
Finally, this last week from the Hispanic world’s newspaper of reference, Spain’s El Pais (16), entitled
“Electoral War in Bolivia: Parties “for hire”, 13 candidates and the most uncertain result for 20 years” is an
interesting read for the casual observer (Google Translate is always an option) and gives a decent, though
somewhat anecdotal overview of the three months ahead in Bolivia.
Chile: Mining drives economic growth
The monthly Chilean “IMACEC” (Índice Mensual de Actividad Económica) reading as published by the
country’s Central Bank isn’t the official GDP number for the country but is generally understood as exactly
that, being as it is a statistically stable and reliable monthly dataset that covers around 90% of the country’s
economic activity. The monthly announcement sometimes makes headlines and sometimes doesn’t, with this
week’s results for the month of March solidly in the former
category as dozens of newswires picked up on the
unexpectedly good results. Here’s the official web page (17)
and here’s the table that counts (right).
The headline number of +3.8% YoY growth was a big beat on
expectations and was driven by 1) industrial goods (+4.4%)
and 2) Mining (+4.3%). Equally important, the month-over-
month reading put mining in the driver’s seat with a 6.0%
improvement that covers 0.7% of the overall +0.8% growth
that the Central Bank attributed to larger quantities of
produced copper and not merely price improvement on the
world market.
These are good numbers and comes at the right time for the
mining industry, allowing it to nudge all Presidential candidates to the left or right and remind them how
important the sector is for the prosperity and future of the country.
More Chile: Codelco’s thousand year reich
A reflection on timescales and how they affect decisions, as last week saw the AGM at Chile’s State-run
mining company Codelco, which has been open to the public and broadcast live online since the Boric
government took power. We got all the normal revision of the year’s production and financial performance, as
well as warm and fuzzy words from Codelco’s head honcho Máximo Pacheco (e.g. “…2024 was a year of
encouraging news that marks a positive break with the past in both our production results as well as our
business model…” etc etc, the usual executive word salad) and they made great play of better year-over-year
production, even though the total “improvement” was a very thin +0.29% and failed to match last year’s
forecasts.
However, what caught this desk’s attention was the amount of time and emphasis placed on the long-term
future of the company during the meeting (18), with the first stage of plans including investment of an
average of U$4.3Bn per year in the period 2025 to 2030, then longer-term with a vision for the next 50 years
of the company in copper and for its recent move into the expansion of its lithium mining sector. This is an
entirely different mindset to the one we use to decide on investments here at The IKN Weekly and something
we, at the retail fishing end of the sector, need to keep in mind. When Codelco makes an executive decision
which seems to go against the “logic of capitalism” it gets its fair share of pushback, what with it being a
nationalized company and something of a throwback in modern business terms, but it’s going to make
decisions that annoy the average market punter if its outlook is counted in decades, rather than years or
23

months (indeed, I occasionally get pushback for my default preference of a 12 month outlook for trades from
people who tell me to sell early and often…multiply that patience level by 50).
Market Watching
Equinox Gold (EQX) M&A update
To prove I’m a liar, in IKN824 dated March 2nd we wrote on the deal struck that week by Equinox Gold
(EQX) (EQX.to) to buy Calibre Mining (CXB.to) in an all-share merger, finishing with the words
”…this is the last note I will write on Equinox Gold.” And here we are today. In fact, the end of EQX coverage
was about its decision to buy into Nicaragua via the purchase of CXB and here’s the full rationale, thusly set
out in the IKN824 note:
Even though it would be down to only 10% or so of the total production mix of new-EQX, the exposure of New-
EQX to Nicaragua now makes this company an easy pass. The current mining mix is one aspect, the other is
how CXB grew from zero from its Nicaragua assets and along the way, managed to get very comfortable with
the government of Daniel Ortega. These days I try hard to be as agnostic about mining as possible and over the
years, it has managed to kick nearly all my ideology out of me, but there’s a limit to anyone and in my case,
investment in Nicaragua in the 2020s is exactly that. Even under Ortega it used to be a better place and I didn’t
spend time and effort visiting the country to check out mining projects for mere tourism, but the post-Covid era
has seen an authoritarian government move into outright dictatorship and what’s more, one of its chief sources
of funding, both official and unofficial, is its gold mining industry. Companies working there are clear-eyed about
their role as enablers of a government that tramples over human rights and while I’m not trying to make Nica
out as the only offender in the world (you can “waddabout?” me as much as you like), it is 1) one of the very
worst in Latin America/Caribbean (behind only Cuba) and 2) it remains in power thanks in part to the revenues it
generates from gold mining. I cannot sponsor a company that has become what it has become from such a
regime and as such, this is the last note I will write on Equinox Gold.
It’s taken a while to get agreement and EQX had to sweeten the deal in order to get the CXB insto holders on
board, but after a coupole of delays the deal was approved by CXB last week and the start of “New EQX” is in
the very near future. However…
…the deal has come at a clear cost to holders of the stock. Hopre you stepped aside from this company as
well. And now I am finished with EQX, once and for all.
Bear Creek Mining (BCM.v) 1q25 production
A brief update, as on Friday evening (an ominous sign) the troubled gold and silver miner Bear Creek Mining
(BCM.v) announced its 1q25 production results (19). Here’s just about all you need to know…
BCM: Mercedes quarterly gold production
24
1089
07111
36631
83021
2129 5519
87431
82221
4039
15701
7397 2628
Oz Au
16000
14000
12000
10000
8000
6000
4000
2000
0
2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings

...gold production that continued poorly at 8,262oz for the quarter (and silver down to 36k oz), despite
throughput tonnage improving compared to Q4 (below left) and recoveries at their normal 95% level. The
problem was the average head grade of 2.56 g/t gold (below right), which means Mercedes is having exactly
the same stope and mine dilution issues it first reported in 2023.
BCM Mercedes: Tonnes mined/milled
Apparently, all the “improvements” and multi-millions in capex thrown at the mine between then and now
have no managed to improve the issues, one has to wonder how much more money gets poured down this
money pit before things get better. BCM is still under the strategic review we mentioned a couple off
weekends ago, as a result the proposed PEA for “Corani Oxides” has now been postponed and that, for some,
may be a hint that a deal is near. Maybe, maybe not, but it’s a little foolhardy to base a speculation on such
tenuous grounds at this stage, so these Q1 figures give us yet another reason to call avoid on the stock until
further notice. Expect it to drop further when trading resumes Monday.
Conclusion
IKN833 is done, we close with bullet points:
 Eldorado Gold (EGO) is up 36.4% since we “made a stand” in IKN, just ten editions ago, but by any
reasonable metric it’s still clearly undervalued compared to peers. If there were a clear and fatal flaw
in its story things would be different, but this company is in good shape and in the process of
becoming a much bigger producer of the metal that the world now wants to own above all others.
From here, we go to U$25.
 Another late arriving edition, please accept my apologies and this time I can’t even blame a lack of
sleep or kids with coughs or runny noses. It was my birthday yesterday Sunday, my Utopian plan to
work the day as per normal existed only in my head and by the time the day was done, I was too
tired to finish the 20% or so of the Weekly that I hadn’t written. I have no other excuse.
 While the Ecuador trade isn’t over yet, the house theory that the political right is now sweeping
across the continent now puts Bolivia in the frame, even before the higher profile elections in Chile
(end 2025) or Colombia (early 2026) come around. What’s more, the fractured nature of the first
round vote means we don’t have to make a guess until the run-off candidates are known. Bolivia is
serious mining country, even though it’s been marginalized out FDI for the last couple of decades.
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/2025/05/fomc-preview-no-change-to-fed-funds-rate.html
(2) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-reports-solid-first-quarter-2025-financial-and-operational
(3) https://www.goldroyalty.com/news/news-releases/gold-royalty-announces-first-quarter-2025-preliminary-results
(4) https://orecap.ca/news/orecap-announces-intent-to-spin-out-gold-assets-in-kirkland-lake/
(5) https://www.hellenicshippingnews.com/copper-heads-for-weekly-gain-on-hopes-of-us-china-trade-talks
25
1.38 0.221 4.621 2.841 0.821 0.241 0.431 0.431 5.121 1.521 5.321 2.621 0.811 0.631 0.601 0.901 1.39 7.59 9.301 5.201 2.59 2.39 9.201 6.501
160
140
120
100
80 60
40
20
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
kmt BCM Mercedes: Gold head grade
tonnes mined
tonnes milled
source: company filings
16.2 54.2 11.3 19.2 24.2 04.2 03.3 96.3 32.3 04.3 97.2 65.2
4.0
3.5
3.0
2.5
2.0 1.5
1.0
0.5
0.0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
g/t Au
source: company filings

(6) https://icsg.org/press-releases/#
(7) https://www.metal.com/en/newscontent/103303832
(8) https://www.reuters.com/markets/commodities/study-group-expects-weak-demand-trump-coppers-supply-stress-andy-home-2025-04-
30/
(9) https://www.pampametals.com/news/2025/ampaetalsteputrillingntersects152mat040u20250328054502.html
(10) https://www.pampametals.com/news/2025/ampaetalsurtherxtendsorphyryopperoldinerali20250429051503.html
(11) https://www.pampametals.com/news/2025/ampaetalsntersects98m049u016gtuinirs20250430051503.html
(12) https://liberocopper.com/_resources/news/nr-20250429.pdf
(13) https://www.e29copper.com/news/2025/element-29-resources-engages-torrey-hills-capital
(14) https://polaris.brighterir.com/public/solgold/news/rns/story/xlo80jx
(15) https://newgold.com/news-events/news/news-details/2025/NEW-GOLD-REPORTS-FIRST-QUARTER-2025-RESULTS/default.aspx
(16) https://elpais.com/america/2025-04-28/guerra-electoral-en-bolivia-partidos-en-prestamo-13-candidatos-y-el-resultado-mas-incierto-
en-20-anos.html
(17) https://www.bcentral.cl/es/web/banco-central/contenido/-/details/imacec-marzo-2025
(18) https://www.rumbominero.com/peru/noticias/internacionales/codelco-estrategia-para-su-crecimiento/
(19) https://www.newsfilecorp.com/release/250672/Bear-Creek-Mining-Announces-Q1-2025-Mercedes-Production-Results-and-Provides-
Update-on-Corani-Oxides
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
26

Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
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
27

Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
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
28

Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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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