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The IKN Weekly
Week 834, May 11th 2025
Contents
This Week: In today’s edition, Gold’s wall of worry, Seeking the bubble reputation.
Fundamental Analysis: Gold Royalty Corp (GROY) 1q25 financials, Amerigo Resources (ARG.to) 1q25
financials.
Stocks to Follow: Eldorado Gold (EGO), Latin Metals (LMS.v), Rio2 Ltd (RIO.v), Orecap Inv (OCI.v), Mene
Inc (MENE.v).
The Copper Basket: Overview, Element 29 (ECU.v), Hercules Metals (BIG.v), Aldebaran Resources
(ALDE.v).
The Producer Basket: Overview, Barrick Mining Corp (B) (ABX.to), OceanaGold Corp (OGC.to), Wesdome
Gold Mines Ltd (WDO.to) (WDOFF).
The TinyCaps Basket: Overview, Mogotes Metals (MOG.v), Kodiak Copper (KDK.v).
Regional Politics: Illegal mining in Peru and Ecuador, Burkina Faso picks sides, Guatemala: Xinkas say no
to Escobal.
Market Watching: The interesting i-80 Gold (IAU.to) (IAUX) bought deal.
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
 Not the most insightful or cutting-edge of editions this week, ladies and gents. The main fundies
section runs a check on the quarterly financials filed by two of our Stocks to Follow last week, namely
Gold Royalty (GROY) and Amerigo (ARG.to), but there are no big surprises in their numbers and the
fundies exercise this week is basically to show that two holdings are going as expected. Nothing bad
about that, but not exciting or emotional stuff.
 However, there was one development in another company that caught my eye late last week. The
$135m bought deal announced by i-80 Gold (IAU.to) (IAUX), a placement that was quickly upsized to
$160m, isn’t a news event I’ve been actively hoping for, but its size and timing has put the stock on
the house radar for the first time. With its new management moving to stamp its mark on the
company, this may be an interesting turnaround story in the pipeline and the time to take a position.
No decision yet and we await the details in next week’s filings, but IAU may becomer a vehicle for a
quick and profitable fliptrade in the near future. That’s in Market Watching
 Gold doesn’t have to go up forever in order to offer profitable trade opportunities among the miners,
there are now enough signals in the market to assume a flat, consolidating price would be enough to
see the precious metals miners move up considerably. Today’s intro expands on the idea.
 A good week for gold stocks and for the portfolio. No tinkering with the portfolio today and no need for
much more than “keep on keeping on” for the stocks that rose nicely, such as RIO.v, GROY and EGO.
 Other things, too. There are always other things.
Gold’s wall of worry
Trading in gold last week offered something for everyone, with the rise to U$3,400/oz early week, brisk trade
at that level for a couple of days (including new record prices on the spikes) and then profit-taking as Friday
came into view and the market decided a deal on tariffs between Trump’s USA and China might even happen
1

after all. We’ll see about that one, in the meantime this long-term, non-logscale chart of the gold price is a
good way of visualizing the arguments on both sides of a week when bulls got a chance to cheer, then bears
got theirs:
The long-term improvement is crystal clear (remember November 2023 when gold dropped under
U$1,800/oz?...wistful sigh) but so is an apparent topping pattern now playing out. There’s enough in that
chart for the bulls to cheer, there’s also enough for the bears to resume their “top is in” calls that may even
be right one of these fine days. I get it, I really do and
the longer gold’s run goes on the stronger the
arguments about its eventual end will become. On that
score, our “keep dancing” motto remains intact so
please see the recent intro op-eds for more. Instead of
that well-worn track, today we remind readers that as
important and interesting as metals may be, The IKN
Weekly only cares about metals prices (gold, silver,
copper etc) in order to frame decisions around our real
subject matter, so today we consider this second chart
(right). Gold went up, gold went down (on heavy Comex
volume, for what it’s worth) and come the end of the
week was largely unchanged. However, the gold stocks
(GDX proxy) added nicely, including an excellent day on
Friday when they ignored the indecision in gold and moved higher, all by their lonesome selves without the
aid of a safety net or more moves in bullion.
This desk has advocated for ownership of gold stocks
throughout this run in gold, arguing that they’re cheap
compared to the profitability they’re enjoying as the
end-product outstrips underlying cost inflation. However
and as this next chart showing the same GDX and GLD
squiggly lines over a 12 month period shows, we went
through a long period around the turn of the year when
the market laughed at our theories. As gold consolidated
and then re-stared its move higher, between roughly
November 2024 and March 2025, the PM stocks lagged
gold’s impressive performance and the market refused
to buy into the standard argument of PM stocks
providing leverage to the metal. But then came the
catch-up and last week, the right signs we’d want about the stocks showed up again. I’m sympathetic to the
“Be Careful What You Wish For” argument about gold going higher, or even a lot higher, for the implication
of serious issues in the world financial system and likely weakness in equities of all types, mining stocks very
much included. Therefore, a scenario in which gold consolidates a while longer at its new-found U$3k/oz+
level while the world gets used to the idea of gold producers becoming regular deliverers of fat profits, while
they improve their balance sheets, enjoy new appreciation for the true value of their assets, return capital to
shareholders (divis, buybacks etc) and generally go about winning the trust of the generalist market they lost
2

20 or so years ago…well, that would suit me just fine. With inflation moving slowly downward (tariffs
permitting) and President Trump now leading the calls for the Fed to start its cutting cycle, it seems tothis
desk that higher and higher gold prices are not longer required to achieve the main objective of The IKN
Weekly so, as long as gold and its dependent metals don’t fall off a cliff completely, the quarterly results from
the majors, Tier 2 miners and eventually the juniors will be enough to drive stock prices higher.
Seeking the bubble reputation…
…Even in the cannon’s mouth. As the subject of inflation was touched upon above, a heads-up about the
main US macro fun this week with the BLS scheduled to release the April retail inflation (CPI) figure on
Tuesday, May 13th (with the PPI due Thursday). Both CPI and PPI are forecast at +0.3% (1), so even if the
reading comes in as expected there’s going to be fuel thrown on the fire of the inflationista bubble trade, at
least by those who think such an interpretation suits their personal agenda. They tend to be jealous in
honour and sudden and quick in quarrel, so for the rest of us I think we’re at the stage where inflation is a
secondary macro reading to the prime worry, that of a rising umemployment rate and ensuing economic
slowdown. That’s a fancy-dancy way of saying we don’t have to watch the inflation data with the same hawk
eye used in 2023 and 2024, no matter what the tariff doomsayers would have you believe.
Fundamental Analysis of Mining Stocks
Gold Royalty Corp (GROY) 1q25 financials
It was just two weeks ago, in IKN832 dated April 27th and the Market Watching note “Gold Royalty Corp
(GROY) 1q25 production and sales”, when we ran the ruler over the pre-earnings sales numbers released
that week. We considered them slightly light compared to our ballpark expectations for quarter set to be the
lowest of 2025, made a few small adjustments to the model and finished by bemoaning the way the stock
had dumped by 9.8% on the week, with the big downmove around the production NR release. Admittedly it
was a down week for the whole mining sector, but the way in which GROY dropped to close at U$1.47, just
7c above our cost average, was particularly painful because on due consideration it seemed unjustified.
Here’s how we wrapped up that note, two weekends ago:
“Bottom line: A light quarter that’s now more than fully baked into the share price, in fact GROY is almost certainly
oversold in the same way it went oversold around its not-bad-not-great 4q24 filings. It’s still extremely cheap and
this drop has allowed a second opportunity to position before the real revenues increases start flowing during the
second half of the year. Very buyable at these levels.”
Cut to the week just gone and Wednesday May 7th, when GROY filed its 1q25 financials (2) and the stock
decided that, yes indeed, the selling had been an overreaction and it was very buyable at those levels:
Our job today, therefore, is to cover the financials as filed last week by GROY and get our coverage on this
bargain royalty stock up to date. As production numbers were covered in IKN832 we’ll repeat just one chart
by way of reminder (with no changes), the 1,249 gold equivalent ounces (GEOs) reported, along with our
best guesses for what happens in the next three quarters. GROY has reiterated its (somewhat wide) guidance
and those increments reflect the way production is set to favour the second half of this year.
3

GROY: GEOs per qtr
4
3401
282
117 766
9102
749 1501
5441 9421 0051 0061 0071
2200
2000
1800
1600
1400
1200
1000 800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3 tse52q4
source: comapny data, IKN ests
The Conference Call (CC) (link to recording here (3)) shed a little more light on the anticipated progress, in
fact it was the most interesting part of an otherwise rote CC. GROY confirmed its new streams are on track to
deliver the type of revenues forecast at the start of the year. At Vares, Q1 was glitchy and 8% below budget,
but most problems are now solved or about to be solved according to owner/operator Adriatic Minerals. Vares
should reach commercial production in Q2, i.e. this current quarter. Meanwhile, IAMGOLD at Cote is ramping
well and GROY expects it will reach full production by the end of 2025, that’s as per schedule. Finally, Aura
Minerals at Borborema is also on track to reach commercial production in 3q25.
But back to the results and last week, GROY confirmed the sales total of U$3.138m.
GROY: Sales per qtr
335.0 836.0 709.1 668.0 285.0 767.0 864.0 797.0 610.1
498.2
497.1 60.2
553.3
831.3
4
3.5
3
2.5
2
1.5
1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
source: company filings
Then adding the non-stream revenues (e.g. land payments from third parties, part of “other” the breakdown
of revenues looked like this compared to previous quarters:
U$m Vares GROY: Revenues breakdown
4.5 Jerritt Canyon
other
4
Borborema
3.5 Coté Gold
3 Borden
Cozamin
2.5 Cad Malartic
2
1.5
1
0.5
0
3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
On a quarter-by-quarter basis in a suite of royalty streams, there tends to be under-performers and over-
performers compared to the average per period, that's true here and also because several of the main
streams are still in ramp-up stage (Borborema, Coté, Vares). For 1q25 at GROY, streams that paid lower than
expected include Canadian Malartic at U$0.105m (we remind readers the GROY royalty area does not cover
all the mine, therefore a lot depends from where the operator takes its rock at any given moment), while the
better than expected numbers were led by the U$1.067m from Borborema. Averaging out, no major
surprises.
As for costs, it was a real black box to model so in the end I assumed a flat U$1m, which turned out to be
wrong for the right reasons:

GROY: COGS
5
782.0
884.0
730.1
650.0 612.0 711.0 402.0
373.0
942.0
25.0 524.0 884.0
930.2
632.0
2.2
2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
source: company filings
There were no extra COGS added to the quarter and the Vares copper costs (slightly higher) were curtailed,
so COGS+DDA came in at just U$0.236m. That allowed GROY to post its first operating profit, U$0.341m:
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
475.7- 526.8- 457.2- 105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
143.0 5.1
2.2 3
4
2
0
-2
-4
-6
-8
-10
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3 tse52q4
U$m
source: company filings, IKN calcs
Our original estimate for operating profit was U$0.7m, which
GROY: Operating profit/share
we flipped to a small U$0.4m loss using that “round $1m”
(IKN832 dixit) COGS assumption. Therefore, the real result
flipped us back into the profit column again, representing an 0.9
0.2
operating profit per share of 0.2c. Not much, but better than
nothing and we confidently expect that to improve as the
year goes on. Indeed, Q1 was around 20% of midpoint of -0.4 -0.4 -0.6 -1.4 -1.2 -1.3 -1.2 guidance, on track with the company model and GROY
reiterated its expectations on guidance in the CC.
Moving to the balance sheet, there weren’t many meaningful
changes and our model predicted the outcome fairly well, so
I’ll offer up the main tracking charts as-is without much commentary.
2.2-
3.1 8.1
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0 -1.5 -2.0
-2.5
32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3 tse52q4
U$ cents
source: company financials, IKN ests/calcs
GROY: Assets
900
800
700
600
500
400
300
200
100
0
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m total fixed GROY: Liabilities
other current 220
cash+ST 200
180
160
140
120
100
80
60
40
20
0
source: company filings
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
current liab bank debt
deferred tax liab other LT liab
source: company filings

…while the liquid assets are in reasonable shape. A royaltyco doesn’t need mountains of treasury cash or
liquidity on a day-to-day basis as long as the cash flows from its partners as expected, what we see in these
chart is is a reasonable way to run a company of this ilk.
The only notable wrinkle is that of the revolving debt,
as in the ConfCall Garofalo reiterated the corporate
plan by saying (qwe quote) “Paying down our
revolving credit facility will be our priority”. However,
the total financial debt rose slightly in 1q25 compared
to 4q24. Not by much and nothing I’d be concerned
about with a normal, trustworthy team, but as I trust
Garofalo and his string-puller Adnani about as far as I
can throw them, this is one metric to watch closely in
Q2 and Q3.
The bottom line: The pre-filing sales number gave us
a good idea of what to expect, the rest of the numbers came in with no major surprises, the low end COGS
number allowed GROY to post its first operating profit and overall, the phrase “in-line” was never more
deserved. However, the real news is how GROY underscored its improving future and the way 2025 will get
better every quarter, not to mention beyond that in 2026 and future years. This visual from the new
corporate presentation fits closely with our assumptions and with metals prices rising fast, GROY is in good
position to benefit. Finally, a reminder of why this desk pipcks GROY out versus any other royaltyco at the
moment:
Price/Book Ratios of royaltycos, March 23rd & May 11th 2025
6
00.5 94.5 96.4 13.5
01.3 58.3 02.3 87.3
14.1 18.1 90.1 31.1
24.0 74.0
U$m GROY: Current assets GROY: Working cap
14
12 other current
10 cash+ST
8
6
4
2
0
4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
6.0
5.5
5.0
4.5
4.0 March 23rd
3.5 May 11th
3.0 2.5
2.0
1.5
1.0
0.5
0.0
FNV WPM RGLD OR.to SAND MTA GROY
source: Yahoo Finance
The price/book at GROY is bound to improve as it moves into profitability for the first time and while I don’t
do so very often, I fully agree with CEO Garofalo’s assertion that this company is notably undervalued
compared to peers. That’s as much about his awful dealmaking in the previous years and overpaying for
assets, but once it’s baked in it’s baked in and from here, GROY can move back to a reasonable valuation.
Seenig this P/Bv move back to 1X and in line with an uninspiring streamer such as Metalla (MTA) is easy
enough, that implies the double-plus we expect from GROY in 2025. Overall, the quarter we expected and
those who want in probably have until the Q2 numbers are known to get the current prices.
83.6
306.43
892.91 623.6
647.9
955.7 917.6
970.4 710.3 596.1 799.1 599.2 603.2 210.2 918.1
40
35
30
25
20
15
10
5
0
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
source: company filings
GROY: Bank debt (revolver)
0
263.9 844.9 888.9 139.9
864.71
130.01 246.9
746.42 475.42 29.42 321.62
30
25
20
15
10
5
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
source: company filings

Amerigo Resources (ARG.to) 1q25 financials
The main fundies section of IKN830 dated April 13th included “Amerigo Resources (ARG.to) 1q25 production
numbers”, in which we took the data published by the company that week, presented the comparative
production charts and made a few guesses on what we’d see when ARG.to filed its financials. Those
financials dropped last week and the price chart…
…already tells us the market took them in its stride. Indeed, it was yet another in-line quarter from this most
reliable of companies, so we don’t need to spend too much time this week on the numbers, but as it’s a core
holding it’s worth checking over the main changes and results, along with the differences between our
guesstimates in IKN830 and the reality. So here we go, making reference along the way to the results (4)
and the accompanying Conference Call (5). In its production NR, ARG told us that it had shipped 12.92m lbs
copper at an average received price of U$4.42/lb. We therefore did the math and expected gross copper
sales to come in at U$57.1m, not the eventual U$54.989m as reported last week. Nothing nefarious going on
here, the company has the right to adjust its pre-filing estimates but it does mean our model was already out
by U$1.1m before anything else happened. POn top of that, we over-estimated the fair value adjustment
which meant that booked copper revenues of U$59.919m were U$3.7m lower than our estimate. That's a big
gap to make up, even if smelting costs were lower than forecast. Here's what ARG said about that in its
MD&A:
“Smelting and refining costs decreased from $6.2 million in Q1-2024 to $2.9 million in Q1-2025. This is the
result of a decrease in annual benchmark smelting and refining costs and lower copper sales volume."
That's interesting, as the well-documented drop in international smelting costs has arrived at the door of a
company as modestly sized as ARG. This is good news for the rest of 2025, we could see savings of around
U$2m/qtr compared to previous years. Most of the other assumptions cancelled each other out, but the total
revenue number of U$44.182m was still around U$2.5m off our estimate. That's mostly due to the
molybdenum by-product revenue total of U$3.567m, almost a million lower than our guesstimate (though as
mentioned in nearly every look at ARG numbers, this variable is notoriously difficult to get right).
ARG: Mo credits
That turned the near-U$55m in copper gross value into a top-line revenues total of U$44.182m, some
U$2.5m lower than the house model. That’s the type of gap you can’t make up later and means we over-
estimated earnings this quarter; that’s the way analyses go, sometimes you get them plain wrong. However,
the miss isn’t a disastrous one and ARG still showed itself to be running well and making a decent profit, in
true cash flow terms as well as on the GAAP sheets.
7
930.8
958.2 85.4 478.3
454.5 993.6 142.5 267.5
765.3
9
8
7
6
5
4 3
2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m ARG: Charges to Cu revs
source: company filings, IKN ests
626.51
834.81
799.31 336.01 477.51 86.61
674.81 361.91 450.12
560.61
30
25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Transport
U$m smelting/refining
DET royalties
source: company filings, IKN ests

ARG: Gross Cu value, Cu revs and Revs total, per qtr
8
897.66 271.07 846.25 908.25 882.94
630.23
855.14 51.14
923.03
5.95 591.16
844.24
582.16 8.26 129.44 379.26 448.96
206.15
397.86 1.66
4.54
519.57 63.37
8.05
989.45 919.95
281.44
80
70
60
50
40 30
20
10
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
Cu gross value
Cu revs
Revs total
source: company filings
The revenues estimate was out more than our costs estimate the latter inside a reasonable margin of error at
U$34.492m compared to our $34.1m model. The chart below right shows the breakdown, with the biggest
cost component of power accounting for nearly 29% of the total.
That brings a gross profit of U$9.69m…
ARG.to: Quarterly Earnings overview
846.25 874.31
630.23
503.3-
923.03
420.2-
744.24
200.6
129.44 508.7 206.15 394.61 834.54
573.7
218.05 837.31 281.44
96.9
60
55
50
45
40
35
30 25
20
15
10
5
0
-5
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
revenues
COGS
Gross profit
source: company filings
…and an operating profit of U$8.32m…
ARG.to: Gross, operating and net profits, per qtr
44.31
72.3-
72.6-
19.3
84.6
07.51
0.7
2.51
23.8
25
20
15
10
5
0
-5
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
ARG.to: Costs breakdown
U$m
Gross profit
op profit
Net Income
source: ARG data
933.23 869.13 414.43 800.14 71.93 143.53 353.23 544.63 611.73 901.53 360.83 470.73 294.43
60
55
50
45
40
35
30
25 20
15
10
5
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m other U$m ARG: COGS breakdown DET Mo royal
G&A+roy 45
admin
COGS 40 DD&A
35
other
30 lime
25 Mo prod cost
20 tailings extract
15 grind media
10 Maintenance
direct labour
5
power
0
source: company data, IKN ests 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings

…but as always with ARG, what really matters is its cash and we track that with our “real world margin” chart
on the P+L, backing out the main non-cash items. At
U$13.79m it came in U$2.9m lower than our model ARG: The real world margin
suggested, that’s the knock-on effect of the lower
revenues total (see above) plus the slightly higher
COGS total. I’m not sweating this one though, for one
thing it’s no biggie in real terms, for another we know
Q1 would be the lowest production quarter of the year
due to the scheduled plant maintenance downtime,
and for yet another that total still means “…ARG can
afford to pay U$3.5m in divis, U$1.1m in buybacks,
spend U$6.2m on capex items (over 50% of the 2025
capex budget now accounted) and keep treasury at
U$27.7m”, to quote IKN830. That’s what matters here.
Bottom line: No big surprises in the financials from our core copper position and the 3c Canadian dividend
was declared as per normal and on schedule, so that’s good. All in all a neat and tidy quarter from ARG, the
type we’ve come to expect from the company and with better copper prices and improved production
numbers expected for the current quarter, it’s a good place from which to build.
Stocks to Follow
The mining stocks took a breather as April became May, but got back on the winning trail last week and our
Stocks to Follow list benefited accordingly, with just four of our 18 open positions down on the week
(MARI.to, SRL.v, LUM.v, LMS.v) and none of those by more than two cents. Three others were unchanged
(OCI.v, MIRL.cse, PGDC.v) and that means eleven winners from the eighteen total, a good haul so not listing
all the tickers, instead we’ll go with the biggest wins registered by Mene Inc (MENE.v up 20.0%), Red Pine
(RPX.v up 17.4%), Aftermath (AAG.v up 13.6%), Gold Royalty (GROY up 10.2%), with an extra shout out to
Eldorado (EGO up 7.5%) and AbraSilver (ABRA.t up 7.3%). The 5.9% improvement in Rio2 Ltd (RIO.v) was
enjoyable too, let’s throw that one on the pile. A good week for the back pocket, don’t get to bask like this so
very often, toot toot horn tooty-toot.
There are 18 open positions on our list, two under the self-imposed maximum. Two are in the red, sixteen
are in the green including all the trades of size, the ones that matter. And yes, an intro note with this sort of
tone is basically asking for trouble.
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$0.36 71.4% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.08 35.0% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$19.68 23.5% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.72 11.7% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.78 56.2% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$3.10 13.6% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$1.62 15.7% Cheap entry, still great price
Aftermath Silver AAG.v STR BUY $0.425 22-Dec-24 C$0.50 17.6% #2 silver trade, spec
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.15 87.5% Ecuador buyout trade
Lumina Gold LUM.v bot out C$0.78 23-Feb-25 C$1.19 52.6% holding to deal close.
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.135 22.7% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.11 4.8% bulk copper in good address
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.075 25.0% top fundy value, illiquid
SPECULATIVE TRADES
9
61.0-
30.1 33.21
97.71
24.02
93.22 79.61 15.22
49.52
95.3 20.0-
57.51
4.81
8.1 80.1- 41.9 52.21
25.12
88.21
70.12
97.31
28
24
20
16
12
8
4
0
-4
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
source: ARG data, IKN calcs and ests

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$0.12 26.3% proj.generator, newsflow soon
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.08 300.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.215 152.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.15 -66.7% 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:
Eldorado Gold (EGO): Last week: “…the market is an ass
and this stock is going higher.” This week, as seen in the
chart right, it went higher. 7.5% higher to be exact. Over
the two weeks shown in this comparative chart, EGO is plus
4%, slightly ahead of the GDX benchmark and for a while
looked like slipping its field, but a flaccid Friday saw it come
back to the benchmark. No idea why EGO was less popular
than the rest on Friday, these things sometimes happen.
Latin Metals (LMS.v): Two pieces of news from LMS last
week, with the first inevitable but timed to ctach the eye.
But we’ll start with the second and the promotion of
Eduardo Leon to VP ex at the company, well deserved in the opinion of this desk as he’s made a notable
difference since coming on board, thinks outside the box and complements the way CEO Henderson works
well. But it was the other piece of news that made the share
price move, the $1m placement, that moved the market price
lower with the placement units priced at 11c (unit = share +
½ warrant with a 20c strike and 3 year shelf life). This
placement was in the cards (or overdue) and with LMS’s well-
heeled sponsors in the background, I’m sure it will have no
problem in filling the 11.82m units. However, it is noteworthy
to check the wording of the NR announcing the upsizing (6) to
the way LMS trades on the open market, as it’s difficult to
reconcile, “due to investor interest in its non-brokered private
placement” and this price chart (right). On a good day LMS
does 30k shares, on a bad day it can do nothing at all. Not my
idea of “investor interest” and it shows how its core sponsors
are not going to participate in the open market, all they do is wait for the next placement and start clipping
those warrants again. LMS needs news, preferably permitting news from Organullo or Esperanza. Is what we
see the big holders positioning to take advantage of the rah-rah either of those permits will generate?
Rio2 Ltd (RIO.v): Another good week, with willing buyers now showing up at over one Loonie. On the
corporate side, we hear RIO.v ran a couple of days of virtual marketing with high level instos and investors,
several completely new to the RIO.v/Fenix Gold story, via the services of the Canadian brokerage Stifel. By
the looks of the price action, the audience must have liked what they heard.
10

Orecap Inv (OCI.v): We like thgis little chart because it allows us to keep an eye on several Ore Group
companies, not just the intrinsic liquid assets value of OCI:
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 0.48 3.55 1.4
ARIC warrant 4.17 0.28 1.17 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 0.025 0.62 0.2
subtotal 14.23 5.7
Est.cash 1.20 0.5
Total 15.43 6.2c
At 247.714 S/O
The per-share value of an IKN estimated 6.2c is down 0.1c on the week, no biggie and we note that Kintavar
(KTR.v) is still under trading halt since the transformative deal to bring it into the Ore Group stable was
announced. I shot a quick question to Ore Group big cheese Stephen Stewart this weekend on that subject,
who told me it’s in the hands of the market authorities and no guarantees possible, but it should come out of
halt this coming week. He also mentioned that a new CEO for KTR had been identified, no names for me and
no confirmation but we should find out soon enough.
Mene Inc (MENE.v): I’m late to covering the 4q24 financials out from MENE (they dropped late April) and
so rather than run a late analysis, I’m going to wait for its q1 results (that include the other main selling
event of the year, Valentine’s Day) and see how the company’s looking then. In the meantime, there seems
to be a buyer accumulating at the 13c to 15c level these days.
The Copper Basket
After nineteen weeks of 2025, The Copper Basket shows a loss of 1.86% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 538.65 1.96 37.1%
2 SolGold SOLG.to 0.13 3001.11 405.15 0.135 3.8%
3 Trilogy Metals TMQ.to 1.65 160.903 352.38 2.19 32.7%
4 Arizona Sonoran ASCU.to 1.47 148.409 304.24 2.05 39.5%
5 Aldebaran Res. ALDE.v 1.90 169.914 271.86 1.60 -15.8%
6 Regulus Resources REG.v 2.05 124.659 243.09 1.95 -4.9%
7 Hercules Metals BIG.v 0.55 253.391 174.84 0.69 25.5%
8 Faraday Copper FDY.to 0.74 205.336 162.22 0.79 6.8%
9 American Eagle AE.v 0.69 167.45 79.54 0.475 -31.2%
10 Hot Chili HCH.v 0.67 151.42 65.11 0.43 -35.8%
11 Element 29 Res ECU.v 0.63 124.181 62.09 0.50 -20.6%
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 19.07 0.255 -19.0%
15 Kobrea Exploration KBX.cse 0.60 35.085 14.03 0.40 -33.3%
NB: All stocks in CAD$ Portfolio avg -1.86%
A good week for the copper explorecos that was reflected in our representative basket trakcing the sector.
The Copper Basket headcount was positive, with seven winners (ATX.v, ASCU.to, BIG.v, HCH.v, ECU.v,
11

The Copper Basket 2025, weekly evolution
10.0%
KBX.cse, CGNT.v) versus four losers (ALDE.v, TMQ.to, 8.0%
REG.v, FDY.to), the other four stocks remaining 6.0%
4.0%
unchanged (SOLG.to, AE.v, XXIX.v, PM.cse). The big 2.0%
0.0%
moves were skewed to the upside too, with a serious
-2.0%
rebound in Element 29 (ECU.v up 66.7%) backed by the -4.0%
-6.0%
outsized gains in Kobrea (KBX.cse up 29.0%) and
-8.0%
Hercules (BIG.v up 17.0%). The bgigger loser Aldebaran -10.0%
-12.0%
(ALDE.v down 7.0%) couldn’t compete with those
springers and as a result, our underwater basket
average made a meaningful move toward the surface
foir the first time since the tariff shock sell-off (the first
week of April now feels like ancient history, such is the nature of the 2025 stock market).
We continue to use the most liquid Comex futures contract to track the fate of copper, however we also keep
an eye on the arbitrage between it and the equlivalent LME contract and that closed Friday at U$4.278/lb,
which means the arb is down to 8.8% , a considerable drop compared to recent week and a direct fruit of the
USA/UK trade deal (or at least the framework of a trade deal) announced last week that works around the
10% level.
Overall, copper went into something of a holding pattern last week, understandable in light of the lowering of
temperature between China and The USA and the start of trade talks between the countries. As Ben Davis of
RBC Capital Markets put it when asked (7), "The talks provide potential for the de-escalation...the sooner
they can de-escalate, the better." Agreed.
Time for our regular weekly look at the moves in copper inventories, data as always from those reliable
Chilean beancounters at Cochilco:
 Another net negative week for world copper inventories. Another week in which SHFE and LME
kept dropping and Comex kept climbing and once the dust had settled, the aggregate of the three
was 416,466mt, down 5,608mt.
 Shanghai’s SHFE again led the way, down 8,519mt on the week as the seasonally sharp drop now
reaches 80,705mt.
 The LME joined the fun in action that was a near carbon copy of the week before, down 5,525mt to
close the week at 191,775mt and all but 275mt of the drop came out of Asia warehouses.
 And sure enough Comex stocks continue to rise, this time up 8,519mt to close at 143,986mt as the
tariff arbitrage fun continues. Everything we’ve mentioned in the last two or three weeks at this
point still applies, trends gotta trend til they trend no more.
The dedicated SHFE chart shows the continued fast draw down of its stocks better than any words, the trend
continues and we should soon arrive at the moment when customers of physical copper discard SHFE stores
as a useful source. Let’s again state the obvious clearly, this is bullish for copper prices.
12
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11
source: IKN calcs

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
Now for notes on a few of the Basket component stocks:
Element 29 (ECU.v): Yes Mark Is Stupid, episode 952. This was the week ECU made my predictions of a
potentially extended period of time at the 30c line look silly,
as after touching that notable 30c level (see last weekend),
buyers showed up in force:
An immediate rebound and up 20c, or 66.666% recurring,
from 30c to 50c on no news. The price chart gives a clue to
what probably went down, as the ramp on low volume
followed by a spate of buying Thursday, with 1.47m shares
changing hands on the TSXV, is the pattern of some type of
agreed buy price for a large entity that wants in and a
willing seller. The flourish to close at 50c on a return to low
volumes Friday allows the new buyer to register a profit on
their new holding.
Hercules Metals (BIG.v): The Monday May 5th NR (8) “Independent Study Finds Evidence of Hypogene
Enrichment at Hercules, Outlining Greater Scale and Grade Potential” is the type of NR that can cause a stock
to sell off in bad times, so seeing BIG.v up 17% on the week
is a signal of the good times and the existence of speculative
capital in the market. A long NR that’s difficult to excerpt
fairly, it explains how a third party report on the Hercules
property has brought re-interpretation of the mineralization
and as a result, the company has targeted new areas for
upcoming drilling. Which is fair enough and an example of
“Ask three geologists the same question and you’ll get four
different opinions”, so the cynical in the audience (e.g. me)
could read the NR and say “Why have they been drilling in
the wrong places all this time?” or “Ok, so they’ve found a
good excuse to change the plan and go drill in another
area”. But that didn’t stop the marketing and social media
buzz from talking up this ground-breaking report (pun intended). If we zoom out and consider the 12 month
chart, BIG is still locked inside its trading range no matter the move last week and that’s not going to change
before the contents of last week’s report turns into real drill
assay results.
Aldebaran Resources (ALDE.v): I’m glad I sold when I
did. ALDE has had three runs at breaking above the C$2.25
line and failed each time, the latest drop looking particularly
heavy. We noted three weeks aog in IKN831 that the
company is trying to position its marketing to include the
Argentina RIOGI investment incentive scheme as part of the
benefits it offers, despite being unlikely to qualify due to the

timeline at Altar, one that runs beyond the limits of the current RIGI law. Not the first time I’ve wondered
about the way ALDE is marketed and with volume dropping again to its previous annoying low levels, the lack
of market interest cannot be blame simply on the market.
ALDE continues to be on the radar and I’m interested in re-buying the stock, but the price has to be right and
even with the recent weakness, it’s not a drop dead bargain yet.
The Producer Basket
After 19 weeks of 2025, the Producer Basket shows a gain of 45.02% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 60.84 53.98 45.0%
2 Agnico Eagle AEM 78.21 497.971 58.42 117.32 50.0%
3 Barrick B 15.50 1748.05 34.02 19.46 25.5%
4 Franco-Nevada FNV 117.59 192.119 32.51 169.23 43.9%
5 B2Gold Corp BTG 2.44 1313.11 4.12 3.14 28.7%
6 Eldorado Gold EGO 14.87 204.909 4.03 19.67 32.3%
7 New Gold NGD 2.49 790.9 3.31 4.18 68.5%
8 OceanaGold OGC.to 3.98 708.074 3.12 6.12 53.8%
9 Sandstorm SAND 5.58 296.844 2.62 8.81 57.9%
10 Wesdome Gold WDOFF 8.98 149.891 1.95 12.98 44.5%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 45.02%
A great week to be a holder of precious metals mining stocks, with producers beating estimates left, right and
centre and a new impulse in the gold price (GLD proxy up 2.97%...let’s call it three) combining to push the
benchmark ETF GDX up by 7.0% and the GDXJ up by 9.6%. As our 2025 Producer Basket is weighted toward
the sub-U$5Bn producers, the backdrop suited us just fine and our deficit to the GDX benchmark is down to
3.52%, the lowest since that awful start to the year in mid-January.
All ten of our basket components were week-over-week winners, from the defensive gain in Franco-Nevada
(FNV up 2.6%) to the outsized win in Wesdome (WDOFF up 12.2%), but the week was won by OceanaGold
(OGC.to, up an eye-popping 32.2%) on the back of its 1q25 results. Bang.
The 2025 Producer Basket: Weekly performance and
55% comparative to GDX control
50%
45%
40%
35%
30%
25%
20%
15%
10% 5%
0%
After being down almost 9% by the start of March I honestly thought the chances of another win against
GDX in 2025 were dead and buried and while it’s not the primary role of The Producer Basket, beating the
GDX is a semi-serious goal and the pathetic performance of my picks in Q1 was rather depressing. At
negative 3.5% things are still bad, but there’s now some hope of keeping my win streak going this year.
Barrick with a B (B) (ABX.to): A new ticker, a new dawn, the same-sub-par performance compared to
peers. The news that Barrick is now “B” on the NYSE (9) somehow became bigger news than another
mediocre quarterly performance and the gushing NR…
14
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11
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 ht11
source: IKN calcs, NYSE data

“Barrick’s vision is to be the world’s most valued gold and copper exploration, development and mining company.
Along with our world-class portfolio of six Tier One gold mines, we are building a substantial copper business
which will be a meaningful contributor to organically growing our production volumes in the coming years and
beyond,” says Bristow.
“Our new stock symbol ‘B’ better reflects Barrick’s current business and our mission to achieve sustainable and
profitable gold and copper growth. Together, gold and copper give Barrick the stability of a precious metal and the
growth potential of a strategic one — anchoring our portfolio in resilience and aligning us with rising global
electrification and infrastructure demand. Gold is core to
our business and we continue to explore for and develop
new gold mines, including the expansion of Pueblo Viejo,
the exciting Fourmile gold project in Nevada and the Reko
Diq project, with its world-class mix of both copper and
gold.”
…once again leaves the taste of “all style no
substance” about Bristow’s failing mandate. The real
news came early week, and while net earnings
compared to all quarters except the most recent (chart
right), the real story is the poor performance at its
operations. Nevada Gold Mines at 345k oz sticks out…
Barrick (GOLD): Segment sales, per qtr
15
825 225 245 245 884 554 584 116 854 364 424 115 114 854 084 115 424 004 783 534 543
1300
1200
1100
1000
900
800
700
600
500
400
300 200
100
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Nevada GM Loulo-Gounkoto
Pueblo Viejo Kibali
North Mara Veladero
Bulyanhulu Tongon
Au Koz
Hemlo Buzwagi
Porgera
source: company filings
…as do the issues at Luolo-Gounkoto where sales dropped to zero (though that had been clearly flagged)…
GOLD: Gold sales from Loulo-Gounkoto, per qtr
321 751 631 621 151 541 431 821 731 141 921 141 431 041 541 721 041 731 531
74
0
160
140
120
100
80 60
40
20
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m Barrick: Net earnings, per qtr
1200
1000
800
600
996
400
200 305 368 479 295 370 483 474
120
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
Koz
source: company filings
…but aside those, production and sales were below previous quarters in many of its operations:
Au Koz Barrick (GOLD): Ex-Nevada GM segment sales, per qtr
180
160 Loulo-Gounkoto
140 Pueblo Viejo
120 Kibali
100 North Mara
80
Veladero
Bulyanhulu
60
Tongon
40
20
0
20 21 21 22 22 23 23 24 24 25
q q q q q q q q q q
3 1 3 1 3 1 3 1 3 1
source: company filings

The pink line for Loulo stands out, but neither were things weren't great at Pueblo Viejo, Kibali or Bulyanhulu,
plus the recent improvements at North Mara were also knocked back. Truth told, Barrick’s quarter was saved
by the gold price more than any other large PM miner out there. The market seems to be giving it leeway
and assumes its Mali problems will go away and is buying into the Reko Diq story without a thought of
potential build-out glitches or future operational or political issues. Yes, Barrick is up 25% on the year but
that means it's the worst of our Producer Basket ten, it's under-performing GDX by 23% and it's even 20%
behind the bloated Newmont, nobody's idea of an efficient paragon of the sector these days. Getting
whupped by NEM is a hall of shame badge like few others.
OceanaGold (OGC.to): A massive move in OGC last week on
the back of its 1q25 financial results (10), the week in which the
market realized it was being undervalued compared to its
moneymaking potential. The OGC results include a net profit of
U$101m, that’s an EPS of U$0.14 and comes after the 15c EPS
from 4q24. Even after last week’s 32% perice move, that’s a
forward Price/Earnings of 7.3X and cheap as long as those
results continue. According to the company they will, with 2025
guidance confirmed by management in its Q1 literature.
Back in IKN815 when deciding to include OGC in the 2025
Producer Basket list, we called it the “potential surprise
package” and included this quick biog:
“…OGC is making significant headway on several fronts with Haile now operating well, and its New Zealand mines
finally profitable after cost controls have widened margins. Set to produce around 500k oz this year and perhaps
540k in FY25 on the way to further organic growth in FY26 and beyond, OGC also has a potential joker in the pack
thanks to its Dorado project in El Salvador, a high grade mine that could quickly add 50k oz of wide margin ounces to
its mix.”
That looked sketchy in the first three months of the year but its Q1 results have put substance behind that
supposition (though we admit the El Dorado angle has been slow to get any traction). More generally, OGC is
a blueprint for other gold producers in the same boat, the market isn’t giving them the valuation they deserve
with gold trading where it is and costs now on a plateau.
Wesdome Gold (WDO.to) (WDOFF): And on the subject of gold miners not getting the equity valuation
their profitability deserves, a reminder that WDO files its Q1 this coming week, the drop scheduled for post-
close Tuesday 13th with the ConfCall the next morning, see here (11) for details on how to tune in. At some
point, results in line with analyst expectations will be enough to trigger insto buyers and if OGC is any
indication, that could be WDO this coming week.
The TinyCaps List
After 19 weeks of 2024, the TinyCaps show a gain of 1.40% 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 10.71 0.08 -52.9%
Condor Res CN.v 0.145 141.155 15.53 0.11 -24.1%
Electrum Disc ELY.v 0.13 98.99 4.95 0.05 -61.5%
Endurance Gold EDG.v 0.145 174.5 27.05 0.155 6.9%
Kodiak Copper KDK.v 0.39 75.92 31.89 0.42 7.7%
Latin Metals LMS.v 0.08 96.476 11.58 0.12 50.0%
Mogotes Metals MOG.v 0.13 268.9 51.09 0.19 46.2%
Radius Gold RDU.v 0.085 107.41 13.96 0.13 52.9%
South Star STS.v 0.55 52.64 22.64 0.43 -21.8%
Viva Gold VAU.v 0.14 145.53 22.56 0.155 10.7%
Prices in CAD$, data from TSXV basket avg 1.40%
16

This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The boredom continues at the tiny end of the mining TinyCaps, 2025 weekly tracker
6%
spectrum, with our TinyCaps basket doing a reasonable job
4%
of reflecting the ennui and ignorance of the market towards 2%
the minnows of the mining world. No money moving in, no 0%
-2%
interest in the high risk spec gambles, no movement in
-4%
share prices. Our list of ten saw three week-over-week
-6%
winners (EDG.v, MOG.v, STS.v), one unchanged stock -8%
(RDU.v) and six losers (BRO.v, CN.v, ELY.v, KDK.v, LMS.v, -10%
VAU.v) with the biggest percentage move the 16.7% lost by
Electrum Discovery (ELY.v).
Mogotes Metals (MOG.v): I continue to be impressed by the way MOG.v has managed to market and
promote itself using the Lundin BHP Vicuña near-neighbour as
its hook and with last week’s move to close at 19c, the stock
now runs a market cap of over $50m Canadian, all this despite
not having put a single drill hole into the project yet. That’s
because its’s still early stage and they’re doing the exploration
work required to generate drill targets, which is good, but not
many explorecos at this stage can boast regular half million
share trading days. Like I say, impressive marketing.
The latest promo NR came last week (12) under the title
“Vicuña: 3 New Copper-Gold-Silver Targets on Trend with Filo
Del Sol”, once again connecting itself with the massive
BHP/Lundin project that came out with its first pass resource estimate last week (sheer coincidence in timing,
I’m sure). It started with these words:
May 7, 2025 – Mogotes Metals Inc. (TSXV: MOG, FSE:OY4, OTCQB: MOGMF) (“Mogotes”, or the “Company”)
announces the new compelling copper, gold and silver Los Mogotes Target Cluster, highlighted by rock chip assay
and geology results from the newly optioned claims that adjoin and are on trend with the Cu-Au-Ag Filo Del Sol
(FDS) Copper gold silver resource1, now 50% owned by Lundin Mining and 50% owned by BHP2.
All good. However, one small detail that MOG never seems to mention is the political location of its project
area, which may indeed be “adjoining and on trend” but are not located in the province of San Juan. Instead,
Mogotes falls under the jurisdiction of La Rioja, historically one of the more difficult Andean provinces in
which to do mining business. That may of course be changing, as La Rioja’s attitude toward mining is also
changing under the national leadership of Javier Milei and as we saw in the previously anti-mining province of
Mendoza las week in the Regional Politics note “Argentina: Copper wine and water”, the thawing of anti-
mining attitudes is real. Mendoza lies directly to the South of historically pro-mining San Juan, while La Rioja
is to the North, so I’m not trying to confuse one with the other. However, it is telling how many times MOG
mentions the “on trend” and “neighbour” status of Mogotes to Vicuña, but never once mentions that it’s not
in San Juan. For the record, I think MOG is considerably overvalued compared to its stage of development,
something that won’t stop it from going higher given the right circumstances but overall, there’s now a clear
risk of downside once the market spiel wears thin and the market realizes it will have to wait for substantive
news. Once a drill goes in they may be able to justify its C$50m+ price tag but until then, the risk is to the
17
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11
source: IKN calcs, TSX data

downside (and the chances of this team “deciding that if the market is offering us money it would be silly to
reject it” is high.
Kodiak Copper (KDK.v): With Explorecos running last week, a
notable 5.6% drop in KDK to see it return to this 40c-or-so apparent
default price. We know they’re about to release a maiden mineral
resource estimate for the flagship MPD project in Q2 (because
they’ve told us enough times) and we know KDK has the corporate
machine backing that will get the word out when the news shows.
For those of you looking for a speculative flip vehicle in the copper
space, this seems like a decent time and price level. xxxx
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
Illegal mining in Peru and Ecuador
The rise and rise of illegal mining in South America is a big subject, one your author has tracked over the
years but it rarely makes it to the pages of The IKN Weekly. One reason is its complicated nature, another is
its effects on formal mining and FDI tend to be either a) minimal in real terms or b) in zones that are
politically difficult and not in areas where we like to invest. However and despite the lakc of detailed coverage
on these pages the rise of illegal mining has become a big thing in recent years and this month has seen the
issue hit international headlines due to two major incidents.
1) The Poderosa Mining company is one of the biggest local gold mining companies in Peru, its operations are
in the Pataz region of Peru, a location where illegal mining run by mafia groups has been rife for years.
Poderosa has been in a war with illegal mining for years and it’s one of the flashpoints we have mentioned
from time to time, with security guards and mine workers sometimes killed or injured in clashes with groups
trying to take control of their underground operations. Two weeks ago, a contingency of 40 workers
contracted as security by a small miner with a tolling agreement with Poderosa were on their way to guard
the mine works when they were ambushed by illegal miners headed up by one Miguel Rodríguez Díaz (13), a
Colombian living illegally in Peru who also goes by the alias “Cuchillo”, i.e. “Knife” and not the most subtle of
nicknames. Anyway, 13 of the group were taken hostage then tortured before being murdered in cold blood
by Cuchillo (bullet in the back of the head in a mine entrance tunnel), the heinous act swiftly followed by
Cuchiloo covering his tracks and demanding a U$1m ransom for his hostages while reportedly skipping the
country on a scheduled flight to Colombia. As a result, the government of Peru has sent the troops into the
zone and suspended all mining activity for 30 days (in order to root out illegals), but it’s doubtful how
effective the action will be as the Pataz region was already under and State of Emergency due to the violence
around the illegals.
2) Meanwhile in Ecuador this Friday (14), a group of Ecuadorian soldiers sent to the North of the country to
combat the rise in illegal mining were ambushed during a patrol and 12 of them killed (they walked into an
IED trap and didn’t stand a chance, apparently). Sure enough, the same type of full-scale political fall-out is
happening in Quito as in Lima this weekend, with three days of official mourning declared by the government
and all the “we’ll get ‘em if it’s the last thing we do” announcements on the airwaves. Once again, the terrible
incicent this weekend was in no way an isolated one, merely the latest development in the ever increasing
power and scope of the illegal mining world.
The rise of illegal mining is tightly connected to the Colombian insurgent groups that took control of that
country’s hinterland at the end of the FARC-EP civil war. They are typically ideologically far right wing to
begin with, but have morphed into money-making operations and against any government, lefty or righty,
that tries to clamp down on them. From Colombia, they’ve moved into the happy hunting grounds of
18

Ecuador, Peru and other areas and these days, their financial power has brought them political power. Peru’s
Congress is peppered with members funded by these groups including (believe it or not) the current head of
Congress, a lawyer who became very rich by defending such clients and used his new wealth and continued
sponsorships to enter politics. Long story short, illegal mining has risen in prominence (along with the rise in
gold prices) and is set to become a major talking point in national politics, certainly in Peru with its upcoming
2026 elections. It’s now at the level where formal mining companies are
being adversely affected and if a project is deemed to be in a risky zone, it
would be no surprise to learn that a project isn’t bought out or picked up
by a major developer who may fear their asset suffers the same fate as
the Poderosa mine.
Burkina Faso picks sides
Last week’s celebrations for the 80th Anniversary of VE Day around the
world were many and varied, one of the biggest happened in Moscow
Russia and included a full military parade (and came during the Putin-
decreed temporary cease-fire in Ukraine. It also included an extensive and
interesting guest-list, with President Xi of China getting most attention
(see photo right of the BFFs watching the soldiers march by), but other
BRICS pals including Brazil’d Lula da Sil}va were guests of honour and in broadstroke terms, the event was a
diplomatic success for Vladimir Putin. These two showed up as well:
This shot was from the hastily convened bilateral talks between Venezuela’s Nicolas Maduro and Burkina
Faso’s Ibrahim Traoré the “deepened South-South diplomacy and friendship” according the Venezuela State
press (15) and came before Maduro’s formal meeting with Putin during which the two Presidents signed a
long-term co-operation agreement (several points, includingoil&gas and mining investment, this link (16) has
a list if you care enough) but it was Traoré’s presence in Moscow that got most attention. But we’re not here
to talk about an illegitimate and highly unpopular President cozying up to Russia’s dictator, we’re here for
Ibrahim Traoré who apparently “Stole The Show in Russia”, according to this report (17) and plenty of others
in the same ilk. It was apparently a last-minute decision and Russia (Putin) sent a military plane to
Ouagadougou, picked up Traoré and laid on full honours during his visit.
Let us be clear, mining companies exposed to Burkina Faso are aware and concerned about the way Burkina
under Ibrahim Traoré is quickly moving toward the BRIC/Putin sphere of influence and if they’re watching
people holding their shares need to know about it, too. That may include you, dear reader. We know Traoré
has already survived a number of assassination attempts and takes his personal safety and security very
seriously these days, which probably saved him last month when a better organized attempt was nipped in
the bud. Burkina Faso has become highly unstable for FDI in the last few months and we should note that
even if Traoré’s enemies are “successful”, there’s zero guarantee of any stability and the longer his ties with
Russia are reinforced, the more difficult it gets in even a best case situation.
19

Guatemala: Xinkas say no to Escobal
After a very lengthy process, one that began in 2019 after Guatemala’s courts made a ruling that the local
indigenous Xinka community had the right to self-determination on its territorial lands, last week the Xinka
Parliament delivered its decision on the future of the Escobal silver mine, previously owned by Tahoe Mining
and now owned by Pan American Silver (PAAS), to the national government in Guatemala City. They did so
via a march on the main square and an open-air press conference, designed to get as many people’s
attention as possible and sure enough, all the world’s NGOs and anti-mining organizations picked up on the
story. Plenty of Spanish language links available, here are a couple of English language reports (18) (19) and
both carry the official Xinka communiqué, which is long and ends with this paragraph:
Based on the above information, it is clear that the State has not been able to guarantee our rights to
health, life, a healthy environment, water, housing, freedom of expression, identity, our language, our
culture, and our territory. For this reason, the Xinka people do not consent to the mining project “El
Escobal”. This is a decision that must be respected by the State and by Pan American Silver, since
the company also accepted responsibility when it bought the project knowing that when the mine’s
previous owner denied our existence to justify the violation of our specific rights as Indigenous
Peoples it violated the UN Guiding Principles on Business and Human Rights adopted by the Human
Rights Council.
However, the way in which this decision was presented to the world was more about internal politics than
drawing international attention to the cause. Its self-proclaimed social democrat president, Bernardo Arévalo,
is sympathetic to the Xinka community position, but is in a constant political war with the right wing and
sometimes far right wing* in its Congress. In order to get the Xinka parliament’s decision ratified, Arévalo will
need the court of public opinion to “help” the judiciary confirm its previous ruling and that goes a long way to
explaining why the Xinka community and parliament put on the show it did last week. However be clear, we
on the outside should now assume Escobal is closed permanently. Whether that reflects on the share price
performance of PAAS is up for debate.
*In its true definition, not just the way anyone is labeled even slightly right wing is labeled by the left these day, scratch the surface of
Guatemala “high society” and you’ll quickly encounter some extremist views.
Market Watching
The interesting i-80 Gold (IAU.to) (IAUX) bought deal
A small producer with several gold mining assets in the attractive jurisdiction of Nevada USA, i-80 Gold
(IAU.to) (IAUX) has never been mentioned on these pages because of its corporate financial situation. A
company that decided to go the debt route to finance its ambitious ramp-up, IAU’s plans hit trouble as from
2023 and when you have no (or very low) revenues and the debt clock ticking, it’s the recipe for share price
disaster. This three year chart is the picture that paints a thousand words and even as late as one year ago,
this was a U$1.50 stock price still getting plenty of market hype.
A little potted history is required before we get to last week’s news and I’m going to make a complicated
story as simple as possible so students of IAU, please don’t accuse me of skipping important points; if we
make a proactive decision on its stock in the days or weeks to come, we can go into more of the weeds.
20

At the start of its life, IAU was headed up by Ewan Downie and amonth its suite of projects was the 100%
owned Lone Tree Mine, billed as the company’s “competitive advantage” for its scale and potential to come
into production quickly. That was the plan through 2022 to 2024, no
matter how bad its debt pile was eating into the company equity but
during Q3 last year the company changed tack and Ewan Downie
suddenly left. In his place came Richard Young, fresh from a success
developing Teranga Gold and brought in to rescue a fast sinking
share price. Young first changed the C-suite to his liking and filling
key c-suite roles with his old Teranga colleagues, then came a
strategic review that ended in November, exactly where you see that
volume spike and sharp share price drop in the chart above (or this
12-month verson, right) and rather than make up a bunch of script,
here’s how it was explained in the company’s 3q24 MD&A, out at
that time:
Strategy Overview
On November 12, 2024 the Company announced a new development plan following a review of the strategic
direction of the Company following the appointment of a new CEO and other key members to the management
team. The new development plan includes the development of three underground mines, but also includes
accelerating, permitting, and the development of two large oxide open pit deposits, one at Granite Creek and the
other, Mineral Point, within the Ruby Hill Project area. The new development plan is viewed by the Company as
the most effective strategy to generate free cash flow while progressing earlier stage projects to provide a
pipeline of growth over the medium and long term. The Company also confirmed the initiation of a
recapitalization plan to strengthen its balance sheet to support the new development plan. The Lone Tree
Autoclave remains the centralized refractory mineral processing facility in the new development plan and
management intends to fund its work towards completion of the Lone Tree Autoclave refurbishment feasibility
study in the fourth quarter of 2025.
Preliminary Economic Assessments covering the Company’s five gold projects were filed in March 2025, and
outline three areas of growth expenditure over the next three years to support the advancement of the
Company’s development plan. These growth expenditures which are discretionary and subject to available
resources, ranked from highest priority are: (i) advancing permitting activities, (ii) feasibility studies, and (iii)
development work at Archimedes underground. For 2025, the growth expenditures are expected to total
between $40 million to $50 million.
The Lone Tree open pit project has a variety of financial, technical, environmental and social issues to be worked
through. It is expected that the project will likely remain deferred for another decade.
The Lone Tree project was shuffled firmly to the back of the priority list and instead, the company decided to
move forward with the permitting, opening and operation of its small mine assets. This chart from the latest
corporate presentation shows how IAU envisages moving from today’s single working mine to five operations
in 2031, producing North of 400k oz Au per year:
Which sounded all well and good, but the balance sheet simply did not support that sort of development plan.
This is the latest version, from its 1q25 financials (and just before last week’s announcement) which shows
how much weight is placed on the structure by its debt pile:
21

Between bank debt and prepayment agreements on gold and silver, IAU was being drowned by its liabilities
sheet and even during the 1q25 period and higher gold prices, its gross profit on mining of just under U$3m
was swamped by interest expense (over U$8m) and fair value adjustments to the prepayment facilities as
gold got more expensive. So despite the size of the company and its potential for operations expansion in
time of fast-rising gold, it was the easiest of decisions to pass on IAU until such time that it got its financial
act together.
Last week, that happened. The new broom at C-suite level had given lip-service to trying to work its way out
of debt, but it didn’t take much thought to realize that until the company performed major surgery on its
liabilities there wouldn’t be anything left for the average retail investor (e.g. me). It would be up to the
company to determine what it wanted to do and last week we found out when this NR (20) announced a
U$135m bought deal, with units price at U$0.50 (unit = share + ½ warrant at a 70c strike). That bot deal
was quickly upsized to U$160m (21) and also comes with a 15% overallotment facility, meaning that gross
proceeds for the deal are now set to U$184m. That’s a lot of money and, as you can probably see from the
above balance sheet, it’s the size of cash raise required to clean up the balance sheet, remove debt (and its
servicing) and provide the amount of working capital IAU
will require for its next mine re-start.
However, it also means IAU will emit up to 368m new
shares (and 184m warrants priced at U$0.70), diluting an
already bloated share count of 443.4m to a projected 810m
shares (and change) and the combo of that dilution, plus the
new U$0.50 marker price set by the bought deal, did this to
the share price last week (right). That dump was sharp,
but frankly it could have been worse considering IAU is
diluting its share count to kingdom come at a U$0.50 level
and the price came in for support on news of the upsizing to
U$160m, indicating insto appetite for the deal and the near-
zero potential of the bought deal brokers now being left holding a bag We also note the projected quick
closing of this deal, set for next week May 16th, another sign of confidence.
There are a couple of things that have to happen before I make my mind up on IAU, there are also a couple
of trade options bouncing around my head. Firstly, the expected use of proceeds for the U$186m (assuming
full take-up) will be important, as in last week’s NR we get a laundry list of what the company expects to do
with the money without much detail. The devil will be in these details and they will be in the prospectus
document, due to be filed tomorrow Monday May 13th. I’m not making any decisions before reading that
carefully. Secondly, I won’t make any buy decision before that bought deal is closed as the U$0.54 price is
22

probably too much of a bounce and I’d want my own entry point lower than Friday’s market (and hopefully
lower than U$0.50). As for the trade options, the idea of buying a company with an implicit market cap of
just over U$400m on this deal, then holding it as it becomes a 400k oz gold producer in Nevada USA in five-
or-so years’ time is certainly attractive, that size and address would make a successfully turned-around IAU
into a multi-billion dollar market capper. So buy-n-hold is an option, but so is the potential to run a near-term
trade and flip the share back quickly for a more modest profit, as IAU is bound to pick up all sorts of positive
coverage if its newly installed team make progress, bring that debt pile under contorl and use these raised
funds well. There is that newly created overhanf at U$0.70 to consider, but it’s not too difficult to envisage a
buy 50c sell 70c trade and that’s 40%.
The bottom line: i-80 Gold (IAUX) (IAU.to) has been nothing short of a car crash to date, but first its new
management team, second the strategic review which shuffled its pack of assets and put new priorities
forward to get the company to a meaningful production level mofre quickly, and now this large bought deal
financing to re-capitalize its tructure, all these things make it at leats a live trade optgion and perhaps the
right kind of longer-term turnaround story this high gold price market will appreciate. I’m going to read the
prospectus next week, watch the tape to see how it trades and look for a successful closure of the bought
deal on the 16th, after that and armed with more oinformaiton we can make a proactive decision. However
and be clear, IAU wouldn’t have taken a couple of pages of IKN834 if I weren’t already interested in its
potential as a buy-low-sell-high vehicle. Until next weekend.
Conclusion
IKN834 is done, we close with bullet points:
 Minera Alamos continues to drag on the overall portfolio performance, but as noted on several
previous occasions I’m going to give that stock all the time it requires because the value is
undeniably impressive. All it needs is a piece of paper or two and we’ll go over that when it files its
Q1 numbers, in a couple of weeks’ time.
 Apart from MAI, I’m happy enough with the way the personal portfolio is developing. It’s never
perfect (of course) and the balance could certainly improve, but Rio2’s recent rise has made a lot of
difference. Behind that larger position, Eldorado and Gold Royalty are at that promising stage for gold
trades and Salazar could sell at any moment.
 This wasn’t my greatest effort as far as editions of The IKN Weekly go. Overviews are useful from
time to time, but the real money is in digging deep and considering the details. I’ll get back to nthat
next weekend, promise.
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/schedule-for-week-of-may-11-2025.html
(2) https://www.goldroyalty.com/news/news-releases/gold-royalty-reports-first-quarter-2025-results-highlighting-continued-revenue-
growth
(3) https://event.choruscall.com/mediaframe/webcast.html?webcastid=nLVPoIsz
(4) https://www.amerigoresources.com/_resources/news/nr-20250507.pdf
(5) https://www.amerigoresources.com/_resources/media/Amerigo-Resources-Q1-2025-Earnings-Call.mp3
(6) https://latin-metals.com/news-releases/latin-metals-appoints-eduardo-leon-as-vice-president-of-exploration-and-qualified-person-
upsizes-private-placement-for-gross/
(7) https://www.hellenicshippingnews.com/copper-edges-up-on-tighter-nearby-supply-focus-on-us-china-trade-talks/
23

(8) https://www.herculesmetals.com/news-release/?qmodStoryID=7173184787740456
(9) https://www.barrick.com/English/news/news-details/2025/barrick-Is-now-B-on-the-NYSE/default.aspx
(10) https://investors.oceanagold.com/2025-05-07-OceanaGold-Reports-First-Quarter-2025-Operating-Financial-Results
(11) https://www.wesdome.com/English/investors/latest-news/news-details/2025/Wesdome-Announces-First-Quarter-2025-Production-
Provides-Timing-of-First-Quarter-Financial-Results-and-Webcast/default.aspx
(12) https://mogotesmetals.com/vicuna-3-new-copper-gold-silver-targets-on-trend-with-filo-del-sol/
(13) https://elpopular.pe/actualidad/2025/05/05/miguel-rodriguez-alias-cuchillo-responsable-de-la-muerte-de-13-mineros-en-pataz-fugo-
del-pais-a-colombia-64630
(14) https://es.mercopress.com/2025/05/10/al-menos-11-soldados-ecuatorianos-mueren-en-combate-contra-la-mineria-ilegal
(15) https://www.telesurtv.net/maduro-y-traore-fortalecen-la-cooperacion-sur-sur-entre-venezuela-y-burkina-faso/
(16) https://noticias.patria.org.ve/claves-del-acuerdo-estrategico-entre-vnz-rusia-un-futuro-de-cooperacion-desarrollo-conjunto/
(17) https://www.youtube.com/watch?v=CWkMuXEvoTA
(18) https://rfkhumanrights.org/press/the-xinka-parliament-calls-on-guatemalan-state-to-restore-indigenous-land-rights-after-years-of-
resistance-against-the-illegal-escobal-mine/
(19) https://www.miningwatch.ca/news/2025/5/8/statement-xinka-people-do-not-consent-el-escobal-mining-project
(20) https://www.i80gold.com/i-80-gold-announces-us135-million-bought-deal-public-offering-of-units/
(21) https://www.i80gold.com/i-80-gold-announces-upsizing-of-previously-announced-bought-deal-public-offering-of-units/
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
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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
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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
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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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