IKN #835Premium

The IKN Weekly
Week 835, May 18th 2025
Contents
This Week: In today’s edition, A negative week for gold miners.
Fundamental Analysis: Why i-80 Gold Corp (IAU.to) (IAUX) is now worth a gamble.
Stocks to Follow: Latin Metals (LMS.v), Rio2 Ltd (RIO.v), Eldorado Gold (EGO), Lumina Gold (LUM.v),
Aftermath Silver (AAG.v), Amerigo Resources (ARG.to), Gold Royalty (GROY).
The Copper Basket: Overview, Regulus Resources (REG.v), Trilogy Metals (TMQ.to) (TMQ), Hot Chili
(HCH.v) (HCH.ax), American Eagle (AE.v).
The Producer Basket: Overview, Barrick with a B (B) (ABX.to), Wesdome Gold (WDO.to) (WDOFF).
The TinyCaps Basket: Overview, Mogotes Metals (MOG.v), Kodiak Copper (KDK.v).
Regional Politics: Bolivia: The left chooses its candidate, What Lundin Gold means to Ecuador, Brazil: Belo
Sun and its community relations Peru, Illegal mining causes the fall of Peru’s Prime Minister, More Peru:
Mining drives economic growth, Chile: More permitting love.
Market Watching: Aclara (ARA.to) gets a long list of queries.
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 event is a close look at i-80 Gold Corp (IAU.to) (IAUX), along with the decision to make it
a Watch List component as from next weekend, with a view to eventual purchase at the right price.
 Otherwise, it was a negative week for metals and the mining sector, with gold down and equities of all
shapes and sizes dragged down with it. We’ll see how the market reacts to the Moody’s downgrade of
US paper soon enough, chances are gold will gain back its losses and the dance will continue. What’s
more, it was a quiet week for mining stock newsflow and even the decent news, such as Wesdome’s
in-line quarter, received barely a shrug.
 Plenty of Peru and Ecuador in this week’s Regional Politics section and it’s nearly all about mining, too.
However and for me, the start of the main election campaigning period in Bolivia is the most important
developing story for regional mining and the field is beginning to take shape.
 Other things, too. There are always other things.
A negative week for gold miners
Hey, they happen. In last week’s intro note “Gold’s wall of worry”, we promoted the idea that the mining
companies (Tier 1, Tier 2, precious, industrial and yes, even the juniors) would eventually benefit almost as
much from a consolidating gold price at some-or-other number above U$3,000/oz as they would if gold
continued on the same path higher that we’ve witnessed in the last six months or so (i.e. since Trump won
his election against….against…what was her name again?) But as Field Marshall Helmuth von Moltke once
wisely stated, "No plan survives contact with the enemy" (or if you prefer, Mike Tyson’s Everyone has a plan
'till they get punched in the face). In our case, the sentiment in IKN834 didn’t even make it to the opening
bell on Monday, as the world tried to guess what Donald would say next, a newly optimistic narrative of
peaceful solutions (USA and China trade, USA and EU trade, Russia and Ukraine, Middle East…even Iran is up
for talks with the Great Satan these days) took preference, the fear trade in gold took a step down in
intensity and bullion return to the U$3,200/oz level. That’s still an impressed, nay amazing price to charge for
an ounce of gold and we fundies nerds know that any producer worth its salt is an absolute printing press of
1

cash flow and profits at these levels, biut sentiment is what sentiment does and the mining stocks were
marked down all week.
So was I wrong last week? Yes, of course I was, but only because of timing . Sentiment is a tough one at
the best of times, near-term sentiment even more difficult and when you base your investment decisions on
fundamental analysis, sometimes the winds of momentum will blow against your words and deeds. It is the
way it is, but in the current market we’re unlikely to get a run of lows taking gold much lower (though the
bears are bound to shill at you otherwise). We’re still firmly in the “Keep Dancing” market and until there’s a
real change in the drivers of the current trend, all dips are for buying.
Fundamental Analysis of Mining Stocks
Why i-80 Gold Corp (IAU.to) (IAUX) is now worth a gamble
After last week’s Market Watching note on the company, then due consideration of matters arising plus
taking into account the feedback received from you the audience (thank you madams and sirs, you know who
you are), today’s main fundies note is all about i-80 Gold Corp (IAU.to) (IAUX). But before diving in to the
meat of today’s report, the first item on the agenda is to wrap up last week’s bought deal financing news and
that came right on schedule, Friday morning (1):
RENO, NEVADA, May 16, 2025 – i-80 Gold Corp. (TSX:IAU) (NYSE American:IAUX) (“i-80” or the “Company”) is
pleased to announce the closing of its previously announced bought deal public offering, pursuant to which the
Company issued 345,760,000 units (the “Units”) at a price of US$0.50 per Unit for aggregate gross proceeds,
including exercise of the over-allotment option, of US$172,880,000 (the “Offering”). Each Unit is comprised of one
common share (a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant,
a “Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share at a price of US$0.70 until
November 16, 2027.
In addition to the Offering, the Company intends to complete a private placement of 22,240,000 Units (the
“Concurrent Private Placement”) on the same terms as the Offering, for aggregate gross proceeds of
US$11,120,000. The Offering and the Concurrent Private Placement are expected to generate aggregate gross
proceeds of US$184,000,000.
The bought deal obviously went well, with the overallotment fully taken and net proceeds of U$164.236m to
the company, as per the agreement with the happy brokers. Added to the mix, we now have a concurrent
private placement on the same terms that will gross U$11.12m and presumably net U$10.564m, making the
grand total to treasury of U$174.8m. Not bad, considering the original plan was to get U$128.25m coming in
and all that news gives us this below as our updated pro-forma corporate structure:
Shares out: 811.359m
Options: 10.553m
Warrants: 233.599m
Fully diluted: 1,055.511m
Current share price: U$0.50825
Market Cap: U$412.37m
Approx cash per S/O: U$0.23c
All prices are in US Dollars unless stated. Forex U$0.70=CAD$1
Of that little lot, the options are all long out-the-money and only of academic interest at this stage. There
were just under 49.6m warrants outstanding before last week’s bought deal, so the only major overhang is
the U$0.70 level where 184m new papers lay in wait, ready to crimp the style of anyone buying close to that
price. Finally, with a reasonable estimate of burn since March 31st we estimate treasury today at 185m giving
a cash/SO of just under 23c (rounded up). All very nice I’m sure, but there are two major conclusions to draw
from the pro forma structure:
 IAUX now has the money it needs to execute its new development plan. We’ll take a brief look at those
plans in a moment, once we’ve digested the back story at the company and how we’ve got to where we
are today (as it’s a vital part of the investment thesis), but it’s fair to say that the U$175m or so cash now
held by IAUX gives them zero excuses on delivery.
 IAUX has a an awful lot of shares outstanding: 811.4m shares is a lot of paper, what’s more the company
will be keen to see the share price rise to the point where warrants are made whole and the count could
2

go over a billion. A mistake often made by the casual observer is to ignore dilution and think a stock can
“get back to previous highs” when it’s smarter to focus on market cap and what IAUX could achieve in
true valuation if things go well, there will be no aiming for levels previously achieved by these shares.
A final small point before diving in, I’m going to stick with USD as currency and IAUX as my preferred ticker
of reference; i-80 Corp works in The USA, reports in USD, is in the business of mining a metal that is
benchmarked to the USD and as a matter of fact, for my own sweet and personal reasons any purchase I
make will be via the US exchange ticker. So I’m keeping is simple and using IAUX, esteemed Canadian
readers please adjust accordingly (this weekend’s number of 0.7161 may help)
A potted history of i-80 Gold Corp and some balance sheet items
The story starts in December 2020, when Equinox Gold (EQX) agreed to buy Premier Gold Mines for around
U$480m mostly for the its Hardrock project in Canada, now re-named Greenstone and (as I’m sure you’re
aware), recently entered into production as EQX’s newest star turn asset. Part of the deal to buy ex-PG was a
spin-out of its Nevada-based assets into a newco, i-80 Gold. The PG CEO at the time, Ewan Downie, was put
in charge of IAUX out of the gate and without going into the fine details of the deal, we note that EQX owned
30% of IAUX newco and labelled a “cornerstone shareholder” of the company.
The three-cornered EQX/PG/IAUX deal closed in April 2021, which is where our asset and liability overview
charts begin coverage (below). IAU’s first major corporate move came in September 2021 when it reached a
two-corner deal, one with Nevada Gold Mines (Barrick and Newmont) to buy the Lone Tree and Buffalo
mines, and another with Waterton to buy the Ruby Hill mine. Those deals closed in 4q21 (December to be
exact) and along with the new assets, IAUX entered into a debt financing agreement, via a gold and silver
pre-payment facility, with U$135m immediately available and another U$100m accordion facility available
under certain circumstances.
IAUX: Assets breakdown, per qtr
The overview charts show the step change in IAUX’s corporate financials, with the company having bet on 1)
becoming a major, multi-mine force in the Nevada USA gold mining scene by 2) taking out debt and then 3)
developing its mines in a timely way, with development drilling, permitting and so forth, to bring its new
assets into production and quickly scale up to become the country’s newest 500k oz/annum gold miner. The
effective interest rate of just over 21% was an issue, but as long as the company could hit its development
milestones and get its major assets moving forward, particularly the Lone Tree open pit with the potential to
produce over 200k oz gold per annum, it would do well. The final significant corporate move came in 2023
(and it’s the deal I kick myself for missing, in hindsight so obvious) when IAU bought out the small junior
Paycore Mining and added its contiguous land package to its Ruby Hill asset. That also brought Paycore CEO
Cristina McCarthy into the IAU c-suite (and darnit again, should have seen that one coming). With that, the
IAUX strategy was set up: It had gathered its suite of past producing and prospective gold mining assets in
the highly appreciate Nevada district, it would now develop them, pay down its debt and and become the
next big player in the US gold scene. Would could possibly go wrong?
The answer is simple, it’s also the reason I didn’t buy into this deal at the time and have avoided IAUX as a
potential play on gold to date. The moment a non-producing (or near-non-producing) mine takes financial
debt on board to develop and bring projects online, it’s racing against the clock and if the plan doesn’t go
smoothly its doesn’t matter if you have or do not have the income from production to pay your bills, because
the debt holders don’t care. And sure enough IAU hit problems, chiefly with permitting but also with its
3
90.661 38.031 56.205 52.705 58.015 14.025 62.925 42.045 70.926 13.326 4.965 64.965 41.965 19.865 44.275 5.275
1000
900
800
700
600
500 400
300
200
100
0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m IAUX: Liabilities breakdown, per qtr
cash&eq inventory 450
other current prop/plant/equip 400
other fixed
350
300
250
200 150
100
50
0
source: company filings
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
U$m
total current liab LT debt Other LT liab
source: company filings

development strategy, for example its central focus on Lone Tree open pit and its 3.2m oz of 1.7 g/t
indicated and inferred gold, which was still being called “Our Competitive Advantage” as late as May 2024.
Once you add in the terms of the debt deal, with high interest rates and a sharp payback schedule, and IAUX
suddenly hit a brick wall of financial obligations that stripped its cash away from what it wanted to do, i.e.
develop its projects in a timely manner. Debt deals on non-revenue generators just don’t mix.
Its issue became hot public news starting September last year, when CEO Downie resigned and was replaced
by Richard Young, who had previous found great success as CEO of Teranga Gold (ex-TGZ). With the help of
a large capital injection, Young took TGZ from a small struggling miner and grew it to the point where
Endeavour Mining (EDV.to) paid C$2.44Bn to buy it out in late 2020. In November, the new CEO announced
the results of a Strategic Review that demoted Lone Tree to a long-term project and outlined a new strategy,
based on expediting permits at its other development stage projects and scaling up production bootrstrap
style as new mines come online. This visual from the latest corporate presentation (below) is the easy hack
on how IAUX under CEO Young plans to turn around, with investment in its only operating mine Granite
Creek, a focus on the Archimedes UG project (part of its larger Ruby Hill property), then the refurbishment of
the Lone Tree autoclave facility (not the Lone Tree open pit), which would then become a production hub for
its mineral output and improve current recovery levels and unit costs. Further down the line, the company
would then look to bring it sCove asset back into production, followed by the trwo open pits at Grantie Creek
and Mineral Ridge.
Along with the strategic review, CEO Young made it clear that financing would be required for his corporate
re-vamp. His appointment, replacing the Downie and his failed tenure, provided the psychological space to
make the deep changes required and along the way, he also took a new broom to his c-suite and brought
“his people” into key roles. In fact, the only executive of note that has survived the last 12 months is the
chair, Ron Clayton, which is a personal ongoing concern as the poorly designed debt deals that got IAUX into
financial trouble are firmly on him. However, the bought deal financing as announced last week is obviously
on CEO Young’s orders and while put some retail noses out of joint, this desk considers it to be a smart
move. The first thing this company needed was more funds, but last thing it needed was another financial
device weighing down its balance sheet and the share count dilution is a small price to pay for this deal, a
key moment in IAUX’s potential turnaround.
It’s time to run a few numbers to show how last week’s bought deal fits with the corporate finances, starting
with an update of the balance sheet overview charts seen above, but this time with 2q25 and our estimates
on the changes brought by the bought deal placement cash:
IAUX: Liabilities breakdown, per qtr
450
400
350
300
250
200
150
100
50
4 0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
IAUX: Assets breakdown, per qtr U$m
total current liab LT debt Other LT liab
source: company filings
90.661 38.031 56.205 52.705 58.015 14.025 62.925 42.045 70.926 13.326 4.965 64.965 41.965 19.865 44.275 5.275 375
1000
900
800
700
600
500 400
300
200
100
0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
cash&eq inventory
other current prop/plant/equip
other fixed
source: company filings

For simplicity’s sake, we assume cash starts to get turned into fixed asset value as from July 1st and the
bought deal money stays untouched unitl the end of 2q25, in six weeks’ time. That’s probably not the case
and the eventual 2q25 numbers will be slightly lower in current assets, slightly higher in fixed assets, but as a
“snapshot in time” (to use the cliché) these visuals work
well enough. Regarding the assets, the biggest difference IAUX: Working cap, per qtr
is in treasury with an IKN estimated U$133m at bank,
ready to be used on its development projects. As for
liabilities, the main change is the paying down of U$42m
of prepayment liabilities, one of the main uses of proceeds
for last week’s capital raise. That sees cash come off both
current and long-term liabilities and should reduce the
total burden to under U$300m, which for one is more
manageable and for another, means IAUX avoids some of
those near-usury interest service payments that have been
scuppering its cash position. As for working capital, we
assume a $90m balance as at end 2q25, which may of
course be less if IAUX deploys funds to its growth projects quickly. On that score, here’s the quick list of
expected project expenditures, with all plans expected to be completed in the next 12 to 18 months:
 Granite Creek: U$5,2m for permitting and technical work, U$14.8m for drilling to upgrade current
resources to reserves: Total U$20m
 Cove: Technical studies, permitting track and some limited infill drilling: Total less then U$3m
 Ruby Hill: Development of the Archimedes underground mine, including dewatering and infill
drilling, a pre-feas study and permitting track. Total just over U$46m
 Lone Tree: Engineering study and key infrastructure items for it Autoclave plant: Total U$23.5m
Include the U$42m earmarked for the sterilization of the gold and silver prepayment liability and that comes
to U$134.5m, which leaves the balance of around U$40m for “general corporate and working capital
purposes”, i.e. the extra from the overallotment can go where CEO Young so pleases, providing a decent
amount of flexibility. To this, we must also add the modest levels of current quarterly production, as seen in
this tracking chart:
Oz Au IAUX: Gold sales, per qtr
16000 14331
14000
12000
9332 9053
10000
8000 6769
6000 4329 4585 4061 4952
3507 3063
4000 1489 2349 1956
2000
0
1q22 2q22 3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
Those ounces mostly come from the small production operation
at Granite Creek (set to expand once the development cash is
applied) but IAUX also gets some residual ounces from its legacy
heap leach operations at Lone Tree and Ruby Hill (chart right).
However, the current operations are not the reason to invest in
IAUX, nor are they likely to become a serious share price
catalyst in the quarters to come. This chart sets out the dollar
values involved in its production schedule, and even with the
recent rise in the price of gold (and the outsized sales from
4q24), gross margin on operations is still thin at U$1.8m in 4q24
and U$2.9m in the most recent 1q25. Compare that to the ongoing costs of developing and caring for its
assets (below left), or just the interest expense on the loan position (that will reduce somewhat, but isn’t
5
43.8-
476.43
92.41-
172.7
53.52- 23.42-
950.31
55.11- 57.13- 97.04-
09
100
80
60
40
20
0
-20
-40
-60
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
source: company filings
Oz Au Gold sales, per qtr 16000 Lone Tree
14000 Ruby hill
12000 Granite Creek
10000
8000
6000
4000
2000
0
3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company financials

going away anytime soon) and it’s clear IAUX’s future prosperity is tied to its stated top priority, permitting its
projects into operation.
U$m IAUX: Revenues and gross margin, per qtr
30 revenues
25 COGS+DD&A
gross margin
20
15
10
5
0
-5
-10
source: company filings
-15
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
U$m IAUX: Expenses, per qtr Prop maintenance IAUX: Interest expense, per qtr
30 G&A
Pre-dev/eval/expl
25
20
15
10
5
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
Discussion and conclusion
The note last weekend “The interesting i-80 Gold (IAU.to) (IAUX) bought deal” (nasty typos and all…sorry
about that) laid out my new interest in the stock. We’ve seen a change of management, we’ve seen a change
in business plan and a re-shuffle of development priorities at its suite of Nevada USA projects and assets,
now with the capital raise we see the necessary change in its financial situation that should allow the new
team to execute on their plans. It took until now for new CEO Richard Young to bite the bullet and dilute the
share count in such a way, it also caused a wave of disappointment for its long-suffering long-term
shareholders (or even medium-term, plenty of bagholders
in this name) and on that score, some 20/20 hindsight
allows better perspective because this dilution should be
considered part of the new broom/new management
package. In other words, if you approved of the change at
the top (and I do), you should alos allow the new team roll
out its plan unhindered and that clearly includes this
dilutive placement. The announcement and successful
closing of the U$184m gross proceeds bought deal last
week marks the inflection point for new CEO Richard
Young. He’s come to IAUX as the white knight, with a
track record of success at his previous gig, taking troubled
junior in Teranga and turning it into a C$2.4Bn acquisition
for EDV. Clearly, the big prize here at IAUX is of a similar ilk and if he can execute, by the mid-2030s this
company would be a 500k oz gold producer in one of the most coveted addresses in the world and, at
current gold prices, a market cap North of U$3Bn, rather than this weekend’s U$412m or so. That’s the big
prize and if CEO Young can work the same magic in Nevada USA as he did in Senegal and Burkina Faso, i-80
may now be the buy’n’hold it purported to be when starting out and trading between U$2 and U$3.
However, this desk sees plenty of risk involved with riding a stock like this over a long period. To begin,
though last week’s cash injection is both welcome and necessary it won’t change the fact that IAUX doesn’t
have the level of gold production to pay its way, not in 2025 and not even in 2026 with the start of
Archimedes UG. There is some cash flow yes, there’s even some modest mine gate profit to consider, but in
6
587.5
556.6 548.6
150.8 630.8 757.8 412.8 449.7 402.8
U$m
10
8
6
4
2
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings
IAUX: Shares Out
8.091 8.091
7.832 1.042 4.042 4.042 6.042 8.642 2.872 9.192 5.892 9.413
9.483 4.693 8.904 4.344
4.118 0.218 1000
900
800
700
600
500
400
300
200
100
0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3
source: company filings/IKN ests
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real terms this company is best thought of as your classic, cash fracturing development-stage junior miner
with a long list of bills to pay and cash to burn before it reaches cash flow positive levels and matures as a
trade. Having an operating mine brings it a certain amount of kudos and may even play in its favour with
authorities as it seeks to permit Archimedes, Lone Tree, Cove etc, but last week’s raise isn’t the last time
IAUX will need funds for its plans to become the next big thing in the Nevada gold scene.
And therein lies the main risk: Until such time IAUX becomes truly self-funding, it will need to rely on capital
markets and even the upsized and overalloted cash raised last week won’t be enough to fund all its plans
between now and the fully mature success story CEO Young now envidages. And with the best will in the
world, our mining funhouse financial funding sector isn’t going to let IAUX fly until they’ve extracted all
possible profit advantage at the lowest possible risk to themselves and that means the share price isn’t ready
to fly- Move up yes, but IAUX isn’t about to multi-bag on us. And yes, we’re in a volatile period for the entire
market and while gold has done exceptionally well in the last six months, it’s a different proposition to ask
investors to stay exposed to a cash burning junior until 2031 and reap full benefit. However, we in the world
of retail don’t have to sponsor a mining company to full fruition, our remit is the more straightforward “buy
low/sell high” for stocks and shares, one that can work in more limited time periods. The close of the IAUX
financing last week leaves the stock at U$0.50-or thereabouts, just above the unit price and with nearly 40%
of upside before we bang up against the new obvious barrier caused by the warrants overhang at U$0.70.
That, to this desk at least, seems an obvious, even low-risk range and one worth trading. We know IAUX has
plenty of insto and retail support, it’s going to get brokerage love and sell-side coverage and once the
company can show tangible evidence that its new plan is moving forward, e.g. an operating permit
announcement for Archimedes and confirmation its second mine will go into production on time/budget next
year, it’s difficult to imagine IAUX not reaching that U$0.70 overhang price. As such, this desk does NOT
recommend a long-term investment strategy for IAUX, not until there’s more clarity on how much more it will
need to become a net positive cash flow company with the potential to self-fund its growth (let alone pay off
its debt). However, there’s a clear pathway to a near-term trade based around a simple “buy at 50c, sell at
70c” strategy that would count on a holding period of just a few months, rather than a year or years. The
exact entry point will therefore be important and as the bought deal placement has only just closed, we’re
likely to get a temporary soft trading period before the stock gains momentum. And that brings me to my
trade plan, which can be summed up in four simple bullet points:
 Put stock on Watch List and include as from next week’s list
 Look out for a discount to the U$0.50 baseline price in the next couple of weeks, with a time limit
of perhaps one month
 Buy, then sell back in a near-term round trip trade as the stock climbs to (or close to) the
warrant overhang price, U$0.70.
 Bank a 40% win, then return IAUX to the Watch List for a potential repeat trade.
This is not rocket science. A multi-asset company with plenty of coverage, a great address, and under new
management after a lacklustre period that didn’t meet expectations, is the combination required for a gold
stock that can run fast and get momentum once
the macro tide is in its favour. Last week’s
financing was a key moment, allowing the new
CEO to move forward with his plans and present
“New i-80” to the world and re-kindle interest in
the story and its assets. There may well be a long-
term success story in the offing as well, but for
the time being this desk will set its sights lower
and look to use IAUX as a trade vehicle for near-
term profits. Added to the Watch List as from next
weekend and do not be at all surprised if I pull the
trigger as early as this current month.
7

Stocks to Follow
Considering the sector-wide carnage last week (see the Producer Basket for ground zero) and studiously
ignoring my three of my four largest personal holdings (MAI.v down 8.3%, RIO.v down 9.3%, EGO down
9.3%...all temporary blips for sure…ahem…) it really wasn’t that bad for the Stocks to Follow list and
managing to eke out five week-over-week winners (ARG.to, ABA.to, LUM.v, PAU.cse, MENE.v) under the
circumstances is testament to the fundanmentally solid nature of the picks…or at least I’d like to think so.
There were also two unchanged stocks (MIRL.cse, LMS.v), which means 11 losers on the week and among
those, there were three double figure percentage losers in the shape of Patagonia Gold (PGDC.v down
18.8%), Red Pine (RPX.v down 14.8%) and Orecap (OCI.v down 13.3%). Overall yes, a clear negative week
led by the drops in the biggest holdings but I cannot help but feel glass-half-full this weekend.
There are 18 open positions on our list, two under the self-imposed maximum. Two are in the red, fifteen are
in the green including all the trades of size, the ones that matter, one is unchanged. The fact that the
portfolio took the sizxe of hit that it did last week and the green count remains high lends credence to its
newly robust nature, though frankly I wouldn’t like to put it to the same test every week.
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$0.33 57.1% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$0.98 22.5% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$17.85 12.1% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.73 12.3% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.69 53.8% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$3.11 13.9% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$1.50 7.1% Cheap entry, still great price
Aftermath Silver AAG.v Spec Buy $0.425 22-Dec-24 C$0.475 11.8% #2 silver trade, spec
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.145 81.3% Ecuador buyout trade
Lumina Gold LUM.v bot out C$0.78 23-Feb-25 C$1.20 53.8% 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$0.065 8.3% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Latin Metals LMS.v WATCH C$0.095 6-Apr-25 C$0.12 26.3% proj.generator, newsflow soon
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.065 225.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.22 158.8% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.16 -64.4% 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 just a few of our covered companies this week, not that much to say for many of them
apart from “oh look it went down”.
8

Latin Metals (LMS.v): Of the three reasons to like the stock and have it on the Watch List, only two now
survive. Last week the municipality of Jachál in San Juan, in charge of the region in which the Esperanza
copper project is located, published its definitive decision not to allow earth moving activities to take place in
the valley where Esperanza is located, as it is a water source on which the regions depends for drinking
water. This decision includes anything to do with formal mining exploration such as diamond drilling and
effectively puts an end to LMS’s efforts (and more recently those of optioner Moxico) to gain the necessary
drilling permits. That leaves LMS with 1) the Cerro Bayo project, for which it’s currently seeking a new
partner and 2) the Organullo project, where partner AngloGold Ashanti is apparently close to gaining the
permits required to begin its next stage of exploration
diamond drilling.
Rio2 Ltd (RIO.v): Before Friday and the 98c close, the
last time we’d seen RIO.v close under a Loonie was April
23rd and the way things were going, I honestly thought
the risk was to the upside. But sure enough, the market
threw a late week curveball and the stock took a bit of a
dive. A temporary thing, to be sure.
Eldorado Gold (EGO): The good times lasted exactly
one week and EGO was dumped upon along with nearly
all gold producers Monday. It didn’t tradebadly the rest
of the week, but there was no coming back from the
early hit. It’s only a week and if the world is volatile, gold will end up being the right place to be.
Lumina Gold (LUM.v): The advantage of holding a company being bought out via a hard cash offer was
shown last week, as LUM remained stoic and unchanged while many around it wilted and dropped into the
new gold headwind. LUM continues to be a potential source of cash for any new trade and with i-80 now in
the frame, I may end up selling at least a portion of these shares.
Deutsche Goldmesse
Aftermath Silver (AAG.v): Michael Williams of AAG was present at the conference
on Friday and Saturday and the spiel he was giving to those present was interesting to this desk at least. Two
subscribers reported back on his marketing line (one pre-warned, one unsolicited) to say that Williams says
Berenguela is now best considered a manganese project with silver and copper by-products, rather than the
other way around. Once I’d got over the surprise and heard a little more about the ballpark plans that would
likely include transporting the mineral ore to a lower altitude for more efficient processing and the targeting
of high grade battery quality manganese as its main payable, I put a note next to the AAG name “find a level
at which to sell”. I do not see how AAG at Berenguela can turn into “Big Mn” without proposing a high capex
mine and processing facility, the type that sets a tiny junior up for failure. As for the eventual timing of my
sale, that would probably be the same week that the company announces a strategic partnership with a car
firm as that was also part of the Williams marketing spiel in Germany this weekend.
No selling decision immediately, this is a spec trade after all and it would only take a week of good market
and one piece of good news to see it run a lot higher. I’m in and holding at a relatively cheap level, that
makes it easy to hold as well.
Amerigo Resources (ARG.to): Up a penny and doing what defensive positions are supposed to do, my
core copper position for very gfood reasons.
Gold Royalty (GROY): I understand why it dropped 12c last week, the tide was against the entire sector
and at such moments, the market tends not to pick and choose. But one of these fine days, I expect GROY to
be as defensive and a stalwart in the same way that ARG.to was last week.
The Copper Basket
After twenty weeks of 2025, The Copper Basket shows a loss of 4.83% to level stakes:
9

Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 563.39 2.05 43.4%
2 SolGold SOLG.to 0.13 3001.11 405.15 0.135 3.8%
3 Arizona Sonoran ASCU.to 1.47 148.409 284.95 1.92 30.6%
4 Aldebaran Res. ALDE.v 1.90 169.914 265.07 1.56 -17.9%
5 Trilogy Metals TMQ.to 1.65 160.903 263.88 1.64 -0.6%
6 Regulus Resources REG.v 2.05 124.659 246.82 1.98 -3.4%
7 Hercules Metals BIG.v 0.55 253.391 172.31 0.68 23.6%
8 Faraday Copper FDY.to 0.74 205.336 156.06 0.76 2.7%
9 American Eagle AE.v 0.69 167.45 77.86 0.465 -32.6%
10 Hot Chili HCH.v 0.67 151.42 69.65 0.46 -31.3%
11 Element 29 Res ECU.v 0.63 124.181 61.47 0.495 -21.4%
12 XXIX Metal XXIX.v 0.11 258 30.96 0.12 9.1%
13 Pampa Metals PM.cse 0.16 172.61 24.17 0.14 -12.5%
14 Copper Giant CGNT.v 0.315 74.78 15.70 0.21 -33.3%
15 Kobrea Exploration KBX.cse 0.60 35.085 14.21 0.405 -32.5%
NB: All stocks in CAD$ Portfolio avg -4.83%
A negative week for copper explorecos and our
representative basket spends its seventh consecutive The Copper Basket 2025, weekly evolution
10.0%
week underwater, the average dropping by nearly 3% 8.0%
6.0%
caused by the weight of eight losers (ALDE.v, TMQ.to,
4.0%
ASCU.to, FDY.to, BIG.v, AE.v, ECU.v, LBC.v) versus five 2.0%
0.0%
winners (ATX.v, REG.v, HCH.v, XXIX.v, KBX.cse), with -2.0%
two unchanged stocks (SOLG.to, PM.cse) making up -4.0%
-6.0%
numbers. There were no big winners, however both -8.0%
Trilogy (TMQ.to down 25.1%) and Giant Copper -10.0% -12.0%
(CGNT.v down 17.7%) were big losers and that made
the difference in the overall average.
Meanwhile, copper-the-metal gave little indication of
impending moves or sentiment changes, drifting down slightly in Comex trading while the chartist world
pointed to a potential “turn point” (crudely sketched in this chart) coming soon, apparently.
However, it’s difficult to put too much weight on Comex moves at the moment, its debatable as to whether
the highest world prices indicate anything (outside of Us borders, at least). What we did see is a tightening of
the now famous arbitrage between Comex and LME contract, which was between 10% and 15% at the
height of the fun but as at this weekend, is downto these levels:
 Cash delivery (spot): Comex U$4.55/lb, LME U$4.324/lb, arbitrage 4.97%
 Three month contract: Comex U$4.59/lb LME U$4.317/lb, arbitrage 5.9%
 December 2025 contract: Comex U$4.71/lb, LME U$4.25/lb, arbitrage 9.8%
10
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81
source: IKN calcs

In other words, the market is still adjusting for potential tariffs on the US market but the near-term threat
has been lowered, instead traders are again looking to the longer end of the contract spread and the
arbitrage betweem Comex and LME copper contracts grows the further out we go. That fits with the weekly
op-ed from Andy Home of Reuters this week, who picked up on the rise in Comex inventory we’ve been
momitoring through this process. His note, entitled “Copper's US tariff premium crushed by wave of imports”
(2) suggests that the crimp in arbitrage is all about the way physically tonnes have moved into the USA from
other systems. As usual it’s best to read his entire argument as he weaves together several strands of useful
data, but here’s how his column finishes:
It's worth noting that global exchange copper inventory hasn't changed much this year, with stocks hovering
around the 500,000-ton level, down just 1,700 tons from the start of January.
But there has been a wholesale redistribution of physical metal from the rest of the world to the U.S.
This process is still playing out and will likely continue doing so until the Trump administration decides on whether
to impose a copper import tariff and at what level.
The CME-LME arbitrage should in theory stabilize at the announced tariff rate, but quite evidently that's not going
to happen overnight given the rising volume of inventory weighing on the U.S. component of the trade.
And the longer it takes for the White House to make up its mind, the higher the U.S. copper mountain is going to
grow.
Full agreement here. Meanwhile in more practical news from the sub-sector, JP Morgan wrote in a note to
clients last week (3) that "Copper prices above U$9,500 (per tonne) seem to again be encountering the same
Chinese price sensitivity that has eventually and fundamentally reined in previous rallies over the last two
years." This is a phenomena we’ve commented upon regularly through the copper bull period, particularly last
year when futures warehouses’ inventory ballooned and stayed higher through most of the year as Chinese
buyers stayed away and relied on built-up inventory. As end user of around 55% of all the copper produced
in any given year, China Inc has enormous market leverage and we know the call goes out from time to time
to stop buying on the open market in order to cause a glut and drop prices. If JP Morgan desks have picked
up on this in 2025 it should at least be factored into your trade decisions, no matter what happens to copper
in the weeks to come.
However, correlation is not causation and some of the inferences being made by market participants are too
fast, too soon. For example this Reuters note (4), that picks up on the JP Morgan snippet and runs with it this
way:
"This reaction can be seen in the sharp growth of copper inventories in top metals consumer China this
week: warehouses monitors by the Shanghai Futures Exchange reported a 34% jump in copper inventories
to 108,142 tons on Friday, the first net weekly increase since mid-March."
Well yeah, okay, what they wrote there is true (as seen in the weekly data below), but context is required. As
seen in the first of our two SHFE tracking charts (we present them before the data this week, rather than
after), rebounds and relief rallies as stocks reach their bottoms are common in this dataset and we’’ve just
come off a very sharp drop in stocks, so one week’s worth of rebound is not data on which to bank a trade.
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
11
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 8102ht72rpa ht91 ht11 9102
dr3bef
9102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD ht52beF ht91 ht11 42'dr3von ht62 ht02
Mt Cu
|
source: Cochilco
Then if we move to the second of our charts (below), it becomes easier to spot that 2025 at the SHFE has
seen the fastest drop ever from the 250kmt level to under 100kmt. So yes, the stocks are indeed allowed a
bounce (dead cat or otherwise) after such a fast draw down, while any journalistic inference on last week as
evidence that China “has stopped buying copper” is tenuous at best (better said, it’s hackery and BS).

SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
12
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
2018
source: Cochilco data
And with that, we move to the formal presentation of last week’s copper inventory movements, data from
good old Cochilco:
 The aggregate move for world copper inventories was up, for the first time in several weeks. The
world total increased by a significant 22,578 metric tonnes (mt) to close at 440,435mt.
 The big difference was at Shanghai’s SHFE, which snapped its eight week down streak and added a
big 27,437mt, with Friday’s closing total at 108,142mt. We consider the move in the script above
this weekend, but will add here that while we shouldn’t read much into one week of data (and even
less into an inventory numbers that’s dropped as quickly as it has from 250kmt), it’s going to be
worth keeping a close eye on the daily movements of SHFE stock next week as a second large add
would be significantly more bearish than just one week’s worth.
 Meanwhile at the LME, the trend of its stocks leaving Asia warehouses and going to North America
continues. This week LME stocks dropped by 12,400mt and 11,300 of the total was out of Asia.
This weekend’s grand total of copper under LME roofs is 179,375mt and that’s getting low now.
 The trend of Comex accepting tonnes continued last week, Andy Home (see above) nailing the
dynamic. Stocks rose by 7,541mt to close at 152,918mt.
The dedicated charts are above this week, rather than below. So that’s done and now for notes on a few of
the Basket component stocks:
Regulus Resources (REG.v): And I thought Element 29 and its lack of news since February 10th was bad.
We note that REG has not published any news releases in 2025 to date, we also note that the company
hasn’t updated its corporate presentation since February (presumably to get it through the conference season
at the time). No news is not necessarily good news. For years, this desk has pointed to one of the main weak
points of this project, the way that Coimolache (i.e. Buenaventura) has such a tight control over the area.
The combo of control and its own Coimolache Sulphides project, now in permitting and likely to move forward
at any moment, means BVN can allow REG at AntaKori to wither on the vine if they so desire and ignore its
neighbour for a near indefinite period. The lack of meaningful news out of REG has extended through 2024
and now into 2025, one has to wonder what’s going on there. Or not going on.
Trilogy Metals (TMQ.to) (TMQ): It’s been quite a ride
so far this year for TMQ, one of the leading Trump Trades
for permitting on mining in The USA, but the big drop last
week has brought it back to where it left 2024. Which is
plenty above its pre-election levels 2024 levels of course,
but the way in which it dropped like a stone last week
indicates that the “Trump Good For Permit” narrative is
now wearing thin. We also note Northern Dynasty (NAK) is
down from its U$1.20 highs of April to 93c this weekend.
Back in IKN815 when introducing TMQ to the 2025 Copper
Basket list, we wrote…
“…a return to the Copper Basket will make sure we keep

a close eye on its development and the #1 likely factor for price movements in 2025 will be whether the
incoming admin pushes through the environmental permitting of both mine projects (Arctic and Bornite,
collectively the Upper Kobuk Mineral Projects, or UKMP) and connecting road. That may be a straight
green light to project and infrastructure, it may be finding a better way of connecting the zone to the
outside world), or it may all turn to dust once the Federal government realizes it’s picking a fight with
local communities.”
We may be witnessing that return to dust. One to watch closely in the next couple of weeks, it would only
take one reversal-type NR to see TMQ drop further.
Hot Chili (HCH.v) (HCH.ax): Since making new multi-year
lows this time last month (chart right of main Australlian
listing), HCH has made a quiet recovery on reduced volumes
which goes to show that Australians truly will buy anything.
HCH has also seen some newsletters and influencers get onto
the story and promote it (be they paid or not for their efforts,
I have no idea), which goes to show that these people will say
or do anything to get into Rick Rule’s good graces (Rule has
been holding a legacy bag on this stock for almost 15 years,
tends not to talk about it much, though).
American Eagle (AE.v): Reading AE’s NRs last week, first (5) “Dr. Steve Garwin Provides Independent
Review of American Eagle’s NAK Project” (translation: “we paid somebody to look at our project”), then (6)
“American Eagle Identifies Potential New Mineralized Trends, Refines 2025's Drill Targeting with Magnetic
Survey” (translation: “we found a way of moving the drills
away from the zones in which we hit dusters last year without
attracting suspicion”) were a reminder to this desk of how
difficult it must be for a stock with a long winter period to
navigate, but with the need to “create content” for its retail
fanclub to balance its IR campaign. After all, we’ve seen seven
NRs from AE since the last Element 29 NR (see last week).
Okay, so my attempts at translation may have veered to the
cynical side, but the potential that a “story stock” such as AE
at NAK might paint itself into a promotional corner certainly
exists. And so far at least, all the attempts at creating buzz
haven’t done a single thing to a rather boring looking share
price.
The Producer Basket
After 20 weeks of 2025, the Producer Basket shows a gain of 33.54% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 56.46 50.10 34.6%
2 Agnico Eagle AEM 78.21 497.971 53.01 106.45 36.1%
3 Barrick GOLD 15.50 1748.05 31.17 17.83 15.0%
4 Franco-Nevada FNV 117.59 192.119 30.60 159.27 35.4%
5 B2Gold Corp BTG 2.44 1313.11 3.87 2.95 20.9%
6 Eldorado Gold EGO 14.87 204.909 3.66 17.85 20.0%
7 New Gold NGD 2.49 790.9 2.98 3.77 52.0%
8 OceanaGold OGC.to 3.98 708.074 2.85 5.59 40.5%
9 Sandstorm SAND 5.58 296.844 2.43 8.20 47.0%
10 Wesdome Gold WDOFF 8.98 149.891 1.80 12.02 33.9%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 33.54%
13

Gold dropped by 4.1% on the week (GLD proxy), GDX by 8.0% and GDXJ by 8.7% so when I tell you that all
ten of our Producer Basket stocks were in the red last week I don’t think you’re going to be shocked. The
spread of drops was tight as well, with most in the 7% to 9% range, the worst was New Gold (NGD down
9.8%) and the least worst were the two most defensive plays (in theory at least), the royaltycos Franco-
Nevada (FNV down 5.9%) and Sandstorm (SAND down 6.9%). In fact those last two helped our basket
average do slightly better than the benchamark and our deficit is now just a touch over 3%, keeping hope
alive.
The 2025 Producer Basket: Weekly performance and
55% comparative to GDX control
50%
45%
40%
35%
30%
25%
20%
15%
10% 5%
0%
However, there’s no way of hiding a rotten week for the precious metals mining stocks, caught in the
crossfire of a Fed that doesn’t want to drop rates and a market that says it needs more liquidity.
Barrick with a B (B) (ABX.to): The reception to Barrick’s re-vamp as a gold/copper proposition hasn’t
managed to change its market momentum (or lack thereof) and from being the top dog PM miner after the
Randgold merger, then vying for the title with Newmont for several years after, it’s now under threat from
Franco-Nevada for the last podium place on the market cap league table. Or to put it another way, at the end
of 2021 Barrick’s market cap was U$33.8m, some U$2.6Bn more than today and whatever else you might
want to say about its growth strategy or shareholder returns compared to peers, that’s a woeful performance
considering what gold has done in the meantime.
Wesdome Gold (WDO.to) (WDOFF): This time last week in our heads-up notelet on WDO and its pending
1q25 financial release, we opined that “…(a)t some point, results in line with analyst expectations will be
enough to trigger insto buyers.” Sadly, the stuffing got knocked out of the entire sector on Monday morning
and by the time WDO filed its Q1 on Tuesday evening, the
market sentiment was already too negative for any such
move to arise. However and in glass-half-full news, the ten-
day chart (right) comparing the main Canadian WDO.to
ticker to our benchmark GDX squiggly line shows how WDO
has held up better than most through its earnings period
and taken over two weeks, is up 3.5% while the market
median is down 4%.
As for the earnings release, the chart above is another big
clue as to the results. WDO delivered the most in-line of in-
line quarters and caused zero wavering or ruckus once the
stock re-opened for trading on Wednesday morning.
It helped of course that WDO hads pre-announced
production and we knew it had sold 45,300 oz of
gold, which meant we could predict revenues closely
to the reality of the C$187.62m reported (we remind
readers, WDO’s default currency is the Loonie). Costs came in at a decent C$93.864m and that gave
us an operating earnings number of C$93.754m.
14
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81
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 ht81
source: IKN calcs, NYSE data
WDO: Gold production vs sales, per qtr
86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924 76594 00784 29654 00354
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
Ozt Au
Production
Sales
source: company filings

WDO.to: Operations overview chart
15
107.67 222.96 974.7 555.48 279.09 714.6- 696.96 514.97 917.9- 22.201 318.55
804.64
29.001 971.58 347.51 8.721 290.38 707.44
58.641
291.88 66.85
16.281
364.69 841.68
26.781
468.39 457.39
C$m
200
175 revenues
total op expenses
150
Op earnings
125
100
75 50
25
0
-25
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25
source: company filings, IKN calcs
If we cut to net earnings, that came in at a reasonable C$62.473m and incrementable, which is good, but the
better benchmark at these intermediate growth stories has and will always be operating profits, so the chart
right show operating earnings per share (to save a chart) and 1q25 came in at 62c, a decent enough
number. A straight-line forward price/op earnings on that gives us a ratio of 6.8X, which indicates the stock is
to the cheap side but not a raging bargain.
100 WDO.to: Net Earnings
90
80 62.5
70 56.6
60
50 39.0
40 29.1
30
20 10.7 10 -0.3 2.4
0
- - 2 1 0 0 -5.0 -3.2
Moving to balance sheet items and no surprises to report here, either. Assets climbed thanks mostly to the
accrual of cash to the treasury box, liabilities remained at their controlled level.
We’re not doing all the charts and every angle, instead these two speak of what’s going on at WDO well.
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source: company filings
srallod
fo
snoillim
WDO.to: operating earnings per share
50.0
40.0- 70.0-
13.0
11.0
03.0
93.0
75.0
26.0 0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00 -0.10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
$
source: company financials/IKN calcs
WDO.to: Assets
900
800
700
600
500
400
300
200
100
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
$m 240 WDO.to: Liabilities Breakdown per qtr
220
fixed 200
other current 180
cash 160
140
120
100
80
60
40
20
0
source: WDO.to filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source: company filings
srallod
fo
snoillim
long term
current
200 WDO.to: Working Capital per qtr
180
160
140
120
100
80
60 40 20
0
-20
-40
-60
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
source company filings
srallod
fo snoillim
WDO: Fixed asset net additions, per qtr
6.01 9.8 6.61 8.21 8.4
1.611
6.23 2.33
6.22 1.41 0.42 1.02
0.2-
0.9- 1.6 1.0 3.41
3.2-
6.5 2.7 5.61
120
100
80
60
40 20
0
-20
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
C$m
source: company filings

Above left, working capital rose by over C$50m thanks mostly to the C$44.83m improvement in treasury,
while above right the company also managed to keep spending on fixed assets (mostly Kiena) to the tune of
C$16.519m. Long story short, there are a few is to dot and ts to cross for its operational growth, but the
main capex outlay period is now behind us and with gold prices in overdrive, we're now into the second
quarter of what's expected to be a harvest period for WDO. The last couple of quarters should become typical
going forward as the company starts collecting cash and
turning what was a temporarily weakened balance sheet
WDO.to: Costs overview
(those cost and time overruns at Kiena before CEO Bath 100
arrived) into a strong one. 90
80
70
Bottom line? IN LINE. The market didn’t miss a beat on 60
Wednesday morning, it knew what the revenues number 50
40
would be and cared most about costs. That came in well 30
enough though admittedly the slight hike in hard dollar 20
10
COGS was covered by a lower than expected non-cash
0
DD&A number (bonus chart right). WDO has started
collecting cash and working to improve its balance sheet,
it’s now in a great position to expand in the way it sees fit.
On the other hand, its improving balance will make it
attractive to agressors willing to pay the multiple for its high grade, high quality, low risk gold mines in a top
jurisdiction (a fancy way of saying that WDO is moving into the “eat or be eaten” window. As this desk
maintains WDO is more likely to be bought than become a buyer, the current share price looks attractive.
The TinyCaps List
After 20 weeks of 2024, the TinyCaps show a gain of 1.17% 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 9.37 0.07 -58.8%
Condor Res CN.v 0.145 141.155 14.82 0.105 -27.6%
Electrum Disc ELY.v 0.13 98.99 5.44 0.055 -57.7%
Endurance Gold EDG.v 0.145 174.5 29.67 0.17 17.2%
Kodiak Copper KDK.v 0.39 75.92 35.68 0.47 20.5%
Latin Metals LMS.v 0.08 96.476 11.58 0.12 50.0%
Mogotes Metals MOG.v 0.13 268.9 48.40 0.18 38.5%
Radius Gold RDU.v 0.085 107.41 13.43 0.125 47.1%
South Star STS.v 0.55 52.64 20.79 0.395 -28.2%
Viva Gold VAU.v 0.14 145.53 22.56 0.155 10.7%
Prices in CAD$, data from TSXV basket avg 1.17%
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$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The inertia continues, with a TinyCaps average that dropped a mere 0.23% thanks to the count of four
winners ELY.v, EDG.v, KDK.v, RDU.v) and four losers (BRO.v, CN.v, MOG.v, STS.v) all-but cancelling each
other out, with two unchanged stocks (LMS.v, VAU.v) rounding out the count. The biggest upside move came
16
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
CAD$m
other expenses
G&A
depletion
mining process costs
Source: WDO.to filings, IKN calcs

from Kodiak (KDK.v up 11.9%), the biggest downside move from Barksdale (BRO.v down 12.5%). As a
result, the tracking chart for the 2025 TinyCaps list remains as uninspiring as ever.
TinyCaps, 2025 weekly tracker
Mogotes Metals (MOG.v): One of the presenters at the 6%
Deutsche Goldmesse conference in Frankfurt this weekend, 4%
2%
my spy at the event (who will read these words) was
0%
unimpressed with CEO Allen Sabet, calling him “too over- -2%
confident, almost smug”. However, one drills properties -4%
rather than C-suites and along with the character -6%
-8%
assassination, he learned that the MOG sales pitch includes -10%
a magnetic footprint suggesting a large porphyry, along
with surface samples showing for copper. In other words,
MOG’s pitch is “this is the way the Filo discovery started”,
which shouldn’t come as a shock to regular readers of this
section And for what it’s worth, you don’t often come across a young junior mining CEO that isn’t an ego
monster. That trait gets beaten out of them as the years roll on.
Kodiak Copper (KDK.v): A good week pricewise, with an
11.9% gain and more personal thoughts that one day I might
regret picking Surge Copper (SURG.v) for my spec copper dice
roll, rather than this one. However, volume remains its weak
point and that simply has to improve before KDK can be taken
seriously again. So a quick repeat mention of the main catalyst
moment, KDK’s upcoming MRE for MPD and if you think that’s
too many abbreviations, I’d tend to agree. However, we note
that in its latest literature KDK tells us that the MRE due in Q2
will be for “Initial Zones”, with a updated MRE for “remaining
zones” coming in Q4 of this year. Which I don’t mind, above
all because I’m not a shareholder but it doesn’t help its
ongoing narrative to have the “ah yeah but wait until…” as a
constant when talking to potential sources of funds.
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
Bolivia: The left chooses its candidate
The inscription process for the August 2025 Presidential election opened in La Pax last week and runs until
tomorrow, Monday 19th May. While we won’t get any more meaningful voter intention polls or an idea of
who might make it into the (near-inevitable) second round run-off until inscriptions are closed and we have
an official running list, two big things happened on the left side of Bolivia’s political spectrum last week.
 Sitting President Luis Arce withdrew from the race (7). An unpopular President, Arce probably realized
he didn’t have a chance of getting re-elected but his decision is still smart and allows the political left to
rally round a single candidate. Indeed, in his speech Arce called for left wing unity and to “close ranks
around the best positioned” to win, a direct allusion toward Andrónico Rodríguez, the youthful leader of
Bolivia’s Senate who has been high in the polls since 2024 and confirmed his candidature earlier this
month.
 Evo Morales was confirmed as ineligible to run. The Bolivia Supreme Court voted 9 to zero to ratify the
previous court ruling against Morales (8), a decision that almost certainly puts an end to his chances.
However, he and his supporters answered the ruling by vowing to march on La Paz during the
inscription period to force the government to accept his candidacy. The government replied this
weekend by saying that if Morales tries to march on La Paz in such a way, he’ll be arrested. Hilarity
17
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81
source: IKN calcs, TSX data

may ensue, but even if there’s wholesale disturbances it’s now highly unlikely Evo can force his way on
the ballot (and he knows it).
Bottom line: The left side of the field is now clear for Andrónico Rodríguez, who will almost certainly at least
make it to the run-off and may even win the whole game. The ball is now in the court of the political right
wing in Bolivia, who will have to decide on some type of unity pact once the inscription period is done. We
remind readers that this year we’re investor proactive on Bolivia’s election, as the right has a serious chance
of victory for the first time in two decades and if that happens, there would be plenty of trade opportunities
in Bolivia exposed juniors.
PS: By the way and somewhat to my own surprise, El Pais of Spain has been offering solid media coverage of
Bolivia’s volatile political scene this year in the run-up to the election with balanced and intelligent reporting.
More often than not I’ve end up linking El Pais notes on Bolivia because they offer the best and most succinct
coverage, today is no exception with two out of two links. El Pais also publishes at least some of its reporting
in English and while I’m not sure what that’s like on Bolivia, I suspect it would be just as good. There’s
always Google Translate.
What Lundin Gold means to Ecuador
The Lundin Gold (LUG.to) Fruta del Norte mine is one of the true mining success stories of recent years, with
the company executing to perfection, the mine becoming a cash flow monster, the shareholders and backers
making out like bandits and the local community and region benefiting from a significant wealth effect. It’s no
wonder Daniel Noboa’s government wants to emulate the
success and get new mines up and running in the country.
Last week brought sobering context, as Ecuador’s national
business oversight body, The Superintendency of Companies,
(Superintendencia de Compañías, Valores y Seguros (SCVS))
published its 2024 ranking of Ecuador’s highest revenue
generating companies (9). Here’s the screenshot, for your
consideration:
Some of those names will be known to the international
audience (Coca-Cola, Claro, perhaps you know Banesco as
well), some are household names in Ecuador (La Favorita, El
Rosado, Tonicorp) but they are all big names and well
established in Ecuador’s business infrastructure. So seeing a
fairly new mining company with one operation somewhere in
the Amazon basin hinterland would have cause many an
eyebrow to rise in Quito when the list was published last
week. Along with the Chinese owned Mirador copper mine, LUG at FdN is the central reason economic
aactivity from metals mining has gone from under 1% of GDP to last year’s 3.4% of GDP (or $600m to
U$3.5Bn, if you prefer), making metals mining a serious source of revenue in Ecuador and not just at local or
regional level.
Brazil: Belo Sun and its community relations
A little like pass-the-parcel, the Belo Sun (BSX.to) Vola Grande project managed to attract strategic support
from companies (e.g. AEM) and funds over time, all of whom see “great value if only the community relations
improved” and learn the cruel reality at their own expense. The latest bunch of idiots to try is La Mancha
Investments, a fund out of Luxembourg with its fingers in several project stage mining stories, who probably
thought things were going better for the Vola Grande project back in late 2024 when the competent body to
consider its latest EIA application was changed to a Brazilian bureau considered more miner friendly than the
previous people. However and under that national-level paperwork, the company was still “enjoying” the
same level of community approval as ever and last week, the bad blood again made headlines (10).
On Tuesday, a courtroom in Para State threw out a criminal complaint made by Belo Sun against local
farmers. In it, BSX had demanded “…arrest in flagrante delicto, search and seizure of assets, freezing of
accounts and confiscation of alleged weapons from 33 farmers…” protesting the presence of the mining
company. In other words, the locals from who they usurped the land covering the mining project back in
18

2007 but according to the judge who threw out the case, the criminal complaint “does not even mention the
criminal act, limiting itself to indicating the alleged crime in a generic way”, and the lack of specific facts
made it impossible to start proceedings.
As for why the case was brought, we turn t Ana Alfinito, legal advisor at Amazon Watch, who stated that BSX uses
an ongoing strategy of criminalizing peasant families:
“This is not the first time that the company has persecuted defenders of the territory in this way. The decision to
reject the criminal complaint represents a victory for forest defense movements, imposing limits on a company that
seems to believe it is above the rule of law and legality.”
Take some advice and let La Mancha blow up its cash without yours getting involved. Avoid BSX like the
plague.
Peru: Illegal mining causes the fall of Peru’s Prime Minister
The fallout from the murder of 13 mining security personnel in the Pataz region two weeks ago (see IKN834)
was the stras that broke the camel’s back for the highly unpopular Cabinet Chief (i.e. Prime Minister) of Peru,
Gustavo Adrianzén last week. The scandal that erupted saw Peru’s Congress call for a vote of no-confidence
in Adrianzén and his cabinet, so instead of waiting around, facing Congress and then getting voted out he
decided to resign. President Boluarte (current in The Vatican visiting the new Pope and showing off her new
nosejob to the world’s cameras) replaced him with a new PM, moving Eduardo Arana from the Ministry of
Justice to head up her cabinet as well as changing a few other ministerial posts in a hastily convened
reshuffle. Precisely nothing will change due to this move, Boluarte is dedicated to ignoring anyone outside her
close circle and playing out her last year of what is, officially, the most unpopular presidency ever recorded in
Peru (her latest approval rating was 2%...two percent). Once she leaves office next year, there’s a high
likelihood she follows all other recent Presidents and is arrested and jailed, but that’s another story for
another year.
However, there was some good new on the illegal mining front as the gang leader behind the Pataz murders,
alias “Cuchillo”, was arrested in Colombia last week and now facing express extradition to Peru. Also in
Ecuador, after an illegal mining gang ambushed an army patrol and murdered 11 of the soldiers (also IKN834
last week) the government has flooded the zone with army personnel and decommissioned up to 500 small
scale illegal gold mining operations. Realistically, we know that illegal mining is akin to the mythical hydra and
cutting off a head only means two grow in its place, but the news does at least show that the forces of law
and order are ready to fight back and try to improve on the worsening risk image in boith countries. This is
an issue to watch, particularly in Peru as it may become a leading issue in next year’s Presidential election
campaign.
More Peru: Mining drives economic growth
However it’s not all bad in Peru for mining concerns, despite its bananas level politics and rampant
institutionalized corruption. The above title may sound familiar, as it’s a direct echo from IKN833 two
weekends ago and the Regional Politics note “Chile: Mining drives economic growth”, in which Chile posted
better than expected GDP figures for the month of March with mining one of the main drivers. This time it’s
Peru and while its Central Bank (BCP) took a couple more weeks to get the beans counted, the trend is very
similar. On Thursday, the BCP reported (11) March GDP growth at 4.67%, beating its +4.5% expectation.
That puts 1q25 GDP growth at +3.95%, also beating expectations and one of the main drivers was metals
mining, up 7.45% and while copper and gold are the biggest revenues generators for Peru (and together
cover almost 60% of all exports, not just metals), the big improvements came in the country’s second-level
metals silver (+19.6%) zinc (+17.5%), lead (+17.3%) and moly (+15.9%).
To the debit side, we should note that the Shougang Iron ore mine in South coastal Peru recentlty suffered a
catastrophic plant failure and is expected to be offline for months. As Shougang is Peru’s only iron ore mine,
that will hit upcoming export figures somewhat. However and overall, the uptick in mining activity in both
Chile and Peru is good news for both countries and their mining sectors.
Chile: More permitting love
If it’s still required, more hard evidence of the change in attitude toward mining in the Boric government. Last
week, the news that the Zaldivar mine, a 50/50 JV between Antofagasta’s (ANTO.L) and Barrick (B) with
ANTO the operator, had received EIA approval for its mine extension (to 2051) and water transition (will use
new supply as from 2029) got plenty of column inches in the country and made it into the English language
19

trade press, example here (12). As for the company, here’s what ANTO CEO, Iván Arriagada said (13):
"Following two years of permitting process, and through a detailed and proactive engagement with
communities, government and other stakeholders, we have achieved a result that facilitates operational
continuity and employment for our own and contractor workforce, as well as for numerous local businesses
that support Zaldívar in its operations.” Nicely upbeat.
However, fewer press people remembered how that two year permitting process began, as back in March
2013 ANTO suddenly and without warning decided to retract its previous EIA application and start anew (14).
At the time, ANTO told the world they’d decided to scrap the previous EIA process because they’d decided to
apply for a permit for a longer period, but it was also in the middle of the most militant left-wing period of
the Boric government and a time when the executive were showing all their anti-mining teeth (nearly all
readers will recall what happened to Rio2’s EIA application in mid-2022. In hindsight, ANTO played it smartly
because a decision in early 2023 may well have gone against them. Instead, late 2023 and the hinge moment
of the Boric presidency the Constititional Reform referendum vote that went against Boric’s ideology and
government, clipped the lefties’ wings and put Chile back on course as a country that favoured economic
prosperity. So add Zaldivcar to the growing list of mining projects getting approval in the last two years of the
Boric mandate. Good thing, too.
*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
Aclara (ARA.to) gets a long list of queries
IKN831 dated April 20th ran the Market Watching note “Aclara Resources and lawfare”, in which we pointed
to the significant community and social pushback against the company’s Penco Module rare earths project in
Chile. In IKN831 we noted that the application, via Chile’s ICSARA system (Informe Consolidado de
Aclaraciones, Rectificaciones o Ampliaciones, translated as Consolidated Statements, Rectifications or
Amplifications Report) for EIA applications, had received 394 technical observations on its application and the
company was addressing the observations. Last week we got this NR from the company (15):
TORONTO, ON, May 16, 2025 – Aclara Resources Inc. (“Aclara” or “Company”) (TSX: ARA) is pleased
to announce that, as part of the environmental licensing evaluation process, it has received the second
round of technical observations, known in Chile as the “Second ICSARA”, from the Environmental
Service Assessment Authority (the “SEA”) and various other government agencies that reviewed the
Penco Module Environmental Impact Assessment (the “EIA”).
At first sight this development seems to be normal, as the EIA permitting process tends to be back-and-forth
as issues are addressed, but what isn’t normal is to see 205 observations still outstanding at this second
stage. Indeed, the case was picked up by Chile’s very good independent political/business website Ex-Ante
(16), who listed the serious issues found in the Stage 2 observations report including threats posed by the
project to endangered fauna and flora, the way in which ARA had failed to report local fauna correctly, the
potential for damage to sensitive ecosystems and (perhaps most importantly), the clear majority of opposition
to the project among locals. We remind readers thay in Chile the “prior consultancy” laws give local
community real powers and they can effectively veto any given project, so that final point is not
inconsequential. The title line of the Ex-Ante report was “The Only Rare Earths Project in Chile Under Threat
from New Environmental Objections”, which sums up the shaky ground nicely. This six month chart (right)
shows how ARA has recently come in for decent
market support, one of the companies to benefit
from the world’s sudden interest in the rare earths
(dare we say “raw earths”?) sector. We published
our warning on ARA.to in IKN831 as seen, the
stock continues to around the 8’c level but the
news of ICSARA 2 and its contents saw the rally
come to a screeching halt. Those au fait with this
story know how bad the contents of the second
SEA observations report were for the company, no
matter how blandly and diplomatically welcoming
20

ARA.to’s resulting NR may have sounded. Or as Ex-Ante put it when summing up (translated), “In the current
scenario, with observations accumulated from 15 State entities, the regulatory road for the Penco rare earths
project once again looks difficult.” Avoid this stock.
Conclusion
IKN835 is done, we close with just one bullet point:
 A quiet and rather negative week for stocks, but the advent of i-80’s corporate finance move has at
least brought a reasonable new trade option to the table. The Watch List is the place to begin,
there’s no need to jump in quickly and potentially miss the cheapest open market prices if they show
in the days to come, but given the right entry point I will be a buyer here. Sights would be set
somewhat low and True Believers will be quick to tell me how much (potential) profit my strategy
would leave on the table, even if successful, but I don’t care. Buy low, sell high and the rest is noise.
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.i80gold.com/i-80-gold-closes-us173-million-bought-deal-public-offering/
(2) https://www.hellenicshippingnews.com/demand-concerns-push-copper-prices-lower/
(3) https://www.reuters.com/markets/commodities/coppers-us-tariff-premium-crushed-by-wave-imports-andy-home-2025-05-16/
(4) https://energynews.oedigital.com/mining/2025/05/16/copper-prices-fall-due-to-demand-concerns
(5) https://americaneaglegold.ca/news/dr-steve-garwin-provides-independent-review-of-american-eagles-nak-project/
(6) https://americaneaglegold.ca/news/american-eagle-identifies-potential-new-mineralized-trends-refines-2025s-drill-targeting-with-
magnetic-survey/
(7) https://elpais.com/argentina/2025-05-14/el-tribunal-constitucional-de-bolivia-confirma-la-inhabilitacion-de-morales-para-las-
elecciones.html
(8) https://elpais.com/america/2025-05-14/arce-renuncia-a-su-candidatura-y-llama-a-la-unidad-de-la-izquierda-boliviana.html
(9) https://www.lahora.com.ec/pais/10-empresas-mas-ingresos-ecuador-superintendencia-companias/
(10) https://www.brasildefato.com.br/2025/05/15/justica-rejeita-queixa-crime-da-mineradora-belo-sun-que-tentava-intimidar-agricultores-
do-para/
(11) https://www.infobae.com/peru/2025/05/15/la-economia-del-peru-crecio-un-poderoso-467-en-marzo-los-factores-decisivos-que-
catapultaron-el-pbi-en-el-tercer-mes-del-ano/
(12) https://www.miningweekly.com/article/antofagasta-wins-enviro-approval-to-extend-zaldivar-mine-life-2025-05-16
(13) https://www.antofagasta.co.uk/investors/news/2025/zaldivar-eia-approval/
(14) https://www.timeline.cl/minera-zaldivar-anuncia-que-ingresara-nuevo-eia-para-extender-sus-faenas-mas-alla-del-ano-2029/
(15) https://cdn.prod.website-
files.com/67b9c5dc15db73b34fcf2bf3/6826953773a1956568ee67a4_Aclara_Permit_Update_Press_Release%20May%2016%202025%
20(2).pdf
(16) https://www.ex-ante.cl/tambalea-el-unico-proyecto-de-tierras-raras-en-chile-por-nuevas-objeciones-ambientales/
21

Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
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
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Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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.
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GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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
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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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