IKN #836Premium

The IKN Weekly
Week 836, May 25th 2025
Contents
This Week: In today’s edition, Memorial Day and a quiet week, A positive week for gold miners, Checking in
on the GLD tracking charts, Wristwatch news.
Fundamental Analysis: Deferred.
Stocks to Follow: i-80 Gold Corp (IAUX), Aftermath Silver (AAG.v), Minera Alamos (MAI.v), AbraSilver
(ABRA.to), Gold Royalty (GROY), Rio2 Ltd (RIO.v), Orecap Inv (OCI.v), Eldorado Gold (EGO), Lumina Gold
(LUM.v), Latin Metals (LMS.v), Amerigo Resources (ARG.to), Mene Inc (MENE.v).
The Copper Basket: Overview, Pampa Metals (PM.cse), Aldebaran Resources (ALDE.v), Regulus Resources
(REG.v), American Eagle (AE.v).
The Producer Basket: Overview, Barrick (B), Five big movers.
The TinyCaps Basket: Overview, Barksdale Resources (BRO.v), Radius Gold (RDU.v).
Regional Politics: Bolivia: The election campaign begins Argentina: ArMinera and the first mining project
approved for RIGI, More Argentina: Milei passes a major test with Argentina’s middle class, Ecuador: Noboa
begins his new term.
Market Watching: AbraSilver (ABRA.to) cuts an impressive hole, NGEx Minerals (NGEX.to) cuts an
impressive hole.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 Today’s main fundies section is empty, which was not the plan earlier this week and I’m sorry about
that. There’s no excuse, but by way of explanation I’ve been working on a stock and its story for a
while and intended to publish on it this weekend but, when the time came to turn numbers and notes
into a narrative, I began to realize that I still don’t know enough about the company to feel confident
about giving an opinion and by the time today Sunday came along, I decided to pull the note rather
than publish it half-baked. This hasn’t happened very often to me but it has happened before and
hindsight tells me that spiking an imprecise note instead of trying to fake it out is small price to pay.
However, I can’t speak for you the audience so if you prefer, consider today’s lack of content as
another reason to unsub from the service. After all, this is currently a set-and-forget market that
doesn’t need constant hand-holding.
 On the subject of hand-holding, the drop in gold, metals and associated mining stocks registered last
weekend in IKNM835 did indeed turn out to be a temporary blip and normal bullish service was
resumed last week. As such, today’s main intro note again exhorts you to stay away from the controls,
to keep on keeping on and to remain fully long this most excellent of gold bull runs.
 Copper also did well last week and in The Copper Basket section, we note that behind the bull-bear-
bull-bear rollercoaster of newsflow created by the Trump Tariff mayhem, plenty of real copper
fundmental data continue to flash bullish.
 Plenty in Regional Politics on Argentina this week and once again it’s all good, with the mining scene
offering positives and the macro scene with news of further election success for sitting President Javier
Milei. We also do some Argentina in today’s Market Watching section because even though it’s an
enormous market cap for an exploreco these days, something must be said about NGEx Minerals’
game changer drill result from Lunahuasi last week.
1

Memorial Day and a quiet week ahead
Please note that tomorrow Monday US markets are closed in observance of the country’s Memorial Day, no
better reason for a long weekend. Aside that, it’s slated as a relatively quiet week for US data, with perhaps
the release of the May FOMC minutes on Wednesday the only event that can get the classes chattering.
However, this is 2025 and we already know that anything can happen at any moment, so keen traderskeep
your eyes on the wires.
A positive week for gold miners
All the prophets of doom can always find room
In a world full of worry and fear
Tipped cigarettes, and chemistry sets
And Rudolph The Red-Nosed Reindeer
So I'm going back to my little ol' shack
And drink me a bottle of wine
That was mis en bouteille before my birthday
And have me a ******* good time
*Protest Song, Neil Innes, 1978
Last week’s “A negative week for gold miners” intro gets its flipside today and the way in which gold, metals
and the miners rallied played right into the IKN Weekly’s firmly established strategy position. To crassly quote
myself from IKN835:
“…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.”
And once again, the silence from gold bears and top pickers was deafening. We’re now at the point where
there’s nothing much new to say about the 2025 market for gold; we laid our stall out early in January, the
advice has been and continues to be “remain fully
bought in” no matter whether your preferred stock
vehicles are the same as mine or different, the bull run
for gold continues to pass each and every test thrown at
it and now, with the growing realization in The USA that
this Trump administration isn’t going to change the
course of its country’s debt mountain (which may have
been obvious to most of us from the start, but don’t
underestimate the power of illusion) the fundamental
backdrop that has pushed gold higher shows no sign of
changing.
People, when it comes to gold and the PMs just keep on
keeping on. We know the gold bull run will hit
roadbumps along the way, nothing goes up in a straight line for as long as it’s been doing without a
correction or two thrown in, but the trend is our friend and remains firmly intact. I also know recent intro
sections have become rather repetitious (I know because I write them) but it’s difficult to find a cute angle on
what is, essentially a straightforward story. There’s no need to try and pick a top, equally there’s no need to
try and drum up false drama by predicting some Wargle Bargle price per ounce for gold in the future because
the job here is simple, remain fully bought and ride the bull that shows no sign of stopping. I’m sure that
watching your portfolio net value increase will help assuage the boredom and in the meantime, there’s
always the occasional chirruping of the Prophets of Gold Doom to provide entertainment, there’s always room
for those people in a world full of worry and fear.
*If you’d like to check out the full version of ‘Protest Song’, the late great Neil Innes’ spoof on Bob Dylan, here’s the link (1)
Checking in on the GLD tracking charts
Recent weeks haven’t shown our GLD tracking charts, with the data we’ve run regularly to keep tabs on the
world’s #1 bullion ETF as a proxy for gold’’s popularity in the financial world of Wall St’s suited and booted
(who tend to use GLD as their way in and to trade bullion, saving them all that messing about with bars and
bank vaults). A mail received from A. Reader last week iniquiring about them means they get a showing,
along with a couple of words on their absence. The two charts are straight tonnage holdings of physical gold
in GLD vaults, then the “inventory/price ratio”, which gives a reading on GLD’s relative popularity in financial
2

circles compared to the entire gold market. First up these charts which show the recent moves from 2024 to
date…
GLD gold holdings, 2024 to date
980 (metric tonnes)
960
940
920
900
880
860
840
820
800
…then for reference purposes, the long-term development of the same data from 2016 onward (yes, it’s
nearly ten years now)
Since we last featured this dataset in the intro section (early March), physical tonnages rose from around
900mt to around 960mt, but then sold back down to this weekend’s 922.46 metric tonnes. This despite the
continued rise in the price of gold, which may surprise you but it doesn’t surprise me, not any longer. We saw
the inventory/price ratio hold at the 6X level for many years until late 2022, but since then it’s been downhill
all the way. That tells us of the decreasing importance of the orthodox western financial world in the gold
market, which tallies closely with the way gold’s market has become increasingly dominated by Central Banks
and Chindia. Last week we saw the inventory/price ratio cross under 3X, a level I thought would be near
impossible just a couple of years ago.
The moral of this little story: It’s not a massive surprise to notice how nearly all the remaining gold bears
tend to be W.A.S.Py people running mone you New York, bemused about the continued popularity because
“nobody they know” is long the trade. And hey, male and balding too, let’s push the stereotype hard.
Wristwatch news
Some of you know (and others are about to find out) that away from the mining world, I enjoy the hobby of
watch collecting and being a certifiable nerd, I also like to keep abreast of the watch trade world. This isn’t a
normal subject of conversation here at The IKN Weekly but when this report from Watch Pro USA made it to
my eyes last week I thought it interesting (2):
Fresh data from Luxury Watch Barometer, which curates point of sale data from over 2,500 luxury watch stores
across the country, saw the biggest rise of 35.6% in the Luxury price segment, which covers watches priced at
$5,000 to $10,000 but does not include any data on Rolex transactions.
Fred Levin, managing partner of LWB, says the April surge was the result of an extraordinary set of circumstances
and the industry should not be sucked into thinking it is the start of another record period of demand.
“I have never seen a sales spike of 36% [year-on-year] in any month over the many years I have been tracking the
watch market,” he tells WatchPro.
“But I believe this will be an exception. Retailers were contacting clients warning them of price rises to come, most
of which kicked-in on May 1. This bought forward sales that might have happened later in the year,” he suggests.
3
42/1/2 42/1/61 42/1/03 42/2/31 42/2/72 42/3/21 42/3/62 42/4/9 42/4/32 42/5/7 42/5/12 42/6/4 42/6/81 42/7/2 42/7/61 42/7/03 42/8/31 42/8/72 42/9/01 42/9/42 42/01/8 42/01/22 42/11/5 42/11/91 42/21/3 42/21/71 42/21/13 52/1/41 52/1/82 52/2/11 52/2/52 52/3/11 52/3/52 52/4/8 52/4/22 52/5/6 52/5/02
mt GLD: Inventory/Price Ratio, 2024 to date
5.0
4.8
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
3.0
source: SPDR GLD data
2.8
42/1/2 42/1/61 42/1/03 42/2/31 42/2/72 42/3/21 42/3/62 42/4/9 42/4/32 42/5/7 42/5/12 42/6/4 42/6/81 42/7/2 42/7/61 42/7/03 42/8/31 42/8/72 42/9/01 42/9/42 42/01/8 42/01/22 42/11/5 42/11/91 42/21/3 42/21/71 42/21/13 52/1/41 52/1/82 52/2/11 52/2/52 52/3/11 52/3/52 52/4/8 52/4/22 52/5/6 52/5/02
source: SPDR data, IKN calcs
GLD: Inventory/Price Ratio, 2016 to date
8.5
8.0
7.5
7.0
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
61/4/1 61/21/5 61/02/9 71/03/1 71/8/6 71/61/01 81/62/2 81/5/7 81/9/11 91/22/3 91/13/7 91/6/21 02/71/4 02/52/8 12/4/1 12/11/5 12/71/9 22/62/1 22/6/6 22/31/01 32/32/2 32/03/6 32/7/11 42/91/3 42/92/7 42/4/21 52/61/4
GLD gold holdings, 2016 to date
1300 (metric tonnes)
1250
1200
1150
1100
1050
1000
950
900
850
800
750 source: SPDR data, IKN calcs
700
650 600
61/4/1 61/21/5 61/02/9 71/03/1 71/8/6 71/61/01 81/62/2 81/5/7 81/9/11 91/22/3 91/13/7 91/6/21 02/71/4 02/52/8 12/4/1 12/11/5 12/71/9 22/62/1 22/6/6 22/31/01 32/32/2 32/03/6 32/7/11 42/91/3 42/92/7 42/4/21 52/61/4
mt
source: SPDR GLD data

The tariff debate continues with or without us, but one of the defences being used by the pro-Trump people
is that its effects haven’t shown in the real economy and in fact, things are “getting better” under the Trump
government. However, the pop in watch sales are not limited to that specific and small marker and it’s fair to
say the effects of the tariffs are still to be felt on Main St. This Watch Pro resort stands up to intuitive reason
as well, it’s not difficult to imagine sales personnel exhorting customers to “lock in pre-tariff” prices for all
sorts of good and services, thereby concentrating sales to the front end of the year before tariff deadlines (be
they real, imagined or subject to alteration) are crossed.
Fundamental Analysis of Mining Stocks
Deferred
As noted above, the plan for today’s main Fundies section was to write up on a company that’s been on my
radar for a while (name reserved) but for my own sweet reasons, I decided late to defer the analysis until I
knew more about certain aspects of the story. That means another sub-standard edition of The IKN Weekly
and if I were you I’d complain.
Stocks to Follow
A good week for the Stocks to Follow list and for the personal back pocket. Of the 19 stocks now on the list,
there were five week-over-week losers (MARI.to, SRL.v, RPX.v, PAU.cse, MENE.v) and two unchanged stocks
(MIRL.cse, PGDC.v) so it wasn’t all one-way traffic, but the 12 winners included significant gains in several of
the larger holdings, so we salute the moves made by Gold Royalty (GROY up 22.7%), AbraSilver (ABRA.to up
22.5%), Eldorado Gold (EGO up 11.0%) and Rio2 Ltd (RIO.v up 10.2%).
With the addition of i-80 Gold Corp (IAU.to) (IAUX), we’re up to 19 names on our Stocks to Follow list, one
fewer than our self-imposed maximum at any given moment. Two trades are in the red, one is unchanged on
its cost average and the other sixteen are in the green. That’s the right bias, what’s missing are a few triple
digit percentage numbers next to a couple of the names. Onward.
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$0.34 61.9% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.08 35.0% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$19.81 24.4% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.83 18.8% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$4.53 48.5% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$3.81 39.6% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$1.84 31.4% Cheap entry, turnaround story
Aftermath Silver AAG.v hold $0.425 22-Dec-24 C$0.50 17.6% looking for exit point soon
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.14 75.0% Ecuador buyout trade
Lumina Gold LUM.v bot out C$0.78 23-Feb-25 C$1.24 59.0% holding to deal close.
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.11 0.0% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.11 4.8% bulk copper in good address
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.07 16.7% 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
4

Latin Metals LMS.v WATCH C$0.095 6-Apr-25 C$0.13 36.8% proj.generator, newsflow soon
i-80 Gold IAUX WATCH U$0.50825 6-Apr-25 U$0.51825 2.0% Looking for entry point
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$0.205 141.2% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.125 -72.2% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
2015 to 2024 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered companies:
i-80 Gold Corp (IAUX): ADDED TO WATCH LIST. Further
to the pledge made at the end of last week’s semi-
fundies/semi-strategy note “Why i-80 Gold Corp (IAU.to)
(IAUX) is now worth a gamble”, it’s now on the Watch List
with an active view to making it an open trade, given the right
price. Please note we’re using the US listing IAUX for our
tracking purposes, as in the event of my purchase it will
almost certainly be via the US ticker and there’s no reason to
confuse things any further. The ten-day chart of IAUX (right)
compared to GDX shows how the stock traded up early week,
but found headwinds on Thursday and Friday as the sector
kicked higher on the gold move. That’s roughly the kind of
pattern I was looking for and if it continues to trade down in
the days ahead, I’ll get my value entry point.
Aftermath Silver (AAG.v): LOOKING FOR AN EXIT. I mentioned as much last weekend, it’s time to put
up a clear statement of intent. The combination of…
1) Drill assay results pending
2) Its shift to position itself as a “manganese play”, which includes big plans and a high capex mine
build plan
3) Newsletter/social media coverage, as well as the Eric Sprott pump angle
…means that I’m not in a hurry and it won’t happen in the next few days, but once those drill results start
coming in and if (repeat IF) they get the stock to rally, I’m going to call this trade a day and sell. No specific
target price on the exit, but “higher than 50c” is certainly on my mind. Having bought AAG as a second string
silver trade behind AbraSilver (ABRA.to), the continued lack of breakout price action in silver, then watching
AAG morph into something I do not wish to hold makes it doubly easy to move on and take a modest profit.
Again, I stress that any sell call will only happen once the latest batch of drill holes (around two dozen to
report, though some of those will not be targeting prime mineralization) and only then, if the exit price is
right given the circumstances. I also reserve the right to change plans if silver-the-metal finally breaks out.
Minera Alamos (MAI.v): We’re expecting MAI to files its 1q25 results by this coming Friday, May 30th, and
if so next weekend IKN837 will run its deep dive on company financials, held back from a couple of editions
ago to cover both 4q24 and 1q25 financials and give us a better idea of what’s going on at Santana (plus any
news on the permitting track in Mexico, plus developments at Copperstone/Sabre). In trading MAI continued
to tread water, waiting for that elusive catalyst.
A lot more on this laggard of a Top Pick stock next weekend. Until then.
5

AbraSilver (ABRA.to): More on AbraSilver in Market Watching,
as some extra space is required to consider the news last Tuesday
morning. Here in Stocks to Follow notes we present a couple of
price charts and leave the rest for below. Here right is the ten-day
chart and it’s not tough to spot that the big market-moving news
dropped on Tuesday morning and ABRA was off to the races,
briefly touching the C$4.00 line before seeng the same type of
selling most of the silver stocks went through on Friday to close at
C$3.81, up 22.5% on the week.
However, as the five year chart shows it’s still not the ABRA ATH,
for that you have to go back to May 2021, when it was still on the
Venture Exchange, pre-share consolidation and just a couple of months after it had changed its name from
AbraPlata.
Should fall soon enough, last week was a bona fide breakout move and the trend since this time last year is
set fair. More words below, no more price charts.
Gold Royalty (GROY): Some stock performances are more satisfying than others and the way in which
GROY rallied last week qualifies in spades. The chart chosen to illustrate features GROY and two other
royalty/streamer stocks, the more widely held and followed Franco-Nevada (FNV) and Sandstorm (SAND).
Those two rival two stocks got plenty of coverage and plaudits last week as the royalty/streamer sub-sector
becomes one of the most popular routes for larger money to enter the wild world of mining stocks, so
watching GROY beat both of those into a cocked hat without
getting even a tenth of the media bandwidth augurs well for
its near-term future.
We’ve laid out the value trade available in this stock on
several occasions now, hingeing as it does on its low P/NAV
compared to all its peers and the way GROY is finally set to
start making meaningful quarterly operating profits as from
2025, with its future years expected to continue upward. It’s
the type of math that appeals to the run-of-mill, Wall St
insto desk and/or value hunter and once those people get a
taste for royaltycos, as they seem to be doing now, it won’t
be long before they see GROY as the easy double we
identified when opening a few weeks ago (which means there’s still plenty of upside). Indeed and on thinking
that through a little more, last week may have been the moment when the penny dropped and the best
prices were snapped up. But whatever the exact timing, be clear this stock still has plenty of room to run
even after a 22.7% move, anything under U$2.00 remains a bargain.
Rio2 Ltd (RIO.v): In our words last weekend, its 98c close registered in IKN835 was “A temporary thing, to
be sure” so happy to report that panned out quick, as gold rebounded and RIO.v reacted in the front line of
stocks. A good week on decent volume to go with the move, but in real terms it’s only returning RIO.v from
6

whence it came and nothing much has changed. I have all the time in the world for this company and if it
wants to hang around these levels for a few weeks before putting in its next leg up, that’s fine by me. Top
Pick.
Orecap Inv (OCI.v): I’ve let coverage of OCI lapse a little, as there have been a couple of developments
I’ve failed to mention and that gets remedied today. Nothing serious and it’s still a great way to play the
range of Ore Group spec stocks with plenty of upside potential and limited downside, so we’ll start with the
standard valuation table often featured here:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.475 5.60 2.3
ARIC.v 7.39 0.465 3.44 1.4
ARIC warrant 4.17 0.265 1.10 0.4
XXIX.v 22.992 0.135 3.10 1.3
KTR.v 42.750 0.015 0.64 0.3
MERG.v 5.125 0.02 0.10 0.0
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.02 0.49 0.2
subtotal 14.48 5.8
Est.cash 0.03 0.0
Total 14.51 5.9c
At 247.714 S/O
Earlier this month, OCI reported its 1q25 quarter to end January and though I processed the financials at the
time, for some reason they didn’t make IKN833, 834 or 835. My mistake and while there’s no real change in
holdings, the company’s cash position dropped considerably to just 27k at end January. With deals struck and
payments made, it ran its treasury to fumes in its Q1 and while the first reaction from any casual observer
(including me) is “aha!, they’ll run a financing soon!”, in this case it ain’t necessarily so because there are
other sources of funding, for example via the recent deal that saw OCI flip out a portion of its XXIX shares in
order to take its position in KTR. I also know that while a placement isn’t off the table as an option, Ore
Group head honcho Stephen Stewart is keen to keep this quasi merchant bank/hub company in Ore Group
with as tight a share structure as possible and with plenty of marketable securities and potential deals, there
are other options available to him that are non-dilutive. Comparing the cash treasury chart (below left) to
working capital (below right) underscores this clearly, OCI might not have finished its 1q25 with much cash
but it has plenty of potential liquidity.
ORX.v: Cash treasury per qtr
Second up, we note that new holding Kintavar, focus of the three-cornered deal along with XXIX, is still
halted for trading and its share price is stuck at 1.5c. That should move up once the market authorities have
lifted the halt.
Finally this week, on Tuesday May 20th OCI’s neighbour to its McGarry property, Gold Candle, reported (3)
drill results from its ongoing development program and notably, it’s been drilling right up at its border with
OCI at McGarry. Gold Candle is one of the reasons to be newly excited about the latent asset value at OCI, as
you may recall it has recently seen a change in management and Pierre Lassonde has taken over as CEO. Still
a privco, the day Gold Candle goes public is a day when plenty more eyeballs will fall on this corner of the
7
333.0 180.0 264.1 183.1 353.6 832.5 139.3 211.6 490.6 865.5 229.5 184.5 335.5 221.4 338.3 668.2 41.1 979.0 227.1 242.1 735.0
720.0
8
7
6
5
4
3 2
1
0
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/IKN ests
srallod
fo
snoillim
ORX.v: Working Capital per qtr
767.0- 697.0- 22.1 31.1 688.5 556.5 535.5 595.7 961.8 354.7 218.6 841.6 403.6 160.6 693.5 159.6 773.2 35.7
139.51 88.51
188.21
369.51
20
18
16
14
12
10
8 6 4
2
0
-2
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/IKN ests
srallod
fo snoillim

mining world and as we’ve laid out in previous editions, if Gold Candle is serious about bringin its Kerr-
Addison property back into production it will almost certainly want to make a deal with OCI for its
infrastructure, geology, existing gold resource and a very usefully located tailings facility. A deal struck
between OCI and Lassonde’s new vehicle could double OCI’s share price overnight (at the very least) and for
a property that’s getting either scant or zero value attached to it at the moment.
It’s not a perfect stock to own as the tiny market cap and very thin trading doesn’t make it a popular choice
among the great and the good of ther Canadian stock market scene. But the number of ways OCI could
deliver a win, a significant win at that, plus its backbone of value cash value per share tied up in its holdings,
plus the managwerial attitude that wants to make it a core position and attractive as a way of entering funds
to the entire suite of Ore Group companies, mean it’s very easy to be patient as long as you’ve bought the
amount you want already.
Eldorado Gold (EGO): Another one I enjoyed last week, up 11% on sustained buying from a markt that
may at last have worked out the impressive bang-per-ounce and baked in growth EGO offers people smart
enough to pay under U$20 a share. EGO has been too volatile for my taste (so far) and Q1 was a mess, but
Q2 has seen it start to move in the way I expected when opening the trade in 2024. It really wouldn’t take
much to see this trade a lot higher. Espite the great mve this week, there’s no real news to report on the
company so the note is kept brief.
Lumina Gold (LUM.v): As the documentation went out to shareholders for the merger last week, I was
somewhat surprised to see LUM rally to C$1.24 last week, just three cents away from its agreed price with
CMOC and on some lumpy buys, too. That’s tighyt to the arb and the market may be suggesting that the
previously mooted unlikely-not-impossible chance of a competing bid may turn up isn’t so unlikely after all.
Honestly, I cannot see a third party step up at this stage but there is a non-zero chance that the Chinese are
now being pressured to sweeten the deal a little, which may account for the action we saw. I’m still holding
all my shares, still trying to stay that way into the closure, but may still use this position as a piggy bank I
decide to buy something else (e.g IAUX).
Latin Metals (LMS.v): With the closure of it C$1.33m LMS.v: Shares Out
capital raise last week, we now have a more accurate
shares out figure of 121.914m for the company. Trading
continued to be slow and low volume in the stock. I’m
uninterested in buying at these levels and will consider it if
LMS goes through one of its periodic selling periods, as it
only takes one or two medium sized liquidators to push
this stock price back down to the 10c line. With nothing
doing at Esperanza and the wait for permits at Organullo
(Anglogold JV) taking longer than expected, those sellers
could turn up at any moment. Watch List only, for the time
being.
Amerigo Resources (ARG.to): A defensive play
isn’t supposed to be this attacking. The comparative
chart of ARG versus spot copper (blue) and the mian
copper ETF (COPX) shows that this small dividend
payer with lacks nothing against the more leveraged
and speculative plays, it even manages to keep up
with Comex trading surges in the metal. If you want
to join the dividend fun, make sure you’re bought in
by this Friday as the stock goes ex-divi on the 30th for
the standard 3c payout.
Mene Inc (MENE.v): Down by the most of any
holding last week, MENE saw a big seller turn up
midweek and dump half a million shares onto its thin
8
308.64 300.84 470.84
692.75 686.75 686.75 686.75
296.96 917.07 674.17 674.17 674.17 674.17 674.18 674.18
7.901 7.901 28.901 19.121
130
120
110
100
90
80
70 60
50
40
30
20
10
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3
source: company filings/IKN ests
serahs
fo
snoillim

market, results as you can imagine. Once MENE reports its 1q25, we’ll run an update on its financials. That
should happen in the next couple of weeks.
The Copper Basket
After twenty-one weeks of 2025, The Copper Basket shows a loss of 1.67% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 593.62 2.16 51.0%
2 SolGold SOLG.to 0.13 3001.11 420.16 0.14 7.7%
3 Aldebaran Res. ALDE.v 1.90 169.914 322.84 1.90 0.0%
4 Arizona Sonoran ASCU.to 1.47 148.409 310.17 2.09 42.2%
5 Trilogy Metals TMQ.to 1.65 160.903 275.14 1.71 3.6%
6 Regulus Resources REG.v 2.05 124.659 268.02 2.15 4.9%
7 Hercules Metals BIG.v 0.55 253.391 157.10 0.62 12.7%
8 Faraday Copper FDY.to 0.74 205.336 151.95 0.74 0.0%
9 American Eagle AE.v 0.69 167.45 79.54 0.475 -31.2%
10 Hot Chili HCH.v 0.67 151.42 66.62 0.44 -34.3%
11 Element 29 Res ECU.v 0.63 124.181 62.09 0.50 -20.6%
12 XXIX Metal XXIX.v 0.11 258 34.83 0.135 22.7%
13 Pampa Metals PM.cse 0.16 172.61 22.44 0.13 -18.8%
14 Copper Giant CGNT.v 0.315 74.78 16.08 0.215 -31.7%
15 Kobrea Exploration KBX.cse 0.60 35.085 14.03 0.40 -33.3%
NB: All stocks in CAD$ Portfolio avg -1.67%
The rich get richer and the poor get poorer. An The Copper Basket 2025, weekly evolution
10.0%
interesting bifurcation has shown on the Stocks to 8.0%
6.0%
Follow table as most of the larger cap explorecos kick
4.0%
on, attract buyers and find themselves in the green (or 2.0%
0.0%
at worst UNCH), while with just one exception the -2.0%
bottom half of the table is a sea of red. Also largely true -4.0%
-6.0%
in the week’s movements, as all five of the losers -8.0%
-10.0%
(FDY.to, BIG.v, HCH.v, KBX.cse, PM.cse) are from the -12.0%
minnows while the ten winners (ATX.v, SOLG.to,
ALDE.v, TMQ.to, REG.v, ASCU.to, AE.v, ECU.v, XXIX.v,
CGLD.v) included all the stocks with a market cap of
C$250m or above. There were no major losers, the worst being Hercules (BIG.v down 8.8%), while to the
upside we saw strong gains in Aldebaran (ALDE.v up 21.8%) and XXIX Metal (XXIX.v up 12.5%). Overall, a
good week for the explorecos as long as they began with some critical mass and market presence.
As for copper-the-metal, all the action on Comex happened Friday and mostly in the afternoon, when the
arbitrage to LME suddenly surged from 8.9% to 11.2% and for the reason why, I’ll leave it to “Independent
metal analyst Tai Wong” as quoted by the website “Shanghai Metals Market” (SMM), a source I’m learning to
9
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52
source: IKN calcs

like for its unbiased style and useful content. Anyway, in the words of Mr Wong on Friday evening (4),
"Trump has been very active in the past 24 hours” and that’s the quote of the week as far as I’m concerned.
However, it’s not just Trump’n’Tariffs (Surf’n’Turf? Fish’n’Chips?) that move Dr. Copper, demand is showing
enough signals to be bullish in its own right. One of the things you’d want to see from a market keen to get
its hands on as much physical as possible is a price curve that moves out of normal contango and indeed,
modest backwardation has been the order of the day all this month (even as the Trump arbitrage reduced
from its peak. For those just joining us, backwardation occurs when spot prices for your commodity (e.g.
copper) are higher than futures contracts further out,
nearly always caused by near-term demand spikes.
It’s unlikely to last long (traders make sure of that,
playing the difference by shorting the near-dates and
pair trading by going long the longer-dated contracts)
but it offers another clue about the reality of copper
demand in the world’s biggest consumer country.
While we agree to a certain extent with the opinion
voiced by JP Morgan and noted in last weekend’s
edition (repeat quote), "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", that’s just one side of the price discovery
coin and if stocks are back to draw down mode in
Shanghai, end users who don’t want to pay the bull’s prices might end up having to pay up, no matter what
their preferences may be.
On that note, it’s time to dial up the regular segment on the week’s copper inventory movements, as yes
indeed SHFE is back to draw down mode. Data from Cochilco:
 After one week of pushback, the trend in world copper inventories got back to the 2025 normal last
week and the overall number dropped by 19,637 metric tonnes (mt) to close at to close at
421,797mt
 Last weekend at the Shanghai’s SHFE, we reported on a big and surprising uptick of 27,437mt to
stocks, putting the total back over 100kmt. That lasted exactly one week, as the 9,471mt that left
SHFE stocks between IKN835 and IKN836 means its total stock is back under the psychologically
important line, at 98,671mt. Therefore, we’re best treating last week’s add as a one-off and the
trend of sharp draw downs in Asia’s supplier of last resort is likely to go down further. See below
for a little more.
 However, LME stocks continued their established trend of shipping tonnes from Asia and seeing
them land in The USA, Trump Tariffs and all that. The total amount of copper held by LME
warehouses dropped by the trend of its stocks leaving Asia warehouses and going to North America
10

continues. This week LME stocks dropped by 14,650mt and once again, the rump of that came
from its Asia-locations (13,925mt). As bulls, the trend is clearly our friend here and while there
doesn’t seem to be many eyeballs on this dataset today, past history informs your author that it’s
highly likely to make panic-type headlines when stocks cross under the 100kmt line.
 Finally, Comex kept on doing its thing and accumulating stocks as tonnes arrived in the good ol’ US
of A, another 4,484mt added to bring its total to 158,401mt. We’re now on the brink of the
moment when Comex holds more metal than either of the traditional big two systems, LME and
SHFE, it may even arrive in time for next week’s month-end snapshot charts.
The dedicated SHFE tracking chart shows the single blip the week before last has done nothing to alter the
overall trend and now 2025 is tracking closely to the 2023 line. That implies a real world stockout in SHFE
warehouses for the second half of this year and yes, that’s bullish.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
11
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
You may recall that last week we quoted newswires sending out a bearish narrative on the sudden rise in
SHFE inventories and how we were quick to point out that “…correlation is not causation and some of the
inferences being made by market participants are too fast, too soon.” Sure enough, the same sources have
shut the devil up about on the subject and our observation, that “…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)” was
far closer to reality. Do what discerning people do, learn to hate mainstream media and not just for its
political slants.
Now for notes on a couple of our Basket component stocks:
Pampa Metals (PM.cse): Maybe they picked the wrong week to announce this drill assay (5), “Pampa
Metals Intersects 298m @ 0.54% Cu, 0.39g/t Au, within 570m @ 0.39% Cu, 0.24 g/t Au, at Piuquenes,
Argentina”, which was a decent enough continuation hit of its
porphyry target located next door to the Aldebaran (ALDE.v)
Altar project, as instead of rallying the stock slipped a penny.
But most notably, the next on Wednesday was met by a raft of
sellers, with the infamous House 33 (canaccord) keen on
getting as much paper turned into cash while the news was
hot. That’s not a great signal.
Regarding Piuquenes, it seems to be a valid target but so far,
results show relatively small mineralized porphyry which may
indeed be open at depth, but one glance at this visual supplied
with the NR is enough for the mind’s eye to draw a pit shell,
worry about strip rates and then consider its grade. Projects
and deposits are never apples-to-apples and comparing
Piuquenes to Altar is a prime example, as the grades seem to
be very similar but the scale and topography at Altar are far
more conducive to profitable open pit mining than what seems
to be shaping here. Add in the corporate move to merge with
Rugby Mining for its White Elephant Cobrasco deposit in Colombia (one of the many unpermittables in that

country) and it adds up to an easy pass, so seeing Canaccord so keen to move its shares to other places last
week was less of a surprise, more of a confirmation of my own suspicions.
Aldebaran Resources (ALDE.v): The big rally of the week was PM’s near neighbour in the Andean
Cordillera. ALDE moved higher from what looks like a little NGEX reflected glory, then consolidated the gain
on Friday when copper made its big move (chart right). All good
and it means I turned my nose up at the stock at the bottom of its
recent trading range…again…and missed out on a trade
flip….again.
I’ve added a red box to this 12 month chart below, which shows
the recent ALDE trading range and how its run tends to tire at
C$2.00 and above. I’d agree that smart traders could flip that
range, but for one thing ALDE doesn’t do a great dela of volume
(so why should smart fliptraders care?) and for another, one
person’s trading range is another’s No Man’s Land and if I’m going
to re-buy ALDE, I’d want the raging bargain numbers that would
show if the trend broke to the downside. Also and pourely
subjectively, after waiting for what seemed like forever and then bagging a near-200% win on the original
trade, I owe neither time nor brain space to this company.
Regulus Resources (REG.v): As if by magic, the mention made of a lack of news out of REG in 2025
turned into this (6) on Tuesday May 20th, the first NR from the company in six and a half months. In it, we
learned that Nuton tests are ongoing, initial results were good in some circumstances while poor in others,
and REG+RTZ has started a second round of column leach testing. That last point is the most important, as
column leaching of sulphide material takes time and REG just bought itself the rest of the year to keep quiet.
Along with that, the company told us what it could about the collaborative agreement with ngihbour
Coimolache on its Integrated Sulphide Project, though again failed to mention that Coimolache is currently
permitting its own wholly-owned project and has no need to run with AntaKori if it so desires. You may also
note that due to the contract with Coimolache, they can only release results of the JV project if its partner
allows and I will bet you a one hundred dollar bill to a donut that we hear nothing else about this in 2025.
Finally, you may also note what was not said in the NR, anything mentioning the word “drill”. REG is trying to
limp through 2025, hoping you won’t notice its project inertia and there’s only one logical reason for that; its
“collaborative” partner wants its neighbour’s progress to be as slow as possible
American Eagle (AE.v): Further to last weekend’s note on AE and our comment that “…all the attempts at
creating buzz haven’t done a single thing to a rather boring looking share price”, three things:
1) On Thursday AE announced (7) that its “…30,000 metre Drill Campaign at NAK is Underway”, more noise
forthcoming, again with a lack of share price movement and reinforcing our stated opinions.
12

2) Expanding last week’s featured chart to 12 months, we see that there’s only been one moment when it
was worth holding these shares, i.e. coming out of Q3 and into Q4 when its main assay results came back. As
AE has started earlier this year and has a bigger campaign planned, we should expect significant results to
start flowing a little earlier in 2025 compared to last year, but apart from that the house theory is “let’s do
the same this year”. Your author managed to bag some of
that move, buying at 43c in August and selling at 69c in
October last year, which left cash on the table for someone
else but with hindsight, wasn’t a bad trade.
3) Putting these pieces together, 2025 is shaping up to be a
critical year for AE at NAK. After a year in which nothing
much happened and a 2025 which is coming up to half a
year of all-hat-no-cattle, it needs to impress us with several
thousand of the 30,000 metres it’s putting into NAK in 2025
and due to that, I’m going to second-guess that the most
obvious trade is to hold into the first set of drill results. This
would also require the right entry price and something
around the low-40c level would be reasonable, but for the time being there’s no riush to position and no need
to pay the top of the range that’s been in place since the disappointing January assay numbers put a
dampener on the speculation.
Bottom line: AE.v is a live trade prospect, but for me it’s strictly near-term speculative until otherwise
informed. Don’t be surprised if I get mercenary and buy a few going into the hot months up North.
The Producer Basket
After 21 weeks of 2025, the Producer Basket shows a gain of 46.39% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 60.46 53.65 44.1%
2 Agnico Eagle AEM 78.21 497.971 58.57 117.62 50.4%
3 Barrick GOLD 15.50 1748.05 33.34 19.07 23.0%
4 Franco-Nevada FNV 117.59 192.119 32.25 167.86 42.8%
5 B2Gold Corp BTG 2.44 1313.11 4.41 3.36 37.7%
6 Eldorado Gold EGO 14.87 204.909 4.06 19.81 33.2%
7 New Gold NGD 2.49 790.9 3.40 4.30 73.4%
8 OceanaGold OGC.to 3.98 708.074 3.06 6.00 50.8%
9 Sandstorm SAND 5.58 296.844 2.60 8.75 56.8%
10 Wesdome Gold WDOFF 8.98 149.891 2.04 13.62 51.7%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 46.39%
Last weekend we reported a week-over-week drop in gold of 4.1% and all ten of our Producer Basket stocks
were losers. This weekend it’s not just the opposite but reversal plus one, as gold rallied by 5.3% and all ten
of our stocks bouncing, with the average gain clearly better than the previous week’s losses. Just goes to
show how you gotta keep dancing til the music stops.
The 2025 Producer Basket: Weekly performance and
55% comparative to GDX control
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
13
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead)
9%
ikn 8%
gdx control 7%
6%
5%
4%
3%
source: IKN calcs 2%
1%
0%
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52
source: IKN calcs, NYSE data

Big winners among the ten include New Gold (NGD up 14.1%) B2Gold (BTG up 13.9%), Wesdome (WDOFF
up 13.3%) and Eldorado (EGO up 11.0%), four stocks that were included in this year’s list specifically for
their leverage compared to the GDX median. As a result, we’ve shaved a little more off our deficit to GDX and
by some minor miracle, the gap is down to just 2.62%. For the first time since early January, there’s genuine
hope that our beat-the-street winning streak continues this year.
Barrick Mining (B) (ABX.to): When I sold my turn-of-year fliptrade in Barrick Gold (GOLD) (ABX.to) for a
modest 16% profit back in February, it was a U$18.26 stock. Today It’s a U$19.07 stock and has added 4.4%
so yes, it’s up since then and I would have made more money by holding on a while longer. On the other
hand I probably wouldn’t have bought as many Lumina Gold (LUM.v) or Gold Royalty Corp (GROY), but what
really stands out is that in the time B has put in that extra, gold (GLD proxy) has added 16.3%. To make sure
the message sinks in, in the same three-and-a-bit period of 2025 to date, Barrick is up 4.4% while gold up
16.3%. So large, so media-friendly, so mediocre. Barrick.
Five big movers: Here are some week-over-week moves including a note on each stock:
 New Gold (NGD): Up 14.1% on no news
 B2Gold (BTG): Up 13.9% on no news
 Wesdome (WDOFF): Up 13.3% on no news
 Eldorado (EGO): Up 11.0% on no news
 Agnico Eagle (AEM): Up 10.5% on no news
When a whole bunch of established gold producers make similar sized big gains on no news, it can only be
generalist money entering the sector and the argument covers most of the Tier 1 and Tier 2 names with the
potential exception of the more defensive royaltycos (which also did well, merely less so).
The TinyCaps List
After 21 weeks of 2024, the TinyCaps show a gain of 1.43% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 133.87 8.70 0.065 -61.8%
Condor Res CN.v 0.145 141.155 14.82 0.105 -27.6%
Electrum Disc ELY.v 0.13 98.99 4.95 0.05 -61.5%
Endurance Gold EDG.v 0.145 174.5 31.41 0.18 24.1%
Kodiak Copper KDK.v 0.39 75.92 34.16 0.45 15.4%
Latin Metals LMS.v 0.08 96.476 12.54 0.13 62.5%
Mogotes Metals MOG.v 0.13 268.9 49.75 0.185 42.3%
Radius Gold RDU.v 0.085 107.41 11.82 0.11 29.4%
South Star STS.v 0.55 52.64 20.27 0.385 -30.0%
Viva Gold VAU.v 0.14 145.53 24.74 0.17 21.4%
Prices in CAD$, data from TSXV basket avg 1.43%
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.
14

On peut pas oublier l’ennui, as another week of little moves in little stocks with little change goes into the
books. The count of five winners (EDG.v, KDK.v, LMS.v, MOG.v, VAU.v) to four losers (BRO.v, ELY.v, RDU.v,
STS.v) with one stock unchanged (CN.v) slightly favours
the heroes, but the biggest upside move in Viva (VAU.v up 6% TinyCaps, 2025 weekly tracker
9.7%) and biggest downmove Radius (RDU.v) means 4%
nothing much happened either way and on the week, the 2%
0%
basket average added just 0.26%.
-2%
-4%
Barksdale Resources (BRO.v): A month ago in IKN831 -6%
-8%
we added a brief mention of the convertible debt deal
-10%
(Delbrook Capital) closed just days before and the
weekend price of 11c on tiny traded volumes. This week
we consider the way the share price has collapsed to 6.5%
and the death spiral look of that particular financing
round. BRO looks for the world like a broken story and the way in which the persistent selling is driving it
lower smacks of the classic Crescat M.O.
Radius Gold (RDU.v): The reason we included this perennial money pit stock in thr 2025 TinyCaps basket
is its relatively new Tierra Roja project in South coastal Peru and at the time it added the project to its suite
in September it expected the process for drill permitting and access would be (and we quote), “simple and
rapid. Radius plans to start the permitting process immediately and expects to have drill permits in less than
6 months.” (8) We’re now eight months on from that “less than 6 months” and the last time we heard from
RDU on the drill permits was four weeks ago, when it told us this on April 29th (9)
“…the Company has contracted GC-Ground geophysical consultants to conduct a focused Induced
Polarization (IP) and Resistivity survey at Tierra Roja. This program is expected to commence within the
next month. Radius is also confident that drill permits will
be received within this same time frame, keeping the
Company on track for an initial drill program within the
next months.”
Whatever “within the next months” turns out to mean. The
12 month chart shows first how this 8c and 8.5c stock
became a 10c stock on news of the Tierra Roja acquisition,
then the pumpo in early February when the company
launched its “online tour” of the property and again dropped
a hint that permits were close to expedition, a case study
on how tinycaps can keep diniing out on dreams. I expect a
NR from RDU in the days to come, blaming the government
for its slow permitting process and claiming complete
innocence in its business practices. Ridgway is as Ridgway does, after all.
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.
15
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52
source: IKN calcs, TSX data

Regional politics
Bolivia: The election campaign begins
The inscription period is over and the main news last week revolves around Evo Morales, who failed in his
attempt to get his name on the ballot. His supporters have vowed to stage massed protest marches across
the country as from tomorrow Monday 26th to demand the resignation of President Arce and the country’s
Supreme Cout judges (no less) and the inscription of their leader, with Morales approving of their
announcement. That got the Arce government accusing Morales of trying to stage a coup and destabilize the
country, it also saw the legitimate left wing candidates accusing Morales of trying to sabotage the election
and hand the country over to the right wing.
Meanwhile there is potential drama brewing as left wing frontrunner Andrónico Rodríguez’s inscription was
not accepted and needs to go to appeal this coming week. Rodríguez took to the airwaves claiming potential
dirty tricks and saying that the electorial authorities are “playing with fire”. We expect the relatively minor
irregularity to be sorted out on Tuesday and his candidacy accepted, but this is South America and anything
can happen so it’s one to keep an eye on. So if we assume Andrónico Rodríguex gets on the ballot, we have
ten candidates fighting for Bolivia’s Presidency on August 17th: They are:
 Eduardo del Castillo (Movimiento Al Socialismo - MAS)
 Andrónico Rodríguez (Alianza Popular)
 Jorge “Tuto” Quiroga (Alianza Libre)
 Samuel Doria Medina (Alianza Unidad)
 Manfred Reyes Villa (Autonomía Para Bolivia – Súmate)
**********************************************************************
 Rodrigo Paz (PDC)
 Jhonny Fernández (Alianza La Fuerza del Pueblo)
 Paulo Rodríguez Folster (Libertad y Progreso)
 Jaime Dunn (Nueva Generación Patriótica)
 Eva Copa (Movimiento Renovación Nacional – Morena)
That row of asterisks exists because the first five names are most likely to be the ones that matter. To the
left we have the aforementioned Andrónico Rodríguez, likely favourite on that side of the political spectrum,
with Eduardo del Castillo the official MAS Party candidate (Arce, stepped aside two weeks ago). Meanwhile on
the right side of the political spectrum we have three established politicos in Tuto Quiroga, Samuel Doria
Medina and Manfred Reyes Villa. Of the three, the best positioned is most likely Samuel Doria Medina (from
the biggest party and personally rich, so ample campaign funding won’t be an issue for him). We won’t get
decent voter intention polls for a while, but for the moment our default scenario (with perhaps 60%
confidence) is Andrónico Rodríguez going into a second round run-off against Samuel Doria Medina.
Our interest in Bolivia’s election is driven by capitalism, there may be a lucrative trade if things pan out well
for mining stocks and the right take control of the country, but there’s zero rush to get positioned and until
the round one vote (or perhaps just before) it’s watching brief only. Our first observation will be next week,
to see whether the promised massed rallies to support Evo Morales materialize and whether they cause any
chaos. I’m betting the under on both, chances are his rhetoric is empty these days. We’ll see.
Argentina: ArMinera and the first mining project approved under RIGI
A couple of moments in the Argentina mining scene last week, aside the big drill hit from Lunahuasi (see
below). First we had the country’s main mining get-together of the year, Arminera 2025 in Buenos Aires (at
its main conference centre) and a record 18,800 attended its three days. And in news unlikely to be a
coincidence, one Day One of the gig Milei government announced (10) the approval of the first mining
project for its RIGI tax incentive investment program. Until last week, just two of 13 projects that had applied
for RIGI had gained approval (a hydrocarbons project and a solar genrweration project) and last week, the
U$2.7Bn Rincon lithium project owned by Rio Tinto (RTZ) became the third one to pass the line. There are
still six mining projects in the application phase for RIGI and four of the six are in the lithium space. They are
(11) the Galan lithium project (U$217m), the Posco Argentina Lithium project (U$633m), the Ganfeng lithium
project (U$273m) and the Rio Tinto Sal de Vida lithium project (U$600m). That leaves the only two hard rock
projects to apply so far, namely McEwen Mining's Los Azules copper project (U$227m) and Minas Argentinas
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Gualcamayo gold project (U$1Bn). However and according to this Bloomberg Linea (Spanish language
service) report from the sidelines of ArMinera 2025 (12), at least two of those six projects have not reached
the basic criteria required by RIGI for approval. The rumour doesn’t name the exact companies (and the
source was anonymous), but considering the McEwen Mining Los Azules project is far larger than the
U$227m application price and has a development timeline to production that runs outside the current limits of
RIGI, one cannot help but wonder whether that’s one of the projects hitting paperwork problems.
More Argentina: Milei passes a major test with Argentina’s middle class
Last weekend didn’t include a mention of the election going in in Buenos Aires Argentina at the time, known
as the “legislativas porteñas” which elected 30 seats in the city’s automonomous parliament, mainly because
a mining publication has to draw the line with generalist politics somewhere and what was essentially shaped
as a local election on local issues didn’t make the cut. The vote only covered what we on the outside know as
the “City of Buenos Aires” (Capital Federal), and was not open to people living in “Gran (Greater) Buenos
Aires” or Buenos Aires province, there were around 3m people eligible to vote and of those, just under 1.5m
turned up at the booths. As Buenos Aires has very little to do with mining I kept it on my own radar without
writing it up, however and to the surprise of many (including most pollsters and local analysts), by Monday
morning and the results it was more significant for Argentina’s national politics than expected (we can even
argue internationally).
We’re still not going into the weeds of the vote today, instead the job is to highlight the significant shift seen
in Buenos Aires city in these city elections and this picture (from here (13) paints the requisite thousand
words, showing the last five election results by party victors in each sector of the city, plus the result last
weekend in 2025:
Things to know:
 The City of Buenos Aires (Capital Federal), particularly its centre and its Northern end, is the middle
class bastion of Argentina and votes differently from the rest of the country. It’s the place where the
right wing holds strong and until last week, the Maurio Macri PRO party dominated the scene.
 The South of the city is more working class and will often vote up the left wing (the Peronist PJ party,
the Kirchnerist parties, etc). That shows in the lbight blue on the maps above-
 Which brings us to 2025 and the way Macri’s PRO party was, quite literally, wiped off the map. To
the South we saw an improved showing from the Peronist PJ party, the natural opposition to Milei.
However, the big news is how Milei’s La Libertad Avanza (LLA) has replaced the PRO party in the rest
of the city and in the process, confirmed the positive view Argentina’s middle class has of its new
President as well as his party.
Of course, it’s more complicated than that because it always is; The “Porteño” (colloquial for resident of
Buenos Aires City) election was run on its own policies, thee poor showing from Macri’s PRO party was also
due to its own mediocre campaign, there were also specific personalities that affects the result, along with
some dirty tricks/negative campaigning in the mix. Like I say, it’s more complicated but with that said, the
17

result and the way in which the orthodox right wing PRO was taken to the cleaners and replaced by Milei’s
brand of Libertarian-ish policies (another long story) is a strong endorsement for the President and his
policies as we move toward November and the politically important midterm national legislative elections (a
vote that we have mentioned on these pages previously, as it’s a de facto referendum on the sitting
government).
Ecuador: Noboa begins his new term
As from yesterday Saturday 24th May, President Daniel Noboa started his second and full term of presidency
and what’s more, a couple of rather politically adept moves have seen him gain majority (though not 2/3rds)
control of votes in the country’s Assembly (parliament) so he will probably be able to get most of his law
projects onto the books as well, at least until the loose alliance he’s formed falls apart. The main part of the
weekend show was his inaugural address, which I had in one eaer while writing on other matters just in case
he got onto the subject of mining. He didn’t, with the only reference coming about the nuclear sector, a bit of
a surprise in itself. Faced with the potential of more power brown outs and blackouts if the country goes
through the same type of drought it saw in 2023 and 2024, Noboa announced that (translated) (14) “The
Nuclear Energy Law will be presented (to parliament) and a new efficient model for the electricity sector,
opening the door to the future and guaranteeing an adequate coverage of electricity demand in the country.”
As Ecuador has no identified uranium deposits, peresumbly any new nuke plant will get its yellowcake
imported.
Meanwhile last Monday, the Dundee Precious Metals (DPM.to) Loma Larga project made headlines when
Ecuador’s Chamber of Mining (CAEM) announced (15) this:
Canada's Dundee Precious Metals has advanced its Loma Larga gold project in Ecuador following
the completion of a government-mandated consultation process affirming community support.
The project is now focused on obtaining the necessary environmental license, which could allow construction to
commence before the year's end. Maria Eulalia Silva, the executive president of Ecuador's Mining Chamber,
hailed the consultation as a historic milestone, emphasizing its alignment with Convention 169 of the International
Labour Organization. The Loma Larga project is anticipated to attract between $400 million and $500 million in
investments and generate approximately 1,500 direct jobs, primarily benefiting local residents.
The only problem? It’s total BS. This was not an official government announcement, instead it’s the CAEM
taking things into its own hands and trying to make out the highly dubious prior consultancy meeting
conducted by the company back in January, an event we reported on in IKN818 “Ecuador: Be selective” and
IKN819 “Ecuador: Mining company trickery”, coverage that ended with these words:
“In this case, DPM is actively part of a deception that is trying to circumvent a legally required process
by going behind the backs of the very people they are supposed to “inform freely and fairly”. No one is
innocent.”
Unsurprisingly, when hearing of the CAEM unilateral decision to make it sound as if Loma Larga had gained
local approval, a long list of Azuay and Cuenca social leaders and groups hit the airwaves to explain about the
deception being attempted by CAEM. So, dear reader, do not think for a moment that the DPM Loma Larga
project is going to get its necessary approval and even if it does get the necessary piece of paper in an office
in Quito, it’s still going to face enormous local pressure and protest. We’ll see if Noboa wants to risk his newly
formed parliamentary alliance on something as unpopular as this project.
Market Watching
AbraSilver (ABRA.to) cuts an impressive hole
As noted in Stocks to Follow above, our #1 silver play AbraSilver Resource Corp (ABRA.to) came out with drill
assay news last week (16) that wowed the market and caused a bona fide price breakout for the stock,
moving it from C$3 to C$4 and all on strong volume. It’s the kind of price move you look for from a main
holding and I couldn’t be happier with the way this trade is starting to shape up, with the house C$5.74 price
target perhaps ambitious but for me perfectly reachable in the event of the most likely exit strategy, the
buyout next year.
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The NR headlined with “AbraSilver Drills Best-Ever Gold
Intercept at Diablillos; 31.0 Metres Grading 10.0 g/t
Gold Including 6.0 Metres at 41.9 g/t Gold” and indeed
those are “best ever” results from the project. However,
we also need to acknowledge that they weren’t quite as
shocking and unprecedented as many observers would
have you believe due to the location of the hole in
question. Here right is the schematic of hole DDH-25-
024 as featured inlast week’s NR and as you can see, it
was put in the edges of the Oculto zone at Diablillos,
the original target zone when ABRA started work at the
project coming on for ten years ago. The juice of the
intercept was deep and where the current pit shell cuts
off tonnages, so we can fully expect the shell to expand
somewhat when the company updates its 43-101 compliant resource model in a few weeks’ time (due “mid-
2025”).
Thing is, that’s the type of hit (in general terms at least) we’re used to seeing from deeper Oculto. Way back
in IKN675 dated April 24th 2022, when first opening coverage on ABRA and taking a small position (which for
macro silver reasons we sold soon after and took a small loss), one of the main reasons for the speculation
was the promise that the lower reaches of the main Oculto zone of Diablillos offered. This visual (below) from
that IKN675 report came from the company literature at the time and as you can probably make out, the
company had already identified and drilled into the so-called “Tesoro (Treasure) Zone” and “North East Zone”
of Oculto, finding strong grades of gold and silver at depth. Indeed, it was the elevated gold levels that set
the deeper mineralization apart from the original discovery and resources at Oculto, featuring the bulk
tonnage of low grading mostly silver mineralization.
The above map also features a delineated pit outline that cuts off to the right, wehich shows the age of the
visual as this was before the discovery of the JAC zone, the long offshoot that has been the main focus of
ABRA at Diablillos in the last couple of years. Thanks to the JAC zone, the pit shell has expanded considerably
and has added considerable tonnage, but its largely silver bias means ABRA hasn’t seen its gold endownment
grow at the same pace as before. We can get a grasp of this by considering the evolution of the 43-101
compliant M+I resource at Diablillos as reported in its sequence of 43-101 reports:
 2018: 80.3m oz Ag 0.732m oz Au
 2021: 90.165m oz Ag, 1.002m oz au
 2022: 109.37m oz Ag, 1.297m oz Au
 November 2023: 148.275m oz Ag, 1.36m oz Au
Until 2022, while ABRA was focused on drilling and understanding Oculto, silver and gold resource grew
roughtly in line with each other. But then when JAC became the target they managed to add nearly 40m oz
of silver to the resource while gold improved by under 70k oz. So with JAC now delineated ABRA has gone
back to Oculto, drilled the deep zone and by way of a win, got to report what it reported last week.
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Here’s another visual from IKN675 in 2022 showing a recent hit at that time in the lower reaches of Oculto,
first going through a long 140m width of high grading silver (140m of 219 g/t Ag, including 13m of 950 g/t
Ag), then further down hitting 12m of 4.4 g/t gold.
This excellent cut shows that we knew about the high grading deep zone at Oculto and as last week’s cut
was less than 150m from that drill hole, it’s not so much of a surprise to find the same type of strong widths.
All this goes to show what a difference timing and market sentiment makes. For long-term watchers of ABRa,
last week’s drill assay was impressive but not that much of a surprise, we knew they were drilling into a rich
target area. But ABRa in 2025 is a different proposition to ABRA in 2022, there are more eyeballs on the
stock, a lot of them are fairly new to the story and used to seeing the good silver hits from JAC, not the
bonanza gold numbers from the lower reaches of Oculto. But with all that said about the way the market
reacted last week, I’ll still take it! Diablillos is a great property, highly prospective and with plenty more to
offer from exploration drilling, even as we approach the next 43-101 resource update (due in a couple of
months’ time) that will form the basis of the FS and eventual build decision planned for this time next year
(to make sure Diablillos qualifies for RIGI). Very happy holder, no reason to sell until the C$5 handle arrives.
NGEx Minerals (NGEX.to) cuts an impressive hole
That title may be an understatement, but it fits with the note on ABRA above so we’ll go with it. Mention
must be made this weekend of the holes reported by NGEx Minerals (NGEX.to), now the main exploration
arm of the Lundin Group of companies working in the rich Lundin Group zone, Vicuña in San Juan Argentina.
NGEX is in charge of the Lunahuasi target, here’s (8) what they told us on Wednesday, May 21st
NGEx Discovers Major Copper-Gold Porphyry System at Lunahuasi, Drills 1,619.4m at 0.87% CuEq
including 876.4m at 1.13% CuEq
In fact that title line result is one of two holes disclosed in the NR and in other circumstances, the “lesser”
hole reported by NGEX would have been an impressive hit. DPDH029 offered 823.1m at 1.17% CuEq and
considerably expanded the mineralized envelope at Lunahuasi to the South, that’s the right length and width
to make for a mine.. However, it was DPDH027 that made the headline and made the eyes pop, here’s how
NGEX presented the cut in its bullet points at the top:
 1,619.40m at 0.87% copper equivalent ("CuEq") from 385.60m, including:
 876.40m at 1.13% CuEq from 385.60m in disseminated, stockwork and lode high-sulphidation mineralization,
including:
 205.05m at 2.04% CuEq from 590.65m, plus:
 743.00m at 0.56% CuEq from 1,262.00m in porphyry-style mineralization cut by discreet high-sulphidation zones,
including:
 18.00m at 2.68% CuEq from 1,343.00m
 17.80m at 1.23% CuEq from 1,495.20m
Those are great numbers for sure, but it’s not the first
time we’ve seen eye-popping results from a Vicuña project
in this zone. They’ve comes from Josemaría next door,
from the now world famous Filo and also from NGEX and
the high grading High Sulphidation mineralization that’s
been the focus of work until now at Lunahuasi (which for
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what it’s worth is a combo of the Spanish for Moon and the Quechua for House, so “House of the Moon” if
you like). However, it got many people to react the same way I did when the results NR hit the wires on
Wednesday morning (see Twitter screenshot above right). This wasn’t any old strong drill NR, it was a true
game changer. However, the market took a while to cotton on to its significance as, when trading started on
Wednesday morning, NGEX.to stock spent the first hour up 3.75% at $12.75 and got my to follow up on my
pre-open Tweet with this:
But then the penny finally dropped and as the ten-day price chart (below left) shows, NGEX blasted off from
that initial C$12.75 level and spent the rest of the week over C$14, eventually closing Friday at exactly
C$15.00 and, as the 12-month version below right shows, that’s a new ATH for the stock:
To understand why this is no ordinary big hole, we first consider the drill map for DPDH027 along with the
CEO comment, as seen in the NR. Here’s what CEO Wojtek Wodzicki had to say about the hit:
"Drillhole DPDH027 opens up an entirely new dimension of the Lunahuasi project, adding to the
potential of what this giant mineral system will ultimately become. The possible presence of a large
copper-gold porphyry system associated with the high-grade vein-hosted HS mineralization has been a
part of our geological interpretation from the beginning, and we have now confirmed that we were on
the right track. While our near-term exploration efforts will continue to target the unique high-grade vein
system which we view as having the most important immediate potential, the presence of a porphyry
system significantly increases the long-term value of the project.
We continue to successfully expand the HS system, and drillhole DPDH029 extended mineralization by
over 400m to the south of hole 27. The north-south dimension of the key high-grade zone has now been
expanded to over 1,100m and remains open in all directions. Hole DPDH029 ended in mineralization in
argillic alteration associated with the high-sulphidation system overprinting early porphyry veins. This
21

provides a clear vector indicating that the porphyry lies to the west of the end of this hole, some 500m
south of the intersection in DPDH027, confirming its location and size potential."
And here’s one of the visuals, also from the NR:
There is another angle to NGEX at its Valle Ancho target, but in general terms up to now NGEX has derived
its valuation from its two major deposits:
1) Los Helados: Located close to the working Caserones mines, just over the border on the Chilean side of
the Andean Cordillera, but still just a few clicks from Lunahuasi as the crow flies, Los Helados is 69% owned
by NGEX. The minor JV partner Japan’s Nippon Caserones Resources, with several insto-level big name
Japanese companies in that consortium. Los Heldaos has been under exploration for many years and is one
of the better defined deposits in the high Andes. Here’s how NGEX sums up the resource on its website:
The most recent Mineral Resource estimate for the Los Helados project, effective as of October 31,
2023, at a cut-off grade of 0.33% CuEq is comprised of 2.1 billion tonnes at 0.40% copper, 0.15 g/t
gold and 1.5 g/t silver, containing 18.4 billion pounds of copper, 10.2 million ounces of gold and 97.5
million ounces of silver in the Indicated category, and an Inferred Mineral Resource estimate of 1.1
billion tonnes at 0.34% copper, 0.10 g/t gold and 1.4 g/t silver for 8.2 billion pounds of copper, 3.6
million ounces of gold and 50.2 million ounces of silver. The deposit contains a higher grade core at a
cut-off grade of 0.60% CuEq of 510 million tonnes at 0.72% CuEq (0.56% copper, 0.21 g/t gold, 1.8
g/t silver).
So that’s an all categories 3,2Bn tonne deposit containing 26.6Bn lbs copper, along with significant gold and
silver kickers. That’s very big indeed, but the relatively low grade and notably high cut-off tells us those by-
products are needed for the economics to work at such a remote location. Indeed, it’s the low grade that has
stopped Los Helados from moving into production over the years.
2) Lunahuasi High Sulphidation: Until last week, the 100% owned Lunahuasi was all about its very richly
grading high sulphidation target which NGEX has been drilling out since early 2023. In that time, multiple drill
holes have hit very high grading copper mineralization, with typical widths of 50m and grades that fluctuate
between 5% and 23%, even as high as 40% and above in specific zones. We don’t have a 43-101 compliant
resource count on the HS mineralization yet, but what we do know is that it comes with a high arsenic level
and as such, would need extra care and consideration if it were ever borught into commercial production.
That’s the high-level overview and also the reason NGEX holds these two deposits, located close to one
another geographically but very different geologically, with one very large, bulk and low grade and the other
high grade but with high levels of deleterious elements that could cause problems at the moment you
produce, market and sell a concentrate. The chalkboard solution to this at NGEX to date has been to combine
the two deposits and kill two birds with one metal-endowed stone. By mixing the high grade and high As
22

Lunahuasi with the low grade but relatively clean rock at Los Helados, the eventual owner/operator of what is
now NGEX could theoretically bump up the head grades at plant and make its feed far more economic, while
diluting down the As contamination to levels that customers (e.g fussy Japanese smelters) can accept. The
high level plan has always faced an issue with that international border and the complexities of deal with two
countries for one mine project (for more details, ask Barrick about Pascua Lama) but it’s been a reasonable
and acceptable idea to most and has never stopped the NGEX share price from appreciating. However, last
week’s hit changes everything because suddenly, Lunahuasi may be able to provide its own bulk
mineralization to water down its high grade HS and make a fully self contained mine capable of running at
very high tonnages. What level of annual throughput is yet to be established and that will depend on the
follow-up drilling done at this new porphyry discovery at Lunahuasi, but on first impressions and considering
the scale its (very successful) geology team is placing on the porphyry considering the map worj, it could be
very, but very big indeed and run into the multi-billions of tonnes.
However, that’s only one aspect of what this new drill hit might mean as if we zoom out slightly and take in a
visual from a previous NGEX presentation deck…
…we’re reminded that the BHP/Lundin JV Josemaría project, then just next to that the highly impressive Filo
project also in the same BHP/Lundin JV right next door, are just 8km away from Lunahuasi as part of the
greater Vicuña zone controlled by the Lundin family in its various corporate guises. Josemaría is now in pre-
construction phase with the build decision green light and construction set for some point the first half of
next year, that according to José Morea, project manager in Argentina for the Lundin/BHP JV in charge of the
Josemaría/Filo end of the Vicuña zone.
Which suddenly widens the view even further: We knew Vicuña was becoming a new copper camp of world
class size but now, with Lunahuasi showing the potential to be yet another standalone operation of
equivalent size to Josemaría/Filo that potentially leave Los Helados to be split away and operated by the
Caserones team in Chile (thereby solving that prickly border problem in the process), we’re looking at at zone
that’s already under development with the organic scalability to become the next La Escondida in size, scale
and eventual copper output. It’s way too early to make accurate estimates, but if we cut to 20 years down
the line with BHP and Lundin working and producing from three top–level world class copper pits in the same
zone, it’s not difficult to imagine the same level of 1.2m tonnes per annum that comes from La Escondida
coming from here as well. Put simply, that single hole into Lunahuasi has opened up the entire Argentina side
of the Vicuña district to the potential of becoming the world’s #1 copper producer and what’s more, the
world’s #1 mining company is already there and working to make it so.
With 207.017m shares out and a share price this weekend of exactly C$15.00 (the new ATH), NGEX.to
currently runs a market cap of C$3.105Bn, of around U$2.24Bn in the world’s lingua franca currency. That’s
an awful lot of money for an exploreco and the type of market cap I normally consider well out of the league
of this publication. I have been known to dabble in the occasional producer running equivalent market caps,
e.g. EGO at the moment and EQX fairly recently, but it’s one thing to have a multi-billion dollar market capper
intrude on your tinycap, smallcap and medium cap exploreco and junior world, quite another to have one at
U$2Bn+ valuation with no visible means of support from its own cash flow or operating profits. However, you
also get a company with a deep treasury of C$124.18m as at its last reporting period, March 31st. As the
balance sheet screenshot shows (below right), NGEX burns through its cash very quickly and spent around
C$37m in its 1q25 alone, with around C$33m of that expensed as seen. However, it’s all going in the right
place as C$29m of the C$36m went into developing Lunahuasi and nearly C$20m of that directly into the
drilling and support work for exploration. They are not hanging around up there and run on a budget that
companies like Aldebaran can only dream about.
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The bottom line: This isn’t a trade for me, it’s
market cap is too big for my personal comfort or for
the normal scope of The IKN Weekly and I say that
while being clear-eyed about missing all the fun at
Filo with the same mealy-minded attitude, watching
it climb and climb and then get taken out by
BHP/Lundin. The same fate may well be in store for
NGEX (or its potential Lunahuasi spinco, it tends to
do these things) and as such, you may want to
reserve the right to call me a darnfool further down
the line for not buying NGEX on the back of this
game-changfer drill result, the one that turned me
from a sceptic to a believer in its potential.
However, I will say that last week’s price move from
the mid-12s to a close of 15, one that added over
half a billion dollars to its market cap, was fully justified on what we currently know. I wish NGFEX the best of
fortune up there and if readers and subscribers of The IKN Weekly decide to buy into NGEX you won’t hear a
single word of dissent from this desk going forward. Every so often, a drill hole comes along which is
remembered for decades after. Arequipa Resources at Pierina had one, Diamon Fields at Voisey’s Bay had
one and Aurelian Resources at Fruta del Norte had one. The jury is still out, but hole DPDH027 for NGEX at
Lunahuasi may turn out to be the same level of importance.
Conclusion
IKN836 finishes with the standard smattering of bullet points:
 Don’t touch the controls! Or at least if you have to, make the touches light such as the potential sale
of a second string silver stock (AAG.v) because in this gold price environment, the most important
criterium is to remain fully bought the mining sector, no matter what your precise picks might be.
Allow gold its occasional correction as it contains its trend, ignore the naysayers and keep dancing.
 The bullish sentiment applies to copper as well, there’s a return to its positive sentiment in the air
and the good Doctor Copper retains its PhD level indicator ability for the rest of the industrials.
 I wasn’t the most bullish on Javier Milei before and at the start of his presidency, cynical as I was
about Argentina’s ability to enact and then suffer through the real changes required to turn its
crackpot economy into something resembling normality. However he continues to prove me wrong
and supply evidence that he’ll last through the tough years and get the count on true economic
growth for perhaps the first time since Peron himself was alive and last week’s elections, while
admittedly local in nature and as much about specific Buenos Aires Capital issues as a confidence
vote in the President, showed more hard evidence that Milei is winning through. He’s making a
believer out of your cynical author and I’m very happy to be corrected, especially when it’s people
people smarter than me.
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.youtube.com/watch?v=qfTlGMCeuDE
(2) https://usa.watchpro.com/watch-sales-skyrocketed-in-april-as-buyers-rushed-to-beat-price-rises/
(3) https://www.newswire.ca/news-releases/gold-candle-discovers-new-high-grade-mineralization-at-the-party-wall-zone-intersecting-1-
8m-at-130-g-t-au-and-10-5m-at-7-1-g-t-au-825059840.html
(4) https://news.metal.com/newscontent/103342783/us-dollar-posts-biggest-weekly-decline-in-six-weeks-metals-generally-rise-with-lme-
copper-and-lead-up-over-1-and-new-york-gold-up-over-5-week-on-week-overnight-market
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(5) https://www.pampametals.com/news/2025/ampaetalsntersects298m054u039gtuwithin20250521060005.html
(6) https://regulusresources.com/news/2025/regulus-reports-attractive-copper-extraction-rates-using-nuton-bio-leaching-and-provides-
update-on-integrated-sulphide-project/
(7) https://americaneaglegold.ca/news/american-eagles-30-000-metre-drill-campaign-at-nak-is-underway-1/
(8) https://radiusgold.com/news/radius-signs-option-on-tierra-roja-copper-project-peru-and-announces-proposed-financing/
(9) https://radiusgold.com/news/radius-gold-accelerates-exploration-at-tierra-roja-with-integrated-hyperspectral-geophysics-and-
geochemistry-programs/
(10) https://mineriaydesarrollo.com/el-gobierno-aprueba-el-primer-proyecto-rigi-en-mineria-por-usd-2-700-millones/
(11) https://chequeado.com/el-explicador/mineria-energia-y-siderurgia-cuales-son-los-proyectos-del-rigi-aprobados-y-cuales-estan-
pendientes-de-autorizacion/
(12) https://www.bloomberglinea.com/latinoamerica/argentina/frankenstein-trampas-y-proyectos-en-observacion-por-que-se-demoran-
inversiones-mineras-del-rigi/
(13) https://abelfer.wordpress.com/2025/05/19/una-derecha-atropelladora-y-un-peronismo-atenuado-en-las-ruinas-de-macringrado-y-la-
batalla-que-viene/
(14) https://www.swissinfo.ch/spa/el-presidente-de-ecuador-anuncia-que-presentar%C3%A1-una-ley-de-energ%C3%ADa-
nuclear/89406900
(15) https://www.indexbox.io/blog/dundee-precious-metals-advances-loma-larga-gold-project-in-ecuador/
(16) https://www.abrasilver.com/news-releases/abrasilver-drills-best-ever-gold-intercept-at-diablillos-31-point-0-metres-grading-10-point-
0-gt-gold-including-6-point-0-metres-at-41-point-9-gt-gold
(17) https://ngexminerals.com/news/ngex-discovers-major-copper-gold-porphyry-system-a-122781/
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
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Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
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Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
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Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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