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The IKN Weekly
Week 839, June 15th 2025
Contents
This Week: In today’s edition, FOMC on Deck, Gold is an asset class.
Fundamental Analysis: Latin Metals (LMS.v): More on our newly opened trade.
Stocks to Follow: Lumina Gold (LUM.v), Latin Metals (LMS.v), AbraSilver (ABRA.to), i-80 Gold Corp (IAUX)
(IAU.to), Minera Alamos (MAI.v), Gold Royalty (GROY), Marimaca Copper (MARI.to), Orecap Inv (OCI.v),
Eldorado Gold (EGO), Surge Copper (SURG.v).
The Copper Basket: Overview, American Eagle (AE.v), SolGold (SOLG.to), Arizona Sonoran (ASCU.to), Atex
Resources (ATX.v), Pampa Metals (PM.cse).
The Producer Basket: Overview, Newmont (NEM), Sandstorm Gold (SAND).
The TinyCaps Basket: Overview, Condor Resources (CN.v), Kodiak Copper (KDK.v), Barksdale Resources
(BRO.v), Electrum Discovery (ELY.v).
Regional Politics: More on the new mining tax in Ecuador, An interesting Chile election poll, Bolivia: Deaths
at the Evo roadblocks.
Market Watching: Deferred.
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
 I still haven’t done that piece of Eldorado Gold (EGO) and I feel very sheepish and guilty about it, too.
The numbers are done, the notes are done but the writer’s block this evening has been awful. It’s now
1am and I’ve decided to pull the note (which is why this edition is a little light on pages today)
because it’s either that or sending a day late again. It’s not a time sensitive note either, so as
frustrating as it is I’m going to leave it until next weekend. And write up the darned thing on a
Wednesday, instead of waiting until Sunday evening.
 We need to mention the Israel/Iran events today, but I’ve tried to do so as indirectly as possible by
focusing on the way geopolitical events affect the prices of gold, silver and copper in 2025. Gold is
enjoying a purple patch as its sfe haven qualities come back into fashion, while silver is showing why it
is not and never will be a vaiable alternative to gold. The most interesting one is copper.
 Today’s main fundies report adds more thoughts to the trade opened last week in Latrin Metals
(LMS.v), as per IKN838. Hopefully you’ll see the risks involved, but equally the potential rewards if
things go well (or very well) at Organullo. I’m looking to add more.
 The majors had a good week, the juniors had a good week and we even saw money arriving at the
tinycap end of the market. The only sub-sectors to underperform were the Tier 2 and midcap PM
operators, a phenomenon that showed in the Producer Basket table.
FOMC on Deck
Question: Is the FOMC next week with statement due its normal time 2pm Wednesday and the Jay Powell
presser half an hour later, the most important financial event of the week? After all know the rate won’t
change and we also know literally anything might happen in Iran or Israel (or Europe, or The USA mainland,
or Ukraine, or wherever) between now and then.
1

Answer: Yes, it is the most important financial event of the week. The Middle East geopolitical winds of risk
will blow and we know the Fed won’t move the base rates an inch this time around (no matter how much
President Trump bloviates), but the FOMC is still what really matters here and all eyes will be on the
Statement for wording changes, all ears on any nuance Chairman Powell gives to reporters. That’s because
it’s not a matter of whether the USA cuts its rates, it’s when and if it’s not done aggressively under Powell’s
watch, it will happen as from 2026 when his successor takes over. On that subject, I highly recommend
spending 25 minutes in the company of Paul Tudor Jones in this excellent Bloomberg TV interview (1), in
which he lays out the path of least resistance for the USD under a Trump admin (maybe 10% lower by this
time next year) and what he’s buying to play the trend (yes, the mix includes gold). Tudor Jones is that rare
mix of perception and experience that can condense difficult subjects to their essence and then explain them
in words that even I understand; you won’t find a better explanation of why bearish dollar is such a crowded
trade at the moment.
While this desk agrees that events in the Middle East are more likely to drive near-term sentiment and the
market narrative for stocks, bonds, oil (newly important of course), metals of all types etc, what really
matters is US economic policy as affects the US Dollar and that, ladies and gents, means the Fed. We saw
this in April 2022 when the effects of Russian Ukraine invastion were wiped from the board when the US Fed
realized their assumption of post-Covid transitory inflation was incorrect and they needed to do something
about it, we’ll see it here when the bombs stop dropping and US policy remains, be it hawkish in 2025 and
dovish in 2026 or otherwise. So trade the volality if you so prefer, but pay attention to the direction of the
greater market tide on Wednesday.
Gold is an asset class
In “Silver makes a move” last week, we liked what we’d been seeing from the Jekyll & Hyde metal and
applauded its apparent breakout from the stubborn U$33/oz line to the U$36-and-bits level of last weekend,
but warned against asking too much of the move and buying into the inevitable hype that gets whipped up
around silver at these moments. The argument was straightforward enough and based on the work we’ve
done on the metal in other issues this year:
 When market momentum is good in silver, it can move fast and spike high
 However, the fundamentals that capped silver at U$33/oz haven’t gone away and due to that, it’s
going to have a problem in driving a lot higher
We opined that a number higher than U$36/oz was
possible in the current move, maybe even as high as
U$40/oz as long as other moving parts of the market
played in its favour, but there was going to be a limit.
Sadly and as things turned out last week, aside a little
early Monday bump which saw spot silver touch U$37/oz
for about five minutes it turns out that the run was
already over. This five day chart (right) comparing silver
spot (black line) to the USd Dollar Index (DXY, blue line)
and spot gold (guess which colour I picked) also shows
another part of the silver dynamic, one that separates it
from gold whether you like the idea or not: When the
geopolitical stakes were raised in prelude to the
Israel/Iran conflict escalation, the market quickly took its cues and anticipated what was about to happen.
There was no need to wait for night footage of the skies over Tehran or Tel Aviv, gold buyers had ramped up
and the US Dollar legged down long before the bombs started dropping. And there in the middle of the two
squiggly lines above lays silver, which to its credit did better than the USD but if it were the same type of
“store of value” as gold, would have rallied with its more expensive sibling metal. That’s the cruel reality of
silver and it doesn’t matter how you cut and slice it, what its history might have been in the days when
precious metals coins were the best medium of trade or however much silver compared to gold is contained
in the earth’s crust. It’s not a store of value, as hard as its proponents may try to convince you otherwise,
this becomes crystal clear at times of geopolitical shock or unrest. We can boil it right down to this basic
difference:
 Gold is an asset class
 Silver is a commodity
2

A commodity is a means to an end, it’s a substance (metal, wheat, you-name-it) that you buy in order to do
or make something else. Wheat is turned into bread, copper is turned into pipes and cables and silver is
majority used directly in industry, but even the minority demand includes jewelry and silverware, things that
are made of silver due to its intrinsic properties. But an asset class is the end in itself, it’s the thing you buy
because of what it is rather than what you do with it. That’s a sovereign bond, that’s a family house, that’s a
gold bar sitting in a vault in Zurich. Indeed, the most straightforward example is that of a house; made of
bricks, mortar, pipes, cables, tiling, plaster, cement, paint and a host of other commodities, the things you
bought as a means to an end, but put them all together and the final buyer of the creation is willing to pay
above the sum of parts and labour (often well above, as any homebuyer in the 21st century knows) in order
to own something that will provide comfort, warmth and long-term stability to their family unit. An asset.
This isn’t to say that assets don’t see fluctuations in price, as they most certainly do and most people reading
these words will remember the days you could buy an ounce of gold for under U$1,000/oz, also how gold has
been on its price ride down and up since the GFC. The same applies for housing and while the trend is clear
around the world, ask anyone in the downtown San Francisco zone if real estate prices can drop and they
may answer with an ironic laugh before the words come out. But the reasons gold rises and falls are different
from the reasons silver rises and falls as moments such as last week amply demonstrate. Now for sure you
can decide the bifurcation between gold and silver prices was for other reasons than the most obvious, (as
any self-respecting silverbug knows, there’s always the “Market Rigged!” fallback), but when gold out-
performs silver in the circumstances of last week it’s in your financial best interest to apply Occam’s Razor,
rather than retreat to a preferred pet theory.
Fundamental Analysis of Mining Stocks
Latin Metals (LMS.v): More on our newly opened trade
The decision to pull the trigger and buy Latin Metals (LMS.v) on the back of its news on Monday June 9th (8)
of the drilling permits award for its Organullo project in Argentina came with a slice of luck, as it wouldn’t
have made IKN838 if I hadn’t decided to delay publication of the issue by 24 hours (you can thank a near-15
month old for that). As a result, the note in IKN838 wasn’t the longest and as we now know more on the
project and what to expect, today’s edition comes with a necessary update.
We begin by repeating the standard top box, not least because 1) there were a couple of small errors in last
week’s table and 2) the market cap has changed considerably in the last five days:
Shares out: 121.915m
Options: 9.45m
Warrants: 43.13m
Fully diluted: 174.495m
Current share price: C$0.195
Market Cap: C$23.77m
Approx cash per S/O: 1.1c
All prices are in Canadian Dollars unless stated, forex CAD$1 = USD 0.72
The errors last week were the non-adjusted fully diluted total (though the component parts were all correct)
and the market cap, which was marked at the C$10.43m of our original report on the company in IKN829,
dated April 6th, but should have been C$18.29m. The table above gets those right and with the sharp rise in
the share price, the market cap now stands at C$23.77m. Quite the move, well over a double from the price
of just nine weeks ago.
Now for an update on the projects of interest. We again note that LMS is a project generator and as you’d
expect, has a suite of projects on its books. Its corporate policy is to focus on political jurisdictions welcoming
to mining, something CEO Keith Henderson is keen on highlighting so there’s no Colombia, no Ecuador and
no Bolivia. Instead LMS focuses on Argentina and Peru, with its concessions in the latter mainly early stage
copper targets all suitable for JV with interested third parties. However and at the moment, the reasons we
like LMS are in Argentina and the focus is now on two of its projects. That was three until recently but the La
Esperanze project in San Juan was recently refused drill permits (the local municipality has placed a blanket
3

no disturbance order on the locality due to it being a high mountain water source), so that leaves us with two
reasons to like LMS today:
Cerro Bayo/La Flora (aka Tres Cerros): Located in South Argentina’s Deseado Massif, Santa Cruz
province, this is the other potential value add in the nerar-term for LMS now that Esperanza has fallen. We
covered Cerro Bayo in some detail in IKN829, it’s a large gold project that Barrick optioned for a couple of
seasons but due to a lack of results in the specific areas it explored and the slow permitting at provincial
level, the big company handed back to LMS in 4q23. Since then LMS has been looking for a new JV partner
and with the rising interest in Argentina and gold, plus the geological work done by Barrick that comes “for
free”, we’re likely to see a partner pick this one up soon enough. Any deal here would be an immediate value
add to the numbers and speculative targets you’ll see at the end of this note but, for the time being, we’re
going to base our new speculative position on LMS’s other project of interest.
Organullo is its early stage gold project in the North of Argentina, Salta province, under JV with AngloGold
Ashanti (AU) and the reason we bought last week. We again covered the basics of Organullo in IKN829
(repated in IKN838 last week), including its optioning-in deal that provides very useful working capital for
LMS and also stipulates AU must do U$4m worth of work per year over the next two years to earn its 75%,
then AU’s ownership moves to 80% once it files a maiden resource and pays LMS a final amount based on
the number of ounces in the resource. Long story short, LMS has a free ride on 20% of Organullo for the
next two years and at the end of that time, we should know how many ounces it contains.
Now for more on the drill target at Organullo, the ones that have been green lighted to the tune of just under
12,000m by the Salta government. This link (2) takes you to a dedicated PDF presentation on Organullo
dated May 2025 and it’s required stody material for anyone long or considering going long the stock. There
are 23 slides, so choosing and sampling just one does the presentation scant justice but I’m going to do so
anyway, as this visual and its accompanying notes shows what LMS/AU is trying to do as well as an idea of
the potential prize:
Organillo has a long history of mining, with a small underground mine called “Julio Verne” (presumably it was
a deep shaft…that was your literature joke of the day) worked
there since the 1930s. The mine was left abandoned for many
years, it was then picked up and picked over by several mining
companies large and small from the mid-1990s, including
Cardero Resource, a company connected to what is now Latin
Metals via its management and directors. Over the years there
have been several exploration programs including at least two
programs of drilling, but to date they’ve been focused on the
area around the Julio Verne mine as seen on the map above.
However and as this May 2024 Spanish language report (3)
explains, the most recent arrival AngloGold has “adopted a
different and holistic focus on the property and, for the first
4

time, has identified a region of intense argillic alteration, located under volcanic roicks and breccias pipes in
the West Graben zone. The AU/LMS team believes there’s an undiscovered target of vuggy silica and the red
dots in the above map denote where they plan to drill in the upcoming program, just permitted. The zone is
approximately 6km long and to the eyes of the outsider looks like one continuous area, but AU/LMS has cut it
into three separate zones as they have their own specific characteristics, named (from North to South) the
Nemo, Axel and Breccia Hill areas. Please see the linked presentation for the details, but as a reasonable and
representative example this cross section schematic from the Axel area literature (below) shows what the JV
thinks is there, plus three of the multiple drill holes they plan to sink to find out the reality.
Essentially, the plan is to drill through the argillic alteration and into what their clever and fancy geological
detective work believes to be the vuggy silica target that should contain economic gold grades. And what
could possibly go wrong? Quite a lot of course, but as this Spanish language report (4) on the project to date
explains (translated), “The objective of Latin Metals and AngloGold is to confirm the presence of a gold
system of up to 5m oz, with comparable characteristics to the emblematic Salares Norte deposit in Chile.”
That’s a heady comparison, but it’s justified as what AngloGold Ashanti sees at Organullo and why the
company has been so interested in the project for the last three years, willing to invest the time and patience
to bring the local and regional community around to the project. As a reminder, Salares Norte is the Gold
Fields (GFI) mine that’s recently gone into production and is expected to hit full production by Q3 this year.
Salares Norte hosts proven & probable reserve of 3.415m oz gold (with a 46m oz silver by product kicker) at
an impressive average grade of 5.3 g/t gold. Along with its M+I and inferred resource, Salares Norte is
expected to produce at a maximum of 500k oz per year over an 11 year mine life and at an AISC of around
U$600/oz, so even if that cost parameter jumps significantly we’re still talking about one of the cheapest
large scale opex mines in the world. So the prize for LMS is real all right, and at this point your author
repeats a line from last week’s buy call note on LMS:
“…they are on the hunt for a multi-millon ounce gold deposit and I’ve seen numbers bandied around
between the 5m oz and 11m oz range for the potential at Organullo, so something even at the low
end would make a vast difference to LMS and its U$15m market cap.”
On due consideration and after a few days of watching the LMS share price rocket higher and stay there, it’s
probably smarter to assume a ceiling resource at the low end of that 5m oz to 11m oz range, not least
because that’s how LMS/AU has framed and packaged the exploration plan to others. Those high end
numbers are at least theoretically possible but the best way forward is to forget those whisper numbers exist,
as even 5m oz is more than enough for our purposes.
A valuation and price target for Latin Metals
It cannot be stressed enough that this trade is high risk and what follows has to make some strident
assumptions, first and foremost that the upcoming drill campaign hits the vuggy silica they assume is there,
with the widths and tonnages presumed and the rock contains the grade of gold required to put together an
economically viable gold resource. All that will be revealed as the Organullo drill program gets underway and
we need to understand that all the geological theory in the world from the best brains our industry has to
offer doesn’t mean a thing when the Truth Machine returns its results. That said, we have to start
somewhere so we are at least assuming that the program goes as planned and the first holes return the type
of mineralization and grade to put us on a path to a big, economic gold resource in the style of Salares Norte.
The big assumptions in place, LMS does bring a few advantages to the table. The recent C$1.33m placement
may not sound like much money next to so many other juniors and the funds required for their projects, but
the beauty of the Project Generator model 8when done right) is to centre the value added on a corporate
5

structure that runs on the lowest of burn rates LMS.v: Operating expenses
and even as it depletes treasury, gets cash from 0.9
0.8 the optioning deals on its books. In the case of 0.7
0.6
LMS, its other projects are still waiting for third 0.5
0.4
parties but even just Organullo is set to pay 0.3
$800k this time next year and another $1m in 0.2
0.1
mid-2027, the type of money that keeps this low 0
-0.1
burner ticking over. If we check the op-ex -0.2
-0.3
evolution at the company, more often than not -0.4
-0.5
burn is kepto to under C$100k/qtr and it doesn’t -0.6
-0.7
get much lower than that in our sector. LMS is -0.8
one of the project generators that does the model
right and as such, we can expect it to spin out it
current cash position well into 2026 without needing to add extra shares and dilute. This is a good thing.
With that understood, we can lay down some clear criteria. We assume:
 We cap the LMS share count at 175m fully diluted
 Forex of CAD$1 = USD 0.72
 The upcoming drill program hits widths and grades of gold in its early holes
 The program develops over the next two years
 AngloGold Ashanti completes its option requirements for 80% ownership
At that point we’ll have a mineral resource estimate (MRE) and LMS would have been free carried all the way.
After this, it will be time to negotiate as either 1) LMS funds its 20% of development pro-rata (unlikely) or 2)
it sells its 20% interest to AU (or the highest bidder, but if that’s not AU there’s something horribly wrong).
That would be the natural stepping-off point for the project generator and while the deal may turn out to be
more complicated, e.g. include a NSR to LMS the vendor, we’re going to assume a clean dollar value. With
those in place, a few numbers into Excel produces this table that offers a Canadian Dollar share price target
for LMS assuming different resource sizes from 2m oz to 5m oz, then in-situ valuations of between U$10/oz
to U$200/oz:
Target price table spread for LMS.v (if Organullo has the gold)
In-situ value Organullo Resource Size (M oz Au)
in U$/oz 2m 3m 4m 5m
10 0.03 0.05 0.06 0.08
30 0.10 0.14 0.19 0.24
50 0.16 0.24 0.32 0.40
80 0.25 0.38 0.51 0.63
100 0.32 0.48 0.63 0.79
200 0.63 0.95 1.27 1.59
source: IKN calcs from LMS data
Firstly, I’m using the blunt instrument of in-situ gold valuation to factor in the fraction of net asset value that
LMS can claim in an eventual sale. All depends on size, grade and projected margin of each ounce, but
assuming good things and an eventual 5m oz resource it take zero stretch of the imagination to give those
ounces a value upwards of U$50/oz, even if the grade isn’t as sparkling and economic as a deposit such as
6
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1
C$m
cons fees prof fees
salaries IR/promo office/G&A proj inv costs
recoveries other opex
source: company filings
LMS.v: Shares Out
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 19.121 221 221 221 221
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 tse52q4 tse62q1 tse62q2 tse62q3
source: company filings/IKN ests
serahs
fo
snoillim
LMS.v: Cash treasury per qtr
1.4
1.2
1
0.8
0.6
0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3 tse52q4 tse62q1 tse62q2 tse62q3
source: company filings/IKN ests
srallod
fo
snoillim

Salares Norte. However, the real prize awaits if Organullo lives up to the JV’s expectations and shows the
type of tonnage and grade that makes for a world class mine at highly competitive costs. Under those
circumstances, AU would willingly pay upwards of U$100/oz for the 20% it didn’t own (else see it fall into the
hands of a competitor and as you can see, that price tag makes a serious difference to a stock such as LMS.
Those targets are the reason we’re willing to take a risk here, but even if Organullo doesn’t live up to all
expectations and falls short on tonnes, or grade or whatever, a small resource would still be a valuable asset
to LMS and its 20% holding, Just picking one box, 2m oz of gold valued at U$80/oz (i.e. decent grade for an
open pit project) fully justifies this weekend’s share price, even though it would eventually be classed as a
disappointment by those who bought in and wanted more. Those include me of course, but what the table is
trying to underscore is the backstop value of Organullo, even if it doesn’t live up to all the hype that’s bound
to arise in the weeks to come. Of course, our table doesn’t include “total dusters” result and if they hit
nothing, LMS shares will indeed drop back to the sub-10c prices we witnessed earlier this year. That’s the
risk, the reward potential is outlined above.
Discussion and conclusion
Organullo has been on the Anglogold Ashanti list of high priority targets for nearly three years and in that
time, they’ve done enough non-intrusive work to have identified a juicy target located away from the zone
previously drilled by other operators. With the arrival of the key permit award last week, all systems are now
go and we’re going to witness their geological theory tested by the drillbit, starting most likely in Q3 of this
year and working through to mid-2027. Along the way we’re going to get the monments during which the
project potential is hyped harder than others and one of those is right now, as the world turns its eye to
Organullo and wonders what AU is so keen about here. There’s a lot to like, in theory at least, but anyone
buying now needs to be clear that the is essentially and drill bit speculation and those can be expensive if
assay results don’t live up to expectations,
That said, the downside risk is more than compensated by the intrinsic value of LMS as a company (worth
anyone’s 10c even without its 20% carry of Organullo) as well as the upside potential if things go well. The
above table contains some very juicy numbers and if the grade is high enough, even that U$200/oz line isn’t
out of the question. Placing a target price on the stock is difficult before we know even the first set of assay
results from the upcoming drill program, but what I do
know is that this weekend’s 20c, with downside risk to 10c
and upside risk to numbers such as 63c for 5m oz of
reasonably grading mineralization and a quick sale of its
220% carry to the eventual mine builder, is the type of
asymmetric risk I look for in my speculative plays. I
bought Latin Metals (LMS.v) last week, I am looking to
add more in the days to come and hopefully at prices
lower than 20c. We leave you with the five-year chart of
LMS, not least as a reminder that it has a history of
running price spikes that don’t tend to last long.
Stocks to Follow
Our Stocks to Follow list registered another good week, what you’d expect from a week in which GDX moved
up by 5.5%. Just four stocks registered losses (ARG.to, MARI.to, PGDC.v, PAU.cse) and two others were
unchanged (SERL.v, MIRL.cse) which means eleven winners so we’re not listing them all, instead we offer
three rousing cheers for the double-figure percentage movers, led by Latin Metals (LMS.v up 39.3%) and
followed by Orecap (OCI.v up 15.4%), Gold Royalty Corp (GROY up 12.8%) and i-80 Gold Corp (IAUX up
10.3%). It’s also right to note the decent improvement in both our Top Pick stocks, with Minera Alamos
(MAI.v up 8.6%) and Rio2 Ltd (RIO.v 8.2%) making me feel a little wealthier this weekend.
We cashed in the successful trade in Lumina (LUM.v) last week and moved Latin Metals (LMS.v) from the
Watch List to the main board, which means we now have 17 names on our Stocks to Follow list, three under
our self-imposed maximum, with 14 of those carrying at least some of my personal money. Fifteen trades are
in the green and two are in the red.
7

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$0.41 95.2% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.32 65.0% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO STR BUY U$15.93 11-Aug-24 U$21.46 34.7% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$1.88 22.1% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$5.60 83.6% Quality Cu dev, FS due
AbraSilver ABRA.to BUY C$2.73 26-Jan-25 C$4.47 63.7% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.29 63.6% Going to U$3+, still cheap
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.14 75.0% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.185 10-Jun-25 C$0.195 5.4% proj.generator, Organullo spec
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.115 4.5% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.14 33.3% bulk copper in good address
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.075 25.0% top fundy value, illiquid
SPECULATIVE TRADES
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
i-80 Gold IAUX WATCH U$0.50825 18-May-25 U$0.6664 31.1% Looking for entry point
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.06 200.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.23 170.6% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.15 -66.7% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
2015 to 2024 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on a few of our covered companies:
Lumina Gold (LUM.v): POSITION CLOSED. As announced, we raised treasury last week by cashing in on
the LUM win and not waiting for the full C$1.28, what with the date coming closer and the obvious lack of
counter-offer at this stage (which was always unlikely but there was an outside chance). A good trade,
signing off and thanks for the treasury liquidity, Mr. Beaty.
Latin Metals (LMS.v): POSITION OPENED. Now promoted from the Watch List to the main list thanks to
my purchase last week that came viw the lucky (?) late
arrival of IKN838, we don’t get to mark the price at the
Watch List 9.5c any more, neither do we get to mark it
at last weekend’s 14c or Monday evening’s 15c. Instead,
it’s the real world money number of 19.5c and new
chapter in our coverage. There’s more on LMS above in
today’s main fundies section above, here we tip our hat
to the way LMS traded last week on the Organullo news:
8

The news dropped on Monday midday and there were a few takers that afternoon, but it wasn’t until Tuesday
that the penny dropped on what this news might mean to LMS and the revaluation was immediate. It wasn’t
the greatest result to see it zoom so high so quickly, but it wasn’t a shock either when we consider the math
(see above) and as the ten-day chart (right) indicates, there was brisk trading and takers the rest of the
week at this new 20c-or-abouts level. As for my personal trade, I grabbed at the Tuesday morning asks and
got some at 18c, then added a few more at 19.5c and left it there, but so far I don’t even have a half position
and want more. Still, the position is open and depending on how it trades this coming week, can get bigger if
prices lower than 19c show again.
AbraSilver (ABRA.to): A new ATH of C$4.72 on Thursday and while ABRA couldn’t hold that as the market
went risk-off on Friday (Israel and Iran and all that), this weekend’s C$4.47 is still another record for a
weekly close. Going well and I’m not touching the controls, unless something drastic changes in the silver
market this is now the simplest of trades: Hold until it’s bought out.
i-80 Gold Corp (IAUX) (IAU.to): Last week’s “Argh and bother and grrr and so forth” was multiplied
again, I’ve so missed the boat on the move i-80 put in. It happens, can’t win them all but this one is
particularly annoying because of the legwork done, the value duly identified and the correct call made just
four weeks ago in IKN835, “Why i-80 Gold Corp (IAU.to) (IAUX)
is now worth a gamble”. Darnit, I even got the feeling right in
the note’s title line.
The chart (right) is deliberately the Canada listing of IAU, rather
than the IAUX I planned to buy, because it shows the stock at
C$0.91 and now banging up against that warrant overhang line,
as well as being in the range of prices it’s traded since the
waterfall sell-off during 4q24 (see IKN835 for the reasons behind
that). Put together and this stock at this level now holds no
interest as a trading buy, it would need to come down
considerably to do so. I’m going to leave it on the Watch List for
a few weeks just in case, but all in all I think this is one of the fishies that slipped from my grasp.
Minera Alamos (MAI.v): Signs of life in Top Pick MAI, as not only did we get a decent lift from the stock
and got a 4-handle close for the first time since October last year
(and that was only briefly), it came with a very good looking burst of
volume on Thursday that held nicely into Friday.
In other news, on a podcast interview last week with Mining Stock
Daily, company President Doug Ramshaw mentioned toward the end
that the financiers of the Sabre Gold deal sold their positon to a
fund, who then proceeded to hedge their equity position by placing
shorts on MAI shares in order to guarantee their margin on the deal.
That’s fair enough and according to Ramshaw, it is set to grow to a
maximum of 16m shares. However, this isn’t a “bet on MAI going
down”, rather it’s all about one fund locking in a win and once their
shares come out of escrow, the date mid-August, that short will be automatically sterilized. This makes sense,
but it also means that other speculators can use this out-sized maneuver (for a smallcap at least) to position
now and reap the benefits once the short comes off in August.. Or in president Ramshaw’s words (we quote):
“They’re creating a bit of a cap on the stock and it’s remarkable how the stock’s actually performed with that
kind of thumb on the scale, but it’s because they have been, I would say, generous in terms of allowing the
stock and letting buying to come to them. It’s annoying for sure, but I think it’s fair to say and only just and
reasonable to any investor looking at that short position, rubbing their hands, going “Oh, short squeeze! Short
squeeze!”; They’ll never be a short squeeze, because they are covered. It’s a cut, like it’s covered with
restricted paper and they can afford to pay the cut, the borrower on the stock. So, one day in August that short
position will just completely disappear as the restriction comes off their paper and effectively cancels out the
short they have against it.”
Those words were laid down on Monday, so what we saw on Thursday may be the first movement in relation
to that but it’s worth stressing, the “short position” is a hedged pair trade and that means the people running
9

it won’t be scared about the stock price going higher and scramble to cover early. As such, I’ll be fine about
MAI consolidating the nice move we saw on volume last week and trading around the 40c level in the near-
term, not least because it will give any readers considering a
purchase (or addition) the time to position in what is the
cheapest and most obvious value proposition on the above
table. This three-year chart comes with “The Three Os” as we
went through the AMLO pain in 2022 and 2023, then the
extended Limbo period. My conjecture is that we’re about to hit
the “Let’s Go” phase. It would be about time.
Gold Royalty (GROY): Last weekend we ended the brief note
on GROY with the words “Going higher” and sure enough, it did
just that. The big move (chart right) came on Thursday and on
a rush of buying, the timing coinciding with the news from
Elemental Altus Royalties Corp (ELE.v) that the crypto company Tether had bought a large stake in ELE.v,
currently 31.9% of shares out and with the option to move to 47.7% soon (see the ELE.v NR for more details
(5)). The market quickly put two and two together and saw GROY in the same space (and how ironic that the
crypto world now sees gold royalties as a place in which to
invest)
The result is as seen above and while we did see some profit-
taking on Friday afternoon, there’s no way to complain about
the trajectory and momentum in GROY at the moment. Our
trade got in at a good price and was nicely timed, that’s what
anal yst dreams are made of. What’s more, our trade thesis
states there’s more to come and here’s the evolution of the
Price/Book ratio at GROY:
 March 23rd (IKN827, 4q24 financials): 0.42X
 May 11th (IKN834, 1q25 financials): 0.47X
 Now: 0.7X
Certainly higher to reflect the equity surge, but we’re still well below what we expect for the stock, as least
1.0X and a target of U$3.27. So don’t think you’re too late on this trade idea, there’s still 42% of easy money
to pick up before GROY reaches the levels of its peers, after which we can re-revaluate.
Orecap Inv (OCI.v): A nice move from OCI last week and what’s more, it was driven by improvements in
the value of its shareholdings:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.57 6.72 2.7
ARIC.v 7.39 0.57 4.21 1.7
ARIC warrant 4.17 0.37 1.54 0.6
XXIX.v 22.992 0.11 2.53 1.0
KTR.v 42.750 0.015 0.64 0.3
MERG.v 5.125 0.02 0.10 0.0
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.03 0.74 0.3
subtotal 16.49 6.7
Est.cash 0.03 0.0
Total 16.52 6.7
At 247.714 S/O
In a happy coincidence, both AE and ARIC bumped hard and finished at 57c, between them adding C$0.8m
to the total seen above in the table and giving OCI a liquid-ish assets value of 6.7c/share. With McGarry and
its other concessions holding the key to the real value that can be unlocked here, those shares give this
holding company a lot of backbone.
10

Marimaca Copper (MARI.to): After its big move of the week
before, MARI spent last week consolidating at its new level and
briefly touched C$5.85 before closing a little down on the week, but
no biggie. Friday brought timely news (6) that the non-brokered
private placement which set off the rally eleven days ago (see
IKN838 last weekend) had closed in correct manner, with 5,311,416
shares emitted at C$4.60 apiece to raise gross proceeds of
C$24,432,513. And sixty cents.
Eldorado Gold (EGO): We go into this a little more below in the
Market Watching section, but it was notable how the Tier 1 miners
moved well and the juniors as well, but The Inbetweeners such as
EGO were a little left behind. EGO was up, it was only up by 1.6%
and I was once again left with the feeling of not being on the right
horse. In fact EGO has done well compared to peers in Q2 (+15%
compared to GDx over the last three months), it’s the Q1
performance that has left it lagging the field YTD.
Surge Copper (SURG.v): It looked like being another quiet
week for our speculative tinycap copper trade until Friday
afternoon, when SURG suddenly woke up and a buyer moved in for
a block of 250k shares at 13c, then more trades at 13.5c and 14c
into the close and a daily volume of 650k total. And that’s good, as
long as we see follow-up action this coming week because until 15c
is behind us, it’s tough to call this any sort of breakout.
The Copper Basket
After twenty-four weeks of 2025, The Copper Basket shows a gain of 1.28% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 274.823 596.37 2.17 51.7%
2 SolGold SOLG.to 0.13 3001.11 375.14 0.125 -3.8%
3 Arizona Sonoran ASCU.to 1.47 171.15 364.55 2.13 44.9%
4 Aldebaran Res. ALDE.v 1.90 169.914 326.23 1.92 1.1%
5 Regulus Resources REG.v 2.05 124.659 301.67 2.42 18.0%
6 Trilogy Metals TMQ.to 1.65 160.903 271.93 1.69 2.4%
7 Hercules Metals BIG.v 0.55 253.391 169.77 0.67 21.8%
8 Faraday Copper FDY.to 0.74 205.336 164.27 0.80 8.1%
9 American Eagle AE.v 0.69 168.61 96.11 0.57 -17.4%
10 Hot Chili HCH.v 0.67 151.42 74.95 0.495 -26.1%
11 Element 29 Res ECU.v 0.63 124.181 68.30 0.55 -12.7%
12 Pampa Metals PM.cse 0.16 172.61 30.21 0.175 9.4%
13 XXIX Metal XXIX.v 0.11 258 28.38 0.11 0.0%
14 Copper Giant CGNT.v 0.315 74.78 14.96 0.20 -36.5%
15 Kobrea Exploration KBX.cse 0.60 35.085 12.28 0.35 -41.7%
NB: All stocks in CAD$ Portfolio avg 1.28%
11

It took ten weeks from the Trump Tariff shock of early
April but we finally got there. Our Copper Basket, set up The Copper Basket 2025, weekly evolution
to track the performance of copper explorecos of all 10.0%
8.0%
shapes and sizes, is finally back with green ink in its 6.0%
4.0%
annual tracking chart (right). The rise above the
2.0%
waterline came from a headcount of nine winners 0.0%
-2.0%
(ALDE.v, REG.v, ASCU.to, FDY.to, AE.v, HCH.v, KBX.cse, -4.0%
CGNT.v, PM.cse), four losers (ATX.v, TMQ.to, ECU.v, -6.0%
-8.0%
XXIX.v) and two unchanged stocks (SOLG.to, BIG.v). -10.0%
That helped the bullish cause, but the main reason we’re -12.0%
back in the green this weekend are the two big moves,
with Pampa Metals (PM.cse up 34.6%) and American
Eagle (AE.v up 18.8%) pushing the needle the required
distance. There were no big losers.
As for copper-the-metal, just for a change we saw the stocks out-perform they’re underlying driver as
weakness showed up in the latter half of the week. Not much and as our chosen chart this week shows,
we’re still bang in the middle of 2025’s established trading range, but it was weakness all the same and the
U$4.85/lb prices on Comex contracts turned into U$4.75/lb prices. Also worth noting that the reasons for the
weakness weren’t all the Isreal/Iran all the time, as this report points out (7):
The drop in copper prices followed Israel’s airstrikes on Iran targeting its nuclear facilities, prompting swift
retaliation from Tehran through drone attacks. The escalation raised fears of a prolonged conflict in the region,
heightening global economic uncertainty and weighing on investor confidence.
Adding to the bearish sentiment, copper prices came under further pressure after the US announced an expansion
of import tariffs on a range of home appliances, which will include steel components, effective from June 23.
We’re still waiting on the decision on any direct tariffs on copper, but derivates such as white goods will also
affect the market modestly.
The related subject is the current arb between the July 2025 Comex contract and the July 2025 LME contract,
now at 9.3% with the LME contract closing Friday at U$4.40/lb
and the above at U$4.815/lb (give or take the decimals). We’re
also seeing a continuation of the same front-end pressure on
copper we’ve mentioned in the past few editions, here’s the
LME cost curve (8) showing the backwardation clearly. The cash
contract is trading 0.8% higher than the three month forward
and so on down the line until December 2025, with only then in
2026 do we see a return to normal incrementally higher
contract prices.
The Reuters base metals correspondent and house mancrush,
Andy Home, picked up on the current arbitrage between LME and Comex in his Friday op-ed (9) “Global
imbalances grow as ever more copper flows to the US”, which included this straightforward and accurate
explainer on the continued price difference between Comex and LME (and SHFE for that matter, but
benchmarks are benchmarks):
12
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51
source: IKN calcs

The CME customs-cleared U.S. copper contract continues to command a hefty premium over the London
market. The arbitrage has been a volatile trade but at a current $1,000-per metric ton basis three-month
delivery, traders appear to be pricing in a potential 10% tariff.
More importantly, the transatlantic price gap more than covers the costs of shipping, suggesting no immediate
let-up in the physical copper tariff trade.
Which also explains why we’ve seen Comex copper stocks ballon the way they have (and continue to do, our
regular stocks commentary below) and as Home goes to to note…
U.S. imports of refined copper jumped to more than 200,000 tons in April, the highest monthly arrival rate this
decade.
Imports totalled 455,000 tons in the first four months of the year, more than double the tonnage imported over
the same period of 2024.
Chilean brands dominate the current import mix, accounting for 61% and 75% of total inbound shipments in
March and April respectively.
The shipments from Chile make all the sense in the world, a simple question of diverting concentrate
shipments to either New Orleans (via the Panama Canal) or Los Angeles instead of moving the conc to China,
South Korea or Japan. Hence the dwindling stocks in LME Asia warehouses and the dynamic we’ve touched
upon in several previous editions, the potential of a serious shortage of physical copper in China (and the
Kakula mine disruption will not help that in the slightest). The normal seasonality of the Asia copper market
means we’re not likely to see the fruits of any shortage until the Northen summer is done, but as Q3 turns
into Q4 the window of opportunity for copper bulls to enjoy new record prices will be open. Position
accordingly.
Now for our regular weekly section covering the moves in copper inventories:
 World copper inventories took another significant leg down last week, the aggregate holdings of
the three official futures systems closing at 392,370 metric tonnes (mt), down 17,873 on the week
and as you’re about to see, all the action was in the main player
 Shanghai’s SHFE has found its line in the sand and continues to stick to it with a fifth week “just
above the 100kmt” in the books. This time the week saw a drop of 5,461mt to close Friday with
stocks of 101,943mt and that fits with a “normal” year, as noted last weekend SHFE’s movements
tend to quieten until the end of financial Q3 and the end of the Northern summer months.
 However, things are now happening at the LME. Firstly, another 17,925mt left its warehouses and
saw the Friday close at 114,475mt, as the ride toward and probably below 100kmt continues
apace. However, this time less than helf the tonnage left its Asia-based stores and the big moves
came from Europe (basically Rotterdam these days) as 10,725mt of the total was drawn from those
stocks. It’s beginning to occur to the wider world that Chinese copper demand isn’t slowing down.
 And then there’s the Comex, the momentum built by the Trump Tariff Trade continues into the
physical world as another 5,513mt arrives under its roofs in North America, bringing the total to
175,952mt and until the price arb between LME and COMEX resolves, there’s no reason why
physical metal won’t continue into The USA and some of that placed here.
Our dedicated SHFE tracking chart shows a continuation of the recent trend. We keep a constant eye on this
dataset, but that doesn’t mean there’s important information to glean every weekend. The real dataset to
watch at the moment is the interplay between LME and Comex, but if our theory (above) is right, SHFE
stocks will dwindle to the bottom-of-barrel numbers we saw in 2022 and 2023 soon enough.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
13
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

Now for a couple of notes on some of the basket component
stocks:
American Eagle (AE.v): I don’t know why AE chose this week
to finally break out from the 50c ceiling it has displayed all year
since the early January drill assay, what with the only news from
the company announcing the closure of the previously
announced top-up financing from South32, but break out it did
and AE closed at a level unseen for months. The 2025 drill
program is now three weeks old and that’s enough time to
retrieve deep mineralization from at least one hole. It wouldn’t
be the first leaky boat episode we’ve seen from this company, if
that’s what’s behind the move.
SolGold (SOLG.to): With the voluntary delisting of SOLG
shares from the TSX as from next week, our table will shift to
themain LSE quote price as from IKN840 and next weekend
(marking the start price at this weekend’s 6.92p). We also note
how volume in the TSX stock dropped back to its near-zero
levels last week, suggesting that all those who decided to sell
into the TSX ticker on this news are now done.
We await news from the company on its proposed pathway to
production under its revised plans for Cascabel.
Arizona Sonoran (ASCU.to): The $45m placement is due to
close this coming week on Friday 20th and we’ll find out then
how it went, but considering it’s a share-only deal at C$2.00 and
ASCU closed at C$2.13 you’d think things are going well and it
will fill its 1% overallotment facility as well. However, second
thoughts include 1) the lack of upsizing announcement (so
popular these days to under-pitch the original placement and
upgrade it later) and 2) the lack of volume on the open market
last week (see chart right).
Atex Resources (ATX.v): Assay news has come at a regular beat from ATX this year and we had another
NR last week (10) headlining “…126 Metres of 2.04% CuEq Including 36 Metres of 3.05% CuEq Within a
Broader Interval of 536 Metres of 1.04% CuEq at the B2B Zone”, the B2B zone being the breccia discovered
above the main porphyry zone in 2023. This map from the NR shows the location of the headline cut
(ATXD29A), which didn’t bring any massively new news for the market (though company geologists would
have enjoyed the confirmation of the high grade zone), as well as the other reported hole 22C.
14

In trading, ATX seems to have reached a ceiling at this C$2.25 price, having twice failed failed to hold runs to
C$2.50. That’s the chart of a project that doesn’t offer anything new to the market, instead it gives positive
confirmation news on what it’s already outlined and is conforming
to expectations. However, it’s also fair to say that ATX has run
much higher than I expected it to do, this continues to be a
project I will oppose due to its remote location, lack of water and
need to go block caving at high altitude. But hey, that’s me and
the price chart tells me my opinion is in the minority.
We have five holes pending from the current campaign and those
results “will be announced over the coming months”, in the words
of the NR. Being a high Andean project, Valeriano exploration is
now shut down for the winter months and those pending holes
will presumably cover the news gap (other projects such as
Aldebaran at Altar have also shut down for the cold season).
Pampa Metals (PM.cse): After market close Friday, PM announced a 16c share placement with a vierw to
raising between C$4m and C$5m in gross proceeds, which
means an upper end dilution of 31.25m to the current share
count (though the recent trend of upsized placements mean we
shouldn’t merely assume). Notably, no warrant attached to this
placement and also notably, the placement is happening under
the LIFE (Listed Issuer Financial Exemption) rules, which means
the new shares will be free trading from day one.
In trading, PM was the biggest mover of the week and on no
news from the company, so seeing this chart shape and then a
post-close Friday placement announced has me scratching my
chin and going “hmmmm”. No reason to pay up for this stock at
the moment, though I’m sure the bandwidth offered by the
placement along with the half warrants will be popular enough.
The Producer Basket
After 24 weeks of 2025, the Producer Basket shows a gain of 60.51% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 65.25 57.90 55.6%
2 Agnico Eagle AEM 78.21 497.971 61.98 124.46 59.1%
3 Barrick GOLD 15.50 1748.05 37.74 21.59 39.3%
4 Franco-Nevada FNV 117.59 192.119 33.00 171.76 46.1%
5 B2Gold Corp BTG 2.44 1313.11 4.95 3.77 54.5%
6 Eldorado Gold EGO 14.87 204.909 4.40 21.46 44.3%
7 New Gold NGD 2.49 790.9 3.88 4.91 98.0%
8 OceanaGold OGC.to 3.98 708.074 3.63 7.02 76.4%
9 Sandstorm SAND 5.58 296.844 2.77 9.34 67.4%
10 Wesdome Gold WDOFF 8.98 149.891 2.21 14.77 64.5%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 60.51%
The upswing in PM stocks continues and once again, all ten of our charges were up week-over-week, but this
time the dynamic was distinctly different and we witnessed a sort of “risk-off-buy-the-miners” trend appear.
Rare indeed are the days when Newmont (NEM up 10.6%) and Barrick (B up 8.9%) are the biggest movers
on the list but that’s what happened last week, with what seems to be top-down money pouring into the
most known and most liquid names on the back of the run ingold. Meanwhile and distinct from the move in
the previous couple of weeks, the smaller market cappers in our 2025 picks were generally underperformers
15

and stocks such as B2Gold (BTG up 2.7%) Sandstorm (SAND up 1.6%), Eldorado (EGO up 1.6%), Wesdome
(WDOFF up 3.0%) and the 2025 star to date New Gold (NGD up 2.3%) all plenty behind the +5.5% move
made by our benchmark, the GDX ETF. As a result, we’re back to trailing the benchmark again but this time,
by only 0.09%. So it’s level pegging and all to play for in the second half of the year from here.
The 2025 Producer Basket: Weekly performance and
70% comparative to GDX control
60%
50%
40%
30%
20%
10%
0%
This is the opposite of the dynamic reported last week, the logical explanation is a “flight to quality” but
inside the mining equity world. We’re used to seeing money leave mining companies in Risk-Off situations,
this time the market is giving benefit to the larger PM companies and bidding them up wirth gold, rather than
money running away completely and buying gold or bonds (or Bitcoin, heaven forbid). The situation is fluid
(of course) and it’s tought o make too many very-near-term predictions, but is we assume de-escalation in
the days to come it should mean a return to the trend of rotation into the Tier 2 stocks as per the previous
couple of weeks. Tickers such as NEM, B and GDX are the typical top-down gateways into PM stocks, time
will tell whether this new influx sticks around and chases after the alpha.
Newmont (NEM): A stonking week for the market #1 andf
particularly on Friday, when it virtually doubled the gains in
GDX by adding 3.54% that day. It also re-claimed its
undisputed title as the biggest market cap PM stock in the
world by putting more than U$3Bn between it and the young
pretender, Agnico (AEM).
Why so popular NEM on Friday? When the suited, booted and
suspendered of Wall St decide that precious metals mining
stocks are the place to be, only a few stocks carry enough
bandwidth for their money and NEM, still the only PM ticker in
the S&P500 (despite AEM’s excellent efforts recently), is a go-
to name. We saw the same from Barrick and the same from GDX.
Sandstorm Gold (SAND): Compare the move in NEM to that of SAND, which despite publishing a well-
timed arm-waving NR (11) on Wednesday only managed to move up by 1.6%. The NR “Sandstorm Gold
Royalties Portfolio Drilling and Exploration Highlights”
was one of those Reflected Glory editions telling of
what some of its royalty clients had been doing on
their development projects. All reasonable and
upbeat, but clearly not enough to move the market.
On the subject, a quick check of the long-term SAND
chart compared to GDX and peer Franco-Nevada
(FNV) shows that we were right in including it this
year after many years of under-performance. Every
dg has it’s day, which is why I’m now long GROY of
course.
16
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead)
8%
ikn 6%
gdx control
4%
2%
0%
source: IKN calcs -2%
-4%
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51
source: IKN calcs, NYSE data

The TinyCaps List
After 24 weeks of 2024, the TinyCaps show a gain of 22.3% 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 14.06 0.105 -38.2%
Condor Res CN.v 0.145 141.155 15.53 0.11 -24.1%
Electrum Disc ELY.v 0.13 98.99 6.43 0.065 -50.0%
Endurance Gold EDG.v 0.145 176.3 33.50 0.19 31.0%
Kodiak Copper KDK.v 0.39 75.92 45.55 0.60 53.8%
Latin Metals LMS.v 0.08 121.915 23.77 0.195 143.8%
Mogotes Metals MOG.v 0.13 268.9 63.19 0.235 80.8%
Radius Gold RDU.v 0.085 107.41 12.89 0.12 41.2%
South Star STS.v 0.55 52.64 14.21 0.27 -50.9%
Viva Gold VAU.v 0.14 145.53 27.65 0.19 35.7%
Prices in CAD$, data from TSXV basket avg 22.30%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
Signs have been good in June and yes indeed, The
30% TinyCaps, 2025 weekly tracker
TinyCaps List has now spluttered into life. The list had a
25%
great week, with just one loser among the ten (STS.v) and
20%
two unchanged stocks (ELY.v, MOG.v) but more 15%
importantly, seven winners that include big moves in several 10%
stocks such as Barksdale (BRO.v up 50.0%), Latin Metals 5%
0%
(LMS.v up 39.3%), Kodiak (KDK.v up 21.2%) and Condor
-5%
(CN.v up 15.8%). Put those together and you have a list
-10%
that managed to jump over 15% on the week, which is the
kind of big move we require from these most volatile of
stocks.
Condor Resources (CN.v): Up nicely and for good reason, as CN announced (12) it had received its drill
permits for the Cobreorco copper project in the Apurimac region of South Peru (Las Bambas etc territory).
The project has Teck optioning in on a JV and means CN gets a free ride for the next $4m or so spent there,
more than enough to put a meaningful drill program together and test the geological theory.
Kodiak Copper (KDK.v): Another week in which I kind of regret choosing Surge Copper (SURG.v) as my
diceroll copper exploreco tinycap, rather than this one. Up a strong 21.2% and booking its first trade at 60c
in over a year (two-year chart right), KDK gave us news last
week (13) and it’s less about the news of its reasonable
metallurgy results for the flagship MPD project, more about the
reaction and what it means for the near future. President/CEO
Tornquist’s NR comment section provides the framework:
“These results are a significant milestone in the advancement of the
MPD project. They confirm that the copper mineralization at MPD is
amenable to conventional processing and reinforce the potential for a
high-quality, saleable copper concentrate with significant gold content.
17
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51
source: IKN calcs, TSX data

This further de-risks the project as we continue to work towards a maiden resource estimate, a major milestone
and value catalyst for Kodiak which is expected in the near future.”
KDK is gearing up to present its MRE to the world, last week’s news was a prelude and seeing the way the
market reacted bodes well. I’ve mentioned about 55 times that as part of the Discovery Group of companies,
KDK won’t lack for sector bandwidth and coverage come the day of its release and all that marketing
expertise will surely help its cause.
Barksdale Resources (BRO.v): Still my idea of a broken
stock, despite the 50% rebound. For sure numerically
impressive, but it’s a move from 7c to 10.5c that wouldn’t bat
so many eyelids if it happened over four weeks, rather than
one. Also, volume was spotty and was more about a lack of
sellers than a new wave of buyers. The annual chart shows
the downtrend hasn’t been broken yet.
Electrum Discovery (ELY.v): News from this misfiring
tinycap last week, with results of a ground magnetic survey
covering 280 line km and 59km2 over the South end of its
Timok project in Serbia (14) and for the quick hack, we’ll tune into the NR comment from company
President/CEO Clarici:
Dr Elena, CEO and President of Electrum commented: “The ground magnetic survey has significantly improved
our understanding of the structural and geological architecture at Timok East. The results confirm the northward
continuation of the Bambino trend, where magnetic highs are spatially associated with copper anomalies in both
soil and rock samples, extending into previously untested ground. We are also encouraged by the definition of the
Western Mag target, which aligns with key volcanic units and structural features known to host porphyry-style
systems in the region. The identification of a new magnetic anomaly along a limestone–sandstone boundary, with
no history of exploration, presents an exciting new target. These findings
will guide our next phase of fieldwork and targeting as we continue to
advance the Timok East project.”
It’s the bit at the end that matters, as it tells us 1) ELY is busy doing
geology and will have more news for us, but 2) the upcoming
newsflow won’t include drilling. The resulting lack of movement in
the share price was not, therefore, a surprise but we do know a
couple of things:
1) This stock is a lot cheaper than it was
2) This stock will go through a more interesting news phase in
the medium-term.
2025 is looking like a washout, but this is the kind of tinycapper you can consider as a quiet accumulation
target during its down time. You need to have the right mindset and be willing to buy-and-forget for months,
more likely until 2026 in fact, but there’s money to be made this way if your risk tolerance is high enough.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
More on the new mining tax in Ecuador
We mentioned this subject in last week’s “A new mining tax in Ecuador”, an update is required:
We’ve seen pushback from juniors working in Ecuador, the voices led by Keith Barron of Aurania Resources
(ARU.v) in this June 11th NR (15). Not surprising, as for one thing, Barron is one of the most outspoken
members of the Ecuador mining community and for another, due to the land total landholdings in ARU.v, the
company would be on the hook for what it estimates to be U$24. That’s over 10% of the total annual amount
Ecuador wants to raise from this administrative tax and in the words of the NR, “This figure is insupportable
and represents approximately ten times the amount the Company pays for its annual concession fees in
Ecuador.”
18

ARU goes on to state this:
The Company has reached out to the Ecuadorian Government at the highest levels and will continue in
discussions with the Mining Chamber of Ecuador and the Company’s respective legal counsels as joint industry
efforts are taking place to prevent this regulation from being implemented. The Company will assess options for
further courses of action.
Sure enough the country’s CAEM chamber of mining has joined the cause and on June 12th, was present at
an emergency meeting with the Ministry of Mining to explain the effect such a tax would have on small
exploreco companies. The president of CAME, María Eulalia Silva said (16) the new tax was “totally out of
proportion” argued that exploration stage companies (e.g. ARU.v) would be the worst affected. María Eulalia
Silva is, of course, the same person who tried to convince the world that Dundee Precious Metals’ (DPM.to)
recent fake prior consultancy meeting was legitimate and the signatures of the 200 or so attendees at the
meeting held far from the mine site are representative of the thousands of people in the region. The ministry
responded by stating that only operating mines would pay 100% of the tax and there would bed a sliding
scale. The devil will be in the details and we don’t know them all yet, as the Mininng Minstry said it would run
workshops in the second half of this month (i.e. stating this week) to explain the roll-out, with payments
expected to begin in July. Notably, the new law is not yet on the statute and may be modified.
An interesting Chile election poll
We’re three weeks away from the first big date on the Chile Presidential election diary, the primary vote for
the left side of the ticket which should decide which candidate goes forward to try and emulate current
President Gabriel Boric. Last week saw a very interesting poll published by respected Chilean pollster Cadem
(17) (18) that had a whole bunch of information and we’ll headline the main “Who would you vote for?” list
from its results:
 José Antonio Kast: 17%
 Evelyn Matthei: 16%
 Jeannette Jara: 8%
 Carolina Tohá: 7%
 Johannes Kaiser: 7%
 Franco Parisi: 5%
 Gonzalo Winter: 5%
 None of the above/Don’t know/ No answer: 32%
There are some big changes there, firstly the news that hard right winger Kast has climbed to take over the
#1 position from the more moderate righty, Matthei. The other standout is seeing hard lefty Jeannette Jara
(the candidate from Chile’s Communist Party…that’s the official name) a point above the centre-lefty Carolina
Tohá. In other words, the political centre is now getting squeezed on either side in Chile and that makes for a
….well, an interesting backdrop as the race begins in earnest. The other standout datapoint from the Cadem
poll came from the question “Who do you think will be the next President irrespective of your personal
preference?”, in which Evelyn Matthei came top at 28%. That’s good, right up until we recall she scored 36%
on the exact same question in the Cadem April poll.
Bottom line: We are still confident that the next President of Chile will come from the right side of the ticket,
but we’re now facing a more fluid situation in which the political extremes are starting to take a leading role.
Bolivia: Deaths at the Evo roadblocks
Just when I thought I was out, they pull me back in.
Michael Corleone
I’d dearly like to give this largely non-mining subject a rest, it won’t let me. Bolivia is getting hairy, with the
pro-Evo Morales roadblocks and protests continuing all last week but that’s just the tip of the iceberg. In two
separate incidents, four police officers and one local community member were murdered by protesters with
four kidnapped and then shot dead, while one police officer met a grisly end by being blown up with
dynamite. The incidents have caused shock in Bolivia and a judge has issued an arrest warrant for Evo
Morales, considered the intellectual author of the crimes. Meanwhile Morales, ensconced in his political
stronghold area around his hometown, has called on Congress to pass a “special law” that would allow him to
run as candidate in the upcoming election “for the good of the country and the good of its people”, a request
19

met with indignation by the political class and judiciary alike. An emergency meeting of all political parties
from the right to the left with President Arce on Friday ended with a statement that Evo would not be put on
the ballot under any circumstances, while Evo Morales on Saturday said “the struggle will continue” and “the
only fight that is lost is the fight that’s abandoned.” Even though police operations on the roadblocks since
those deaths have managed to clear the roads and let traffic start flowing normally again in most regions,
there’s no getting round the way Bolivia is becoming unstable and something needs to happen to close out
the Evo Morales led quasi-insurrection before August arrives and the election day looms. As for our trade
framework, that isn’t affected much because one of the main pieces is to see how the vote goes and then
make a decision based on what’s most likely to happen in the (near-inevitable) second round run off.
Therefore our trade plan worst case is “we stayed away” and a wash.
PS: Today Sunday the Minister of Justice who called for Evo Morales’s arrest on Thursday, César Siles,
announced his resignation, citing “rumours and accusations” against him as the reason for his surprise exit.
This does not help the climate and for what it’s worth, the Evo supporters have this weekend vowed to
continue their street protests in the days ahead. Fun times.
Market Watching
Deferred: Ugh. Sorry. It’s driven me crazy tonight.
Conclusion
IKN839 is done, we close with some bullet points:
 The best prices in Latin Metals (LMS.v) vaporized quickly last week as the market realized what value
there could be in Organullo, but as this weekend’s main note hopefully shows, there’s plenty more
where that came from as long as the drills hit good rock and the assays confirm the theory put
forward by AngloGold and its team. There is risk (of course), but downside is limited by the project
generator model and if the gold is there, the structure will allow LMS’s price to run hard. I like the
odds and I like betting on a major whose geology team have been hot and sweaty about Organullo
for years. Buying more.
 After Argentina, Peru and Ecuador, Bolivia and Chile are in a race to become the next South
American country to take a political step to the right. In Bolivia things are way too volatile to make a
call, while in Chile it’s beginning to look like a choice between centre-right and hard right. Either
would be fine for us.
 Be prepared for a volatile week.
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=P6VnIZdEPiA
(2) https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://latin-
metals.com/site/assets/files/6241/organullo_q1_2025_final.pdf&ved=2ahUKEwj_juvQ5vGNAxV8gP0HHTQYHTAQFnoECBwQAQ&usg=
AOvVaw3dCZ8XgYfCouok-jKdBSXx
(3) https://www.rumbominero.com/peru/noticias/internacionales/latin-metals-estudio-magnetico-radiometrico-organullo/
(4) https://saltamining.com/contenido/5883/comienza-la-ambiciosa-campana-de-perforacion-en-el-proyecto-organullo-en-salta
20

(5) https://www.newsfilecorp.com/release/255348/Elemental-Altus-Is-Pleased-to-Announce-Tether-Investments-as-New-Cornerstone-
Shareholder
(6) https://www.globenewswire.com/news-release/2025/06/13/3099291/0/en/Marimaca-Copper-Announces-Closing-of-Second-Tranche-
of-US-17-7-Million-Non-Brokered-Private-Placement.html
(7) https://www.livemint.com/market/commodities/lme-copper-price-today-dips-1-on-israel-iran-war-buzz-us-tariff-concerns-
11749805257835.html
(8) https://www.lme.com/en/metals/non-ferrous/lme-copper#Trading+summary
(9) https://www.reuters.com/markets/commodities/global-imbalances-grow-ever-more-copper-flows-us-2025-06-13/
(10) https://www.atexresources.com/_resources/news/nr-20250609.pdf
(11) https://www.sandstormgold.com/sandstorm-gold-royalties-portfolio-drilling-and-exploration-highlights-20250611/
(12) https://condorresources.com/news/condor-resources-announces-approval-of-dia-for-cobreorco-project-in-peru/
(13) https://kodiakcoppercorp.com/kodiak-reports-positive-results-from-metallurgical-testwork-on-the-mpd-project/
(14) https://electrumdiscovery.com/electrum-discovery-identifies-new-mineralised-trends-and-refines-targeting-with-magnetic-survey/
(15) https://aurania.com/aurania-reports-on-arcom-announcement-in-ecuador/
(16) https://www.primicias.ec/economia/empresas-mineras-reunieron-ministerio-energia-tasa-fiscalizacion-98433/
(17) https://elpais.com/chile/2025-06-10/los-extremos-de-la-politica-chilena-amenazan-a-las-candidaturas-presidenciales-moderadas-de-
la-izquierda-y-la-derecha.html
(18) https://www.latercera.com/politica/noticia/timoneles-toman-con-cautela-delantera-de-kast-y-jara-en-encuesta-cadem/
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
21

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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