IKN #842Premium

The IKN Weekly
Week 842, July 6th 2025
Contents
This Week: In today’s edition, Dog Days.
Fundamental Analysis: The Marimaca (MARI.to) potential game-changer, Surge Copper (SURG.v) runs.
Stocks to Follow: Eldorado Gold (EGO) (ELD.to), Latin Metals (LMS.v), AbraSilver (ABRA.to), Rio2 Ltd
(RIO.v), Minera Alamos (MAI.v), Red Pine Exploration (RPX.v), i-80 Gold Corp (IAUX) (IAU.to), Amerigo
Resources (ARG.to), Orecap Inv (OCI.v).
The Copper Basket: Overview, Aldebaran Resources (ALDE.v), Faraday (FDY.to), Pampa Metals (PM.cse).
The Producer Basket: Overview, Newmont (NEM), Sandstorm (SAND) plus UPDATE MONDAY.
The TinyCaps Basket: Overview, Endurance Gold (EDG.v), Radius Gold (RDU.v), Viva Gold (VAU.v).
Regional Politics: Argentina improves its permitting schedule (A Monday extra), More on Mexico permitting,
Argentina and India and France, Chile: What Jeannette Jara means for us.
Market Watching: NGEx Minerals (NGEX.to) stalls, A brief wrap on Collective Mining (CNL.to).
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
 Once again, the decision to delay a day has brought significant changes to this week’s edition of The
IKN Weekly. We’ve kept the prices at the weekend numbers and most of the script hasn’t changed, but
the news on no fewer than four of the stocks included this weekend, Surge Copper (SURG.v),
Sandstorm Gold (SAND) (SSL.to), Viva Gold (VAU.v) and Radius Gold (RDU.v) means their notes and
segments have been updated today Monday. Also in Regional Politics, an extra note on the news that
dropped this morning regarding permitting in Argentina.
 However, I do not plan to continue publishing and sending on a Monday. I decided to be nice to myself
this weekend, took extra time away from the screen and didn’t force the word count on Saturday and
Sunday. Hopefully, the mental logjam has now cleared and as from next weekend we should be back
to normal Sunday evening publication, so thanks once again for bearing with me.
 Feedback received on the Mexico permitting situation in IKN841 last week makes for a follow-up note
today, please see “More on Mexico permitting” in Regional Politics. For some, the points might seems
like going back to basics .
 Copper has been on my mind all week, not just because of the potential game-changing news out of
Marimaca Copper (MARI.to). More copper musings come in the intro as well as its dedicated section.
Dog Days
Let Hercules himself do what he may,
The cat will mew and dog will have his day.
Hamlet Act 5, Sc1, ll269-270
We made it to the Dog Days of summer (this year, the dies caniculares are July 3rd to August 11th) and with
the greatest of respect and deference to an active and interesting capital market in 2025 to date, we should
at least be mentally prepared for the normal summer lull. The financial North slows down, explorecos make
the best of the weather window*, CEOs do hard work next to a Caribbean pool fueled by fruity rum punches
decorated by pineapple slices and paper umbrellas (ah the smartphone, boon to productivity). We will of
course get newsflow and as from this week, eyes are peeled for Q2 production NRs out of those producers
1

who partake. There are also the enterprising smallcaps that see the quiet season as an opportunity to get
noticed and run against the seasonal grain (and good for them) but on the whole, even in our modern and
connected society the summer lull is still a thing and worth adding in to our trading and investment equations
from now until the re-start of “business”, (Jackson Hole then US Labor Day). Even the macro flow is quiet this
week, no data releases and the Fed minutes on Wednesday are from one of the boring FOMCs.
Fundamental Analysis of Mining Stocks
The Marimaca (MARI.to) potential game-changer
“The only indisputable truth that the past
teaches us is that the future will
always surprise us - always!”
Benjamin Graham, The Intelligent Investor, 1949
I really do not like the phrase “Game-Changer” when it comes to investment, stocks,
shares and in particular the junior mining. For one thing it’s used way too much and
has become a cliché, for another under normal circumstances you don’t want the
game to change as there’s more than enough volatility in our sector of focus already,
thanks very much. You’ll also note the chosen title line for this weekend’s report on
this news release from our preferred copper exploreco/development play, Marimaca
Copper (MARI.to) includes the word “potential”, because despite the reaction from the
market last week there’s still plenty to find out about the size, scale and grades of
what MARI hit with the drill rig at Pampa Medina, its satellite target to the main and
most developed Marimaca resource on its large concession area in coastal zone of the
Antofagasta region, North Chile (simple map right). On that subject and before we
make our point about last week’s news, there are four links worth your consideration:
 The link to last week’s NR (1)
 The latest corporate presentation, including information on last week’s news
(2)
 The link to join the conference call set for tomorrow July 8th at 10am ET
(7am Vancouver, 3pm UK) featuring CEO Hayden Locke and VP Ex Sergio
Rivera (3)
 A Crux Investor Q&A with CEO Locke from late last week (4)
To frame the news, we first check on the updated corporate structure and need-to-know financials at MARI,
beginning with the standard structure box:
Shares out: 106.48m
Options/Warrants: 14.183m
RSUs: 2.797m
Fully diluted: 123.46m
Current share price: C$9.03
Market Cap: C$961.51m
Approx cash per S/O: 24c
All prices are in US Dollars unless stated, forex CAD$1 = USD 0.73
That C$961.51m market cap translates to U$702m in the lingua franca dollar, to give some context. When we
compare that to the MARI balance sheet items (the company files in USD) as seen in these tracking charts…
MARI.to: Assets, per qtr
2
724.74 349.95 239.25 956.35
266.55
984.75 547.95 128.06 2.45
967.86 332.67 901.76 953.56 901.76 295.07
346.37 339.17 173.47 274.67 439.28 419.68 147.29 69
140
120
100
80
60
40
20
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m fixed MARI.to: Liabilities per qtr
other current 40
cash 35
30
25
20
15
10
5
0
source: company filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
LT liabs
current liabs
source: company filings

…it’s abundantly clear that MARI is still an exploration stage stock and while it has begun to capitalize its
development budget in recent quarters, there’s a yawning gap between the market valuation and the asset
value of an IKN estimated U$124m as at end 2q25. Liabilities are tiny and the recent U$17.7m raise (closed
last month) means both treasury and working cap are in good shape for the next few quarters. Finally, the
share count has remained tight in the post-Covid years and even if we add in the recent placement, MARI has
added less than 20m shares since the first quarter of 2021.
MARI.to: Working Capital per qtr
The structure is therefore good, we also know that the main Marimaca project is on the cusp of delivering
(what we thought would be) the main price catalyst for 2025, the Definitive Feasibility Study (DFS) that
would signal the start of the financing process for Marimaca, or more likely the sales process to the highest
bidder. We’ve yet to have that, but overall there’s every reason to expect numbers that work with the
outlined “50,000 tonnes of copper per year for a U$500m capex” ballpark, the baseline for years.
Recent weeks have also seen MARI wake up as a trade. After buying at our cost average of C$3.05 back at
the start of last year, coming on for 18 months ago, we were clear that 2024 would be the heavy lifting year
for MARI as it did mostly unglamorous drill definition work that would turn its resource into a DFS-compatible
project. That’s how last year went as well, but the first quarter of 2025 saw improvement as it moved up and
occasionally traded around or over the C$5 level. But then, in the last couple of months, this has happened:
Around point “1” on the above chart, the market started buying MARI in anticipation of the DFS, due at the
end of 2q25 (i.e. it’s now a bit late…we can forgive them ). That process accelerated around point “2” and
was triggered by the “friends and family” placement referenced above, one of those that rewarded larger
backers with a chance to get on cheaply before the re-rate and price fireworks began. And so it turned out,
with a sustained move to the C$7-or-so level before last week. That’s the anticipation of DFS factored in, so
last week and point “3” on the chart is something quite different. Here’s what:
Marimaca Drills Pampa Medina Sulphides – Intersects Exceptional 6m of 12.0% Cu within 26m of
4.1% Cu in dominantly Bornite in SMRD-13, 40m of 2.1% Cu in SMD-02
Pampa Medina is one of the satellite areas around the main Marimaca project and its most advanced second
target. MARI chose it to add a new dimension to its story from late 2023, what with the main project entering
3
6.01- 6.32- 4.7- 3.8-
1.9 2.14 4.73 7.92
1.92
2.41 7.8 2.71 9.81 3.61 6.11 1.32 5.22 9.81 4.81
0.03
7.22 2.51 0.62
45
40
35 30 25 20 15 10 5
0
-5
-10 -15
-20
-25
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m MARI.to Shares Out
source company filings
853.46 853.46 853.46 853.46
146.37 737.78 39.78 39.78 820.88 811.88 622.88 622.88 622.88 622.88 32.88 288.29 709.29 662.39 662.49 20.101 20.101 71.101 84.601
120
110
100 90 80 70 60 50
40
30
20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
source: company filings

the DFS definition stage and less likely to provide exciting news. Up until last week, I was reasonably
impressed with Pampa Medina and the way it was adding value to the overall story, the basic thinking being
that MARI would sell to the highest bidder on the DFS, but it’s always good to offer the potential buyer some
exciting extras “for free” in their package, something the eventual operator can move forward with and add
their own value. However, last week’s news changed that entirely. This is one of the many visual aids from
both the NR and the new corporate presentation, which shows…
…both the grade of the newly defined mineralization at Pampa Medina and its potential scale (adding
“potential” in there to cover eventualities). It’s particularly exciting, however, because the mineralization is
stratiform and sediment hosted, as the typical deposit of this type can stretch for vast areas of roughly equal
grades and thicknesses. In the above cross section drill map, we see the 4.1% and 2.1m wide zones as
announced in the NR headline, but also the horizontal scale marked at a cool kilometer. For what it’s worth,
CEO Hayden Locke in the Crux video tried very hard to add in caveats and make sure people understood the
early stage nature of what they’d drilled to date, but he also said the potential area is perhaps 1km by 1.2km
of this rock. We do of course urge you to read and digest the entire NR from last week, as well as spend time
with the new corporate presentation and the 24 minutes of CEO Hayden Locke on the Crux Investor
segment, however the words of MARI VP Ex Sergio Rivera in the NR are particularly telling:
“Pampa Medina appears to be a Tier 1 prospect. Our exploration model, which is unconventional in
Chile, has been proven correct. Firstly, the sedimentary units, which host Pampa Medina, are
extensive and mineralized over many square kilometers and, secondly, the potential is confirmed for
significant, very high grade, sulphide mineralization in these units.
This is the first time in my 40-year career that I have seen stratiform, sediment hosted, ultra high-
grade copper in Chile of this potential scale. The intensity of bornite and chalcopyrite mineralization is
truly remarkable. Between holes SMR-01, SMD-01, SMD-12, SMD-02, and now SMRD-13, we have
defined an area of over 1,000m x 600m where we see continuity of the high-grade mineralization, well
above 1% CuT, with some exceptionally high-grade areas as seen in SMRD-13 and SMR-01.
The 1km x 600m noted by Rivera is less than the area sketched by his CEO because the drills have only made
it so far, but the geological footprint is there for all to see. As for whjat that might mean, let’s do a very
simple and highly unreliable bit of math on these stratiform sheets of mineralization:
 Length: 1,000m
 Width: 1,200m
 Depth: 40m
 Specific gravity: 3.0 (three tonnes per cubic metre)
 Grade: 2% copper
That’s 2.88m tonnes of contained copper, so let’s say 2.5m tonnes after a rough 90% recovery is factored in.
Which compares to the 50,000 tonnes per year we expect from the main Marimaca project in the DFS.This is
why MARI added C$215m to its market cap last week, as even half my crazy math result would add big
amounts to the life and/or production schedule of any eventual operation.
There are of course a host of caveats to consider, here are just a few of the ways this could go wrong:
 Pampa Medina is separate from the advanced project
4

 Drilling so far is limited, they need to drill and spend a whole lot more to define the true scale of
the deposit and that means it could quite easily disappoint on any of the above criteria.
 The spectacular intersects are sulphide mineralization, whereas the Marimaca open pit DFS is an
oxide copper mine. You’ll need a whole different set of tools to mine and process this material.
 Though undecided, according to CEO Locke the most likely mining scenario for this material
would be an underground mine, rather than an open pit. Again, a different world with different
requirements and a completely separate Capex bill come the day it’s developed.
All those and a lot more, but despite the laundry list of incognitos, the market didn’t hesitate in bidding up
MARI strongly. That’s because this really is a potential game-changer, as my ballpark math above dictates.
Pampa Medina is no longer the “free extra” that comes with the main deal, the sweetener that gets the buyer
to pull the trigger. Instead it’s a valuable asset in itself and any buyer will have to pay up to own it netx to
the main DFS game.
The bottom line: If MARI was worth $7/share before last week, is it worth C$9 now? Most definitely yes! To
understand that, let’s take our wild and theoretical 2.88m tonnes of copper above and convert it into pounds,
then divide it by the C$213m / U$155m or so added to the MARI market cap last week: That comes to 2.44c
per pound of high grade copper that would provide highly robust operating margins if it ever went into
production. These grades could see 10c/lb and still be in the realm of cheap, so even if Pampa Medina fails
to deliveron half its promise this weekend, its value could double and we should remember, the capex burden
of an underground mine would still be significant, but when it’s paid for by the mine you built and are
operating next door the corporate burden becomes light indeed. With MARI about to deliver its DFS and
then, presumably, start the process to get shopped to the highest bidder, it’s a no brainer to see this
company’s share price go a lot higher come the day the deal is announced, due first to the main event but
now adding this highly prospective and valuable second string. We need to temper enthusiasm and
understand that a potential game-changer is not a confirmed game-changer, but giving Pampa Medina an
initial speculative value of under U$200m at this early stage still allow for plenty of upside if things go well.
The eventual deal could happen at anytime in 2025 or 2026, but you’ll have to prise my MARI shares out of
my cold, dead hands before the company is sold. Even at C$9 and with the copper price as the main caveat,
all the risk is to the upside now.
Surge Copper (SURG.v) runs (edited)
This section has gone through some heavy editing since it was originally tacked on to the main note on
Marimaca Copper (MARI.to) above. The move seen in Surge Copper (SURG.v) came at the same time as the
MARI news and blast higher and the original note was basically a comment on the coincidence, a comment
on the more speculative nature of SURG and the way I’d be happy to sell these shares at a profit if it spikes
higher. One of the reasons I’d consider selling at higher prices is its low cash level, marked at C$1.5m as at
April 10th by the company. We know SURG would need more cash at some point and that means a
placement, so any spike higher would make for a reasonable exit. But sure enough, news beat me to the
punch (5):
July 7, 2025, Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG) (OTCQB: SRGXF) (Frankfurt:
G6D2) (“Surge” or the “Company”) is pleased to announce a non-brokered equity financing of up to $6.4 million
(the “Offering”) to support the next phase of development at its flagship Berg Project. The Company is targeting
completion of a Preliminary Feasibility Study (“PFS”) and commencement of early-stage permitting activities,
including Environmental Assessment (“EA”) readiness preparation, as part of its 2025 work program. Planning for
these initiatives is well underway, with technical scoping, team resourcing, and strategic frameworks being
finalized. The Offering is anchored by strong participation from existing shareholders, including a strategic investor
increasing its ownership to up to 19.9%.
The Offering will be completed via two concurrent private placements:
LIFE Offering: A non-brokered private placement of up to 14.3 million common shares (“Common Shares”) at a
price of $0.175 per share for gross proceeds of up to $2.5 million (the “Life Offering”). This offering is being made
under the “listed issuer financing exemption” (LIFE), allowing issued shares to be freely tradeable in Canada. The
LIFE Offering is expected to close in two to three weeks.
Concurrent Strategic Investment: A parallel private placement of Common Shares at a price of $0.175 per share
by a significant existing strategic investor (see May 31, 2024 press release), who holds participation rights and
intends to increase its ownership to up to 19.9% of the Company’s shares post-financing (the “Concurrent Private
Placement”). This component could raise up to $3.9 million depending on final allocation (22.2 million Common
Shares, assuming LIFE Offering is fully subscribed) and is expected to close within four to six weeks. Shares
issued under this placement will be subject to a statutory four-month plus one day hold period and completion will
be subject to customary conditions including TSX Venture Exchange acceptance and certain foreign regulatory
approvals.
The Company may elect to increase the size of the LIFE Offering based on demand.
5

Consider the price of the deal, seeing the way SURG traded today…
…holding its price well and even trading higher in the first couple of hours, suggests that LIFE portion of the
deal would indeed expand. We’ll see on that in the next couple of days, what we do know is that the 2024
strategic investor ARM will be the main investor and take the second part of the deal. However, it also means
my window to sell this spec position has closed. It now makes more sense to hold a while longer, whatever
might happen, then take the temperature once the brakes come off after placement closure.
I’m certainly not married to this trade and I’d be happy to take profits, the absolute size of the trade is
reasonably small and even if I held it though to a 500% gain (which is possible if copper blasts higher), it
wouldn’t make for life-changing money. The aims were modest from the start, expecting at some point that
SURG would bust out of its 15c-or-so range top and move to 20c. That’s where we are today, so if we see
more added after closure and as SURG starts to pick up more vocal support, I’ll sell into its new popularity.
Stocks to Follow
The good weeks continue to rack up for the Stocks to Follow list and this time, it’s one of the rare occasions
with zero week-over-week losers to report. There were four unchanged stocks (RPX.v, OCI.v, MIRL.cse,
PGDC.v) so it wasn’t totally one-way traffic, but the 13 winners make for good reading and included in those
are the big percentage moves made by Marimaca Copper (MARI.to up 29.0%), Surge Copper (SURG.v up
21.2%), Rio2 (RIO.v up 16.5%), Mene Inc (MENE.v up 11.1%) and Provenance (PAU.cse up 10.0%) all in
the double figure percentage gain bracket, but honourable mention also goes to Minera Alamos (MAI.v),
adding 8.6% and putting in a good recovery after the silliness of the week before.
There are currently 17 names on our Stocks to Follow list, three under the self-imposed maximum and 14 of
those carry at least some of my personal money. Fourteen are in the green, three are in the red
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$0.38 81.0% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.62 102.5% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO REVIEW U$15.93 11-Aug-24 U$20.77 30.4% Added Feb'25, now going well
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$2.26 46.8% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$9.03 196.1% Quality Cu dev, FS due
AbraSilver ABRA.to STR BUY C$2.73 26-Jan-25 C$4.95 81.3% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.30 64.3% Going to U$3+, still cheap
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.145 81.3% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.205 7.9% proj.generator, Organullo spec
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.10 -9.1% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.20 90.5% 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
6

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$0.63175 24.3% 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$0.20 158.8% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.135 -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:
Eldorado Gold (EGO) (ELD.to): REVIEWING TRADE. Instead of doing this piecemeal, after due
consideration and after noting the way EGO has only managed to keep up with the median in the last few
weeks (when according to my trade theory, it should have out-performed) I’m putting the trade on review.
When it reports its 2q25 financials, we’ll run a full analysis of the stock and at that point I’ll decide whether to
continue in the trade or sell my position (mixing first person plurals and singulars deliberately). That should
happen in the last week of this month, so there’s not long to wait. In the meantime, EGO is a hold in the
portfolio and I’ll be happy if it throws my growing doubts in my face and launches higher.
Latin Metals (LMS.v): I’m in at my price and won’t add any more, so of course it’s nice to see LMS in the
green rather than the red, but we’re going to feature the stock at the top of the notes again because it’s a
good example of the thinly traded shenanigans that
happened on Friday:
Canada never does much business when its markets are
open on days the US markets are closed and this time
around, The USA was closed from midday Thursday and all
Friday for its Independence Day celebrations. That left a lot
of stocks prone to wide moves on virtually zero cash traded
and as you can see, the only time LMS traded above 20c all
week was on Friday afternoon.
In other news, a lot is being made of the Rick Rule
conference coming up in Boca Raton this week and any
company presenting there is getting the “As Soon As The HNW Hear Our Story This Stock Gonna Fly!”
treatment on social media. Latin Metals is in that group, but I’m definitely on the cynical side and don’t
expect any sort of immediate or lasting move from an appearance at any conference. Share price moves can
come from asymmetry on bid/ask and near-term spikes develop as a result, but the real creation of wealth
comes from what a company does at grassroots asset and project level. Don’t put the cart before the horse.
AbraSilver (ABRA.to): ABRA couldn’t hold the 5-handle into a quiet Friday close, but traded readily above it
for long stretches and still managed a net gain on the week so all good. We also got a new corporate
7

presentation up from the company (link here (6)) in which, among other things, the development timeline
was confirmed:
While the company is being somewhat vague about the time windows on each item by using half years, we
understand that the updated resource estimate should be with us sooner rather than later and while there
are never any guarantees as third party compilers are concerned, we can expect it either this month or next,
certainly before Labor Day USA. The main driver of this timeline is the “RIGI Application And Approval” and
that’s important to remember, as the company knows it has to get the project into “investment decision”
shape by that time in order to make the limited time window available for RIGI qualification and benefit from
the generous incentive scheme offered by the government of Argentina
Rio2 Ltd (RIO.v): Would you like the ten-day comparative to GDXJ, or the 2025 year-to-date?
Well, have both. And while here, please note that our C$1.62 close wasn’t due to some sketchy Friday thin
trades, as the bulk of last week’s move came on Monday and Wednesday. This is what happens to junior
mining stocks from time to time, it’s why they hold our attention and the only thing for us to do is to grab
hold and not let go. Do not touch the controls, do not think too hard, just hold.
Minera Alamos (MAI.v): Further to the annotated price chart featured in IKN841, this:
8

It took seven trading days for the world to work out what we stated on Tuesday June 24th, the day of the
drop, that the panic reaction from the Claudia Sheinbaum statements on mining made on Monday June 23rd
was due either ignorance or deliberate malevolence on the part of too many people with not enough Spanish
language ability or understanding of what’s going on in Mexico. It was a nothingburger from the start and
that’s what the market is telling us this weekend, with MAI having recouped all losses during a flat ten days
for GDX/J.
Red Pine Exploration (RPX.v): We note there was no
news from RPX on July 3rd (or 4th), the date its expanded
$8.5m brokered private placement was slated to close. As
long as the closure happens in the next couple of days it
won’t be an issue, but a lack of news by this time next
weekend would be a concern. In trading, things remained
calm with the placement lid still on the price.
i-80 Gold Corp (IAUX) (IAU.to): Up a bit on the week,
but without much oomph and if we focus on the NYSE
listed IAUX chart (below) and ignore the light volume late
Friday pop in TSX IAU.to while the US markets were
closed (that was a mouthful, sorry), the trading range
suggests we may see sub-60c again, perhaps even the
desired 50c. As long as the warrants overhang holds,
there’s a chance of the trade I originally envisaged.
Amerigo Resources (ARG.to): Not quite as spectacular
as the week before last, but a 4.5% improvement after a
big week is still a very good result for ARG. You may also
note from the chart (right) that volumes remain elevated,
indicating that word in the NY circles is getting around and
there are new buyers of size. We also know this weekend
that the company bought back another 907,226 shares
during the month of June at an average price of C$1.90,
which means it's extinguished over 3m during 2q24. We
like that as well.
Orecap Inv (OCI.v): Only minor changes to our liquid-ish assets table…
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.51 6.01 2.4
ARIC.v 7.39 0.59 4.36 1.8
ARIC warrant 4.17 0.39 1.63 0.7
XXIX.v 22.992 0.105 2.41 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 0.025 0.62 0.2
subtotal 15.77 6.4
Est.cash 0.03 0.0
Total 15.80 6.4
At 247.714 S/O
…and under the circumstances, seeing OCI remain unchanged makes sense. There are several potential
catalysts from this price line, including:
 A price run on either of the main holdings AE or ARIC (or both)
 A deal on McGarry (be it flipped out or not, OCI benefits)
 Kintavar coming out of its halt (which should happen soon)
9

There’s always the potential of a surprise from other holdings too, such as XXIX (though I gave up holding
my breath on that one years ago). It’s a small position and a 7c stock is never anything except highly
speculative, but there’s a lot of value backbone here and several ways to win. Easy hold.
The Copper Basket
After twenty-seven weeks of 2025, The Copper Basket shows a gain of 8.56% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 279.21 650.56 2.33 62.9%
2 Aldebaran Res. ALDE.v 1.90 169.914 399.30 2.35 23.7%
3 Arizona Sonoran ASCU.to 1.47 171.15 393.65 2.30 56.5%
4 SolGold (GBP) SOLG.l 6.92 3001.11 210.98 7.03 1.6%
5 Trilogy Metals TMQ.to 1.65 164.1 300.30 1.83 10.9%
6 Regulus Resources REG.v 2.05 124.659 297.94 2.39 16.6%
7 Faraday Copper FDY.to 0.74 205.516 217.85 1.06 43.2%
8 Hercules Metals BIG.v 0.55 261.543 162.16 0.62 12.7%
9 American Eagle AE.v 0.69 173.377 88.42 0.51 -26.1%
10 Hot Chili HCH.v 0.67 151.42 78.74 0.52 -22.4%
11 Element 29 Res ECU.v 0.63 124.195 63.34 0.51 -19.0%
12 Pampa Metals PM.cse 0.16 172.61 37.97 0.22 37.5%
13 XXIX Metal XXIX.v 0.11 258 27.09 0.105 -4.5%
14 Copper Giant CGNT.v 0.315 74.78 16.83 0.225 -28.6%
15 Kobrea Exploration KBX.cse 0.60 35.085 13.33 0.38 -36.7%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 8.56%
The Copper Basket joined the fun, with ten winners (ATX.v, SOLG.l, ALDE.v, REG.v, ASCU.to, FDY.to, HCH.v,
KBX.cse, CGNT.v, PM.cse) beating out the fiver losers
(TMQ.to, BIG.v, AE.v, ECU.v, XXIX.v) and the basket
The Copper Basket 2025, weekly evolution
average adding 3.56%, not quite a 2025 high but it 10.0%
8.0%
would only take one more good week and with
6.0%
momentum on our side, I’d bet on it at this juncture. 4.0%
2.0%
There were only two double figure percentage winners 0.0%
but both turned out to be twenty-percenters, so a cheer -2.0%
-4.0%
due for Pampa Metals (PM.cse up 25.7%) and Faraday -6.0%
-8.0%
Copper (FDY.to up 20.5%).
-10.0%
-12.0%
However, this time the copper juniors didn’t take their
cue from the underlying metal. Copper did okay on the
week without sparkling, on the plus side managing to
keep the current benchmark contract, the Comex September 2025 (HGU25) above the U$5.00/lb line all
week. However prices slipped in Friday
(electronic only) trading and the
U$5.05/lb close was basically the low of
the week. Canadian equities seemed to
ignore the weak metal price action that
day, assuming it was due to The USA
being closed and that’s fair enough, but
we’ll be keeping a close eye on the
opening day’s prices this coming week.
This week’s curated copper comment
comes once again from the house
mancrush, Andy Home of Reuters and his
10
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 dn22 ht92 ht6luj
source: IKN calcs

op-ed “Copper's tariff high fails to lift other LME metals” dated July 1st (7). As is usual for an Andy Home
note it begets a full read, so you’re urged to use the link and read it all, here I’m going to excerpt one section
on copper and a cool graphic he included (one I saw and immediately thought “Wish I’d thought of
presenting the data like that”).
Here above is the visual, showing the per-tonne difference in the spot and 3-month contracts for Comex
(CME) and LME copper. On publication date July 1st (hasn’t changed much since) the arbitrage stood at
U$1,363.70/tonne, i.e. people were paying just over U$11,200/t in The USA but just under U$9,900/t in
London (the arb that day at 12.1%), with a similar arb marked in spot prices. Here’s how Mr. Home put it:
“CME's U.S. copper contract is currently trading at a spot premium of $1,200 per metric ton over the LME's
international price.
The tariff trade has been extraordinarily volatile over the last few months, but the open arbitrage window continues
to suck in metal from the rest of the world.
That last line is a point we’ve been making over the last few weeks, his explanation matches, too:
CME stocks are booming and LME stocks are falling as physical copper is redirected to the U.S. LME time-
spreads have become turbulent as available inventory shrinks. The cash-to-three-month period is in steep
backwardation.
We’ve been reading from the same hymn sheet. Home then followed up with a line on the same rumour
mentioned in IKN841 last weekend:
The market is expecting Chinese smelters to lift exports to help fill the supply-chain gaps, but until they do the
London copper market is a dangerous place for bears.
From the looks of the LME inventory data the big dump has not started yet, but there are signs some extra
metal found its way under LME Asia warehouse roofs and for data on that, we turn to our regular weekly
section covering the moves in copper inventories:
 The three official copper inventories markets took a week off from their incessant bull messaging
and managed to add 17,629 metric tonnes (mt) to the aggregate on the week. This weekend’s
total is 380,310mt.
 After last week’s big drop, Shanghai SHFE added a modest 3,039mt to its total stocks, its total this
weekend 84,589mt. copper stocks took a sharp leg down, dropping by a cool 19.264mt on the
week to close at 81,550mt.
 For the first time in a long time, the LME also saw a net add to stocks, with 4,000mt arriving in Asia
warehouses to being the total to 95,275mt. That may be the first arrival of the China smelter
export (i.e. dump) we noted last weekend).
 The only to retain its current trend last week is Comex, which added 10,590mt to reach a total of
200,446mt and break the 200kmt line for only the second time ever.
Our dedicated SHFE chart adds another blob to the 2025 line and starts the second half of the year in a fairly
neutral way.
11

SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
12
2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
But from here, a lot will depend on whether the talk of wholesale copper inventory dumping into LME Asia
warehouses materializes. If not, copper has all the arrows pointing higher. Now for a couple of notes on
some of the basket component stocks:
Aldebaran Resources (ALDE.v): Another great week. Not only has ALDE sprung from the bottom of its
trading range (not a surprise), last week it blasted through the top of same (yes I was surprised) and briefly
traded at an ATH of C$2.47 on decent volume (relatively speaking, it’s still tightly held) before settling for its
C$2.35 finish, which means it’s now a C$400m market
capper and that is no small number. It’s interesting to see it
move like this in what has always been its “off season” for
news and movement, the differences this year include
obvious positives such as the copper price the new market
view attitude toward Argentina. However, I’d add that this
time around the close watchers will be aware that ALDE has
a full treasury for once, with more than enough cash to do
everything it wants to do in 2025 and probably enough for
2026 as well (if it doesn’t go mad). In other years, the need
to finance has helped cap any price move.
I still don’t think I made many mistakes in trading this in the
last few months, first selling my shares when I did at the end of last year and then not buying back at a
lower entyr. For one thing, the funds went to other places, e.g. trades in Salazar and Aftermath among
others and for another, the type of deep value I’d have needed to jump back in never materialized. But I
wouldn’t have bought ALDE in the first place if I didn’t like the look of Altar so if you’re in and enjoying this
ride, good for you.
Faraday Copper (FDY.to): However, I do feel dumb for missing the move in FDY. My liking for this stock
and its Copper Creek project, so missing this move over the Loonie line (only the second time it’s done this)
is lapse on my part. It certainly help its cause to announce last week (8) that the US BLM had approved its
new Exploration Plan of Operations (EPO) which, according to the bullet points in the NR, include up to 67
drill pads located on Federal land:
 48 drill pads in or near the American Eagle area and the southern portion of the Mammoth resource area;
 10 drill pads in or near other existing resource areas at Old Reliable, Globe, Copper Prince and Copper
Giant; and
 9 drill pads that enable reconnaissance drilling on previously untested targets.
CEO Harbridge rightly calls this a “major catalyst” and the team now has confirmation that there’s plenty of
work to do at the project, with the new drill program kicking off in Q3 (miss the worst of the heat). I may
have to chase the price if I want to own some, which is annoying.
Pampa Metals (PM.cse): A strong week for this week’s tinycap rep, with good volumes to back up the
25.7% added since last weekend. On Friday while you were eating hot dogs, PM also upped its current
financing to C$6m (9)

July 4, 2025 – TheNewswire - Vancouver, British Columbia - Pampa Metals Corp. (“Pampa Metals”
or the “Company”) (CSE: PM / FSE: FIRA / OTCQX®: PMMCF) is pleased to advise the upsize of its
previously announced non-brokered private placement offering to 37,500,000 shares at a price of
$0.16 per share, for gross proceeds of $6,000,000 (the “Offering”).
You’ll note that 1) it’s a LIFE financing and that means no
escrow and 2) it’s at 16c, so combine that with a Thursday
and Friday that ran free of US influence and I don’t expect
that 22c price to survive the coming week. PM is pushing its
fusion with Rugby Metals hard and telling the world it will be
drilling Cobrasco in Q3 this year. So forgive me for
remaining skeptical on that, Cobrasco is a tough location
and until I hear that the drills are turning, I’m expecting
delays at a minimum.
The Producer Basket
After 27 weeks of 2025, the Producer Basket shows a gain of 57.02% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 67.51 59.90 60.9%
2 Agnico Eagle AEM 78.21 497.971 59.79 120.06 53.5%
3 Barrick B 15.50 1748.05 37.51 21.46 38.5%
4 Franco-Nevada FNV 117.59 192.119 31.72 165.09 40.4%
5 B2Gold Corp BTG 2.44 1313.11 4.81 3.66 50.0%
6 Eldorado Gold EGO 14.87 204.909 4.26 20.77 39.7%
7 New Gold NGD 2.49 790.9 3.95 4.99 101.2%
8 OceanaGold OGC.to 11.94 231.127 3.27 19.36 62.1%
9 Sandstorm SAND 5.58 296.844 2.86 9.63 72.6%
10 Wesdome Gold WDOFF 8.98 149.891 2.04 13.59 51.3%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 57.02%
A great recovery week for PM producers and our Producer Basket alike, though we didn’t see all ten of our
basket stocks move up as Wesdome (WDOFF) managed to finished unchanged to the penny. The others
were all winners and the reasonably uniform move across the board (most up between 3.5% and 5.5%)
points to top-down action and money moving in via GDX and other high bandwidth entry points. Indeed,
Newmont up 5.5% carries that exact message.
The GDX ETF did better than us by a couple of tenths, but the difference was small and we’ve hung on to our
slight lead for a third week.
The 2025 Producer Basket: Weekly performance and
70% comparative to GDX control
60%
50%
40%
30%
20%
10%
0%
13
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 dn22 ht92 ht6luj
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 dn22 ht92 ht6luj
source: IKN calcs, NYSE data

We’re about to get a flurry of activity from this section as the Q2 production reports drop, so just a thought
on a couple of stocks this weekend with a quick though on Newmont and then two notes on Sandstorm. The
first SAND note was laid down Saturday, the second an addition today Monday and for obvious reasons.
Newmont (NEM): The world’s #1 gold miner by market cap (there’s suddenly over U$7Bn between it and
Agnico, even if the purported Q2 share buybacks are confirmed soon) is one of the companies that doesn’t
pre-announce quarterly production, but it tends to be one of the first to report its real numbers and that will
be the case this month, too:
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM)
(“Newmont” or the “Company”) will release its second quarter 2025 results after North American markets close on
Thursday, July 24, 2025. A conference call to discuss the results will be held at 5:30 p.m. Eastern Daylight Time
the same day (etc)
So, just eighteen days for a set of numbers that will likely set the tone for the PM sector’s earnings season.
Sandstorm (SAND): Following on with the subject, next week should bring SAND’s preliminary sales results
for Q2 as it’s always one of the first of the sector to pre-report numbers. I’m happy to have included SAND in
the 2025 basket, it’s turned out to be the right call for the right reasons and the +72% YTD performance is
second only to the year’s hotpot, New Gold (NGD). That’s not bad at all for a royaltyco, supposedly a
defensive way of giving PM exposure. Back at the start of the year in IKN815 we gave our reasons to include
SAND and wrapped up with this thought:
“Overall, SAND is often a painful ride and you simply cannot trust management to do the right thing
or stay away from making further dumb deals. For 2025, all this company really needs to do is not to
touch the controls and the share price should improve organically. At the current low ebb, the risk is
biased to the upside and I’m going to take a chance on
getting the timing right.”
That’s fairly close to the mark, as happily Watson & Co
have indeed kept their hands off the controls and without
any big deals, the company has been in harvest mode.
For sure gold +25% YTD helps and all boats float, but
there’s no doubting the SAND turnaround this year and as
a small sidebar, that’s good for the entire sector as SAND
is one of the more widely held Tier 2 names in NYSE insto
portfolios. The more they spread the love for mining
stocks among the suited and booted of New York, the
better.
Sandstorm (SAND) UPDATE MONDAY: The above was written on Saturday morning and after today’s
news, it’s only right to add more. I decided to leave the original note untouched as it’s good for context (and
though obviously dated by events, not entirely wrong) but what really matters about SAND is the news that
dropped today, Monday morning (10):
Vancouver, BC | Sandstorm Gold Ltd. (“Sandstorm Gold Royalties”, “Sandstorm”, or the “Company”) (NYSE: SAND, TSX:
SSL) is pleased to announce that the Company has entered into a definitive arrangement agreement with Royal Gold Inc.
(“Royal Gold”), pursuant to which Royal Gold will acquire all of the issued and outstanding common shares of Sandstorm (the
“Sandstorm Shares”) in an all-share transaction with an implied value of approximately $3.5 billion (the “Sandstorm
Transaction”). Sandstorm shareholders will receive 0.0625 of a share of common stock of Royal Gold (each whole share, a
“Royal Gold Share”) for each Sandstorm Share held, implying a 21% premium to the 20-day volume-weighted average price
(“VWAP”) of the Sandstorm Shares for the period ended July 3, 2025, and a 17% premium to the closing price of the
Sandstorm Shares on the New York Stock Exchange (the “NYSE”) on July 3, 2025. Upon closing, existing Royal Gold and
Sandstorm shareholders will own approximately 77% and 23%, of the issued and outstanding Royal Gold Shares on a fully
diluted basis.
Concurrent with the Sandstorm Transaction, Royal Gold has entered into a definitive arrangement agreement with Horizon
Copper Corp. (“Horizon Copper”), pursuant to which Royal Gold will acquire all of the issued and outstanding common shares
of Horizon Copper (the “Horizon Shares”) in an all-cash transaction valued at approximately $196 million (the “Horizon
Transaction”). Horizon Copper shareholders will receive C$2.00 for each Horizon Share held, implying an 85% premium to the
20-day VWAP of the Horizon Shares for the period ended July 4, 2025, and a 72% premium to the closing price of the Horizon
Shares on the TSX Venture Exchange (the “TSX-V”) on July 4, 2025. For further details of the Horizon Transaction, refer to
Royal Gold’s and Horizon Copper’s respective press releases dated July 7, 2025.
14

Upon completion of both the Sandstorm Transaction and the Horizon Transaction (together, the “Transactions”), Royal Gold
will continue under the name “Royal Gold, Inc.” and will host a robust precious metals streaming and royalty portfolio with
industry-leading diversification and growth profile.
And with that, SAND is about to disappear and the world is unlikely to mourn its passing. There was always
something inevitable about SANd and RGLD, the tough one to judge was the timing. As there’s no love lost
between Nolan Watson and Randy Smallwood, WPM was never going to be the one and FNV has its plate full
with other matters, so the number of potential buyers was always limited and RGLD has been the logical
option for years (OR.to perhaps these days, too). So when the news dropped it wasn’t a jaw-dropping shock,
only the timing leaves me with the regret of not owning shares. Then again…
…the lift on the news was limited to 6.33% today as RGLD took a hefty hit for the all-paper structure of the
deal. SAND wasn’t on my shopping list for my personal portfolio this year, so I’ll have to be content with the
academic victory of picking a turnaround stock at the right time for the Producer Basket. My pockets are
finite, can’t own them all, if you own this stock in 2025 please accept my congratulations. Enjoy the print.
The TinyCaps List
After 26 weeks of 2024, the TinyCaps show a gain of 34.50% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 16.27 0.12 -29.4%
Condor Res CN.v 0.145 149.913 18.74 0.125 -13.8%
Electrum Disc ELY.v 0.13 98.995 7.92 0.08 -38.5%
Endurance Gold EDG.v 0.145 176.296 43.19 0.245 69.0%
Kodiak Copper KDK.v 0.39 85.7 59.99 0.70 79.5%
Latin Metals LMS.v 0.08 121.915 24.99 0.205 156.3%
Mogotes Metals MOG.v 0.13 268.9 59.16 0.22 69.2%
Radius Gold RDU.v 0.085 107.554 16.67 0.155 82.4%
South Star STS.v 0.55 69.2 15.92 0.23 -58.2%
Viva Gold VAU.v 0.14 145.53 26.20 0.18 28.6%
Prices in CAD$, data from TSXV basket avg 34.50%
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.
15

 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.
Another leg up for our TinyCaps list, which has really sprung to life in the last few weeks and that’s either a
healthy sign for things to come, or an ominous warning that
the dogs are barking and we’re at the end of the bull run for 50% TinyCaps, 2025 weekly tracker
mining stocks. You be the judge. Just one loser (MOG.v) 40%
and three others remained unchanged (BRO.v, CN.v,
30%
STS.v), which means six winners (ELY.v, EDG.v, KDK.v,
20%
LMS.v, RDU.v, VAU.v) and in that group, a couple of big
10%
movers in Radius (RDU.v up 34.8%) and Endeavour (EDG.v
up 22.5%) though we’re quick to point out (again) that the 0%
June 4th festivities and closed US market may have made for -10%
some distorted trading in the Canadian market, something
that can show up as big percentage moves in tinycappers
that gets unwound quickly after.
Endurance Gold (EDG.v): Our other big mover on the
week was also on no news, but in this case it’s only fair
to catch up with news I should have featured in last
weekend’s notes, this Monday June 23rd (11) NR
entitled “Endurance Reports An Impressive Deep Drill
Intersection At Imperial With 6.74 gpt Gold Over 21.8 M
Including 10.11 gpt Gold & 0.25% Antimony Over 12.4
M”. That’s a good hit, of course, but it’s also deep
underground at 336m downhole. The NR comes with
info and visuals, with perhaps the easiest to use in a
quick overview this one, which shows where hole 1009
intersected the Imperial Zone mineralization. That’s right
where the team expected to find the gold bearing rock
and both grade and widths must have pleased them, it
also shows that EDG was specifically aiming further down the
system and hit what they wanted to hit in the place expected.
So, deep and not easily accessible in the first years of any
mining operation, that’s for sure, but it was a net positive for its
Reliance project and the initial price move at the time was
deserved.
That doesn’t explain the move last week though, nor the
accelerated volume. At C$43m market cap EDG is beginning to
get up there in size as tinycaps go, so either it can bring news to
the table that justifies last week or it’s going to have a job
holding on to this new price, U$3,400/oz gold or not.
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 dn22 ht92 ht6luj
source: IKN calcs, TSX data

Radius Gold (RDU.v): The biggest mover of our ten last week, RDU woke up and ran on no news.
However, there was the publication of a new corporate presentation that told us “Permitting underway,
planned drilling Q3” for its Tierra Roja project in South coastal Peru so maybe the elusive and delayed
permits are now at hand.
Or maybe not, as this company has always been a
rumourmill and happy to see speculative cash try to
second guess its newsflow. The games people play, RDU
is on this list because of its potential to drill a real intersect
at Tierra Roja but until the drills turn, it’s very easy to stay
on the sidelines no matter what the stock price does.
There will be time enough to grab a piece if it does have a
real discovery on its hands at Tierra Roja, but anyone
considering a spec in this stock needs to check its track
record, there’s decades of disappointment baked into its
price moves.
UPDATE MONDAY: Sure enough and better late than
never, RDU announced today Monday July 7th that it
had received its permits for Tierra Roja and the drilling
would start in Q3. The reaction of the crowd was
positive, with the stock closing at 18c and above the
levels reached earlier this year when the company cried
wolf about same. I was asked by a couple of you
whether I’d be a buyer on today’s news and the answer
is still a resounding “No”, as I’m not going to judge
Tierra Roja either way until we have some solid results
from the Truth Machine, but I will judge Simon Ridgway
on his track record of over-promising and under-
achieving at a long list of projects. Don’t get me wrong,
rocks are rocks and I will approach Tierra Roja results
with an open mind but there’s no way I’m buying in before. Good numbers from an initial pass drill hole or
two would mean I don’t get to buy in at the cheapest level, but that’s okay, there’d be plenty of meat left on
the bone for your author the Doubting Thomas.
Viva Gold (VAU.v): This is an extra note added today Monday, on the back of this NR out of VAU today
entitled “Viva Gold Announces PEA Study Results for its Tonopah Gold Project, Nevada” (12). While we could
go into detail about its contents, the real need-to-know is in the price chart:
The market dumped on the stock on this news, as a U$220m capex machine for just seven years of mine life
(plus an extra year of residual production) using “highly optimized” op-ex inputs just doesn’t cut the mustard.
FWIW, several of us had a long exchange on parts of the PEA on this TwitterX string today (13), with lots of
experienced mining people (real mining people, that is) casting doubt on some of the key VAU cost
parameters so feel free to take a look, suffice to say that we consider this PEA to be of the “highly optimized”
variety, the type that gives the 43-101 system its bad name.
17

The reason to feature VAU on the TinyCaps List for the last two years was the Tonopah project, which took
its sweet time to get to PEA level but now we’re here, it’s going to be easy to drop it from coverage in 2026
and beyond. It was worth our time to keep an eye on the stock, nothing ventured nor gained or lost, but as
from now it’s a discard and I expect the stock price to drop further in the weeks ahead. This project isn’t
going to become a mine, period.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Argentina improves its permitting schedule (A Monday extra)
Good news for mining in Argentina today Monday and the need for the addition of this extra note. Without
prior warning, today Monday saw the publication in Argentina’s “Boletín Oficial” (the official government daily
publication, which makes any edict into active law) an executive decree that modifies two organic laws, the
Mining Investment Law and the National Bank of Geological Information. In order to speed up metals mining
projects. The law was signed into effect by the President, the Mining Secretary (Minister) Luis Lucero, The
Minister of the Economy and The Head of the Ministerial cabinet (i.e. all the bigwigs) and is aimed at
annulling “bureaucratic charges that lack rationality” (to directly translate), i.e get rid of unnecessary steps in
the permitting process for mining projects.
According to the law and the edict published this morning, the main effect is to spped up the checking
process for investments and states that the paperwork up to now included a checklist of over 1,000 items
that mining companies must fill in, of which 80% had no legal backing (i.e. the company would have to
provide evidence for their statements if required by the ministry. It also eliminates having to submit the same
information to different desks on the permitting track. According to the Milei government, these changes will
speed up the permitting track for mining investments “drastically”. We’ll see about that, but any cutting of
red tape is good news as far as this desk is concerned. We’re sure to hear more from the mining ministry at
some point this week, so any interviews or comments on what the government expects from the new laws
will make the next edition. For those so inclined, the Spanish language edict in PDF form is available for your
viewing pleasure at the bottom of this link (14).
More on Mexico permitting
Further to last weekend’s main fundies note on Mexico, permitting and so forth (which used Top Pick stock
Minera Alamos (MAI.v) as an example of what to expect at grassroots permitting level), I’d like to address
two subjects arising from feedback mail (thank you as ever for your comments), as there still seems to be
confusion on this matter. That’s understandable, as it might be clear for close watchers of what’s going on
(e.g. me) but that ain’t necessarily so for everyone. Therefore, this:
1) Following on from the brief note on MAI.v above in the Stocks to Follow note, it is of course good that the
mining world has come to its senses over the last week and a half and realized that what President Claudia
Sheinbaum stated about our industry in her country during the scheduled during her “La People’s Morning
Show” (La Mañanera del Pueblo) TV show on Monday, June 23rd. However, that doesn’t mean we’re out of
the woods yet and the mining code reforms promised by Mexico’s mining ministry for “end of the second
quarter” have yet to appear so yes, it’s another LatAm government late on delivery. to that, all I have for you
is a sigh and shrug of the shoulders. It doesn’t mean it’s not happening, though, and when it does it will be
the signal that allows the near inert permitting system to creak back into action. It’s been way too long, I
know that, we share the frustration (unless you’re newly bought in of course, which means I’m merely
jealous).
2) We don’t know the exact contents of the upcoming mining rulebook (and should never discount devils in
details), but we do know the broad stroke changes. We have been told what to expect on plenty of occasions
in the last year and a half, the Mexico government’s line on this has been constant, the subjects won’t come
as a surprise:
18

 Mexico isn’t going to award any new concessions
 Mexico will honour all current concessions
That’s important to understand and while I agree strongly with the bodies such as Mexico’s Camimex
Chamber of Mining that the decision not to award new concessions will negatively affect the sector, that will
not affect your investment in Project X or Company X if they have concessions in good order. And as
concessions are not permits and permits are not concessions…
 Permitting for mining projects has already re-started under Sheinbaum.
 However, the process to date has been slow. Mexico’s Semarnet environmental office said two
weeks ago that it had awarded 14 permits to mining companies since the start of the Sheinbaum
administration, which isn’t zero but is still way off the normal pace, especially for a country the
size of Mexico with its deep tradition in the sector. Also, according to Semarnat most of the
permits were for amendments to existing permits rather than anything new.
 The new mining code will allow the government offices to have clear rules and regulations from
which to make their decisions and will allow the permitting track to get back to normal.
 The new rules will include tighter environmental requirements, with a central issue being a
greater say given to local communities directly affected by any mining project.
 That means companies and projects with community issues and problems to date are in potential
trouble (and there are plenty of those). It also means companies and projects in good standing
with their local communities have nothing to fear from the new regulations.
Let us be clear, none of the above should come as a shock, surprise or a new development. And if we take a
step back, it really isn’t that much different from the tighter environmental rules that have been (and will
continue to be) adopted by serious mining countries around the world. It’s up to you, dear reader, to know
about your investment target and to consider the risks it brings to the table from CSR and/or ESG, this is
2025 and the world has changed, hoodwinking communities or appeasing them retroactively is no longer an
option. Again, no different from anywhere else.
Finally and for some context, be clear that I have my own limits and preferences for investment in Mexico,
same as any other jurisdiction. Objectively there’s no way in the world I’d invest or even speculate in a
project located in Chiapas or Baja California Sur (as two examples), Objectively, there’s no way I’d back a
project with serious social or community issues at its local level (e.g. Ixtaca or Caballo Blanco, off the top of
my head). Also subjectively, I blanket avoid any exposure to Guerrero State, even though by avoid call means
I’ve missed winning stocks such as Heliostar and Torex. We can argue the toss over any of those parameters
and I won’t mind if you disagree or call me stupid, but with those parameters it also sets my stall on places,
locations and projects that I find attractive. And with that all said, a clear statement to wrap up this note:
You may like other Mexico-exposed stocks and I have no issue with that, wishing you the best of fortune. I’m
long Minera Alamos and consider it a Top Pick stock, particularly at its current price.
Argentina and India and France
Don’t think for a moment that Canada, Australia or China are the only countries sniffing around Argentina’s
mineral endowment as the country becomes attractive for FDI and business. This week first saw a
Memorandum of Understanding (MOU) signed between France and Argentina as a diplomatic follow-on from
the recent meeting between Presidents Emanuel Macron and Javier Milei. A MOU tends to mean very little in
the world of private companies, but it’s a weightier document at the inter-country level and this one is an
agreement to (quote translated) (15) “promote investment and financing in critical minerals”. France’s
Foreign Trade Secretary, Laurent Saint Martin, flew in to Buenos Aires to sign the piece of paper with
Argentina’s Mining Secretary (Minister), Luis Lucero.
The other budding relationship to report on is that of Argentina and India as, for the first time since the
dictatorship years of the 1970s, the Indian Prime Minister is this weekend on an official State visit to
Argentina (16) Narendra Modi is getting the full fanfare and protocol treatment, including a State banquet
hosted by Milei (apparently they met for the first time at the G20 meeting in 2024 and hit it off immediately),
but real reason for his visit is trade. While there’s more than just mining on the agenda, our sector of focus is
definitely one of the sectors Modi’s government is looking at for future bilateral trade and once again it’s the
“critical minerals” buzzphrase, with lithium and copper apparently in the frame.
19

Chile: What Jeannette Jara means for us
As noted in the edit of the last edition, Jeannette Jara won the primary for the left wing candidacy in the
upcoming Presidential election in Chile and that’s good news for us, as in our considered view it makes the
right wing victory all the more likely in
November/December. Since that weekend we’ve seen
polls agree with us as well, with four polls taken since
the primary last weekend and this useful TwitterX site
(17) has done the job of aggregating the results. This
screenshot shows the averages for the main
candidates over the four polls and we’re beginning to
see two pull ahead of the others, with Jara on the left
and José Antonio Kast both making their moves. That
reading for Jeannette Jara is mostly due to the outlier
result from the Pulso Ciudadano poll (18), which gave
her 33.8% of voter intention with Kast back in second
at 17.3%. Meanwhile, a poll taken for Chile’s newspaper of record La Tercera reported (19) that 66% of
Chileans expected Jara to make it to the second round run-off, while 44% thought that her victory in last
weekend’s primary lowered the likelihood of an eventual left wing victory to follow up on the Boric win four
years ago (with 26% saying it would make no difference and 30%, i.e. her base, saying it would improve the
left’s chances). That makes sense. She’s bound to get the full backing of the Boric government (even though
the President must remain strictly neutral as per the Chilean election laws) however, she’s a staunch Lefty of
the old school variety (a member of Chile’s Communist Party) and that makes for antibodies in the political
centre, the silent majority remember the first period of the Boric presidency and how he put ideology over
economy. As things stand today, the most likely scenario for the Chile 2025 Presidential election is:
November 16th Round One: The country’s left wing unite behind Jara, while the country’s right wing decides
which candidate it wants to face her in the run-off. That person gets second place (perhaps first) in the first
round.
The fight on the right is basically between José Antonio Kast (currently on the rise) and Evelyn Matthei
(currently stagnating, slightly falling) though “Chile’s Milei” Johannes Kaiser would like to get involved
(though I feel he’s only around to make sure Kast isn’t the farthest right candidate). The only potential
surprise at this point is the centre/centre-right candidate Franco Parisi, currently in fourth place and a
potential beneficiary of the wide political gap between the lefty and righty frontrunners.
December 14th Round Two: The right wing candidate prevails in the run-off against Jara.
Theoretically the right wing nomination is still up for grabs, but the rise of José Antonio Kast in recent weeks
looks ominous for his competition and if you put a gun to my head this weekend, I’ll call Kast as 1) to get to
round two versus Jara and then 2) to become Chile’s next President. That said, today is July and the vote is
November, there’s plenty that can happen before the big day.
Market Watching
NGEx Minerals (NGEX.to) stalls
In the Market Watching section of IKN836 dated May 25th, six weeks ago, we ran two notes connected by a
single theme, “AbraSilver (ABRA.to) cuts an
impressive hole” and “NGEx Minerals (NGEX.to)
cuts an impressive hole” as that week
coincidentally saw eye-popping drill assays from
these two Dot Tee Oh listed explorecos that were
already on a roll. This two-month comparative
chart shows what’s happened since then:
We know about the ABRA (happy to say), but
when considering the latest NR from NGEX.to, last
20

week’s NR (20) “NGEx Drills 46.8m at 9.55% CuEq plus 48.9m at 7.75% CuEq at Lunahuasi”(i.e. another
strong intersection) I couldn’t help but note the lack of progress the stock has shown, decidedly different to
that of ABRA.Which begs the question, is NGEx lagging? A look at the 12-month chart for NGEX would
suggest the last month is a pause in a larger story of success and we know there’s plenty of newsflow to
come from Lunahuasi and its surrounding area. We also know that as Josemaria (and Filo) moves towards
construction, the entire zone will get headline after headline.
So on the whole and speaking at a strategic-only level, the
probable answer is that yes, NGEX has lagged and will play
catch-up to other hotpot drill plays sooner or later.
With 207.208m shares out and a share price of C$16.44 as at
this weekend, NGEx Minerals has a market cap of C$3.18Bn
(with a B), around U$2.32Bn at current forex. That’s a big
number for an exploreco (of course) and under normal
circumstances I’d consider it an obvious headwind to further
share price growth, but the Lundin Group has proved me
wrong at least twice on this exact issue, so I’d be a fool to bet
against the same group again. I liked LUG.to, said so publicly
and didn’t buy it at C$18 and C$20 (look at it now). I turned my nose up at Filo (FIL.to) at C$8, then in the
$15 to $18 range (“too expensive, leverage is gone”). However and as mentioned in IKN836,, its market cap
truly is too big for The IKN Weekly and falls outside my preferred spot, especially for explorecos and
developers, so it’s a stock I’ll leave for others but with that said, those of you looking for a larger bandwidth
way of playing the expected run on copper may want to consider NGEX.to, there’s a lot to like now Lunahuasi
clearly stands on its own and has more to offer from its recent porphyry discovery.
A brief wrap on Collective Mining (CNL.to)
In IKN838 we ran that somewhat cryptic note on potential problems for CNL at Apollo. Then on June 23rd
CNL announced (8) it had come to a new agreement with the underlying owner of the property under
question and would soon hold 100% of the mining licence for Apollo. Last week in IKN841 we noted the
change in circumstances and presumably, the end of doubts over the location of some of the recent drill
holes. To wrap up, we offer a one month chart and
note that CNL has recouped the losses it went
though in June, with the big moment on June 23rd
when it released the NR “Collective Mining Earns
100% in the Guayabales Mining License by
Accelerating the Terms of the Agreement”. This
weekend CNL is priced at C$16.42, a new all-time
high for the stock.
That ends Market Watching coverage of this stock.
If you want exposure to Colombia’s mining scene
that’s your decision, you won’t get emotional
support from these pages.
Conclusion
IKN842 is done, we end with bullet points
 Seeing Minera Alamos (MAI.v) bounce back was good, but its performance was lef tin the shade by
the number of springers now showing in the junior world. Happy to report was got a piece of the
action on that score and Marimaca Copper bought the pleasant surprises, as did Surge.
21

 The Mexico political situation is complicated, but there are a couple of essentials to remember and
that’s what we went over today. There’s a lot less to fear than many people make out, what’s needed
above all is the publication of the new mining regulations.
 At some point I’ll have to make a proactive call on the future of copper, but let’s see how the
expected inventory dump gets digested by the market first. The summer doldrums are also a factor
now, so there is a time limit to the call but we probably have a few weeks.
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://marimaca.com/marimaca-announces-significant-bornite-intersections-july-2025/
(2) https://marimaca.com/wp-content/uploads/2025/07/Marimaca-Investor-Relations-Deck-July-2025.pdf
(3) https://www.investormeetcompany.com/marimaca-copper-corp/register-investor
(4) https://www.youtube.com/watch?v=m01YBv_T3i8
(5) https://surgecopper.com/news-releases/surge-copper-announces-6.4-million-equity-financing-to-support-progress-to-pre-feasibility-
and-ea-readiness-at-berg/
(6) https://www.abrasilver.com/_resources/presentations/corporate-presentation.pdf?v=0.833
(7) https://www.reuters.com/markets/commodities/coppers-tariff-high-fails-lift-other-lme-metals-2025-07-01/
(8) https://faradaycopper.com/news-releases/faraday-copper-receives-bureau-of-land-management-approval-for-exploration-plan-of-
operations-at-its-copper-creek-project/
(9) https://www.pampametals.com/news/2025/ampaetalspsizesfferingto6m20250704063003.html
(10) https://www.sandstormgold.com/royal-gold-to-acquire-sandstorm-gold-royalties-and-horizon-copper-forming-large-scale-industry-
leading-streaming-and-royalty-company/
(11) https://endurancegold.com/news-releases/endurance-reports-an-impressive-deep-drill-intersection-at-imperial-with-6.74-gpt-gold-
over-21.8-m-including-10.11-gpt-gold/
(12) https://vivagoldcorp.com/site/assets/files/6016/nr25-07_viva_gold_announces_tonopah_project_mre_pea_results_-
_07_07_2025_final.pdf
(13) https://x.com/Mark_IKN/status/1942215675927478283
(13) https://www.ambito.com/energia/modifican-la-ley-inversiones-mineras-acelerar-los-proyectos-cobre-oro-y-litio-n6164439
(14) https://dfsud.com/america/argentina-y-francia-firman-acuerdo-bilateral-para-promover-inversiones
(15) https://www.swissinfo.ch/spa/modi-visita-a-milei-con-el-foco-en-inversiones-indias-en-medicamentos%2C-energ%C3%ADa-y-
minerales/89637328
(16) https://x.com/EncuestasChil10/status/1941203723885158816
(17) https://radio.uchile.cl/2025/07/03/jeannette-jara-dobla-a-kast-y-a-matthei-en-la-encuesta-pulso-ciudadano/
(18) https://www.latercera.com/politica/noticia/encuesta-descifra-44-cree-que-eleccion-de-jara-disminuye-las-probabilidades-de-la-
izquierda-en-la-presidencial/
(20) https://ngexminerals.com/news/ngex-drills-46-8m-at-9-55-cueq-plus-48-9m-at-7-75-122784/
22

Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
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
23

Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
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
24

Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
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
25

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
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
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.
26