IKN #843Premium

The IKN Weekly
Week 843, July 13th 2025
Contents
This Week: Trade heads-up, In today’s edition, An interesting CPI, Beware of the dog.
Fundamental Analysis: The Marimaca (MARI.to) Pampa Medina conference on Tuesday, A silver price
update and a decision (of sorts) on AbraSilver (ABRA.to).
Stocks to Follow: West Red Lake Gold (WRLG.v), Salazar Resources (SRL.v), AbraSilver (ABRA.to), Rio2 Ltd
(RIO.v), Red Pine Exploration (RPX.v), i-80 Gold Corp (IAUX) (IAU.to), Eldorado Gold (EGO) (ELD.to), Surge
Copper (SURG.v).
The Copper Basket: Overview, Trilogy Metals (TMQ.to), Arizona Sonoran (ASCU.to).
The Producer Basket: Overview, Barrick (B) (ABX.to), Sandstorm (SAND) (SSL.to).
The TinyCaps Basket: Overview, Viva Gold (VAU.v), Radius Gold (RDU.v).
Regional Politics: Chile simplifies its paperwork.
Market Watching: Amerigo Resources (ARG.to) 2q25 production, NGEx Minerals (NGEX.to) wakes up.
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
Trade heads-up
Not a trade as such, but it’s going to get a mention here at the top to make sure the message is heard by all.
After expressing my interest in West Red Lake Gold (WRLG.v) a couple of weeks ago I’m going to make it
official by adding the stock to the Watch List as from next weekend. That means no purchase yet, but it does
mean I’m now tracking it closely and looking for the right price and/or circumstances to open the trade. A
little extra in today’s Stocks to Follow on the subject, but not that much. Next week.
This Week
 A good problem to have, the run in the price of silver has pimped most every silver stock and our trade
in AbraSilver (ABRA.to) is no exception, which hit its C$5.74 price target last week. We consider the
silver price surge then make a decision (of sorts) on what to do with the open trade.
 Also in today’s main fundies section, we chew over the main point made in last week’s presentation by
Marimaca Copper (MARI.to) on its suddenly exciting Pampa Medina satellite project. The verdict: no
doubts about this one, MARI is going either higher or a lot higher. Own some.
 The other big news last week was the Trump Tariff decision on copper, as The USA now plans to slap
a hefty 50% on copper as from August 1st. We consider what it all means in today’s Copper Basket
section.
 The peppy and positive metals market means there are all sorts of fast moving stocks out there now.
We can’t (and won’t) cover them all and I hope you find a great little winner, but if you buy in for the
wrong reasons you may end up selling badly as well. Today’s intro covers one of the more common
error when it comes to tinycaps in times of strong bullish action in the mining world.
 Market Watching covers the 2q25 production numbers from Amerigo Resources (ARG.to) and in a
world of change and volatility, it’s nice to be abel to rely on this company doing its thing so reliably and
well. If numbers could choose where they lived, they’d pick this section of today’s edition and feel very
happy about their new home.
 Other things, too. There are always other things.
1

An interesting CPI
We keep an eye on the major US macro numbers here in the intro, but equally we’re always clear that some
months are more important than others, be it for inflation, jobs or whatever else. Last week was quiet and
we said so, mentioning in passing just the Fed Minutes release but when that arrived, it kicked off another
round of Donald vs Jay, with the Trump admin keen on getting rates lower as soon as possible the the US
Fed (and its head) clearly remaining cautious about inflation and the potential for tariffs to cause a price pop
in the near future. The spat deteriorated into this weekend (or accelerated if you prefer), with Trumpians
taking to the airwaves to claim that Jay Powell can indeed be removed before his time is up next year if
wrongdoing is found, as well as claiming a $700m Fed program is over-budget, using it as the potential
excuse (for those just joining us, 700m dollars sure is a lot of money but it’s a rounding error compared to
the additions to the national debt expected from the Big Beautiful Bill).
With that the scene is set for this coming week’s main macro event, the US CPI reading on Tuesday pre-open
and here’s the Calculated Risk preview (1):
8:30 AM: The Consumer Price Index for June from the BLS. The consensus is for a 0.3% increase in CPI, and a 0.3%
increase in core CPI. The consensus is for CPI to be up 2.6% year-over-year and core CPI to be up 2.9% YoY.
Whatever the number turns out to be on Tuesday, bet dollars to donuts it gets politicized as Team Trump is
certain to use it as evidence of continued low inflation and space to cut rates. Whether Team Not-Trump
does the opposite depends on the data.
Beware of the dog
What’s in a name? That which we call a rose
By any other word would smell as sweet.
Romeo and Juliet, Act 2, Sc2, ll46-47
With gold where it is, copper well over U$5.00/lb (if you count Comex) and silver now making a move toward
the 4-handle per ounce, things are going very well for the metals complex in 2025. That’s a good thing of
course, it also means the dogs will start wagging their tails. I’m not against this, what’s more any
experienced watcher of the junior mining space knows that massive gains in percentage terms can come
from riding no-hope companies and projects when the hype and momentum really get into gear and Sector
Lore is littered with stories of 10c stocks moving over a dollar and companies that looked dead and buried
springing to life, tripling in share price, raising $5m then adding another 50% after, thereby ensuring the
salary cheque of its lifestyle CEO for another cycle.
Which is fine. This is mining, there’s no point trying to expect its actors to be something they are not. As for
us on the outside looking in on these companies, investors, speculators and traders know that there are juicy
gains to be had if things go well when the penny stock dogs start wagging their tails, but we also know it’s a
high risk game in which any number of things could go wrong and cost its participants money. There’s a list
of extra risks, over and above those we normally assume when buying into junior producers or exploration
stage companies with treasury and a live prospect, that come with buying the dog end of the market. The
detailed list is as long as my arm but one of the overriding issues is
market liquidity, as if the market takes a downturn when you’re
holding a thinly traded 8c stock that’s just doubled to 16c on a burst
of new spec buying, your exit possibilities are very different than if it
were well-traded junior or an explorecos with a peer-approved
quality project.
You pays your monies and you takes your choices, madam/sir. I’m
certainly not going to put you off playing the high risk/high reward
spec stocks (in fact I dabble myself, outside of the core quality
holdings), but today’s intro does want to make a point about one
way in which the dog companies get marketed to the world at times
like these, when metals prices are strong and optimism runs high. I
was reminded of this phenom last week after a brief interaction on
TwitterX with a commenter under this Tweet (2) (right), a repost of
something I’d originally stated early last month:
2

Indeed, International Tower Hill (ITH.to) (THM) and its
Livengood project in the GWN is the living, breathing epitome of
the dog gold stock, around since I’ve been writing The IKN
Weekly and while big and with plenty of gold resource, it hasn’t
moved forward in any meaningful way, shape or form all that
time for very good reasons (number one being the costs
involved, both capex and opex). That doesn’t stop the stock
price from running from time to time, though (see chart right)
and that’s why it’s a good indicator a frothy gold sector. But I
digress, as the reason to feature my sideways, unimportant
market observation is this ensuing exchange (3):
I don’t know who JorJX___ is, but s/he exemplifies an error made by a lot of people when the market starts
to run and indeed, under his comment I put the comment “A bad project is a bad project, no matter the gold
price. Alternatively and to channel my inner Will S, that which we call a dog by any other world would smell
as skanky. To illustrate JorjX’s error I’ve put together a list of 20 fictitious exploration stocks and put them in
order of quality, then used the same names in the same order in three different columns with the only thing
changing being the gold price:
The Gold Project League Table (before inflation catches up)
At U$2,000/oz gold At U$3,000/oz gold At U$3,500/oz gold
1 Wonder Gold Ltd Wonder Gold Ltd Wonder Gold Ltd
2 Great Ventures Great Ventures Great Ventures
3 Robust Resources Robust Resources Robust Resources
4 Strong Metals Strong Metals Strong Metals
5 Good Gold Ltd Good Gold Ltd Good Gold Ltd
6 Decent Res. Decent Res. Decent Res.
7 Reasonable Gold Inc Reasonable Gold Inc Reasonable Gold Inc
8 Quite Good Plc Quite Good Plc Quite Good Plc
9 Value Prop Gold Value Prop Gold Value Prop Gold
10 Small UG Ltd Small UG Ltd Small UG Ltd
11 Average Resources Average Resources Average Resources
12 Okay Metals Okay Metals Okay Metals
13 Marginal Res Marginal Res Marginal Res
14 Iffy Resources Iffy Resources Iffy Resources
15 Grotty Gold Plc Grotty Gold Plc Grotty Gold Plc
16 Moosepasture Inc Moosepasture Inc Moosepasture Inc
17 Easy Pass Metals Easy Pass Metals Easy Pass Metals
18 Rubbish Resources Rubbish Resources Rubbish Resources
19 Bad Idea Ltd Bad Idea Ltd Bad Idea Ltd
20 No Way Gold Plc No Way Gold Plc No Way Gold Plc
We repeat, the league table of quality doesn’t change, the only difference is the colour coding. At the top are
the green-for go companies and projects, e.g. Wonder Gold looks an attractive proposition and so do Great
Ventures and Robust Resources. They have great projects, they’re going to find funding and/or get bought
3

out by a major no matter the gold price. Then come companies in light green with decent projects, they also
have their chances of moving forward. Then the cream colour is for middle-of-road projects that don’t sparkle
so much, but are run by decent people trying hard to improve them. Not dead, but less attractive. Finally we
have the iffy/marginal companies in orange and the wholesale dogs in red, companies with no-hope projects
that are never going to happen (by the way, if someone ever founded a company named “No Way Gold” here
in the real world I’d probably buy a few shares out of sheer respect). However, the three columns are
different:
 In Column One, we assume the gold price is at U$2,000/oz. At such a price, three projects look like
sure things and another four are reasonable.
 In Column Two, we assume the gold price is at U$3,000/oz. At such a price, six projects look like
sure things and another five are reasonable
 In Column Three, we assume the gold price is at U$3,500/oz. At such a price, nine projects look
like sure things and another six are reasonable
In other words, the gold price input affects the economics of any given project. No rocket scientists required
for that statement, we also intuitively understand that suddenly adding $1,000/oz to the price of gold is going
to make okay project economics look good, or good ones look great. However, the single thing to take away
from the above table is this:
THE ORDER OF PREFERENCE DOES NOT CHANGE
Whatever company or project is top of the list will stay top of the list. An improved gold price will not change
the order of preference, the league table stays the same and “Quite Good Plc” stays in 8th place, no matter
at what price gold trades that day, week or year. That means (in theory at least) there are still seven more
attractive projects out there, seven companies with seven projects that have to be funded (or bought out)
before Quite Good Plc becomes the next most likely target.
The Gold Project League Table (after inflation catches up)
At U$2,000/oz gold At U$3,000/oz gold At U$3,500/oz gold
1 Wonder Gold Ltd Wonder Gold Ltd Wonder Gold Ltd
2 Great Ventures Great Ventures Great Ventures
3 Robust Resources Robust Resources Robust Resources
4 Strong Metals Strong Metals Strong Metals
5 Good Gold Ltd Good Gold Ltd Good Gold Ltd
6 Decent Res. Decent Res. Decent Res.
7 Reasonable Gold Inc Reasonable Gold Inc Reasonable Gold Inc
8 Quite Good Plc Quite Good Plc Quite Good Plc
9 Value Prop Gold Value Prop Gold Value Prop Gold
10 Small UG Ltd Small UG Ltd Small UG Ltd
11 Average Resources Average Resources Average Resources
12 Okay Metals Okay Metals Okay Metals
13 Marginal Res Marginal Res Marginal Res
14 Iffy Resources Iffy Resources Iffy Resources
15 Grotty Gold Plc Grotty Gold Plc Grotty Gold Plc
16 Moosepasture Inc Moosepasture Inc Moosepasture Inc
17 Easy Pass Metals Easy Pass Metals Easy Pass Metals
18 Rubbish Resources Rubbish Resources Rubbish Resources
19 Bad Idea Ltd Bad Idea Ltd Bad Idea Ltd
20 No Way Gold Plc No Way Gold Plc No Way Gold Plc
source: experience and a furtive imagination
This is the mistake being made by JorjX above, you cannot approach any given company or project and
assume it lives in a vacuum. Now we can of course disagree about the relative qualities of ITH at Livengood;
you might consider it a “cream colour” company, I might say it’s a “red colour”, some other person might
think it an orange. Whatever, but the simple fact remains that there are a whole bunch of companies that
need to be funded/sold before the world gets round to taking the 43-101 for Livengood off the drawing board
and putting it into action. Majors are not stupid, they want the best bang per buck available for their
development money and given the choice between a “green” project and a cream or orange one, take a wild
guess what they go for. Bankers aren’t stupid either, they’ll much prefer to double their money with no
underlying risk of the company in question going bankrupt if metals prices peak and then drop back from
whence they came. It is, after all, why a project as modest as Viva Gold at Tonapah (see TinyCaps below)
presented its PEA last week using a gold price of U$2,400/oz (though quickly pointing out what happens to
4

the economics at a contemporary gold price. These entities are not going to pick a mediocre project when
there’s a better one out there just because “the numbers work” nowadays, because if the Livengood numbers
work then my holy stars, you know the Rio2 Fenix numbers really work.
A bad project is a bad project, no matter the gold price. You can still make money by speculating in such
stocks and that’s fine by me, but if you go into a trade for the wrong reasons, you’re asking for trouble.
Fundamental Analysis of Mining Stocks
The Marimaca (MARI.to) Pampa Medina conference on Tuesday
Another great week for our preferred copper exploreco Marimaca Copper (MARI.to), up almost 12% to close
at C$10.10 and on an almighty tear in recent weeks (e.g. one month ago in IKN839 dated June 15th, MARI
spent that weekend priced at C$5.60). The cause of the latest leg up may be somewhat connected to the
Trump Tariff news and how that put extra spice into the copper market, but the real boost was almost
certainly due to the presentation given by the team on Tuesday. You can see the replay on this link (4) and I
strongly recommend you do so, because it’s packed full of
information and pleasantly free from unnecessary hype
and flowery adjectives, instead delivered in sober style
mostly by the company’s VP Ex Sergio Rivera (with CEO
Hayden Locke on-hand to add some corporate level
extras. This ten-day price chart suggests the presentation
became a sleeper, as it was more than good enough to
move the market on the dame day but, for some or other
reason, it took 24 hours before the bigger buy orders
rolled in.
Sergio Rivera then spent the first part of the presentation
walking us through the geology of Pampa Medina and the
geological detective work the company did in order to
come up with their theory, which they proceeded to test via the drill bit. We now know those initial drill
assays were exceptional, so before we dive any deeper it’s only right to congratulate Rivera and his team for
making this discovery. And that’s what it is, even though Pampa
Medina was a known and prospective concession, what MARI has
done here is true geological discovery and the team should get the
garlands they deserve for the work.
What struck me most about the presentation was the way in which
the MARI team’s views and attitude toward Pampa Medina have
altered since they picked up the concession in the latter part of last
year. This map (right) does a nice job of showing its location
compared to the main Marimaca project and its locality, as well as
the surface showings of the same type of oxide copper
mineralization MARI plans to mine at Marimaca, was the original
reasoning. Though originally slated as a 50,000 tpa copper producer
to take advantage of the news State royalty laws in Chile (no extra
on sub 50k operation), since then we’ve seen legal workarounds
appear so MARI thought it interesting to show a potential production
increase to around 70kpa copper. For that they’d need more feed
and that’s why Pampa Medina came up on the radar.
Once in their possession, however, Pampa Medina began to intrigue the team more than expected and the
geological detective work began. In the words of CEO Locke during the presentation, they began to look at
the underlying sulphide zone, deeper than the original and initially attractive oxides on surface, and start to
theorize that instead of a series of discrete zones it might be a single “manto”. For what it’s worth, that word
means “shawl”, or “bedspread” or “blanket” in Spanish and gives a good conceptual idea of what a geological
manto is, i.e. a large, expansive area of mineralization, typically flat laying and uniform in length, width and
5

composition. CEO Locke then said that the new thinking drove the initial testing (with good results from AMT
resistivity geophysics) and then to the drill program, which yielded the results we saw two weeks ago that
moved the stock from $7 to $9 in minutes.
We’re not going over the same terrain covered last week in IKN842, please see that edition for the drill
assays and what they inferred. Instead we add to the information by first noting that the mineralization as
discovered is now assumed to be a “stratiform sediment hosted copper” (SSC) deposit, which is something
brand new to the Chilean geology book. VPEx Rivera noted once again in the presentation that he’s never
heard of this type of deposit in Chile in his 40 professional years, one that most resembles the Kupferschiefer
deposits of Central Europe (Germany et al). These deposits are one of the richest historical sources of copper
and account for around 20% of all copper mined by man, they tend to be large, high grading and uniform in
metal distribution, phrases and words that should be music to the ears of MARI longs (such as your author).
In the case of MARI at Pampa Medina, the presentation had several slides that don’t just catch one’s
attention, they grab it by the lapels and shake you by the neck. Please see the PDF deck (link (4)), here I’m
going to offer you the one that truly got my jaw slack, slide 24 of the deck:
We knew the mineralization widths as returned by the drillbit two weeks ago, we also know the strong grades
involved, but the above was above and beyond even our most optimistic guesses. We underscore that SSC
deposits are renowned for their grade and mineralization uniformity, we also now understand that this
mineralization type, previously unknown in Chile, was deduced by the team thanks to geophysics such as this
AMT resistivity (dat a word?) return. In other words, they worked up a theory, tested it and it came back
positive and now what they have is a manto area that registers in a 3km by 3.4km zone, around the original
discovery holes (or perhaps even bigger if you start dreaming about slide 25, the one following what you see
above, but we’re not going there today).
This is a big, big deposit, ladies and gentlemen, make no mistake. Last week in IKN842 I sketched out a few
numbers to try and get a handle on how much copper the Pampa Medina sulphides may contain, it’s time to
scrub those and put together a new ballpark. Once again, I’m not trying to claim these as gospel truth, we’re
trying to get a handle on what the deposit may contain rather than get things exact at this stage (because
frankly, nobody knows yet), but this time around we can add in plenty of conservative leeway and show its
potential from a true lowball level. This time around we assume:
 Length: 3,000m (as seen above)
 Width: 3,400m (as seen above)
 Total manto mineralization inside the envelope: 70% (even though they are typically uniform in
nature, it makes sense to assume it’s not a perfect blanket at this early stage. We build conservatism
into our models, thanks very much)
 Depth: 20m (last weekend 40m and the likely global average will probably turn out higher than our
20m guesstimate, but we’re going lowball today)
 Specific gravity: 2.7 (two point seven tonnes per cubic metre, that’s lower than our guesstimate last
weekend of 3.0 and comes from better understanding of typical SSC SGs
 Grade: 2% copper (same as last week)
6

Therefore:
 3,000 x 3,400m x 20m = 204m m3
 204m x 70% = 142.8m m3
 142.8m x 2.7 = 385.56m tonnes of mineralization
 385.56m x 2% = 7.7112m tonnes copper in-situ
Or if you prefer, 17Bn lbs copper. Seventeen billion pounds that were not part of the MARI asset mix before
this very month. We like that a lot.
Now for sure it’ll take a while to dig it all out, there’s not recovery assumption in my ballpark calculations
either, but that amount of copper at that grade in a technologically straightforward geological setting for
mining, in a mining-friendly region of the most pro-mining country in Latin America (as well as the world’s
number one copper producing country by a wide margin) is a tangible asset worth money as from today. It’s
up to you how much you’d assign to its in-situ value at this point, but to date we’ve seen the market move
MAERI from C$7 to C$10, give or take the pennies. That’s C$320m (U$233m) in market cap and around a
penny and a half per assumed Cu Lb. For what it’s worth, with copper doing what it’s doing today and the
grades involved, I personally wouldn’t bat an eyelid if the market assigns Pampa Medina a 5c/lb in-situ
valuation once the dimensions and significance of this discovery are understood by the wider market. In
other words, it gets valued at U$850m (C$1,164m) and adds another C$8 onto the share price we see this
weekend. We again underscore that the parameters chosen this week are deliberately conservative (e.g that
70% balancer or the 20m manto width).
Yes, MARI.to could become a C$18 stock before this game is done. For what it’s worth, I’m not going to set
my new target that high but the current C$10 price is obviously the thin end of this wedge. There are risks
involved, the chief one being that the subsequent drill assays from the 3km x 3.4km target don’t match these
discovery holes. Also and more likely, a buyout may come too early to realize the full equity value. However
and this weekend, the C$10.10 share price looks less like a spike, more like a new floor level from which
MARI should move higher. From here we should fully expect a C$15 print, at that point re-assess.
A silver price update and a decision (of sorts) on AbraSilver (ABRA.to)
We do two main things in this note today:
 Update on our coverage of the silver price, a metal we’ve watched closely in 2025.
 Make a decision on our silver trade AbraSilver (ABRA.to), as last week it hit its target price of C$5.74.
And even though this is essentially two related subjects rolled into one note, I’m going to try to keep this as
succinct as possible. We begin with silver and a reminder of recent coverage that’s mostly happened in our
intro sections since January:
 IKN818 dated January 19th: “Silver: Bullish not moonish”
 IKN822 dated February 16th: “A silver update”
 IKN826 dated March 16th: “Silver setting up for a spike higher”.
 IKN832 dated April 27th: “Weaker than expected demand for silver isn’t helping the price”
 IKN838 dated June 8th 2025: “Silver makes a move”
And now today, IKN843, so the silver intro op-eds have come at a very regular rhythm this year (four weeks,
four weeks, six weeks, six weeks, five weeks). Through the course of those notes listed above we’ve
remained reasonably consistent regarding silver and to oversimplify the message, these three points cover
our general position:
 We are constructively bullish on silver in 2025
 We expect silver to move higher gradually, then show spike highs
 However, upside is not unlimited
And so far so good on all those, but we’ve now arrived at a crossroads for our position as silver tests the
upside of our range and threatens to be more bullish than our model. For illustration I’ve chosen two price
charts of spot silver, with the first being the very near-term of the last two months…
7

…and the second the very long-term of the last 20 years:
In both we see the recent highs, silver now well above the “silversqueeze” false breakout of 2021 and only
comparable to the near-parabolic peak reached after the GFC (we don’t go back the Hunt Brothers, no point
really). The above chart also shows clear acceleration in silver in the last few days, having consolidated for
around a month at a healthy U$36/oz price. To a greater or lesser extent, all this fits our model for the metal
in 2025. We gradually with the recent spike on new momentum now threatening the U$40/oz line is basically
where we’ve been since IKN818 in January. For example, the concluding paragraph of the latest op-ed as
seen in IKN838, the week silver climbed and reached the U$36/oz line for the first time, started with “…I’m
happy about the move in silver last week, for one thing because it fits with the house model for 2025 and for
another, because I’m long silver.” However, we’re also saying that any spike will not go “to the moon” (as per
modern vernacular) and has a limit, both in price and duration. That same IKN838 op-ed concluding
paragraph reiterated this point
“However, let’s remain clear-eyed about the limits as nothing has changed in the real world silver
since those words were laid down.”
And…
“…I’m going to stick to what we can deduce from the state of the silver market in 2025. The
fundamentals of silver are not as bullish as current market sentiment, a cocktail that can become
very expensive if one isn’t careful around this most
Silver: Supply surplus or deficit
fickle of market mistresses.”
(positive = surplus, negative = deficit)
64.2 52.2 45
Those fundamentals include data the silver fanbase 13.5 9.8
prefers to ignore. We’ve run these charts before but
they’re worth a repeat, as the first (right) shows the part -18.4
the fervent silverbugs (and there are many of those) want -79.2
8
6.942-
6.002- 941-
6.711-
100
50
0
-50
-100
-150
-200
-250
-300
5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202
M oz Ag
source: Silver Institute, GFMS, IKN ests, IKN calcs

you to remember, that for the past four years the silver market has been in a clear supply deficit and we
expect the same in 2025. However, the way silver inventories registered at the main exchanges show that
there’s more than enough silver to cover the annual mine supply deficit, whether you like the idea or not.
Between re-sold bars and off-ledger inventory, the supply gap is going to have to run for many years before
we get to the point when supply truly dries up and the much vaunted silver squeeze has a chance of
happening.
Identifiable silver bullion inventories
9
7.7311 2.2611 5.0801 5.1611
9.048 2.658 5.728
Moz Ag
Other
1800
Comex
1600 London
1400 293.9 317.2 396.5 355.7
1200
1000 299 277.9 318.5
800
600
400
200
0
2018 2019 2020 2021 2022 2023 2024
source: TSI
As a result, we’ve run variations of this chart at least three times in the course of those five reports listed
above. This one is taken from the latest, IKN838, and within a margin of error the numbers circled on that
day are holding up:
But now it’s crunch time. To date I see no reason to change my position on silver, but it’s one thing to predict
a spike from 36 to 40 and a brief top at 40 and a retrace back from that 40 to 36 or 38 when the current
price is at the low end of that range, quite another when it’s at the top, threatening to break out and
negating your theory. It’s also notable how many people (i.e. your audience…you) like your ideas at U$36/oz
and don’t like them as much at U$39.50/oz.
To emphasize my potential mistake, here come two more charts. First up, the 12-month chart of IMPACT
Silver (IPT.v):
Hi, my name’s Mark and I suck at silver stocks.

Second up, the 12-month chart of Aftermath Silver (AAG.v):
I can, of course, offer reasonable and logical explanations for selling both of those stocks when I did. For
IPT, it was a small and speculative trade for a specific time window which reached its limit and strict portfolio
management demanded I cull the trade. For AAG, I bought well and enjoyed a nice ride, it got to what I
considered a good exit point and I took profits.
Blahblahblah, shut up Mark you sold both too early. Period.
I left money on the table, there’s no two ways about it. If I’d taken my own advice I would have shown more
resolve and done more to hold through until the much vaunted silver spike to U$40/oz showed up. That’s
where we are today and no matter the success of my profit in AAG, the stock at 88c this weekend has one
message: I sold too early. So on the one hand I have a model for the silver price that presumes we get to
roughly where we are today but it’s not going to blow higher in the way so many people in the wonderful
world of social media predict this weekend. This model has done a good job in predicting silver in 2025. On
the other hand, the trades run on the back of silver-the-metal have been mostly sub-optimal, either selling at
the bottom of the highly speculative penny trades or selling winners too early and leaving plenty of money on
the table.
Which brings us to the second subject, that of AbraSilver (ABRA.to). We opened the trade in IKN819, then in
IKN820 dated February 2nd, the main fundies note followed up the buy call with “An AbraSilver (ABRA.v)
price target”. That target was C$5.74, a long way from the sub-C$3 prices at the time and we gave it all 2025
to get there. Lo and behind, here we are less than six months later and to my own surprise the target was
pinged last week:
It happened right along with the type of momentum price spike we were looking for from silver as well, so
the combo seems to demand that, instead of doing the standard sell side anal yst trick of raising the price
target and aiming ever higher, I sell and take the juicy profits (as a sidebar and for the record, I’m happy
with both the percentage gain and the size of this trade, e.g. substantially larger than that of IPT). However
and after spending the last three days thinking this one through, there are three reasons why I’m going to let
the ABRA trade run, at least a little longer:
10

 I may be wrong. The bad decisions made on the AAG and IPT trades are clear for all to see, I won’t mind
ignoring my own target and being wrong again if, at this time next week we’re looking at an ABRa with a
6-handle.
 Silver showed serious momentum last week. When that happens, for one thing it’s extremely tough to
play at top-picker and for another, the momentum can easily add multiple dollars before the spike one
predicts forms. If silver runs to U$45/oz and then drops sharply, I could of course claim that as a “win”
for my price model but it would also mean selling ABRA too early if I pulled the trigger tomorrow.
 I’m in no rush for the cash. The treasury position is okay, I have enough at least to begin any new trade
and what’s more, ABRA is now my only direct silver position and while it’s good to be analytical and as
cool-headed as possible about one’s stock market investments, I’m also a participant in the wild and
whacky world of junior mining because of the rollercoaster ride it offers and yes, I still get a real kick
from watching a trade rocket higher (after all these years) and not just because of the money. If that
means bending my own rules for a week or three and ignoring a price target I should respect, well then
let’s do it.
The bottom line is simple enough: I’m now close to selling my position in AbraSilver (ABRA.to) due to it
meeting and beating the price target set a few weeks ago but, before doing so, I’m going to let it ride a while
longer to see what the stock price does. To be clear, I also think what we’re seeing in the silver market today
fits closely with our forecast and U$40/oz is going to be difficult to broach as long as the supply/demand
dynamics, but I also know how easy it is to be wrong about silver. If I’m reading the metal wrong and it does
what its most vehemently bullish fans say it’s about to do, I’ll have no problem looking stupid after calling a
top at U$40/oz and seeing silver smash straight through on its way to U$50/oz (and then infinity and
beyond). Holding ABRA for the time being.
Stocks to Follow
This week’s portfolio performance wasn’t quite as sparkling as the previous two or three weeks, but it still
gets a pass mark thanks mostly to a couple of big winners. Of the 17 open positions, eight were winners on
the week (ARG.to, MARI.to, ABRA.to, GROY, SRL.v, IAUX, PAU.cse, MENE.v), three were unchanged (OCI.v,
MIRL.cse, PGDC.v) and six were down on the week (MAI.v, RIO.v, EGO, LMS.v, RPX.v, SURG.v), so the
headcount was good but on the other hand, both Top Pick stocks were small losers. That didn’t help, but the
moves in Marimaca (MARI.to up 16.6%) and AbraSilver (ABRA.to up 11.8%) more than made up for those
and overall, my personal back pocket is slightly fatter than it was this time last weekend. Never a bad thing.
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$0.37 76.2% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.60 100.0% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO REVIEW U$15.93 11-Aug-24 U$20.48 28.6% 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$10.10 231.1% Quality Cu dev, FS due
AbraSilver ABRA.to HOLD C$2.73 26-Jan-25 C$5.77 111.4% Main Ag trade, $5.74 tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.43 73.6% Going to U$3+, still cheap
Salazar Res SRL.v hold C$0.08 5-Jan-25 C$0.15 87.5% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.19 0.0% proj.generator, Organullo spec
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.0925 -15.9% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.185 76.2% 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
11

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$0.6404 26.0% 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$0.215 152.9% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.16 -64.4% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
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:
West Red Lake Gold (WRLG.v): ADDING TO WATCH LIST. This isn’t a covered company yet, but it got
a mention a couple of weeks ago as one of my targets for potential purchase. Since then WRLG has
meandered in the 80c range and for a while list week, looked as though it would break under 80c. I have this
stock near the centre of my radar at the moment and as such, it’s only fair to make that official by adding it
to the Watch List as from next weekend.
Salazar Resources (SRL.v): Put at the top of the notes for a reason. Reports from the Curipamba/El Domo
project this week are of more protests against the project, the latest round triggered by a court verdict
sentencing four members of the opposition to the project to four years imprisonment each. The anti-mine
community hit the streets, blocked roads and were repressed by the “normal” police strategies, leaving one
person hospitalized and several with enough injuries to make photo montages. None of this is good for the
project and as per this weekend, we understand the roadblocks to the mine project site have remained in
place. Another notable aspect of this latest flare up is the near-total lack of coverage by Ecuador’s media,
something we should keep in mind.
For the time being I’m a holder of SRL, but I’m not a strong-handed one and if the considerable anti-mining
movement in the country decides to make Curipamba/El Domo a national cause, there will come a moment
when I’ll sell and move on. Monitoring the situation, but I’ve also dropped it to “hold” on the near-term
sentiment column.
AbraSilver (ABRA.to): HOLDING (for the moment). The C5.74 target price has been hit and I’m aware
there will be an upper limit to the price any given buyer will pay for Diablillos, but as seen above in today’s
main fundies section (which is basically a public manifestation of my internal debate, neuroses and all), with
silver running with the momentum it built up last week I’m not going to sell just yet. However and to be
clear, I’m not far away from pulling the trigger, selling and paying due respects to my original target price. In
the end all these get filed under “good problems to have”,
it’s nice to have a 100%+ winner and if I sell too early,
the cash is going to be in a stocks that also rises with the
field (or its darned well should). So maybe I’m thinking too
much about this one. Holding for another week, then we’ll
see.
Rio2 Ltd (RIO.v): It didn’t do much over the last week
and a bit, then again it doesn’t have to. Just seeing RIO.v
12

consolidate at this new ATH-ish level is more than impressive after the move it’s just put in, clearly there
aren’t many sellers of size ready to cash in yet.
Red Pine Exploration (RPX.v): The C$8.5m gross proceeds placement closed last week (5) which is good,
with the cash added to the treasury and 78.214m shares added to the count (as well as 39.107m warrants
priced at 15c, creating an overhang we should take into consideration.
I’ve received several “what’s going on here?” messages about RPX in the last couple of weeks, most of them
connected to the lack of movement in the stock. That’s fair enough, especially when compared to increasingly
interesting junior exploreco market and the moves being put in by other stocks. For what it’s worth, I won’t
have unlimited patience with RPX but I did go into the trade willing to give it enough time and space to
execute on the Michaud plans. The last few weeks have been tedious, but we knew it would need to raise
capital and as that came during a dynamic period for the sector, the contrast is strong. Therefore RPX will
continue to get my sponsorship and support and want to see what it wants to do in 2026 about the open pit
project, as I like that idea a lot (conceptually). Patience will be used here in 2025, come at me if you disagree
because I’m always interested in opposing views.
i-80 Gold Corp (IAUX) (IAU.to): For a moment early week, it looked as though IAU shares would break
lower and give me a reasonable entry point, but they rallied on Friday and shut the door in my face again.
Annoying, but it may just be me getting a little too greedy and the real annoyance is with myself for not
acting a few weeks ago when identifying IAU at a nice price. Will continue to watch and as from next
weekend, will have some direct competition for my potential money with the advent of WRLG next to it on
the Watch List.
Eldorado Gold (EGO) (ELD.to): Another of my pending decisions for the portfolio, EGO traded in-line with
the GDX and offered no clues about its upcoming earnings report. I’m leaving EGO with a “?” next to its
name until the hard numbers arrive, at which point it will be time to make a hold/sell decision. Aside the
general lacklustre performance in 2025 (its March/April catch-up moment the exception), my discomfort with
holding EGO also stems from its absolute size, as a U$4Bn
market capper isn’t the profile required for a service such as
The IKN Weekly. As an analyst (pseudo or otherwise ), I
cannot dedicate enough time to go into every detail in the
way I prefer and do the company justice on a fundies level
while covering the other stocks on the list adequately. It’s a
decision I made years ago and it’s held in good stead, it’s
starting to grate on me here because with the time on the
list I should know and have better knowledge of, for
example, its pipeline projects. And I don’t.
Ultimately it boils down to money, because if EGO were
flying higher and out-performing its peers I’d be far less
bothered by its absolute dollar size. But that’s not the case and when the review day comes around, it’s going
to be a factor in my personal decision.
Surge Copper (SURG.v): To the surprise of nobody, on Wednesday the SURG placement mentioned in
IKN842 got upsized from C$6.4m to a healthy looking C$10.4m (6) (now selling 19.2m shares in the LIFE
offering at 17.5c, 9.4m shares as a Charity Flow Thru at 26.5c, plus the 25.8m shares at 17.5c going to
established strategic partner ARM (African Rainbow). The stock fiddled around at its new 20c-or-abouts level
and closed at 19c, which is fair enough. I’m going to let the placement close around me, then we’ll see how it
trades for a few days, then comes the hold/sell decision on this speculative trade that’s doing the right
things.
The Copper Basket
After twenty-eight weeks of 2025, The Copper Basket shows a gain of 10.02% to level stakes:
13

Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 279.21 575.17 2.06 44.1%
2 Arizona Sonoran ASCU.to 1.47 174.6 406.82 2.33 58.5%
3 SolGold (GBP) SOLG.l 6.92 3001.11 207.08 6.90 -0.3%
4 Trilogy Metals TMQ.to 1.65 164.1 382.35 2.33 41.2%
5 Aldebaran Res. ALDE.v 1.90 169.914 382.31 2.25 18.4%
6 Regulus Resources REG.v 2.05 124.659 299.18 2.40 17.1%
7 Faraday Copper FDY.to 0.74 205.516 234.29 1.14 54.1%
8 Hercules Metals BIG.v 0.55 261.543 175.23 0.67 21.8%
9 American Eagle AE.v 0.69 173.377 90.16 0.52 -24.6%
10 Hot Chili HCH.v 0.67 151.42 83.28 0.55 -17.9%
11 Element 29 Res ECU.v 0.63 124.195 67.07 0.54 -14.3%
12 Pampa Metals PM.cse 0.16 172.61 34.52 0.20 25.0%
13 XXIX Metal XXIX.v 0.11 258 25.80 0.10 -9.1%
14 Copper Giant CGNT.v 0.315 74.78 16.83 0.225 -28.6%
15 Kobrea Exploration KBX.cse 0.60 35.085 13.68 0.39 -35.0%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 10.02%
The Copper Basket added just under 1.5% to the basket
The Copper Basket 2025, weekly evolution
average and put it into double figures for the first time 10.0%
8.0%
this year, but it wasn’t one-way traffic by any means as
6.0%
five losers (ATX.v, SOLG.l. ALDE.v, XXIX.v, PM.cse) and 4.0%
2.0%
one unchanged stock (CGNT.v) was enough to make
0.0%
sure of that. Also, the losers included bigger drops in -2.0%
-4.0%
Atex (ATX.v down 11.6%) and Pampa (PM.cse down -6.0%
9.1%), two companies that have been on hot streaks -8.0%
-10.0%
recently. But it does leave nine winners (TMQ.to, REG.v, -12.0%
ASCU.to, FDY.to, BIG.v, AE.v, HCH.v, ECU.v, KBX.cse)
including the biggest mover by far, Trilogy (TMQ.to up
27.3%), one of the more direct beneficiaries of the
Trump announcement during last week’s speculation.
As for copper-the-metal, no doubt at all what the main news of the week was in the copper space. In the
entire metals space, in fact:
The most liquid Comex contract, HGU25, shows the result of the Trump Tariff announcement on Tuesday,
here’s how the wires reported the news (7):
July 9 (Reuters) - Copper shipments into the United States are expected to accelerate in the coming weeks in a
final scramble to get metal across the border before U.S. President Donald Trump's higher than expected 50%
tariff on imported copper takes effect.
14
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 ht31
source: IKN calcs

Trump announced the copper tariff on Tuesday, sending U.S. Comex copper futures up more than 12% to a
record high. U.S. Commerce Secretary Howard Lutnick said the levy is likely to be in place by August 1.
We also got plenty of predictions on what the tariff would do to skew the supply/demand dynamic in The USA
and, as a result, forecast prices. This report made a reasonable fist of it (8):
In the meantime, the deadline introduces an expiry date on a months-old playbook, with traders pulling metal out
of warehouses around the world and shipping it to the U.S. to cash in on a
premium that was hovering around 27% or $2,600 a metric ton on
Wednesday.
With roughly three weeks left, analysts and traders said only cargoes
already on the water or coming from Latin America were likely to make it in
time.
"Shipments already on route to the U.S. will likely try to get there still,
meaning the ex-U.S. markets shouldn't face excess cargoes immediately.
But it will be more challenging to ship any extra cargoes in a three-week
window," Morgan Stanley analysts said in a note.
Meanwhile, The USA’s main copper supply country (aside from
itself), Chile, is looking on and wondering what all this means. Cue
Cochilco, which ran this useful little list of potential effects (right) in
its weekly stocks missive (9), good enough to get your author to
translate and offer its contents here:
Expected impact from the announcement of a 50% copper
tariff on US imports
The direct impact for Chile is limited, as only 11% of its copper
exports go to the US despite being the leading global export
nation. Its strategic advantage lies in its dominant market position
and the robust global copper demand driven by the energy
transition (electric vehicles, smart grids), which should sustain
high prices in the medium-term and allow Chile to redirect
exports to Asia and Europe. However, there are considerable
risks for international markets:
Price Volatility: The announcement caused a record surge in copper futures, with subsequent drops
that reflected the uncertainty.
Trade War: There is a high probability of a reciprocal tariffs, with China and other countries already
expressing their opposition, that could affect world growth rates.
Supply Chain Imbalance: LME has moved into backwardation and has traded record volumes,
demonstrating supply and demand imbalance as well as US stockpiling.
US Market Vulnerability: The tariff will raise copper prices in The USA for critical infrastructure
(electricity grid, EVs, etc). The build-out of domestic smelting/refining capacity, which requires
multi-million-dollar investments and long lead times (minimum 3-5 years), is incompatible with
political cycles.
That trade war comment has become even more apt this weekend, with The USA apparently slapping a 30%
tariff on EU products and the EU now expected to retaliate in kind at any moment. However, our task today is
to focus on copper so let’s break this down and consider what tariffs would do to the US copper sector. Exact
numbers are arguably 5% higher or lower, but for argument’s sake and to consider macro strategy, fair
estimates of the US copper market are that demand is around 1.6m metric tonnes (mmt) per year (including
scrap supply), while copper production from mines around 2mmt. That suggests The USA can supply its own
market and copper imports are not required, but the issue with its market isn’t the mine supply of copper
concentrate. Instead it’s the finished product, as there are only two working smelters in the country and of
those, the big Kennecott complex is the one that really matters. Here’s Bloomie (10)
The US copper industry has been shrinking for decades. It peaked around 1997, producing 1.9 million tons of the
metal from the roughly 35 mines and 11 smelters that were then operating. Now there are 25 mines and only two
smelters that process mined ore—Miami and Rio Tinto’s Kennecott in Utah—plus a third dedicated to anodes and
scrap. China produces about 13 times more refined copper than the US. The Asian country operates more
processing facilities than anywhere else in the world, part of a nationwide project that began in the ’90s to meet
demand for copper in construction, electronics and manufacturing.
Current smelting capacity is estimated at 870kmt by the great and good of the market, so it means copper
conc produced in-country often needs to be exported before it can be sent back for its end users. Yes indeed,
15

that’s the epitome of a bottleneck and, to use ballpark numbers, means the country can supply around half of
the copper it needs in any given year. We can now put that into dollar figures, as a 50% tariff will add
around 25% to the average cost per tonne for copper traded, delivered and used in The USA. For sure some
end users get access to domestic copper (e.g. long-term delivery contracts with the miner) and some will
have to lump it and pay to import all the physical it needs, but it will average out. Now if we consider this
weekend’s price deck for copper around the world…
 LME 3 month forward contract: U$4.38/lb (U$9,660/mt)
 Comex equivalent fwd contract: U$5.60/lb
 Difference buyer-to-seller: 22%
 Difference seller-to-buyer: 27%
…it shows that the spike put last week, when Trump surprised with a 50% number instead of the mooted
20%, now reflects the full weight of the Trump Tariff on copper.
However, the main issue with the tariffs has less to do with spopt prices, more to do with the fact they’re a
waste of time on copper. To extract another line further down the Reuters note used above, “The tariffs are
designed to spark a revival of the U.S. copper industry, but analysts warn that it would take years if not
decades to gear up production” and man, ain’t that the truth. Even if it were all about bumping up copper
production in The USA and incentivizing mining companies to build more mines inside The USA, the smelter
bottleneck means there’s not going to be enough end product in the country without the addition of at least
one more new smelter complex, more likely two. Not only does a smelter of requisite size come with a
U$3Bn-ish price tag, they are environmentally difficult to permit (with NIMBYs bound to block construction
wherever they’re proposed) and the lead time is at least five years. Compare that to a edict from an admin
that’s going to be around for 3.5 years, already has a reputation for rolling back on policy and could change
its mind at any given moment on the 50% copper tariff. Or double it. Or make an exception for “friendly”
Chile. Or whatever other nuance. And finally, even if the smelter gets built it would still have to compete with
the serious economies of scale that the Chinese smelter market offers these days and indeed, it’s tough to
imagine pure capitalism building a new smelter without cast iron guarantees from the US national
government for support, minimum prices etc. In other words, government interfereance and subsidies.
Finally, we should also consider the effects of the upcoming tariffs on the US economy and while 50% (or an
effective 25%) price hikes on copper in The USA look daunting, copper is an input cost for manufacturers and
not quite as deadly as people imagine. For example, the average U$50,000 Tesla contains around 150lbs of
copper. If the price it needs to pay for that copper is up by 25% (or U$1.22/lb as per the LME/Comex arb this
weekend) we’re talking about an extra cost of U$183, or 0.366% of the Tesla list price. Yes it’s money and
yes it cuts into margin, but it’s not the end of the world and certainly not the dreadful inflation stoker you’d
believe it to be if you’d (done like me…ugh I’m sad…and) read every single social media post on the issue.
The bottom line to the Trump Tariff news on copper of last week is that it’s a complete mess, but in the end
it’s not going to be that big a deal. The market has fully baked in the effects already, the US market has
plenty of stocks on which to lean (see Comex below), the tariff isn’t going to do much to promote copper
production in The USA and no big mining company boardroom in their right mind is going to green light a
U$3Bn smelter complex for a scenario that could change next week or next year, leaving them at the mercy
of the cheap Chinese smelter companies. We saw a pop in US-based copper juniors and that’s
understandable, but we should expect that to unwind as the market sees the cruel reality of a sector that’s
not going to accelerate just because of this new tariff and as for the price of copper, assuming the tariff
comes into effect on August 1st we should then see a winding down of copper stocks on The USA as those
who got their tonnes into the country realize their profits, at which point the arb between world and US spot
price should have closed considerably. In so many words, last week marked the beginning of the end of this
artifical copper price bubble. We turn to our regular weekly section covering the moves in copper inventories:
 For the second week running, the three official copper inventories systems saw a significant net
add to stocks, with 19,566 metric tonnes (mt) added to the aggregate on the week. That makes
37kmt added in two weeks and a weekend total this time around of 399,876mt, just under one of
those psychologically important numbers they tell us about.
 The small add in Shanghai SHFE stocks last week came straight out this week, with a draw of
3,217mt on stocks to drop Friday’s closing total to 81,462mt, a new 2025 low (just).
16

 The rumour we passed on two weekends ago in IKN841 about Chinese smelters about to dump
30kmt or 50kmt into LME Asia warehouses seems to be coming to pass. After weeks of drainage,
last week saw a net gain of 4kmt to LME copper stocks and this week was another 13,450mt,
bringing this weekend’s total to 108,725mt. That’s up from the 2025 low of 91kmt (and change) as
registered in IKN841 and a sharp reversal from the trend we’ve seen all year.
 Meanwhile, in the teeth of the confirmation from the Trump admin that copper would get its tariff,
Comex continued to store up copper with another 9,243mt added to bring us to a total of
209,689mt. We’re now just a lick and a spit from the all-time high for Comex stocks, 225kmt set in
April 2018.
Our dedicated SHFE chart shows the continuation of the trend and, if 2025 continues to track 2022 and 2023
the way it’s done for the last couple of months, the next leg down should come in August. We will see.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
17
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 just two brief notes on a couple of our basket stocks:
Trilogy Metals (TMQ.to): As one of the higher profile copper explorecos in the USA jurisdiction and having
gathered a reputation for moving on political news back in
4q24, TMQ was always going to be one of the strongest to
react to unexpected Trump Tariff news. So while the
general assumption that “something” would be added was
already partially baked into the stock, the surprise timing
and the amount of 50% (well above the 20% previously
mooted) was enough to do this to the stock price last
week:
The hype around US copper stocks is interesting for
outsiders to the metal-o-sphere and trading tends to
congregate in a few names, with TMQ and Northern
Dynasty (NAK) high on the lists.
Arizona Sonoran (ASCU.to): An interesting insider filing
in ASCU last week (8), as Tembo Capital Mgmt filed a sale
of 17.5m shares, or just over 10% of ASCU shares out,
leaving it with a just under 15.8m shares, or 9% holding
in the company. That’s a big move from the single largest
holder of ASCU share up until now and also means any
future sales do not have to be declared, it also comes at
the exact moment ASCU makes a new high in its Dot Tee
Oh era.

The Producer Basket
After 28 weeks of 2025, the Producer Basket shows a gain of 54.58% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 67.77 60.13 61.6%
2 Agnico Eagle AEM 78.21 497.971 59.70 119.88 53.3%
3 Barrick B 15.50 1748.05 37.09 21.22 36.9%
4 Franco-Nevada FNV 117.59 192.119 30.67 159.62 35.7%
5 B2Gold Corp BTG 2.44 1313.11 4.58 3.49 43.0%
6 Eldorado Gold EGO 14.87 204.909 4.20 20.48 37.7%
7 New Gold NGD 2.49 790.9 3.72 4.70 89.5%
8 OceanaGold OGC.to 11.94 231.127 3.30 19.53 63.6%
9 Sandstorm SAND 5.58 296.844 2.93 9.86 76.7%
10 Wesdome Gold WDOFF 8.98 149.891 1.99 13.27 47.8%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 54.58%
A down week for the larger producers, with GDX down 0.9% on the week even as gold managed a week-
over-week improvement of 0.65% (GLD proxy) and the juniors in the GDXJ ETF eked out a 0.6% win. That
reflects in our Producer Basket, with seven losers (AEM, B, FNV, BTG, EGO, NGD, WDOFF) and three winners
(NEM, OGC.to, SAND) and in fact, our list did worse than the GDX benchmark and now there’s just 0.01&
between the two squiggly lines, 2025 to date. I’m just glad I didn’t include Royal Gold (RGLD this year).
The 2025 Producer Basket: Weekly performance and
70% comparative to GDX control
60%
50%
40%
30%
20%
10%
0%
Barrick (B): The world’s #2 goldie by production ounces again copped plenty of headlines late last week
and if I’ve seen this following news item once, I’ve seen it three dozen times (it also made all the South
American national dailies, so in Spanish and Portuguese as well). Let’s go with the Reuters report that broke
the story, though (11):
On Thursday morning, a brown and green helicopter touched down at the site's tree-lined landing strip. Its
passengers were escorted by the mine's security team to the plant, where the gold room is located, the first source
said.
The helicopter took off some five hours later with the bullion on board.
"Any plan by the provisional administrator to restart operations or sell gold from the site would be not only
illegitimate but also ill-advised," Barrick said in a statement on Thursday.
One ton of gold - worth about $107 million - had remained in the site's storeroom since January, when three tons
of gold were removed to be stored in a bank vault on the orders of a Malian judge, the first source said.
The full ton was taken on Thursday, the second source said.
That headlines caused shock and horror
around the world, but you may notice that the
share price remained totally unaffected by the
news drop on Thursday, the main move made
by B happening along with the rest of the
market on Tuesday, when gold briefly
dropped under U$3,300/oz for its own sweet
reasons and a few bears piped up (we saw
dollar strength, macro positives and the usual
18
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 ht31
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 ht31
source: IKN calcs, NYSE data

reaction from gold when it happened). The “Mali Steals A Tonne Of Gold!” screaming was already baked into
the cake, as in the vaults or not we know the Malian government had put its own people in as administrators
of the mine and it stands to reason they’d need funds to run the thing. The gold in that vault is, after all part
of the asset book of the company they’re running, tough to call that stealing.
In other news, the actor formerly known as Barrick Gold again underscored its new love for copper during a
visit to Zambia by CEO Bristow. He said (12):
"The copper price is going to be unstable just like everything else in the world, and we will have to get out of this
instability," Bristow told journalists in Zambia's capital, Lusaka, late on Thursday.
However, he said that, despite the fallout from U.S. tariff policy decisions, copper's long-term trajectory remained
unchanged.
"We are seeing a shortage in supply, and growing demand particularly with the data centres, the movement to
cleaner energy, and just generally as the emerging markets start investing in industrialisation, which is a big
consumer of copper," Bristow said.
"So, everyone is in agreement that the copper demand is outgrowing the supply side," he said.
Sandstorm (SAND): Following on from last week’s edition, we previewed the SAND 2q25 production/sales
last week and it duly showed on Thursday (13), with SAND announcing sales of 15,100 AuEq oz and
preliminary revenues at a record (just) of U$51.4m.
SAND: AuEq sales per qtr
30000
27500
25000
22500
20000
17500
15000
12500
10000
7500
5000
2500
0
19
41q4 51q2 51q4 61q2 61q4 71q2 71q4 81q2 81q4 91q2 91q4 02q2 02q4 12q2 12q4 22q2 22q4 32q2 32q4 42q2 42q4 52q2
AuEq Oz
source: company filings
Under normal circumstances we’d go a little deeper into the numbers and consider the debt levels and so
forth, but this time the quarter sales NR pales into insignificance. As noted in IKN842 out Monday evening,
three days earlier on the morning of Monday July 7th, this dropped (14):
Royal Gold to Acquire Sandstorm Gold Royalties and Horizon Copper, Forming Large-Scale,
Industry-Leading Streaming and Royalty Company
Horizon Copper being the spin-out that robbed SAND shareholders of significant value (another story for
another day), but what most concerns us here is the deal struck for SAND which was presented this way in
the NR:
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.
And here’s what that 21% premium looked like come the end of the week:

From a price of U$9.63 last weekend, SAND popped hard on the news and peaked on Monday at U$10.44
(+8.4%), but the party Monday was followed by a nasty hangover Tuesday, the selling was immediate and
come the end of the week SAND had added just 23c, or 2.4%. So much for the 21% premium as advertised
and this chart comparing hunter to hunted gives clues as to what happened:
We’ve seen a few M&A deals that were warmly welcomed by the market recently, but this wasn’t one of them
and RGLD got a firm thumbs-down for this deal, with its stock first diving by 6.4% on Monday and then
another 4.8% on Tuesday (total two day drop 10.9%), with its market cap dropping to U$10.53Bn on this
news, down U$1.31Bn and making this acquisition that much more expensive for its shareholders.
As noted in IKJN842, it was always likely that SAND would eventually be swallowed by one of the big players
and RGLD was one of the few capable of making the move. Perhaps the market is punishing RGLD on the EV
basis as SAND still has that troublesome bank debt to pay off and was going about it more slowly that
expected
The TinyCaps List
After 28 weeks of 2024, the TinyCaps show a gain of 31.33% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 16.94 0.125 -26.5%
Condor Res CN.v 0.145 149.913 17.99 0.12 -17.2%
Electrum Disc ELY.v 0.13 98.995 7.42 0.075 -42.3%
Endurance Gold EDG.v 0.145 176.296 44.96 0.255 75.9%
Kodiak Copper KDK.v 0.39 85.7 57.42 0.67 71.8%
Latin Metals LMS.v 0.08 121.915 23.16 0.19 137.5%
Mogotes Metals MOG.v 0.13 268.9 56.47 0.21 61.5%
Radius Gold RDU.v 0.085 107.554 19.36 0.18 111.8%
South Star STS.v 0.55 69.2 14.19 0.205 -62.7%
Viva Gold VAU.v 0.14 145.53 21.10 0.145 3.6%
Prices in CAD$, data from TSXV basket avg 31.33%
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.
20

 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The basket average gave up three percent on the week,
50% TinyCaps, 2025 weekly tracker
though we can just about argue it’s consolidating at a new
and higher level. Glass half full/empty. Just three week- 40%
over-week winners this time (BRO.v, EDG.v, RDU.v), so the 30%
big move by Radius gold (RDU.v up 16.1%) came in time to 20%
shore things up. The other seven stocks were all losers 10%
(CN.v, ELY.v, KDK.v, LMS.v, MOG.v, STS.v, VAU.v) though
0%
most of the drops were modest, the main outlier being Viva
-10%
Gold (VAU.v down 19.4%) for the reasons mentioned in the
Monday edit of IKN842.
Viva Gold (VAU.v): Further to5 the extra note in IKN842 last week which, due to the late arrival of the
edition managed to mention the PEA on its Tonopah Gold Project our Monday morning (), VAU had a rough
time of time and not only on Monday. To be fair some support came on Thursday and the stock popped back
up to buffer the losses, but there’s a false air about those
trades and with just one odd lot of 450 shares changing
hand on Friday, the chances are high that VAI won’t hold
this level are and we’ll see the 11c and 12c of last week
again.
If it were worth deeper perusal you’d get it here in The
IKN Weekly, but it’s turned out to be one of those
mediocre-at-best projects even before the apparent
infrastructure challenges faced by Tonopah that get
glossed over in the PEA (e.g. the deposit sits on an
aquifer), the 43-101 document (in)famed for presenting
the best possible light on any given project. For example,
404,000 ounces of gold over a brief seven year mine life is
a lot of heartache and possible things that can go wrong for not that much return, then there are things such
as an assumed 75% gold recovery rate which have the sniff of difficult metallurgy about them. But ultimately
it’s the money that matters and an IRR of 17.6% at U$2,400/oz is very middle-of-road (again, the jump from
PEA to PFS will invariably take more gloss off) which is why VAU was keen on highlights the way the IRR
goes to 43.4% at U$3,200/oz gold. And for more on that, see today’s intro.
Radius Gold (RDU.v): The biggest mover of the week and for the reasons mentioned in IKN842 (which
also captured this company’s Monday news), RDU had enough support to hold those Monday gains and end
the week at 18c. There’s now strong jungledrums going round about an imminent placement financing
coming from RDU, so if that turns out to be true we’ll find out in the next few days.
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.
21
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 ht31
source: IKN calcs, TSX data

Regional politics
Chile simplifies its paperwork
Last week ran a Regional Politics note on Argentina’s moves to improve its permitting schedule, this time
around it’s Chile and for the need-to-know, we lean on Reuters (16):
SANTIAGO, July 1 (Reuters) - Chile's congress approved long-awaited legislation to speed up the permitting
process for investment projects in the country on Tuesday.
The law was a key demand from the country's mining industry as well as renewable energy companies and others
who said the lengthy permitting process was holding back investment. Chile is the world's largest copper producer
and one of the largest lithium producers.
The legislation passed with 93 votes in favor, 27 against and 17 abstentions, and now awaits the president's
signature to be enacted.
"This will allow us to substantially reduce permitting times, reducing processing times between 30% and 70%, and
we'll do it without reducing regulatory standards," economy minister Nicolas Grau told reporters after the law was
passed.
A reform to the environmental assessment system, the main requirement for investment projects, is also pending
but the process has faced setbacks and delays.
The reform is all about streamlining the existing permitting rules, rather than scrapping any step completely.
Initiatives include “single window” permit applications that allow companies to submit paperwork once to one
place (bureau, ministry, etc) rather than the need for duplicate paperwork for different places. It also allows
minor permits to be done via solicitor’s offices rather than the full legal rigmarole (saving a lot of time) and
the use of what’s typically known in South America as “administrative silence”, i.e. you apply for a permit and
if a specific lapse of time passes without any reply from your government office, you can assume the permit
has been approved, placing the onus on the public sector to process applications efficiently.
Finally, there’s also a real world reason to see this legislation pass, as for the last year Freeport (FCX) has
told Chile that it expects to file its permit application for the U$7.5Bn (with a B) growth project at its El Abra
mine and has been vociferous about getting the rules simplified before it is ready to go ahead with the
investment. Chile now gets another major capex project happening for sure, as well as improving the
regulatory background for any number of other projects.
Market Watching
Amerigo Resources (ARG.to) 2q25 production
Other editions have featured our tracking of the quarterly production numbers out of our core copper
holding, Amerigo Resources (ARG.to) in the main fundies section but these days, with the company now
working like clockwork, a few lines and charts in Market Watching will suffice (and it leaves today’s main
section for chewier subjects such as ABRA and MARI, too). That said, over the years it’s paid to care more
about this pre-earnings NR than the official earnings release (this time around due the morning of July 30th,
with the ConfCall on the 31st, see the NR (17) for details
and a link) as this company’s financials are relatively easy to ARG.to: Copper sales
predict on the back of its production NR data. So let’s get on
with it, starting with the production charts. Copper
production (right) was 15.52m lbs, with sales as seen of
15.57m lbs. That’s smack on our forecast and sets up for the second half of the year when ARG normally cranks out more
metal. Our chart above runs forecasts of 16.5m lbs for Q3
and 18m lbs for Q4, those would bring the annual total to
63m lbs and just above the company guidance of 62.9m lbs
for the year. Please note that as ARG has the pleasant habit
of beating its own guidance almost every year, we should
consider those as a baseline and not an exact target. We
also feature the moly production numbers today, as ARG in 2q25 gave us our best quarter of moly since the
happy days when we were fighting over vaccinations and wearing masks in the street.
22
11.51 31.51 9.61 298.61 92.61 68.41 81.61 97.61 94.61 966.31 779.01 80.61 169.51 33.41 84.61 42.81 29.21 75.51 5.61 81
20
18
16
14
12
10 8
6
4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4
source: company filings
rtq/uC
sblM

ARG: Molybdenum production, per qtr
23
53.0 73.0
5.0
63.0 33.0 43.0 3.0 42.0
81.0
82.0 72.0 3.0 3.0 22.0 33.0 23.0 3.0 33.0 33.0 42.0 93.0
0.55
0.5
0.45
0.4
0.35
0.3
0.25
0.2 0.15
0.1
0.05
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Mlbs Mo
source: company filings
That’s probably because ARG leaned more heavily on its Cauquenes legacy tailings supply this quarter for the
first time since early 2024, those tailings have more moly content than the fresh supply coming directly from
El Teniente (DET)
ARG: Production breakdown by source, per qtr
74.8
30.7
16.7
73.7
73.7
26.8
46.7
62.9
68.6
16.9
97.5
31.9
73.7
36.8
52.6
63.01
83.6
41.01
48.4
97.8
19.2
12.8
86.7
96.8
54.7
55.8
5
89.8
88.4
93.11
45.5
77.21
62.5
79.7
15.6
10.9
20
18
16
14
12
10
8 6 4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Mlb Cu
Cauquenes tailings
Fresh tailings
source: company filings
Once we do consider the average selling price for copper in Q2 and do the quickmath, gross copper sales
value comes to U$68.8m.
ARG: Average Cu price for MVC
(NB: Cut-down y-axis)
There’s be no adjustment in sales from the previous quarter
this time (both at U$4.42/lb), so we move to subtract the
main charges to gross copper (DET royalty, smelting,
refining, transport) then add back our best guess for moly
revenues (which as usual we warn can vary considerably
from the expected, as there’s sometimes a considerable lag
on sales). The DET royalty is always the biggest charge at
this point, but please note that smelting/refining charges are
expected to be in-line with the new lower charges seen in
1q25 and considerably lower than anything in 2023 or 2024.
That gets us here:
80.4 44.4 32.4 23.4 46.4 01.4
05.3
08.3 20.4
08.3
67.3 28.3 79.3 93.4 22.4 60.4 24.4
24.4 4.75
4.5
4.25
4
3.75 3.5
3.25
3
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
U$/lb Cu ARG: Cu gross value, per qtr
source: Company data/IKN ests
1.85 6.66 0.27 6.27 8.37 7.36 8.65 1.16 8.66 8.25 6.14 5.95 3.16 0.36 8.86 9.57 0.55 8.86
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 52q2
U$m
source: company filings, IKN ests
ARG: Charges to Cu revs
626.51
834.81
799.31 336.01 477.51 86.61
674.81 361.91 450.12
560.61 1.91
30
25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Transport
U$m smelting/refining
DET royalties
source: company filings, IKN ests

ARG: Gross Cu value, Cu revs and Revs total, per qtr
24
897.66 271.07 846.25 908.25 882.94
630.23
855.14 51.14
923.03
5.95 591.16
844.24
582.16 8.26 129.44 379.26 448.96
206.15
397.86 1.66
4.54
519.57 63.37
8.05
989.45 919.95
281.44
8.86 8.86
4.15
80
70
60
50
40 30
20
10
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
U$m
Cu gross value
Cu revs
Revs total
source: company filings
Our best guess top line revenues number for the P+L of U$51.4m, which is knocking at the door of the best
quarter in the last ten and likely to be $8m higher than 1q25. Good. From there, we apply our best guess
costs regime and end up with an estimated gross margin of U$14.4m…
ARG.to: Quarterly Earnings overview
846.25 874.31
630.23
503.3-
923.03
420.2-
744.24
200.6
129.44 508.7 206.15 394.61 834.54
573.7
218.05 837.31 281.44
96.9
4.15 4.41
60
55
50
45
40
35
30 25
20
15
10
5
0
-5
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
revenues
COGS
Gross profit
source: company filings
…with the most important number on the P+L, operating margin, at U$12.7m.
ARG.to: Gross, operating and net profits, per qtr
44.31
72.3-
72.6-
19.3
84.6
07.51
0.7
2.51
23.8
07.21 20
15
10
5
0
-5
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
Gross profit
op profit
Net Income
source: ARG data
However, what we really care about at ARG is its cash
generating ability and we track that via our “real world ARG: The real world margin
margin” chart (right), backing out the biggest non-
cash deductions (mainly DD&A, we’re confident tailing
supply is essentially unlimited so resource deplation is
accountancy-important only). We expect ARG to reach U$18.6m this time around, or U$0.112 (C$0.154) per
share. That’s more than enough to cover its
outgoings, which include one of the last principal
payments on its debt (that is set to extinguish year-
end). ARG reported a cash&eq position of U$23.3m as
at end 2q25 in last week’s NR (below right), which is
more than enough to maintain its liquidity. However,
when the company reports its quarter at the end of this month, I expect it to defer any bonus dividend and
61.0-
30.1
33.21 97.71 24.02 93.22 79.61 15.22 49.52 95.3
20.0-
57.51 4.81
8.1 80.1- 41.9
52.21 25.12 88.21 70.12 97.31 06.81
28
24
20
16 12 8
4
0
-4
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
source: ARG data, IKN calcs and ests

declare its standard C$0.03 payment, with a bonus divi far more likely at the end of 3q25. We note that ARG
bought back shares on the open market more aggressively in Q2, with buybacks totaling 3.15m as per the
dedicated company page (18). There are 1m low priced
options outstanding with less than a year to expire, so we
may see a few of those add, but if we assume a drop of 3m
shares that would put us on 161.4m S/O or so, with
confirmation due in the financials. We like this a lot and for
the record, so do the type of instos that ARG is trying to
attract as long-term holders (they need to pay tax on
dividends, so this method of shareholder return is popular).
Bottom line: Another rock solid quarter from ARG and now
it’s being discovered by a new audience (those The Big
Short guys), there’s every reason to expect it to maintain
this new price level as long as copper prices play ball.
Looking forward, Q3 is the window for a bonus cash dividend though I’d like to see continued aggressive
share buybacks in the meantime. Then come 2026, the end of the six monthly U$3m debt servicing payments
frees up another C$0.02 per share per quarter and I’d expect at least one of those Canadian pennies to go
toward an increased standard quarterly dividend as from next year, no matter what copper prices do.
ARG.to: Shares Out
(NB: cut down Y-axis)
25
4.161
190
185
180
175
170
165
160
155
150
145
140
71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source: company filings, IKN ests
serahs
fo
snoillim
ARG.to: Cash and ST
NGEx Minerals (NGEX.to) wakes up
In Last week’s Market Watching note “NGEx Minerals (NGEX.to) stalls”, we considered whether the
Lundin hotpot stock that has racked up a stellar 12 months has been lagging the field in the last few weeks
and after due consideration decided that…
“…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.”
And then ended with:
“…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.
Turns out all it needed was a little nudge:
9.34
7.13
1.31 2.61 8.31
7.82 1.52 9.43 7.72
3.32
50
45
40
35
30
25
20 15
10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
$m
source: company filings

And no, that wasn’t due to its mention in The IKN Weekly. Instead, the Monday rally pre-empted this news
on Tuesday (19)…
NGEx Discovers High-Grade Gold Veins at Lunahuasi; Drills 14.74 g/t Gold (Uncut) over 104.80m
Core Length, Including 504.00 g/t Gold (Uncut) over 1.55m Core Length and 142.27 g/t Gold (Uncut)
over 2.20m Core Length
… and that was enough to re-light NGEX and see it close the week at C$17.01, a new ATH. We on the
outside don’t know how the drill assays from NGEX are going to fall in the weeks and months ahead, but you
can be darned sure that 1) we’re going to get a lot of assays from Lunahuasi and its environs, the budget ids
big, the drill rigs are multiple and the news won’t stop, then 2) the size and scale of the Lunahuasi/Vicuña
mineralization means this type of spectacular hit (headline above) won’t be the last. We’re not going to be
scratchy and nitpicking about Lunahuasi assay results, you’re not going to hear much “Errr, how much
arsenic in that, guys?” from the peanut gallery, not any more. Conceptually, I look on what’s happening there
in the same way the 49ers must have approached the California gold rush some 175 years ago, with so much
grade and width undiscovered to this point in an obviously highly prospective corner of the world that’s never
been explored before.
Conclusion
IKN843 is done, we end with bullet points
 Back to more like the normal service today and for what it’s worth, the writing wasn’t like drawing
teeth this weekend. Long may it continue.
 Please note that although no decision has been made in any of the trades, unusually there are three
companies now slated as potential sales on our Stocks to Follow list, ABRA.to, SRL.v and EGO. That’s
unusual.
 However silver rolls out tin the days ahead, I’m going to be bullish on copper. And gold for that
matter, but copper looks like a particularly good corner of the market at present.
I thank you in advance for any feedback. Our Top Pick stocks are Rio2 Ltd (RIO.v) and Minera Alamos
(MAI.v). Flash updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2025/07/schedule-for-week-of-july-13-2025.html
(2) https://x.com/Mark_IKN/status/1943354913561677910?t=V-OF9Bq3bszTHzHy-AbG6A&s=03
(3) https://x.com/JorjxM/status/1943361995119493394?t=8nhyOyjXyui6IIztK0fXSQ&s=03
(4) https://presentations.investormeetcompany.com/investor-meet-company/marimaca-copper-corp-investor-
presentation?bmid=c6a8bd7f78b5
(5) https://redpineexp.com/wp-content/uploads/2025/07/Red-Pine-Exploration-Inc.-Financing-Press-Release-Closing.pdf
(6) https://surgecopper.com/news-releases/surge-copper-announces-upsize-of-private-placement-to-10.4-million/
(7) https://www.reuters.com/business/goldman-sachs-raises-baseline-tariff-forecast-us-copper-imports-50-2025-07-09/
(8) https://www.reuters.com/business/copper-glut-driven-by-tariff-threat-deflate-us-price-bubble-2025-07-09/
(9) https://www.reuters.com/world/africa/mali-military-helicopter-airlifts-gold-barrick-owned-loulo-gounkoto-2025-07-10/
26

(10) https://www.reuters.com/world/americas/coppers-positive-long-term-trajectory-unchanged-despite-us-tariff-barrick-ceo-2025-07-11/
(11) https://trackercl1.fidelizador.com/LA9EFD53BG1065C037H62EA537DJA9B7ADA1F4KA9EFD53B9DFAE706C4F6F9BD6D2A
(12) https://www.bloomberg.com/news/features/2025-06-18/copper-demand-rises-but-us-industry-lacks-the-refining-to-supply-it
(13) https://www.sandstormgold.com/sandstorm-gold-royalties-reports-second-quarter-sales-and-record-revenue-financial-results-august-
7/
(14) https://www.sandstormgold.com/royal-gold-to-acquire-sandstorm-gold-royalties-and-horizon-copper-forming-large-scale-industry-
leading-streaming-and-royalty-company/
(15) https://vivagoldcorp.com/news/viva-gold-announces-pea-study-results-for-its-tonopah-gold-project-nevada/
(16) https://www.reuters.com/world/americas/chiles-congress-approves-law-speed-up-permitting-process-investment-projects-2025-07-
01/
(17) https://www.amerigoresources.com/_resources/news/nr-20250709.pdf
(18) https://www.amerigoresources.com/investors/share-buybacks/
(19) https://ngexminerals.com/news/ngex-discovers-high-grade-gold-veins-at-lunahuasi-122785/
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
27

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
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
28

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
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
29

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
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.
30