IKN #844Premium

The IKN Weekly
Week 844, July 20th 2025
Contents
This Week: Trade heads-up, In today’s edition, Jay versus Donald, And summer’s lease rates hath all too
short a date.
Fundamental Analysis: Buying West Red Lake Gold Mines Ltd. (WRLG.v).
Stocks to Follow: Red Pine Exploration (RPX.v), West Red Lake Gold (WRLG.v), Marimaca Copper
(MARI.to), Amerigo Resources (ARG.to), Salazar Resources (SRL.v), AbraSilver (ABRA.to), Orecap Inv
(OCI.v).
The Copper Basket: Overview, Trilogy Metals (TMQ.to), Hercules Metals (BIG.v), Arizona Sonoran
(ASCU.to), Element 29 (ECU.v), Copper Giant (CGNT.v).
The Producer Basket: Overview, Newmont Corp (NEM), Wesdome Gold (WDO.to) (WDOFF).
The TinyCaps Basket: Overview, Kodiak Copper (KDK.v), Viva Gold (VAU.v), Radius Gold (RDU.v).
Regional Politics: Mexico: The Camimex 2025 annual report, Argentina: Breaking metals exports records,
Bolivia: One month to go and Evo still dominates the election, Chile: Election polls update.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
Two trades to note in today’s edition:
 After due consideration and the reason this edition is a day late, I’m a buyer of West Red Lake Gold Inc
(WRLG.v), subject of today’s main fundies note. The price looks reasonable and in this market, there’s
every chance that the likely upcoming financing will become the catalyst moment for the stock price,
rather than a drag. More below.
 I’m adding some shares of Red Pine Exploration (RPX.v) this coming week, its recent price weakness
offers up a bargain that’s difficult to ignore. There’s no big write-up on this decision, though today’s
Stocks to Follow notes has a little extra on the call.
In today’s edition
 The main event explains why I’m a buyer of West Red Lake Gold (WRLG.v), the purchase specifically
timed to happen before an expected final equity raising.
 Copper stocks continue to run well and the explorecos didn’t need a strong copper price last week to
show good gains. Zero reason to change our bull call on the most indicative industrial metal, the one
China needs from the rest of the world more than any other.
 As well as the planned WRLG purchase, the weakness in Red Pine (RPX.v) makes it too tempting to
ignore. Nothing has gone wrong in the corporate strategy and it’s now cashed up for action, the only
issue seems to be impatient shareholders. I’ll buy theirs at this price.
 Wesdome Gold (WDO.to) again returned a okay-ish quarter of production, with Kiena not living up to
expectations yet. We crunch those numbers in the Producer Basket.
 Other things, too. There are always other things.
1

Jay versus Donald
The news cycle is so fast these days, come the moment to start thinking about an intro today Saturday I’d
almost forgotten what happened to the gold price on Wednesday:
That spike/drop in gold coincided with the rumour, more likely a deliberate trial balloon, from the White
House that President Trump was considering firing Jay Powell. That’s something he can do under exceptional
circumstances and apparently, the Trump admin has been digging and found some sort of weirdness around
a Fed sponsored program. The moment passed and the news cycle distracted my attention once again, but
there’s an important lesson to take from that spike/drop. Jay Powell retires in 2q26, less than a year from
now, at which point President Trump gets to nominate who he wants and, all things remaining equal, the
chances of his pick being confirmed are approximately 100%. Another 100% likelihood is him picking
somebody who will toe his monetary line and that means the rate cuts wanted by POTUS47 today will
happen. Gold reacted as seen above because of that, it will do the same when the rehearsals are over and
the cutting cycle begins for real, no matter whether Jerome starts it this year or next.
Related to that and looking into the nearer future, we only have one date for your diary in an otherwise quiet
week for US data. The ongoing spat between the Oval Office and the Fed is likely to get another round of
headlines when Fedhead Powell delivers a prepared speech at the (deep breath) “Integrated Review of the
Capital Framework for Large Banks Conference in Washington DC” (breathe out) on Tuesday morning. If the
fued continues, we’ll get something along the lines of a subtle passive-aggressive comment from Jerome and
a more strident retort from President Trump.
And summer’s lease rates hath all too short a date
The tried and tested adage in business journalism “when it’s on the front page it’s too late” came to mind last
week as the metals commentariat latched on to the
latest spike in metals lease rates and peppered your
channel of choice on the way the spike in silver lease
rates show the “paper silver game is up”, with
explosion on the way, etc. Here’s one chart, gleaned
from a TwitterX poster last week, showing the effect
in visual form, but there are no end of places to read
about this cause-and-effect (as well as those to-da-
moon predictions), but let’s go with one that was a
little earlier than most from Bloomie on Friday July
11th (1). In “Silver Rises to Highest Since 2011 as US
Premiums Grow”, Bloomie does a good job in laying
out the situation, including this quote offered by
Daniel Ghali of TD Sec to his clients the day before:
Daniel Ghali of TD Securities has argued that the outflow of silver caused by the tariff arbitrage opportunity has left
inventories of freely available silver in the market critically low.
“Our estimates of LBMA silver’s free-float now stands at its lowest levels in recorded history,” Ghali wrote in a note
Thursday. “Silver’s illusion of liquidity tells us that silver markets will only rebalance through some form of a
squeeze on physical.”
2

That’s an analyst doing his job right as well. The note also went into the causes behind the spike, with the
same type of arb action that’s driven US copper prices showing up and pushing the arb between London
LBMA (still the world’s biggest precious metals market) and Comex to the mid-80s:
All fair enough. However, this price chart of spot silver shows the effect this tighness on physical silver had:
As much as we’d like to believe lease rate fluctuations are a forward indicator, they’re backward looking and
by the time the silverbugs on social media had caught on, the effect was fully baked in. For a little extra on
the subject, we again present the data seen last weekend in IKN843 and the note on silver and AbraSilver in
the main fundies section, concerning silver bullion inventories:
Identifiable silver bullion inventories
3
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
While this desk readily agrees silver stocks have dropped since Covid and may to do so again this year, that
doesn’t mean to say “the system” is suddenly out of silver. Au contraire and as pointed out previously, those
levels of inventories are enough to cover the well documented supply shortage for several future years. As
much as you (or I, for that matter) would like to believe the silver stock-out/silver squeeze stories that have
been a staple of 2025, they don’t stand up to examination of the fact. That said, we need to reconcile the
facts that 1) there’s plenty of silver in LBMA/Comex inventories and 2) lease rates did indeed shoot up last
week. For that, we consider the difference between silver inventories (i.e. above) and “available silver”, i.e.
the physical that owners are willing to lend to the market. The latter is always a smaller amount and when

the market is in normal, fluid shape there’s enough metal to cover the typical ebbs and flows of the LBMA (or
Comex, though at present only the LBMA matters as the flow is currently all LBMA to Comex).
When we hit moments of sudden higher demand (e.g. last week), that available silver can dry up, which is
also what we saw two weeks ago. When that happens, the LBMA will try to attract more silver into the
“available” and does so in the best capitalist way, it offers more money to the owners. That’s the lease rate
and, when silver leases hit 6% last week, that essentially means the exchange was (and is) willing to pay 6%
annual interest to the owners of the silver bullion for the right to use it for their own means. So yes, silver
lease rates shooting up the way they did does indeed mean there’s a tight market for physical bullion, but it
does not mean “the system is out of silver”. Far from it, instead what it means is that owners of the bullion
understand their strong position and won’t take 1% or 2% for the privilege, they want more. And that’s how
any market works, the counterparties bargain until they decide on a just price and the deal is done.
The bottom line: Yes, I’m still constructively bullish on silver and yes, there’s a decent chance we get one of
those price spikes I’ve been looking for in the near future. We’re in a volatile market for all metals, let alone
the most volatile of them all, silver is and will always be the Jekyll&Hyde metal and while that means it can
rugpull us at any given moment, it also means there are good speculative gains available for those so
inclined. At the moment I think the risk is to the upside and that’s why I’m holding through on AbraSilver
(ABRA.to), but this audience must understand, and clearly, that I am not one of your diamond hands
commentators when it comes to silver. Therefore I will sell ABRA given the right opportunity and price (and
probably farm the cash into a gold play, where I feel safer) and I will not advocate for the kind of
$50/$100/$WhargleBargle prices for an ounce of silver that are prevalent in your social media timelines these
days. I may be wrong about that and I may be right, only time will tell.
And on the subject of farming cash into gold plays, read on.
Fundamental Analysis of Mining Stocks
Buying West Red Lake Gold Mines Ltd. (WRLG.v)
Preamble
Now for the reason why this edition is one day late and happily for my own mental state, it wasn’t due to
another bout of writer’s block. Today’s main fundies note was planned to be an introduction to West Red
Lake Gold (WRLG.v) as it arrived on the Watch List this weekend but, as I began moving it from note form to
script on Friday, the numbers it’s now offering in the present gold price environment started looking too
interesting to ignore. That, plus this desk’s opinion that WRLG is going to raise more capital in a share
financing and that’s a good thing (bold type, underlined), plus the lingering annoyance I still have about
pointing out i-80 Gold (IAUX) (IAU.to) but doing nothing active about it, plus the continued run in gold prices,
combined to sow plenty of doubt as to whether putting this stock on the Watch List was looking a little silly.
So come Sunday and with doubts growing about what to do, I made the executive decision to give myself an
extra day, time and the luxury of watching WRLG trade on Monday before making the call. In other words,
the final decision to buy is a fresh and coming to you this evening. It was the right call to sleep on the
decision and I was already 99% sure before the market opened today. It also allowed me to spend time with
the kids last night, rare for a Sunday.
A potted history of Madsen
Unlike some of the companies we cover here, West Red Lake Gold Mines Inc (WRLG.v, or WRLGF on the US
OTC) should be well known to nearly all readers and it’s not the focus of our in itiation report today (the two
things that matter are the risks and the numbers), but a couple of lines won’t hurt. Revamped and in its
current form since early 2023, it was created by Frank Giustra to purchase the failed Madsen mine in the
famous Red Lake Mining District of Ontario, Canada. The Madsen mine area has seen gold mining operations
for nearly a century and the surrounding area is known as one of the mining centres of the entire country, so
there's no lack of infrastructure, manpower etc to supply the operation. As for the more pertinent recent
history, after being passed from company to company, what became its previous operator, Pure Gold, bought
4

the mine in 2014 and took its sweet time (and a lot of money) on development before eventually beginning
operations in 2020 and going into (what they called) commercial production in 2021. However, the
combination of difficult geology, inadequate understanding, higher than expected costs and a heavy debt
load caused Pure Gold to go into receivership in 2022.
That's when what is now WRLG stepped in an in 2023 it bought the property, with a view to re-starting the
mine and doing what Pure Gold couldn't do two and bit years later, we're now at the point where WRLG has
started pre-commercial production and is telling the world it will have the mine running at positive free cash
flow by the end of this year.
WRLG company structure
Fewer words, more numbers. First up, our standard corporate structure box:
Shares out: 345.6m
Options: 22.07m
Warrants: 167.35m
RSU/DSUs: 10.06m
Fully diluted: 545.08m
Current share price: C$0.82
Market Cap: C$283.4m
Approx cash per S/O: 5c
All prices are in Canadian Dollars unless stated, forex CAD$1 = USD 0.73
NB: As WRLG reports in Canadian Dollars and has published its technical reports using Canadian Dollars as currency, we’re doing the
same. The Loonie is the default currency in today’s note, any US Dollar references will be clearly marked.
Here’s what you get for this evening’s C$283.4m market cap. As we’re assuming 2025 is the preparation
period for the moment when WRLG re-rates and realizes its equity, what matters above all is its balance
sheet items and clear indication that WRLG can complete its ramp-up period and get to the point where the
company pays for itself. While we recognize and appreciate its useful and recent pre-commercial production,
up to and including CEO Shane Williams have stated that he plan is to move through the gears and reach
positive free cash flow at some point in 4q25. The company strategy and guidance is also why I’ve taken the
valuation route you’ll see below, but first things first and here are the assets and liabilities charts:
WRLG: Assets breakdown
250
200
150
100
50
0
Regarding assets, the main takeaways are 1) the way we’ve gone from virtual zero in two and a half years to
the current approx $200m value, testament to the specialized nature of this vehicle aimed at re-starting the
failed Madsen project as quickly as possible, then 2) the increase in fixed asset value as the project has
fleshed out and capitalized. While considering its improving assets valuation, we’ll add here for clarity that the
second-strong Rowan project, located around 80km from Madsen, may add to asset value now that it has a
PEA published (2) but for our purposes today, we’re using for our valuation or buy decision. It has an
indicated resource of 476kmt grading an impressive 12.87 g/t gold for 195,746 oz contained gold and the
PEA for Rowan, as announced earlier this month on the back of that resource, makes it an interesting
prospect for sure, and having a development pipeline is a good thing for the company but, here in 2025, any
trade in WRLG will succeed or fail on the back of Madsen and that’s our near-exclusive focus today.
5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
C$m WRLG: Liabilities breakdown
160
cash&eq inventories
140
other current min prop/plant/equip
other fixed 120
100
80
60
40
20
0
source: company filings, IKN ests
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
C$m
other LT liab
credit facility
gold notes
current liab
source: company filings, IKN ests

Back to the drudgery of balance sheets and regarding liabilities, there’s clearly been an acceleration in the
last few quarters and that may look concerning at first sight, but the reality isn’t that bad and overall, the
company isn’t in the same existential risk that Pure Gold put itself under. The two important liability
components are the gold-linked notes (C$43.109m as at 1q25) and the Credit Facility (C$29.1m as at 1q25).
Regarding the gold notes, the repayment schedule starts slowly and in 2026, WRLG has to set aside 1,700 oz
gold to cover payments. That moves to 4,240 oz in 2027 and 2028, then 4,902 oz in the last year 2029.
That's a producer-friendly rhythm and won't put the balance sheet under pressure next year. Regarding the
credit facility, that's U$35m and is now fully drawn as WRLG took the last U$12.5m in 2q25. Repayments
start in 2q26 (i.e. next year) with half repaid in monthly installments from that point and the other half re-
paid at the end of the loan period, end 2q28. The company is paying approximately 12.5% annual interest on
the loan. This is a significant cash liability and means WRLG will need to be snugly free cash flow positive
from the start of 2026.
Overall, those liabilities are very manageable, as long as the company delivers on its production guidance.
We’ll get to that in a moment, first we consider liquidity and how we expect the next two quarters to go, via
a closer look at the cash treasury information and shares out:
WRLG: Cash treasury & working cap
To the left, the loan draw down taken in 2q25 should cover the company burn and with the minor gold sales
from pre-production helping things, we expect cash to remain roughly the same level as Q1. Working capital
(brown columns will benefit from higher inventory levels as the mine ramps up, but to the downside the first
tranches of the credit facility and gold loan liabilities move into the currents column.
However, we predict a bigger change in 3q25 as our model assumes WRLG will go to market a final time
before achieving commercial production and raise more capital via a share sale. Exactly how much is up for
debate, our guesstimate is a share count that moves to exactly 400m from the 345.6m of today, which is a
good enough place to start. That should provide the liquidity to get WRLG across the finishing line, cover the
lag from gold invoice to payment and allow smooth passage (and cover any teething problems) into 2026.
Indeed, when we consider the WRLG share price action, it’s difficult to be too critical of the way it’s held price
since incorporation (above left) and got to a place where it’s ready to show the re-rate into production, but
6
146.1 753.4
580.72
29.61 903.61 848.3
407.74
698.52 88.63
822.81 81
24
50
45
40
35
30
25 20
15 10
5
0
-5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3
C$m
WRLG: Shares out (m)
cash&eq
working cap
source: company filings, IKN ests
868.41 20.25 744.65 851.481 371.512 641.322 532.962 83.172
878.813 74.343 6.543 004
500
450
400
350
300
250 200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3
source: company financials, IKN ests

the comparative chart to GDXJ (above right) suggests that WRLG hasn’t kept up to peers recently. In
mitigation, the stock price looked like it was starting to run in June but the fatality suffered at the mine (see
risks below) stopped that momentum in one fell swoop, but since then the vibes haven’t returned. This
having happened just as I began considering WRLG as a trade vehicle means that since then, I’ve been a
careful tape watcher and the impression in the last two or three weeks is that of a capped price and a market
waiting for the placement.
The PFS and forecast production
My personal interest in WRLG moved up a gear after the publication of the Pre-Feasibility Study (PFS) in
February this year (3). Before that, there had been a suggestion that WRLG would take Madsen to production
on the back of its previous PEA, which felt way too risky to this desk considering the asset’s failure under
Pure Gold. That company lost its chances underground, lacking the knowledge to follow the difficult to predict
vein system and without enough open stopes. The WRLG PEA didn’t go into depth on its plans but the PFS
did, as the company had clearly improved its understanding of the mineralization via the drillbit and more
importantly, the decision to go into production using three zones for feed instead of relying on just one. That
makes a lot of sense and pointed to good decision making from the new team, led by CEO Shane Williams.
Based on the resource of 1.65m oz indicated grading 7.4g/t gold, the key metrics for the PFS are the
projected tonnes per day throughput (below left) and head grade (below right), as those were the issues hit
by Pure Gold.
WRLG: Projected Madsen TPD
Know the grade is there, what matters is mucking it out without the type of dilution seen by Pure Gold so one
of the final pieces of the puzzle dropped into place last month in the NR dated June 25th and entitled “West
Red Lake Gold Provides Madsen Mine Operations Update” (4). The company was keen to reassure the market
after the fatal accident suffered earlier that month, so went into a lot of detail about the way its ramp-up was
going. It’s a NR with a lot of information and requires a close read, but these charts (below) included show
that things were going well:
7
064
318 697 197 318 318
225
45
tpd WRLG: Projected head grade
1000
900
800
700
600
500
400
300
200
100
0
2025 2026 2027 2028 2029 2030 2031 2032
source: WRLG PFS
00.7 02.7 08.7 00.8 78.7 97.7
92.21
04.01
g/t Au
14
12
10
8
6
4
2
0
2025 2026 2027 2028 2029 2030 2031 2032
source: WRLG PFS

The charts give data gathered before the work stoppage due to the fatality (the mine got back to work a few
days later) and on the left, we see how head grade improved toward the aim of 7g/t and 7.2 g/t as soon as
the main stope material began to be added to the mix. That’s the type of increment we want from a new
mine going through the gears and states clearly that the underground operations are on track. As does the
tonnes milled chart above right, which aren’t up to the 800tpd we’ll require in 2026 and beyond, but the NR
noted that the mill had already achieved periods of 800tpd during his tesing period. A couple of quotes from
the CEO Comments:
“With the clear exception of the tragic underground incident, ramp-up at the Madsen Mine is progressing well,”
said Shane Williams, President and CEO
The mill has been averaging 650 tonnes per day with 95% gold recovery and has been tested at higher levels
several times without issue.
Overall, we like the new mine plan and that unfortunate accident aside, the 2025 ramp-up has gone well.
With the mine now back on course, we also note that in a recent interview CEO Williams stated that he was
happy with the way it was going and Madson was on course to be free cash flow positive before the end of
the year (tentatively stating November).
Risks
It’s always a risky game, but in this case we need to highlight a few extra issues that anyone deciding to
follow this desk in should consider before pulling the trigger:
Execution: Probably the most obvious for a sophisticated audience, we know that the move from
developer to producer is rarely smooth sailing. Glitches, delays and cost overruns are normal any new
mine, in this case we’re at an asset that’s already shown to be difficult and capable of putting a company
out of business. As Seen above, so far I’m comfortable enough to buy in but it’s going to be one to
watch.
Frank Giustra: I’m no fan, Giustra is known above all for “market wins” and share price action in
companies related to his mining empire need to be watched like a hawk. He’s mainly an exploreco
financier and they tend to fail, but he has backed winners into production with Fiore Gold (bought by
Calibre Mining) is high on my list of successes. One of the things even the winning Giustra Stocks tend to
do is go through a weak period out of the blocks, as the man “assures his investment” by selling enough
of his position to be breakeven at worst. I suspect that’s already happened at WRLG, so the potential for
this trade to move up and give us a win in the same style as Fiore has formed in my mind.
The recent death: As noted above, on June 16th a bucket of ice cold water was poured on the momentum
gathered to that point by the news of an accidental death at the Madsen mine (5). We do of course send
our sincere condolences to the family of the lost soul. However, we are here to be hard-nosed capitalists
and aside the way the share price momentum fizzled out, there’s one risk above all we must take into
consideration: What if it happens again? In this case, the mine was back in full operation less than three
days after the sad event, but if Madsen manages to kill anyone else, particularly in its first year, we on
the outside should not expect anything less than an authority hammer coming down on the company. It
may turn out to be a blessing in disguise and make the company laser focused on safety and the best in
8

breed mine in the district. However, we should take into account the extra ris of serious production
interruption if something happens again.
Likely further dilution: The final “risk” factor in our list is normally an issue, but in this case it may turn
out to be a positive, rather than the usual market negative. Under normal circumstances, a share
placement is a drag on share price action frowned upon by open market participants (e.g. me) but when
times are good and a placement is anticipated, it can turn out to be moment when a share price logjam is
removed. We’ve seen price action in other company shares do this recently, when a “final family and
friends” financing is announced and signal to others that the train is about to leave the station. Add in the
personal opinion that the market is anticipating a placement in WRLG (above) and how backers have
enough A-list connections to make any raising both popular and widely announced, and this current bull
market could see WRLG move up, rather than down from its current price range.
All those are risks, over an above the normal ones we face when playing in this junior mining sector. Overall
I’m happy that none are real dealbreakers today, but it also means I’ll be watching newsflow closely and if
anything happens, I’ll be ready to sell and take a loss if necessary.
A valuation for WRLG
And that’s because I believe the reward outweighs the risk. At this stage, with less than two quarters before
we can expect Madsen to go free cash flow positive and in a market of U$3,400/oz gold, being able to buy
WRLG in the same price range as 2023 and only a little above 2024 is a strategic bargain in the making. The
PFS adds extra confidence as does the 2025 ramping period (the fatality notwithstanding) and if only for that,
I’m keen on this stock. WRLG is, for me, mainly a strategic purchase rather than a numbercrunch trade, but
by the same token we need to show what the financials are capable of achieving.
After modeling several different methods, I’ve eventually chosen to showcase Madsen using Discounted Cash
Flow (DCF), which is popular with most but I try to stay away due to the ease with which the analyst (e.g.
me) can adjust the data in order to get the result they wanted in the first place. However in this case, the
relatively short mine life of the PFS mine plan (seven years total, with full commercial production 2026 to
2031) and the high cash cost quartile (even the PFS assumes U$2,300/oz) means a cash flow model doesn’t
do the stock justice. However and as usual, we make sure there’s plenty of wriggle room in our model.
Our only “let’s trust them” assumption is production, as the 2025 commissioning period has gone promisingly
(see above) and the mine plan makes sense, particularly given Madsen’s problematic past. Therefore we
assume…
WRLG: Gold production guidance
100
90
80 67.7 70 70.8 70.8 73.2
63.6
70
60
50
35.3
40
30
20
6.4
10
0
2025 2026 2027 2028 2029 2030 2031 2032
source: WRLG 43-101 PFS
…35,300 oz this year, but we don’t include this year in our valuation parameters. Instead our assumption is
that 2025 allows Madsen to reach commercial production and a share placement makes sure it leaves this
year on an even financial keel.
After that, our assumptions and parameters for the DCF model include:
 A range of gold prices, from a baseline U$2,500/oz to a blue sky U$4,000/oz. Ultimately, this and
the next criterium is why DCF works best as it allows us easily to present a range results and
targets.
 A range of four discount rates, from 5% (accounting for the company's rose-tinted model) to 15%
(to reflect the true cost of capital in today's junior mining market). It's up for debate, but for me
the reality of Madsen is probably best reflect by the one of the mid-point examples (8%, 10%) and
9
munna/uA
zO

put a gun to my head I'd pick 10%. Happy to hear pushback on this point though, which is why the
total range of options is wide.
 To underscore, a model that focuses on the main, six year mine life of Madsen as stands, i.e. 2026
to 2031, as per the 2025 PFS. This gives the benefit of the doubt to WRLG in 2025, allows it to get
back fully on track in 2025 and reach positive free cash flow by the end of this year.
 A shares out total of 400m, which assumes a final capital raise in the near future.
 The debt position remains as per today (see chart above)
 An effective tax rate of zero. One of the major financial advantages WRLG at Madsen brings to the
table is its tax credits generated by the failures by its previous operators.
 An assumed AISC of C$2,500/oz. Madsen is never going to be a low cost operation and while its
PFS assumption of C$2,300/oz (U$1,681/oz) life of mine average is reasonable, as usual we prefer
to build in conservatism into our model.
 Modest mine life DD&A charges totaling C$185m (though in this case we do include 2025).
 Calculations in Canadian Dollars (Forex U$0.73 = CAD$1.00. Price targets also presented in CAD.
With those in place, we offer this chart to show the upside potential of WRLG this year:
WRLG: DCF price target at a range of discount rates and gold prices
10
27.0 95.0 25.0 73.0 60.1 88.0 97.0 95.0 82.1 80.1 79.0 47.0 26.1 83.1 42.1 79.0
58.1
95.1 34.1 21.1
14.2
70.2 88.1
94.1
2.5
2
1.5
1
0.5
0
2500 2800 3000 3300 3500 4000
U$/oz Au
)$C(
tgt
ecirP
5% 8% 10% 15%
This chart shows that WRLG only works as a trade today because of the high gold price. Company CEO
Shane Williams has made no bones about this, noting in interviews and presentations that the gold price
means Madsen as an operation has more leeway than in the Pure Gold years and I fully agree. At U$2,500/oz
(C$3,425/oz), WRLG is overpriced even today, but this re-rate into production makes sense with gold at
U$3,300/oz. If gold moves higher in the weeks ahead we could see much higher prices (and of course people
willing to pay a higher multiple, represented here by the graduated discount rates) but overall, this Monday
evening you can put me a U$3,300/oz and an 8% discount rate, indicating a price target of C$1.38. That
represents an upside of 68% to today’s closing price and more than enough, considering that target is a
reasonable one once the market sees Madsen move into commercial production.
I’m a buyer of West Red Lake Gold Mines this week and it will move from the Watch List to the main
recommended Stocks list as from next weekend.
Stocks to Follow
A losing week for the back pocket, but the edge was taken off any pain by a Friday mini-rally in Minera
Alamos (MAI.v) which made the overall paper losses minimal. There were just four week-over-week winners
from the 17 stocks on the table this time last week (MAI.v, ARG.to, LMS.v, PGDC.v) and of those, only the
Watch-Listed Patagonia Gold (PGDC.v up 16.7%) was a double figure percentage improvement (though
MAI.v at +6.1% was nice enough under the circumstances). Three stocks remained unchanged (OCI.v,
MIRL.cse, MENE.v) so that leaves ten losers (RIO.v, EGO, MARI.to, ABRA.to, GROY, SRL.v, RPX.v, SURG.v,

IAUX, PAU.cse), or 11 if we add in the new addition, WRLG.v. Most of the losers were small moves inside
current trading ranges and not of great concern in an overall losing week for the sector, but there were two
of big percentage losers with hits taken by Salazar (SRL.v down 16.7%) and Red Pine (RPX.v down 13.5%).
With the addition of WRLG.v to the Watch List, there are now 18 names on our Stocks to Follow list, two
fewer than our self-imposed maximum. Of those 14 of those carry at least some of my personal money at
present. Fourteen are in the green, three are in the red, one is unchanged.
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$0.3925 86.9% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.54 92.5% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO REVIEW U$15.93 11-Aug-24 U$19.75 24.0% Trade review at 2q25 fins
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$2.32 50.6% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$9.99 227.5% Quality Cu dev, FS due
AbraSilver ABRA.to HOLD C$2.73 26-Jan-25 C$5.67 107.7% Main Ag trade, $5.74 tgt HIT
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.37 69.3% Going to U$3+, still cheap
Salazar Res SRL.v hold C$0.08 5-Jan-25 C$0.125 56.3% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.20 5.3% proj.generator, Organullo spec
Red Pine Expl RPX.v STR BUY C$0.11 8-Sep-24 C$0.08 -27.3% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.175 66.7% bulk copper in good address
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.07 16.7% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
i-80 Gold IAUX WATCH U$0.50825 18-May-25 U$0.6022 18.5% Looking for entry point
West Red Lake WRLG.v BUYING C$0.81 20-Jul-25 C$0.81 0.0% new trade soon
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.06 250.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.215 147.1% 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:
Red Pine Exploration (RPX.v): ADDING. It’s not the biggest position, I have treasury available and with
other stocks under review, there comes a point when I start to feel under-exposed to a bull run in gold. Put
those together and the result is a decision to add to my shares in Red Pine Exploration (RPX.v) this coming
week and average down. RPX has been out of favour recently and the share price slide is testimony to that,
but even though I wasn’t a fan of the of its recent placement (10c NFT including a half warrant), we should
note that 1) an upsize from C$7m to C$8.5m means it was popular and 2) I didn’t expect the price to drop so
far below under that price as it has. While I’m not stupid and would also prefer my trades to run higher as
11

well, nothing has essentially changed in this story and from the start, I’ve been willing to give CEI Michaud
the time and space he requires to put together a plan for
the Wawa deposit, the “unlocking of” that many have waited
for over the years. The exit (under a cloud) of Quentin Yare
and arrival of Michaud + new team brings that opportunity,
but we on the outside also need to recognize that Michaud
isn’t part of the fast-talking CEO’s club. A miner’s miner with
a strong reputation, he’s all about doing things then right
way and if that takes longer than the average tinycap
speculator prefers, then so be it. Therefore, this decision to
add is as straightforward as they come:
 The story has not changed
 The market has become impatient and sold the
stock down
 I have treasury cash to take advantage of the new, low price
 I have room to add to a small position without breaking sweat
As for sizing, I’m going to try to get my 11c cost average below 10c by this time next week. So much value
here and all it will need is for Michaud to continue developing Wawa as per his plan.
West Red Lake Gold (WRLG.v): ADDED TO WATCH LIST. A quick note to add to the main fundies
section today, WRLG managed to close the week at 81c and it’s enough to get me to bite. I refuse to make
the same dumb mistake I made with I-80 recently.
Marimaca Copper (MARI.to): Have to love how this Chilean-based junior traded last week:
Most importantly, all evidence suggests there are no sellers of size in MARI to send it back lower.
Shareholders have understood the importance and potential significance of the recent Pampa Medina results
and the reaction seems to be the same as mine, diamond-hands on this one. So, thin margins of error aside,
that nice Mr Market is now telling the rest of the world that if it wants to own MARI shares it pays C$10, a
nice, round number that’s not going to last forever.
Amerigo Resources (ARG.to): Have to love how this
Chilean-based junior traded last week, or have I said that
already?
ARG hit a new ATH by a penny or two (C$2.34 on a handful
of brief occasions) before finishing the week nicely, all on
the back of the “steady as she goes” results we chewed over
in IKN843 last weekend.
Salazar Resources (SRL.v): SRL dropped from its recent
14c/15c level to on Monday, perhaps it was something I
said. There’s no need to panic sell on the protests around the Curipamba/El Domo project (I am a holder,
after all) and for the moment it’s a case of monitoring the situation, rather than getting proactive. The latest
from the locality is of a tense peace, with some roadblocks still in place but by the same token, SVM/SRL has
managed to get plant and supplies to the project site and there is development going on.
12

Also as stated last weekend, a lot hinges on whether the anti-
mining groups such as CONAIE decide to make Curipamba/El
Domo a cause celebre and that’s still undecided. CONAIE is
holding its annual conference this weekend and the news and
comment from that will be important. I’m not buying/adding on
this new discount price, but there’s no need to sell yet.
AbraSilver (ABRA.to): Those of us in ABRA for 2025 know all
about its switchback ride and last week was no exception, the
stock first breaching the C$6 line for the first time ever, then
dropping back and closing slightly lower compared to last weekend.
Orecap Inv (OCI.v): Two things today, first an update of our liquid-ish assets table…
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.53 6.25 2.5
ARIC.v 7.39 0.58 4.29 1.7
ARIC warrant 4.17 0.38 1.58 0.6
XXIX.v 22.992 0.10 2.30 0.9
KTR.v 42.750 0.015 0.64 0.3
MERG.v 5.125 0.025 0.13 0.1
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.025 0.62 0.2
subtotal 15.80 6.4
Est.cash 0.03 0.0
Total 15.83 6.4
At 247.714 S/O
…which shows the arbitrage compared to OCI’s holdings at 0.6c and I continue to think you’re getting a lot of
optionality and leverage for such a small difference. That brings the second point, this corporate YouTube
published last week by OCI which you can find on this link (6) below. Even though it’s quite long at nearly 39
minutes, I found myself watching (well listening to) it twice. Company head Stephen Stewart does the talking
and goes through the state of the company and its investments, the philosophy behind Orecap, where it fits
in the the wider Ore Group of companies etc. Well worth doing it all and it reaffirmed my opinion that I’m
getting a lot of company for a small price here, but if I had to point you to two segments:
13:16 to 19:00, in which Stewart talks XXIX and dedicates plenty of time to the Thierry deposit/project, which
to date I haven’t considered much. There’s obviously a ton of enthusiasm about this corner of Ore Group
internally.
23:00 to 27:00, in which we get the latest on Kintavar (KTR.v) and learn the plans to change its name/ticker
(when it comes out of halt) to Auriginal Metals (AURE.v). Again, once out of halt we can expect KTR/AURE to
get a significant share price lift and boost the above table.
13

The Copper Basket
After twenty-nine weeks of 2025, The Copper Basket shows a gain of 13.98% to level stakes:
company ticker price 1/1/25 Share out(m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 279.21 580.76 2.08 45.5%
2 Trilogy Metals TMQ.to 1.65 164.1 426.66 2.60 57.6%
3 Arizona Sonoran ASCU.to 1.47 174.6 415.55 2.38 61.9%
4 SolGold (GBP) SOLG.l 6.92 3001.11 215.48 7.18 3.8%
5 Aldebaran Res. ALDE.v 1.90 169.914 355.12 2.09 10.0%
6 Regulus Resources REG.v 2.05 124.659 304.17 2.44 19.0%
7 Faraday Copper FDY.to 0.74 205.516 250.73 1.22 64.9%
8 Hercules Metals BIG.v 0.55 261.543 235.39 0.90 63.6%
9 American Eagle AE.v 0.69 173.377 91.89 0.53 -23.2%
10 Hot Chili HCH.v 0.67 151.42 84.80 0.56 -16.4%
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 33.66 0.195 21.9%
13 XXIX Metal XXIX.v 0.11 258 25.80 0.10 -9.1%
14 Copper Giant CGNT.v 0.315 117.73 21.78 0.185 -41.3%
15 Kobrea Exploration KBX.cse 0.60 35.085 13.86 0.395 -34.2%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 13.98%
The Copper Basket had a good week, beating its
The Copper Basket 2025, weekly evolution
precious metals cousins and hitting a new 2025 high 20%
thanks to a headcount of ten winners (ATX.v, SOLG.l, 15%
TMQ.to, REG.v, ASCU.to, FDY.to, BIG.v, AE.v, HCH.v, 10%
KBX.cse) just three losers (ALDE.v, CGNT.v, PM.cse) and 5%
two unchanged stocks (ECU.v, XXIX.v). The biggest 0%
loser was Copper Giant (CGNT.v down 17.8%), but the -5%
big positive percentage moves in Hercules Metals (BIG.v -10%
up 34.3%) and Trilogy (TMQ.to up 11.6%) more than -15%
made up for that.
in the market trading for copper-the-metal, we did see
some buying at the end of the week but a better
story is the new and tight trading range in place for
the Comex contracts since the Trump Tariff bump
two weeks ago, as seen in the price (right). The
world seems to be trying to work out what happens
to the copper price once the tariff goes active
(presumably August 1st and presumably 50%, TACO
notwithstanding).
As for our weekly dose of alliteration and the
carefully curated copper comment, we’ll keep it brief
by noting the market is back looking squarely at
China for its next price cue. On that score and to
continue the regularity, a reminder that as end user
of around 58% of all the copper produced in all the world China has a permanent and vested interest in
paying as little as possible for the metal. We saw one of its strategies show up three weeks ago when picking
up on the upcoming copper dump by Chinese smelters onto LME (see the weekly inventory notes below) and
with that having come to pass, we now have the metals commentariat trying ton incorporate this event into
their forecasts. And this one made me laugh (7)…
"LME copper stocks have been rising, mainly at its Asia warehouses as some traders may be betting
on more buying by China with recent price drops," a Shanghai-based metals analyst at a futures
company said.
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 ht02
source: IKN calcs

…but that may be as much a comment about my odd sense of humour than a commentary on the market.
Our un-named trader wants to make a bull case, s/he considers a fact and creates a conjecture around it. I’m
sure that with a few seconds’ thought you could build a bearish case around the same data. That’s what
happens in the market’s slack period, happening now and set to last through July and nearly all August. And
on that subject, we turn to our regular weekly section covering the moves in copper inventories:
 The aggregate of the three official copper inventories systems saw another significant net increase
on the week, that’s three in a row and this time, 23,448 metric tonnes (mt) was added to get us to
426,101mt. That’s +60kmt in the three weeks of July and our IKN841 data has been fully justified.
 Shanghai SHFE stocks saw the smallest add of the three, up 3,094mt to close at 84,556mt.
 LME again franked the intel about Chinese smelter exports hitting its warehouses, the net add last
week at 13,450mt to push total LME stocks to
122,175mt. We also note that cancelled warrants have
dropped to around 11.5% of total stock, that’s down
from the 60% a few weeks ago (chart right) and the
40% of this time last week. Back in IKN841 we wrote
that “…seeing a report stating that something
between 30kmt and 80kmt have been earmarked for
LME warehouses makes for a most interesting trade
report. A fight is brewing and we’ll have to watch very
carefully as LME accepts new inventory, then
potentially see it fly straight back out the door as
capitalism does its thing.” The first part of that has
now come to pass, we also know Trump has put a
time limit on the arbitrage of physical copper flow into
North America (unless he changes the date, your
tonnage has to land before August 1st). It’s going to
be an interesting few weeks for LME stocks and at this desk, we’ll be watching carefully on an active
tell. It’s why we track stocks the way we do, after all.
 Finally, the Comex copper stock adds continue with another 6,904mt added to bring this weekend’s
total to 219,370mt. We’re close to that Comex all-time record now, the 225kmt set in April 2018.
Our dedicated SHFE chart shows the four weeks of is 80km-ish level and the new line in the sand. We
continue to posit for the next leg down in August and if so, we have three or four more weeks fiddling around
the current level.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
15
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 notes on a few of our basket stocks:
Trilogy Metals (TMQ.to): A brief update on the TMQ comment from last week, in which we topped our hat
to the new popularity of US-based copper stories and noted that, “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.” Last week, TMQ and NAK took very different paths:

Another nice performance from TMQ but NAK was sent to the woodshed, a move that started when NAK
management filed (8) a series of insider sales from recent days and then threw a Pebble Hail Mary by filing
for a summary judgment from the courts on the veto to the Pebble project, currently in place. The NR was
also interesting in the way it leaned on the word “Biden” and for its awful grammar, it gives the impression it
was dashed off at 3am after a rage attack. Anyway, TMQ is our subject and along with other stocks (ASCU
below, BIG below) has spearheaded the new speculation in US copper stocks.
Hercules Metals (BIG.v): The biggest mover of the week on our list and for maybe four reasons:
 A USA-base copper story, recent newsflow on US tariffs and the desire shown by the Trump
admin to grow US domestic copper production has worked in its favour
 A well-timed NR, with plenty of feelgood about its current drill program and holes now going to
the assay labs. BIG is a proponent of the modern marketing technique of talking up drill holes
before the lab results are known, last week’s NR is a case study in the method.
 It’s been lagging and was ready for a move.
 It has plenty of market radar, with paid promoters
and high profile instos on board as well as having
Barrick (B) as a strategic investor.
The NR in question, entitled (9) “Hercules Metals Provides
Further Positive Update on Its 2025 Drilling Campaign”
makes plenty of use of conceptual mapping and does a
good job explaining the location and objectives behind
each of the drilled/now drilling holes, for example we know
that the long hole in the centre of this map (right), HER-
23-21, is going to be an important one when the assays
come back. It’s also worth noting the effusive language of
the comments included from CEO Chris Paul:
Chris Paul, CEO and Director of Hercules Metals, commented,
"2025 has been the most exciting start to a drilling season we've had at the Hercules Property. We've been able to
start the campaign positively by hitting porphyry mineralization from the first completed hole. The new model not
only increases the success rate, it allows us to ramp up our exploration program with systematic grid-based fence
drilling. We're also seeing potential to significantly expand the system in both directions, while simultaneously
better defining 1.3 kilometres of known strike at a significantly more optimal orientation, across the centre of the
porphyry."
Mr. Paul concluded, "Core from several of the completed holes have now been shipped to the lab for assaying and
we hope to receive assay results in the next 6-8 weeks. We look forward to updating the market as soon as results
become available."
All that was enough to spark speculative momentum and a
move to the 90c level that stuck well. However, we need to
be clear that when you’ve primed your audience for good
drill results you have to deliver, else face the consequences.
The Truth Machine still has the final say in our day and age,
so underwhelming results will not be received well at this
new price level. At a market cap of C$235m, there’s a lot of
assumed success now baked into this stock price again, the
16

first time since 4q23 when the first deep holes changed Hercules Silver to Hercules Metals and got Barrick
interested. That fell apart in the first days of 2024 when mediocre follow-up holes took the shine away and
with expectations now high, the risk of a repeat showing needs to be taken into account by those willing to
bet big (pun intended).
Arizona Sonoran (ASCU.to): Further to last week’s note on Tembo Capital selling 17.5m shares of ASCU,
we got official notification of the sale from ASCU in this NR on Tuesday (10), as well as assurances from
Tembo that they’re going to remain a supportive and “significant shareholder”, though without stating they’ll
stay at the current 9%. In other words, expect Tembo to lighten further.
Element 29 (ECU.v): We expected ECU to raise capital before the drilling re-started at Elida, last week it
happened (11):
Vancouver, British Columbia, July 17, 2025 – Element 29
Resources Inc. (TSXV: ECU | OTCQB: EMTRF | BVL: ECU)
(“Element 29” or the “Company”) announces that it intends to
complete a non-brokered private placement (the “Financing”) of up
to 7,000,000 units of the Company (the “Units”) at a price of $0.50
per Unit for aggregate gross proceeds to the Company of up to
$3,500,000.
Each Unit issuable under the Financing consists of one common
share in the capital of the Company (a “Common Share”) and one-
half of one non-transferable Common Share purchase warrant (each
whole warrant a “Warrant”). Each Warrant is exercisable for one
Common Share (a “Warrant Share”) for a period of 36 months
following the date of issue at an exercise price of $0.70 per Warrant
Share.
The reaction was to sell down the stock, but interestingly ECU
quickly popped back and come Friday, traded readily at 53c and 54c. A positive reaction to the news, a good
signal for the placement’s popularity.
Copper Giant (CGNT.v): The dilutive placement closed last week (12) and in exchange for 41.358m shares
(plus a half warrant for each one…plus some broker’s warrants) CGNT got its C$8.27m in gross proceeds,
enough to continue its drill program at Mocoa if locals, the municipal government or the national government
don’t close the permit down. With that, shares out jump by around 57% to the 117.73m (IKN estimate) seen
above and goes at least some way to explain the share price drop.
The Producer Basket
After 29 weeks of 2025, the Producer Basket shows a gain of 48.00% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1127 65.58 58.19 56.3%
2 Agnico Eagle AEM 78.21 497.971 58.63 117.73 50.5%
3 Barrick B 15.50 1748.05 36.24 20.73 33.7%
4 Franco-Nevada FNV 117.59 192.119 29.66 154.40 31.3%
5 B2Gold Corp BTG 2.44 1313.11 4.37 3.33 36.5%
6 Eldorado Gold EGO 14.87 204.909 4.05 19.75 32.8%
7 New Gold NGD 2.49 790.9 3.40 4.30 73.4%
8 OceanaGold OGC.to 11.94 231.127 3.14 18.61 55.9%
9 Sandstorm SAND 5.58 296.844 2.84 9.57 71.5%
10 Wesdome Gold WDOFF 8.98 149.891 1.86 12.40 38.1%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 48.00%
Another down week for PM producers, but this time it was across the board with both benchmark ETFs in
negative territory (GDX down 2.5%, GDXJ down 3.8%) despite gold’s marginal loss of 0.24% on the week.
The GDXJ losing extra ground is a little ominous for our Tier 2 stacked list and indeed, the ten losers saw the
biggest chunks lost by the smaller end of the field with New Gold (NGD down 8.5%), Wesdome (WDOFF
down 6.6%), OceanaGold (OGC.to down 4.7%) and B2Gold (BTG down 4.6%) on our roll call of shame. The
17

result is a basket average at exactly +48% and now back behind the GDX by 2.78%. Work to do if we want
to maintain our annual winning streak.
The 2025 Producer Basket: Weekly performance and
70% comparative to GDX control
60%
50%
40%
30%
20%
10%
0%
Newmont (NEM): We first remind readers of this (13), a big day for NEM and the whole gold sector:
DENVER--(BUSINESS WIRE)-- Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM)
(“Newmont” or the “Company”) will release its second quarter 2025 results after North American markets close on
Thursday, July 24, 2025. A conference call to discuss the results will be held at 5:30 p.m. Eastern Daylight Time
the same day, which is 7:30 a.m. Australian Eastern Standard Time on Friday July 25, 2025. A replay of the
webcast will be available through the Company’s website.
The link to tune in to the 2q25 Conference Call is here (14) and even a guy focused on minnow stocks like
me needs to be on the call, as NEM looks likely to set the tone for the Q2 earnings season among miners.
Personally, I’m looking for the big picture numbers such as costs and free cash flow, but also regional
differences (Australia vs Nevada costs, for example)
In other news and potentially related, the NEM; CFO suddenly
and unexpectedly resigned on Monday, with the announcement
coming that evening and a negative reaction the next day.
Here’s Bloomie (15)
Shares of the world’s top gold producer fell as much as 8.9% on
Tuesday in New York, marking the biggest drop since April.
The slump followed Newmont’s post-market announcement Monday
that CFO Karyn Ovelmen tendered her resignation last week. The
company didn’t disclose the reason for her departure. Chief legal
officer Peter Wexler will serve as interim CFO until a permanent
successor is hired, the company said.
“We are somewhat surprised as she had only been in the role for ~2
years,” wrote Bank of Montreal analyst Matthew Murphy in a note to
investors.
Though the negativity got rolled back and NEM eventually closed the week in-line with GDX (give or take),
that’s another example of how CFO news is never good news (it’s either a wash or negative). I suspect Ms.
Ovelmen, brought in for the job at the time of the fusion with Newcrest, signed off internally on the Q2
numbers and resigned that same moment (i.e. as early as possible). Not great optics, but as long as there’s
nothing odd about the Q2 financials on Thursday I’m sure the company will get over it (though they probably
won’t use the same firm of headhunters for the vacancy).
Wesdome Gold (WDO.to) (WDOFF): We noticed relative weakness in WDO in the first weeks of July, we
found out why this week. On July Bastille Day WDO gave us its preliminary numbers for 2q25 production and
sales (16), here come our updated chart tracking the fun. We start with tonnes mined, down compared to the
previous quarter and to 2q24 and that’s a concern, particularly for Kiena:
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 ht02
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 ht02
source: IKN calcs, NYSE data
WDO: Gold prod/qtr
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822
9637
19302
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
55000
50000
45000 40000 35000
30000
25000
20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings

Average head grade for Kiena at 10.7 g/t was down slightly compared to 1q25 and significantly from the
13.5g muck average this time last year. Again, that’s a concern. However, Eagle River saved the day with a
strong 16.9g/t Au average, the best since the heady days of the “Jewel Box” zone mined in 2019 and 2020.
WDO: Average gold grade, per qtr
20
18
16
14
12
10
8
6
4
2
0
19
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Eagle River
g/t Au Mishi
Kiena
source: company filings
With recoveries coming in at their normal levels, that gives us production of 17,169 oz at Kiena and 25,612
oz at Eagle River for a total of 42,781 oz Au, the lowest since Kiena went commercial. However, the catch-up
on sales lag from previous quarters means sales totaled 45,900oz, the second highest.
WDO: Gold prod/qtr
Overall, WDO and its supporters can claim “In Line” about this set of numbers, mostly because Eagle River’s
grade and the extra sales cover some cracks in Kiena ops. However, the market was probably right to mark
down WDO the way it did, because Kiena is obviously glitchier than it should be at this stage. CEO Bath made
comments about being on track for 2025 guidance and how the second half the year will be better than the
first (good job, really), but there are clearly issues and if I had to guess, the UG logistics of getting enough
tonnes to surface is the main bottleneck. We’ll probably find out more on August 13th when WDO reports its
financials for the quarter. One final thing; as seen in the price chart, the 2q25 production NR saw WDO
under-perform compared to peers last week but arguably, the weakness started at the beginning of the
month. As WDO once had “leaky boat” issues before previous CEO Middlemiss and team clamped down on
loose lips, cynical and untrusting me wonders whether there’s a return of quiet insider chatter here.
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822
9637
19302
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
55000
50000
45000 40000 35000
30000
25000 20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Ozt Au Kiena WDO: Gold production vs sales, per qtr
Mishi
Eagle River
source: WDO filings
86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954
55000 50000
45000 40000 35000
30000 25000 20000 15000
10000
5000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Ozt Au
Production
Sales
source: company filings

The TinyCaps List
After 29 weeks of 2024, the TinyCaps show a gain of 22.78% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 16.27 0.12 -29.4%
Condor Res CN.v 0.145 149.913 16.49 0.11 -24.1%
Electrum Disc ELY.v 0.13 98.995 6.93 0.07 -46.2%
Endurance Gold EDG.v 0.145 176.296 39.67 0.225 55.2%
Kodiak Copper KDK.v 0.39 85.7 51.42 0.60 53.8%
Latin Metals LMS.v 0.08 121.915 24.38 0.20 150.0%
Mogotes Metals MOG.v 0.13 268.9 61.85 0.23 76.9%
Radius Gold RDU.v 0.085 107.554 16.13 0.15 76.5%
South Star STS.v 0.55 69.2 17.99 0.26 -52.7%
Viva Gold VAU.v 0.14 145.53 13.83 0.095 -32.1%
Prices in CAD$, data from TSXV basket avg 22.78%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The basket average saw a solid drop back to the 20% line 50% TinyCaps, 2025 weekly tracker
last week, with just three of our ten registered wins on the 40%
week (LMS.v, MOG.v, STS.v). It could have been worse 30%
though, because the rebound pout in by South Star (STS.v
20%
up 26.8%) as that failed story finally found its bottom price
10%
and gave us its dead cat move saved the average from
0%
slipping back into the teens. The other seven were losers
(BRO.v, CN.v, ELY.v, EDG.v, KDK.v, RDU.v, VAU.v) and of -10%
those, the big hits were taken by Viva Gold (VAU.v down
34.5%) and Radius Gold (RDU.v down 16.7%)
Kodiak Copper (KDK.v): Buyers of 9.2m units of the
placement that closed on March 18 (unit = share + half
warrant, flow thru at 75c, hard dollar at 42c) made their
presence felt last week, with 121 days between the close
and the drop as seen in this chart:
Such is the way of the world and the warrant clippers must
be happy with their deal. There are plenty more shares to
sell and at these levels the holders are making a nice profit
for their four months, so pressure may continue in the week
to come.
Viva Gold (VAU.v): Two weekends ago we did not like the look of the Tonopah PEA, one week ago we
thought VAU.v had put in a false reading to close where it did last weekend. To quote myself from IKN843,
“…there’s a false air about those trades and with just one odd lot of 450 shares changing hand on Friday, the
20
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 ht02
source: IKN calcs, TSX data

chances are high that VAI won’t hold this level are and we’ll see the 11c and 12c of last week again.” As
things turned out…
…VAU.v couldn’t even hold the 11c line and this week’s
9.5c close on accelerated selling volume last week has all
the look of a broken stock.
Radius Gold (RDU.v): Buy the rumour, sell the news, or
so they tell me:
If I had to guess, I’d say RDU is now at its price until the
period between core going to the lab and assays. We’ll
then find out whether the risk gets its reward. We’re also
likely to see some sort of financing between now and
then, that might shift things a little in the meantime.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Mexico: The Camimex 2025 annual report
The annual report on mining in Mexico from its main chamber of commerce, Camimex, is always long and
detailed. This year’s edition, out this week, is no exception so if you’re into 363 pages of business Spanish
with plenty of tables and charts, here’s the link (17). It’s one of the reference documents needed on one’s
hard drive for the mining year and there’s no way to summarize its contents in a brief not like this one. An
example is dollar export data for Mexico over the last five years…
21

…and as the vocabularly isn’t tough (estaño = tin) you get a straight copypaste. Though on my first perusal
this week, a couple of data points stand out and are useful in general terms. For example, if we zero in on
main metals products gold and silver (most of the copper comes from just one mine, Cananea) we can
appreciate how important it is to be in one of the “Big Four” mining States of the country, namely Zacatecas,
Durango, Sonora and Chihuahua. Increasingly there’s an argument to include Guerrero in with those
traditionally strong mining jurisdictions (Torex Media Luna, Equinox Los Filos etc) but I will once again voice
my firm opposition to including that most volatile of Southern regions in with the established zones in the
North.
The other datapoint that grabbed my eye while scanning this year’s edition is this:
We often get data on the drop in “mining investment” in Mexico, but as the country lumps in hydrocarbons
along with hard rock under the generic title of mining, the data is usually a mix so this table, showing the
2023 and preliminary 2024 FDI data for mining with its breakdown, is a useful one. Not only do we see that
22

Mining FDI dropped by 56.3% YoY, but the big loss came in “mining for metal minerals” (i.e. our focus), with
FDI down from U$2.089Bn to just U$359.5m YoY. That’s a big drop and a direct consequence of the block on
permits enacted by AMLO.
Argentina: Breaking metals exports records
By coincidence or otherwise (beancounter bureaux tend to work at the same speed), this week also saw
Argentina’s CAEM chamber of mining release its exports data for 2024 (18), here’s the headline in visual
form:
Argentina: Metals mining exports, 2015 to date
23
755.3 465.3 496.3 54.3 642.3
126.2
342.3 758.3 320.4 236.4 1.5
U$Bn
5.5
5
4.5
4
3.5
3
2.5 2
1.5
1
0.5
0
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
source: CAEM
Though tonnes and ounces dropped slightly, exports in 2024 improved by 2024 compared to 2023 thanks to
higher metals prices. This year, CAEM forecasts exports to do roughly the same thing with slightly lower
physical metal and better prices combining to put 2025 at between U$5.0Bn and U$5.2Bn exported. Gold is
still Argentina’s main export metal, accounting for almost
70% of the total, with lithium 13% and silver 12% vying
Argentina: Metals mining exports est to 2032
for second spot (the rest is “other”, mainly the zinc and
lead that comes with the silver conc). However, CAEM
also looked further forward and with great expectations
for the advent of copper mining. It estimated that by
2032, Argentina would export around U$12Bn worth of
metal once the big copper projects go into operation (Josemaria, Taca Taca, maybe even those long-delayed
Glencore gigs). That still puts is a long way behind Chile
with U$55Bn worth of metals exports this year, but it’s a
start.
Bolivia: One month to go and Evo still dominates the election
The first round of the Presidential elections happens on August 18th and things are now hotting up, with last
week seeing the first live TV debate between the candidates as well as a slight thinning of the field as one of
the minor players has stood down as a candidate. We’ve also seen outgoing President Luis Arce call for the
Left wing candidates to form an alliance in order to present a united front, which would benefit the main lefty
candidate Andrónico Rodríguez as the others would almost certainly fall in line behind him.
One reason for the left’s desire to unite is in the polls; Bolivia doesn't have many accredited polling
companies, but two of the main four published updated voter intention polls in the last week (19) and here’s
how they stack up:
Pollster SPIE for national daily newspaper El Deber:
 Samuel Doria Medina:21.76%
 Jorge "Tuto" Quiroga: 20.70%
 Manfred Reyes Villa: 10.01%
 Andrónico Rodríguez: 8.26%
 Five others under 5%
 "Vote in white": 14.76%
 Spoil ballot: 4.48%
 Undecided: 5.31%
755.3 465.3 496.3 54.3 642.3 126.2 342.3 758.3 320.4 236.4 1.5
21
12
11
10
9
8
7
6
5
4
3 2
1
0
5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 … … 2302
U$Bn
source: CAEM

Pollster Ciemcorp for TV channel Unitel:
 Samuel Doria Medina:18.7%
 Jorge "Tuto" Quiroga: 18.1%
 Manfred Reyes Villa: 8.2%
 Andrónico Rodríguez: 11.8%
 Five others under 5%
 "Vote in white": 8.2%
 Spoil ballot: 12.5%
 Undecided: 11.3%
Firstly, it’s a virtual certainty no candidate gets the votes required to win in the first round, so it’s going to a
run-off between whoever comes 1st and 2nd and according to the polls. Secondly and more importantly,
that’s looking like the right wing Samuel Doria Medina versus the right wing Jorge Quiroga (know to one and
all as Tuto), two of the most established political faces in the country and both strongly opposed to the ruling
MAS Party. It’s close for third between another establishment righty, Manfred Reyes Villa, (though he likes to
paint himself as a centre-left candidate) and the left’s main hope, Andrónico Rodríguez (the head of the MAS
party in Congress).
Andrónico Rodriguez hasn’t run a bad campaign to date and should by rights be polling higher, but the
biggest story in this election is the way Evo Morales still dominates proceedings, despite not being on the
ballot. Instead of stepping back and allowing his supporters to get behind Andrónico (or another left wing
candidate), Evo Morales has gone full scorched earth on this election and continues to demand his plac eon
the ballot. He’s been giving interviews to all media sources including Spain’s El Pais, arguably the Hispanic
world’s newspaper of record, and this week in France 24 (20) under the headline (translated) “Without Evo
on the ballot there cannot be elections”. That header was a direct quote from Evo (he has a habit of referring
to himself in the third person) and went on to argue his disqualification from the election was illegal, that
32% of people have said they won’t vote for any of the candidates because they want to vote for him and
tellingly, he claims there are “no left wing candidates” on the ballot. By including Andrónico Rodriguez and
the official MAS part candidate Eduardo del Castillo in that statement, he’s making the case that Bolivia will
be ungovernable whoever becomes the next President(Elect) and laying the ground for long-term civil unrest.
We remind readers that we’re interested in this year’s election in Bolivia because of what it might mean to
FDI. The advent of a right wing President would be good news for any foreign company exposed to Bolivia
and as many junior mining companies fit that description, we’re on the lookout for a re-rate in mining stocks
as long as things go well. At this point, we can now expect the eventual winner to be a right winger.
Andrónico Rodriguez is still in the hunt and if he gets one of the two places in the run-off, anything can
happen in round two. However, the intransigent Evo Morales is splitting the left wing vote and we may even
see righty vs righty in the run-off. That would be good for mining stocks exposed to Bolivia on a prima facie
basis, however the wild card is now Evo Morales and his supporters, who may decide to disrupt not only the
election but the whole country on an indefinite basis. On that subject, there are a couple of ways to play this
election for those so inclined:
 Assume the second round run-off is between two pro-business, pro-mining right wingers, buy now and
then sell once the result is known and markets react positively. It’s unlikely to realize the heightened
risk of instability immediately after Round One is over and create a selling window.
 Allow the second round run-off to develop, take a barometer reading on the likelihood of serious civil
unrest and if things look less volatile than I currently fear, buy in.
For what it’s worth, chicken-livered yellow-bellied me is not going to partake for the moment and currently, I
lean toward and keeping options open and making a decision once August becomes September. The chances
that Bolivia becomes even more unstable are rising, Evo seems to be willing to drag his country into chaos in
order to save his own skin and as such, for the time being I won’t commit to the country and buy Bolivia-
exposed mining stocks right now.
Chile: Election polls update
And while we’re on the subject, a quick update on the way the Chile presidential election (round one Nov
23rd) is shaping and to make this brief, we’ll do it via a simple screenshot of the wiki page table (21):
24

The field is beginning to show definition, with Jeannette Jara on the political Left and José Antonio Kast on
the political Right the clear frontrunners and likely to make the run-off. Jara has consolidated all but the
stragglers of left wing votes after winning the primary, while Kast has surged ahead of his main rival on the
right, Evelyn Matthei, with the libertarian (or if you prefer, even further right than Kast) Kaiser behind.
All this means it’s looking very promising for José Antonio Kast, who must be considered at this point the
clear favourite to become the next President of Chile. No matter if he comes first (possible) or second
(probable) in round one, he’s going to consolidate the right wing votes behind him come the run-off, while
Jara is already close-ish to her logical ceiling. We’re still a long way out and any forecast is still loose, but
gun-to-head and I’ll call the run-off 60% of valid votes to Kast, 40% to Jara. Chile is going to underscore its
credentials as the best place to do mining business in Latin America in 2026.
Market Watching
Deferred
Blame it on the Summer Doldrums.
Conclusion
IKN844 is done, we end with bullet points
 When West Red Lake Gold took over the failed Madsen mine, I was dismissive and cynical of the
plan, the connections and their intentions but, as the company and mine have progressed, I’ve been
won over. There’s money to be made here, now we’re approaching the sweet spot for share price re-
rating. Get on before the expected capital raise, not after.
 Silver, copper and gold continue to show plenty of strength and as long ass they do, there’s no need
to make any precipitous sell decisions on the three stocks under review, EGO, SRL and ABRA. We
keep dancing until the music stops.
 Avoid Colombia.
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.bloomberg.com/news/articles/2025-07-11/gold-holds-two-day-rise-with-tariffs-and-interest-rates-in-focus
(2) https://westredlakegold.com/west-red-lake-gold-announces-positive-preliminary-economic-assessment-for-the-rowan-project-
including-over-35000-oz-average-annual-production-and-42-after-tax-irr/
(3) https://westredlakegold.com/wp-content/uploads/2025/02/MadsenPFS-NI43-101-Final-20250218.pdf
(4) https://westredlakegold.com/west-red-lake-gold-provides-madsen-mine-operations-update/
(5) https://westredlakegold.com/west-red-lake-gold-reports-fatality-at-the-madsen-mine/
(6) https://www.youtube.com/watch?v=BcCVQqScyxg
25

(7) https://www.hellenicshippingnews.com/copper-hits-one-week-high-on-chinese-buying-hopes-for-trade-deal/
(8) https://northerndynastyminerals.com/news/news-releases/2025/northern-dynasty-motion-for-summary-judgement-filed-in-federal-
district-court-in-alaska/
(9) https://www.herculesmetals.com/news-release/?qmodStoryID=6163440755069294
(10) https://arizonasonoran.com/news-releases/arizona-sonoran-announces-private-sale-of-shares-by-tembo-capital/
(11) https://www.e29copper.com/news/element-29-announces-private-placement-of-up-to-3500000
(12) https://coppergiant.co/2025/07/18/copper-giant-announces-closing-of-public-offering-of-units-for-gross-proceeds-of-c8-3-million-not-
for-distribution-to-united-states-newswire-services-or-for-dissemination-in-the-united-states/
(13) https://www.newmont.com/investors/news-release/news-details/2025/Newmont-Announces-Second-Quarter-2025-Earnings-
Conference-Call/default.aspx
(14) https://events.q4inc.com/attendee/174978189
(15) https://www.bloomberg.com/news/articles/2025-07-15/newmont-shares-plunge-almost-9-following-cfo-s-departure
(16) https://www.wesdome.com/English/investors/latest-news/news-details/2025/Wesdome-Announces-Second-Quarter-2025-
Production-Results-On-Track-to-Achieve-Full-Year-Consolidated-Production-Guidance/default.aspx
(17) https://www.camimex.org.mx/application/files/3817/5269/4901/InfoCamimex2025.pdf
(18) https://www.infobae.com/economia/2025/07/18/en-2025-la-argentina-rompera-el-record-historico-de-exportaciones-mineras-que-
superaran-los-usd-5000-millones/
(19) https://es.wikipedia.org/wiki/Anexo:Encuestas_de_intenci%C3%B3n_de_voto_para_las_elecciones_generales_de_Bolivia_de_2025
(20) https://www.france24.com/es/am%C3%A9rica-latina/20250715-sin-evo-en-la-papeleta-no-puede-haber-elecciones-evo-morales-a-
france-24
(21)
https://es.wikipedia.org/wiki/Anexo:Sondeos_de_intenci%C3%B3n_de_voto_para_la_elecci%C3%B3n_presidencial_de_Chile_de_2025
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
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Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
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
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Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
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Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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