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The IKN Weekly
Week 845, July 27th 2025
Contents
This Week: In today’s edition, An FOMC Week, An extra note on silver lease rates.
Fundamental Analysis: Minera Alamos (MAI.v) rallies on permitting news, Gold Royalty Corp 2q25
production: Good Money.
Stocks to Follow: Red Pine Exploration (RPX.v), West Red Lake Gold (WRLG.v), Eldorado Gold (EGO),
Marimaca Copper (MARI.to), Amerigo Resources (ARG.to), AbraSilver (ABRA.to), Latin Metals (LMS.v).
The Copper Basket: Overview, XXIX Metal Corp (XXIX.v), American Eagle (AE.v), Pampa Metals (PM.cse),
SolGold (SOLG.L).
The Producer Basket: Overview, Newmont (NEM), Agnico Eagle (AEM), New Gold (NGD), Wesdome Gold
(WDO.to) (WDOFF), Sandstorm (SAND) (SSL.to).
The TinyCaps Basket: Overview, Kodiak Copper (KDK.v).
Regional Politics: Ecuador: Two events, Argentina: Milei’s popularity wobble, Mexico: The precious metals
projects waiting in the wings.
Market Watching: A brief return to Vizsla Silver (VZLA), My stupid call on Aclara Resources (ARA.to).
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 The first of two notes in today’s main fundies section is consideration of Top Pick Minera Alamos
(MAI.v), in light of news out of Mexico last week that rallied the stock. We take a careful look back at
recent coverage and incorporate last week’s development to make the argument that nothing has
really changed and the trend and trajectory continues as per our framework in 2025.
 The other main event note this week takes in the numbers delivered to market by Gold Royalty Corp
(GROY) last week, enough to rally the stock on Friday and give us a new high price for the year.
Though I’ve made more money in other trades, this has been the call that’s given me the most
personal satisfaction in 2025.
 Copper continues to run and while I need to do more work on the new rally in SolGold (SOLG.l),
there’s enough on the bone in other stocks for the time being. The Copper Basket is the place for that.
 It’s the start of the main earnings season for the big producers and Newmont (NEM) started the ball
rolling on Thursday with a set of numbers that pleased the market. We check those out in Producer
Basket, as well as mark cards for what’s up next. With gold where it is, the generalist market now
paying attention to the profits being churned out by the likes of NEM and market darling next up in the
Tier1 earnings parade this could be Q2 season to remember.
An FOMC Week
Aside Trump&Co playing the now standard 2025 game and keeping the market on its marionette strings, this
week also sees an FOMC being framed as one of the least interesting of the year. Which allows it a low
barrier and may make it interesting, of course, but as thigns stand this weekend Calculated Risk has it
summed up nicely (1):
Most analysts expect no change to FOMC policy at the meeting this week, keeping the target range at 4 1/4 to 4
1/2 percent. Market participants currently expect the FOMC to cut the Fed Funds rate 25bp in September, with a
second rate cut in December.
1

Use link (1) below if you want more, for example the extract taken from a BofA note that explains how
Jerome Powell is likely to wait until his speech at Jackson Hole (August 22nd, it comes a little early this year)
to tip his hand on the plans for September. We’ll all still tune in to the Fed Show on Wednesday, but let’s not
be surprised if it’s a nothingburger this time around.
An extra note on silver lease rates
Further to least weekend’s intro note “And summer’s lease rates hath all too short a date”, reader RC pointed
this desk toward the market update published by Jeff Christian of CPM Group this Friday, July 25th (8)
entitled “Gold and Silver Price Update And What Comes Next: Metals Shortage?” and as I respect Mr.
Christian (no matter how he pronounces the world “bullion”), I checked it out. The pay dirt as far as our
comment is concerned is a four and a half minute segment starting at 08:26 under the subtitle “Silver Lease
Rates Explained: Why They’re Rising”. He identifies five reasons why lease rates for (precious) metals can
increase, only one of which being the tight physical demand claimed by the breathless social media warriors
we noted last weekend.
He also notes that lease rates are indeed higher, but they’re not in the type of violent spike you see when the
silver market truly is drum tight and participants are scrambling to fulfill physical deliveries. Christian
comments that under those circumstances, lease rates of 50%, 80% or even 100% have been seen and
that’s a long way from what we’ve seen at any point in 2025. Indeed, on Friday Bullion Vault reported (8)
that, “…the cost to borrow silver bullion in London fell back on Friday to 3.75% per annum on 1-month lease
rates, down 1 whole point from its highest in 7 sessions.” While LBMA lease rates have been lower than those
seen in the US Comex in July, that’s still another clear signal there’s no shortage of metal in the system.
Anyway, I enjoyed the Jeff Christian video on silver lease rates and hereby recommend it. Also, after the
abovementioned segment he goes into some of the mechanics of how the lease rate is priced and that taught
me several things I didn’t previously know. I’m aware Christian sometimes gets pushback from the precious
metals community for being overly bearish (as do I…sigh), but there’s no doubting his experience and market
knowledge and on subjects such as this, he’s an authority and fwiw I’m going to make a point of tuning into
his YouTube segments more often.
Fundamental Analysis of Mining Stocks
Minera Alamos (MAI.v) rallies on permitting news
But not its own permitting news. Last week saw our Top Pick Minera Alamos (MAI.v) rally and the move is, of
course, very welcome. So the first part of today’s main fundies section looks into the move, considers what
we’ve seen from MAI so far this year and along the way, once again makes an attempt to dispel some of the
false views and statements that have swirled around both Mexico and this company so far this year.
Or if you prefer, our task is to use this opportunity and price momentum to point out that last week wasn’t a
sudden sea-change in MAI.v’s, instead it underscores the consistency of message in 2025 from both Minera
Alamos (MAI.v) and the government of Mexico. That assertion may get detractors guffawing with laughter, of
course, but we’re at the point where they can go stick their bad calls where the sun doesn’t shine, the
stupidity has to stop at some point and their false narratives are now being shown for what they are. To set
the stage, we first consider the stock’s price action and yes, we enjoy last week, thanks for asking:
2

The newsflow saw immediate reaction in MAI stock, which
shows how enough of the market was switched as to what
the news implied for the wider Mexico story. The stock
jumped 17.5% on Tuesday and even though some selling
(profit-taking) took the edge off the gains on Friday, the
45.5c this weekend represents the highest weekly close
since January 2023, that’s 18 months and a long time in
my book.
However, one single week in 2025 isn’t even half the
story, as it’s getting a little tiresome to read how “Minera
Alamos is under-performing” from its legion of casual
trolls. This desk is the first to agree that MAI had a bad
2023 and 2024, the AMLO-driven soft moratorium on
mining permits hit the stock and its story hard and those with the memory may also recall my own patience
wore a little thin come the end of last year. In IKN810 dated November 10th 2024 I put this Top Pick position
“On Notice”, drawing up a list of items it needed to hit or to comply with by the first month of this year in
order to retain its place in our list (and its size in my personal portfolio, for what that’s worth). As things
turned out, MAI satisfied all points and at the start of this year, in IKN820 dated, February 2nd we ran the
note “Minera Alamos (MAI.v) leaving the penalty box” and made the formal decision to keep the stock at the
top of our recommendations list (and I didn’t pare down my position, again fwiw). That’s turned out to be the
right decision. Its detractors don’t want facts, but even before last week’s news that put new energy into the
stock price, MAI had done well in 2025 to date and kept pace nicely with peers, as seen in this 2025 YTD
comparative with benchmark GDXJ, above. In fact and adding last week’s rally, since the close of play on
December 31st 2025 Minera Alamos is up by 84%, which compares to 58.6% for the GDXJ.
Which brings us to the reasons behind last week’s rally and as mentioned at the very top of today’s note, it
wasn’t even news from MAI. On Tuesday morning, Heliostar Metals announced this (4)…
Heliostar to Restart Mining Operations and Invest in Growth at its San Agustin Mine, Durango
…in an NR which starts with these words:
Vancouver, Canada, July 22, 2025 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “Company”) is pleased to announce the restart of mining operations at San Agustin, located in
the state of Durango.
That’s all fine for HSTR of course. Its San Augustin asset is a small open pit operation and while it’s good to
see it go back into production, the ostensible numbers involved are small. However, it didn’t take long for the
world to pick up on the really important part of the news, as seen in this segment further down the NR:
In July 2025, Heliostar complied with all required applications and received the required approval to undertake this
open pit expansion. The relevant application was submitted in Q4, 2024. Further, the Company has also received
a variance to its environmental impact assessment (MIA) to increase the height of the San Agustin leachpad from
77 to 88 metres in height. This variation will save approximately US$5M in capital during the mining of the Corner
Area due to not having to prepare an extension to the existing leachpad.
Serious implications there. They may have done it quietly, but on Tuesday HSTR announced it had received
all the required permits from all the required Mexican government authorities to open and operate an open-
pit precious metals mine and that combo is extra special music to our ears. We’ve seen other permits show in
2025, notably in January when Mexico’s SEMARNAT environmental body awarded Alamos Gold its
underground extension for the Mulatos mine. At that time in IKN818 dated January 19th, we made mention of
what the market was looking for in the Regional Politics note “Mexico: The Sheinbaum government is miner
friendly,” which ended with these words:
“The change in public opinion will need a catalyst moment and this desk will stick to its long-held
opinion that the awarding of a permit for a mining company by SEMARNAT, no matter what type,
project, metal or location, will provide that. That’s the logjam that needs to break and when it does,
attitudes will change. Shouldn’t be long now, thanks for waiting.”
In that case, just days later AGI got the Mulatos permit amendment that allowed the start of construction of
Puerto Del Aire, the growth project inside the Mulatos district. That news was positive for MAI and it moved
3

up around 20% at the time (approx 28c to approx 33.5c), showing the proof of the pudding, but it wasn’t an
open pit op. The next weekend in IKN820 dated, February 2nd and the Market Watching note “Minera
Alamos (MAI.v) leaving the penalty box”, we made the official call about MAI remaining as a Top Pick and
along the way, wrote this:
“There will, of course, be a sizeable percentage of people who won’t believe MAI is back until it gets its
own EIA modification permit for Santana, there will be others who refuse to believe until Cerro de Oro
gets its own EIA. And there are others who won’t believe a word MAI.v, or your author, or anyone
connected with its future success says on the matter whatever happens in 2025 or however high the
stock price launches as milestones are hit.”
That also turned out to be true and detractors were quiet for a while, but once the initial enthusiasm for the
change in permitting had died down and there wasn’t a big rush of overdue permits announced, the bashers
were back. While MAI has done okay since then, we’ve seen moments when the pile-on returns with a
vengeance. The best example happened late last month, when on June 23rd President Claudia Sheinbaum
talked mining on her regular “La People’s Morning Show” (La Mañanera del Pueblo) TV show. We covered the
event in IKN840 and noted that President Sheinbaum did little more than reiterate her government’s stated
position on mining and if anything, added a couple of pro-mining snippets to the minx. But the next day, the
market went bananas and decided that what she’d said was bad news and a whole bunch of Mexico-exposed
mining stocks sold off, MAI.v included in the bunch. We covered the stupidity the next weekend in IKN841
and the main fundies note “Regarding Mexico mining politics and Minera Alamos (MAI.v)”, as well as a
Regional Politics segment on the recent declarations of her mining secretary (minister) that underscored the
improving macro regulatory backdrop for mining companies in Mexico.
That late June tempest in a teacup has now subsided and last week’s news from HSTR fits right in with our
framework for mining stocks in Mexico. Yes, I’d readily agree that it’s taken longer than expected (slow
bureaucracy in LatAm….who knew?) and while on the subject of slow motion, we also note that the mining
code reform project promised by the Sheinbaum government for delivery and debate in Mexico’s Congress
“by the end of June” has still to make an appearance. These are not minor details, every month that passes
is a month that Mexico doesn’t have its new rules on the books and clear for all to see. However, our basic
assertion that the “…awarding of a permit for a mining company by SEMARNAT, no matter what type,
project, metal or location…”, was the required catalyst was proven in no small measure last week. The people
we referred to in IKN820, those that won’t believe MAI until it gets its amended EIA for the Santana leach
pad, or those who’ll need to read about the awarding of the Cerro de Oro EIA, they’re still around of course.
That’s fine, it’s what makes a market after all and while the pushback exists, you have the opportunity to pay
less for shares than they are truly worth. But it’s time to be clear about what’s really going on in Mexico
mining under Sheinbaum:
 In her election manifesto, she stated that there would be tighter regulation of mining companies,
particularly with a view to their environmental and social impact. Those companies that comply will have
nothing to fear from her new government.
 On assuming office in October, President Claudia Sheinbaum stated that there would be tighter regulation
of mining companies, particularly with a view to their environmental and social impact. Those companies
that comply will have nothing to fear from her new government.
 During the official ceremony unveiling the Plan Mexico economic route map in January this year,
President Claudia Sheinbaum stated that there would be tighter regulation of mining companies,
particularly with a view to their environmental and social impact. Those companies that comply will have
nothing to fear from her new government.
 On June 23rd during her live TV show, President Claudia Sheinbaum stated that there would be tighter
regulation of mining companies, particularly with a view to their environmental and social impact. Those
companies that comply will have nothing to fear from her new government.
You may have spotted the common thread and that’s why we’ve been equally insistent on these pages.
There’s no change in the story, instead last week brought solid proof that the story told by the Sheinbaum
admin is based on facts. A foreign capital mining company in good standing with the authorities was awarded
its permits for an open pit mining project in Mexico, because it applied for its permits in late 2024 and was
found to be in good standing with all requirements.
4

The bottom line: We return to reflections in previous editions to round out today’s note. In IKN837 dated
June 1st 2025 and the main Fundamental Analysis note that weekend, we wrote this among other things:
“Minera Alamos (MAI.v) in 2025 “…once Mexico gets its act together Cerro de Oro will be one of the
first in line to start moving. It has its economic and operational studies done, enjoys strong backing
from local ejidos (community landowners) and even has a funding deal in the back pocket. The
permitting papers are in and MAI reports it maintains constant contacts with its SEMARNAT
representative, all it needs is one announcement and this project, along with the stock price backing
it up, will turn on a sixpence and fly. Set aside all the other reasons to buy and hold MAI in 2025 if
you like, as just the Cerro de Oro case and its immediate reaction if wholesale permitting re-starts in
Mexico is enough to carry you through the risk of continued inertia.”
And on the more general them of permits in Mexico, this:
“…those of you willing to put up with a potentially quiet period before the fireworks begin have an
excellent opportunity to buy shares at these current levels, prices that would become a memory
quickly if the permits begin to flow in Mexico.”
Last week’s move was a clear demonstration of the latter, what’s left to complete is the former and as MAI
ticks all the boxes for its permit applications, there’s every reason to expect the same treatment for both the
Santana amendment and the Cerro de Oro EIA. That’s why MAI rallied last week, but the “Mexico Sucks”
crew is also why it won’t show the full extent of its recovery until it has its own permits in-hand. That’s
understandable (“ain’t nothing coward like a million dollars”), but we’re now at the point where MAI’s
reactivation is simply a matter of time. Annoying time, unknown time, but just time so be fully positioned
before the fireworks start. A nice pop last week and the volume shows people are watching now, but there is
still a long way to go before this stock returns to a realistic equity value. Top Pick reiterated.
Gold Royalty Corp 2q25 production: Good Money
Thursday evening saw our main royaltyco/streamer trade, Gold Royalty Corp (GROY) announce its 2q25
preliminary revenues under this headline, “Gold Royalty Reports Record Revenue in the Second Quarter
2025”, which must have gone down well with readers because this is what happened on Friday:
Another warm reception for GROY numbers in 2025 and the stock rallied by 8.4% on the day, with volume of
2.5m shares adding to the fun. We’ll have a look at those numbers in a moment but after due consideration
(and doing the same kind of thing for Minera Alamos (MAI.v) today above), it’s worth considering how we got
here with GROY. For many years, it was easy to reject GROY as an investment alternative and this desk did
so (and fairly vociferously. But at the start of this year, when it became apparent that the company had
finally reached financial equilibrium and the forward guidance showed improved revenues as some of its most
interesting stream assets began to come online, it started to look interesting. The fun began in IKN825 dated
March 9th and the main fundies section note “Buying Gold Royalties Corp (GROY)”, a title that explains itself.
It was the same week I sold the misfiring trade in Ero Copper and the note finished in this way:
The time to get on GROY is now, before it reports its 4q24 and YTD financials and more eyes see the
expected hike in revenues in 2025 guidance and that’s why I’m a buyer of Gold Royalty Corp (GROY)
this coming week, with plans to use around half the cash generated by the sale of Ero Copper to a
foothold position in the stock.
5

That timing was reasonable but it wasn’t perfect, as recorded in IKN827 dated March 23rd and those Q4
results, which saw the stock drop on the news. We ran the note “Gold Royalty Corp (GROY): Adding on a
misunderstood Q4 earnings report” and if there’s one note to read on why I like this stock so much in 2025,
it’s this one. At that moment the market still hadn’t realized what was going on at this company, the negative
reaction to an in-line quarter surprised me and I was happy to take advantage. The next installment came
when GROY announced its preliminary sales numbers for its 1q25 and IKN832 dated April 27th we ran the
Market Watching segment “Gold Royalty Corp (GROY): A light Q1” that week, with this as the final
paragraph:
Bottom line: A light quarter that now more than fully baked into the share price, in fact GROY is
almost certainly oversold in the same way it went oversold around its not-bad-not-great 4q24 filings.
It’s still extremely cheap and this drop has allowed a second opportunity to position before the real
revenues increases start flowing during the second half of the year. Very buyable at these levels.
Two weekends later in IKN834, May 11th 2025 the main fundies note was “Gold Royalty Corp (GROY) 1q25
financials”, with a set of financials filed that were in-line with expectations. However, that weekend signed off
with a forecast that missed by a nautical mile:
Overall, the quarter we expected and those who want in probably have until the Q2
numbers are known to get the current prices.
Oops:
Just days after writing those words, GROY set off on its recent nosebleed run that took it from the $1.50s to
this weekend’s U$2.72. For sure I’m not complaining too hard because I’d already bought twice, but it still
stands as testament to my perennially bad reads of near-term market moves (know your weaknesses, I say).
So much for my micromanaging of trade positions, then, but in mitigation we have followed GROY’s rocket
rise carefully. For example, in the Stocks to Follow notes from IKN836 dated May 25th, when GROY had
closed at $1.84, we wrote that “…anything under U$2.00 remains a bargain.” Or in IKN838 two weeks later it
was “Going higher”. All that and more, but a full page of auto-horn-tootin’ about a winning pick is more than
enough for anyone to stomach, it’s time to get right up to date and see why GROY continued the run after
Thursday evening’s post-close announcement of its 2q25 preliminary sales and revenues.
GROY: GEOs per qtr
6
3401
282
117 766
9102
749 1501
5441 9421 6431
0061 0071
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4
source: company data, IKN ests
First up, preliminary sales in GEOs came to 1,346 oz, slightly below our guesstimated 1,500 oz for the quarter
so on this, we underscore something mentioned in nearly every other previous note on GROY this year: It’s

tough to make accurate predictions of both quantities and sales at GROY on a per quarter basis in 2025,
we’re in a situation where three of its main revenue streams are still ramping up:
 Vares (Adriatic Minerals, now Dundee) should contribute more this Q2, but there’s plenty more as it
moves through the gears towards nameplate in the second half of 2025
 Coté (IAMGOLD) is still apparently ramping in correct style, with nameplate due to hit at the end of this
year
 Borborema (Aura Minerals) is set to reach commercial production this current quarter, 3q25.
Until those hit a regular rhythm we’re guessing, so I’m okay about the 154 GEO difference between my guess
for Q2 and the preliminary result. As for the Q3 and Q4 estimates as seen in the chart above, those reflect
the baseline improvements we expect as the GROY streams get into gear and in fact, we’re still aiming
toward the low end of company guidance. Last week GROY told us it “…maintains its 2025 full-year
production guidance 5,700 - 7,000 GEOs as released on March 20, 2025” and if you count up my numbers,
that’s 5,895 GEO.
Moving on, cash revenues also came in lighter than our ballpark, now slated by GROY at U$3.8m for income
from streams and total of U$4.4m once the income from land payments etc from third party partners etc are
included. We offer both sets of figures in these charts below, but please note that for P+L purposes the top
line revenues only include payments from stream/royalty partners, so expect the U$3.8m to appear there:
The U$4.4m in total income is again below our best guess of U$5m going into the quarter, which makes
sense, as our nominal shortfall of 154 GEO x U$3,300/oz would be just over U$500k. We’ll leave the rest of
the P+L details for the update with the financial results, as we don’t have to wait long for the 2q25 numbers
because GROY (we quote) “…plans to release its financial and operating results for the quarter ending June
30, 2025, after-market on Wednesday, August 6, 2025.” That date comes with a ConfCall the next morning
and there are details on how to join that and a link in the NR linked above, so check it out in your own time.
We’ll also leave a closer look at the balance sheet items (you may recall, that’s the main reason I bought in
when I did) until IKN847, too. Instead let’s take a stab at what we expect from the operating profits
number…
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
7
475.7- 526.8- 457.2- 105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
143.0
9.0
6.1
2.2
4
2
0
-2
-4
-6
-8
-10
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 tse52q2 tse52q3 tse52q4
GROY: Total revenues, per qtr
U$m
source: company filings, IKN calcs
668.0 131.1 79.1 755.0 73.1 613.1 581.4 512.2 106.2 648.3 775.3 4.4
5
4.5
4
3.5
3
2.5 2 1.5 1
0.5
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m GROY: Sales per qtr
source: company filings, IKN ests
335.0 836.0 709.1 668.0 285.0 767.0 864.0 797.0 610.1
498.2
497.1 60.2
553.3
831.3
8.3
4
3.5
3
2.5
2 1.5 1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 tse52q2
U$m
source: company filings

…note that GROY should be approaching positive free cash flow now and will certainly get there by the end
of 2025. To wrap up today, we cut to the reason we think this stock is going higher still:
Price/Book Ratios of royaltycos, Mar 23 May 11 July 27 2025
8
96.4 13.5 17.5 00.5 94.5 99.4
02.3
87.3
53.4
01.3
58.3
91.3
14.1 18.1 99.1 90.1 31.1 35.1
24.0 74.0
28.0
6.0
5.5
5.0 March 23rd
4.5 May 11th
4.0 July 27th
3.5
3.0 2.5
2.0
1.5
1.0
0.5
0.0
WPM FNV OR.to RGLD SAND MTA GROY
source: Yahoo Finance, IKN calcs & ests
First presented in theIKN825 note “Buying Gold Royalties Corp (GROY)”, we identified GROY as extremely
undervalued compared to peers on a book value (i.e. assets) basis. Due to its chronically poor performance in
the period 2022 to 2024, people assumed there was no saving this stock and sold the equity down to just
0.42X book by the time we decided to buy, despite the clear indication that GROY was turning a corner in
2025 and would at the very least be able to pay its own way going forward, with better things to come in
2026 and beyond. We took a second reading in IKN834 and while considering its 1q25 financials and
registered a slight improvement, to 0.47X at the time. However, since then GROY has played some serious
catch-up to its peers and is now estimated at 0.82X P/Bv, that’s an improvement of 95% since March.
Meanwhile, the best moves from the chosen peers have been +41% from Sandstorm as that got its buyout
offer from Royal Gold (see today's Producer Basket for a quick update observation, below), +40% from
Metalla (probably GROY's most obvious peer, now running a P/Bv of 1.53X) and the +36% move from
Osisko, Wheaton has added 22% and done reasonably, while Royal Gold is up just 3% and obviously getting
grief for its decision to buy SAND. Finally Franco-Nevada has seen its P/Bv drop slightly, mature that it is.
Our preliminary objective for GROY was to get it to a 1X P/Bv, something that's more than reasonable to
justify for any profitable company on a solid financial footing. It's what made GROY the raging bargain it was
in March and May and there's still room to travel, the new U$3.30 nominal target representing a 21.3%
upside from this weekend. However, the fast-evolving state of the royalty sector means GROY doesn’t have
has to stop when it gets to 1.0X so, with a company as uninspiring as Metalla now managing to command a
1.5X valuation, there's no reason why GROY cannot do the same- It’ll take a little more time, probably when
when 2025 becomes 2026 and the world begins to appreciate how its cash flow is guaranteed and likely to
improve further once its next line of assets, e.g. the Nevada Gold Mines Ren project, come online. However
and equally, there’s no reason to dump GROY now the re-rate is in full swing just because I had a chalkboard
target on the stock, one that’s highly likely to be taken out soon as long as the gold market stays on our side.
There’s plenty more to come from this trade, holding every single share and expecting it to go higher, with
U$5 now a reasonable medium-term target. For the time being I’ll keep my sights on the U$3.20 –U$3.30
level and won’t try to run before learning to walk, but if/when GROY hits that target do not expect me to sell.
Stocks to Follow
A good week for the back pocket. Of the 18 stocks on our list this time last week, eleven were winners on the
week (MAI.v, RIO.v, EGO, GROY, WRLG.v, LMS.v, RPX.v, SURG.v, OCI.v, IAUX, PGDC.v), two remained
unchanged (SRL.v, MIRL.cse) and five were losers (ARG.to, MARI.to, ABRA.to, PAU.cse, MENE.v). There were
four big percentage winners and while technically the best was Patagonia Gold (PGDC.v up 16.7%), the real
benefits came from Top Pick Minera Alamos (MAI.v up 15.9%), Latin Metals (LMS.v up 15.0%) and Gold
Royalty (GROY up 14.8%). The biggest loser was Provenance Gold (PAU.cse down 11.6%), also down in the
Watch List
There are currently 18 names on our Stocks to Follow list, two fewer than our self-imposed maximum. Of
those, 15 of those carry at least some of my personal money. Fourteen are in the green, four are in the red.

company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Minera Alamos MAI.v STR BUY C$0.21 13-Oct-19 C$0.455 116.7% $0.70 first tgt
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.56 95.0% Fenix build and re-rate on
RECOMMENDED STOCKS
Eldorado Gold EGO REVIEW U$15.93 11-Aug-24 U$20.70 29.9% Trade review at 2q25 fins
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$2.31 50.0% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$9.62 215.4% Quality Cu dev, FS due
AbraSilver ABRA.to HOLD C$2.73 26-Jan-25 C$5.46 100.0% Main Ag trade, $5.74 tgt HIT
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.72 94.3% Going to U$3+, still cheap
West Red Lake WRLG.v BUY C$0.85 20-Jul-25 C$0.83 -2.4% New gold position
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$0.23 21.1% proj.generator, Organullo spec
Red Pine Expl RPX.v STR BUY C$0.10 8-Sep-24 C$0.085 -15.0% Added July 2025
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.18 71.4% bulk copper in good address
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.075 25.0% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
i-80 Gold IAUX WATCH U$0.50825 18-May-25 U$0.619 21.8% Looking for entry point
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.075 250.0% Rio Negro gold developer
Provenance Gold PAU.cse WATCH C$0.085 8-Oct-23 C$0.19 123.5% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.155 -65.6% 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): POSITION ADDED. In fact I ended up taking two bites at the cherry,
buying more than I had planned (though nothing to sweat over) as the last purchase got me slightly under
the targeted 10c cost average, which from this point is rounded up to 10c. RPX continued to trade softly with
a fat 5m share day in the middle of the week underscoring the way somebody, somewhere has decided to
dump their position.
West Red Lake Gold (WRLG.v): POSITION OPENED: As flagged in last week’s main fundies section, I
pulled the trigger on WRLG after seeing it spend one whole week in the Watch List, probably paid a penny or
two more than I could have with my 85c cost average and the trade is now active.
We got related news on the stock early last week, when on Tuesday the royalty privco Summit Royalty, about
to become a public vehicle via an RTO into tiny royalty pubco, announced (6) it was buying the 1.0% NSR
held by Sprott Inc (not Eric) for U$9.9m. This NSR came when ARLG agreed to buy Madsen and take it out of
9

receivership, with Sprott being the bankrupt Pure Gold’s main creditor (to the tune of $65m). Sprott still has
its shares of WRLG, but has now clawed back U$16.4m in cash from the Pure Gold disaster.
Eldorado Gold (EGO): A final mention of this (7):
VANCOUVER, British Columbia, July 14, 2025 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or
the “Company”) will release its Second Quarter 2025 Financial and Operational Results after the market closes on
Thursday, July 31, 2025, and will host a conference call on Friday, August 1, 2025 at 11:30 AM ET (8:30 AM PT).
This coming Thursday post-close brings the Ego 2q25 financials, the next morning is the ConfCall (as well as
the market giving early clues as to the reception) and next weekend, IKN846 is earmarked for our delayed
and necessary close look at EGO. Though in the green on the trade, there’s no hiding its under-performance
compared to peers and as such, it’s been on review for a couple of weeks with a view to either continuing to
hold the stock or selling it and moving on. The Q2 numbers as well as any guidance for the next two quarters
should be enough data to make that call.
Marimaca Copper (MARI.to): A little more weakness as MARI dropped away from the $10 line, but not by
much and volumes suggest it was retail taking profits more than serious players cashing. Very easy to
continue to hold this position and there’s a clear pathway to higher prices.
Amerigo Resources (ARG.to): It might have dropped back on Friday to close a penny lower, but ARG
spend most of the week at new post-GFC highs and we saw C$2.40 pinged regularly. Going very nicely
indeed.
AbraSilver (ABRA.to): I don’t know whether I feel stupid about this or not yet. Having pinged my C$5.74
target price and stayed at or above that level for a
couple of weeks, ABRA sold off last week and didn’t
managed to rally along with most of the field. It’s now
around 10% off its recent high level (spikes
notwithstanding) and under my target price, so I’m kind
of kicking myself for not taking my own advice and
cashing in.
Or maybe I’m not, because one of the major traits of
ABRA in 2025 is the way that every dip has been
profitable to buy and unless silver caves in on us
completely in the next few days, there’s no reason to
consider this drop any differently. Overall, I am closer to
selling than I was this time last weekend but that’s
mostly because of my leeriness towards silver. Still thinking about it, but any sale has to come with a clear
strategy of what to do with the money raised. At least some is likely to go to a second purchase of WRLG,
but in this market leaving too much cash fallow in treasury is almost sinful and the profits from ABRA need to
be re-invested correctly, not left to dawdle.
Latin Metals (LMS.v): Our tinycap project
generator play got peppy last week, with a liottle
more volume running through the stock and prices
paid as high as 26c. However, the chart also shows
the wide gap between bid and ask so there’s
probably no need to chase the price as long as
you’re patient and willing to pay over 20c.
10

The Copper Basket
After thirty weeks of 2025, The Copper Basket shows a gain of 17.69% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Atex Resources ATX.v 1.43 279.21 564.00 2.02 41.3%
2 SolGold (GBP) SOLG.l 6.92 3001.11 262.00 8.73 26.2%
3 Arizona Sonoran ASCU.to 1.47 174.6 441.74 2.53 72.1%
4 Trilogy Metals TMQ.to 1.65 164.1 438.15 2.67 61.8%
5 Aldebaran Res. ALDE.v 1.90 169.914 394.20 2.32 22.1%
6 Regulus Resources REG.v 2.05 124.659 311.65 2.50 22.0%
7 Faraday Copper FDY.to 0.74 205.516 236.34 1.15 55.4%
8 Hercules Metals BIG.v 0.55 261.543 224.93 0.86 56.4%
9 American Eagle AE.v 0.69 173.377 95.36 0.55 -20.3%
10 Hot Chili HCH.v 0.67 151.42 83.28 0.55 -17.9%
11 Element 29 Res ECU.v 0.63 124.195 64.58 0.52 -17.5%
12 Pampa Metals PM.cse 0.16 172.61 44.02 0.255 59.4%
13 XXIX Metal XXIX.v 0.11 258 21.93 0.085 -22.7%
14 Copper Giant CGNT.v 0.315 117.73 21.19 0.18 -42.9%
15 Kobrea Exploration KBX.cse 0.60 35.085 14.74 0.42 -30.0%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 17.69%
The Copper Basket 2025, weekly evolution
The Copper Basket had another, adding 4.7% to the 20%
basket average even though the headcount was almost 15%
equally split, with eight winners (SOLG.l, ALDE.v,
10%
TMQ.to, REG.v, ASCU.to, AE.v, KBX.cse, PM.cse) and
5%
seven losers (ATX.v, FDY.to, BIG.v, HCH.v, ECU.v,
0%
XXIX.v, CGNT.v). The difference was due to the -5%
imbalance of big moves, with three notable percentage
-10%
winners in Pampa (PM.cse up 30.8%), SolGold (SOLG.l -15%
up 21.6%) and Aldebaran (ALDE.v up 11.0%), with just
XXIX Metal (XXIX.v down 15.0%) on the other side of
the big movers’ ledger. It all adds up to another new
2025 by some distance, we’re a long
way from the original Trump Tariff
shock at the start of April (chart right).
As for copper-the-metal, it was a most
instructive week in the way the media
has decided to frame what’s about to
happen to copper in the Trump era.
That 50% tariff on copper imports into
The USA is set to begin this coming
Friday (mark your calendars) and as the
chart of this week’s chosen contract
(HGU25, the Comex September 2025)
shows, it was all the buying all the time
in the first part of last week. The market
threw off its pretense and bought all the
metal it could, until hitting a ceiling a couple of times beyond U$5.90/lb before eventually consolidating and
closing at the U$5.80/lb level on Friday.
In other words and using a broad brush, last weekend’s U$5.60/lb copper in The USA is this weekend’s
U$5.80/lb and +3.5% is on the price, but that didn’t stop our beloved business media framing last week
about the drop on Thursday. Of course it didn’t and here’s Exhibit A, a headline from Reuters:
11
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 ht72
source: IKN calcs

Copper under pressure as demand falters ahead of crucial week
I picked this note from Friday July 25th (8) as a typical headline example, but also because of the absolute
word salad of a top paragraph that it came with:
LONDON: Copper prices fell on Friday as physical buyers paused ahead of a week that could prove pivotal if it
brings more clarity about the U.S. copper import tariff and the U.S. trade agreements with other countries.
Could prove pivotal if it brings more clarity, eh? And if it doesn’t bring more clarity, might it not prove pivotal?
Or may it remain pivotal anyway? Inquiring minds etc (though the lack of any level of proofing at sub-ed level
these days is becoming painfully obvious. Anyway and to set my pet peeves aside, here’s another report on
copper from our media friends (9):
U.S. copper falls after hitting record high
U.S copper futures fell after hitting a record high on Thursday due to mounting uncertainty with just over a week
left until the planned date for the U.S. import tariff on the metal.
But wait, when you’re the wires you get to have cake/eat cake! Here’s one from earlier in the week (10):
Copper price hits new record as tariff deadline looms
Copper futures hit a new record on Tuesday as the US market continues to brace itself for a 50% tariff next month.
Soooo, when copper prices rise sharply it’s due to the Augst 1st tariff deadline and when they fall it’s due to
the….August 1st tariff deadline. Got it, thanks. And in even more copper media fun, Friday saw a mail plop
into my inbox from Mining Journal entitled “The US has enough copper”. Which is stupid, of course, but
clickbait is as clickbait does so on opening the missive (11) I got to read this (red ink added):
Ah yeah…that little detail…a smelter nobody is going to build then everything is tickety-boo.We covered this
angle two weekends ago in IKN843, dated July 13th:
“Even if it were all about bumping up copper production in The USA and incentivizing mining
companies to build more mines inside The USA, the smelter bottleneck means there’s not going to be
enough end product in the country without the addition of at least one more new smelter complex,
more likely two. Not only does a smelter of requisite size come with a U$3Bn-ish price tag, they are
environmentally difficult to permit (with NIMBYs bound to block construction wherever they’re
proposed) and the lead time is at least five years. Compare that to an edict from an admin that’s
going to be around for 3.5 years, already has a reputation for rolling back on policy and could change
its mind at any given moment on the 50% copper tariff. Or double it. Or make an exception for
“friendly” Chile. Or whatever other nuance. And finally, even if the smelter gets built it would still
have to compete with the serious economies of scale that the Chinese smelter market offers these
days and indeed, it’s tough to imagine pure capitalism building a new smelter without cast iron
guarantees from the US national government for support, minimum prices etc. In other words,
government interference and subsidies.”
In order to strip out the pie-in-sky conjecture and read something more useful on the wires, we turn to house
mancrush Andy Home and his weekly column that considers the recent influx of copper into The USA, as
tracked loosely on these pages in 2025 and more closely since April. Here’s an extract from his Friday note
entitled “Copper's physical tariff trade is rapidly unwinding” (12):
U.S. imports of refined copper surged to 541,600 metric tons between March and May, equivalent to 60% of
imports over the whole of 2024.
Flows from traditional sources such as Chile and Peru have accelerated, and they've been supplemented by
arrivals of Australian, Asian and European brands of copper.
12

CME inventory has more than doubled since the start of March and at 222,723 tons is now just shy of the 2018
peak.
More copper is sitting in the off-market shadows. Analysts are pegging the excess at somewhere between
400,000 and 500,000 tons, which in the view of Citi would "negate U.S. copper import demand for the rest of
2025."
Allowing for continued flows of metal under long-term supply contracts, it could take up to nine months to work off
the mountain of metal, according to Macquarie Bank.
The implication? Comex stocks are now closing on a peak, prices on the Comex as well and if we dial up the
LME closing price for the equivalent contract to HGU25 on Comex (13), the U$4.46/lb puts the arb at 30%
this weekend. That’s above the 22% to 27% spread reported a couple of weekends ago and suggests that
Comex has risen too far in the last couple of days and is likely to retrace, assuming of course that the tariff is
indeed duly imposed at when next Thursday becomes next Friday.
It also means the influx of copper from other parts of the world now stops. We’ve seen copper drain from
LME, we’ve seen Peru and Chile divert physical that would normally stock Asia. With SHFE now entering its
de-stock season, the best clues as to overall world demand will be sent by LME and its levels, that’s the place
where excess will show up on public view as August becomes September.
On the subject, we move to our regular weekly section covering the moves in copper inventories:
 Once the slings and arrows of the week had done, the aggregate of the hree official copper
inventories systems moved by just 277 metric tonnes (mt) last week, which is as close to
unchanged as you’ll ever get in a normal week of trading. The total dropped to 426,752mt, though
bulls can take some cheer from the way the 60kmt adds of the last three weeks have seemingly
stopped.
 The most interesting of the three last week was the Shanghai SHFE, which dropped 11,133mt and
hit a new 2025 low of 73,423mt. That’s earlier than we expected for the next leg down and again
suggests underlying demand on the Chinese mainland is stronger than its commentators or
government would want you to believe.
 The LME did its July thing again and added 6,300mt to close at 128,475mt and has now added over
the 30kmt minimum we presumed five weekends ago. A brief mention for cancelled warrants is
merited, however, as last week we noted that they’d dropped to just 11.5% from the highs in May
and June. That number crept up a little, this weekend we’re at 14.7% and while that’s not a loud
indicator of bullish activity, it does mean the bottom on this mini-cycle is probably in.
 Last but not least the Comex copper stock number, which added another 4,556mt and closed at
224,854mt, still just under that April 2018 all-time high. That should fall next weekend, though to
be fair the April number was a single week’s spike high while this year’s increase has been steady
and sure.
Our dedicated SHFE chart says, “Still tracking 2022 and 2023, people.” The next question to answer is
whether we get down to the 50kmt level, which is as close to empty as SHFE gets and would make the
exchange practically useless as a source of copper for end users.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
13
2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for notes on a few of our basket stocks:

XXIX Metal Corp (XXIX.v): A big dump on Thursday, cause by this (14):
Toronto, Ontario,July 24, 2025 – XXIX Metal Corp. (TSXV: XXIX) ("XXIX" or the "Company") is pleased to announce that it has
entered into an agreement with Beacon Securities Limited ("Beacon") to act as lead agent and bookrunner, on behalf of a
syndicate of agents to be formed (together with Beacon, the "Agents"), in connection with a "best efforts" private placement
offering of up to 24,800,000 Ontario charity flow-through units (the “Ontario FT Units”) at a price of $0.121 per Ontario FT Unit
(the “Ontario FT Issue Price”) and up to 22,730,000 Québec charity flow-through units (the “Québec FT Units” and, together
with the Ontario FT Units, the “Offered Securities”) at a price of $0.132 per Québec FT Unit (the “Québec FT Issue Price”) for
combined gross proceeds to the Company of up to $6,001,160 (the “Offering”).
We know XXIX has plenty of plans this year, with Opemiska to
move forward and its newly incorporated Thierry to drill (and after
a new theory on the mineralization there, apparently the team
thinks it’s a lot bigger than it’s shown so far). That costs money
so, while we should expect XXIX to fill this financing without
issues, it’s coming at a hefty price compared to its thin market
action. As a prior owned of XXIX shares (in its QCCU days) and
with partial exposure to this day via Orecap (OCI.v), I’m on record
as liking the look of Opemiska and that hasn’t changed. Also, the
recent Orecap overview video (IKN844 Stocks to Follow) has put
Thierry on my radar more than I’d expected. However, it’s a tough
life for a smallcap to move forward on big copper projects and the lack of pizzazz around XXIX has always
been a drawback, that shows most keenly at financing time.
There’s probably a trade to run in this stock now, where you buy it here-ish and sell it 30% or so higher (not
difficult to image it back at 11c). But it’s a story sorely in need of a real company-changing catalyst in order
to move the stock higher, something along the lines of a serious corporate backer ready to sponsor XXIX to
construction via a series of strategic investments, or a big royaltyco stepping up and buying a slice of the
eventual revenue stream, or a solid and definitive deal with Chapais locals on relocation.
American Eagle (AE.v): I ended up spending plenty of
time on the AE news from last week (15), which gave us
the first drill assay returns of its 2025 season under the
headline “American Eagle Drills 644 Metres of 0.50% CuEq
from Surface, Expanding Near-Surface South Zone at
NAK”, not least because AE made it easy to spend time on
the story thanks to a live webcast and an online town hall
discussion to back up the results. However and on due
consideration, the reaction of the market when the news
dropped on Wednesday is as fair a summing up as any
long-winded explanation (from them, from the company
fans, or from me) could offer:
To begin, it’s disconcerting to see the stock rally on the
day before the news drop and whoever is whispering
secrets along the chain of information is doing the
company no favours at all. It’s up to AE to tighten that up
a.s.a.p. As for the news itself, seeing the stock rally and
then drop to end slightly up on the week is fair, as there’s
enough in the NR to call it a positive without going
overboard and making NAK out to be suddenly different.
The map (right shows the pattern, with green blobs the
2025 drills to date. The company chose the South Zone to
kick off its 2025 and that’s fair enough, it’s the known
sweet spot and still needs plenty of drilling. In fact and in
my opinion, the best result was from hole 39, which
expanded the South Zone footprint to the West and while
not the most impressive in terms of grade, there’s enough
mineralization near surface to aid the conceptual mine
14

outline and make any eventual operation more economic in its early stages (a.k.a. “move as little pre-strip or
waste as possible”)
This is from the above map, zooming in on the South Zone and while NAK25-41
got the headline with its 664m of 0.5% CuEq (0.22% of that Cu), my eye is
definitely drawn to NAK25-39 and its 570m of 0.22% CuEq (0.11% Cu) (drill
cross right).
The bottom line: Nothing last week made the compelling case to own AE, at least
anything more than we know already. NAK is, of course, a live and interesting
prospect and I’m not dismissing the company or target in the slightest, but we
also know that it’s geologically complex and will need a lot of drilling before we
know exactly what is down there and even more importantly, what can be
captured in a reasonable and economically robust resource. Last week’s results
were good, but we know South Zone is good and it’s not until the team makes
progress on other target zones at NAK (they list eight in their own literature) that
we’ll know the size, the tonnage and scale of an eventual mine plan. We’re not
going to get a PEA in 2025, so if AE wants to move the share price dial it will
need to offer an eye-catching and outstanding assay from another location.
Pampa Metals (PM.cse): A big rally in PM as it closed its
fusion with the troubled Rugby Resources (16), now we see
whether it can make good on its promise to drill and develop
Cobrasco in Colombia. I’m very leery on this, despite the
obvious quality Cobrasco brings to the table rocks-wise. Not
only is it in Colombia, but it’s in one of the most socially
difficult regions of the country and when Rugby ran the game,
there’s good reason why it never managed to get drills to the
site.
SolGold (SOLG.L): I absolutely owe you all an update on this stock. Expect one soon.
The Producer Basket
After 30 weeks of 2025, the Producer Basket shows a gain of 55.09% to level stakes:
15

company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 72.85 65.75 76.7%
2 Agnico Eagle AEM 78.21 497.971 63.17 126.85 62.2%
3 Barrick B 15.50 1748.05 38.00 21.74 40.3%
4 Franco-Nevada FNV 117.59 192.119 31.29 162.85 38.5%
5 B2Gold Corp BTG 2.44 1313.11 4.56 3.47 36.5%
6 Eldorado Gold EGO 14.87 204.909 4.24 20.70 32.8%
7 New Gold NGD 2.49 790.9 3.49 4.41 73.4%
8 OceanaGold OGC.to 11.94 231.127 3.32 19.68 55.9%
9 Sandstorm SAND 5.58 296.844 2.83 9.55 71.5%
10 Wesdome Gold WDOFF 8.98 149.891 1.86 12.40 38.1%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 55.09%
The Producer Basket fell further behind the GDX benchmark last week (all that work in Q2 going to waste?),
as we managed to find one loser (SAND) and one unchanged stock (WDOFF) in a week that was supposedly
fully bullish for producers. But the other eight were winners and the best by a street was Newmont (NEM up
13.0%), which was already having a good week when its strong financial performance in Q2 impressed the
general market and shot it further higher.
The 2025 Producer Basket: Weekly performance and
70% comparative to GDX control
60%
50%
40%
30%
20%
10%
0%
Newmont (NEM): On time and in good order, NEM dropped its 2q25 financials on Thursday evening (17)
and here’s how the stock reacted:
Here’s a list of thoughts arising:
First and foremost, I am very happy that NEM rallied and you should be too, even if you’re not long the
stock. The wider investment world needs to see good equity health from the #1 stock in any sector and like it
or not, NEM is still the #1 gold miner. Make the case for AEM if you want, cling on to the reputation and
market recognition of Barrick if you must, but it makes no odds. With a good performance from NEM,
precious metals mining stocks are not going to attract the level of interest from generalist money we require
for future growth more meaningful price multiples across the board. However and on the other side of the
coin, we must be clear that NEM rallied last week due to two simple reasons: 1) generalist market finally
16
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72
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 ht72
source: IKN calcs, NYSE data

noticing what gold at over three thousand United States dollars per ounce does for precious metals producers
and 2) its board is willing to do what Wall St wants. It wasn’t anything special from the company
operationally, with gold production at 1.48m oz “in-line with expectations” but only because expectations had
been battered into submission beforehand.
NEM: Attibutable gold production, per qtr
17
26.1 43.1 5.1 94.1 36.1 72.1 42.1 92.1 47.1 86.1 16.1 76.1 9.1 45.1 84.1
2
1.8
1.6
1.4
1.2
1 0.8
0.6
0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Moz Au
source: company filings
NEM made a big deal of bringing in lower costs than 1q25, but it’s still the third highest AISC on record:
NEM: AISC per qtr
6511 9911 1721 5121 6731 2741 6241 5841 9341 2651 1161 3641 1561 3951
2000
1800
1600
1400
1200
1000 800
600
400
200
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
U$/oz
source: company filings
The reason it did so well was this:
NEM reported avg received gold price, per qtr
2981 1961 1961 8571 6091 5691 0291 4002 0902
7432 8152 3462
4492
0233
3500
3000
2500
2000
1500
1000
500
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
U$/oz Au
source: company filings., IKN calcs
And when you subtract one from the other, you get this:
NEM: Received price minus AISC, per qtr
165 726 398 908 217 887 856 247 637 294 024 345 035 394 494 915 156 587 709
0811
3921
7271
2000
1800
1600
1400
1200
1000
800
600
400 200
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
U$/oz
source: company filings, IKN calcs
While “Gold Minus AISC” isn’t a GAAP approved metric and doesn’t include items such as capex or disposals
(prevalent in this quarter’s case) that can and do affect free cash flow, it’s a decent way of checking the

operational health of a big and established miner and in NEM’s case, goes a long way in explaining why the
company recorded all-time record free cash flow of U$1.71Bn (with a B). That’s a lot of money.
The other part of the equation was the share buybacks, with the NEM share count dropping by 190k in the
quarter to this weekend’s new total of 1.108Bn and a management team making the warm and fuzzy sounds
that the suited and booted (plus their algos) on Wall St like to hear: Yes, we’re making a lot of money and
yes, we’re going to buy back shares because “it’s the best thing we can do with our money right now” (I
think that was CEO Palmer’s ConfCall quote, if memory serves). No matter that the production base is now
lower than it was in 2q22, no matter that NEM paid out nearly $20Bn to buy Newcrest, no matter that the
55c divi at that time is now 25c, no matter the entire profit structure is based on a price 100% out of its
control, they whispered the right set of sweet nothings into the ears of those the S&P500 guys.
But the most important thing about NEM’s 2q25 financials last week is that the precious metals mining sector
now has the full attention of the generalists with deep pockets. NEM is the first big mining name to report in
the season and with that result and reception, a whole bunch of instos that don’t normally look at those odd
creatures we know as precious metals mining companies will sharpen pencils, start tapping at Casios and
realize there’s a whole sector of undervalued equities staring at them. Here’s hoping Agnico, Franco,
Wheaton and Barrick post pleasing numbers, too.
Agnico Eagle (AEM): And on that subject, this (18):
TORONTO, June 26, 2025 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the
"Company") today announced that it will release its second quarter 2025 results on Wednesday, July 30, 2025,
after normal trading hours.
Agreed, FNV, WPM, B etc will be notable moments as well but for me, the numbers about to be posted this
week by AEM are the second most important after those
of NEM. The poster child during 2023 and 2024 for
revenues growth without adding (much) to its cost profile,
if AEM can keep a lid on its AISC this time the received
gold price could return AEM to its market darling status.
Because (and whisper it quietly), AEM has been lagging
the field recently. First time in nearly three years, but the
numbers don’t lie.
It’s not by much and if it weren’t from a company that’s
put up so many market-beating numbers in the last couple
of years, a small under-performance to peers wouldn’t
bear mentioning. But this is Agnico and since the Trump
Tariff shock in early April, the cash has flowed to other
places. Roll on the Q2 numbers Wednesday, according to the Nasdaq website (19) here’s how to frame what
AEM reports:
 Number of analyst forecasts: 7
 High/Low forecast: U$1.91/U$1.32
 Consensus forecast: U$1.69
 Upward revisions in last four weeks: 3
 Top line revenues estimate consensus: U$2.55Bn
Let's also note that AEM has that pleasant habit of beating consensus and has done so in the last four
quarters…
 2q24: U$1.07 (beat by 14c)
 3q24: U$1.14 (beat by 16c)
 4q24: U$1.26 (beat by 9c)
 1q25: U$1.53 (beat by 14c)
…so if I were you, take the over.
New Gold (NGD): The next two weeks is high season for producer Q2 results so there’s no way we’re going
to note them all, but as New Gold (NGD) 1) was a fan favourite high flyer in the first half of 2025 and 2) its
18

recent price acti9on has been distinctly soft, it would be remiss not to mention it today. NGD reports
tomorrow Monday before the bell (i.e. a few hours after I get to send this edition), the ConfCall is also
tomorrow morning 08:30 ET, here’s the NR with the details (20) and links, then according to the same
Nasdaq data used for AEM above the consensus EPS is 10c.
Wesdome Gold (WDO.to) (WDOFF): The trend of WDO falling
out of favour with the market continued last week, as the stock
continued to under-perform peers and the US listed WDOFF
managed to finish unchanged to the penny. That’s not what is
supposed to happen to a gold stock during a week when the GDX
ETF rallied by 5.5%, even after taking into account how NEM put
more backbone in the GDX on Friday. We have to wait until
August 13th for the WDO 2q25 financials, close to the end of the
reporting season for the larger producers and if last week is
anything to go by, it may turn out to be a long three weeks while
peers impress around it.
Sandstorm (SAND): What if I told you there was a gold stock that was bought out in a friendly deal by a
peer at the top of the biggest gold bull run in years at a supposed 20% premium and less than three weeks
after the announcement, its share price was lower than before the announcement?
It’s not exactly shameful, but it is somewhat fitting for the end of a company that promised so much but was
mis-managed on so many occasions and wasted many opportunities to add true shareholder value to its
equity. Nobody will miss SAND when it’s swallowed by RGLD later this year.
The TinyCaps List
After 30 weeks of 2024, the TinyCaps show a gain of 27.51% to level stakes:
19

company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 14.91 0.11 -35.3%
Condor Res CN.v 0.145 149.913 18.74 0.125 -13.8%
Electrum Disc ELY.v 0.13 98.995 7.42 0.075 -42.3%
Endurance Gold EDG.v 0.145 176.296 37.02 0.21 44.8%
Kodiak Copper KDK.v 0.39 85.7 55.71 0.65 66.7%
Latin Metals LMS.v 0.08 121.915 28.04 0.23 187.5%
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 16.26 0.235 -57.3%
Viva Gold VAU.v 0.14 145.53 14.55 0.10 -28.6%
Prices in CAD$, data from TSXV basket avg 27.51%
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 recovered a few of the percentage
50% TinyCaps, 2025 weekly tracker
points lost the week before, but overall it was still a
40%
reasonably quiet week for The TinyCaps List with five
winners (CN.v, ELY.v, KDK.v, LMS.v, VAU.v) three losers 30%
(BRO.v, EDG.v, STS.v) and two remaining unchanged 20%
(MOG.v, RDU.v). The difference was due to the three 10%
biggest movers all going up, rather than down, with Latin
0%
Metals (LMS.v up 15.0%), Condor (CN.v up 13.6%) and
-10%
Kodiak (KDK.v up 8.3%) doing the legwork.
Kodiak Copper (KDK.v): Up on the week, KDK is keeping
pace with most of the copper stocks these days and seems to be a valid alternative for speculation. It added
to its technical team bench this week by announcing (21) “…the appointment of Mike Westendorf as
Metallurgical Advisor and Alan O’Connor as Senior Exploration Manager, further strengthening Kodiak’s
technical team focused on the Company’s 100%-owned MPD copper-gold porphyry project in southern British
Columbia.” Both have the CV you’d expect for such roles and CEO Tornquist signed off by stating that the
second half of 2025 would be “catalyst rich” for the company. Fair enough.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Ecuador: Two events
The Daniel Noboa mandated period has begun with the President setting out his pro-business, pro-mining
stall clearly and for all to see, which has irked those more ambivalent to the sector (and there are plenty of
those in Ecuador), but last week saw an acceleration of news from both sides of the mining debate and once
again, the potential for clashes (violent or otherwise between the government and anti-mining groups as well
as interruptions in the development of mining in the country have increased.
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 ht72
source: IKN calcs, TSX data

On the anti-mining side, last weekend saw CONAIE elect its new President(22) and in the run-off vote at its
annual Conference, Marlon Vargas incumbent Leonidas Iza and now takes over the reins of Ecuador’s largest
and politically powerful indigenous pressure group. The president of the biggest member organization of
CONAIE, Vargas has been a high-profile leader for several years and it’s no big surprise to see him get his
chance at the top of this particular political slippery pole. He won the vote on a platform of 65 agenda points,
which include the overt opposition to mining in Ecuador, both legal and illegal, to ensure the right of prior
consultancy for all civil works projects and to make Ecuador a country free of mining activity.
Meanwhile on Thursday and on the other side of the debate, President Noboa pulled a surprise on the world
when announcing wid-ranging cost cutting measures for the public sector, including the disappearance of six
government ministries. So far so normal for a government looking to get leaner and meaner, but the big and
most controversial measure is the decision to do away with the Ministry of the Environment and instead,
make it a sub-section of the Ministry of Energy and Mining. Hilarity ensued, as environmental activists,
indigenous groups and NGOs queued up to express their outrage (23). For example the Yasunidos
organization, formed to protest the continued operation of the Yasuni oil field despite a legally binding
referendum voting that it must shut: “How is it possible that an organization charged with protecting the
country against extractive industries is now subordinate to those who promote it?” Or here’s the local office
of the World Wildlife Fund: “This decision has set Ecuador back years.” Or the local high profile
environmental activist Helena Gualinga: “The control, regulation and revision of all (environmental) activities
is now in the hands of the mining and oil & gas companies.”
Frankly, they’re not wrong. With this decision, President Noboa has made his intentions crystal clear and
while that’s going to go down well with outside observers and FDI (e.g. you and me), we should also be
careful and watch how those who want to stop mining projects from happening react to this news. As alluded
at the top of today’s note, Noboa seems to have taken a course of deliberate antagonism with this move and
that’s a dangerous game to play in a country with its proven history of being able to interrupt and disrupt
mining projects.
Argentina: Milei’s popularity wobble
Argentina loves its opinion polls and there are dozens of pollster firms, large and small, plying their trade n
the country. However, the ESPOP monthly poll run by the San Andrés University is one of, if not the, most
respected regularly taken polls in the country and is known for its level-headed questions and lack of political
bias over the years. This month’s edition dropped last week and made headlines, as the approval rating for
President Javier Milei dropped sharply from 49% to 42%, the lowest reading for his entire presidency and
with disapproval registered at 53%, the first clear net negative score as well.
The report made for anti-Milei headlines such as this one (24) screaming (translated) “Javier Milei’s Image
Falling To Pieces”, so with Argentina’s biggest political moment of the last two years coming on October 26th,
i.e. the provincial and municipal mid-terms generally used as a referendum on the sitting government, the
data behoove a closer look than the shock horror headlines. You can find the entire PDF on the above link
and there’s a lot of info on its 58 pages, I’m going to pick two slides for your consideration:
This one (right) shows the ESPOP approval
snapshot as far back as early 2015 and the
Mauricio Macri presidency, taking in the Alberto
Fernandez years and then to the year and a half
of Milei. As you can probably make out, Milei’s
latest reading is his lowest score, but he’s still on
a par with Macri at the same point in his term
and clearly better than anything Alberto polled in
all but his first months. So yes, 42% is a bad
score but it’s not one that should worry him too
much at the executive level.
The second example slide (below) shows the
main problem in the country, as identified by
those polled and #1 on the list is “low salaries”,
followed by “crime (insecurity)”, then unemployment/lack of work followed by “poverty”. These should be
21

more concerning to Milei as his economic reform hinges on the broad population base enjoying economic
growth, the country can’t afford to fall into the classic trickledown trap that sees the rich getting richer and
the poor remaining poor.
November and the mid-terms (i.e. de facto referendum) is now looming and while Milei continues to win
praise and plaudits from the four corners of the earth (Sir Niall Ferguson was singing his praises in public
lastw eek after visiting Buenos Aires), it’s the votes inside Argentina that matter the most. Let us be clear, the
October 26th elections are a crucial moment in Milei’s attempt to bring real and deep reform to the Basket
Case country and
Mexico: The precious metals projects waiting in the wings
Further to the news from Heliostar last week (see Minera Alamos (MAI.v in today’s main fundies section,
above), biz wire service BN Americas added its dos centavitos with this report (25) entitled “The 8 Gold
Projects Involving U$3.4Bn Set To Start Production In Mexico in 2025 and 2026”, which not only is a bit of a
mouthful but also covers a couple of projects that are aimed at silver mining, rather than gold. In fact, when
you consider the contents all BN Americas has done is glean from the Camimex 2025 annual report (26), as
noted last weekend after its publication the week before last. It’s also been a bit lazy, as several of the
projects have changed status recently but you wouldn’t have realized from the BN Americas script, which
settles for regurgitating the Camimex report’s position. Anyway, here are the eight:
 Terronera (Endeavour Silver): Now in wet commissioning and already producing some
concentrate.
 Media Luna (Torex): Declared in comercial production as for May 1st
 Cerro Caliche (Sonoro Gold): Ready to begin, waiting on its Environmental Impact permit
 La Preciosa (Avino Silver and Gold): Now mining, with the mine expected to provide feed to the
Avino as from the second half of 2025 (i.e. now)
 Cordero (Discovery Silver): Not only is it a silver mine and not gold, but it’s extremely unlikely
that this will even see permits that will allow a construction decision either this year or next, let
alone going into construction or production
 Cerro de Oro (Minera Alamos): Dear to our heart, BN Americas includes CdO in its list and rightly
so. Funded and ready to roll, it just needs its operating permits.
 El Tigre (Silver Tiger Metals): Still waiting on permits.
 Los Ricos Sur (GoGold): Still waiting on permits, this underground project is arguably more
delayed than Cerro de Oro by the permit impasse. A larger project, even if the permits arrived
tomorrow it’s difficult to see this making the 2026 time frame now.
Overall, a misleading report from BN Americas that could have been more useful if the reporter had done a
modicum of work.
Market Watching
A brief return to Vizsla Silver (VZLA)
Not a stock or company that’s got much of a mention in The IKN Weekly over the years, but we did run
“Thoughts on Vizsla Silver (VZLA) (VZLA.v) and memories of SilverCrest” back in IKN823 dated February 23rd
22

this year, the weekend after VZLA filed an updated 43-101 technical report for its Panuco project in Mexico,
including a updated resource estimate and PEA calculations. That weekend we came away with a positive
view of both company and project, saw value in its share price and earmarked it as a possible, but deferred
any purchase decision until such time as we knew the make-up of its financing package to build its mine.
As things turned out, I eventually plumped for
AbraSilver (ABRA.to) as my main silver trade and
that’s worked out well, so here’s a chart showing
ABRA, VZLA and the main silver ETF (SIL) for
reference purposes:
So I should have bought some. Fair enough, but the
strong rally in silver has helped its cause (of course)
and along the way, ABRA has done our money well.
So despite missing a decent winner the regrets aren’t
too heavy. However, the recent newsflow shows VZLA
isn’t waiting around for a buyer to take them out and
two recent financing deals have raised gross proceeds
of a cool U$155m. First came the incestuous deal to sell a 3% NSR to the spin out Vizsla Royalties (that now
owns a 3.5% NSR) and then came the U$100m bought deal, which raised a U$115m with the overallotment
fully taken. That puts VZLA on a firm footing to at least begin the serious job of moving Panuco through the
gears and reaching construction decision and while it doesn’t fully comply with my sketched-out scenario in
March, I’d be a fool to dismiss that kind of cash raising power just because it only partially builds the first
stage of any mining complex. This is now back as a live prospect on my radar and with the backdrop in
Mexico improving and ABRA now starting to look toppy, don’t be too surprised if it gets more mentions going
forward. Likeable.
My stupid call on Aclara Resources (ARA.to)
This has been preying on my conscience for a few weeks, it’s time to write my mea culpa note. In IKN835
dated May 18th 2025, the only note in the “Market Watching” section of the edition was “Aclara (ARA.to) gets
a long list of queries”, in which I highlighted the permitting issues faced by the company at its flagship
“Penco Module” module in Chile, made negative comments about this-and-that on its CSR and the chances of
the project being approved by Chile’s environmental authorities and ended with a three word sentence,
“Avoid this stock”. Here’s what it’s done since then:
Yes indeed, the thing has more than doubled. This was an awful call and I deserve mockery and laughter
because of it, not least because I’ve been totally blind-sided by the driver of this rally. It’s still true that the
Chilean Penco Module project is in permitting purgatory (though that may change with the advent of a Kast
government in 2026, see IKN844 last weekend) but the real reason is something I missed completely. Up to
recently, its Brazilian Carina project was its second string but these days it’s leading the charge, with ARA
taking full advantage of the new tailwinds in the critical metals sector and receiving international level
government backing and sponsorship to move the prject forward (as western governments worry about
securing REE supplies and being dependent almost entirely on Chinese good will for their high tech
electronics ingredients). There’s a reason I tend to stick to gold, copper and silver, along with the fungible
23

industrial metals thrown in occasionally, but avoid the specialty metals and products. A little knowledge is a
dangerous thing.
Conclusion
IKN845 is done, we end with bullet points:
 Personally I’m overweight Minera Alamos (MAI.v) and won’t be buying any more, but those of you
who want to get on at the current cheap prices (yes, it’s a 4-handle now but it’s still dirt cheap)
should make their move in the near future. It’s been a long wait, but the re-rate is now at hand.
 Next week’s edition is D-Day for the trade in Eldorado Gold (EGO), the choices are either to sell and
move the under-performing cash to another gold stock or to hold through. Some of the decision rests
on what EGO did in Q2 and we’ll find out about that in the filings, a lot will depend on how guidance
goes for the rest of the year. With Agnico, New Gold and plenty of other marquee names set to
report, it promises to be a big week for the mainline precious metals producers.
 Very happy with the way Gold Royalty Corp (GROY) is trading and whatever it does in the weeks
ahead, as long as gold remains on our side this one is going to be a strong hold.
 Copper still looks like the place to be.
I thank you in advance for any feedback. Our Top Pick stocks are Rio2 Ltd (RIO.v) and Minera Alamos
(MAI.v). Flash updates will be sent if required by events.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2025/07/fomc-preview-no-change-to-fed-funds-rate.html
(2) https://www.youtube.com/watch?v=_MHo8ti6qY0
(3) https://www.bullionvault.com/gold-news/gold-price-news/silver-gold-stocks-072520253
(4) https://www.heliostarmetals.com/news-articles/heliostar-to-restart-mining-operations-and-invest-in-growth-at-its-san-agustin-mine-
durango
(5) https://www.prnewswire.com/news-releases/gold-royalty-reports-record-revenue-in-the-second-quarter-2025-302513499.html
(6) https://www.newswire.ca/news-releases/summit-royalty-to-acquire-cash-flowing-1-0-nsr-royalty-on-the-madsen-project-
847544658.html
(7) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-provides-q2-2025-conference-call-details
(8) https://www.hellenicshippingnews.com/copper-under-pressure-as-demand-falters-ahead-of-crucial-week/
(9) https://www.mining.com/copper-price-hits-new-record-as-tariff-deadline-looms/
(10) https://www.mining-journal.com/base-metals/news-analysis/4517275/us-existing-copper-supply?
(12) https://www.reuters.com/markets/commodities/coppers-physical-tariff-trade-is-rapidly-unwinding-2025-07-24/
(13) https://www.lme.com/en/metals/non-ferrous/lme-copper#Trading+summary
(14) https://xxix.ca/news/xxix-announces-6-million-financing/
(15) https://americaneaglegold.ca/news/american-eagle-drills-644-metres-of-0.50-cueq-from-surface-expanding-near-surface-south-
zone-at-nak/
(16) https://ktla.com/business/press-releases/globenewswire/9500462/pampa-metals-and-rugby-resources-complete-arrangement-
transaction/
(17) https://www.newmont.com/investors/news-release/news-details/2025/Newmont-Reports-Second-Quarter-2025-Results/default.aspx
24

(18) https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2025/AGNICO-EAGLE-PROVIDES-NOTICE-
OF-RELEASE-OF-SECOND-QUARTER-2025-RESULTS-AND-CONFERENCE-CALL/default.aspx
(19) https://www.nasdaq.com/market-activity/stocks/aem/earnings
(20) https://newgold.com/news-events/news/news-details/2025/NEW-GOLD-PROVIDES-NOTICE-OF-RELEASE-OF-SECOND-
QUARTER-2025-RESULTS-AND-CONFERENCE-CALL/default.aspx
(21) https://kodiakcoppercorp.com/kodiak-expands-team-with-proven-talent-to-drive-next-phase-of-growth/
(22) https://www.teleamazonas.com/actualidad/noticias/politica/fusion-ministerio-ambiente-energia-minas-genera-controversia-ecuador-
99422/
(23) https://www.eldiario.ec/lamarea/conaie-prioriza-proteccion-de-recursos-naturales-y-rechaza-mineria-en-nuevo-plan-de-accion-
20250723/
(24) https://www.minutouno.com/politica/encuesta-revela-que-se-cae-pedazos-la-imagen-javier-milei-baja-mucho-la-aprobacion-
presidencial-n6171288
(25) https://www.bnamericas.com/en/features/spotlight-the-8-gold-projects-involving-us34bn-set-to-start-production-in-mexico-in-2025-26
(26) https://www.camimex.org.mx/application/files/3817/5269/4901/InfoCamimex2025.pdf
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
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Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
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Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
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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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