IKN #849Premium

The IKN Weekly
Week 849, August 24th 2025
Contents
This Week: Trade heads up, In today’s edition, I am Robin…
Fundamental Analysis: Four purchases (WRLG.v) (RPX.v) (XXIX.v) (PAU.cse).
Stocks to Follow: Minera Alamos (MAI.v), West Red Lake Gold (WRLG.v), Rio2 Lid (RIO.v), Gold Royalty
Corp (GROY), Amerigo Resources (ARG.to), Marimaca Copper (MARI.to), Surge Copper (SURG.v), Orecap Inv
(OCI.v), i-80 Gold (IAU.to) (IAUX).
The Copper Basket: Overview, Element 29 (ECU.v), Hercules Metals (BIG.v), Aldebaran (ALDE.v), Hot Chili
(HCH.v) (HCH.ax).
The Producer Basket: Overview, Barrick (B), Wesdome (WDOFF).
The TinyCaps Basket: Overview, Mogotes Metals (MOG.v).
Regional Politics: Bolivia: The round one result, in-country reaction and what happens next, Argentina: A
political scandal and a meeting with Glencore, Chile: Kast leads.
Market Watching: Regarding AbraSilver (ABRA.to), Atico Mining (ATY.v) is highly likely get its EIA for the
La Plata project.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads up
No more pussyfooting around, I’m not long enough in a bull market for metals and that changes as from this
week. I am a buyer of the following stocks
 West Red Lake Gold (WRLG.v). An addition.
 Red Pine Exploration (RPX.v). An addition.
 XXIX Metal Corp (XXIX.v). A new buy.
 Provenance Gold (PAU.cse). A new buy and move from Watch List to main list.
Please see today’s main Fundamentals section for more, plus a thought on the most likely candidate from
last week’s “WWAD” (what would Agnico do) section, as Aurion Resources (AU.v) is now at the top of my
shopping list.
In today’s edition
 Today’s main fundamentals section announces four buy trades, but as only one name is new to the
Stocks to Follow list there will still be plenty of room to add more in the weeks to come. I’m adding
further to the new West Red Lake Gold (WRLG.v) trade, I’m adding to the flat-lining but very cheap
gold ounces at Red Pine Exploration (RPX.v) and averaging down, I’m buying Provenance Gold
(PAU.cse) after almost two years of it on the Watch List and I’m making a re-buy of XXIX Metal Corp
(XXIX.v), because it has the right price and the right asset book at the right time.
 Once those purchases are made, I’ll be better positioned in this bull market for gold and other metals,
but with enough cash left to deploy at a later date. That’s good, because further thought on Aurion
Resources (AU.v) has warmed me to the idea.
 As for why this sudden burst of firm decisions and buys, please see today’s intro note “I Am Robin”
and why I required a good slap round the face to bring me to my senses.
1

I am Robin…
…and here’s how I feel this weekend:
Here at The IKN Weekly, “Keep dancing until the music stops” has been the touchstone phrase of 2025, one
that’s kept us on the straight path and tightly aligned with the price of gold as it rose and rose in the first two
quarters of the year. So “Keep Dancing…” has done well for my personal back pocket, but I’m the first to
admit that my resolve has been through a bit of a wobble in the last few weeks. It’s showed in the decision
to exit the silver sector by taking profit on AbraSilver, it’s also been in the background with other calls, for
example the way most of the cash from sale of Eldorado hasn’t found a new home yet. Also true for the
recent partial sale of Minera Alamos and. As noted last week, I find myself in the unusual position of having a
large cash pile to deploy.
Which brings us to last weekend. The idea behind last week’s “Four things I’m considering for my money
today” note was to lay out my doubts and reticence as well as be proactive with a few of the potential trade
ideas as we move into September and then Q4, but you would have noticed my increased interest in the
macro policy position that Fed Chair Jerome Powell might take in his Jackson Hole speech. For sure we need
to take the macro into account and we all know how the big geopolitical issues flow through the markets, the
currencies, the dollar, the gold price and hence our stocks of focus. However, one of the variables affecting
my thoughts and potential trade calls last week was a rather stubborn “what if…” about the way metals, and
in particular gold, might react after Powell’s speech.
 What if Powell gets hawkish?
 What if he takes an aggressive stance against the political pressure from the White House?
 What if the gold price goes South at 10am Friday?
 What if I found myself sitting on an out-sized pile of cash as a whole bunch of mining stocks
suddenly got cheaper?
Those questions and more were floating round my head and yes, this is something of a confession, an
admission of guilt. I was getting a bit too cute for my own good, trying to second-guess macro market tides
and leaning into one possible outcome, simply because a series of small coincidences had found me with a
large cash pile. I thought, “”Wouldn’t it be wonderful to hold this cash into Jackson Hole, watch the market
sell down miners, give it a few weeks and then pile in a buy a basket of beaten-down bargains?” And yes, it
would have been good...
…but it was not to be, that gets us to Friday. You don’t need a blow-by-blow from me, all you need to do is
look at what happened to the broad market (with the emphasis on “board”, as the rally included over 85% of
US stocks in the green, a real rarity), the gold price, the silver price (yes, that) and of course the mining
stocks. As for coverage, the WSJ quickly picked up on the key phrase of the entire speech, “…the balance of
risks appears to be shifting…” (1) , the NYT ran with (2) “Powell Sends Strongest Signal Yet That Interest
2

Rate Cuts Are Coming” the next day and even the Trump-haters at CNN found a way to get into line with (3)
“Powell suggests rate cuts are coming — but not because Trump demanded them”. That one made me laugh
a little.
And with that we arrive at full circle, this edition and the Batman/Robin meme as seen above. I was wrong,
plain dirt wrong and got too cute for my own good. It took the Friday rally and the crystal clear message that
next month, the Fed will start cutting rates for the first time since the Covid crisis. Not only that, but Chair
Powell can claim all the “forward data driven decisions” that he likes but the market has now baked in, and
rightly so, that September’s move will be the first of several cuts. You can decide for yourself how many,
how deeply and how fast those rates cuts might come. You can also gauge for yourself the potential effects
on the USD, Treasurys etc, or if preferred find a high level analyst whose opinion you trust, because this is as
far as I go with the macro soothsaying. It’s not my thing, I’ve already made a mess of it this August and
there’s no more pretense going forward. We’re back with the tried and true strategy and that means things
get simple again. One of the basic principles of “Keep Dancing Until The Music Stops”, aside from doing
exactly that and making sure we’re fully long metals/miners, is how it lets us ignore all the macroeconomic
machinations and geopolitical fun and games. We keep dancing and ride the bull market. One day the music
will stop because it always does and on that day I will lose money compared to the day before, because this
endgame clearly implies that we cannot and will not sell at the top of the market. That was my baseline
mistake last week, it’s why getting too cute doesn’t suit me. I was trying to second guess bigger questions
last week and by doing so, turned my back on 2025’s winning strategy. It’s why I feel sheepish this weekend
and it’s why I’m getting back on track this week, via four immediate purchases (see below) and a couple of
trades pending further decision.
Hindsight says I needed the lesson served to me by the market and its reaction to Jay Powell’s speech. I was
wrong in both thought and deed, so the good slap round the face was overdue and has brought me to my
senses and knock a little sense into me. Yes, this is a bearish scenario for the dollar and that doesn’t make a
crowded trade ripe for a contrarian just because the majority of market observers agree. Sometimes, the
majority can be right and stay right for a long time and that’s what Jay Powell signaled on Friday. However
and fortunately, staying on the sidelines for a couple of weeks isn’t not a desperately costly mistake and also
one easily fixed. On that subject, it’s time for the main fundies section:
Fundamental Analysis of Mining Stocks
Four purchases (WRLG.v) (RPX.v) (XXIX.v) (PAU.cse)
The reason this edition is a day later than normal is for pure selfishness, I wanted to watch an extra day of
trading before pulling the trigger, buying the following shares and, unlike the chronology laid out in today’s
intro section, it’s turned out to be a good decision:
 West Red Lake Gold (WRLG.v) closed down today Monday, at 89c. A cheaper add point
 Red Pine Exploration (RPX.v) closed down today Monday, at 8c. Ditto
 XXIX Metal Corp (XXIX.v) delivered a forward policy NR that moved the stock up on good
volume and underscored how cheap it is at current levels
 Provenance Gold (PAU.cse) didn’t change much today, nothing lost
In addition, nothing major occurred with Aurion Resources (AU.v), which lessened any thoughts of FOMO and
allowed me at least this week to make a more reasoned decision. There’s a brief note on AU.v added at the
end of today’s fundies section, but this is more about the decision to buy/add to the other four stocks. There
are no fundies deep dives today; as laid out in today’s main intro piece this is all about strategy, correcting
the portfolio mistake of holding too much cash at the wrong time and adding exposure to our “Keep Dancing”
metals market (mainly gold). Strategy decisions are more about portfolio balance and deployment, less about
the specifics of the companies (and what’s more, these are four known entities to these pages). So without
further ado, here are the four trades I plan on making between now and next weekend, starting with the
most obvious.
3

Adding West Red Lake Gold (WRLG.v): An easy decision, as the more I pay attention to Shane Williams’
charge and the measured way it’s been moving through
the gears at Madsen this year, the more confidence I have
of a successful re-rating when the mine declares
commercial production. What’s more, after a mediocre
Monday I might be able to get some at under 90c.
The long case remains unchanged from our recent
analysis, most notably the main fundies analysis report in
IKN844 dated July 20th. A re-rate in the near-term to our
preferred C$1.38 target would be a good start, that’s a
55% upside from this evening and as that’s reasonable to
expect before the end of this year, more than enough
potential reward with gold looking firmer by the week.
Adding Red Pine Exploration (RPX.v): It’s simply too cheap to ignore any longer. Seemingly ignored by
the market and with CEO Michaud too busy with geology things to be out there promoting the company, RPX
has surprised me by flat-lining stubbornly under the 10c line instead of picking up interest as a deep value
gold play in a top grade address and not even the buyout of Angus Gold by Wesdome managed to drum up
interest in RPX. The risk is RPX and Wawa’s shift toward an open pit mine plan is shown to be economically
marginal (i.e. unworkable), but the likelihood of that
at current gold prices looks minor indeed. Therefore
downside seems limited and with C$8.5m recently
banked from its 10c placement, it has the cash it
needs for at least the next three quarters, drilling
included.
 Shares out: 370.5m
 Share price C$0.08
 Market cap: C$29.6m
Once my decision this week was made, deploying a
portion of the cash here was a simple extra step.
The nominal 20c price target set in IKN799 is more
than reasonable, even after the recent extra share
dilution, and that implies +150% from today’s price and the type of reward required for a small position.
Provenance Gold (PAU.cse): On the Watch List for almost two years, which includes the entire span of
this 12-month price chart (below), its recent retreat
to the current 16.5c is lowest since the stock finally
attracted the attention we thought it deserved way
back in October 2023 and IKN750.
I’m over the fact of missing the cheapest prices and
these days PAU is a different proposition, with good
regular volume and plenty of eyeballs on its
Eldorado gold project in Oregon USA. The current
weakness is an opportunity to get in at a reasonable
level while sentiment is negative (the drill program
hasn’t been easy, it seems) and assays have been
pending a while. However, we know there’s plenty
of long intercepts of gold there already and PAU
already has enough to build a reasonable resource.
 Shares out: 154.04m
 Share price C$0.165
 Market cap: C$25.42m
4

The recent placement, priced above tonight’s close at 20c, was well funded and brought in gross proceeds of
just over C$2.5m, more than enough for the cash-efficient PAU to continue with its drilling and exploration
programs. That brought the shares out total to 154m and market cap to just over C$25m, so even though the
share count has seen dilution there’s plenty of leverage upside available from a market cap at that level.
Ultimately, with PAU it was a case of “now or never” and after having the stock on the Watch List all this
time, the alignment of a decision to deploy capital and its new low price meant that if I didn’t buy now, the
only thing to do would be to remove it as a candidate. This position won’t be a big one to begin wit, but
that’s okay.
Buying XXIX Metal (XXIX.v): This is the main reason I’m happy to have delayed my decisions one more
day. If you’d put a gund to my head on Sunday
evening and forced a call, I would indeed have
published that I was a buyer of XXIX but the
reasoning would have been somewhat different (and
I know that because this section has been
completely re-written today Monday) but with the
news today, I became a more confident buyer. Last
weekend’s Copper Basket notes includes a snippet
on XXIX and opined the new low price to as nudging
at me for a re-buy after a couple of years away and
a failed trade under its previous corporate title, QC
Copper & Gold. So the price looks attractive and the
company is also cashed up now, last week
announcing (4) the successful closure of its C$6m
placement, a mix of flow-thru/charity flow thru and
hard dollar units each with a half warrant attached at a 12c strike price. While successful it was also fairly
dilutive, and at the new S/O total of 306m and bit shares out (ex warrants) we’re a long way from the 174m
shares out total when it was under the QCCU ticker.
 Shares out: 306.31m
 Share price C$0.085
 Market cap: C$26.04m
That said, today Monday brought this NR (5) entitled “XXIX Announces Fully Funded Drilling and
Development Plans for Opemiska and Thierry” which is worth a full read (not that long). Here are the bullet
point headers…
 15,000-metre drill program at K1 (Thierry Copper Project) scheduled for Winter 2025
 5,000-metre drill program at Cooke (Opemiska) planned for Fall 2025.
 Preliminary Economic Assessment (PEA) for Opemiska targeted for October 2025, led by Ausenco, the first
economic study since the mine’s closure in 1991.
 XXIX is funded for 2025/2026 exploration following the recently closed $6M financing.
…and of the four, the one that really catches the eye is the announcement of a PEA due next month. While
PEAs can (and should often) be sniffed upon by the discerning investor, the current bullish and momentum-
driven market is the right time to present such a document and, as this is a large open pit project with
relatively high overall grades, it’s exactly the sort of project that will show stand-out economics at this stage.
We like the other initiatives and, with treasury now full, they’re also going to generate plenty of newsflow and
noise at the right time. But a PEA for Opemiska will bring a clear and tangible value to the company and at
this market cap, it doesn’t have to be the next Canadian Malartic right off the bat in order to move the dial.
Today’s NR confirmed my trade plan and I’ll be a confident buyer in the days to come. New name and
direction or not, XXIX is still one of the central pillar stocks to the Stewart family ‘Ore Group’ stable and with
projects to develop and cash in the bank, it will push hard to turn over a new leaf and promote its benefits to
one and all going forward. Agreed the 12c warrant overhang is an issue, also agreed that so far at least this
company and its projects have emitted more heat than light. However, this phase of the mining stocks bull
seems set up for the revaluation of land assets and that’s what XXIX has in spades, meanwhile its low C$23m
market cap allows plenty of leverage if that turns out to be the case.
5

The above the four trades planned, but before moving on I want to make a clear heads-up on a stock that
I’m not buying this coming week, but the idea is firming up quickly.
Aurion Resources (AU.v): Pending decision
Before anything else I need to point out a brainfart error from last week’s note, because even though I got
the shares out and market price numbers correct, for some reason (still don’t know how) I managed to
multiply C$0.82 with 149.6m and get a market cap of C$244.93m. That is very incorrect and here’s the
updated correction, as per Monday evening:
 Shares out: 149.6m
 Share price C$0.85
 Market cap: C$127.16m
That’s the right size of market cap for my purposes
and, after chewing over the four potential “WWAD”
trades outlined on the Central Lapland Greenstone
Belt (CLGB) last weekend, it seems to be the most
obvious target stock. RUP is big already and even
assuming AEM moves to buy it out, we’re going to to
get better share price leverage from its neighbours.
Valkea and Firefox don’t have the bandwidth, which
makes AU.v the one. I’m still thinking about and with
three trades set up for the week to come, don’t feel the need to make a snap decision. If I pull the trigger,
expect a close look at company financials and its projects in the subsequent edition as there are plenty of
interesting moving parts to this company.
Stocks to Follow
The headcount of seven winners (ARG.to, MARI.to, GROY, WRLG.v, SURG.v, IAUX, MENE.v), three
unchanged stocks (RPX.v, OCI.v, MIRL.cse) and six losers (RIO.v, MAI.v, SRL.v, LMS.v, PGDC.v, PAU.cse)
wasn’’t bad, nor the fact that among the winners were big percentage moves in i-80 (IAUX up 10.8%), Surge
Copper (SURG.v up 10.3%) and Marimaca Copper (MARI.to up 9.0%), but overall it was a sub-standard week
for the Stocks to Follow list compared to the main benchmarks such as GDX (+3.3%) and GDXJ (+3.2%).
You’re only as good as your last trade, folks.
There are 16 open positions on our Stocks to Follow list, four fewer than our self-imposed maximum. Of
those, 13 of those carry at least some of my personal money and the other three are in the Watch List sub-
section. Same as last week, thirteen stocks are in the green and three are in the red.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$1.60 100.0% Fenix build and re-rate on
RECOMMENDED STOCKS
Minera Alamos MAI.v hold/buy C$0.21 13-Oct-19 C$0.34 61.9% $0.70 tgt no longer top pick
Amerigo Res ARG.to STR BUY C$1.54 28-Jul-24 C$2.29 48.7% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.50 277.0% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.17 126.4% 2nd target U$5 in 2026
West Red Lake WRLG.v ADDING C$0.84 20-Jul-25 C$0.93 10.7% Added Aug'25, good start
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.12 50.0% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.19 0.0% proj.generator, Organullo spec
Red Pine Expl RPX.v ADDING C$0.11 8-Sep-24 C$0.085 -22.7% FY25 gold exploreco spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.16 52.4% 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
6

SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
i-80 Gold IAUX WATCH U$0.50825 18-May-25 U$0.76 49.5% Close to buyable again
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.065 225.0% Rio Negro gold developer
Provenance Gold PAU.cse BUYING C$0.085 8-Oct-23 C$0.165 94.1% Idaho gold drill play
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.195 -56.7% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.34 61.9% lightened overweight position
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:
Minera Alamos (MAI.v): ANOTHER PARTIAL SALE, STILL SOME TO GO. I sold a few more, but there
are still some to offload to get my down to 70% of my erstwhile position and yes, you’re right, I am dragging
my feet. It could be me and my sentimental heart, or it could be because there was no way I was accepting
33c or less last week. Thinking about it, it’s definitely the latter.
The Roaring Silence is an album released by Manfred Mann’s Earth Band in 1976. It’s mostly forgettable, best
known for its opening track ‘Blinded by the Light’ but I always liked the album name and it came to mind last
week when considering the complete lack of news, events or appearances on media channels by any member
of the MAI team. In a quick post on TwitterX today Sunday morning I ranted about my annoyance on this, for
some reason the management team, both established and incoming, seems to think one week of
mansplaining about this corporate pivot would be enough to assuage long-term and loyal shareholders.
Further to the subject, the roaring silence is doubled when we consider company president Doug Ramshaw
as while it’s understandable to see him stand back and allow the incoming Chair Jason Kosec to present the
deal and its implications to the world, but it’s now been over two weeks since the announcement and as far
as I’m aware, we’ve had nothing from a company President who has been the constant public face of the
company for years. That’s not great.
Rio2 Lid (RIO.v): Our Top Pick lost ground after its recent foray over C$1.70 and didn’t trade well last
week. It happens, not worried. The company saw insider trades registered as several of the executive team
rotated out of the 65c incentive options they were awarded last year and into newly awarded incentive
options. We remind readers RIO.v top brass took shares in lieu of cash during the pre-EIA hard times in order
to preserve treasury.
Gold Royalty Corp (GROY): Another that looked a distinct bargain at sub-$3 prices last week, there was all
you could have wanted and sure enough, GROY was another that proved it was a bargain with its Friday rally
on the Powell feelgood factor. There’s a lot to be said for buying the dip of your fave stocks and not worrying
about what goes on around you too much.
7

Amerigo Resources (ARG.to): A good week for our mainstay copper pick, with the stock rallying nicely
once the market had heard that the issues at its source of tailings feed, the massive El Teniente (DET) mine,
weren’t going to cause a big hit in 2025 production. DET
announced Wednesday (6) that it was revising down 2025
guidance by 33,000 metric tonnes of copper produced, from
349kmt copper to 316kmt. While a negative for DET and its
owner Codelco, not to mention the terrible circumstances
surrounding the underground issues from late last month,
that’s not a severe hit and it also tells us most of of the
production dip is now behind us. Good news for ARG, which
should see its fresh tailings feed back to normal after a
period that could have been longer under worse
circumstances. Last weekend we ciggypacked an estimated
shortfall of 1-5m lbs copper for ARG in 3q25 due to the
suspension of activities at DET and while the first to admit
that it’s not going to be exactly right, it’s still a reasonable guesstimate considering this new information. A
bump in the road more than anything else.
Marimaca Copper (MARI.to): There was “Plenty on Marimaca Copper (MARI.to)” last week in Market
Watching, this week saw the stock consolidate nicely above the C$11 line, we also had news from our main
copper exploreco/developer trade when MARI announced it was buying a sulphuric (or sulfuric, no racism
here) acid plant in Chile (7). Under the headline “Marimaca Copper Announces Option to Acquire 150ktpa
Sulfuric Acid Plant”, we learn that the company has moved to secure its own supply of H2SO4 and that’s fair
enough. The price is reasonable, the plan is good but frankly, this is a bit of a nothingburger when push
comes to shove. The addition or lack of this acid supply line isn’t going to change the likely exit strategy, nor
will it alter the opinions of the potential buyers for the
company. I have nothing against this news and it shows a
management team looking for opportunities, but in the great
scheme of things it’s no biggie.
Surge Copper (SURG.v): Just when you think it’s going to
be ignored forever, SURG found a new radft of buyers as of
Thursday morning and a move that looks like a newsletter
tipster or social media guru has discovered the benefits of
large copper in a good jurisdiction.
Orecap Inv (OCI.v): The liquid-ish assets book dropped by 0.2c on the week, but the share price of OCI
didn’t budge.
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.52 6.13 2.5
ARIC.v 7.39 0.55 4.06 1.6
ARIC warrant 4.17 0.35 1.46 0.6
XXIX.v 22.992 0.075 1.72 0.7
KTR.v 42.75 0.03 1.28 0.5
MERG.v 5.125 0.025 0.13 0.1
MERG warrant 2.56 0.00 0.00 0.0
MIS.cse 24.709 0.03 0.74 0.3
subtotal 15.53 6.3
Est.cash 0.03 0.0
Total 15.56 6.3c
At 247.714 S/O
We’re now looking to the meeting this coming week that turns Kintavar into Auriginal and gives it the new
ticker, identity and reason to attract the market. We also note that OCI holds plenty of XXIX shares (we
assume the closure of the KTR deal in our total, above) and if things go to plan as from now, those are going
to be worth a lot more than the C$0.7m of this weekend.
8

i-80 Gold (IAUX) (IAU.to): We’re back complaining about the price of this stock:
I get that assets are getting the revaluation, it’s why I’m a buyer across the board this coming week. But
there has to be some criteria and in this case, value is really thin at the current price. On the pure trading
side there’s the warrant overhang to consider, while on the corporate/ops side this is still a debt-laden stock
with a turnaround plan that means several more quarters of loss-making (or at very best breakeven) before
the ship is turned around. I like the plan and I like the way management is looking to the long-term, that’s
already on record. But ultimately I’m a retail trader of shares and at this level, I see too much downside risk
in the near-term to balance out the potential IAUX offers in the longer-term. Long story short, if IAUX doesn’t
drop from this price level I’ll have to cut it from the Watch List at some point. Whatever happens, I wish
them well.
The Copper Basket
After thirty-four weeks of 2025, The Copper Basket shows a gain of 26.39% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 SolGold (GBP) SOLG.l 6.92 3001.11 427.96 14.26 106.1%
2 Atex Resources ATX.v 1.43 279.21 628.22 2.25 57.3%
3 Arizona Sonoran ASCU.to 1.47 174.6 480.15 2.75 87.1%
4 Aldebaran Res. ALDE.v 1.90 169.914 426.48 2.51 32.1%
5 Trilogy Metals TMQ.to 1.65 164.1 362.66 2.21 33.9%
6 Regulus Resources REG.v 2.05 124.659 304.17 2.44 19.0%
7 Faraday Copper FDY.to 0.74 205.516 263.06 1.28 73.0%
8 Hercules Metals BIG.v 0.55 289.289 216.97 0.75 36.4%
9 Hot Chili HCH.v 0.67 151.42 102.97 0.68 1.5%
10 American Eagle AE.v 0.69 173.377 90.16 0.52 -24.6%
11 Element 29 Res ECU.v 0.63 136.924 68.46 0.50 -20.6%
12 Andina Copper ANDC.cse 0.16 211.085 63.33 0.30 87.5%
13 XXIX Metal XXIX.v 0.11 306.308 22.97 0.075 -31.8%
14 Kobrea Exploration KBX.cse 0.60 35.085 18.60 0.53 -11.7%
15 Copper Giant CGNT.v 0.315 117.73 18.84 0.16 -49.2%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 26.39%
The Copper Basket managed to eke out another 2025
high by adding just under a point on the week, The Copper Basket 2025, weekly evolution
30%
product of the size of seven winners (ATX.v, REG.v, 25%
ASCU.to, FDY.to, BIG.v, HCH.v, ANDC.cse) being 20%
15%
enough to tip the scales against the seven losers
10%
(SOLG.l, ALDE.v, TMQ.to, AE.v, ECU.v, XXIX.v,
5%
KBX.cse), with the sole unchanged stock on the week 0%
-5%
9
-10%
-15%
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 dr3gua ht01 ht71 ht42
source: IKN calcs

(CGNT.v) providing some sort of fulcrum. The only double figure percentage winner was Hot Chili (HCH.v up
17.2%), while the only larger loser was XXIX Metal (XXIX.v down 11.8%, or one penny in real terms).
As for copper-the-metal, trading last week
was in a tight range on low volumes, typical
summer action (or lack of) that is set to
switch up the gears as Chinese end-users
come back to the market in Q4 to re-stock.
So no near-term chart today, instead we
widen the focus and offer the one-year chart
of the near-dated Comex copper futures chart
(we’ve shifted focus to the December 2025
contract now). As seen on the chart, if we
consider all Comex copper trading with the
lens of Trump’s tariff threats, pledges and
then 180° reversal this year, i.e. the collapse
point four weeks ago, we can argue that the
fundamental price for copper has barely
changed over the last 12 months.
It was a quiet newsweek for copper, but this story (8) caught my eye along the way and is worth a few extra
eyeballs. From Bloomberg and entitled “US Scrap Copper Traders Redirect Metal to Sidestep China Levies”, it
starts like this:
Some US metal dealers are redirecting China-bound shipments of scrap copper through countries including
Canada, Mexico and Vietnam in a risky move to avoid 10% import tariffs, according to people familiar with the
matter.
For what it’s worth, I tend to take Bloomie’s “people familiar to the matter” with a more of a pinch of salt
than, for example, AP or Reuters anonymous sources, mostly because Bloomie has an internal policy of
crediting its journalists if their reports turn into “market-moving stories”. That said, this one has the ring of
truth and is the first time I’ve seen in print a rumour that’s been around for a while but left unsaid in public
(or at least outside of social media). Further down some details and a good visual:
Officially, Chinese imports of copper scrap from the US have plunged this year, falling from 39,373 metric tons in
January to below 600 tons in July, the lowest monthly total according to Chinese customs data going back to
2004. Shipments from other nations have largely filled the gap, since China’s overall imports of 190,000 tons last
month was little changed from the start of the year. Shipments from Japan and Thailand have more than doubled
since January, while imports from Canada climbed 29%.
US export data, meanwhile, shows that Thailand, India and Canada were the top three destinations for American
scrap copper in the second quarter.
And here’s a little extra on the logistics of the trade, deemed “risky” by Bloomie’s anonymous informant:
10

The sudden, large increases in Chinese imports from countries other than the US suggests at least some
rerouting, according to the people familiar with the workaround, who asked not to be identified because they
weren’t authorized to publicly discuss the practice.
To dodge Chinese tariffs, US scrap copper is put in containers, tagged with the owner’s name, and shipped out to
a third country, the people said. When the cargo reaches its stopover, the owner tag is switched with another
carrying a different name and country of origin, and the container then continues its journey to China, they said.
If the scrap copper trade between USA an China has kept up to its 40kmt/month volume since then (just
moving via different flags), it represents gross metal value of over U$350m per month and that’s not a small
number. We move to our weekly check-up of copper inventory movements.
 It was another quiet week for copper trading, the northern hemisphere summer downtime showing
clearly. The three official copper inventories systems dropped an aggregate total of just 405 metric
tonnes (mt) to close at 484,152mt.
 Last week Shanghai SHFE inventories moved up 4,428mt, this week they dropped by nearly the
same amount, specifically 4,663mt, to close back down near the 80k line (for the third time this
summer) at 81,698mt.
 LME copper stocks added just 175mt to its pile, closing the week 155,975mt.
 As for the Comex, we’re still seeing excess inventory in The USA find its way here, the last roof of
choice, and 4,083mt were added to its stocks to bring this weekend’s total to 246,479mt. Another
record, of course.
Our dedicated SHFE chart shows the flatline that started early June when stocks ducked under the 100kmt
line and has continued to this day, gently fluctuating between 80k and 90 and apparently waiting for
something to happen.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
11
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:
Element 29 (ECU.v): On July 17th, ECU.v announced its intention to raise $3.5m in a private placement
priced at 50c per unit, each unit comprising of a share and a half warrant with a 70c strike and a three year
shelf life. Last week, this happened (9):
Vancouver, British Columbia, August 20, 2025 – Element 29 Resources Inc. (TSXV: ECU | OTCQB:
EMTRF | BVL: ECU) (“Element 29” or the “Company”) announces it has closed effective August 19, 2025 its non-
brokered private placement (“Financing”) of 12,649,000 units of the Company (the “Units”) at a price of $0.50 per
Unit for aggregate gross proceeds to the Company of up to $6,324,500.
Yet another example of a big upsizing in placements in 2025, the company happy to stuff its coffers and
accredited shareholders happy to get the terms offered. That puts the ECU shares out number at an IKN
calculated 136.924m and means ECU has all the money it needs to drill Elida to its heart’s content this year,
with extra cash to adapt and potentially expand the drill program at its flagship as well as think more about
Flor de Cobre in the South. The share price has held up reasonably well through the placement process, too.
Hercules Metals (BIG.v): BIG reported its 2q25 financials on Friday evening and while the basic numbers
aren’t that important at the moment (it’s just added $17m to its coffers via that placement that happened at
the same time as the Barrick JV adjustment), we do note that drilling expenses for 2025 dropped somewhat
in 2q25 compared to the same quarter of last year. BIG reported $3.281m spent on drilling and while Q3 is

the busiest period normally for on-site work (see chart right), it’s a little strange to see the company
throttling back instead of pushing harder at this juncture.
BIG.v: Exploration drilling expenses, per qtr
2.98 2.992 3.239 3.281
0.858
0 0.509 0.261
12
949.4
629.6
C$m
8
7
6
5
4
3
2
1
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25
source: company filings
BIG is getting a lot of online promotion and airtime this year too, with plenty of the usual suspect influencers
and funds making it sound like a no-brainer from here. I disagree; it has its chance to impress and I’ll be
happy if it hits the type of blockbuster hole that returns it to the high-momentum trade it became around the
time Barrick first bought in, but after a year and a half of ho-hum results (and no lack of hype in that time),
this is a show-me story now.
Aldebaran (ALDE.v): Interestingly, it’s not just the Vicuña project or Rob McEwen’s lesser quality copper
project that’s making business headlines these days. On Friday, Reuters published this (10) under the header
“Canada's Aldebaran plans $1.5 billion capex for Argentina copper project”:
SAN JUAN, Aug 22 (Reuters) - Canada's Aldebaran Resources will require at least $1.5 billion to develop its Altar
copper project in northern Argentina, country manager Javier Robeto said in an interview.
The company plans to include the figure in its preliminary economic assessment in September, which will show
that Altar holds about 32 billion pounds of copper resources and 6.7 million ounces of gold resources, Robeto
said.
That sounds about right for the capex, at least for pre-production (it’s likely to need serious sustaining capex
to reach the deeper resource), but as for the contained copper and gold, that’s a big jump on the current 43-
101 resource:
Since 2021 there have been around 63,000m put into Altar and a lot of those holes have targeted the deep
mineralization at Altar South and Altar East, as seen in this visual below, also from the latest corporate
presentation (11).
All that will go into the PEA, because PEAs don’t mind the rock being inferred category. However, there’s still
a lot of work to be done to get all this new resource tonnage to PFS level and that’s worth keeping in mind.

Indeed, that same Reuters report that has apparently got the scoop on the new resource number also had
Javier Robeto’s thoughts on whether Altar would be able to qualify for Argentina’s RIGI tax incentive scheme:
Aldebaran is unsure it will be ready to deploy the spending in time to qualify for a government incentives program
known as RIGI, which offers lengthy tax breaks and access to international dispute courts for investments
exceeding $200 million.
The scheme will accept applications through July 2026, with a potential one-year extension.
"It's not certain we'll make it. It's a challenge because if the RIGI is cut off, what happens next? The tax burden
automatically returns to 54%," Robeto said.
In Argentine Spanish, that’s what’s called “hacerse el boludo”, i.e. pretend to be ignorant about a subject and
preferring not to answer with straight shot truth. ALDE isn’t unsure, it knows full well that it won’t be able to
get to a construction decision before the end of the RIGI window as stands and would need the Milei
government to extend RIGI for at least a couple of years (and likely more) to stand a chance. Even if some
desperate major steps up and buys ALDE on the back of a freshly printed PEA (unlikely, not impossible) and
before a PFS appears, there’s no way in the world its new owner would make a build decision and commit a
cash sum beginning with the letter B to the project without running plenty of its own studies.
In other words, ALDE country manager Robeto opened his mouth where he shouldn’t have on the resource
number and closed it when he had the chance to be honest about the potential to qualify for RIGI. It
wouldn’t have happened if the reporter had collared John Black.
Hot Chili (HCH.v) (HCH.ax): No better example of the speculative atmosphere now rising in the juniors,
the mediocre HCH is back in the green in 2025 YTD thanks to renewed buying interest mainly in its Australian
listing. Why exactly this has been catching a bid in the last few weeks is beyond me, but if I had to guess it
would be a combination of 1) nonsense at the recent Rule Conference, at which HCH was promo’d 2) coat-
tailing the success of Marimaca Copper (there are always enough people who think an inferior project will
enjoy the same destiny, and MARI has just started trading there), 3) the upcoming election that’s now
looking good for Chile’s right wing and 4) Australia’s natural tendency to bet on anything that moves.
The Producer Basket
After 34 weeks of 2025, the Producer Basket shows a gain of 76.98% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 78.41 70.77 90.1%
2 Agnico Eagle AEM 78.21 502.579 68.98 137.26 75.5%
3 Barrick B 15.50 1705.994 44.70 26.20 69.0%
4 Franco-Nevada FNV 117.59 192.119 35.56 185.10 57.4%
5 B2Gold Corp BTG 2.44 1313.11 5.23 3.98 63.1%
6 Eldorado Gold EGO 14.87 204.909 4.81 23.49 58.0%
7 New Gold NGD 2.49 790.9 4.38 5.54 123.4%
8 OceanaGold OGC.to 11.94 231.127 4.01 23.74 98.8%
9 Sandstorm SAND 5.58 296.844 3.26 10.98 96.8%
10 Wesdome Gold WDOFF 8.98 149.891 1.85 12.36 37.6%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 76.98%
All boats rise on the tide. Te weeks when all ten component stocks rise but none of them stand out, with New
Gold the best at +6.3%, are the weeks when we know the cash came in top-down and didn’t discern much
between the different names. In fact, we can go a little further and note that the biggest OPM stocks rose
less than the Tier 2 names, suggesting the rotation into potential target stocks has begun. That effect helped
our battle against the GDX and our Producer Basket beat the benchmark by a percentage point on the week,
our deficit is down to 0.49% and there’s all to play for in the last four months for the year. Game on.
13

Barrick (B): I found myself pondering the future prospects of B last week and strangley, found myself
thinking positive thoughts about the company for the first time in a long time. Not just for the potential that
Mark Bristow makes good on his plan to retire in 2026 (though that alone would be a positive), the thought
process set off by the ongoing soap opera in Dominican Republic around the Pueblo Viejo mine. In June and
after years of bickering, the company apparently reached agreement with the residents of the local town next
to the mine, Cotuí. The agreement would displace the town and get new agricultural land (and expert help in
farming it, etc) in exchange for agreeing to move and allowing the new tailings facility (TSF) at Pueblo Viejo
to go ahead. But according to latest reports (12), the deal is now being challenged by locals (and the usual
assortment of anti-mining groups in Dom Rep), saying that the deal doesn’t give them much. The TSF is a
vital piece of the pie at Pueblo Viejo, as the current one’s useful life is only being stretched to the now-
estimated 2030 due to the mine slowing its production cadence. That’s when I hit the Excel last week,
thinking about what a return to full potential would do for B under the current gold price, because the even
the recent uptick in production is likely to be left in the dust. The quarterly gold sales chart for BPV (60%
attributed, with the missing 40% going to minority JV owner Newmont) shows the drop-off, but also the
recent small improvement (that was trumpeted loudly by B in its 2q25 financials last week).
Barrick Pueblo Viejo: Gold sales (per qtr)
14
341 071 241 281 841 521 741 071 241 231 631 471 441 511 921 351 141 811 521 311 401 201 421
69 09 97 77 98 28 97 69 49 67 39
200
180
160
140
120
100 80 60
40
20
0
71q1 71q2 71q3 71q4 81q1 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source: company filings
uA
zO
s000
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead)
8%
6%
4%
2%
0%
-2%
-4%
But to get the idea of what BPV could do for the company, consider the annual sales numbers in this second
chart, as an extra 250k oz per annum at the low cash cost enjoyed by this mine would do wonders for
margins and EBIT. On top of that, we now have B applying to the government of Argentina that a proposed
U$300m upgrade to its Veladero mine be allowed into its
RIGI benefits scheme (currently only new projects are
considered for RIGI, so the Milei government would have
to either bend or change the rules), and of course its big
expansion project at Reko Diq (50/50 with the government
of Pakistan), which is now underway and made more
headlines last week (13) when the project picked up
U$410m worth of financing from the The Asian
Development Bank ($300m of that going directly to
Barrick). We’ll see on Reko Diq timeline delays later, but
there’s no doubt how important the project is for the
company’s future (and its apparent move to become a
more serious copper producer).
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 dr3gua ht01 ht71 ht42
The 2025 Producer Basket: Weekly performance and
100% comparative to GDX control
90%
80%
70%
60%
50%
40%
30%
20%
10%
source: IKN calcs, NYSE data 0%
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 dr3gua ht01 ht71 ht42
ikn
gdx control
source: IKN calcs
Barrick Pueblo Viejo: Annual gold sales
736 095 485 145 794
624
533 153
000oz Au
700
600
500
400
300
200
100
0
2017 2018 2019 2020 2021 2022 2023 2024
source: company filings

Summing up, today’s notes on B are a long way of saying that the much-criticized Barrick might be at a cycle
low point, much the same way as Newmont a couple of years ago. There are still question marks floating
over the name and we’ve managed to touch on three in this brief note without even mentioning Mali, but
there’s also something of the inevitable about the projects in question. Veladero is going to expand, with or
without RIGI. Pueblo Viejo is going to get its new TSF online, even if it has to triple the compensation for
locals. Reko Diq is going to open, just don’t ask me when. Over the last five years (i.e. since Covid), Barrick
has underperformed the GDX significantly and it’s even done worse than Newmont (and hey, that takes some
doing). It may be time to reconsider Barrick as its long-term strategy starts to play out.
Wesdome Gold (WDOFF) (WDO.to): After our meander through some of its more pertinent its financials
last week, I couldn’t help but feel happy to see WDO rally last week and add back 5.2% of its deficit to peers.
As noted last weekend, it probably deserved the beating it
took the week before when announcing its 2q25 financials
and dropping guidance for Kiena this year. One the other
hand, we also pointed out how WDO financials remain
strong with a vastly improved balance sheet position
compared to the Kiena build-out period (that dragged on
longer than expected).
WDO stayed in this 2025 edition of the Producer Basket
because at the end of last year, I considered it a live M&A
target. Still true and that fact alone will put a floor on the
price.
The TinyCaps List
After 34 weeks of 2024, the TinyCaps show a gain of 25.93% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 12.20 0.09 -47.1%
Condor Res CN.v 0.145 149.913 17.24 0.115 -20.7%
Electrum Disc ELY.v 0.13 98.995 6.43 0.065 -50.0%
Endurance Gold EDG.v 0.145 176.296 44.96 0.255 75.9%
Kodiak Copper KDK.v 0.39 85.7 51.42 0.60 53.8%
Latin Metals LMS.v 0.08 121.915 23.16 0.19 137.5%
Mogotes Metals MOG.v 0.13 374.759 108.68 0.29 123.1%
Radius Gold RDU.v 0.085 107.554 15.06 0.14 64.7%
South Star STS.v 0.55 69.2 13.84 0.20 -63.6%
Viva Gold VAU.v 0.14 145.53 17.46 0.12 -14.3%
Prices in CAD$, data from TSXV basket avg 25.93%
15

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 fun was in other places last week, as five of our ten
50% TinyCaps, 2025 weekly tracker
TinyCaps List stocks remained unchanged on the week
40%
(CN.v, ELY.v, KDK.v, MOG.v, RDU.v) and of the rest, the
three losers (BRO.v, LMS.v, STS.v) did enough to 30%
outweigh the two winners (EDG.v, VAU.v) and as a result, 20%
the basket average lost a modets 0.7% or so on the week. 10%
0%
We’ll see if the smallest end of the food chain gets a little
-10%
more love once the world gets off the beach and back to
work in September, but as seen in the 2025 tracking chart
it’s been a quiet summer for the list, gains remaining
intact without any big moves either way.
Mogotes Metals (MOG.v): When we began this year’s TinyCaps List, MOG got the nod despite being
slightly higher than our preferred market cap limit (at C$28.42m) because we considered it a good way of
taking the pulse of market interest for the Lundin-created “Vicuña Zone”. Here’s how the stock note went on
the day of its presentation as a TinyCap List stock in IKN815:
“…anyone getting on now is doing so in the hope that the whole district becomes fashionable and
more valuable. A good stock with which to check the pulse of enthusiasm for this zone as the next
major mining camp in South America.”
It’s fair to say there has been plenty of enthusiasm. We’ve seen it in NGEX.to this year and it’s been on show
at MOG as well and with the latest placement bringing the share count up to nearly 375m multiplied by the
stock price run, we’re in the rare situation of having a TinyCaps List stock with a market cap of over $100m.
Canadian dollar rather than US of course (grant me that), but 100m all the same and testament to the
growth in interest of the Vicuña district among big investors and pennystock speculators alike.
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
Bolivia: The round one result, in-country reaction and what happens next
It took until Thursday to get the official result for the Presidential and General elections held last Sunday,
which is normal for Bolivia. Also normal was the way the Fast Count result from Sunday evening tallied
closely to the final score:
 Rodrigo Paz Pereira, of the PDC “Partido Demócrata Cristiano” (Christian Democrat) Party: 32.06%
 Jorge Tuto Quiroga, of the “Libre” (Free) alliance: 26.70%
 Samuel Doria Medina of the “Unidad” (Unity):19.69%
Arguably the biggest loser aside the MAS government was Samuel Doria Medinaa, as he was leading or at
least tied with Quiroga for most of the campaign process. His loss was Rodrigo Paz’s gain and a lot of ink has
been spilled in the last few days on why Bolivians swapped over en masse. Behind the top three came the
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 dr3gua ht01 ht71 ht42
source: IKN calcs, TSX data

main lefty candidate Andrónico Rodríguez of Alianza Popular (Popular Alliance) with 8.51% and we could
continue with the list, but what matters are the top two and as the winner didn’t get to the minimum
requirement for outright victory (40% and 10% ahead of 2nd) Paz and Quiroga now go forward to the run-
off vote on October 19th. In other words, we have a full eight weeks of campaigning before we know who is
Bolivia’s next President. The only real loose end to tie up is the number of annulled votes, which between
spoiled ballots and “vote in white” (i.e. left unmarked) came to 22.37% of the total votes counted. That’s a
high number and testimony to the influence of Evo Morales, who called for his supporters to annul their votes
in protest against his exclusion in the election.
As for reaction, these pages aren’t the place for straight-shot political analysis and if you care enough there
are plenty of places where you can read more but for our purposes, this excerpt from this BBC article (14)
covers enough of the basics:
Paz Pereira's campaign focused on redistributing more funds away from central government towards regional
entities, and fighting corruption - with his slogan "capitalism for all, not just a few".
He has suggested a programme of accessible credit, tax breaks to boost the formal economy, and eliminating
import barriers for products that Bolivia doesn't manufacture.
Quiroga briefly acted as interim president from 2001-2002 after serving as Vice President to Hugo Banzer, a
military dictator until he was later elected.
The election of a president from outside the left camp will likely see sharp changes in the Latin American country's
foreign policy.
In terms of trade, both candidates capitalist stances could indicate more support for foreign investment in Bolivia's
vast lithium reserves - the key ingredient for batteries used in many electric cars, laptops and solar panels.
Politically, a change in government could mark closer ties with the US, after two decades of strengthening ties
between Bolivia and China, Russia and Iran.
All that is true. If you start reading more you’ll get to hear that Rodrigo Paz is “centrist” and even has an
amiable relationship with some in the MAS party, an angle that’s bound to be used against him by the hard
right wing Quiroga in the next eight weeks. However, what matters for us is that “"capitalism for all, not just
a few" slogan and it’s why I chose the above BBC report excerpt. Make no mistake, whoever wins in October
will head a government that marks a clear change from the MAS party line of the last two decades. And if
you needed more evidence, on Friday’s Bolivia’s Supreme Court ordered (15) that the decisions to remand in
prison ex-President Jeanine Añez, Luis Fernando Camacho and Marco Antonio Pumari, all staunch opposition
to the MAS government and held on charges, to be reviewed. It’s now widely expected they’ll be allowed out
of jail to await their day in court in the comfort of their own homes.
The move away from the MAS grip is good for mining of course and there’s already plenty of articles on how
a “flood of foreign capital” is set to enter Bolivia’s mining sector on the result. The lithium reserves are one of
the targets, but don’t forget the opportunities in the classic high Andean silver/zinc/lead triumvirate of
metals, indeed the rally put in by some Bolivian-exposed miners was eye-catching last week. Those suitably
armoured with risk tolerance may want to join in, personally I prefer to see how much mischief Evo and his
support will be able to generate in the next few weeks as his support may grow if those who voted against
the right wing re-join his hardcore. The chances of an uptick in Bolivian social protests are high.
Argentina: A political scandal and a meeting with Glencore
A couple of Argentina items this week, starting with the eruption of perhaps the first serious corruption
scandal of the Milei government and as Argentina has local media in English as well as Spanish, I can lean on
the Buenos Aires Herald and save some translation time (16):
The government has “pre-emptively” removed National Disability Agency head Diego Spagnuolo from his post.
The dismissal comes after a series of leaked audios in which a voice allegedly belonging to the disability head can
be heard accusing Secretary General Karina Milei of corruption.
In the recordings, which surfaced on Tuesday, Spagnuolo claims that President Milei’s sister takes bribes from
medical and pharmaceutical companies in exchange for state contracts. The audios also contend that the
president was aware of this.
It’s slightly surprising that we’ve had to wait this long for some graft sleaze in the Milei government and to
his credit, the President quickly moved against the source (17) in order to preserve his largely clean image he
enjoys in the country. This is South America, we’re always going to see corrupt activity at some-or-other
echelon of any given Argentina government no matter which the President, but the major cloud in this case is
the implication of Milei’s sister, Karina, one of his inner circle and arguably the second most powerful political
figure in Argentina 2025. This one is bound to run and run, not least because we have key elections coming
up in September (Buenos Aires Province) and October (the mid-terms, see editions passim). Not for nothing
have we mentioned the provincial midterms in several recent editions of The IKN Weekly, it bears repeating
17

that it’s a crucial vote for the Milei government and if it goes against him, could reduce the rest of his term to
near lame duck status (18). I’m well aware of his popularity in the industrialized North and his position in the
vanguard of libertarian politics (with or without a capital L), but I’m also watching dissent steadily grow
against him in-country and cannot help but wonder if this mid-term will come in time. On the bright side, if
Milei does well in October it will be akin to a confirmation of his mandate and would provide all the impetus
he needs to continue with the reform package. Personally speaking I wish him every fortune and hope he
gets to do exactly that to a country sorely in need of deep changes (they’ve only just begun).
Meanwhile, Milei tried to rise above the mess and
one of his photo opportunities was with the head
of Glencore, (19) Gary Nagle, along with an
assortment of big eggs from the company and the
Argentina government, presumably celebrating
Glencore's application last week for the RIGI
program for its El Pachón (U$9.5Bn) and Agua
Rica (U$4Bn) projects. Reports also had President
Milei in conversations with Rio Tinto's outgoing
and incoming CEOs.
For the record, I still say El Pachón is more likely
to move forward first and if Antofagasta isn't in
talks to go JV on the deal, I'd also be surprised. Agua Rica gets plenty of column inches, but its social issues
are not going away just because Milei is in power and the provincial Catamarca government is on board. All
politics is local and what really matters is the opposition in the local town of Andalgalá.
Chile: Kast leads
Our most recent mention of the biggest and most important election in LatAm in what’s left of this year, the
Chilean Presidentials in November, was in IKN847 two weekends ago in which we ended with this flourish:
“We’re still three-and-a-bit months away from the round one election on November 16th and as this is
LatAm, anything can happen. However and at this point it’s difficult to get away from assuming that it will
be Jara versus Kast in a second round, then Kast wins the December. I’m not usually this confident about
a LatAm election call, this time I am.”
Last week’s polls bring more evidence of that being the most likely scenario. On Friday, Chilean polling
company Black & White (B&W) published the results of its latest poll (20) and found that if the elections were
held this weekend, 34.9% of people would vote for José Antonio Kast, with left wing candidate getting
second spot with 30.3%. After those two, Evelyn Matthei is in third spot with 13.7% and Johannes Kaiser
fourth on 10.6%. Therefore, the poll suggests Jara and Kast will go forward to the run-off vote on December
14th and according to the same poll, 57% of voters would prefer Kast over Jara in the second round. That
five point advantage for the first round vote also fits with the CADEM poll announced early last week which
had Kast on 29% for round one, Jara on 25% (21). For dissent, a poll conducted by (have to say it) left-
leaning pollster Ciudadano Público and published last weekend had Jara in a slight lead, but even that poll
predicted Kast would win against her in the near-inevitable December run-off.
Market Watching
Regarding AbraSilver (ABRA.to)
As well as the script above in today’s intro and main fundies section, I think it only fair to add an extra line or
three dedicated to one specific and recently closed trade, AbraSilver (ABRA.to) and for context, we begin with
a price chart:
18

As alluded above, any time you can book a double on your trade money is not to be sniffed at and I was
happy enough to take profits on ABRA at C$5.67. Since then we first saw ABRA move above the C$6 line and
add another 15% or so to my sale price, then fall back to my price, but most recently rebound strongly to
close last Friday at a very healthy C$6.12. With silver now looking strong and your author expecting the
metal to get to and then break through our previous U$40/oz target price, ABRA may be one way of playing
the move. Indeed, I thought long and hard about re-buying ABRA and was definitely not against the idea
simply due to selling recently. The change in posture in silver means a change in attitude toward all silver
stocks, which most definitely includes the cream of the crop companies such as his one.
However and after thought, I’ve decided not to return to ABRA and the main reason is leverage. It’s one
thing to add $3 to a sub-$3 entry price, but if that happened from here it would be gain of less than 50%.
Not a bad return for sure, but it also implies I’d have to deploy a sizeable amount to the trade and when it
comes to right down to it, my own bias means I cannot regard trades in silver stocks in the same way as
those for gold-based juniors and I’d feel over-exposed if I made a big purchase of ABRA shares at this stage
in its evolution. Therefore, I’m going to go bottom feeding to re-open speculation in silver and leave the large
market caps to someone else. All that said, I’d reiterate that ABRA is a cream-of-crop silver exploreco and on
its rarefied timeline to Feasibility Study status and planned inclusion in Argentina’s RIGI tax incentive scheme
next year, must be on the shortlist of several larger scale producers as a M&A target. I wish the company the
best of fortune and hope both it and those of you holding shares in the company make me look stupid.
Atico Mining (ATY.v) is highly likely get its EIA for the La Plata project
Atico Mining (ATY.v) is a smallcap that’s been on your author’s radar for what seems like forever and while
I’ve owned shares, interest for a while was up to and including a site visit to its El Roble mine in Colombia.
Along the way in 2019 it picked up a failed tinycap called Toachi Mining and its La Plata project in Ecuador
and since then it’s been trying to move the project forward. The El Roble project appealed to ATY at the time
because it was a VMS, much the same geological style as El Roble. It was also cheap, as Toachi had hit
serious permitting problems due to the staunch local opposition to the project development. That opposition
has never gone away and, from time to time, these
pages have reported on protests and violence between
locals and the company and/or the forces of order in
Ecuador. It’s one of the more polemic projects in a
country with a reputable for volatile anti-mining
sentiment, often depending greatly on the locality or
project in question.
That’s the background, now for the latest development
and this weekend saw the government of Ecuador run
an Environmental Consultancy meeting in the locality,
one of the required elements for the awarding of any
environmental impact permit (EIA) for a mining project.
The process went ahead and came to a conclusion on
Saturday, but not without considerable controversy. The Mining Ministry stated in its presser (22) that the
19

event “counted on the voluntary participation of the inhabitants of the Las Minas de la Plata and San Pablo de
la Plata, considered zones of direct social influence (to the mine project)” and that the day went off “…in a
free, transparent and respectful manner, allowing all those attending to express their decision via a public
vote…”
However, locals from one of the main centres of opposition to the project, the town of Palo Quemado,
complained that they were not allowed to reach the event and were blocked from attending by police lines.
The “National Anti-mining Front” (Frente Nacional Antiminero) and the Cotopaxi Indigenous and Rural
Movement (Movimiento Indígena y Campesino de Cotopaxi) said the process lacked constitutional
guarantees, had been imposed “against the will of the people.” A couple of translated quotes (23):
“The vast majority of people affected by the La Plata mega-mining concession were stopped from participating
in the environmental consultancy process.”
“The Palo Quemado community has clearly and definitively expressed its rejection of mining on its territories,
because mining signifies destruction, eviction and contamination.”
As a final witness, our old friend Leonidas Iza, ex-President of CONAIE, was quoted by reporters saying that a
large contingent of police and army personnel arrived at the communities and were used to safeguard the
interests of the Canadian Atico Mining company.
Background done, what we have here is a situation similar to that of Dundee Precious Metals (DPM.to) at
Loma Larga, which this year saw a dubious environmental consultancy meeting pushed through. In that case,
the company and Mining Ministry organized a meeting in a small village distant from the mine and the main
anti-mining centres and tried to keep it quiet from everyone. On the very day of the meeting dissenting locals
got wind of the meeting and arrived on the scene to protest the style and substance of the event, despite this
and subsequent protests the Loma Larga mine was granted its EIA a few weeks later. It would seem we have
the same situation here, with the Noboa government keen to push projects through the key permitting stages
at any cost and get them their papers. The validity of the EIA can be discussed later, but those in charge
understand that possession is nine tenths of the law and it’s far tougher to rescind an EIA than to stop it from
being awarded in the first place.
With a little over 180m share, a market cap of around C$26m and a balance sheet that’s small and rather
fragile after a protracted legal battle with the Colombia government over back taxes that finally came to an
agreement recently, ATY doesn’t have the estimated U$100m to develop La Plata without significant financial
help. However, it does have its relationship with Fortuna Mining and has recently raised C$6m in a rights
issue, so a positive result from this EIA process will allow it to move forward with initial plans and works.
What ATY brings to the table here is leverage in a good looking project (on paper at least) compared to its
market cap and with the award of an EIA, it will have plenty to trumpet. I wouldn’t bet on the medium term
of this company, let alone the long-term, what’s more I’ll state for the record that its close connections with
the Ganoza family is enough for me to avoid putting my money into the trade, but that’s mty stupid moral
bias and not your problem. The IKN Weekly exists to offer its readers trade ideas and at its current 14.5c or
so and now with the high likelihood of being awarded a EIA (be it workable in real terms or not). ATY brings
enough to the table for speculative opportunity for those so inclined. Not difficult to see this stock running up
to 20c or so in the near-term.
Conclusion
IKN849 is done, we end with one bullet point:
 Cash will be deployed.
I thank you in advance for any feedback. Our Top Pick stock is Rio2 Ltd (RIO.v). Flash updates will be sent if
required by events.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
20

Footnotes, appendices, references, disclaimer
(1) https://www.wsj.com/livecoverage/stock-market-today-jackson-hole-jerome-powell-08-22-2025
(2) https://www.nytimes.com/2025/08/22/business/powell-speech-jackson-hole-fed-inflation.html
(3) https://edition.cnn.com/business/live-news/fed-powell-jackson-hole
(4) https://xxix.ca/news/xxix-announces-closing-of-6.0-million-financing/
(5) https://xxix.ca/news/xxix-announces-fully-funded-drilling-and-development-plans-for-opemiska-and-thierry/
(6) https://www.hellenicshippingnews.com/chiles-codelco-to-lower-2025-copper-target-after-el-teniente-accident/
(7) https://marimaca.com/marimaca-copper-announces-option-to-acquire-150ktpa-sulfuric-acid-plant/
(8) https://www.bloomberg.com/news/articles/2025-08-22/us-scrap-copper-traders-redirect-metal-to-sidestep-china-levies
(9) https://www.e29copper.com/news/element-29-closes-private-placement-of-63m
(10) https://wp-aldebaranresources-2023.s3.ca-central-1.amazonaws.com/media/2024/08/19085221/Aldebaran-Corporate-Presentation-
August-2025-1.pdf
(11) https://www.reuters.com/markets/commodities/canadas-aldebaran-plans-15-billion-capex-argentina-copper-project-2025-08-
22/?s=03
(12) https://dominicantoday.com/dr/local/2025/08/11/cotui-residents-protest-barrick-pueblo-viejo-mining-expansion/
(13) https://www.reuters.com/markets/asia/adb-provide-410-million-package-barrick-run-pakistan-mine-sources-say-2025-08-21/
(14) https://www.bbc.com/news/articles/c4gzlp85432o
(15) https://www.infobae.com/america/america-latina/2025/08/23/el-tribunal-supremo-de-justicia-de-bolivia-ordeno-revisar-las-
detenciones-de-los-opositores-anez-camacho-y-pumari/
(16) https://buenosairesherald.com/politics/the-rosca/government-official-fired-over-audio-leaks-accusing-karina-milei-of-bribery
(17) https://www.bloomberglinea.com/latinoamerica/argentina/gobierno-de-milei-confirma-salida-de-funcionario-involucrado-en-
polemicos-audios-sobre-coimas/
(18) https://www.perfil.com/noticias/politica/los-audios-de-diego-spagnuolo-desataron-una-marea-de-negatividad-contra-el-gobierno-de-
milei.phtml
(19) https://www.elinversorenergetico.com/javier-milei-recibe-en-casa-rosada-a-ejecutivos-de-glencore-y-rio-tinto-para-promover-
inversiones-mineras-millonarias-en-argentina/
(20) https://www.emol.com/noticias/Nacional/2025/08/22/1175652/black-white-encuesta-kast-jara.html
(21) https://www.latercera.com/politica/noticia/cadem-29-votaria-por-kast-y-25-por-jara-si-las-elecciones-presidenciales-fueran-este-
domingo/
(22) https://www.infobae.com/america/agencias/2025/08/24/ecuador-realiza-consulta-ambiental-por-proyecto-minero-que-es-rechazada-
por-organizaciones/
(23) https://laretrofm.com.ar/mundiales/id-4857_Ecuador-realiza-consulta-ambiental-por-proyecto-minero-que-es-rechazada-por-
organizaciones
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
21

American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
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
22

Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
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
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Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
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
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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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