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The IKN Weekly
Week 850, August 31st 2025
Contents
This Week: In today’s edition, September arrives, Silver over U$40/oz.
Fundamental Analysis: The Marimaca Copper (MARI.to) Feasibility Study West Red Lake Gold (WRLG.v)
2q25 financials, Minera Alamos (MAI.v) 2q25 financials.
Stocks to Follow: Minera Alamos (MAI.v), Provenance Gold (PAU.cse), XXIX Metal Corp (XXIX.v), West Red
Lake Gold (WRLG.v), Red Pine Exploration (RPX.v), Rio2 Lid (RIO.v), Gold Royalty Corp (GROY), Salazar
Resources (SRL.v), Surge Copper (SURG.v), Orecap Inv (OCI.v), i-80 Gold (IAUX) (IAU.to).
The Copper Basket: Overview, Andina Copper (ANDC.cse), Hot Chili (HCH.v) (HCH.ax).
The Producer Basket: Overview, Newmont Corp (NEM).
The TinyCaps Basket: Overview, Electrum Discovery (ELY.v).
Regional Politics: Chile: Boric on a diet, Burkina Faso: Resource nationalism on steroids, Argentina: The
Milei corruption scandal deepens, More Argentina: Santa Cruz governor criticizes mining companies.
Market Watching: Provenance Gold (PAU.cse) delivers drill results, Aurion Resources (AU.v) gets money.
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
 With Labour Day and the market holiday, this week took the extra day gladly and used the time to
make sure plenty of subjects get covered. The arrival of the Marimaca Copper (MARI.to) Feasibility
Study (DFS), or at least its news release and overview before the document arrives on SEDAR, was
always going to need top billing in the subsequent edition and that happens in today’s main fundies
section.
 However, last week was also the time window for TSXV 2q25 financial reports, so there are plenty of
those in today’s edition. The main fundies section carries two of the important ones for us, with the
Minera Alamos (MAI.v) Q2 numbers giving more insight on why the company pivoted the way it did
last month. But we have better news from the relatively new and recently added trade in West Red
Lake Gold (WRLG.v), which returned better than expected production and sales for what is still in
essence a ramp-up period before the true re-rate happens.
 As well as those, we note Q2 financial highlights and observations for the established trade in Salazar
Resources (SRL.v), Provenance Gold (PAU.cse) and even the stock we’re tracking from the sidelines,
Aurion Resources (AU.v).
 Gold is moving up nicely and we now have silver at the U$40/oz line. Today’s intro section addresses
silver in particular and the lack of exposure in the current IKN Weekly portfolio. It looks as though it’s
going to stay that way for a while, but this time not because I’m leery on the metal’s chances. Quite
the opposite, in fact.
 Argentina is country of the week in Regional Politics as we again send out a warning signal about the
issues being faced locally by President Milei. Loved internationall, that we know, but watch out for the
recent drop in national popularity and the upcoming important quasi-midterm election(s).
 Other things as well. There are always other things.
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September arrives
A reminder that tomorrow Monday September 1st is the Labor Day holiday in The USA and Labour Day
holiday in Canada, with the stock markets of both countries closed for business. On the subject, we add our
usual reminder on how the long weekend also marks the end of the North American summer and is the
traditional “back to work” moment for business of all shapes and sizes. As such, it’s when corporate deal-
making tends to crank up and the mining industry is typical in this, the next two months nicknamed The
Financing Window for juniors. It also means we’re about to get a flood of NRs from companies in our sector
of focus as they announce pending drill results, ask for money and generally wave their arms to remind us
they exist.
September also brings its conference season for mining companies large and small, and while these days the
calendar tends to be littered with regional events, the central conferences in the autumn schedule are still
Beaver Creek (mostly for the smaller companies) and the Denver Gold Show (mostly the larger). This year,
Beaver Creek happens September 9th to 12th and then conference junkies and the media entourage have
two days to make the reasonably short road trip to Colorado Springs for the Denver show, officially known as
”Mining Forum Americas”, running from the 14th to the 17th.
Other September dates for your diary include the FOMC communiqué on the 17th and the benign PCE
inflation report last Friday (+2.6%) added another layer of certainty to the Fed’s move to drop rates. The
only major data left for the puzzle is the BLS Employment Report on this coming Friday, September 5th and
according to good old Bill McBride (1), “…consensus is for 78,000 jobs added, and for the unemployment rate
to increase to 4.2%.” I have no argument against that.
Silver over U$40/oz
In the notes for last week’s intro note “I am Robin…”, there was a specific mention of silver and my changed
thoughts on its price action but for some or other reason (probably stupidity) it didn’t make final copy, so let’s
make it clear this weekend here at the top of the
shop. Up to this point, I’ve had a U$40/oz target on
silver and on Friday we nearly pinged that number
(see chart below), to the point that social media
started clogging up with charts of silver futures
contracts (now solidly over U$41/oz). However, I
now believe silver is going to go higher and it has no
reason to stall at U$40/oz any longer. The macro
scenario is conducive for all assets, silver has plenty
of momentum and any longer-term watcher of the
sector knows how it can suddenly spike higher and
whip up a mania amongst its die-hard supporters,
no matter if their reasons for ownership are right or
wrong. Correlation is not causation, after all.
That chart and my upbeat view on silver going forward begs the obvious question:
“Hey Mark, if you like silver here where are the silver stock picks?”
Good question. I believe silver has a positive near-term future and know there should a few stocks out there
to suit the purpose and have some money riding in the sub-sector, but as things stand today I have nothing
much in the silver space to offer. Reasons:
 The vast majority of exploreco level silver stocks are junk, even more than the average in the wider
world of Venture exchange (or CSE) stocks.
 The few decent explorecos and/or developers are now expensive. Examples, include AbraSilver (of
course) and Vizsla Silver, but for one thing it gets hard to name a list of reasonable trade ideas in this
space and for another, you are paying up for all names of quality now.
 The small-scale operator/producer juniors are just as junky as the explorecos. They’re expensive,
they’re unreliable and they’re unlikely to attract high class C-suiters to boot.
On that third point, let’s use Guanajuato Silver (GSVR.v) as an example. This stock is right where you’d think
value would live, a small, established producer enjoying the new surge in silver prices. As such, its stock price
2

should have at least been able to keep track with the silver producer median (proxy SIL, the silver producer
ETF) over the last couple of months but as seen in this chart, first hit its backers with yet another dilutive
financing, then last week returned a poor 2q25 financial report. The result is a share price that’s flatlined
while bigger and better companies have moved up.
For another example here’s the last five days of Silver X (AGX.v), the small-scale producer in Peru that also
dumped last week on a poor set of 2q25 results, somehow managing to lose money in a quarter that could
hardly have been better for any silver miner. The result? While the silver sub-sector was whooping and hi-
fiving last Friday, AGX holders were watching the fun from the sidelines and licking their wounds.
Therefore I offer three pieces of advice for anyone looking for bright silver sector ideas as we enter a world
of U$40/oz and above silver prices:
1) Ask somebody else. Right now, today, end August 2025,I don’t think I’m the right person to give to
for silver stock trade ideas. On gold, copper etc I don’t mind throwing out my opinions (never short
of those, be that a fault or a feature) and for what it’s worth, I feel reasonably positioned in the
portfolio. Not perfect, but reasonable. But the subject is silver and there are a thousand people
willing to give you slam-dunk no-brainer dead cert recommendations for the next great thing in the
silver space, so I suggest you find somebody you take seriously and consider their ideas.
2) Like silver the metal going forward? Invest in silver the metal! There’s easy access via SLV, for more
leverage there are multiple X vehicles and there are all the call options you could ever require on
them. I kind of cringe at the thought of Silver Stackers (being a physical bullion owner myself and
knowing the Roach Motel part of that deal), so I’d point people toward the pure trade vehicles
available for silver, rather than the coin shop. Again, that’s just me and I’m not trying to pick a fight
with those prepping for tribulation.
3) Consider the larger scale silver producers. There are plenty of stocks at the larger end of the scale
that can provide you with leverage to the metal price, including perennial under-performers such as
Coeur and Hecla which have their purple patches from time to time and can offer great returns in the
right circumstance. If not, there’s the option of playing the field via an ETf such as SIL (see the
comparative lines above) and putting your bet firmly on the sector, rather than playing the
stockpicker game. These stocks are normally not part of the focus of The IKN Weekly and I’m trying
hard to stick to that loose rule these days, as much as I’d like to dedicate time and effort to some of
3

them, getting granular on multiple-mine companies is a big time suck and I wouldn’t be able to offer
much more than the average sell-side broker’s coverage (e.g. Hecla and Pan American Silver look
attractive from 30,000 feet and seem like good fits for this rising silver price, but I’d need to do more
to feel comfortable about publishing on them and not just buying a few shares).
I have one final thought and it’s almost embarrassing to mention it, but as the stock has been on my mind
fairly regularly for the last couple of weeks it’s only right I say at least something. THIS IS NOT A STOCK
RECOMMENDATION (bold-type/underlined/capslock for a very good reason) but Bear Creek Mining
(BCM.v) and its Corani project has been gnawing at me. We know the company is in serious financial trouble
and we know Mercedes in Mexico is a moneypit asset that could eventually see the company go into
bankruptcy protection. We also know BCM has been in Strategic Review for most of the year and one of the
most obvious parts of that process would have been to find buyers for Corani. However, once the pending
buyout of Sandstorm by Royal Gold closes, I cannot see RGLD wanting much to do with this waste of time so
there will be shares and NSRs out there and marketed to the highest bidder. As such, the high risk (and it is
exactly that, this is for the risk-tolerant only) trade would be to assume BCM gets a deal done before the
financials go belly-up, manages to sell/raise capital on Corani and with that money, have enough to invest
and turn Mercedes around correctly (which for me would involve closing down operations entirely for a
couple of quarters, doing the required capex work and re-setting the mine entirely…but that’s another story.
And as correlation is not causation, I’ll leave you with this XKCD classic:
Update Monday evening: Spot silver broke U$40/oz today. Hoorah.
Fundamental Analysis of Mining Stocks
The Marimaca Copper (MARI.to) Feasibility Study
It’s been quite a ride for Marimaca Copper (MARI.to) shares in August 2025, here’s the price chart for the
month to illustrate:
Even before August happened, MARI’s share price had already been transformed by the announcement of
what they’d hit at the depths of Pampa Medina on July 3rd. We covered that news in IKN842 dated July 3rd
4

and the main fundies note that day, “The Marimaca (MARI.to) potential game-changer”. That news saw MARI
shares spike from an already healthy C$7 or so to C$9, then on August 18th and as seen in the above chart,
the Pampa Medina discovery was franked by a new set of drill assays that went a long way to confirming the
company’s in-house theory that they’d hit upon a very big sulphide copper resource at depth.
Which brings us to last week and the news that dumped MARI from those C$11-or-so highs to this weekend’s
C$10.46 (and we’ll studiously ignore the spike pop/drop at the close on Tuesday evening, an odd moment
when 30k shares wanted in on what now looks like a fat finger trade3). The news that caused the drop is this
NR (2) “MOD Feasibility Studying Confirms Robust Capital Intensity and 31%+ IRR; Maiden Ore Reserve”, i.e.
the arrival of its long-awaited Definitive Feasibility Study (DFS) for its main Marimaca project, located on the
coastal plains of Chile.
The first issue to address is the most obvious of all, “Why did MARI drop by 10% on this news?” and while
there are plenty of details that matter, after reading through what we know already…
[Sidebar: We don’t have the full Feasibility Study yet but to its great credit, MARI published a 103 (one hundred
and three!) page synopsis of the DFS which covers nearly everything a non-geo/non-engineer grunt such as I will
ever need.]
…I think we can boil it down to a couple of major parameters:
1) In its promotion and marketing since 2023, MARI has stated it wanted to deliver, using its own
phrasing, a “50 and 500” project: That’s to say a mine that can be build for U$500m and produce 50,000
tonnes of copper per year. That capex number would stand out in a world where even medium-scale
copper mines now routinely cost a billion and above to put together, while the latter 50,000mt production
target was chosen to take advantage of the Chilean tax and royalty laws that place higher burdens on
large-scale mines producing over 50kmt per year.
2) Its previous economic studies, including the improved resource size announced in May 2023, pointed
at a resource that was good for around 18 years of production.
Last week’s NR started with the following information
 Capex would by U$587
 Mine life would be 13 years
Both those are clear misses, even for the casual observer, and enough alonneto cause the mark-down in
price. And fair enough too, I’ll freely admit to being a little downcast when opening and scanning the NR for
the first time last week, as well as fully understanding the sell-off when trading began but, as the week wore
on and after careful reading of the DFS NR I’ve become more comfortable with the new MARI mine plan.
To explain why, we first go back and review coverage of the project to date. The IKN Weekly our journey in
MARI started way back in IKN732 dated May 28th 2023 and the main Fundamental Analysis note that week,
“Marimaca Copper (MARI.to): Compelling copper economics”. That report came on the back of the updated
resource for its main Marimaca project announced on May 18th and was the first time was built an economic
model on the company. However compelling the economics were that day, I didn’t buy immediately due to
the question marks over the macro scene, in fact I didn’t pull the trigger until IKN765 dated January 14th
2024. By that time the company had offered a clear timeline to its main project milestone, the DFS that
arrived last week, a little later than planned but within the bounds of the reasonable.
I also managed to wait out 2023’s higher prices and buy during a sell-off moment in the stock , early 2024.
From there it was always going to be a question of applying patience to a company and stock that wasn’t
going to do much in 2024, as all focus was on producing a DFS and that involves the unsexy, non-headline
making work of infill drilling, geological modeling, internal trade-off calculations and all sorts of other things
to get to a DFS. We now know 2025 has been better for us and MARI was already on the move before the
Pampa Medina turbo boost started in July, but the DFS was always going to be an important moment, it’s the
single main reason for having bought these shares in the first place and held though over a year and a half.
Which brings us to last week and the DFS: My initial reaction was much like the markets, “Hey this isn’t the
same” and “So much for 50 and 500”, but once that had run through and the realization that what was in
front of me was worth real money and was a project better understood on its on merits in the context of
2025, rather than compared to 2023 or my own previous ballpark modeling, the positive feeling toward trhe
5

project returned. While still essentially an oxide copper open pit mine project, Marimaca has obviously
evolved to s point today and thought we can point to the “snapshot in time” comment made by CEO Hayden
Locke in both the NR and the webcast presentation made
the next day, take into account the added tonnage that’s
bound to move the dial and improve mine life, the way
forward is to think like a banker and take this DFS as a
stand-alone, the document on which MARI would
theoretically raise capital in order to build the mine. As a
small illustration on that before getting today’s new data,
the chart right is the only one I’m offering from the previous
economic model as seen in IKN732, over two years ago.
This was our tonnes-per-day throughput ballpark that
assumed a lower tonnage for the first years while running higher grading (0.7%) material, then cranking up
through the stages to reach 50ktpd at a lower grade, then once 16 years is done the mine would go into
remedial production. Instead and for the DFS, we now have this:
Marimaca: Projected avg TPD, per year
6
00483
06754 02864 21464 65264 27635
00046
25864 06354
00046
44341
tpd
70000
60000
50000
40000
30000
20000
10000
0
1 2 3 4 5 6 7 8 9 10 11
source: company data, IKN ests
MARI has changed the plan considerably, there’s no longer any thought of a high-grading starter pit area,
instead they hit the ground running almost from year one and mineral throughput on a tonnes/day level
remains fairly uniform. The difference in the mine plan becaomes cleaer when you consider all the rock
movements, including waste and stockpile material (that mostly gets used at the end of the mine plan):
Marimaca: Forecast mine tonnages
6.9
4.11 7.11 6.11 6.11 4.31
0.61
7.11 3.11
0.61
Marimaca: PREVIOUS PEA MODEL TPD, per year
NB NOT FROM 2025
mmt
40
waste
35 mine to stock
Mine to plant
30
25
20
15
10
5
3.6
0
0 1 2 3 4 5 6 7 8 9 10 11
source: company data
Here we now see the mine plan taking advantage of the very low strip rate offered in the first years
00002 00052 00052 00052 00052 00052
00053 00004
00005 00005 00005
tpd
60000
50000
40000
30000
20000
10000
0
1 2 3 4 5 6 7 8 9 10 11
source: company data, IKN ests
MARI: Forecast strip ratio
1.40
1.20 1.23 1.23
1.15
1.00 1.04 1.02
0.80 0.83
0.70 0.72
0.60
0.55 0.53
0.46
0.40
0.20 0.24
0.00
0 1 2 3 4 5 6 7 8 9 10 11
year

The DFS plan also flattens out the grade mined, as seen here below, with grades only dropping at the end of
mine life as stockpile is fed through the machine.
MARI: Grade to plant CuT%
7
%05.0 %35.0 %35.0 %45.0 %45.0 %84.0 %44.0 %84.0 %24.0 %54.0
%62.0
%81.0 %81.0
CuT %
0.60%
0.50%
0.40%
0.30%
0.20%
0.10%
0.00%
1 2 3 4 5 6 7 8 9 10 11 12 13
source: company DFS
The result is a production schedule that still brings us to an expected average of around 50,000 tonnes per
year, but done in a significantly different way:
MARI: Cu production/year
04053
80694 80694 44505 44505 61425 80245 00675 00405 00045
00213
00612 79841
Cu Mt
70000
60000
50000
40000
30000
20000
10000
0
1 2 3 4 5 6 7 8 9 10 11 12 13
source: company DFS
As for copper prices, I saw quite a lot of pushback from the way MARI has used U$4.30/lb as its baseline
copper price, instead of the U$4.00/lb base case used previously and while agreeing that “the optics” aren’t
the best, once you delve into the numbers they still make a lot of sense and the differences aren’t that great.
To illustrate this, here’s a (slightly busy) chart showing the expected gross metal revenues for each year at
four different copper prices (I’ve left out the company baseline U$4.30/lb because 4 and 4.50 show the spred
well enough without over-complicating things):
U$m Marimaca: Projected gross mining revenues at various avg Cu prices,
700 per year
At U$3.50/lb
600 At U$4.00/lb
At U$4.50/lb
500 At U$5.00/lb
400
300
200
100
0
1 2 3 4 5 6 7 8 9 10 11 12 13
source: IKN calcs and ests from company data
At U$4.50/lb, Marimaca will generate annual top line revenues of over half a billion dollars per year and at
the expected cash costs…
Marimaca: Projected mine costs, per year
8.641 6.851 6.851 6.161 6.161 6.761
1.122 9.432 6.502 2.022
4.98
4.25
0.0 0.0
U$m
250
200
150
100
50
0
1 2 3 4 5 6 7 8 9 10 11 12 13 14
source: company data, IKN ests and calcs

…margins are typically between U$260m and U$280m per year at U$4.00/lb copper, typically U$3.00m to
U$350m per year at U$4.50/lb.
U$m Marimaca: Projected Mine Operating Income at three avg Cu prices,
per year
450 margin at U$3.50
400 margin at U$4.00
350 margin at U$4.50
300 margin at U$5.00
250
200
150
100
50
0
1 2 3 4 5 6 7 8 9 10 11 12 13
source: IKN ests and calcs
Or if you prefer, this chart cuts and slices the U$.450/lb copper model in a simple way, showing revenues
versus mine operating earnings per year.
Marimaca: Gross mining revenues and MOI
at U$4.50/lb avg Cu, per year
8
6.743
8.002
2.294
6.333
2.294
6.333
4.105
9.933
4.105
9.933
0.025
4.253
8.735
7.613
4.175
5.633
0.005
4.492
7.535
5.513 5.903
1.022 3.412 9.161 8.741 8.741
600 At U$4.50/lb
550 margin at U$4.50
500
450
400
350
300
250
200
150 100
50
0
1 2 3 4 5 6 7 8 9 10 11 12 13
source: IKN ests and calcs
Taken over the 13 year mine life as per the DFS, Marimaca: Capex/Sust Capex assumptions, per year
mine operating income comes to an IKN estimated
U$3.06Bn at U$4.00/lb copper, U$3.69Bn at
U$4.50/lb copper. Compare that to the current
market cap of around U$810m plus
capex/expansion capex/sustaining capex costs of
just under U$1.15Bn for life of mine, spread over
time in this IKN-estimated way:
This final chart shows the expected cumulative post
capex, post cost operating returns of the eventual
mine at Marimaca (including the U$4.30/lb line in black this time, including the expecting moment when
capital payback is achieved around operating year three, on average.
U$m Cumulative returns at various Cu prices over life of mine
3250
3000
2750
2500 At U$3.50/lb
2250 At U$4.00/lb
2000
At U$4.30/lb
1750
1500 At U$4.50/lb
1250 At U$5.00/lb
1000
750
500
250
0
-250
-500
-750
-2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13
source: IKN ests and calcs year
052
002
041 06 06 06 06 06 06 031 05 05 05
03 03 03
U$m
300
250
200
150
100
50
0
-2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13
source: IKN ests from MARI data

This final chart, above all, is what you are getting for your current market cap of U$810m. Even at U$3.50/lb
copper average, buying MARI as stands today would be a profitable enterprise after buying the company,
paying the capex, the sustaining capex, the opex and all other charges.
 At U$3.50/lb, cumulative returns over the DFS 13 year mine life come to U$1.112Bn
 At U$4.00/lb, cumulative returns over the DFS 13 year mine life come to U$1.743Bn
 At U$4.30/lb, cumulative returns over the DFS 13 year mine life come to U$2.121Bn
 At U$4.50/lb, cumulative returns over the DFS 13 year mine life come to U$2.373Bn
 At U$5.00/lb, cumulative returns over the DFS 13 year mine life come to U$3.003Bn
There are many ways to cut and slice these numbers, I’ve taken an illustrative route in order to show that
while Marimaca is not the project of its PEA any longer, it is an valuable mine project. . It’s not the same as
the PEA level study, mainly because it was never going to be the same but it’s an error is to compare it to the
more general plans of previous years and consider it less valuable. Quite the contrary, this project is now
more valuable as it’s been through a rigorous process and come out the other side offering its backers,
builders and owners (whoever they may eventually be) a well-marked route to strong profits. This DFS is the
document with which MARI can approach all types of backer, be they financial sponsors willing to fund MARI
into construction and production (less likely) or large scale mining companies looking to buy out this junior
and build it themselves (far more likely) and demand fair equity payment for their project. We do of course
await the arrival of the full DFS on SEDAR, the moment at which the marketing and bidding will truly begin
for this company, but we already know that without the aid of Pampa Medina, the oxide aggregate from that
resource, or even the inferred tonnage at Marimaca that didn’t make it to this DFS that the company is worth
every penny of its current C$10 share price. The only questions left to answer are what value Pampa Medina
will eventually bring to the table and what price the eventual buyer will be willing to pay for the whole lot. As
things stand today, my previous C$18 guesstimate still looks reasonable.
West Red Lake Gold (WRLG.v) 2q25 financials
Our newest long position started on the back of the main fundies note in IKN844 dated July 20th, “Buying
West Red Lake Gold Mines Ltd. (WRLG.v)” (the clue is in the title, as they say). Then in IKN846 two weeks
later we announced an addition, then just last week we decided to add a third tranche. Put those three
purchases together and the result this weekend is a
decently sized personal position priced in our Stocks to
follow list at 88c cost average, which makes this
weekend’s 97c share price into a good start for the
trade.
Last week also brought WRLG’s 2q25 financials and as
seen on the price chart (right), the market took the
information in its stride the next day before allowing
WRLG to rise along with most other junior mining
stocks on Friday. All good and the job today is to
update on what the Q2 numbers brought, so anything
in today’s note should be read in conjunction with the
main IKN844 report and original purchase decision,
we’re not repeating anything not already stated there.
First up, we note production and gold sales. WRLG at Madsen is still in pre-commercial ramp-up stage and we
don’t have a ton of information or data to go on, but we do know this about gold sales:
 1q25: 498 oz Au
 2q25: 5,260 oz Au
 July’25: 3,595 oz Au
Those 5,260oz gold sold during Q2 was a decent performance, though we’d already been tipped off on the
approximate number in company literature. Also true for sale of 3,595 oz during July 2025 (i.e. the first of the
9

three months of 3q25), as that data was included in its August 6th NR (3). Those are decent numbers and
here’s how they translate into revenues and operating margins, with this report update’s default currency
Canadian Dollars:
C$m WRLG: Mine ops WRLG: Mine Op Inc versus Op Inc
30
Revs 24.315 25 COGS
20
15.297
15 0.788
10
5 2.107 1.286
0
1q25 2q25
source: company filings
We’ve had two quarters of pre-commercial production so far, we include Q1 for reference but Q2 is what
really matters, with sales of C$24.315m and production costs of C$15.297m. Once C$0.45m of depreciation is
factored in (not in chart) that gives an income from mining operations of C$8.568, and an operating margin
of C$4.185m. Those are very decent numbers for this early stage and testament to a ramp-up that’s going
well enough to instill confidence in reaching commercial production and steady state production once there.
There’s a reason I bought now, after all.
Overall, I'm pleased about the way we modelled the balance sheet items in IKN844 and the opening note, as
they hold up fairly closely to reality. There are some differences (there always are), for example I guessed
WRLG wouldn't sell as much gold as they did, which made my inventory guesstimate around C$5m too high
and my cash treasury guesstimate C$5m too low. Also, I got one of the repayment dates on liabilities wrong
which caused one item I had in long-term liabilities to
be a near-term liability. That had the knock-on effect
of making my C$10m working cap estimate come to
C$1.658m. But overall, both assets and liabilities
added up to where I expected them to be and with
WRLG reporting a cash position of C$23.697m as at
end 2q25 (plus those July 2025 produced ounces,
already sold for gross proceeds of c$16.4m), it’s in a
good place for liquidity.
Madsen is re-starting well and the simple fact I’ve
bought three times already demonstrates my
increasing comfort with its story. The plan laid out by
CEO Shane Williams and team has always been to
reach positive free cash flow by 4q25 and declare commercial production shortly after (presumption January
1st 2026) and if we factor in the impressive rise in gold prices, the free cash flow target is arguably achieved
already. However, I still think we should factor in a final equity placement for WRLG in the weeks to come, as
modeled in IKN844. Reasons:
10
93.5-
865.8
C$m
10
8 Mine Op Inc Operating Inc 6
4.185
4
2
0
-2
-4
-6 source: company filings
1q25 2q25
WRLG: Assets breakdown
250
200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m WRLG: Liabilities breakdown
160
cash&eq inventories
140
other current min prop/plant/equip
other fixed 120
100
80
60
40
20
0
source: company filings, IKN ests
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m
other LT liab
credit facility
gold notes
current liab
source: company filings, IKN ests
WRLG: Cash treasury & working cap
146.1 753.4
580.72 29.61 903.61
848.3
407.74
698.52
88.63
822.81 796.32
24
50
45
40
35
30
25
20
15
10
5
0
-5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
C$m
cash&eq
working cap
source: company filings, IKN ests

 It’s the conservative route for price targeting, the preferred method on these pages that tried to make
sure surprises are to the upside.
 The difference in cash treasury and working capital (see chart above) is testimony to the debt held by
WRLG and its upcoming payment schedule.
 It’s one thing to sell your gold, another to get the cash in the current account and there’s often a
significant lag between invoice and payment in the gold world. That’s fine once the miner is up and
running, but it can caused temporary cash squeezes (avoiding the word “crunch” deliberately) in the
start-up period. An extra dose of liquidity at this time would certainly be useful to ensure a successful
start.
 The company admits as much. The Q2 financials have continued with the standard pre-commercial
production caveat paragraph, as seen here (we add bold type):
The Company has not achieved commercial production to date and although the Company currently
is producing revenue during the ramp up phase, the estimated revenue will be lower than what is
needed to operate. Although the Company has been successful in the past in obtaining financing,
there is no assurance that it will be able to obtain adequate financing in the future or that such
financing will be on terms that are acceptable to the Company.
That said, we have cut our assumption that WRLG end 2025 with 400m shares out. With 348.76m shares
outstanding as at this weekend, a more modest raise that sells 30m or so shares will be enough to tide them
through, so that puts our estimate at 380m shares out
WRLG: Shares out (m) going forward. That in turn affects our target price
calculations (see IKN844 for the details on that), but
ceteris paribus and sticking with the preferred median
of a U$3,300/oz gold price and an 8% discount rate,
our target moves from C$1.38 to C$1.44. That in turn
represents an upside of 48.5% to this weekend's share price of C$0.97 and more than enough for a
near-term target based on a stock re-rating into
successful commercial production.
However, be clear that the price target is also a
moving target and any change in the gold price or risk
perception for the company could move the target up
(or down) quickly. Again, please see IKN844 for more and feel free to make your own judgment call, but
using the adjusted 380m shares out estimate, a gold price that moves to U$3,500/oz would indicate a target
for WRLG of C$1.66 (+71% from today) under similar circumstances.
Bottom line: WRLG’s 2q25 financials came with good numbers, the pre-commercial gold sales are good and
the balance sheet is loaded with liquidity. That’s all good and while it’s certainly possible the company gets to
positive free cahs flow and generates enough income to cover its financial dues as from 2026, we still prefer
to assume they go to market one final time and add perhaps 30m shares. Aside that, we’ll remain attentive to
any production updates between now and the next quarterly report. If all goes smoothly, the expected re-
rate to production multiples should arrive in Q4. Happy holder of this newly enlarged position.
Minera Alamos (MAI.v) 2q25 financials
The main fundamental analysis note in IKN847 dated August 10th, “The Minera Alamos (MAI.v) pivot”, was
when we considered the big change in the MAI story, tried to being a balanced view to a difficult situation
and ended with the decision to drop MAI as a Top Pick, sell a partial amount but leave it as a Recommended
Stock and on coverage. It was a long note and we’re not going to traipse through all its arguments again, but
one thing we considered along the way was its financial position. Part of the consideration for the Pan deal
was that, financially-speaking “time had run out” for the company and things were getting tight. Here’s a
relevant section from the IKN847 note, with some bold type added to emphasize the bits that matter:
“MAI as a corporate entity had reached an inflection point and the deal as offered, including the cash
that would come and capitalize a thin treasury, would transform the company’s fortunes and allow it
to do what it wanted to do. It had shopped around for a deal to finance the Copperstone build-out
and without being totally rebuffed, found that the terms offered for a project with just a PEA were
11
868.41 20.25 744.65 851.481 371.512 641.322 532.962 83.172 878.813 74.343 10.843 67.843 083
500
450
400
350
300
250
200 150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4
source: company financials, IKN ests

way too expensive. Its cash position wasn’t good enough to go it alone and the reduced
production level at Santana wasn’t enough to cover its project plans. This was confirmed
later when I conversed with company president Doug Ramshaw, who told me that the Q2
financials due out at the end of August would have shown a weakened financial situation
without this deal in place. The implication of that is clear and it’s one of the more concerning
details of last week’s announcement, it means that the Plan B initiative at Santana hasn’t
worked in the way expected. To refresh memories, in order to get around the issues caused by
the lack of permit amendment, in early 2024 MAI decided to re-tool at Santana and move to a “Plan
B”, using the available and permitted space as well as it could, re-stacking leach pads and running a
reduced rate operation that, while not a king’s ransom, would provide enough cash flow to keep the
company ticking over while the wait for permits continued.”
IKN850 back. The first data to consider is Santana production, which saw sales of 898 oz gold during 2q25:
MAI: Santana sales and forecast, per qtr
12
104
8512 9213
6324
0582 5762 1701 636 066 709 505
0
3931
4101 898 0011 0021
5000
4500
4000
3500
3000
2500
2000 1500
1000
500
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4
Oz Au
source: MAI data, IKN ests
To be fair, we’d already been guided lower for the quarter and expected a quarter that would be roughly in-
line with that of 1q25, but all the same 898 oz was even lower than that. More pertinently, the drop off in
production (technically sales, but you know) since MAI kicked off its Plan B initiative is now marked and now
even the modest improvements we’d factored into the model for 3q25 and 4q25 are in doubt.
The strange things continue when we consider its inventory data. Below left we see the ongoing inventory
breakdown in C$m, with leach pad ore (precise term “leach pad mineralized material”) up nearly C$1m at
C$11.23m. Below right we have the company’s stated on-pad inventory in ounces, which grew by nearly 500
oz Au to 12,451 oz of recoverable ounces.
MAI.v: Santana on-pad Au Oz inventory, per qtr
If you don’t mind me asking, why are ounces on pad climbing and continuing to climb, while production is
dropping? The whole point of Plan B wasn’t to stack ounces, it was to provide a meaningful cash flow that
would allow MAI to keep ticking over and away
from financial strife while the (long, long) wait for
Mexican permits went on. Or at least until MAI
could tackle its newly acquired Copperstone asset.
From the end of 3q24 (i.e. the “Plan B” set-up) to
end 2q25, MAI sales over those three quarters
totaled 3,305 oz, but it also added an aggregate of
4,252 oz to its pad inventory.
0596 9865 6445 7336 4495 3835 8516 9918
62201 65911 15421
14000
12000
10000
8000 6000
4000
2000
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
MAI: Inventories
Oz Au
source: company filings
694.5 337.6
780.9
96.7 320.6 647.5 495.5 782.6 78.5 295.5 331.6 268.6
878.8 82.01 32.11
14
12
10
8
6
4
2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m
supplies
work in prog.
leach pad ore
source: company filings
C$m Min prop & exploration expenses, per qtr
3.0 Other
Los Verdes
2.5
La Fortuna
2.0 CdO
Santana
1.5
1.0
0.5
0.0
1q222q223q224q221q232q233q234q231q242q243q244q241q252q25
source: company filings

That’s not what an efficient pad is supposed to do. Meanwhile and despite it cutting property and exploration
expenses to a bare minimum at its wholly-owned Mexico assets (chart above right), treasury has dwindled
away. In fairness, the Copperstone deal cost money and in 2q25, aside the C$30.475m of mineral property
costs for the Copperstone acquisition it expensed, it spent another C$0.883m on the new asset in exploration
and evaluation costs. That was a cash drain, but the real issues start here:
MAI.v: Revenues
13
61.5
962.7
490.9
602.0
487.6
80.3
97.1 667.1 64.2 994.1
0
759.4
374.3
641.3
10
9
8
7
6
5
4
3
2
1
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m
source: company filings, IKN ests
The sales of C$3.146m from the 898 oz comes to an average received price C$3,503/oz, which means for
one thing that the middleman is doing much better than the mine. More importantly, sales could not cover
the costs of goods sold even at Santana and the mine returned a “gross loss” of C$0.388m, so whatever Plan
B was supposed to be, it certainly was not this.
MAI.v: Revs, COGS and Gross margin
80.3
744.3
763.0-
97.1
209.1
211.0-
667.1
473.3
806.1-
64.2
715.2
750.0-
994.1
33.1
961.0
0
634.0
634.0-
759.4
439.2
320.2
374.3
936.2
438.0
641.3
435.3
883.0-
6
5
4
3
2
1
0
-1
-2
32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Revenues
COGS
C$m
source: MAI filings, IKN ests "gross profit"
Across the board, corporate expenses added another C$3.1m to the load and MAI ended with an operating
loss for the quarter of just over C$3.5m. That isn’t sustainable and it shows when we arrive at the balance
sheet items:
MAI.v: Assets
60
55
50
45
40
35
30
25
20
15
10
5
0
At first sight, the overview assets and liabilities charts don’t look too bad, some lowering of the assets total
but the same can be said of the debit items as well. True also for working capital at first glance (below left),
coming in at C$8.4m and only slightly lower than 1q25. But that working cap total includes the C$11.23m of
Santana pad inventory and, as that’s only coming off at a trickle instead of a reasonable stream, the real
chart to consider is cash&eq, which has dropped considerably to C$3.435m and the lowest since Covid. That’s
not good and underscores the company admission three weeks ago that it had essentially “run out of time”.
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
inventories MAI.v: Liabilities per qtr
$m fixed 30
other current
cash
25
20
15
10
5
0
source: company filings
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source: company filings
srallod
fo
snoillim
LT liabs
current liabs

MAI.v: Working Capital per qtr
But what it didn’t mention at the time was that it had run out of time because Santana wasn’t performing the
way it was supposed to when the Plan B was envisaged and put into operation. Money talks and BS walks,
it’s the simple lack of funds flowing from this small operation that brought MAI to its inflexion point.
Bottom line: A poor quarter from MAI that would have hit like a bucket of ice cold water if it weren’t for the
pivot deal that was announced a couple of weeks ago. We’ve separated the Pan acquisition and new
corporate plan from today’s consideration for the numbers (aside this share count chart, which pencils in
what the count is going to be once the deal closes in Q4),
but once we add it back in we don’t have a company in
financial straits: Instead, MAI is going to start a new (and
highly diluted) chapter with cash to work with and a
working mine that kicks out real cash flow. The pros and
cons of the deal are in IKN847 and overall, I’m sticking to
my decision to reduce-but-hold this company, ride the
coattails of the new money and the advantage it has in
buying in cheaply and allowing the team, seemingly under
the stewardship of Chair Jason Kosec now, to do its thing.
Summing up, what Q2 tells us is that Plan B didn’t work
and that Santana wasn’t going to be able to support the
corporate entity and keep it ticking over until Mexican permits started flowing again. The theoretical numbers
added up last year, the reality of 2025 is that the plan wasn’t working on the ground and didn’t produce the
ounces required to make MAI a breakeven proposition. And that, ladies and gents, is very disappointing. In
such light the new plan/reset/pivot/whatever other word you prefer makes a lot more sense and, unpleasant
surprise or not, the fact Pan became available at the right time is as much a lifeline to MAI as anything else.
Under these circumstances, it’s easier to understand why they’ve made this shift.
Stocks to Follow
The Stocks to Follow list had a good week, with just three week-over-week losers to report (ARG.to, MARI.to,
MENE.v) and two unchanged stocks (MIRL.cse, PGDC.v) from the lower ranks. That means twelve winners
from the other now 17 on our list now so there’s no naming them all, but even if we limit comments to the
bigger percentage winners there are plenty left to list, so here we go starting with the biggest winner in
percentage terms Salazar Resources (SRL.v up 37.5%) and followed by XXIX Metal Corp (XXIX.v up 33.3%),
Surge Copper (SURG.v up 21.9%), Gold Royalty Corp (GROY up 14.2%), Top Pick Rio2 Ltd (RIO.v up 13.8%)
and Red Pine Exploration (RPX.v up 11.8%). Not a bad haul and more than enough to take my mind off the
two big losers, Mene Inc (MENE.v down 17.9%) and Marimaca Copper (MARI.to down 9.0%).
Please note a change to the presentation of the Stocks to Follow list, as from today the main ‘Recommended
Stocks’ section comes in two shades of blue. The darker blue is for what I consider larger positions and ones
14
654.51 805.71 562.22 482.81 198.91 816.02 866.91 869.91 942.81 184.41 115.5 115.51
582.9 4.8
26
24
22
20
18
16
14 12 10
8 6 4
2
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source company filings
srallod
fo snoillim
MAI.v: Cash treasury per qtr
340.7 701.6 230.9
527.41 451.31
2.01 472.8 375.6
457.31 448.11
806.8 769.5
67.11
592.7
534.3
20
18
16
14
12
10 8
6 4
2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source: company filings
srallod
fo snoillim
MAI.v: Shares Out
2.644 84.844 32.944 86.754 88.164 88.164 88.164 88.164 88.264 88.264 89.264 7.074 30.994 24.775 18.085
3501
1100
1000
900
800
700
600
500
400 300
200
100
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 5202
dne source: company filings
serahs
fo
snoillim

that matter to my portfolio performance is hard cash terms, while the lighter blue are smaller sized and more
speculative in nature. For what it’s worth, the addition to Red Pine (RPX.v) last week put it on the cusp of
“larger size” position and I hummed’n’hahed over what colour to give it, before settling with the light blue
side of this new fence. However, if it starts running (and hey, I think it will) it could turn dark blue even if I
don’t add any extra.
With the addition of XXIX there are now 17 open positions on our Stocks to Follow list, three fewer than our
self-imposed maximum. Of those, 15 carry at least some of my personal money and the other two are in the
Watch List sub-section. Fourteen stocks are in the green, 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$1.82 127.5% Fenix build and re-rate on
RECOMMENDED STOCKS
Minera Alamos MAI.v hold/buy C$0.21 13-Oct-19 C$0.34 69.0% $0.70 tgt no longer top pick
Amerigo Res ARG.to STR BUY C$1.54 28-Jul-24 C$2.24 45.5% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$10.46 243.0% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.62 158.6% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$0.97 10.2% 2 adds, re-rate trade, $1.44tgt
Red Pine Expl RPX.v BUY C$0.10 8-Sep-24 C$0.095 -5.0% FY25 gold exploreco spec
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.165 106.3% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.205 7.9% proj.generator, Organullo spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.195 85.7% bulk copper in good address
Provenance Gold PAU.cse spec buy C$0.15 27-Aug-25 C$0.175 16.7% Idaho gold drill play
XXIX Metal XXIX.v spec buy C$0.095 27-Aug-25 C$0.10 5.3% new trade on copper & land
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.08 33.3% 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$0.80 57.4% Close to buyable again
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.065 225.0% Rio Negro gold developer
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.16 -64.4% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
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$0.345 64.3% 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): SELLING DONE. It took way more patience than I expected and as it turned
out, I wasn’t in a hurry for extra cash to cover last week’s purchases, so I got my price as well. But
15

whatever/whatever, I’ve now trimmed my long position by the envisaged amount and from here, I’m fine
about holding the rest through. We do more MAI in today’s main fundies section, above.
Provenance Gold (PAU.cse): POSITION OPENED. Please see Market Watching below for more on PAU,
with a look at the NR that moved the stock down for a couple of days as well as an overview of its financial
position. Here we make a quick note that the trade is now open, as per the plan in IKN849. But I also
consider myself very lucky, as the
XXIX Metal Corp (XXIX.v): POSITION OPENED. The best prices disappeared before I could get to them,
but I’m okay with my small starter at under 10c. Meanwhile on Wednesday, Ore Group pubished a 15 minute
dialogue between group kingpin Stephen Stewart and XXIX CEO Guy Le Bel on its YouTube channel (4) that’s
worth a visit if you’d like an easy overview of what the company has and plans for the next couple of
quarters. Above all, I was encouraged to hear the Opemiska PEA is on schedule and “due mid-October…and
we’re going to stick with that timeline”, to quote CEO Le Bel. That’s good because when the ticker was
QQCU, this company picked up a bad habit of promising milestone dates and then ignoring them, delivering
several key reports later or much later than expected.
As for what to expect, the video does a good job of explaining and here’s just one slide from the
presentation:
XXIX will raise its PEA on the green area and this time, they’ve dropped the overall grade in order to
incorporate some of the lower grade halo material, instead of aiming for the high grade only. That makes
sense (esp at today’s copper price) and above all, means the project strip rate will be significantly lower than
before. It also simplifies the mine plan and we always like simple when it comes to mining. However “lower
grade” is still 0.69% CuEq for an open pit mine and that’s a decent level, it also comes with clearly defined
high grading zones (e.g. the old crown pillar) which should make a good starter pit and quick capital payback
of any project. The duo then talked about the drilling planned at the Cooke target, East of the current
Opemiska resource and with the potential to add significant gold ounces to the overall mining mix. Those
holes should go into the ground soon. Finally, most of the last half of the video is taken up by Thierry, its
newly incorporated copper project in Ontario (i.e. not close to Opemiska). The team clearly thinks very highly
of Thierry and its prospects, with CEO le Bel firmly believing its geology has been misinterpreted to date and
there’s a lot of undiscovered mineral there, waiting to be drilled. We’ll see about that (I’lll wait for the truth
machine to speak before sharing the same level of enthusiasm), but they do seem to have an active second
arrow in their quiver. Overall, a good update video and an easy watch in 15 minutes or so.
To round off, be clear I’m not getting hot and sweaty about XXIX at this point; I’ve opened on the stock and
hold a small position because I like its chances and think this could be a true re-set moment for the company,
but I’m also keenly aware that for years (literally) it’s failed to move despite having plenty going for itself. It’s
a good place and price for a starter position, but it’s also going to be a Show Me story, one I’d be much more
comfortable about adding to once a price move and momentum is in progress, rather than trying to second-
guess too much and loading with cheap shares then crossing fingers. I like the risk/reward balance here, but
that doesn’t mean “no risk” and while price downside must be limited, opportunity cost of holding a big
position in a company that does nothing for a long period is certainly on my mind at this early stage. For
more on that, see Minera Alamos.
West Red Lake Gold (WRLG.v): ADDED. The second add to this position has beefed it up considerably
and it’s now officially “one of the larger holdings” in the darker blue shade above, though in this case I
16

hasten to add that if it moves up quickly enough to my newly adjusted C$1.44 target price (+48% from here)
once the re-rate dynamic kicks in I won’t think twice about selling and taking the profit. I ended up paying
more than I would have liked for this tranchelast week, the cost average moved to just over 87.5c, so instead
of being cute that gets rounded up to 88c for our purposes. WRLG was another of the stocks that traded well
on Friday and that’s good, the close made me look smarter than I am.
More on WRLG in today’s main fundies section, above.
Red Pine Exploration (RPX.v): ADDED. The last trade of the five to report in a busy week for my
portfolio, one that can often go weeks without anything happening has gone through quite a burst of selling
and then buying recently. Here at RPX there was no sub-9c shares available but I still bought what I wanted
and averaged down the position somewhat. That’s all for the time being, I assume we’re going to get news
out of this stock in the near future (post Labour Day and all that).
Rio2 Lid (RIO.v): Our Top Pick had a good week, above all responding positively to the news it released on
Friday (5). It’s not a long one, so here’s the whole thing:
VANCOUVER, BC - Rio2 Limited (“Rio2” or “the Company”) (TSXV: RIO; OTCQX: RIOFF; BVL: RIO) is pleased
to announce that it has received final listing approval from the Toronto Stock Exchange (the "TSX") to graduate
from the TSX Venture Exchange (the "TSXV"). The common shares of the Company (the "Common Shares") will
begin trading on the TSX effective at the market open on September 3, 2025, under the symbol "RIO".
In conjunction with the graduation to the TSX, the Common Shares will be voluntarily delisted from and will no
longer trade on the TSXV at the commencement of trading on the Toronto Stock Exchange.
Alex Black, Executive Chairman of the Board of Rio2, commented, “Graduating to the TSX is a milestone
achievement for Rio2; it demonstrates the significant progress our company has achieved in recent years. This
listing will provide greater visibility, improved liquidity, and increased access to a broader investor base as we
continue to advance our growth strategy.”
Shareholders will not be required to take any action in connection with the graduation and listing on the TSX.
There will be no change in the Company's CUSIP.
ABOUT RIO2 LIMITED
That set off a buying spree and the timing was lucky too, with
the mining sector on a buying day and good cheer all over the
Canadian junior sector. The result was a 15c (+9.0%) move
on the day and a new All Time High close of C$1.82. On
hearing the news Friday I asked Alex Black, Chair RIO.v
(RIO.to if you prefer), for a comment and any extra colour he
could offer for the news and here’s what he said:
“…there was a comment in that press release saying that
it gives us greater visibility (and) elevates the profile of
our company. It improves liquidity; I mean, we’re not too
bad from a liquidity perspective but potentially it’s going to
improve our liquidity and give us increased access to a
broader investment base. So they’re the basic benefits. Also, graduating to the TSX helps us with our
planned listing in Australia, we’re going to list in Australia at some point, I don’t know when yet. We
have been marketing to some bankers in Australia and they see our company and our product as
something pretty unique in Australia; there’s no LatAm or Chilean gold producing company listed in
the market in Australia so there’s quite a lot of interest in what we have there. Being on the TSX just
streamlines the paperwork to get on to the ASX when we want to do it.”
He added that RIO was also interested in the so-called “Nuam Exchange”, set up in 2018 to combine
companies listed Chile, Peru and Colombia on one exchange. To date we’ve heard very little from Nuam but
plans for a reboot are afoot in South America and it may start getting traction. Finally, Chair Black said that
RIO wouldn’t be looking to list in The USA and its access via
Canada TSX would be enough as far as North America goes.
Overall, another good week for the Top Pick stock.
Gold Royalty Corp (GROY): GROY keeps doing its thing, the
asset revaluation now in full swing. U$5.00 looks a reasonable
target, but the way the mid-cap royalty space is now consolidating
17

suggests it might not get there before a buyout gets announced. Some trades are easier to monitor than
others, this stock is going higher and the only thing that will stop it is if its C-suite goes back on its own word
and decides to raise treasury cash via a placement. Not impossible, but it’s a bridge to cross if we find it.
Salazar Resources (SRL.v): Another that had a good week and a particularly good Friday, seems to be the
fashionable pattern in today’s notes. The Friday pop to 16.5c was a little tape-painty perhaps, but the 373k
share volume was better than average and you need to go back over three years for a higher price for these
shares. So I’ll take it, even though the reason for opening this trade, i.e, Silvercorp (SVM) buying out its 15%
minority holding of El Domo, hasn’t materialized yet.
Switching gears, SRL was one of several TSXV stocks to
report its quarter last week, in this case its Q1 as the
company has just shifted the end of its financial year to
March 31st. At some point in the process, this publication
took its eye off the company financials and when the
quarterlies dropped, I realized we hadn’t shown any
financials at any time in 2025 so we remedy that today but
stick with balance sheet items to keep it simple (they’re
more than enough in this case). Assets continue with little
change to their dynamic, SRL doesn’t carry much on its
sheets and all cash burn is expensed. Liabilities are as tight
as ever, just run-of-company accounts on the ledger and the
optimum situation for an exploreco.
SRL.v: Assets per qtr
35
30
25
20
15
10
5
0
The one that matters most is cash treasury, as SRL doesn’t burn much but it still has to burn some cash. SRL
is essentially carried at El Domo/Curipamba, so its only expenses come from corporate (where it sips cash)
and any exploration work it does on its wholly-owned properties (which has been cheap end bootleather stuff
in 2025). The sale of 25m shares, announced last December and closed January, at 7c a pop raised $1.75m
and that will see it through for a while and the company should be okay for the rest of the year, but Freddy S
clearly doesn’t like seeing treasury drop below half a million Canadian so at a rough guess, I’d expect another
round of financing at the start of next year. If we get that far.
18
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
SRL.v: Liabilities per qtr C$m total fixed
other current 3.0
cash 2.5
2.0
1.5
1.0
0.5
0.0
source: company filings
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m
LT debt current debt
source: company filings
SRL.v: Cash Treasury per qtr
6.5
6.0
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m SRL.v: Working Capital per qtr
7
6.5
6
5.5
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
source: company filings
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
C$m
source company filings

As for the share count, the addition of 25m shares via that placement in the first calendar quarter of 2025 to
bring the S/O total to 248.859m. SRL has added a little under 100m shares in the last three years and that’s
something to consider for long-term holders.
SRL.v: Shares outstanding
Bottom line: I’ll be happy to see that offer come in from 300
SVM sooner, rather than later but there’s no real sweat 250
about holding these shares through to 2026.
200
150
100
50
0
Orecap Inv (OCI.v): The liquid-ish assets table tots up to 6.8c this weekend:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.54 6.36 2.6
ARIC.v 7.39 0.58 4.29 1.7
ARIC warrant 4.17 0.38 1.58 0.6
XXIX.v 22.992 0.10 2.30 0.9
KTR.v 42.75 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 0.035 0.86 0.3
subtotal 16.81 6.8
Est.cash 0.03 0.0
Total 16.84 6.8
At 247.714 S/O
We note that although still Kintavar, the deal to back KTR into the Ore Group of companies and re-boot its
assets comes with a change of name and the website for Auriginal Metals is already up and running. Here for
example is the link to the corporate presentation for anyone who’d like to get the 10 minute quick’n’dirty on
what they propose (6). Once the deal is doneKTR’s ticker changes to AUME.v, to better match the new name.
Surge Copper (SURG.v): In the last six trading days, SURG has
added over 34% on no news and without copper prices budging
much, testimony (if you needed it) of how tinycaps can leave you
scratching your head trying to explain price moves…in either
direction. I’m not complaining about this one though and from
moaning in IKN848, two weeks ago, about not taking profits a
while ago when it touched 20c in June, I’m getting the chance to
ignore the profit-take again .
i-80 Gold (IAUX) (IAU.to): The stock continues to make me
look stupid, which is probably good for all of us. But the issue here
isn’t my ego, it’s whether IAUX still deserves its place on the
Watch List and the higher it goes, the less opportunity I see for
a long position with enough upside target to be interesting. The
stock can get hyped and go higher (and for what it’s worth, I
think it is being hyped already), but that doesn’t change its
fundies and at this price, they simply do not appeal to this desk
at this time. IAUX has plenty of hurdles to get over before it
becomes a financially stable and profitable entity, they don’t
show up until 2026 at the earliest (the scheduled debt refi) and
until then, there are too many financial variables. But that’s just
19
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source: company filings, IKN ests

me, let’s give it a few more weeks to see whether this recent move sticks before making a removal decision.
The Copper Basket
After thirty-five weeks of 2025, The Copper Basket shows a gain of 29.71% 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 3001.11 451.37 15.04 117.3%
2 Atex Resources ATX.v 1.43 279.21 636.60 2.28 59.4%
3 Arizona Sonoran ASCU.to 1.47 174.6 467.93 2.68 82.3%
4 Aldebaran Res. ALDE.v 1.90 169.914 421.39 2.48 30.5%
5 Trilogy Metals TMQ.to 1.65 164.1 380.71 2.32 40.6%
6 Regulus Resources REG.v 2.05 124.659 319.13 2.56 24.9%
7 Faraday Copper FDY.to 0.74 205.516 283.61 1.38 86.5%
8 Hercules Metals BIG.v 0.55 289.289 240.11 0.83 50.9%
9 Hot Chili HCH.v 0.67 151.42 101.45 0.67 0.0%
10 American Eagle AE.v 0.69 173.377 93.62 0.54 -21.7%
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 55.94 0.265 65.6%
13 XXIX Metal XXIX.v 0.11 306.308 30.63 0.10 -9.1%
14 Copper Giant CGNT.v 0.315 117.73 20.01 0.17 -46.0%
15 Kobrea Exploration KBX.cse 0.60 35.085 17.89 0.51 -15.0%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 29.71%
The 2025 highs keep coming for the Copper Basket,
The Copper Basket 2025, weekly evolution
with another 3.32% added to last week’s average and 35%
30%
a positive headcount of nine winners (ATX.v, SOLG.l,
25%
TMQ.to, REG.v, FDY.to, BIG.v, AE.v, XXIX.v, CGNT.v) 20%
against just five losers (ALDE.v, ASCU.to, HCH.v, 15%
10%
KBX.cse, ANDC.cse), with one unchanged stock
5%
(ECU.v) making up the numbers. The biggest winner 0%
-5%
by quite a distance was XXIX Metal Corp (XXIX.v up
-10%
33.3%), with Hercules (BIG.v up 10.7%) also putting -15%
in a double figure percentage improvement. Biggest
loser was Andina (ANDC.cse down 11.7%).
As for copper-the-metal, it had a generally good week, rising on the Friday along with most things priced in
USD on that benign PCE number. Or as Reuters put it (7)
Copper prices hit a five-week high on Friday and were on track to end August with 3% growth due to
a weaker dollar and rising bets that the Federal Reserve will cut interest rates in September.
The dollar was poised for a 2% drop in August.
In other words, copper is currently doing the standard
anti-dollar price dance with fewer direct influences on its
market price. Saying that, it wasn’t a crazy week for
metals trading as volumes were light, so while this
weekend’s chosen chart focusing on the month of
August makes the peaks and troughs look somewhat
dramatic, those movements are basically in a 10c/lb
range…let’s call it 2%. Nothing wrong with reporting a
positive week for the metal of course, but no biggie.
In macro copper news, the half-year preliminary report
came out from the International Copper Study Group
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 dr3gua ht01 ht71 ht42 ts13
source: IKN calcs

(ICSG) (8) and here’s what it said about overall world supply…
Preliminary data indicates that world refined copper production increased by about 3.6% during the
first half of 2025 with
primary production (electrolytic and electrowinning from ores) up to 3.6% and secondary
production (from scrap) up by 3.7%.
…demand…
Preliminary data suggests that world apparent refined copper usage grew by about 4.8% in the first
half of 2025:
…and the balance between the two:
Preliminary world refined copper balance indicates an apparent surplus of about 251,000 t in the first
half of 2025
Fair enough. That 251kmt surplus compares to 395,000mt for the first six months of last year and within
normal margins of error, is in-line with market expectations for 2025 so far. No big surprises in the ICSG data
this time around, the forecast is for the market to fall into supply deficit in the second half of 2025 and from
there, we’ll see what 2026 brings.
It’s the end of another month as we rattle through 2025, which means we check on the long-term copper
inventory trend charts:
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
21
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj
Mt Cu
Comex
Shanghai
LME source: Cochilco
Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj
LME Shanghai Comex source: Cochilco
The story of 2025 is still Comex, with record tonnages held in its warehouses in North America. Neither have
they shown any signs of dropping since the tariff reversal on the metal was announced, which in turn
suggests demand in The USA isn’t particularly strong and it’s going to take quite a while to work that
stockpile down. All that copper cathode from Chile and Peru that got diverted away from Asia and toward the
port of Houston will go back to making its way across The Pacific again. That’s the only real comment for this
month, a continuation of the last three months and nothing new to bring to the table and with that, we check
on the weekly changes in copper inventories, data from Cochilco:
 Copper trading was again on the quiet side, but should kick back into gear as from this coming
week. The three official copper inventories systems added an aggregate total of 3,997 metric
tonnes (mt) to close at 488,329mt.
 Shanghai SHFE inventories saw another small decrease, this one 1,950mt to put this weekend’s
total just under the new normal 80kmt line, at 79,748mt.
 LME copper stocks added 2,550mt, but 3,375mt landed at its Asia warehouses which might be the
start of a re-stock on that side of the big pond. The total this weekend is 158,900mt.
 Comex continues to add tonnage on a weekly basis, every weekend a new record weekend. In this
case, some 3,397mt were added to storerooms and brings the total held to 249,681mt. With the

“back to work” of post-Labor Day now upon us, this is the most interesting dataset to follow in the
next few weeks and may well provide a litmus test of true copper demand, not just in The USA but
around the world. Any wholesale exit of tonnes getting moved to supply China would be telling.
Our dedicated SHFE charts show the same neutral signal this weekend that we’ve had all through the
Northern summer. The other side of Labor Day is when Chinese end users move to secure supplies of all
sorts of things for 2026 and that includes copper and its products. That usually knocks on to this dataset and
SHFE stocks draw down as from now-ish, but this year’s disrupted market may end up being different
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
22
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
Shanghai Futures Exchange Warehouse Stocks, 2014 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 8102ht72rpa ht91 ht11 9102
dr3bef
9102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD ht52beF ht91 ht11 42'dr3von ht62 ht02 ht31
Mt Cu
|
source: Cochilco
Now for notes on just a couple of our basket stocks:
Andina Copper (ANDC.cse): Mentioned in these notes
two weeks ago in IKN848 at the time of its name change,
the corporate re-boot got plenty of hype but since then
we’ve seen some “sell the news” activity. ANDC is back to
what looks like a baseline price and those interested may
want to consider this as a trade from this price. Still not for
me, even with the MARI neighbour play as its third sting
project and getting some play from the company and its
promotional material.
Hot Chili (HCH.v) (HCH.ax): Found its top. It’s still worth less than this, not matter what Rick Rule thinks.
The Producer Basket
After 35 weeks of 2025, the Producer Basket shows a gain of 84.81% to level stakes:

company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 82.44 74.40 99.9%
2 Agnico Eagle AEM 78.21 502.579 72.46 144.17 84.3%
3 Barrick B 15.50 1705.994 45.43 26.63 71.8%
4 Franco-Nevada FNV 117.59 192.119 36.19 188.35 60.2%
5 B2Gold Corp BTG 2.44 1313.11 5.42 4.13 69.3%
6 Eldorado Gold EGO 14.87 204.909 5.08 24.78 66.6%
7 New Gold NGD 2.49 790.9 4.67 5.90 137.9%
8 OceanaGold OGC.to 11.94 231.127 4.23 25.10 110.2%
9 Sandstorm SAND 5.58 296.844 3.31 11.16 100.0%
10 Wesdome Gold WDOFF 8.98 149.891 1.99 13.28 47.9%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 84.81%
Same as last weekend, another week of all boats rising on the same tide. We saw gold rise by an impressive
2.4% (GDX proxy), GDX up 5.0%, GDXJ up 5.0% and on our list, ten out of ten component stocks registering
gains since IKN849. Least best were Barrick (+1.6%), Sandstorm (+1.6%) and Franco (+1.8%), best-best
was Wesdome (WDOFF up 7.4%) as that one continues to put in a decent recovery after its weak patch,
meanwhile most others were around the +5% range set by the ETFs, strong stuff for an entire sector. Make
no mistake, what we’re seeing is new money arriving top-down into the mining sector from deep pocketed
funds and instos, the type of move we’ve wanted to see for months and even years. As for our semi-serious
battle against the GDX benchmark, we lost a little ground this week and remain behind, by a point and a half
or so. Four months left to turn that around.
The 2025 Producer Basket: Weekly performance and
100% comparative to GDX control
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Newmont (NEM): Wednesday saw Bloomberg break an interesting story about the world’s #1 precious
metals miner (publicly traded and by market cap, at least). Entitled “Top Gold Miner Newmont Plans Job Cuts
in Sweeping Cost Drive”, it starts like this (9):
Newmont Corp., the world’s largest gold miner, is studying plans to drive down costs that could lead
to deep job cuts, following its $15 billion acquisition of Newcrest Mining Ltd. in 2023.
A little further down the note, Bloomie adds colour:
Newmont, which hired Boston Consulting Group to work on the plans, has told managers it wants to
be closer in line with its lowest-cost peers, according to people familiar with the matter. That would
mean lowering costs by as by as much as $300 per ounce, or around 20%, the people said, asking
not to be identified as the plans haven’t been made public.
It’s one of those unsubstantiated stories that stands up to examination. The IKN Weekly is far from the only
publication to have pointed out the fact, but we have on several occasions since the merger with Newcrest
completed, this publication has highlighted the continued cost creep. Since the Covid quarter (1q20), not only
has NEM seen its AISC climb by something in the region of U$500/oz, but it’s done so despite repeated
assurances at the end of every financial year, in company forecasts and guidance numbers, that the company
was going to perform better and avoid cost creep. For sure it hasn’t been all bad news and the rocketing gold
price has seen margins increase significantly, especially in the last quarter, but with the explosive gold price
period now behind us and 3q25 stacking up in-line with 2q25, the spotlight will be back on the things NEM
can control and the top priority is its own cash costs.
23
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 ts13
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 dr3gua ht01 ht71 ht42 ts13
source: IKN calcs, NYSE data

NEM: Received price minus AISC, per qtr
The Bloomie article (and the notes it spawned, a scoop is a scoop after all) compared NEM to the way its
main rival for the top PM company crown these days, Agnico Eagle (AEM), has managed to keep a tighter lid
on its costs profile and we’ve done the same over the last couple of years as well, this chart (below) another
repeat from previous editions. The report also
says NEM wants its AISC to be “closer in line
with its lowest-cost peers” and while that
doesn’t mean it will chop U$300/oz off its
numbers and replicate AEM’s image as a market
darling of mining efficiency in the next quarter
or two, it does mean NEM (or at least the firm it
hired for consultancy) is looking to Agnico as a
benchmark. By the way, that consultancy gig
sounds good to me; get paid good money for
pointing out the blindingly obvious to a bunch of
suits who think flying commercial is cost-cutting
their shareholders should thank them for.
The TinyCaps List
35 weeks of 2024, the TinyCaps show a gain of 31.77% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 10.84 0.08 -52.9%
Condor Res CN.v 0.145 149.913 19.49 0.13 -10.3%
Electrum Disc ELY.v 0.13 98.995 6.93 0.07 -46.2%
Endurance Gold EDG.v 0.145 176.296 45.84 0.26 75.9%
Kodiak Copper KDK.v 0.39 85.7 55.71 0.65 66.7%
Latin Metals LMS.v 0.08 121.915 24.99 0.205 156.3%
Mogotes Metals MOG.v 0.13 374.759 106.81 0.285 119.2%
Radius Gold RDU.v 0.085 107.554 16.13 0.15 76.5%
South Star STS.v 0.55 69.2 13.84 0.20 -63.6%
Viva Gold VAU.v 0.14 145.53 18.92 0.13 -7.1%
Prices in CAD$, data from TSXV basket avg 31.77%
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$25m market capper in, but the spirit is unaltered.
24
165 726 398 908 217 887 856 247 637 294 024 345 035 394 494 915 156 587 709
0811 3921 7271
1800
1600
1400
1200
1000 800 600
400 200
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
U$/oz NEM: AISC per qtr
source: company filings, IKN calcs
0301 7901 0201 3401 9301 5301 0211 6501 6511 9911 1721 5121 6731 2741 6241 5841 9341 2651 1161 3641 1561 3951
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
AEM and NEM: Margin/Oz Au, per qtr
$/oz Au NB: AEM = operating margin, NEM = received price minus AISC
2500
2000 AEM
NEM
1500
1000
500
0
21 22 22 22 22 23 23 23 23 24 24 24 24 25 25
4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q 3q 4q 1q 2q
source: company filings, IKN calcs

 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 TinyCaps List average improved by almost 6% on the 50% TinyCaps, 2025 weekly tracker
week, a good performance driven by seven winners (CN.v,
40%
ELY.v, EDG.v, KDK.v, LMS.v, RDU.v, VAU.v) versus just
30%
two losers (BRO.v, MOG.v) with one stock unchanged on
20%
the week (STS.v). Most of the moves were small, the
biggest being Condor (CN.v up 13.0%), or a penny and a 10%
half, for no apparent reason. 0%
-10%
Electrum Discovery (ELY.v): One mailer last week
asked me specifically about this stock and why I didn’t add
it to my list of purchases last week. The answer: It could
be dead money for a while yet and as such, we should not overlook this company’s painful 2025 and the
potential its somewhat illiquid shares get hit further by tax loss selling in Q4. So, 6c and 7c today looks like a
bargain, but if 4c prices become available in November and December it would be another kettle of fish
entirely.
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
Chile: Boric on a diet
President Gabriel Boric of Chile has never got on with his country’s mining industry. Even before he became a
leading politico and eventually President, he was a left wing student leader and vociferous on issues such as
community level pollution and climate change, so mining was always in his crosshairs. Since becoming
President he’s had his ideological wings clipper by a dose or three of economic reality and the last two years
of his mandate have seen Chile return to its normal pro-mining stance, but his personal antipathy for the
capitalist world of mining has never gone away. Now in his last year, all pretense has faded and instead of
attending the Chilean mining industry’s traditional #1 gala evening of the year, the National Mining Society
(Sonami) Dinner, an annual event that’s been going since 1883, he stayed away for the second year running
and instead sent his Mining Minister, Minister of the Economy, Minister of Women (who announced the
government’s objective of 50% of mining jobs covered by women by 2025) and his Chancellor. But Boric also
understands the importance of mining, so he’s careful not to say too much from the heart. Chile continues to
be highly pro-mining and in a recent poll (10), 75% of Chileans said that it was the industrial sector that most
contributed to the country’s development. And they’re right, too.
We recall (and RIO.v holders with some pain) the efforts made by the Boric government to rein in mining
during the first year and a bit of his mandate, the left wing ideologues finally stopped in their tracks when the
country voted down its constitutional reform. Since then Chile has been back on course and today is still the
region’s #1 jurisdiction for mining (no matter what the biased Fraser Institute survey says…we can go into
that tome of silliness another day). However, be clear that Chile’s mining scene will take another step forward
when José Antonio Kast wins the run-off against Jeannette Jara in December and becomes President next
year. That improvement will be image (FDI likes right wing governments in LatAm) and in substance, as for
one thing permitting is likely to become quicker and easier.
Burkina Faso: Resource nationalism on steroids
Let’s go with Mining Dot Com on this non-LatAm story (11):
25
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 ts13
source: IKN calcs, TSX data

Burkina Faso is accelerating its drive to nationalize natural resources, requesting this week to acquire
another 35% of West African Resources’ (ASX: WAF) Kiaka gold mine — a move that forced the
miner into a trading halt on Thursday.
The company said the government wants to raise its stake in Kiaka, which poured first gold in June,
“for valuable paid consideration”. It added the trading should resume Monday.
Expect the WAF share price to drop hard when it opens for business in Australia markets tomorrow [EDIT:
WAF was halted by the ASX and did not trade Monday],
meanwhile we already saw Burkina-exposed Orezone (ORE.to)
drop on the fall-out, turned what should have been a great two
weeks into an UNCH experience for its holders (chart right)
despite the company halting to avoid panic selling and then
emitting its own NR to say that it doesn’t expect to come under
the same new 35% regime and would meet government
officials this weekend in order to get that fully confirmed.
That Mining Dot Com report continues with this:
The development highlights the fragile investment climate in
West Africa, already rattled by political instability in Mali.
Ain’t that the truth! And a little further down:
For foreign miners, the upheaval underscores how quickly long-term agreements can collapse.
Countries such as Ghana, Egypt, Namibia and Botswana continue to offer more predictable
frameworks, while Côte d’Ivoire and Guinea are emerging as new magnets for investment.
That’s as close to an op-ed comment as you should ever see in a news report. As noted in a quick TwitterX
post last week, there’s no way Mali isn’t watching what’s going on with its neighbour, seeing if it can get
away with this heavy-handed resource nationalism without causing an existential threat to its own
government and counting the money it could make by running the same sort of asset capture. And if Mali
joins in, the West Africa/Sahel region is set up for a domino effect and from there, is there any reason why
countries further afield look on the revenues gathered by others and wonder why they aren’t charging foreign
companies more?. No matter how pro-mining you think Ghana or Senegal or Namibia (some 4,400km from
Burkina Faso) is toward capitalist FDI at the moment.
There’s no doubting the geological prospectivity of West Africa, the last decade has seen the zone rise in
popularity among the exploreco sector for a very good reason, the risks. But this sharp rise in political risk is
happening at the very same time Latin America, particularly South America, is taking a clear turn to the right
in its politics. “He must increase, but I must decrease”, as someone once said.
Argentina: The Milei corruption scandal deepens
It’s always a little difficult to decide which pure-politics LatAm stories that aren’t directly connected to mining
in this section, as it wouldn’t be difficult to fill 20 pages a week with the mondo bizarro that goes on in the
region’s political circus. So I’m quietly happy* that we included a few words on the Milei government
corruption scandal last week, because the story has snowballed considerably in the week, starting with this
story (12), big enough that it got English language coverage from AP:
BUENOS AIRES, Argentina (AP) — Demonstrators hurled rocks at a convoy carrying Argentina’s
libertarian President Javier Mieli on Wednesday as his campaign caravan cut through Buenos Aires
province, the cradle of the country’s left-leaning opposition movement.
Milei came away unharmed, his spokesperson said, but the attack on his motorcade cut short the
high-profile rally and ratcheted up tensions just days before consequential provincial elections in
Buenos Aires, where more than a third of Argentines live.
The incident comes as a corruption scandal threatens to entangle Milei’s inner circle, including his
sister and chief of staff, Karina Milei, who was riding Wednesday in the bed of the pickup truck
alongside the president and key candidates from their governing Liberty Advances party when rocks,
bottles and other objects started flying.
The next day Milei was up and railing against the protest on the public speaking stage, blaming the usual
suspect, but the damage had already been done. For the outsider, please note that Milei and his crew
(including controversial Karina) were in Lomas de Zamora as part of the campaign drive for the Buenos Aires
provincial parliament election, happening next weekend September 7th. That may give you an idea of how
26

important this election is for Milei, he understands that even though it’s a regional election for 46 lower house
and 23 upper house seats in the parliament of Buenos Aires province, the result is sure to affect the October
national midterms and in turn, the national government. Therefore, the sudden weak flank presented by the
government over the corruption scandal couldn’t have come at a worse time and also explains why his
opposition has jumped on it so hard.
It seems to be affecting the government’s popularity, too. The first serious, national level poll was published
by pollster Trespuntozero last week (13), which saw an immediate effect from the alleged connection
between his party and kickbacks made by pharma companies, up to and including cash given to his sister
Karina. Milei’s image is now below that of his main rival in the opposition ranks, Buenos Aires governor Axel
Kicillof (also the most likely opposition to him in the 2027 Presidential election) and lower than even that of
Cristina Kirchner, now confined to her own house as sentenced, after being found guilty of corruption. Also,
57.9% blame him directly for the corruption scandal, a figure only just behind that of his sister (59.3%) who
has been directly implicated. This graphic from the poll results (translation and red arrows added by your
author)…
…shows the problem, with his positive image down by 8.1% from July to August, his government polling sub-
40% acceptance for the first time since it was elected (21 months ago) and a significant number of
supporters suddenly in the “don’t know” camp. Those shifting to “don’t know” are likely previous hardcore
supporters, too. We also note how his political enemies last week took the opportunity to re-open the “Libra
Case” (14). For those who don’t remember (and I don’t blame you), that’s around the “$LIBRA”
cryptocurrency floated by a private company in Argentina late last year that got the backing of the State, up
to and including promotional segments from the President himself. However (and get ready for a shock),
once it was floated and rising on the hype, LIBRA was rug-pulled by those at the centre of the cryptocurrency
and they walked away with many millions of collars. An obvious scam, but one with government sanctions, it
could still cause extra problems for a President now stained with the more recent and more classic Argentine
government corruption scandal that isn’t going away soon.
Corruption scandals in Argentina come and go, but this case is singular as it’s from a party that has always
separated itself from what Milei calls “the political caste” and makes its clean image a central point of pride.
We need to follow this story closely on these pages in the weeks ahead, particularly in the run-up to those
key October mid-terms, as if Milei loses any level of power and becomes a lame duck for the second half of
his presidency, it could negatively affect the rise of mining in the country at a critical moment.
*With myself…pathetic isn’t it?
More Argentina: Santa Cruz governor criticizes mining companies
Last week saw a regional mining conference in Santa Cruz, Argentina, the Southern province regarded as one
of the best places to go mining in the country and well-regarded even in the Kirchner era. Location of several
big precious metals mines (Cerro Vanguardia, Cerro Negro, San José, Don Nicolas, etc), it has a long tradition
in the sector and the 2025 conference in the resort town of El Calafate, Santa Cruz, brought in all the
national industry names as well as politicos of all shapes and sizes.
27

Which brings us to the keynote speech given by Claudio Vidal, governor of Santa Cruz. Vidal is a bit of a
rarity in Argentina politics, as he’s unaligned with either the traditional Peronist/Kirchnerist politics of the left
or the newly powerful Milei/Libertarian right wing. He’s also supportive of policies from either side when he
agrees with them, which often means his criticisms get national level coverage. In his speech, Governor Vidal
decided to point out a few home truths about what mining has done for Santa Cruz province. Your author
translates the quote (15):
““The province has been generous in distributing its resources, but mining extraction hasn’t left much
for its citizens”, said Vidal, underscoring in the inequality that continues to this day in many
communities (in Santa Cruz), despite their proximity to mining activity. “We have a great deal of
(mining) resources, but there’s a long way to go before our fellow citizens get a better life (from
mining).”
He went on to state (816) that his province would no longer be happy with the crumbs from the table and
that mining companies would need to build a chain of value addition that benefited the local population and
communities, along the way telling them his province was about to published a law project to that effect. He
also warned that if mining companies didn’t invest in training Argentina’s mining industry would find itself at
the mercy of “neighbouring countries”, a clear allusion to Chile and its body of more experienced and trained
up mining people.
Market Watching
Provenance Gold (PAU.cse) delivers drill results
Following on from the brief note in today’s Stocks to Follow section (above), I consider myself very lucky on
the timing of this buy call. We noted last weekend that assay results from the current Provenance Gold
(PAU.cse) drill campaign were taking their sweet time in arriving and the jungledrums weren’t good, but that
wasn’t enough to put me off buying the stock at its new
low price level. Sure enough, just two days after
publishing the buy call they showed up, PAU providing
results from ten of the 15 holes so far (17). Here’s how
the stock price reacted (right).
When the NR hit on Wednesday morning I also sniffed
at the headline numbers, so the knee-jerk reaction of
the market didn’t come as a surprise. These aren’t the
grades and widths it hit in the 2024 program that
brought eyeballs to the company, but on closer
examination they weren’t that bad and once the open
had happened, I availed myself of the extra discount
15c on offer. That turned out to be a good decision and,
helped by the prevailing winds in gold etc, PAU returned from whence it came by the close Friday.
As for those numbers, here’s a screenshot of the bullet-point highlights as offered in the company NR:
For sure half gram hits are not as eye-catching as the 3g over 175m stuff, but don’t miss the forest for the
trees as that rock is also clearly economic as part of any eventual open pit mine operation. Here’s the
quickmath:
 U$3,300/oz gold/31.1 = U$106/g for gold
 0.5g gold at 75% recovery = U$40/t rock
If you can’t make a profit on $40/t bulk mining, find another job and though I’m the last person to toady up
to junior mining c-suiters, I fully agree with Mr. Perttu’s NR comments:
28

Provenance Chairman Rauno Perttu stated, "This project continues to experience significant growth. We were
particularly pleased by the large intervals of open - pit grade mineralization shown in holes ED-16, ED-18, ED-
19, ED-20 and ED-21 and the substantial open-pit grade mineralisation close to surface in holes ED-12, ED-13
and ED-14. Our refined geological model, updated in light of early drilling results, indicates multiple high-grade
feeder zones interconnected by open-pit grade mineralization, likely aligned along structural corridors. Equally
compelling, in my view, is the deposit's outstanding economic potential: widespread near-surface gold
mineralization, minimal overburden, and excellent metallurgical recoveries all point to robust margins. As we
advance through the drilling season, I'm genuinely excited to continue to grow the project and explore these
high-grade targets."
Taking a couple of the visuals from the NR also shows how PAU has, on a conceptual level, expanded
economic resource tonnage with these results. This first map is shrunk down to take up less space here
(check the NR for a better view), but shows how the new results sit to the West of the high-grading zone and
add to its prospects, rather than diminish them.
This one does it even better (note the A-to-A sectional as pertains to the above visual) and the pink zone
with arrows that the company is now targeting for
further resource growth is interesting enough, but
what also stands out is the cluster of high grading
assays from surface in the centre of the display. If
that’s not a high grade place to start mining for
fast capital payback, then starter pits do not exist
anywhere.
Therefore, after digesting the NR and seen the
market’s reaction to the ho-hum headline
numbers, I went through with the plan and
bought what was an unexpected bonus bargain
price. More luck than judgment, but nobody forced
them to sell and I’ll take the run-good happily.
Moving on, it so happened that last week also saw
PAU file its 2q25 financials and that’s all the
excuse we need to offer the updated tracking
charts in today’s “welcome to the main list” look at PAU, with reasonable estimates plugged into the charts
for the current 3q25 as well. The theme across the visuals is one of a company that’s expanding itself. Still a
tinycap for sure, but there’s plenty of evidence of the uptick in activity on show, starting with an asset chart
that has two major factors making it grow. Firstly PAU is raising and using more cash on a regular basis,
secondly it has decided to capitalize its exploration burn, thereby making the fixed asset columns shift higher;
unusual for an exploreco these days. As for liabilities, the last couple of quarters have seen a bit more on the
debit to suppliers but it’s really not that much either way, zero issues there.
29

PAU.cse: Assets, per qtr
10
9
8
7
6
5
4
3
2
1
0
A closer look at cash treasury sees the bigger numbers being managed by PAU since end 2024 and the time
when its very decent drill results from Eldorado finally
caught the market’s eye. The In 3q25 (i.e. the current
quarter) PAU closed a private placement for C$2.542m, it
also exercised some 15c warrants and brought around
C$240k into treasury with those. Set aside that new cash is
the burn from the ongoing drill campaign (15 R/C drills, 10
of those with assays just announced) and general
background burn, so our C$2.8m guesstimate may be off,
but whatever PAU finishes the current quarter with is
enough to get it into 2026 and probably half way through
next year. Saying that, even with a parsimonious company
such as this the low treasuries will run dry and at some point
in the medium-term future it will have to go to market again,
that's something well worth bearing in mind.
The closing of the placement, plus those warrants made whole as per the 2q25 financials, brings the current
shares out total to an IKN-estimated 154.05m, which at this weekend’s C$0.175 share price gives us a
market capitalization of C$26.96m (U$19.68m). Let’s call it C$27m/U$20m and be done and for that, you’re
getting a company that won’t need to finance again this year, but will need to in 2026. You’re also getting an
expanding open pit mine project with a clear sweet spot, but the outlaying zones are still economic and the
current drill program, while not offering the spectacular grades, is still returning runnable tonnages. That’s a
decent risk/reward in the current climate and a personal reminder, once again, why I prefer gold explorecos
to silver explorecos.
Aurion Resources (AU.v) gets money
I seem to have the “talent” at the moment of picking out companies as potential trades, only to see their
stock prices immediately fly off without me. In the case of Aurtion Resources (AU.v), the last couple of weeks
have seen these pages home in on its prospects as a good way of playing the “WWAD?” (what would Agnico
do?) trade, considering the Tier 1 gold giant is now making money hand over first with its high margin mines
and will surely be looking for the next place in which to invest for its production cycle. After calling buy on
30
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
C$m PAU.cse: Liabilities per qtr
1
0.9
fixed 0.8
other current 0.7
cash 0.6
0.5
0.4
0.3
0.2
0.1
0
source: company filings/IKN ests
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
C$m
LT liab
current liab
source: company filings/IKN ests
PAU.cse: Cash treasury per qtr
83.1
8.2
3
2.5
2
1.5
1
0.5
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
C$m
source: company filings/IKN ests
PAU.cse: Working cap
3
2.5
2
1.5
1
0.5 0
-0.5
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
C$m PAU.cse: Shares Out
source: company filings/IKN ests
5.34 5.34 2.35 0.16 0.16 5.47 5.97 5.97 5.97 5.97 5.97 5.97 5.98 1.59 1.59 0.801 0.801
5.731 6.831 7.931 1.451
180
160
140
120
100
80
60 40 20
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
C$m
source: company filings/IKN ests

three other trades last week, AU.v was left with a question mark over its head and we closed the brief note
on the stock, “Aurion Resources (AU.v): Pending decision” with these words:
“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.”
One of the issues I wanted to clear up was its treasury position, as even though AU.v doesn’t burn cahs
crazily it was obviously getting low on cash and would likely need to finance in some way or other. Therefore
I decided to wait a week, see how the 2q25 financials showed the latest treasury and burn, then make a
more informed call but before even that happened, we got this (18):
Aurion Resources Ltd. (TSX VENTURE: AU) (OTCQX: AIRRF) (“Aurion” or the “Company”) announces a non-
brokered private placement (the “Offering”) with a strategic investor (the “Strategic Investor”) that is expected to
result in the Strategic Investor holding, after giving effect to the Offering, approximately 6.88% of the issued and
outstanding common shares of Aurion on a non-diluted basis and approximately 9.98% on a partially-diluted basis.
The Strategic Investor has agreed to subscribe for 11,060,000 units (the “Units”) of the Company for total
consideration of C$9,290,400 at a price of C$0.84 per Unit. Each Unit is comprised of one common share of
Aurion (a “Common Share”) and one-half of one common share purchase warrant of Aurion (each whole common
share purchase warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common Share at a price
of C$1.08 for a period of three years following the closing date of the Offering, subject to acceleration in certain
circumstances. At least 75% of the net proceeds of the Offering will be used to advance exploration and technical
work programs on the Company’s 100% owned Risti project.
The company beat me to the punch and what’s more
announced it was raising its C$9.29m in gross proceeds
(more than enough for the next 12 months) in a very
shareholder-friendly way. No matter whether
anonymous or not, the market likes the arrival of
strategic investors as they enter a structure cleanly,
invariably have a long-term view and are assumed to
have done the type of DD on a project to give it a green
light on their money before getting to the investment
decision. As a result and helped along by last week’s
friendly market, AU shares did this (right).
Our strategic friend gets an immediate 11c return on their capital and AU.v flies away from the prices at
which I was eyeing it up. A day later came those elusive Q2 financials and…
31

…the balance sheet remains clean, with C$4m in treasury as at June 30th. That’s a reasonable position and
with the new cash entering being mostly targeted at exploration expenses, we’re going to get more newsflow
from AU in the next few months. That’s not the direct reason for my interest in this stock, it’s more a way to
play the moment AEM moves on AE neighbour Rupert Resources and makes its PFs-level project its next
mine in Finland. Still, the more AE can do to make itself attractive, the better.
Once the strategic investor announcement had happened, AE trading and volume went quiet again and that’s
the one thing keeping me from buying now and opening a new position. I’m going to monitor the tape a few
more days (or a couple of weeks) to see whether it reverts a little before making the final call. However be
clear, from virtually nowhere three or four weeks ago, Aurion Resources (AE.v) has moved to the very top of
my shopping list and should now be considered a likely buy in the neat future.
Conclusion
IKN850 is done, we end with one bullet point:
 Rather than make any reflective comment on the above report, as I prepare to send this edition
Monday evening I’m also watching gold rocket higher, spot touching U$3,530/oz and in new record
territory for nominal dollars. And no matter whether or not my cash is perfectly positioned and
weighted among the chosen stocks, I know I’m in the right sector. Keep dancing, folks.
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.
Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2025/08/schedule-for-week-of-august-31-2025.html
(2) https://marimaca.com/mod-feasibility-study-confirms-robust-capital-intensity-and-31-irr-maiden-ore-reserve/
(3) https://westredlakegold.com/west-red-lake-gold-provides-madsen-mine-operations-update-2/
(4) https://www.youtube.com/watch?v=di539KvdADY
(5) https://www.rio2.com/post/rio2-limited-announces-graduation-to-tsx
(6) https://auriginal.ca/investors/presentations/
(7) https://www.hellenicshippingnews.com/copper-set-for-monthly-growth-on-rising-rate-cut-bets/
(8) https://icsg.org/press-releases/#
(9) https://www.bloomberg.com/news/articles/2025-08-27/top-gold-miner-newmont-plans-job-cuts-in-sweeping-cost-drive
(10) https://www.biobiochile.cl/noticias/economia/negocios-y-empresas/2025/08/29/por-segundo-ano-consecutivo-boric-no-asistio-a-
importante-cena-con-empresas-de-la-gran-mineria.shtml
(11) https://www.mining.com/burkina-fasos-nationalization-rattles-west-africas-gold-sector/
(12) https://apnews.com/article/argentina-javier-milei-karina-milei-cristina-fernandez-de-kirchner-peronism-
e9f6fbd66fa2decba33f14e7aab78f84?
(13) https://www.pagina12.com.ar/852983-solo-pesimas-noticias-para-javier-milei
(14) https://www.pagina12.com.ar/853156-milei-suma-una-preocupacion-se-reactivo-la-comision-de-la-cr
(15) https://lu17.com/contenido/96507/vidal-critica-el-modelo-minero-en-santa-cruz-poco-quedo-para-la-sociedad
(16) https://ahoracalafate.com.ar/contenido/33756/expo-mining-vidal-llama-a-dejar-de-ser-generosos-y-exige-mas-beneficios-para-san
(17) https://webfiles.thecse.com/264071.pdf?BfDlq0NduPp5u4nuyIZN0uXYPQuwUTH3
(18) https://aurionresources.com/news/2025/aurion-announces-c-9.3-million-strategic-investment/
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Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
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Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
34

Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
35

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
Stocks 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.
36