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The IKN Weekly
Week 851, September 7th 2025
Contents
This Week: Trade heads-up, In today’s edition, Beaver Creek, Don’t be too contrarian.
Fundamental Analysis: Red Pine Exploration (RPX.v): Buying again this week.
Stocks to Follow: Overview.
The Copper Basket: Overview, Element 29 (ECU.v), Aldebaran Resources (ALDE.v), Hot Chili (HCH.v)
(HCH.ax).
The Producer Basket: Overview, B2Gold (BTG) (BTO.to), Wesdome (WDO.to) (WDOFF).
The TinyCaps Basket: Overview, Endurance Gold (EDG.v), Kodiak Copper (KDK.v).
Regional Politics: The Mexico Mining Forum 2025 and permits, Argentina: Keeping an eye on Buenos Aires
province this weekend, Argentina: The 19 RIGI projects.
Market Watching: The silver dogs are barking.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
I’m adding more Red Pine Exploration (RPX.v) in the coming week, it’s time to position behind cheap and
prospective gold ounces and RPX fits the bill perfectly. Please see today’s main fundies section.
In today’s edition
 It seems like just yesterday that I added to my position in Red Pine Exploration (RPX.v) and averaged
down, so today’s main fundies section may come as a surprise. I’m no longer content with a small/ish
sized speculation in RPX, this market demands more strident action and after surveying several other
stocks, every conclusion came to “Yes, but I prefer RPX to this”. So rather than get cute, I’m going to
buy more and today’s main fundies section explains why.
 Regional Politics is fairly Argentine again, but this time the news is not great with the Milei government
having taken a real beating in the Buenos Aires province elections today.
 The Copper Basket notes the relative under-performance of copper exploreco stocks last week
compared to their high-flying precious metals cousins. It also considers the latest data regarding North
American demand for the metal and what that might mean: Spoiler: It’s weak.
 In Market Watching, I continue to underscore my stupidity about silver. I’ll stick to RPX for the time
being, thanks all the same.
Beaver Creek
It’s not confined to smaller mining companies, but the “2025 Precious Metals Summit Beaver Creek (almost
always referred to by the last two words) is one of the main events of the tinycap/smallcap/developer/junior
producer year and its starts this coming Tuesday, September 9th. Here’s the link to its dedicated page (1)
and it’s one worth filing for future references as well, because you’ll get links to recordings of the snappy, 15
minute presentations and accompanying slide decks on PDF once the days are done and with something like
160 companies presenting between Tuesday and Friday (most of them Weds and Thurs) there will be plenty
to watch on that page once it’s done. For those attending the conference, you have my sincere condolences.
1

Also as per last weekend, we also remind readers about the “37th Mining Forum Americas 2025”, aka Denver
Gold, which kicks off next Sunday September 14th and runs to the 17th (2). That doesn’t normally make
headlines until the Monday and there will be IJN852 before then, but it’s still worth marking your cards as the
great and the good of Tier 1 and 2 precious metals mining will be there, it’s also one of the classic deal
windows in the year.
Don’t be too contrarian
The purists among the gold community still get sniffy about SPDR Gold Shares (GLD), the world's largest
bullion ETF by some distance, calling it "paper gold" and telling newbies that "if it all collapses, good luck
getting delivery" (often with multiple
exclamation marks attached to their
warnings). This desk doesn't care, it does
a good job of offering week-over-week
sentiment readings on how the US
markets view gold as it only trades on the
US timetable and it provides easy and
quick entry into bullion without all that
messing about trying to find a bank vault
for your newly purchased metal (among
other trade advantages). Last week GLD
started last week at U$318.07 and ended
at U$331.05, a rise of 4.08% and that's a
decent move for any ETF, let alone one
that only holds what the world
understands to be a "safe haven" financial
product.
In fact it’s way too big of a move to be
comfortable and speaks clearly about the
growing nervousness in the markets. Last
week saw more clear signposts that the
Fed would begin cutting rates at the upcoming FOMC, exhibit A being the BLS Employment Report last Friday.
In last week’s intro we quoted Bill McBride telling us that consensus was for +78k NFP jobs and a headline
unemployment rate of 4.2%. This weekend has the reality at +22k NFP and 4.3%, weak by any standards
and on the back of that data, the market is now adding in the potential for a 50bps cut in ten days’ time. The
final major piece in the puzzle will be the US inflation readings for producers (PPI this coming Weds) and
consumers (CPI Thurs) and keep in mind “0.3%” for all the readings, be they headline or core, because that’s
where the forecasts sit this weekend. However the PCE data have already given us an indication of where
inflations sits so the unemployment data will still loom largest in the minds of Jay Powell and his friends.
The implication of a weaker US Dollar is clear, the USA will pay less for the privilege of owning its debt, the
world reacts accordingly. Economics 101 and it’s also why stocks and other financial vehicles are holding up
in the way they are (until the PEs get too rich, then we’ll see what happens). But gold seems to be sitting in
an even sweeter spot, with inflation still running above the levels we’d normally see and “The S Word” back
in fashion. Those with a memory might remember this desk’s thoughts on the implications of Fed policy and
the threat of Stagflation way back in 2022. Russia had just invaded Ukraine, the “transitory inflation”
comment was haunting Jerome Powell and the Fed went into emergency hiking mode to reel in inflation
before everything went to hell. The initial effect was to kill the price of gold but, once the inflationary peak
had come and gone, gold started to recover as stagflation concerns began. It’s taken from then (late 2022)
to now (mid 2025) for economic reality to catch up with monetary theory but here we now are, with an
economy showing fatigue and a Fed apparently forced into feeding the inflation flames again in order to kick-
start key sectors such as housing (and lessen Trump’s debt repayment schedule, he cares about that a lot it
seems). The recent resurgence of “The S Word” has got me thinking about the position of the financial
contrarian in this market, because that’s me, it’s how I self-identify, my pronouns are Yabbut, Dunno, Maybe
and Not. We were on the stagflation case way before it was cool and as evidence, if you’re really bored one
day go back to IKN Weekly intros in mid-to-late 2022 to read my dire warnings of stagflation if the Fed went
the direction it did. Suffice to say that looming financial backdrop doesn’t come as much surprise but with
that said, if Bart Simpson ever moves into stock trading the person who made him write out those lines on
2

the chalkboard is teaching him a valuable lesson. My stagflation forecast was fine in theory, completely
useless in practice because two and a half years may as well be a century and so many other things have
happened in the meantime to make any 2022 “stagflation trade” a wash at best (for more, see the XKCD
correlation/causation cartoon in last week’s edition).
Which brings me back to today’s market and a different set of contrarian alarm bells going off in my head,
this time regarding the gold price. Gold’s move has been nothing short of spectacular this year and while I’m
not your hardcore goldbug and never will be, I have no choice but to count myself among the hard money
club. It’s hardly an original position, no laurels demand or deserved, but you can count me among the group
predicting better and higher prices for gold (and its sibling metals) for a long time. Ask the average financial
suit before 2024 and you wouldn’t have got much back, but the last two years have seen gold the contrarian
trade become reality. So with gold breaking records on a weekly basis and its price hike now acceleration,
your contrarian author does what his brain is hard-wired to do, he starts thinking about gold reversing. Sorry,
I can’t help it, it’s how the contrarian mind works and while “gotta be a contrarian” is an attractive phrase,
often used in connection with the people that “buck the system” and “make it big”, it’s also fraught with
dangers and downsides. I’ve learned that the hard way over the years, not just in the world of finance.
It’s why “Keep Dancing Until the Music Stops” has been the most useful of touchstone phrase this year, every
bit as useful for me as it is advice for those reading these words. “Keep Dancing…” is a reminder that not
every contrarian thought is worth pursuing, that the majority can be right, that there’s nothing wrong with
going with the flow. The mining sector is typically a tough place to eke out wins, we investors and
speculators are used to backing plenty of losers and normally, the successful investor relies on a minority of
big winners to out-weight the majority of failed bets. However, it doesn’t have to be like that all the time and
right now, it may feel suspiciously easy to make money in our sector but it’s a mistake to confuse that with
being a bad thing, or some phenomenon destined to be short-lived and just because the world is coming
round to the logic of The Gold Trade doesn’t mean it’s about to fall apart. We, the long-suffering PM players,
have waited for this moment and now is not the time take profits. Now is the time to welcome the market
mainstream to the trade and to keep the music playing. Or put another way, the easy bit is being contrarian,
the difficult bit is knowing what to be contrarian against. Keep dancing, ladies and gents, this secular bull
market for precious metals stocks still has a long way to go.
Fundamental Analysis of Mining Stocks
Red Pine Exploration (RPX.v): Buying again this week
Almost exactly one year ago, in IKN799 dated September 8th 2024, we ran the main fundamental analysis
note “Red Pine Exploration (RPX.v): Buy the placement or the open market” that, after five years of watching
and tracking saw our first ever buy call on RPX and my personal first purchase. That weekend RPX was a
10.5c stock. Due to the round of financing happening at the time, we used a pro-forma share count of
291.9m S/O to put its market cap at C$30.65m. That buy call came at the end of a tracking process that ran
through the second and third quarters of last year and mainly featured in these editions:
 IKN781, dated May 5th 2024 and the main Fundamental Analysis note, “Red Pine Exploration (RPX.v):
opportunity knocks”, the week that the salting scandal during the tenure of previous CEO Quentin Yarie
came to light
 IKN782 dated May 12th: “Red Pine Exploration (RPX.v): The story develops quickly”.
 IKN783 dated May 19th: “Red Pine Exploration (RPX.v): Conference Call and trading call”
Those three editions covered the slings and arrows of the scandal and we watched at RPX shares dumped
hard. At that point we put RPX on the watch list and waited a while, until IKN798 dated September 1st and
the ‘Market Watching’ note “Red Pine Exploration (RPX.v) delivers a resource update.” The final step then
came in IKN799, when we called buy and the Watch List component became an active holding in your
author’s portfolio.
3

That was a year ago and there’s been plenty happening since then: The Northern winter came and went, the
2025 development program at Wawa got into gear and, more recently, RPX has run a financing to top up its
treasury and last year’s nascent thoughts of turning Wawa into an open-pit mining operation have gained
traction. On a personal level, I’ve bought another slug of RPX shares recently and even more recently, i.e.
last week, we got more news to add to the mix, so before we get there and consider what last week’s NR
mean imply let’s first update on the corporate structure:
Shares out: 370.5m
Options: 9.985m
Warrants: 90.29m
Fully diluted: 470.775m
Current share price: C$0.12
Market Cap: C$44.46
Approx cash per share: C$0.03
All prices are in Canadian Dollars unless stated. Forex used U$0.73 = CAD$1.00
And here’s a 12 month price chart, for a little more context:
Fair to say this trade has been a bit of a slow burn, to be as diplomatic as possible. Things started well
enough and in the early days of the trade, it looked as though RPX was going to reclaim the price level it
enjoyed in the previous era under CEO Yarie, the days before the salting scandal that scuppered the price
(see IKN781/782/783 for more). Anyway, back to the active trade period and I soon added to my very small
opening position to pull cost average to 11c, but as the chart shows there was no follow-thru and we’ve even
been through a sharp price drop to 8c and 9c recently. As the company’s story hadn’t changed and the selling
was met by volume to form a new floor, I took advantage of the price drop to average down and the last
couple of weeks have been good to that decision, RPX responding well and returning to the 12 line. We’re
now at an important point for price action, as a break above the line under the present market circumstance
has that “sky’s the limit” look about it. In order to do that, RPX needs to bring good reasons for ownership to
the table which is why this update exists today. First we check on the financials situation, we then take in the
most recent news from the company at its Wawa project and once that’s all done, a ballpark model based on
the original framework we used this time last year but with updated and refined inputs, a consideration of the
main weakness in the company story and once it’s all done, we wrap up with the reasons why I’m going back
to market this coming week, adding more and plan to build this into a significant holding in the process.
Financials check-up and please recall that unless otherwise stated, we’re in Canadian Dollars today. We’ve
added three sets of results to the charts since last September, in addition out forecast quarters now stretch
to end January next year in order to show what we expect from the current treasury. Between IKN799 and
RPX’s last reported quarter to end April, it burned through C$5.2m in cash which is fairly parsimonious
considering the amount of work that’s going on at the project. More recently, the share placement financing
that closed in July and added gross proceeds of C$8.3m to treasury has put cash back up from whence it
came and presently, RPX is in a healthy cash position that will see it at least to mid-2026 and theoretically at
least to 2028 if it has to batten down the hatches. As for liabilities, the only data that matter in the chart
below right is the Y-axis, as liabilities are ultra-light considering RPX is a going concern with staff and
suppliers. Zero issues and as seen in our best guess forecasts for the next three quarters, none anticipated.
4

The low current liabilities levels mean the treasury
chart and working capital are similar, so we’ll just
feature on of the two for our purposes. RPX
topped up treasury recently when it went to
C$2m, but it’s shown in the past that it can run
with less in the bank. Best guess, we’ll see the
next round of financing mid-2026, same time
frame as this year. By that time, the share price
could easily be a lot higher.
As for what it spends its cash on, that’s mainly at
the Wawa project. Burn in the winter months
drops to around C$2m/qtr, while we’re expecting the added workload this year (drilling, MRE and the target
of a PEA next year) to push the next couple of quarters to between C$3.5m and C$4m.
RPX: Quarterly expenses
6
5.5
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
5
22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA 42yluJ 42.tcO 52.naJ 52.rpA tse52.yluJ tse52.tcO
RPX.v: Assets, per qtr
14
12
10
8
6
4
2
0
$m
Drilling Other Expl Exp
G&A Payroll/Prof fees
Share Comp
source: company filings
Our final Usual Suspects financials chart is the share count and in this case, we need to pay attention. The
arrival of Michael Michaud at the helm has seen RPX turn away from selling chunks of the project (in NSRs
etc) and toward the more classic equity placement
method. That’s fair enough, but it does means that
between last year’s stressed financing when the company
was basically forced to dilute heavily, and this years
placement that seems to have been anticipated by those
looking for the cheap units, the share count has almost
doubled from the 190m of early/mid 2024. While RPX has
the money it needs to get through its next development
stages, a period that comes with plenty of milestones and
catalysts, there will be a time limit before the market
senses this company needs to go to market again.
Financials bottom line: RPX is in good financial shape for
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA 42yluJ 42.tcO 52.naJ 52.rpA tse52.yluJ tse52.tcO tse62.naj
$m RPX.v: Liabilities per qtr
3
2.5 fixed
other current 2
cash
1.5
1
0.5
0
source: company filings
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA 42yluJ 42.tcO 52.naJ 52.rpA tse52.yluJ tse52.tcO tse62.naj
source: company filings
srallod
fo
snoillim
LT liabs
current liabs
10 RPX.v: Working Capital per qtr
9
8
7
6
5
4
3
2
1
0
-1
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA 42yluJ 42.tcO 52.naJ 52.rpA tse52.yluJ tse52.tcO tse62.naj
source company filings
srallod
fo
snoillim
New RPX.v: Shares Out
400
350
300
250
200
150
100
50
0
81yluJ 81.tcO 91.naJ 91.rpA 91yluJ 91.tcO 02.naJ 02.rpA 02yluJ 02.tcO 12.naJ 12.rpA 12.yluJ 12.tcO 22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA 42yluJ 42.tcO 52.naJ 52.rpA tse52.yluJ tse52.tcO tse62.naj
source: company filings
serahs
fo
snoillim

2025 and the first half of 2026. As that’s a key period which covers project development, a soon-to-be
updated resource estimate and a PEA in the first half of 2026, that’s more than enough time for the company
to get its valuation up and back where it belongs. However, the weak point is the share dilution and anyone
entering this trade (or coming along with me and adding) should be aware of the latent risk. The clock isn’t
ticking very loudly for the moment but that volume will increase as we move into the second calendar quarter
of 2026 and by then, we’ll need to have seen significant improvement. If the current campaign goes the way
we envisage, by that time (or perhaps even earlier) RPX may have a new strategic financing deal in place,
either with current sponsor Alamos (AGI) or preferably a third party (and we’ll see how that might go with
the AGI board representative if it happens). In a perfect world, RPX would attract a third party strategic
(Wesdome perhaps?) that would add some competitive tension and lessen the market image RPX currently
has of being under AGI’s thumb. That reputation is almost certainly undeserved and would add even more
impetus to a strategic deal with A.N. Other company looking for a foothold in this prime jurisdiction. There’s
nothing to stop the RPX share price from running,
particularly in this current market atmosphere, in 2025. I’m
giving it three months to impress me.
With the financials done, we now move to why I was
impressed enough last week to go straight back to market
and add more shares, the NR dated Thursday September
4th (3). Firstly, I was rather surprised to see RPX sell off on
the publication of “Red Pine Drilling Intersects 9.03 g/t gold
over 14.00 m core length, further supporting Open Pit
Potential” on Thursday morning, the stock dropping 8.9%
that morning before buyers showed up. The NR was upbeat
and didn’t deserve its early reaction, it was good to see nice
grades over decent widths in the headline, something addressed in the first part of the CEO comment from
Michael Michaud:
“We are encouraged by the near-surface drilling results, which returned high-grade gold within the
Jubilee Shear Zone and confirms
continuity with previous drilling.
However, what really stood out was the level
of conformity across all 23 holes reported the
program planned to target the early-stage
higher grades zones, in other words a starter
pit for any eventual mining operation. Here’s
how CEO Michaud put it:
“The presence of higher-grade mineralization near
surface supports the potential for toll milling and
use of regional infrastructure in our evaluation of
the open pit potential of the Wawa Gold Project.”
One of the legacy doubts left after the Yarie
debacle concerns mineralization continuity at
Surluga (specifically the Jubilee Shear zone).
There weren’t many fabricated assays by the
hand of Yarie, but the ones that were tended
to be in areas where there would otherwise be
gaps in gold grades. During the Yarie tenure,
the plan targeted putting the mine back into
underground production, which made
continuity even more important but it still
matters for open pit operations so the
regularity of gold hits in the zones earmarked
for early mining will help build a relaible mine
plan, come the day
6

CEO Michaud then switched gears in his comments and covered the reason why I’m adding shares this
coming week and turning the small/medium trade into a larger one:
“Our immediate focus is updating the mineral resource estimate ahead of a PEA (“Preliminary
Economic Assessment”) in early 2026, which will define the optimal mining and processing strategy.
With baseline studies underway and funding in place to complete the PEA, we are advancing toward
production and the long-term goal of transitioning from explorer to producer in today’s strong gold
price environment.”
That’s the right message, we like that a lot Today’s RPX isn’t set up to mine, process and produce gold, let us
be crystal clear about that. Aside the fact that even a toll milling operation with no processing infrastructure
will have to go through standard environmental and operating permitting processes, one look at the treasury
will tell you it doesn’t have the cash to build a mine of any size (not in Canada at least) and another glance
over at the C-suite will tell you that a group of (admittedly high class and peer respected) geologists do not
have the chops to build a mine plan that financiers will take seriously enough to fund, let alone execute on it.
Those things, funding and management expansion, come after we know more about the resource and they’re
also why the 43-101 system has PEA as its first economic step along the way. What CEO Michaud outlined
last week is a roadmap for the next 12 months with significant milestones. Firstly, we expect the MRE to
boost contained gold at least toward the company’s internal target of 3m oz in all categories and that news
should come soon. The current resource as seen in this table, taken the latest corporate presentation (4)),
includes 1.45m oz in the conceptual open pit shell. That number is bound to climb, but even before it does
we now know that a higher-grading starter pit option now likely and is bound to form the basis of the PEA
coming next year. We like this, starter pits improve project economics considerably and in a moment, we’ll
have a go at modeling what we could see from that type of early stage operation.
Here’s a close-up of the two zones earmarked as higher grading starter pits, with your author adding some
approximate scale. These are not small space and while not particulary deep, there’s plenty of rock to feed a
processing flow sheet for multiple years before any operational expansion is required.
7

This table, adapted from one we used in our original report in IKN799 (though with clear differences if you
care to check), lays out our best guesses on size and scale at Wawa/Surluga/Jubileee Shear (it seems all
those names are correct):
Resource and production parameters for Jubilee open pit operation
indicated res TPD thruput TPA (350) Year Stage 2 6+yrs avg Au g/t recovery % Annual Au prod
14,354,000 1500 525000 1 to 5 2625000 2.0 90% 30386
11,729,000 4000 1400000 6 to 13 11200000 1.5 90% 60772
source: RPX data, IKN ests and calcs
Criteria include the following, separated into two clear stages:
1) We use the current indicated-only resource for the open pit only, estimated at 14.354m tonnes. With
nearly the same tonnage waiting in the wings in the inferred category, it’s a near certainty the indicated is
about to improved significantly when the resource update is published, but for the moment we’ll stick with
the known numbers. From there, we estimate around 2.625m tonnes is contained in the outlined high-grades
starter pits, as sketched by RPX (diagram above). That’s enough to feed a 1,500tpd throughput machine for
the first five years of production. This is the top line of the above table and after careful consideration of the
drill assays, grades and widths as seen in the starter pit zone, then sticking a finger in the air and making a
best guess, we assume that rock grades an average of 2.0 g/t over those first five years of production. At
90% recovery, that would produce 30,286 oz gold per year.
2) At that point, there will be 11.729m tonnes remaining and we move to the second line of assumptions.
After a capex injection, production throughput is upped to 4,000tpd and the remaining 11,729m tonnes
would give the open pit operation and theoretical mine life to 13 years (before residuals). At an average 1.5
g/t gold and the same 90% guesstimate for recoveries, the mine now produces 60,772 oz gold between
years 6 and 13.
For sure this is ballpark and it’s highly unlikely to be exactly these numbers once mining begins, but it shows
a clear pathway and also fits with RPX’s plans to use toll milling in the early stages of operations. For that,
you want to move lower tonnages of higher grades, then using that cash flow to build a more efficient on-site
processing facility for the lower grading, higher tonnage Stage Two.
As for how the economics work, we can take this simplified model and extrapolate further. Focusing on the
Stage One toll milling (without which Stage Two will never happen) and assuming a 20% TC/RC to take into
account the middleman, a typical year of early stage, 1,500tpd mining at 2.0 g/t gold would return net sales
to the company of U$87.2m using a U$3,500/oz gold price:
RPX at Wawa: Open pit model (U$m)
price decks U$2500/oz U$3000/oz U$3500/oz U$4000/oz
gold (koz) 30,386 30,386 30,386 30,386
U$/oz 2,500 3,000 3,500 4,000
Au revs (U$m) 76.0 91.2 106.4 121.5
TC/RC (15.2) (18.2) (21.3) (24.3)
Net sales(U$m) 62.3 74.7 87.2 99.7
Sources: RPX data, IKN calcs and ests
In our previous model (IKN799) we assumed a larger throughput and on-site processing. This time around,
we play it very conservative by upping the COGS/Tonne to U$80, virtually double the previous estimate. Even
8

this highly conservative route and the assumption of a toll milling middleman leaves plenty on the table for
RPX at the current gold price, our model also taking into account DD&A, G&A, debt servicing of $!0m per
annum and the existing 2.5% NSR (held by Franco-Nevada) as separate items to COGS
RPX at Wawa: Open pit condensed income statement (U$m)
case U$2500/oz U$3000/oz U$3500/oz U$4000/oz
Sales (U$m) 62.3 74.7 87.2 99.7
Cash COGS 42.0 42.0 42.0 42.0
Depreciation 8.0 8.0 8.0 8.0
G&A 4.2 4.2 4.2 4.2
fin. Costs 10.0 10.0 10.0 10.0
royalty 1.5 1.8 2.1 2.4
Op income (4.9) 6.9 18.8 30.6
Exploration 4.0 4.0 4.0 4.0
Tax (2.1) 0.7 3.4 6.1
Net income (6.2) 2.0 10.2 18.4
Shares out (m) 500 500 500 500
EPS -0.012 0.004 0.020 0.037
Capex 10 10 10 10
FCF 0.02 0.04 0.06 0.07
Sources: RPX data, IKN estimates
And while a U$0.02 annual EPS may not sound like much, what really matters is the free cash flow:} and
even at a modest multiple, a small scale first stage operation more than justifies the company’s strategy at
the current gold price:
Sales & earnings model U$/oz Au prices Target price & valuation data for RPX based on
Ag spot (U$) stress base current bluesky stage one model year economics
Sales (U$m) 60.8 72.9 85.1 97.2 12-month target C$0.31 based on 4x FCF
Upside to target 157% and U$3500/oz Au
-
EPS 0.012 0.004 0.020 0.037 Mkt cap (C$m) $44 Enterprise value $36
FCF 0.024 0.040 0.056 0.073 P/sales (stress) 0.61 EV/sales (stress) 0.50
P/E (stress) -9.7 EV/EBITDA (stress) 11.9
P/E (base) 30.0 EV/EBITDA (base) 2.4
P/E (current) 5.9 EV/EBITDA (current) 1.4
All this using very conservative parameters, we quickly remind readers.
Bottom line: With the plan to put Wawa/Surluga back into production via open pit mining now taking shape,
our sketched out ballpark economics point to why we like the new direction being taken by CEO Michaud. The
company has always offered the right combination of cheap in-situ gold ounces in-situ (currently U$19/oz)
and top class jurisdiction, what’s been missing a good reason to own shares now, instead of later. CEO
Michaud is never going to be one of the flashy promotional types, he’s one of those who much prefers to let
the results of his work do the talking but, since taking over, he’s put together a coherent plan to make RPX a
far more attractive package. Alongside its large land address and prime location, we now have the results of
an ongoing drill program that have both improved resource understanding and also restored trust in what is
below the surface at Surluga after the slating scandal before he arrived. We have a new resource update in
the works that is sure to improve the indicated resource and will likely shift the overall number to above 2m
oz and toward the eventual 3m in-house target, this new MRE will form the basis of the PEA now due in mid-
2026. But most importantly, RPX is laying out a clear and logical pathway to get those ounces out of the
ground and become a producing miner. It’s still early days on that, but the open pit plans make a lot of sense
and the numbers stand up to examination at the current gold prices, even after assuming the loss of top line
revenues that comes from using third party toll milling. Any first stage mine at Wawa doesn’t have to be big,
all it needs to do at this point is to show robust internal economics and our conservatively pitched ballpark
model does just that.
9

With the gold and juniors market now breaking out in serious fashion, RPX is exactly the right company
profile to take full advantage and get the maximum amount of melt-up leverage from the favourable outside
circumstances. On the menu will be juniors, cheap in-situ ounces and extensive land packages in the
politically secure addresses, RPX has all those covered and any buyer now gets a coherent plan to near-ish
terms free cash flow, to boot. There are too many things to like about this stock nowadays, a company with a
project I’ve always rooted for since visiting the site and seeing its potential six or seven years ago, but one
that was easy to ignore as an active trade until last year. Since then it’s been a slow-burner, but the
combination of the ever-rising gold price, the leverage it offers and the quickly improving company plans and
vision now point to it being a trade that’s getting all its ducks into line.
Having bought recently, I’m going back to the well and will make a further significantly sized purchase, most
likely averaging up as I do. As from next weekend, consider this one of my central treades for gold in the
current bull market.
Stocks to Follow
A little rain fell on the Stocks to Follow list due to the small retrace in Top Pick Rio2 Ltd (RIO.to), which took
the edge off what was otherwise another good week for the portfolio and the personal back pocket. RIO.to
was one of six week-over-week losers (RIO.to, MARI.to, SURG.v, XXIX.v, OCI.v, MENE.v), there were also
two unchanged stocks (SRL.v, MIRL.cse). That leaves nine of the 17 as winners on the week (MAI.v, ARG.to,
GROY, WRLG.v, RPX.v, LMS.v, PAU.cse, IAUX, PGDC.v), with best of the bunch the double figure percentage
move in Red Pine Exploration (RPX.v up 26.3%). And as I’ve just added to that position yes, that does make
me happy, thanks for asking.
We have 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, two are in the red, one is UNCH.
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$1.73 116.3% Fenix build and re-rate on
RECOMMENDED STOCKS
Minera Alamos MAI.v hold/buy C$0.21 13-Oct-19 C$0.36 71.4% $0.70 tgt no longer top pick
Amerigo Res ARG.to STR BUY C$1.54 28-Jul-24 C$2.33 51.3% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$9.73 219.0% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.84 174.3% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.00 13.6% 2 adds, re-rate trade, $1.38tgt
Red Pine Expl RPX.v BUY C$0.10 8-Sep-24 C$0.12 20.0% 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$0.21 10.5% proj.generator, Organullo spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.16 52.4% bulk copper in good address
Provenance Gold PAU.cse spec buy C$0.15 27-Aug-25 C$0.185 23.3% Idaho gold drill play
XXIX Metal XXIX.v spec buy C$0.095 27-Aug-25 C$0.095 0.0% new trade on copper & land
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.075 25.0% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
i-80 Gold IAUX WATCH U$0.50825 18-May-25 U$0.85 67.2% May remove
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.075 275.0% Rio Negro gold developer
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.155 -65.6% LT bet, adding slowly
10

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$0.345 64.3% lightened overweight position
2015 to 2024 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
A week with no notes on portfolio companies this week. With RPX covered, there wasn’t that much to say
about many of our individual stocks this week so, with Beaver Creek now with us and the high likelihood of
newsflow abounding in the juniors, next weekend will be a good opportunity to run a more comprehensive
“state of the portfolio”. This weekend we’ll just go with a general recommendation to hold them all and stay
away from the sell buttons, because the whole complex is going higher. However, be clear that Rio2 is the
best of them all and treat it that way.
The Copper Basket
After thirty-six weeks of 2025, The Copper Basket shows a gain of 30.83% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 SolGold (GBP) SOLG.l 6.92 3001.11 467.27 15.57 125.0%
2 Atex Resources ATX.v 1.43 279.21 647.77 2.32 62.2%
3 Arizona Sonoran ASCU.to 1.47 174.6 450.47 2.58 75.5%
4 Trilogy Metals TMQ.to 1.65 164.1 418.46 2.55 54.5%
5 Aldebaran Res. ALDE.v 1.90 169.914 409.49 2.41 26.8%
6 Regulus Resources REG.v 2.05 124.659 310.40 2.49 21.5%
7 Faraday Copper FDY.to 0.74 205.516 287.72 1.40 89.2%
8 Hercules Metals BIG.v 0.55 289.289 228.54 0.79 43.6%
9 Hot Chili HCH.v 0.67 175.07 133.05 0.76 13.4%
10 American Eagle AE.v 0.69 173.377 90.16 0.52 -24.6%
11 Element 29 Res ECU.v 0.63 136.924 76.68 0.56 -11.1%
12 Andina Copper ANDC.cse 0.16 211.085 53.83 0.255 59.4%
13 XXIX Metal XXIX.v 0.11 306.308 29.10 0.095 -13.6%
14 Copper Giant CGNT.v 0.315 117.73 20.01 0.17 -46.0%
15 Kobrea Exploration KBX.cse 0.60 35.622 18.52 0.52 -13.3%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 30.83%
The Copper Basket managed to keep its win streak intact and the basket average improved by just over a
percentage point last week. so another new record and
above the 30% line for the first time this year, but it was The Copper Basket 2025, weekly evolution
a close-run thing and the only real difference were a 35%
30%
couple of late rallies that allowed three bigger winners in 25%
Hot Chili (HCH.v up 13.4%), Element 29 (ECU.v up 20%
15%
12.0%) and the ever-volatile Trilogy (TMQ.to up 9.9%),
10%
those three zigging the right way allowed the overall 5%
0%
11 -5%
-10%
-15%
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS
source: IKN calcs

win. For the full headcount, seven of the 15 were week-over-week winners (ATX.v, SOLG.l, TMQ.to, FDY.to,
HCH.v, ECU.v, KBX.cse), seven were losers (ALDE.v, REG.v, ASCU.to, BIG.v, AE.v, XXIX.v, ANDC.cse) and
one was unchanged on the week (CGNT.v) and aside the three aforementioned bigger wins, the moves either
way were small. Fair to say that the action was in other places in the metals complex this week, not in gold.
This week’s chosen copper-the-metal chart offers a ten-day timeline and shows the relative calm noted in
August continuing into the first week of this month. The metal took as run at higher prices on Tuesday, the
December contract peaked at U$4.66/lb and fell back, the Friday close was slightly below last weekend’s
mark (red line) but we again point out that the y-axis on this near-term chart isn’t that wide and fluctuations
aren’t that great at the moment.
As for influences on the price of copper, that’s still all about the US Dollar (4) and here’s a Reuters headline
to prove it:
"Copper rises on weaker dollar, hopes for stronger demand in China"
As you know, hope is not a valid investment strategy. We now get to a more interesting subject from the
wonderful world of macro copper news, starting with our regular check on the weekly changes in copper
inventories and continuing below:
 The world of copper inventories had a reasonably quiet week, with only one data point of interest
among the three official systems. Added together, the total copper held by LME, SHFE and Comex
totals 514,446 metric tonnes (mt) this weekend, up 26,177mt from this time last weekend.
 Shanghai SHFE inventories continues to fluctuate around the 80kmt line, this week adding 2,103mt
to close at 81,851mt. No biggie.
 LME copper inventories lost a very modest 950mt to finish Friday at 157,950mt and all moves were
small moves. Nothing to see here, move along please.
 The big one was Comex, which added a very chunky 24,964mt to close the week at 274,645mt.
Once again a new all-time record for stocks in this system, but this move was indicative of
something bigger going on and for that, we’ll expand below rather than cram things into these
notes.
Our dedicated SHFE charts show the continued flatline in stocks. In a normal year, we should start to see the
line dip lower as buyers start their stocking cycles, but this is far from a normal year. Watching.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
12 50000
0
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

As for the Comex inventory hike, that’s rather ominous considering the way 2025 has panned out. The
weirdness centers around the will-they-won’t-they on copper import tariffs that saw the arbitrage moves up
for Comex contracts and a flood of physical copper enter the USA mid-year. We know that, we also know
what happened to prices when the Trump admin decided to leave copper out of the import tariffs, the Comex
contract price collapsed and this weekend, the arb Comex holds over LME is down to 6c on the December
2025 contracts.
The price is one thing, the signal picked up from the Comex inventory levels this weekend is quite another.
When the price dump happened as July became August, the world wrung its hands about the potential effect
on copper equities, something we didn’t worry so much about. However, we did note on a couple of
occasions in August editions that we’d be able to pick up indicators of USA copper demand from the ongoing
Comex inventory total. Long story short, the quicker the physical market were able to absorb the large
tonnages of copper suddenly in The USA, the less those tonnes would show up in Comex warehouses with
nowhere else to go. For example, that very weekend in IKN846 dated August 3rd we noted the following:
“However, there will be repercussions to work through due to this change in Trump that also leaves a
surfeit of physical copper inside The USA, country now well over-stocked for the metal in the
foreseeable future.”
And…
“How will the US physical copper volte face affect this? Time will tell but if I had to guess, we won’t
see many of the tonnes in Comex and non-official US storage make their physical way back across
the Pacific. Instead, fresh shipments will revert to their normal routes from Chile and Peru so the
effects, if any, will show as from October or so. Watch this space.”
Indeed, so far the tonnes have stayed put in The USA, with a Asian market apparently adequately supplied
by (back to) normal flows from Chile, Peru etc. Therefore, the movement of the Comex inventory pile would
become a good indicator for the ability of the North American market to use the copper now landed in the
country. The result? Here’s the long-term chart of Comex inventories…
Comex copper stocks, 2012 to date
300000
275000
250000
225000
200000
175000
150000
125000
100000
75000
50000
25000
0
13
21.naJ luj 31.naJ luj 41.naj luj 51.naj luj 61.naj luj 71.naj luj 81
naj
luj 91
naj
luj 02
naj
luj 12
naj
luj 22
naj
luj 32naj luj 42naj luj 52naj luj
mt Cu
source: Comex
…and here’s this year:
Comex copper stocks, 2025 to date
300000
275000
250000
225000
200000
175000
150000
274645
125000 233977 249681
100000 188596
75000 132948 163748
50000 88952 85568 85503
25000
0
52naj bef ram rpa yam nuj luj gua WON
mt Cu source: Comex
Please note, when The Trump admin reversed course and decided copper imports wouldn’t be subject to
tariffs (until 2027 minimum), Comex inventory was already at all-time record levels at 233,977mt, end July.
Since then it’s seen another 40,000+mt added to its warehouse inventory and for context, the long-term
chart shows that 40k is akin to the normal total carried in its stores in a normal year (and as mentioned
above, 2025 is far from a normal year).

The implication is clear, particularly last week when nearly 25kmt was put into Comex storerooms: The USA is
not using the stock it’s been lumped with, not even close. That’s a clear indication of the state of its national
secondary industry and the sectors that use most copper on a regular basis (homebuilders, auto
manufacturers, white goods etc) are not in good shape. It’s why they call this metal Dr Copper, but in this
case it’s not the world price flashing us the indicator of trouble for the metal, it’s the metal flashing signals
about the US economy. The tail wagging the dog perhaps, but it’s difficult to argue that the signal being sent
by copper in North America is anything else but weak and while the Fed probably uses other indicators to
make up its mind fully, it should at least consider what The Good Doctor is telling us all this weekend.
Now for notes on three of our basket stocks:
Element 29 (ECU.v): On Wednesday, ECU announced (5) the start of its latest drilling program at the
flagship Elida project, Northern Peru, with a planned 7,000m to put into the project that targets a mix on
infill, out-step and deeper drill holes. See the NR for details, the comment by Pres/CEO Richard Osmond will
do us for a general overview here:
"Results from ELID033 confirmed the high-grade mineralization extends well beyond the current pit shell and
highlighted the potential for a high-grade copper-core at depth. With drilling now underway, the 2025 drill program
offers a clear opportunity to grow the resource footprint and advance Elida toward a major copper discovery in a
premier mining jurisdiction, delivering significant value for our shareholders."
For the record, I have a great deal of respect for CEO
Osmond, of the best Peru geology brains you’ll ever
meet as well as being one of mining’s nice guys. In
trading, somebody painted the tape on Friday and
turned its 50c price into a 56c on just 3,000 shares
traded. If you like this stock (and to be clear, I think it’s
one of the more attractive stocks at this price and
exploration stage bracket), don’t pay more than 50c.
Personally, I’d buy if a seller shows up, because the
reverse of that Friday spike isn’t difficult to generate if
just one medium-sized holder decides they need their
money somewhere else.
Aldebaran Resources (ALDE.v): Friday was the day for news here (6) and when I saw “…and Provides an
Update on the Altar PEA” in the headline I already knew what I was about to read in the body of the text.
Yes indeed, the Altar PEA, which this time last year was stated due in 2q25 and was put back to 3q25 during
2q25 has now been put back to 4q25 here in 3q25. This is a terrible habit of this group, they’ve missed
deadline after deadline over the years so maybe one more shouldn’t come as a surprise, still…ugh. The
reason was not because the dog had eaten somebody’s homework, instead this:
“Public reporting of the PEA has been delayed until Q4-2025 to allow time for Nuton Holdings LLC. to complete its
review of the Nuton case, in accordance with the terms of the Option to Joint Venture Agreement signed on
November 6, 2024.”
To this, we should note that ALDE is likely to offer two sets of numbers for its PEA numbers anyway, one
scenario with the as-yet unproven Nuton technology and one without.
The other subject in last week’s NR was in the first part of the header, “Aldebaran Announces Intention to
Spin Out Northern Argentina Exploration Projects into a New Argentine-Focused Exploration Company…” and
that’s not a particular shock, either. They have tapped a new guy, Sam Leung (who comes with a decent CV)
to head the spinco and that’s fair enough, the news is probably timed to coincide with Beaver Creek (and
Denver Show?) next week as well, giving them something to talk about, but read the details of the deal and
it’s clear the process isn’t particularly advanced yet. A little convenient timing to cushion the PEA delay, I
suspect.
As for the contents of the spinco, that’s six properties headlined by the Rio Grande copper target, located
close to the Fortuna Mining Lindero gold mine. Previously spun out of Antares and the project first advanced
by Aldebaran before it got its hands on Altar, Rio Grande is massive and certainly prospective, but it’s also a
tough nut to crack and is best suited to a very large miner with a lot of time and money to throw at a
comprehensive drill campaign over a large land envelope. There are five other properties being included in
14

the spinco, headed by the Aguas Calientes gold project in Jujuy province, North Argentina and on mentioning
that, it’s right to point out the only blatant lie in the NR. That’s when they stated…
“Aldebaran management will not have any involvement in the day-to-day operations of SpinCo”
…because Aguas Calientes is Kevin Heather’s fave project and has been so for at least a decade. Being in
love with it the way he is, there’s no way in the world he doesn’t interfere with its exploration once the spinco
is up and running. That’s my obtuse way of saying that the spinco may turn out to be more about Aguas
Calientes, less about Rio Grande.
Hot Chili (HCH.v) (HCH.ax): We’ve seen HCH get the full pumpo from Australian promoters before (that
PEA in 2023, I’ll never understand what they saw to think it a buy) and it’s understandable to see it
happening again, what with the conducive macro background for mining stocks, the lack of good small-scale
copper exploreco stories and the Oz propensity to gamble on literally anything (ever played Two Up?). The
timing of the recent pumpo also makes sense, with
the company announcing Friday (7) the closure of
its Rights Issue (in antipodean, “entitlement offer”)
that collected A$14.189m in gross proceeds by
selling 23,648m shares to existing shareholders.
HCH is smartly up from the C$0.40 low point in April
and who am I to judge on that? But the mere fact a
company rallies in this market doesn’t make its
project suddenly viable or the next likely copper
mine. Far from it, this one is never going to happen
no matter what the share price does going forward,
its costs profile is way too high and that’s something
the company will keep under wraps as long as
possible (you know it as a bankable feasibility
study). If you want to speculate on “cheap in-situ copper”, don’t let me stop you. However, this is nobody’s
idea of a buy’n’hold.
The Producer Basket
After 36 weeks of 2025, the Producer Basket shows a gain of 93.39% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 84.40 76.17 104.6%
2 Agnico Eagle AEM 78.21 502.579 76.32 151.85 94.2%
3 Barrick B 15.50 1705.994 48.47 28.41 83.3%
4 Franco-Nevada FNV 117.59 192.119 37.23 193.79 64.8%
5 B2Gold Corp BTG 2.44 1313.11 5.48 4.17 70.9%
6 Eldorado Gold EGO 14.87 204.909 5.35 26.12 75.7%
7 New Gold NGD 2.49 790.9 4.98 6.30 154.0%
8 OceanaGold OGC.to 11.94 231.127 4.50 26.65 123.2%
9 Sandstorm SAND 5.58 296.844 3.41 11.48 105.7%
10 Wesdome Gold WDOFF 8.98 149.891 2.12 14.14 57.5%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 93.39%
Another full house week, but with gold moving up by an impressive 4.1% (GLD proxy) you wouldn’t expect
anything less from a bunch of gold producers. And to be honest, considering that massive jump in the price
of bullion, the moves made by many producers weren’t that large with the best being New Gold (NGD up
6.8%) not bringing much beta to the table. In fact of our ten, four of them (NEM, FNV, BTG, SAND) went up
less than the metal. So much for leverage. The GDX benchmark added 5.0% and managed to beat our list by
a little, which puts us 2.25% behind. Not great.
15

The 2025 Producer Basket: Weekly performance and
100% comparative to GDX control
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
B2Gold (BTG) (BTO.to): Part of my ongoing consideration of Aurion Resources (AU.v) as a preferred
WWAD (“What Would Agnico Do?”) trade has been a review of one AU’s JV partners, B2Gold (BTG) (BTO.to)
and Kinross (KGC) (K.to). I didn’t go in thinking about Special K as a potential target for AEM, but with BTG
apparently pivoting toward Canada with its Back River development asset now coming toward the first pour
moment, as well as its strategic foothold in Snowline Gold (SGD.v), it was at least worth considering the idea
of AEM moving in and swooping at absolutely everything in the Central Lapland Greenstone Belt (CLGB), BTG
included. It didn’t take long to discard that idea. The central pillar of the WWAD trade thesis is to ensure AEM
doesn’t affect or deteriorate its political risk profile (preserve that PE ratio) and in BTG, its reliance on
production from Philippines, Namibia and Mali means it’s never going to be a snack for this Tier 1 player.
Perhaps BTG would suite Kinross and an all-paper merger of kind-of-equals, or a small snack for Barrick if
that company ever looks further than Reko Diq. However, its current profile and lack of direct project pipeline
outside of its strategic positions in AU.v, SGD.v etc (Gramalote, no thanks) doesn’t make it look particularly
attractive at the moment. Back River really needs to work here and even if it does, I can’t see BTG getting
much of a re-rate from its move to commercial production.
Wesdome (WDO.to) (WDOFF): We’ve kept a close eye on WDO in the last few editions, from the
dissection of its 2q25 financials in IKN848 along with its price dump at the time, to the notes on the stock’s
recovery in IKN849 and last weekend in IKN850.
This comparative chart of WDO versus the benchmark GDX in 3q25 to date (it says “July and August” on the
chart, it should read “and a bit of September”) shows the underperformance of the stock in the period
clearly, along with the recent comparative rebound. It also highlights the two clear moments when WDO
legged down compared to GDX namely when announcing its 2q25 production numbers on July 14th, then
when filing its 2q25 financials a month later on August 13th. That might smack of a company getting punished
twice for the same crime, but it’s one thing to disappoint the market with your Kiena production numbers
(July 14th), another to explain why and while doing so, downgrade the mine’s forward guidance (August 13th).
We noted how Kiena is the problem when chewing over the Q2 numbers in IKN848 three weeks ago,
finishing that note with these words:
It’s not as if the company is in trouble, as the strong balance sheet and two high-grading, profitable
mines in first class jurisdictions states otherwise. However, it’s now under closer scrutiny to justify its
16
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS
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 ht7peS
source: IKN calcs, NYSE data

expensive share price and the market’s patience with a Kiena that’s taken a lot longer to get into full
gear than expected is wearing thin.
In other words, in much the same way that it has forgiven smaller and rattier stocks for bad financials
recently (see Market Watching today), WDO is
WDO: Gold production per year
seeing some forgiveness afforded to its lacklustre
Q2 now. After all, the new guidance may not
sparkle but it’s still on the upward curve (chart
right) and with gold doing what it’s doing, WDO is
making serious margin now. That said, the price
chart above also shows the stock is still lagging
the GDX, not great for the size of market capper
and production profile that would normally want
to be leading the median, not just keeping up
with the Barricks and Newmonts of this world. For
that we’re going to need better news, or at least
better optics, from the slightly troubled Kiena and in the next week and a half, WDO has the opportunity to
do just that. Unsurprisingly WDO is one of the companies attending the Denver Gold Show, but more eye-
catching is its presence and speaking slot at Beaver Creek this week (Thursday 3pm). Not so many U$2Bn
companies are at the juniors bash, so maybe WDO has some better news to disseminate now summer’s over.
In theory at least, Wesdome is still a takeover target but in practice, it’s highly unlikely any buyer would step
up until they see clear improvement at Kiena. The flipside to that very same coin is the amount of upside and
market speculation an upbeat message from Ms Bath and her team at the autumn classic conferences might
achieve. One of the more interesting 15 minute slots of the week ahead at Beaver Creek, I’ll be tuning in.
The TinyCaps List
36 weeks of 2024, the TinyCaps show a gain of 30.22% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 10.84 0.08 -52.9%
Condor Res CN.v 0.145 149.913 18.74 0.125 -13.8%
Electrum Disc ELY.v 0.13 98.995 6.43 0.065 -50.0%
Endurance Gold EDG.v 0.145 176.296 44.96 0.255 75.9%
Kodiak Copper KDK.v 0.39 85.7 55.71 0.65 66.7%
Latin Metals LMS.v 0.08 121.915 25.60 0.21 162.5%
Mogotes Metals MOG.v 0.13 374.759 108.68 0.29 123.1%
Radius Gold RDU.v 0.085 107.554 15.60 0.145 70.6%
South Star STS.v 0.55 69.2 13.15 0.19 -65.5%
Viva Gold VAU.v 0.14 145.53 17.46 0.12 -14.3%
Prices in CAD$, data from TSXV basket avg 30.22%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
17
75725 07405 73774 79785 42617 00027 88619 97209
058011 330271 000581 000591
25000
833321
240000
220000
200000 20000
180000
160000
140000
120000 100000 80000
60000 40000
20000
0
4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202 e6202
Oz Au
source: company data

The TinyCaps List average dropped by 1.5%, which wasn’t a bad result in a week where just two of the ten
stocks were winners (LMS.v, MOG.v). Two others were
unchanged (BRO.v, KDK.v) which means six losers (CN.v,
50% TinyCaps, 2025 weekly tracker
ELY.v, EDG.v, RDU.v, STS.v, VAU.v) but all the moves, up
40%
or down, were small scale and no real harm was done
30%
anywhere. Another week in which the action was
somewhere else, not in the tinycaps. 20%
10%
Endurance Gold (EDG.v): This stock has turned into a bit 0%
of a quiet achiever this year, up 75% and with a C$45m -10%
market cap that suggests it’s not going to make the
TinyCaps List cut in 2026. Which is good for them, of
course. The drills have been turning at its main Reliance
gold project (okay okay, gold/antimony, but we’re not fashion victims) and we’re now in the assay result
window, so we might get something on that score during the Beaver Creek bash, where Endurance will be
present (presumably CEO leading the team).
Kodiak Copper (KDK.v): The only company on our list with real news last week, KDK hit speculators with a
bit of a bait and switch. First up, we got this on the morning of Tuesday September 2nd (8):
“Kodiak Drills High-Grade Mineralization from Surface at the Adit Zone Including 79m of
0.69% CuEq Ending in 27m of 1.62% CuEq”
That’s a decent assay result for MDN, a project with a reputation for retuning low grade hits needs this type
of grade and width to improve its image (though how much one hole goes to bring up overall grade is
debatable) and sure enough, the news was enough to see the stock price run from last weekend’s 65c to a
peak of 80c before finding the market was willing to trade in and out at the 76c line (see chart above). A very
good near-term move for sure, but the next NR from the company (9)…
“Kodiak Copper Announces $7 Million Private Placement”
…knocked it back from whence it came and the 23% pop turned into UNCH on the week. Here are the details
of the placement terms, with hard dollar and Charity Flow Thru both used:
(i) 5,000,000 charity flow-through units (the “Charity FT Units”) that will be issued as part of a charity arrangement,
each of which Charity FT Unit will consist of one common share of the Company (a “Common Share”) and one-
half of one transferrable Common Share purchase warrant (each whole warrant, a “Warrant”), both of which will
qualify as “flow-through shares” (within the meaning of subsection 66(15) of the Income Tax Act (Canada)), at a
price of $1.00 per Charity FT Unit (“Charity FT Unit Issue Price”) for gross proceeds of $5 million; and
(ii) 3,226,000 units (the “HD Units”), that will consist of one non-flow-through Common Share and one-half of one
transferrable Common Share purchase warrant (each whole warrant, a “Warrant”) at a price of $0.62 per HD Unit
(the “HD Unit Issue Price”) for gross proceeds of approximately $2 million.
The CFT shares are all and good enough, the place to
mark price for this deal is the hard cash units, with
those half warrants priced at a 95c strike. The news
was your actual bucket of cold water to the open
market price and a warning to those who chase news
momo. I cannot blame KDK for the move, for one
thing they had to drum up interest and for another,
we knew they needed treasury but most of all, it’s not
a prime vehicle for near-term trading and flipping,
KDK might not be the4 very best thing out there but
its “serious junior” image is not disputed. Such
explorecos cater for their long-term backers and those
are the people buying the 62c units.
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.
18
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS
source: IKN calcs, TSX data

Regional politics
The Mexico Mining Forum 2025 and permits
Held in DF Mexico last week, the Mexico Mining Forum 2025 is one of the central dates on the country’s
mining agenda and attracts glitterati from both public and private sectors. This year, the issue on everyone’s
mind was, unsurprisingly, permits. Or lack thereof. The government sent the head of the Ministry of the
Economy’s mining unit, Fernando Aboitiz, along to present its case. Aboitiz is the same person who stood in
front of PDAC in March this year and told the assembled that the government’s planned reforms to the
current mining law would be presented to the national Congress by the end of the second quarter. During his
speech, he noted that the reform package was still under review and tried to assuage that by saying that the
government was in permanent dialogue with the country’s CAMIMEX chamber of mining on the subject. Fair
enough, but it’s precisely CAMIMEX that is pressing the government to move forward on the reforms asap.
However, most headlines (10) (11) were captured by Aboitiz’s claim that in 2025, the Mexican government
had reduced the mining permit backlog by 50%, with 80 permits awarded to date. Those are undoubtedly
mostly for minor matters (you build a new canteen, or toiler, or add a storage facility etc on a mine site, you
need a permit) but along the way he did state that Fresnillo had just received some pending permits. As for
the government’s concerns on the current permitting rulebook, we’ll leave it to BN Americas to report what
Señor Aboitiz told the audience:
On the government side, Aboitiz explained that the main concerns are related to the closure of mining
operations and the environmental liabilities they may generate. He emphasized that environmental
measures must ensure that nearby communities are not affected and that there is shared prosperity
in the social dimension.
“We've been trying to resolve this and see how to reach a new agreement where you can have
certainty and we can have the peace of mind that this future will be different,” Aboitiz said. “We're at
that stage. Sometimes it's complex and, for some, frustrating, but truly, given the circumstances we
found ourselves in, the progress has been substantial. It hasn't been easy, but I insist there's no
better way to resolve differences than by talking.”
And if that sounds like governmental puffery to you, you’re not the only one.
As well as the Fernando Aboitiz keynote speech, the other presenter worth considering on this touchy subject
at the event is Luz Mariana Pérez, who is Director of Regulation for the Mining and Metallurgical Industry at
SEMARNAT. In other words, the lady in the firing line for the current and future permitting laws, so here
views are notable and it was a rare opportunity to get insight on how SEMARNAT is working on the issue
that’s become the major bottleneck in Mexico’s mining sector. Mexico Business News reported on her speech
under the headline “Towards Responsible Mining: SEMARNAT’s Environmental Framework” (12) and I am
once again impressed by the quality of the journalism on show…in English, too. Here’s how the note begins:
As part of the government's effort to develop more robust environmental regulations, the Ministry of
Environment and Natural Resources (SEMARNAT) is currently reviewing and updating several of the
key official standards (NOMs) that govern mining operations in Mexico, from exploration to tailings
management.
For the record, NOM stands for Norma Oficial Mexicana, though that translation above is fair. The above isn’t
news to observers of the sector looking for news and progress (e.g. us), what we’d like are reasons why the
process has been snail’s paced so far. On that, the report continues:
…SEMARNAT is reinforcing its internal processes and working closely with the Ministry of Economy
to resolve many of the pending procedures that had previously slowed the sector.
In other words, endless rounds of internal bureaucracy. It then quotes (translated) Ms Pérez:
“The goal is that through SEMARNAT’s initiatives we can guarantee an optimal response time for all.
Whether the outcome is favorable or not, the important thing is that companies know it, and that they
are fully aware of the status of the procedures that matter to them.”
If you thought that politics in English was the only place you could find politicos using a mountain of words to
say nothing, think again. Overall, the participation of Mexico government’s representatives at the Mexico
Mining Forum 2025 was weak, didn’t address the basic questions of “when?” and “what?” regarding the
mining law reforms and failed to give reasonable answers on the continued delays to permits, hiding behind
19

“50% reduction of permit backlog” statistical nonsense. I’d like to offer you a more upbeat opinion, but it’s
tough to spin data that’s already been spun by the government speakers to within an inch of its life. Telling
an audience of mining people that the permit delays they think they have don’t exist isn’t going to help
anyone.
Argentina: Keeping an eye on Buenos Aires province this weekend [UPDATED]
Update Sunday midnight:
Bad news for Miles and his supporters, as the Peronist opposition to the current government have
well and truly whupped Milei’s butt in Buenos Aires Province today and even the very-pro-Milei
newspaper Clarin leads with "Peronism has flattened Milei, who now has to re-think his strategy for
October". The results are inter-regional inside Buenos Aires province and there are several ways they
need to be cut and sliced to fully understand the extent of the damage done to Milei and his “Liberty
Advances” party, so for our purposes we’ll go with one representative data set that captures the
global view, the total numbers of votes cast in the region and voting breakdown:
 Total valid votes: 8.6m (61% turnout)
 Fuerza Patria (i.e. Peronist opposition): 47.3% of valid votes
 La Libertad Avanza (i.e Milei party): 33.7% of valid votes
 Somos Buenos Aires party: 5.24% of valid votes
 FIT: Unidad party: 4.37% of valid votes
 Also ran: Eight other parties with between 0.5% and 1.4% of valid votes
Be clear, this is close to the worst-case scenario for Milei going into this weekend and there is now a
lot in play in the October votes (please see below for more.
It’s not Argentina’s 2025 crunch election battle this weekend, that’s the (quasi) midterm vote in October that
covers provincial governments up and down the country. However, the election of the Buenos Aires Province
provincial government going on today is an important one, as it’s a prelude (a starter plate to next month’s
main course, if you must) and is bound to give a clear signpost to the way Milei’s government is going. BsAs
province is your actual political powerhouse, location of much of the country’s GDP generation and home to
37% of all Argentine voters, so this is an election that matters, no matter if it’s only to fill the seats of a
provincial government, rather than anything national.
Ask any political watcher or polling company in the country and they’ll tell you that the recent corruption
scandal in the Milei government’s inner circle has hurt his popularity and that of his government, the big
question is “how much” and this weekend will offer some big clues on that. And you’ll note that I’ve included
write-up of both this and the bigger October elections in several recent editions, because although party
political and essentially run on regional policy questions, the results have the potential to cause significant
damage to the Milei government going forward. Be clear, that matters to mining and those looking to see the
continuation and deepening of the reforms brought by Milei in his (near) two years to date will want his
candidates to do well and underscore his mandate. His opponents and enemies, not so much.
Just as one example, it’s common to hear/read mining speculators talk about the RIGI investment incentive
program being extended to include a longer period of years in order to allow in more projects, or an enlarged
RIGI that would allow sustaining capital or expansion capital projects (e.g. the Veladero expansion, see
below), rather than simple from-scratch investments (e.g. Greenfield mining projects). Those assumptions
could take a hit if Milei does badly in October and this weekend in ProvBsAs is that vote’s signpost.
And on that subject…
Argentina: The 19 RIGI projects
The Milei government’s RIGI investment program gets plenty of airtime, so let’s take a look at the 12 projects
that have applied to join RIGI and benefit from the range of tax breaks and stability benefits (13). We also
add in the seven project widely expected to join the list before the window closes on applications at some
point in mid-2026 (depending on the size, type and scale of the project). We offer them in separate
categories, add the name or names of companies involved as well as the dollar amount earmarked for
investment by each project. Each category gets a cash subtotal as well:
Copper: El Pachón (Glencore) U$9,533m
Copper: Agua Rica (Glencore) U$3,806m
20

Copper: Los Azules (McEwen Copper etc) U$2,672m
 Copper covers U$16Bn
Gold: Gualcamayo (MINAS ARGENTINAS S.A.) U$665m
Gold: Veladero, Barrick and JV U$380m
 Gold covers U$1.05Bn
Lithium: Sal de Vida Galaxy Lithium (Sal de Vida S.A.) U$818m
Lithium: Sal de Oro POSCO (ARGENTINA S.A.U.) U$633m
 Lithium covers U$1.45Bn
Oil refinery: Planta Tratamiento Los Toldos U$1,006m
Oil&Gas Terminal: Midstream RDA (Pampa Energía) U$295m
Oil Sands: Arenas de Cercanías (Minera del Mojotoro S.A.) U$232m
 O&G covers U$1.53Bn
River port: (TERMINAL TIMBÚES S.A.) U$290m
Wind Farm: Parque Eólico La Rinconada (Tenaris-Siderca) U$206m
The above 12 have made their formal applications, with the total proposed investments coming to just over
U$20.5Bn. Therefore, it’s notable that large-scale copper projects account for U$16Bn, or 78%, of the total
RIGI applications, a measure of the importance that metal will have for the Argentine mining industry going
forward. As well as the above, there are another expected to apply for RIGI status, according to the
government. No dollar amounts this time, but they are:
Copper: Vicuña Corp (Lundin/BHP)
Copper: Altar (Aldebaran)
Gold: Casposo-Hualilán
Silver: Diablillos (AbraSilver)
Lithium: Lake Resources
Biofuels: Santa Fe Bio (YPF and Essential Energy)
High mountain ski resort in Mendoza province
Once again, we see a high concentration of mining projects in the RIGI mix. Among this second group, the
Vicuña project is both a near-certainly to apply in the near future and one of the biggest investment projects
captured by the RIGI program. We don’t yet know how much the Lundin/BHP JV will look to put under the
RIGI capex umbrella, but if we include Josemaria and Los Filos, estimates are between U$10Bn and U$14Bn
for the mining camp’s development…and that’s a lot of money. We shouldn’t turn our noses up at the
approximate U$1.5Bn expected as capex for Aldebaran’s Altar project (though we’re going to have to wiat
until Q4 for that number now). Finally, First Quantum’s Taca Taca may still make it into RIGI, but permitting
on that project has been a lot slower than anticipated and there are now doubts as to where it figures in
FM.to’s global development strategy.
Bottom line: While RIGI isn’t confined to the mining sector, it’s clearly a regime that suits the type of long
lead times and high upfront capex requirements of large-scale modern mining and it’s not a big surprise to
see mining projects at the forefront of applications. The stand-out is copper, with the lion’s share of RIGI
cash slated to large-scale mega-mine copper (or copper gold porphyry) projects and just the balance of
submitted applications shows this. Add in Vicuña, Altar (and potentially Taca Taca) and we have an
impressive balance of copper projects that truly could set Argentina on the map as one of the world’s largest
copper producing companies. As at least some of those will need more time to prepare their projects for
funding than the current application window allows, be clear that for the mining sector, there’s a lot riding on
the midterm votes happening this autumn in Argentina.
21

Market Watching
The silver dogs are barking
Mentioned hesitantly in last week’s opening salvo as a potential way of playing the big run in silver stocks, I
certainly hope this move in Bear Creek Mining (BCM.v) wasn’t because of me:
I’ve gone with the YTD chart to show last week’s move leaves BCM at its highest prices since the February
collapse (when BCM just about came clear with the world and explained how bad things really were), but
over there on the right you can still probably make out how, after closing the previous week at 18.5c (and
that was after getting a rebound from as low as 15c), BCM opened last week at 22.5c and never looked back,
closing at 26c for a 40.5% week-over-week improvement. In fact I’m almost certain it wasn’t me, there are a
lot of people looking around for “leverage to silver” these days and if this publication had thought of Corani,
then a lot of other people would have done as well. So for the record, I have exactly the same opinion on
BCM as last week, it’s a very high risk speculative way of playing the silver space and for the risk-tolerant
only, because unlike many other no-hope silver juniors (and there are a ton of those), the downside potential
for this equity really is zero. Its fate is not in its own hands and if Sandstorm/Royal Gold decides to play
hardball on the assets, those gambling will only find out afterward…and the hard way.
I didn’t cause the moves in these silver stocks, either:
The other two examples of dog silver stocks mentioned specifically in last week’s intro, charts and all, were
Guanajuato Silver (GSVR.v) and Silver X
(AGX.v) and, as seen above, the former rallied
a cool 35% on the week and the latter by
45%. Last week we used GSVR and AGX as
examples of small-scale operator/producer
juniors that are “just as junky as the
explorecos”. We also picked them because
they’d both thrown different types of spanner
into their share price works in recent days and
weeks, causing them to lag the median. As it
turns out, the market forgave those
peccadilloes almost immediately and both
stocks recouped the lost ground. Our opinion
on small-scale operator/producer juniors last
week, that they “...are just as junky as the
explorecos…expensive, unreliable and unlikely
to attract high class C-suiters…”, hasn’t suddenly changed in the space of seven days. We also note how the
“quality silver stocks”, e.g. Vizla Silver (VZLA.to up 3.0% on the week) or AbraSilver (ABRA.to down 2.7% on
the week) fared worse than the silver dog stocks.
Therein lies both the risk and the reward of this most volatile of sub-sectors. As stated last weekend, I’m not
the one to lean on for stock recos in the silver space at the moment, there’s little in the way of fundamentally
sound value these days, we’re a long distance from the window to buy ABRA at under $3.00.
22

Conclusion
IKN851 is done, we end with bullet points:
 Buying Red Pine Exploration (RPX.v) is skating to where the puck is going to be. Or as it’s Wawa,
perhaps that should be a curling stone.
 It’s going to take a few days to fully understand the amount of damage done to the Milei government
by tonight’s election result. However, the October provincial elections covering most of the country
have now moved up in importance and Milei’s party needs to show strongly next month. In the
meantime, expect most things Argentina to sell off tomorrow, starting with the currency.
 Still thinking about Aurion Resources (AU.v), but the way this often thinly traded stock got pushed
higher on low volume last week made it easy to ignore as an immediate purchase. There’s no need to
buy stocks at any old price, even in a bull market.
 After last week’s out-sized edition, a more modest effort this weekend as we await what’s likely to be
a news-heavy week based around the two conferences and the typical mining company desire to
have something fresh to talk about. We’re overdue a State of the Portfolio review and next weekend
is a good time to run one.
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.precioussummit.com/events/2025-precious-metals-summit-beaver-creek/
(2) https://americas.miningforum.com/
(3) https://redpineexp.com/wp-content/uploads/2025/09/Red-Pine-Drilling-Results-Sept-4-2025-Final.pdf
(4) https://www.hellenicshippingnews.com/copper-rises-on-weaker-dollar-hopes-for-stronger-demand-in-china/
(5) https://www.e29copper.com/news/element-29-continues-potential-resource-expansion-drilling-at-its-elida-porphyry-cu-mo-ag-deposit-
in-per
(6) https://aldebaranresources.com/aldebaran-announces-intention-to-spin-out-northern-argentina-exploration-projects-into-a-new-
argentine-focused-exploration-company-and-provides-an-update-on-the-altar-pea/
(7) https://www.hotchili.net.au/UploadImages/announcements/250905-A$14M-Raised-Under-Entitlements-Offer-Final-688.pdf
(8) https://kodiakcoppercorp.com/kodiak-drills-high-grade-mineralization-from-surface-at-the-adit-zone-including-79m-of-0-69-cueq-
ending-in-27m-of-1-62-cueq/
(9) https://kodiakcoppercorp.com/kodiak-copper-announces-7-million-private-placement/
(10) https://www.bnamericas.com/en/news/mexican-government-reduces-backlog-in-issuing-mining-permits-by-50
(11) https://www.promineria.com/?p=nota&id=17223
(12) https://mexicobusiness.news/mining/news/towards-responsible-mining-semarnats-environmental-framework?tag=mining
(13) https://mase.lmneuquen.com/vaca-muerta/un-megaproyecto-destrabar-la-logistica-vaca-muerta-n1183737
23

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
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Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
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.
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GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
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
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Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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.
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