IKN #852Premium

The IKN Weekly
Week 852, September 14th 2025
Contents
This Week: In today’s edition, Time for a rate cut.
Fundamental Analysis: Deferred.
Stocks to Follow: Overview, i-80 Corp (IAU.to) (IAUX), Red Pine Exploration (RPX.v), Provenance Gold
(PAU.cse), Marimaca Copper (MARI.to), Gold Royalty Corp (GROY), Minera Alamos (MAI.v), West Red Lake
Gold (WRLG.v), Rio2 Ltd (RIO.v), Latin Metals (LMS.v).
The Copper Basket: Overview, Regulus Resources (REG.v), Element 29 (ECU.v).
The Producer Basket: Overview, Barrick (B) (ABX.to), Newmont (NEM), Wesdome (WDO.to) (WDOFF).
The TinyCaps Basket: Overview, South Star (STS.v), Mogotes Metals (MOG.v), Endurance Gold (EDG.v).
Regional Politics: Ecuador: Loma Larga at the centre of a storm, Argentina: Milei hits his first major
problem.
Market Watching: Atico Mining (ATY.v) moves, Provenance Gold (PAU.cse): Getting lucky.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 I’m taking a Wait And See attitude to the week, with trades on hand to deploy (e.g. Aurion) but with
concern of the effect this week’s FOMC may have. Staying pat for another week may be on the
cowardly side, but being long and willing to hold through the week while maintaining cash on the
sidelines is good enough until next weekend.
 Regional Politics tries to sum up the growing storm in Argentina politics because, like it or not, the
result of the October 26th regional elections will be important to the plans of the Milei government to
foment the country’s mining sector.
 Beaver Creek came and went, we cover what matters from the event to our covered stocks including
some surprising news about the re-jigged management at Minera Alamos. One I wasn’t expecting.
Time for a rate cut
We’ve known for some time that we’re going to get a first cut in base interest rates in The USA since the
Covid crisis, the only questions have been “when” and “how much”. The former looks set to be answered on
Wednesday when the FOMC finishes up its 2 day meeting via its usual communiqué at 2pm ET and then
Jerome Powell’s presser half an hour later. It would be a major shock if the Fed weren’t to start cutting rates
as from next week, so all eyes on the change in tone and the words its uses to dance around the obvious.
Though before the Fed speaks, we do have one more data input when on Tuesday morning, we get US Retail
Sales for the month of August and according to the good egg that is Bill McBride at our regular stop for
trustworthy US macro coverage, Calculated Risk (1), “…consensus is for a 0.3% increase in retail sales.” So
now you know and for what it’s worth, if the number comes in under 0.3% expect President Trump to
demand rate cuts in order to boost the economy and if it comes in above 0.3% he’s sure to point to the
health and strength of the US consumer as a great reason to….yes indeed, demand rate cuts. As for how
much, when it comes to US macro this desk trusts Bill McBride’s judgment more than anyone else, so if he
goes with a title line (2) “FOMC Preview: 25bps Rate Cut Expected” that’s good enough for me. Along the
way, McBride quotes BofA’s latest analyst note, here’s the segment in question:
1

We expect the Fed to cut rates by 25bp to 4.0-4.25% at its September meeting. We look for two changes in the
description of current conditions in the first paragraph of the FOMC statement. The reference to swings in net
exports should be removed, though some version of the text saying “growth of economic activity moderated in the
first half of the year” will probably stay. More importantly, the description of labor market conditions is likely to be
downgraded. The FOMC might opt for language similar to last September: “Job gains have slowed, and the
unemployment rate has moved up but remains low.”}
...
The economic forecasts from the June SEP have aged remarkably well. Growth could get marked up by a tenth
for this year, but the out years should stay roughly unchanged. We don’t see any need to tinker with the path of
the unemployment rate, since it is on track to reach the Fed’s 4Q projection of 4.5%.
Herein lies the rub, as the way gold has been bought up recently suggests the market has fully baked in the
25bpd expectations and has been speculating on the lesser possible, i.e. that the Fed appeases the Oval
Office (they won’t say that, they’ll mention something like flagging employment numbers or something) and
cuts 50bps on Wednesday. So if market consensus becomes reality and the FOMC announces that expected
25bps cut, we’ll probably see a rally in the US Dollar versus other world currencies, at least in the near-term.
That wider financial effect makes a difference to metals and we mining people should brace for a volatile
period for gold, for metals prices in general and the obvious consequences on mining company equities.
With that said, for my personal position I’m going to stick to “Keep Dancing Until the Music Stops” and not
make any adjustment to the current portfolio, as laid out on several occasions in 2025 and most recently in
IKN851 last weekend. Several reasons to do so:
1) I could be wrong. “What Mark? You, wrong? Is that even possible?” Yes indeed, let’s all laugh together.
A deep, booming laugh.
2) The Fed may surprise and cut by 50bps, or even the 25bps decision may come with a hawkish press
conference and outlook that signals multiple other cuts coming in next few FOMCs (fwiw, the “dot plot”
projections will be released in this FOMC, the first time since June). It would be no fun to sell gold and
its related devices and then see the complex zoom off without being on board, all because of some
whim to try and second-guess the near-term market’s next move. It would be even worse to sell on
some preliminary reading at 2pm, only to be whipsawed at 2:30pm when a Jay Powell comment sends
it straight back up,
3) I do have a few trades open with a near-term outlook, but most are set with a long-term perspective
and default 12-month price targets. In other words, another good reason not to get cute and try to
second-guess a near-term macro influence. The real prize on the majority of my open positions
depends on a trend that is unlikely to change on a single FOMC, no matter what happens this week.
Bottom line: I’m ready to go through a turbulent few days and I’m mentally prepared to report red ink this
time next weekend, one of those moments where the charlatan newsletter writer can always fall back on the
“Phew! I was glad to be wrong!” if s/he doesn’t managed to call the exact top in a market. However, I’ve
learned to rely on “Keep Dancing Until the Music Stops” and as the music is still playing loudly, that’s what
I’m going to do. It’s also why I wrote what I wrote in IKN849:
“One of the basic principles of “Keep Dancing Until The Music Stops”, aside from doing exactly that
and making sure we’re fully long metals/miners, is how it lets us ignore all the macroeconomic
machinations and geopolitical fun and games. We keep dancing and ride the bull market. One day
the music will stop because it always does and on that day I will lose money compared to the day
before, because this endgame clearly implies that we cannot and will not sell at the top of the
market.”
As much fun as it might be to second-guess the Federal Reserve and get it right, I know my limitations And
much prefer to let the macro events of the week ahead play out before making a proactive decision.
Fundamental Analysis of Mining Stocks
Deferred
Aurion Resources Ltd (AU.v) has been on my mind all week, to the point where I decided to let Denver Gold
Show Monday play out to see whether any deal or sector policy shift might be able to sway me into action.
Instead, I’m going to defer any decision on this stock until next weekend.
2

Stocks to Follow
A sub-standard week for the Stocks to Follow list, as while the overall direction was still up and this weekend
my portfolio is worth more than it was last weekend, it didn’t keep tabs on the sector median and there were
several components that failed to sparkle in the way you’d think they should under the circumstances.
Of the 17 open positions, eight were week-over-week winners (RIO.v, ARG.to, WRLG.v, RPX.v, SURG.v,
PAU.cse, IAUX, PGDC.v) and five losers (MARI.to, GROY, SRL.v, LMS.v, MENE.v), which means there was also
no fewer than four unchanged on the week (MAI.v, XXIX.v, OCI.v, MENE.v). The biggest losers were Mene
Inc (MENE.v down 16.1%) and Latin Metals (LMS.v down 9.5%), the best winners were West Red Lake Gold
(WRLG.v up 10.0%) and i-80 Corp (IAUX up 9.4%).
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.
Thirteen stocks are in the green, two are in the red, two are unchanged.
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$1.75 118.8% Fenix build and re-rate on
RECOMMENDED STOCKS
Minera Alamos MAI.v 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$2.36 53.2% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$9.59 214.4% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.81 172.1% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.10 25.0% 2 adds, re-rate trade, $1.44tgt
Red Pine Expl RPX.v BUY C$0.11 8-Sep-24 C$0.125 13.6% Added more Sep'25
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.16 100.0% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.19 0.0% proj.generator, Organullo spec
Surge Copper SURG.v spec buy $0.105 22-Dec-24 C$0.17 61.9% bulk copper in good address
Provenance Gold PAU.cse spec buy C$0.15 27-Aug-25 C$0.20 33.3% 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 dropping U$0.50825 18-May-25 U$0.93 83.0% dropping from Watch List
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.085 325.0% Rio Negro gold developer
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.13 -71.1% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
2015 to 2024 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
3

Now for a few notes on the featured companies
i-80 Corp (IAU.to) (IAUX): DROPPING FROM WATCH LIST. This shouldn’t come as a big surprise. The
original pick and identification of value back in May was good, everything I’ve done on the stock since then
has been plain awful and IAUX stands as yet another example of how bad I am at gauging market sentiment
and near-term momentum. The idea was to find a cheap entry point and use IAUX as a fliptrade, but my first
mistake was to wait on the sidelines instead of acting at the moment, my second mistake was to get fussy
about a few pennies here/there when the stock price retraced to the point where it represented value again.
Since that point IAUX has only done one thing, it’s also blown through what I supposed would be resistance
at the C$0.90 warrant overhang level. Last week was the straw that broke the camel’s back and with the
stock 83% up without a single bean of my money on board, there’s no value left as far as I’m concerned.
IAUX is not my idea of a medium or long-term trade and in my fundamentally-seated opinion, is already
extremely overbought compared to where it is on its comeback trail and what its weak balance sheet could
do to equity if things don’t go perfectly to plan in 2025 and, most importantly, 2026 when large chunks of
debt come due. I understand why it’s run the way it has in this market, what with gold on its non-stop run
and speculators seeing no wrong at all in any company connected to the metal, but in this case the decision
is straightforward; too much risk for the potential gain. Therefore, I’m putting this failed trade idea down to
experience and as from next weekend, it won’t be part of the Stocks to Follow list. The error is mine.
Red Pine Exploration (RPX.v): ADDED. I did exactly
as planned after last week’s main fundies note, “Red Pine
Exploration (RPX.v): Buying again this week”, averaged up
at 13c and for about a day and a half thought it might
have been the last opportunity to get on at those prices.
As it turned out, RPX found sellers into Thursday and
Friday and closed only half a penny up on the week, which
is only disappointing for someone like me who’s fully on.
The same excellent value in gold explorecos RPX showed
last week is on offer this weekend.
Provenance Gold (PAU.cse): A good week and the new
trade has started well, up 33.3% in a short period and with enough volume to make the stock a trade option
for very-near-term players again. We take more space to consider the news from PAU last week in Market
Watching, below. Please note that I’d consider taking profits on this trade if it moves quickly in the near-
term.
MARI.to Shares Out
Marimaca Copper (MARI.to): On time and on
Thursday, MARI announced the successful close of its
Australia-centric A$80m placement (3) and that’s a good
thing. It also puts the shares out total on 114.733m,
giving the company a market cap of almost exactly
C$1.1Bn this weekend. With the cash now banked (and its
new Australian listing hopefully more liquid going forward)
MARI can now get on with representing its plan to move
Marimaca to construction as it awaits the more obvious
exit door.
Gold Royalty Corp (GROY): GROY was at Beaver Creek, with its 15 minutes of fame presentation (4) done
by its Corp Dev and IR man (and director) Peter Behncke. He did a polished and smooth job, covering the
recent expansion projects and the streams contributing to the 2025 revenues mix. He also made a point of
pointing to Canadian Malartic, Coté and REN, which he labeled GROY's three flagship assets. In his words,
"We expect to see cash flows (on these assets) for decades ahead." Of those three, he made a special effort
on REN and called it "The Northern extension of the Carlin mine" and made it clear how big GROY believes it
will be in the medium-term future. This desk firmly agrees, it's also becoming clear with the recent fusion of
EMX.v and ELE.v (with Tether now casting an interesting shadow over the PM royalty space) that this size
4
853.46 853.46 853.46 853.46 146.37
737.78 39.78 39.78 820.88 811.88 622.88 622.88 622.88 622.88 32.88 288.29 709.29 662.39 662.49 20.101 20.101 71.101 94.601
37.411
120
110
100
90
80
70
60 50
40
30
20
10
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings

royaltyco is a hot acquisition target. Trading in GROY was somewhat volatile, trading briefly at a U$4 handle
and then 10%+ below that after a brief lapse.
Minera Alamos (MAI.v): It’s good to report that one of the better presentations of the week at Beaver
Creek was that of Minera Alamos (MAI.v) and, while the stock price didn’t move on the week due (or despite)
its presence at the bunfight, that was always less likely before the equity financing portion of the deal is
closed. That’s due to happen this coming week (so eyes peeled for that NR), after which MAI is financed to
close the deal with EQX and complete the transformation, the final closure expected Q4. Link to the
presentation and accompanying PDF slideshow here (5). It was also good to see the return to the limelight of
company President Doug Ramshaw. He’d taken a step back during the news and explanation of the deal and
structure, which was understandable under the circumstances, but seeing him lead up the company at
Beaver Creek made for good optics. As for the presentation, aside the use of “de-thawing” instead of “de-
frosting” (a slightly comic opposite) it was all good, with all eyes on the future and the benefits Pan will bring
to the structure. He also mentioned the fact Gold Rock is fully permitted and it’s clear the company is looking
to its new USA arm (add in Copperstone) as the obvious path to growth. On the Mexico side, Cerro de Oro
took all the limelight and if there’s one criticism to make of the 15 minute show, it’s the lack of news or optics
on Santana (shuffled to the back of the pack in no uncertain terms).
And that would have been that, if it weren’t for a mini-bomb dropped on the market Wednesday evening.
The news that Barrick was selling its Hemlo mine in Canada (see Producer Basket below) and while checking
out the NR from Wheaton (6) regarding its financing of the deal, read this passage…
"We are grateful to have the support of Wheaton Precious Metals as we move forward with the acquisition of the
Hemlo Gold mine," said Jason Kosec, incoming President & Chief Executive Officer of HMC.
…and was “Oh, Jason Kosec, I know that name!” A surprise indeed, so on hearing the news about Hemlo’s
new President and CEO, I immediately got in contact with Jason Kosec and he was happy to take my call the
next morning. While the sale of Hemlo and the new vehicle were surely interesting matters for the wider
market and it would have been good to find out more about the upcoming IPO float and the new team’s
plans for Barrick’s asset, we stuck to our knitting here at The IKN Weekly so once “Congrats on the…” were
done, we focused on MAI and the issues that matter to these pages. Here’s what I learned:
Jason Kosec isn’t about to walk away from MAI. He’s taking his appointment as Chair of the company
seriously and pointed out along the way he’s invested $1m of his own money into MAI, plus another half
million or so in family names. In his words, that’s serious commitment and it’s for the long haul. Regarding
the appointment to Hemlo, he agreed that it would now take the majority of his professional time, but
pointed out that a lot of his work on the MAI/EQX deal for Pan was front-loaded and from here, it’s going to
be up to the executive team to make good on the plan. He also stated that he assumed that from this point
onward he’d be able to slacken off a little compared to his high-hours work of recent times and didn’t have
any knowledge that he’d be offered the Hemlo job before Robert Quartermain phoned him. That was quite
recently (he didn’t state exactly when, but it was after the MAI deal was on place) and once the offer came
in, it was literally the offer you can’t refuse (and fwiw I agree).
To make sure, I asked for the record what his position would be at MAI and the reply was clear, “Non-
Executive Chairperson”. That’s fair enough, there’s no doubt his new CEO job at Hemlo is going to take up a
lot of his time and it’s also reasonable for him to take up a more classic, chairman-of-board oversight role at
MAI without getting involved in the day-to-day. He added that he trusts Darren Koningen and his team to do
a great job and underscored the previously mentioned company plan to bring in new talent.
West Red Lake Gold (WRLG.v): A good week for WRLG, with the stock showing all the right technical
moves on Wednesday and Thursday to break out into
blue sky prices. We note that our previous assumption
of a WRLG that goes to market and raises capital in a
“last final” equity raise may be coming to pass, as the
stock showed every sign of breaking out and running
hard then, quite suddenly, the brakes went on. The
type of price action that smacks of an upcoming
placement [EDIT MONDAY: Sure enough, it’s raising
C$30m in a bought deal, much the size and shape of
5

deal we supposed in IKN844 and the main analysis not on the stock]. Here’s the link to its presentation (7) at
Beaver Creek, nothing particularly new for close observers of the stock but worthy material all the same.
Price-wise it was
Update Monday: With this edition going out a day late, it would be silly not to mention the news that dropped
this afternoon, post-close (7a):
Vancouver, British Columbia, September 15, 2025 – West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or
“WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to announce that it has entered into an
agreement with Raymond James Ltd. as sole underwriter (“Raymond James”) pursuant to which Raymond James
has agreed to purchase, on a “bought deal” basis, 26,316,000 common shares (the “Common Shares”) and
3,760,000 charity-flow through shares (the “Charity Flow-Through Shares”) of the Company at a price of $0.95 per
Common Share (the “Common Share Issue Price”) and C$1.33 per Charity Flow-Through Share (the “Charity
Flow-Through Issue Price”) for aggregate gross proceeds to the Company of approximately C$30 million (the
“Offering”).
The Company has agreed to grant Raymond James an over-allotment option to purchase up to an additional 15%
of the aggregate number of Common Shares at the Common Share Issue Price, exercisable in whole or in part at
any time for a period ending 30 days from the closing of the Offering.
That placement is right in line with our expectations as seen in IKN844 and the main analysis note on WRLG,
in which we guesstimated that the company would look to raise $30m and would see its share count move up
to around 380m. For what it’s worth, the current hot market means an upsizing of this placement in the next
day or two would come as zero surprise, we should also expect the overallotment facility to fully fill. As such,
we may end up with a share count approaching out original guesstimate of 400m at the end of 2025.
Rio2 Ltd (RIO.v): Another presenting at Beaver Creek, with a rather tired looking CEO Andrew Cox doing
the honours and mostly telling us what we wanted to hear (8). He confirmed to the audience that
construction of Fenix was on schedule, the plant work was going well, water deliveries had begun and the
first tonnes were now going on pad. The team is now looking forward to the internal milestone in November
when they’re due to start irrigating the pad and collecting pregnant solution with a view to hitting the
expected first gold pour in January of next year. From that point, the Phase 1 mine plan sees throughput
hitting 20ktpd on pad as from August next year. All that was nothing we didn’t know already, but it was good
to hear specific confirmation that the project is still fully funded to the expected start of positive free cash
flow, not just “to production” (that leaves a gap for extra financing). More interesting were the words CEO
Cox had for the Phase 2 mine expansion, as that mostly hinges on getting enough water to the mine site to
supply a throughput that is slated to go 4X to 80ktpd. This screenshot from the presentation is useful on that,
as it shows the progress made to date and while it’s still too early to have nailed down a final deal, the plan
to JV on a desal and pipeline is clearly advanced. We also had a rough budget for that water supply,
U$400m, which sounds like a big number today but if we consider the likelihood of this project going JV, plus
what it would do for gold production and mine life for Fenix, it’s not a number that should scare anyone at
this stage.
Latin Metals (LMS.v): The SEDAR filings on Wednesday saw news that Sprott Asset Management had
increased its position in LMS. Here are the segments of the filing that matter:
6

As at August 31, 2025, there is a net increase of 3,456,364 Common Shares and 3,636,364
Warrants. Together with the increase in total issued and outstanding Common Shares of the Issuer,
this has resulted in a net increase of approximately 3.78% in the Eligible Institutional Investor’s
securityholding percentage, assuming the exercise of the Warrants.
And…
As at August 31, 2025, the Eligible Institutional Investor on behalf of accounts fully managed by it,
together with joint actors, exercise control or direction over 11,777,364 Common Shares and
9,236,364 Warrants. See Item 3.4. Based on the number of currently issued and outstanding
Common Shares (as reported by the Issuer), the Eligible Institutional Investor exercise control or
direction over approximately 15.84% of the issued and outstanding Common Shares, assuming the
exercise of the Warrants.
That size in this thinly traded stocks means Sprott AMR LMS.v: Shares Out
was a significant buyer of the 11c placement that closed
in May and sold just over12m units (share + full
warrant) at the time. LMS currently has 121.915m
shares out and its major shareholder, Robert Kopple,
owns 44.683m of those (35.7% approx). This puts
Sprott AM on 9.7% of shares out. We also got a
“summer investor update” from the company (9), which
added “drill permits for Para” (its copper project in Peru)
to the key catalysts of getting a new JV partner for Cerro
Bayo and “ongoing progress at Organullo with AngloGold
Ashanti”. Once again, we stress that the reason to be
long this stock is Organullo, then Organullo, after that Organullo and once those are done, perhaps Cerro
Bayo and then its other lesser projects. What the inclusion of “Para Drill Permits” tells this desk is that LMS is
scratching for reasons to be relevant and have newsflow. While we do like the Para project, the awarding of
drill permits would be just one step in the right direction as LMS would also still have to attract a partner,
who then in turn would have to contract and mobilize its drilling contractor to do what it decides is best. With
half of September now behind us and the Peruvian rainy season due after Christmas, it’s a bit of a stretch to
see market moving news to come from Para until mid next year, even under the best of circumstances.
This isn’t a big position, it’s also one that requires patience. LMS may want to keep in the public eye using
newsflow, but the fate of its stock price current rests on what AngloGold does at Organullo and Tier 1
operators tend to have a different attitude toward their exploration stage projects. AGA is not in a hurry, it
won’t feel the need to publish one or two holes at a
time as they come back from the labs and if they
decide to alter the drill program mid-plan they’ll just
do it. It adds up to a project that’s going to take time
to mature, however good it is on paper and that’s
going to reflect in how LMS trades. The only way to do
these positions is to buy, hold, allow them to bore you
if necessary because if they do have the goods, we
won’t find out in drip feed style. The day AGA
announces to the world Organullo is a serious
discovery will be one day too late for those not
already on. This reflects in recent price action too
(chart right), which has seen a decent move up on the
Organullo permitting breakthrough but since then , has struggled to make any further progress.
The Copper Basket
After thirty-seven weeks of 2025, The Copper Basket shows a gain of 32.95% to level stakes:
7
308.64 300.84 470.84
692.75 686.75 686.75 686.75
296.96 917.07 674.17 674.17 674.17 674.17 674.18 674.18
7.901 7.901 28.901 29.121 221 221 221 221
130
120
110
100
90
80
70 60
50
40
30
20
10
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4 tse62q1 tse62q2 tse62q3
source: company filings/IKN ests
serahs
fo
snoillim

Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 SolGold (GBP) SOLG.l 6.92 3001.11 495.78 16.52 138.7%
2 Atex Resources ATX.v 1.43 279.21 698.03 2.50 74.8%
3 Trilogy Metals TMQ.to 1.65 164.1 480.81 2.93 77.6%
4 Arizona Sonoran ASCU.to 1.47 174.6 445.23 2.55 73.5%
5 Aldebaran Res. ALDE.v 1.90 169.914 423.09 2.49 31.1%
6 Regulus Resources REG.v 2.05 124.659 309.15 2.48 21.0%
7 Faraday Copper FDY.to 0.74 205.516 261.01 1.27 71.6%
8 Hercules Metals BIG.v 0.55 289.289 214.07 0.74 34.5%
9 Hot Chili HCH.v 0.67 175.07 126.05 0.72 7.5%
10 American Eagle AE.v 0.69 173.377 91.89 0.53 -23.2%
11 Element 29 Res ECU.v 0.63 136.924 82.15 0.60 -4.8%
12 Andina Copper ANDC.cse 0.16 211.085 60.16 0.285 78.1%
13 XXIX Metal XXIX.v 0.11 306.308 29.10 0.095 -13.6%
14 Copper Giant CGNT.v 0.315 117.73 18.84 0.16 -49.2%
15 Kobrea Exploration KBX.cse 0.60 35.622 16.39 0.46 -23.3%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 32.95%
The Copper Basket had another positive-but-not-blowout
The Copper Basket 2025, weekly evolution
week to add to its growing list, we’re now six winning 40%
35%
weeks in a row since the Trump Tariff upset of early 30%
August and much as predicted, the copper exploreco 25%
20%
market shook off the North American price dump as a 15%
10%
minor issue before resuming what was already a bullish
5%
tendency, as seen in the tracking chart (right). However, 0%
-5%
the basic headcount was split down the middle with
-10%
seven week-over-week winners (ATX.v, SOLG.l, ALDE.v, -15%
TMQ.to, AE.v, ECU.v, ANDC.cse), seven losers (REG.v,
ASCU.to, FDY.to, BIG.v, HCH.v, KBX.cse, CGNT.v) and
one unchanged stock (XXIX.v). The positive difference in
the basket average was due to the bigger percentages
racked up by the winners, led by Trilogy (TMQ.to up
14.9%) and Andina (ADNC.cse up 11.8%), while on the
other side there was just one double figure percentage
loser in Kobrea (KBX.cse down 11.5%). And that’s the
way it is, Mr. Kronkite. As for the metal, it was a
constructive week for copper prices, adding around
10c/lb and Friday saw the benchmark Comex futures
contract trading to U$4.70/lb, the highest price since the
waterfall sell-off at the end of July (Trump, tariffs, etc).
In copper market news, I found this segment of this
wire report (10) entitled "Copper stride to five-month peak on hope for US rates cuts" most interesting:
8
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 ht41
source: IKN calcs

In other words, if the FOMC does what's most expected next week and cuts by 25bps, we're going to get a
sell-off from the speculative capital that's most recently entered the market, no matter how many future cuts
the Jay Powell might hint at in its literature or his presser on Wednesday. It's normal and natural for the
market to start baking in extra-bullish assumptions in bullish times like these, but if they don't materialize it's
also normal to get corrections.
Moving on, as well as the regular weekly inventories data our nerdy numberfriends at Chile’s Cochilco keep
tabs on other copper market metrics and one that stands out at the moment is LME Cancelled Warrants. One
of the ways to judge end user demand, cancelled warrants tracks the amount of copper earmarked to leave
LME warrants in the immediate future. It’s not quite as black-and-white as that, as owners will often use the
system to make it look as though the physical metal is about to leave, only to roll over their contracts toward
the final date and make sure it stays put, but it’s a reasonable gauge
at a loose level and at the moment, it’s indicating a slack market.
This Cochilco chart shows LME stock (I just noticed that I’d labeled
that LMS by mistake), the amount the total cancelled and the black
line, showing the percentage of the one of the other.
The waterfall moment on this chart came two weeks before the
waterfall moment for copper prices, the timing suggests that a final
batch of LME copper left to travel to The USA just before the Trump
admin made its decision and scupper the Comex contract price.
What’s more interesting is the action since then, as LME cancelled
warrants stayed under 10% of the total through August and even
the recent move up to this Friday’s 13.5% number isn’t much of a
signal. This chart and its underlying data is another indication of weak demand for copper at the moment, no
matter what the spot price might be doing in relation to the US Dollar.
Now for our regular check on the weekly changes in copper inventories, with Cochilco the data suppliers:
 The aggregate of the three world copper inventories systems finished the week with 12,275 metric
tonnes (mt) more copper than it had last weekend, the total coming to 529,081mt.
 The biggest mover of the three was also the most interesting. After flopping around the 80kmt line
all summer Shanghai’s SHFE inventories popped by 12,203mt to close the week at 94,054mt.
Moving up is one thing, doing so when the seasonality points to a normal drop in inventory is
another. While nobody should worry about a single week’s worth of data, this move is a big of an
eyebrow raiser and in no wayt bullish.
 It was a quieter week for the LME, where copper inventories dropped by exactly 4,0000mt to finish
Friday at 153,950mt.
 After its big inventory dump last weekend, Comex continued to add tonnes but this time a more
modest 4,072mt, which is still another new all-time record copper inventory of 281,077mt but more
in-line with what we’ve seen since the Trump Tariff decision dropped. We did plenty on this subject
last weekend, no need to repeat here. See IKN852 for more.
Our dedicated SHFE chart shows that uptick in the 2025 thick black line, particularly against the backdrop of
the lines it’s been loosely tracking all year such as 2021 and 2023. It’s not something to panic about, even if
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
9 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

we get confirmation in next week’s numbers, but it is unusual and means it gets its notes here. One to watch.
Now for notes on a few of our 2025 basket component stocks:
Regulus Resources (REG.v): John Black did the honours for the 15 minute Beaver Creek presentation (11)
and brought little in the way of new information to the table this year, not surprising considering the lack of
work going on at AntaKori in 2025. Indeed, Black made mention of this during his presentation and here’s a
quote:
"...we're largely done with our drilling, we're a little bit constrained because of the property situation on
how we can move towards a PEA or the traditional way you go forwards on a project. And the
neighbours tend to be kind of quiet on their projects..."
Well…err, no. In fact, the main neighbour Coimolache (operator Buenaventura) has been transparent about
its plans to move forward on its Stage II suphides project, which has now gone into permitting stage and
gets mention at most of the BVN conference calls and all its MD&As. And once again, this points to the same
the Achilles’ Heel we’ve mentioned on numerous occasions in the last five years; No matter how much REG
promotes the idea of “Tantakori” and the joining of the two deposits, Coimolache SA doesn’t need AntaKori.
The REG neighbour holds a dominant land position and can go ahead and build its 20k or 30k tpd mine on
top of its now depleted gold oxide mine and ignore the rocks on the other side of the concession boundary
for years to come.
Another potential reason for the lack of drilling recently is the regional risk in the Chugur district, home to the
AntaKori project, as this report (12) dated September 13th points out. Here’s how the start of the report
translates (by human brain, not AI)
Cajamarca, September 13, 2025.- The head of Cajamarca’s College of Economists, José Luis Medina, says that
the regional authorities have walked away from the Chugur district in Hualgayoc province, leaving it under the
control of illegal mining, contract killers and drug trafficking.
It goes on to highlight specific zones under the control of illegal mining groups, located close to the AntaKori
concession.
Element 29 (ECU.v): A good week for ECU.v, with plenty of buying interest and few sellers combining to
form this ten-day chart:
ECU was also at Beaver Creek, here’s the link to its presentation (13) and the crib notes include the
company’s plans for 14,000m of drilling, with holes planned to infill the current pit (inferred into M+I) and
resource expansion via out-step holes and in particular, deep holes that test what the company believes to be
higher grades and likely long widths at depth. The strategy aims to get Elida to a resource of at least 100mt
(2.2Bn lbs) copper.
Last year saw the best success come from the deep holes, notably holes ELID033 and ELID 035 announced in
January (14) which returned 1,040m of 0.54% CuEq and 922m of 0.54% CuEq respectively. Those long holes
are the ones to watch out for in the 2025 program, which also means we have a few months to wait before
they are drilled, boxed, sent, assayed and returned to the company. If ECU does the same this time around
and batch-releases these long holes, it’s going to be after Christmas again.
10

The Producer Basket
After 37 weeks of 2025, the Producer Basket shows a gain of 110.68% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 87.81 79.25 112.9%
2 Agnico Eagle AEM 78.21 502.579 77.02 153.25 95.9%
3 Barrick B 15.50 1705.994 49.53 29.03 87.3%
4 Franco-Nevada FNV 117.59 192.119 38.50 200.40 70.4%
5 B2Gold Corp BTG 2.44 1313.11 5.90 4.49 84.0%
6 Eldorado Gold EGO 14.87 204.909 5.75 28.06 88.7%
7 New Gold NGD 2.49 790.9 5.16 6.52 162.9%
8 OceanaGold OGC.to 11.94 231.127 4.76 28.19 136.1%
9 Sandstorm SAND 5.58 296.844 3.50 11.79 111.3%
10 Wesdome Gold WDOFF 8.98 149.891 2.12 14.12 57.2%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 100.68%
The gold producer bull runs strong for yet another week, with GDX up 5.1% and our Producer Basket making
it to a double for 2025 YTD. However, only nine of our ten component stocks joined in the fun, as Wesdome
(WDOFF) lost 2c on the week and spoiled the party somewhat. Along with that loser there other stocks in our
group were clear under-performers, with Agnico (AEM up 0.9%), Barrick (B up 2.2%) and Sandstorm (SAND
up 2.7%, these days basically a proxy on big royaltyco Royal Gold (RGLDF)) failing to impress.
The 2025 Producer Basket: Weekly performance and
110% comparative to GDX control
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Barrick (B) (ABX.to): More chips were moved across the Tier 1 table on Wednesday when Barrick agreed
to sell its Hemlo mine in Canada to Carcetti Capital Corporation, a consortium headed up by Robert
Quartermain that once the deal closes will change its name to Hemlo Mining Corp (HMC) and float on the
TSX. The deal headline ticket price of is more precisely “up to U$1.09Bn” and Barrick presented it this way in
its NR (15):
 Cash consideration of $875 million, due on closing
 HMC shares with an aggregate value of $50 million (based on the same price per HMC subscription receipt under the
concurrent equity offering announced by HMC, to be issued by HMC to Barrick on closing)
 A production and tiered gold price-linked cash payment structure of up to $165 million starting in January 2027 for a
five-year term
In other words, it’s nearly all-cash and the U$50m in shares is only a small part of the total equity financing
and fwiw, HMC expects to put the money together like this according to the Wheaton NR that appeared on
the same Wednesday evening (16):
 Up to $400 million Wheaton gold stream (the "Gold Stream");
 Concurrent equity financing with estimated proceeds of approximately $415 million (the "Equity Financing"); and
 $200 million in bank debt (the "Acquisition Facility").
The first observation is on the asset changing hands, which currently has 3.4m oz M+I resources, of which
1.6m oz is P+P reserve. Last year Hemlo produced 143k oz at and AISC of U$1,769/oz which makes it a small
but profitable corner of today's Barrick. A look at the quarterly sales figures for Hemlo show how production
has deteriorated over the last five years, while the other chart tracks the percentage those Hemlo ounces
11
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS ht41
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 ht41
source: IKN calcs, NYSE data

represent in the consolidated Barrick sales mix. At a level that fluctuates around 4%, I'm sure Bristow can
justify the transaction with two simple words, "non-core".
Barrick: Gold sales from Hemlo, per qtr
As for the cash the sale generates for B, as at 2q25 the company has U$4.8Bn in cash&eq and working cap of
U$5.6Bn, both those numbers benefiting from the sale of B’s 50% of Donlin during the quarter. We also note
that Barrick has improved financial debt position considerably in recent quarters and its down to just over
U$4.7Bn total, a perfectly manageable number and much better shape than just a few years ago. That means
Barrick is aiming the raised cash at Reko Diq (and other lesser growth projects but the company’s future now
sits squarely on the fate of Reko Diq) and while you can quibble with the strategy of aiming for riskier
political zones and diversifying into copper to the extent that you need to change your corporate title, you
can’t say it’s a surprise and raising cash on (what is now) a non-core mine is a logical step under the
circumstances.
We also need to consider what this sale means to Barrick, a Canadian company that has now cut its final
operational tie with Canada, has this year cut its staff headcount at its Toronto HQ by 50% (130 to 65) and
has already made noises about wanting to change domicile to The USA (17). Bristow’s final act before
retirement may be to dole out the most direct lesson about its mining sector possible.
Newmont (NEM): On the same Wednesday Barrick announced its exit from the Canadian gold production
scene, NEM added its own dropkick to the reputation of Canada’s capital market by announcing (18) its
decision to voluntarily delist from the TSX. The reason?
“The Company is voluntarily delisting from the TSX due to low trading volumes, and expects the TSX delisting to
improve administrative efficiency and reduce costs for the benefit of Newmont’s shareholders.”
And to add insult to the TSX’s injury, NEM made it clear in the same NR that it will continue to list its stock in
Australia and Papua New Guinea, alongside its main US listing. Yes indeed, NEM does more business on the
PNG main board than the TSX.
Wesdome (WDO.to) (WDOFF): We mentioned last week the somewhat surprising inclusion of WDO at the
Beaver Creek conference, normally for the smaller market cappers, as well as this week’s Denver Gold gig.
Here’s the link to the WDO presentation at Beaver Creek (19) and while a little on the dry side and without
any special new information it summed up the company’s work in 2025. This still from the presentation deck
shows the “several catalysts coming down the line” (quote/unquote) and what sticks out to me is how we are
scheduled to start seeing the higher grade feed form Kiena Deep affect the head grade mix at the start of
2026 but we’re still over a year away from the the Kiena Deep zone being fully open. The foot-dragging on
Kiena has been a permanent feature since the re-discovery of the mine and its potential at depth in 2016 and
2017, here we are eight years later and there’s still work to do. That WDOFF ended the week down 2c tells
you I wasn’t the only person nonplussed with what they had to say at Beaver Creek, here’s hoping they do a
better job at the Denver gig.
12
85 45 55 75
74 24 92 43 13 63 72 83 04 53 13 33 83 93 82 83 93 23
60
55
50
45
40
35
30
25 20 15
10
5
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
Koz Hemlo: Total percentage of consolidated
6.0% gold sales in Barrick, per qtr
5.5%
5.0%
4.5%
4.0%
3.5% 3.0%
2.5%
2.0%
source: company filings
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2
source: company filings

The TinyCaps List
After 37 weeks of 2024, the TinyCaps show a gain of 29.02% 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 17.24 0.115 -20.7%
Electrum Disc ELY.v 0.13 98.995 6.43 0.065 -50.0%
Endurance Gold EDG.v 0.145 176.296 39.67 0.225 55.2%
Kodiak Copper KDK.v 0.39 85.7 57.42 0.67 71.8%
Latin Metals LMS.v 0.08 121.915 23.16 0.19 137.5%
Mogotes Metals MOG.v 0.13 374.759 123.67 0.33 153.8%
Radius Gold RDU.v 0.085 107.554 17.21 0.16 88.2%
South Star STS.v 0.55 69.2 11.07 0.16 -70.9%
Viva Gold VAU.v 0.14 145.53 16.01 0.11 -21.4%
Prices in CAD$, data from TSXV basket avg 29.06%
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.
When doing the standard Friday evening data dump, I was somewhat surprised to see how the TinyCaps List
average had lost 1.2% on the week, dropping below the
30% line once again on the back of Five losers (CN.v, 50% TinyCaps, 2025 weekly tracker
EDG.v, LMS.v, STs.v, VAU.v) compared to three winners 40%
(KDK.v, MOG.v, RDU.v), with two unchanged stocks 30%
(BRO.v, ELY.v) making up the numbers. It would have
20%
been worse without two of those three winners registering
10%
double figure gains so a cheer for Mogotes (MOG.v up
0%
13.8%) and Radius (RDU.v up 10.3%), though they were
-10%
cancelled out by the drops in South Star (STS.v down
15.8%) and Endurance (EDH.v down 11.8%).
South Star (STS.v): As noted on a few occasions mid-year, this is now a broken stock and a broken story
that won’t make it to the 2026 TinyCaps List after several years of patience with the story. It’s also a stock
that I wasn’t planning on writing much about in these notes, but Thursday’s NR needs extra eyeballs (20):
VANCOUVER, British Columbia, Sept. 11, 2025 (GLOBE NEWSWIRE) -- South Star Battery Metals Corp. (“South
Star” or the “Company”) (TSXV: STS) (OTCQB: STSBF), is announcing the resignation of Richard Pearce as
President, Director and Chief Executive Officer effective immediately. Mr. Pearce will continue to support South
Star during a 14-day transition period to ensure an orderly handover of responsibilities to his successor.
The CEO “was resigned”, i.e. summarily fired, underscoring our opinion of a company that had every chance
of being in the right place at the right time for critical metals but dropped the ball badly. A string of delays,
indefinite timelines and the nail in this particular coffin, the bought deal that annoyed all and sundry,
including long-term holders who hit the sell button en masse.
Is an STS “under new management” worth considering? Not until it shows a complete overhaul and there’s
no point in holding breath any longer. It will remain on the personal stock screen page, but until there are
real signs of life no reason to follow it closely.
13
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 ht41
source: IKN calcs, TSX data

Mogotes Metals (MOG.v): CEO Alan Sabet’s Beaver Creek presentation is on this link (21) and there’s also
an interview he did with Crux Investor here (22) if you’d like to hear the information presented in different
words (the milquetoast interview is basically the same as a corporate presentation…with smiles). From the
two, the only thing you really need to know is that MOG plans to have the drills turning on its chosen targets
(to be confirmed soon) by mid-October, or November at worst if the weather is inclement.
These are going to be long holes and probably presented to the market in batches, so expect plenty of lag
between the start of drilling and the assay NRs. However, we also recognize that MOG is very good at the NR
and social media promotion game and is bound to use all the angles to keep people engaged in the drill
program once it begins. Meanwhile, the MOG bull run rolls one and with the stock closing Friday at 33c it now
has an eye-popping market cap of C$123m. Quite an achievement in rhetoric for what is essentially a
neighbour play. For sure areas plays can hit the jackpot and if you check those above links you’ll hear how
the geology-focused team has done its sleuthing and detective work to generate targets that closely match
what’s going on at Filo, Josemaria, Lunahuasi and what-have-you, but when there’s over $100m of equity
resting on the Truth Machine at a completely undrilled target, let’s just say that it’s risky and be done. Don’t
get me wrong, I wish them every fortune and I wouldn’t have put MOG on this list for 2025 in the first place
if it weren’t an interesting proposition, but I’d much rather they show me a 500m hit of 0.5% copper and give
me the opportunity to buy at 50c than take the mighty risk of buying now and crossing fingers on a virgin
hole. It’ll be interesting to see whether MOG goes to
market and tops up treasury before the first assays
show.
Endurance Gold (EDG.v): What made this tinycap PM
stock drop when all around, tinycap PM stocks were
rallying, flying and rocketing? That would be this drill
assay NR (23) dated September 8th and entitled
“Endurance Reports Additional High-Grade From
Expanding Crown Zone 8.01 gpt Gold Over 10.5 Metres”.
The headline looks interesting enough, but the market
turned its nose up at the overall assay results, the three
reported holes not living up to the promise of the
previous hits. Indeed, that headline number was the
only section of the three holes to show the numbers
required at this hole depth (that was from 289m
downhole). The company’s Reliance Gold project is far
from dead, but it’s going to need to put together better
grades on wider widths to improve from here.
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.
14

Regional politics
Ecuador: Loma Larga at the centre of a storm
Your latest reason to worry about political risk for mining in Ecuador is also one of its longest standing
controversies, the Loma Larga (aka Quimsacocha) gold project now owned by Dundee (DPM.to). We followed
the way it was awarded its EIA earlier this year after a very dubious prior consultancy meeting, organized by
the company in cahoots with the mining ministry largely behind the backs of a local population that has
vehemently opposed its development for over 20 years (e.g. the 2022 referendum vote that went 80%/20%
against the project). For more on that, see IKN837 dated June 1st and the Regional Politics note “More on
the Loma Larga false prior consultancy meeting”. Since the EIA permit was emitted the locals have fought
back, recently getting a court order that stops the execution until more evidence of its effects on the local
water table are known, as well as a new public consultancy that must include all locals in the direct area of
influence.
Last week two things happened that put the project into more jeopardy, but also back as a national-level
talking point regarding the Noboa government. Firstly, the local mayor of the provincial capital of Cuenca
(who opposes the project, one of the reasons he was voted in) announced (24) he had rescinded Dundee’s
ownership rights on a key area of land concession that, according to him, was awarded to the company in an
irregular manner in 2021. It’s an interesting move, because according to the mine plan that land package
includes the location of the tunnel entrance for the eventual underground development.
That was an interesting turn, but what happened Friday was another level as during a radio interview with a
local radio station in Cuenca (25), President Daniel Noboa made a comment that, in one blow, came out
against the project and showed his ignorance of Ecuador’s laws on the subject. Ostensibly there to promote
the national referendum of seven questions set to happen in Novemebr (that we haven’t mentioned on these
pages, as they have very little to do with mining), he was asked about the project and the controversy
around it, specifically the recent court ruling on possible water contamination. Here’s a quote from his
answer:
"I agree with the people of Cuenca. If they're convinced by their reports it will cause
pollution, that’s fine. I'm just saying that, in the event of a problem in the future they will
have to back up their reports with evidence.
Then on the potential that the project would be stopped, this:
“There is a) very high probability (the project doesn't go ahead), but it’s also likely that there
will be problems in the future.”
Those problems would stem from international arbitration claims made by DPM and what Noboa seems to be
saying is that it’s on the people of Cuenca to supply the evidence that defends the decision to stop the
project. That is false, as it has to be a national decision by the national government who then assumes full
responsibility (26). Noboa’s comments therefore came under fire from all sides, though the opposition to the
mine were quick to underscore that they already had all the technical reports they’d ever need to show the
mine would pollute the water table and threaten the water supply of the entire region (and between us
they’re most probably right, no matter what the mining company might claim). Above all, Noboa’s comments
have made Loma Larga a national point of debate (again) and that’s certainly not what DPM, or the people
inside the mining ministry that pout together the fake public consultancy at the start of the year, want.
The bottom line: Expect Loma Larga to go back in the deep freeze. When that happens, expect criticism of
Ecuador’s mining political risk from an outside world that cannot differentiate between the
projects/companies that do things the right way, e.g. Lundin Gold at FDN, and those who use all the sneaky
tricks to try and shove through projects against the will of the locals living in the zones. Prime examples of
the latter are Loma Larga (Dundee), La Plata (Atico) and Warintza (Solaris).
Argentina: Milei hits his first major problem
Last week’s note on Argentina “Keeping an eye on Buenos Aires province this weekend [UPDATED]”,
managed to cobble together an initial reaction to the results from the country’s biggest and most important
province, but we need to expand on what happened and consider what is now, essentially a new political
playing field in Argentina for the next two years.
15

After sending IKN851 last weekend my thoughts eventually returned to the note published in IKN846 dated
August 3rd “My nagging doubts about Milei in the upcoming Argentina elections” which, thanks almost
entirely to the conversation I had that week with my switched-on Argentina friend (we’ve been pals for
coming on 25 years, for what it’s worth), seems to have hit the nail on the head. That’s when we opined that
Milei can do no wrong in the North, his popularity isn’t as strong as most people on the outside looking in
think and then a third main point:
“The upcoming elections in Argentina, chiefly the October 26th Senate and provincial elections but
also the separate elections on September 5th for provincial parliament of Buenos Aires Province, will
be acid tests for Milei’s manifesto and a quasi-referendum on his government to date.”
After considering the data found in a recent opinion poll that suggested some Milei voters were planning on a
protest vote against his government this year, we ended with this:
“Our first big clue will come from the Buenos Aires Provincial parliament election next month, which
is setting up as an appetizer plate for the October mid-terms (the vote traditionally used as a
referendum on the sitting government’s performance in Argentina). We’ll be watching both carefully,
as the results will set the tone for the next two, or even six, years of government in the country.
Plenty in play, particularly when we consider the blithe assumptions up North that Milei is popular
and a shoo-in for greater things.”
We now know what that clue from the BsAs Province election was. Those mooted rebel Milei voters were
joined by a people who turned against the Milei government by the corruption scandal that broke in mid-
August and has done nothing but grow in size (see IKN849 and IKN850) and the result was a defeat of a size
that surprised even the victors, namely the Cristina Kirchner Peronists now led by Buenos Aires Governor Axel
Kicillof (who was Cristina’s FinMin in the last Kirchnerist government and is now widely understood to be the
Presidential candidate for the 2027 election with the best chance of stopping Milei from being re-elected).
The market reacted as you’d expect when a left wing opposition inflicts a serious blow on a free market
government in South America and the best indicator is the simplest, that of the Argentina Peso (ARS) versus
the US Dollar (27). In mitigation, the drop in the Peso didn’t push it outside the Milei government’s official
trading band and the Central Bank had enough firepower (i.e. USD reserves) to mop up the selling pressure
and stop any panic long before it started, but equally the effect is obvious to all and sundry.
For a decent, purely political report on events in English, this FT report (28) captures just about everything
that FDI on the outside looking in needs to know, it’s reasonably balanced, too. Here’s how it begins:
Argentina’s Javier Milei is in the biggest crisis of his presidency, after scandals and strategy mis-steps led to a
stinging loss in local elections, unnerving voters and markets six weeks out from a critical midterm vote.
After a largely successful first year in office, when falling inflation bolstered robust popular support for Milei’s
austerity, recent months have battered the government.
A corruption scandal ensnared his sister and chief of staff Karina. The economy’s recovery slowed sharply,
disillusioning voters. He alienated moderate allies in congress, who sided against the government on a series of
spending votes. His approval rating fell below 40 per cent for the first time.
Then, last Sunday, his libertarians suffered a shock landslide defeat by the leftwing Peronists at local elections in
Buenos Aires province, which Milei had framed as a referendum on his government.
The peso has fallen 4 per cent since the vote, while Argentine sovereign dollar bond prices plunged around 6
cents on the dollar before rebounding partially.
Investors and analysts warned the government must recover its footing fast. If not, it risks a damaging run on the
peso and a poor performance in October’s midterms, where Milei aims to expand his tiny congressional minority to
deepen his free market reforms.
16

“It’s a wake-up call,” said one Milei ally who requested anonymity to speak freely about the president. “Milei likes
to think of himself as a great lion, untouchable, up on his pedestal — the lion’s just been sprayed with a hose.”
Further down the report, the FT gives a rough’n’ready way for the outsider to gauge whether Milei “wins” or
“loses” on October 26th:
Still, analysts say the libertarians will probably do better at the midterms than in Buenos Aires province, a Peronist
stronghold where they took 34 per cent of the vote. Winning 40 per cent of the national vote would help defuse the
crisis, most agreed.
Fair enough and I’m not going to pick hairs, though (unsurprisingly for a national election to pick provincial
governors and parliament representatives, it’s way more complicated than that. I will, however, add three
things to the FT take on what Milei faces in the October 26th election:
 In real political terms, the October quasi mid-terms are FAR more important than last week’s BsAs
provincial vote. Milei made a mistake in making BsAs province more important than it really was, but the
October votes matters at basic governability and national policy agenda levels.
 He’s not going to alter the message. Pundits and talking heads are telling Milei to alter his strategy for
the October vote and apparently he’s shuffled his campaign team compared to a month ago, but he’s
also said he will fight to maintain the current model “tooth and nail” and there’s not going to be anything
aside superficial changes in campaign style.
 He won’t be able to get rid of Karina. Even if he wanted to (and he doesn’t, Karina is his closest ally)
there’s no way he can separate himself from her image and that’s been seriously damaged by the
corruption scandal,
 The “nagging doubts” note in IKN846 featured a poll answer that showed enough Milei voters planned to
change their vote to tip the balance. They plan to change their allegiance in order to punish the
government for its errors, they decided to do so before the Karina scandal blew up and most importantly,
they were answering about the October mid-terms, not last week’s BsAs Prov vote. Add that to data from
last week’s vote (29) that shows Milei voters abstained in large numbers instead of showing up at the
polls and things do not look as great as they are made out by the “October Will Be Different” crowd.
Be clear: There is now A LOT at stake on October 26th in Argentina. If Milei does well, its stock market will
rally big time, as will the ARS. However if things go badly you won’t need a backwater publication on junior
mining to tell you, it will be all over the business press.
Market Watching
Atico Mining (ATY.v) moves
In IKN849, August 24th we ran the Market Watching note “Atico Mining (ATY.v) is highly likely get its EIA for
the La Plata project”, as prosaic a title as they come. Since then we got a NR from ATY dated September 3rd
(30) entitled “Atico Announces Completion of The Environmental Consultation Process at La Plata Project”
and once again, not a particularly cryptic title line. The completion of the process doesn’t mean the awarding
of the permit but if we continue to use Dundee (DPM.to) at Loma Larga as our model, the Ecuador
government is unlikely to wait long before awarding ATY its EIA for La Plata. Considering this chain of events,
we note the price move ATY put in last week which
has all the hallmarks of a company about to get its
favourable ruling from the Noboa admin. In the
IKN849 note, we finished with these words:
I wouldn’t bet on the medium term of this
company, let alone the long-term, what’s more I’ll
state for the record that its close connections with
the Ganoza family is enough for me to avoid
putting my money into the trade, but that’s my
stupid moral bias and not your problem. The IKN
Weekly exists to offer its readers trade ideas and
at its current 14.5c or so and now with the high
17

likelihood of being awarded a EIA (be it workable in real terms or not). ATY brings enough to the
table for speculative opportunity for those so inclined. Not difficult to see this stock running up to
20c or so in the near-term.
As things stand, that 20c line may get broken fairly easily if/when the permit news drops. However, I’d advise
readers who speculated on ATY to follow the old adage “buy the rumour, sell the news” and take your profits
at that moment. There may be longer-term profit available, but the near-term for ATY will also include the
need for more financing at the very least, and the high likelihood of a “Loma Larga Reception” for the news,
i.e, widespread protests from locals who fell swindled by a less-than transparent permitting process. We note
that whatever the government might say, La Plata is an unpopular project in the zone.
Provenance Gold (PAU.cse): Getting lucky
After tracking the stock for two years, we recently decided to open a live trade in Provenance Gold (PAU.cse)
as one of the four purchases announced in IKN849 (WRLG.v) (RPX.v) (XXIX.v) (PAU.cse). That buy call
turned out to coincide with a drill assay NR that didn’t impress the market and by pure luck, we managed to
get in at the lowest price seen in recent times, 15c (and easily too, for what that’s worse). So far so good but
last week, it got better when PAU published its latest assay NR (31) “Provenance Gold Intercepts 160.60 g/t
Gold Over 1.52m in Hole ED:22 and 1.08 g/t Gold Over 28.96m in Hole ED:23, Significantly Expanding
Mineralized Footprint”. When you get to write a headline that includes “we found rock with five ounces per
tonne of gold” in it, it makes for a crowd-pleaser and sure enough, PAU rallied nicely on the news as seen in
this ten-day chart
It peaked at 22c, closed the week at 20c and that could have been 21c on the tick, but still a decent return to
the level from whence it came a few weeks ago. Thing is, when you consider the last two assay NRs
together, they haven’t changed the story very much at all. The Market Watching note in IKN850 two weeks
ago, “Provenance Gold (PAU.cse) delivers drill results” covered the first batch, today we see that the high-
grade headline result came from the previously identified high grade zone. A good cut yes, but nothing
particularly new.
The bottom line: Two years ago we liked the risk/reward
on offer by this project, six months ago the price had run
too far for a reasonable entry, today the 20c price is a
decent price considering the run in the price of gold and
the continued drill success at the project. Before the
summer Doldrums and price lag, PAU could easily
command a 25c price tag and with the new results now
flowing, there’s every reason to expect that price to return
in the near term. Traded volume tends to be decent and
tradable for small sized money, so anyone looking for a
tinycap flip vehicle on gold may want to consider the 25%
on offer in the very-near-term. As for me, I know I was
lucky with my entry timing and price. I’m not against
flipping them back for a near-term win if we see 25c and
I’m definitely not married to the long-term success or
18

failure of the company and its plans to help Oregon open up to the mining world in the same way as
neighbouring Idaho. We’ll see how it goes.
Conclusion
IKN852 is done, we end with a bullet point:
 I can’t help but feel disappointed in how this edition has turned out. There are some decent
segments, but taking a passive position in a market that apparently demands action and decision isn’t
a great look, on reflection. However, and having taken an extra day to try and find a more dynamic
position, I can’t help but tell it the way I see it at the moment. I see no rush to deploy extra capital in
front of what might become a turbulent week, even as “Keep Dancing…” makes sure I stay long the
current positions. This edition seems to have fallen between two stools.
 I don’t think the gravity of the reversal suffered by Javier Milei last week has been fully understood
by the North. Not yet anyway. I certainly hope he can revert this new tendency of protest voting by
the time the regional elections arrive last next month, but if the opposition is deemed to have won on
a nationwide level next month his government will quickly lose momentum. Argentina is a difficult
place.
I thank you in advance for any feedback. Our Top Pick stock is Rio2 Ltd (RIO.v). Flash updates will be sent if
required by events.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2025/09/schedule-for-week-of-september-14-2025.html
(2) https://www.calculatedriskblog.com/2025/09/fomc-preview-25bps-rate-cut-expected.html
(3) https://marimaca.com/marimaca-copper-announces-closing-of-a80000000-placement/
(4) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/09/gold-royalty-corp/play/stream/40938
(5) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/10/minera-alamos-inc/play/stream/40920
(6) https://www.newswire.ca/news-releases/wheaton-precious-metals-announces-financing-commitment-to-carcetti-capital-for-hemlo-
mine-acquisition-849801661.html
(7) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/11/west-red-lake-gold-mines-
ltd/play/stream/40873
(7a) https://westredlakegold.com/west-red-lake-announces-30-million-bought-deal-public-offering/
(8) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/11/rio2-limited/play/stream/40978
(9) https://latin-metals.com/news-releases/latin-metals-summer-2025-investor-update/
(10) https://www.hellenicshippingnews.com/copper-strides-to-five-month-peak-on-hopes-for-us-rate-cuts/
(11) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/11/regulus-resources-inc/play/stream/40958
(12) https://www.rcrperu.com/autoridades-regionales-han-dejado-a-chugur-en-manos-de-la-mineria-ilegal-y-el-narcotrafico/
(13) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/11/element-29-resources-
inc/play/stream/40964
(14) https://www.e29copper.com/news/element-29-announces-results-from-elida-phase-iii-drill-program-including-10396-metres-of-054-
cueq2
(15) https://www.barrick.com/English/news/news-details/2025/barrick-announces-sale-of-hemlo/default.aspx
(16) https://www.newswire.ca/news-releases/wheaton-precious-metals-announces-financing-commitment-to-carcetti-capital-for-hemlo-
mine-acquisition-849801661.html
(17) https://www.mining.com/barrick-weighs-us-relocation-says-ceo-mark-bristow/
19

(18) https://www.newmont.com/investors/news-release/news-details/2025/Newmont-to-Voluntarily-Delist-From-Toronto-Stock-
Exchange/default.aspx
(19) https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2025/09/11/wesdome-gold-mines-
ltd/play/stream/40880
(20) https://finance.yahoo.com/news/south-star-announces-resignation-ceo-100000198.html
(21) https://www.precioussummit.com/events/2025-precious-metals-summit-beaver-creek/
(22) https://www.youtube.com/watch?v=e5cKzGzJE8U
(23) https://endurancegold.com/news-releases/endurance-reports-additional-high-grade-from-expanding-crown-zone-8.01-gpt-gold-over-
10.5-metres/
(24) https://ecuador221.com.ec/alcalde-de-cuenca-revierte-predio-de-minera-en-quimsacocha/
(25) https://x.com/LaSuprema961/status/1966551056143286753
(26) https://www.eluniverso.com/noticias/economia/mineria-quinsacocha-loma-larga-presidnete-daniel-noboa-prefecto-azuay-juan-
cristobal-lloret-ecuador-2025-nota/
(27) https://www.xe.com/currencycharts/?from=USD&to=ARS&view=1W
(28) https://www.ft.com/content/9c0c5a18-2f4e-4b91-a585-cac95a34c2e4
(29) https://www.lanacion.com.ar/opinion/cuando-ya-todo-es-diferente-nid14092025/
(30) https://aticomining.com/investors/news/index.php?content_id=280
(31) https://www.provenancegold.com/20250909-provenance-gold-intercepts-160.60-gt-gold-over-1.52m-in-hole-ed22-and-1.08-gt-gold-
over-28.96m-in-hole-ed23-significantly-expanding-mineralized-footprint
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
20

Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
21

Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
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
22

Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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.
23