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The IKN Weekly
Week 857, October 26th 2025
Contents
This Week: Trade heads up, In today’s edition, FOMC time, Gold navigating the rough waters well.
Fundamental Analysis: Minera Alamos (MAI.v): The beginning of the end.
Stocks to Follow: Overview, Provenance Gold (PAU.cse), XXIX Metal Corp (XXIX.v): Arizona Metals Corp
(AMC.to): Aurion Resources (AU.v), Red Pine Exploration (RPX.v): Rio2 Ltd (RIO.to), Marimaca Copper
(MARI.to), Orecap Inv (OCI.v).
The Copper Basket: Overview, Arizona Sonoran (ASCU.to), Atex Resources (ATX.v), Aldebaran Resources
(ALDE.v), Hercules Metals (BIG.v).
The Producer Basket: Overview, Wesdome (WDO.to) (WDOFF), Newmont (NEM), Barrick (B) (ABX.to),
Three for earnings: New Gold (NGD), Agnico Eagle (AEM), Eldorado Gold (EGO).
The TinyCaps Basket: Overview, Mogotes Metals (MOG.v).
Regional Politics: Argentina: Midterm election results are positive for President Milei and for its mining
industry.
Market Watching: Good news from Gold Royalty Corp (GROY), Wesdome (WDO.to) (WDOFF) finally looks
set to run.
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 plan to add to three open positions in the week ahead:
 XXIX Metal Corp (XXIX.v)
 Arizona Metals Corp (AMC.to)
 Aurion Resources (AU.v)
The decisions on all three get notes in the Stocks to Follow section, while you can expect a deeper look at
XXIX next week and by then, my position in the stock will be larger than it is today. Heads-up complete.
In today’s edition
 Today’s main Fundies note was planned to be a close look at XXIX Metal Corp (XXIX.v) on the back of
its positive and serious looking PEA announcement NR, but the news later in the week from Minera
Alamos (MAI.v) and its implications has taken precedence and is our main event today. As the
“beginning of the end” title to the note suggests, I’m not happy with last week’s news and while not an
immediate seller, it’s clear the trade is coming close to its end.
 Today’s Stocks to Follow notes include the reasons why I’m adding to three already opened trades,
namely XXIX.v, AMC.to, and AU.v. But as well as the specific company reasons, the decision is a
reflection on the healthy way gold (and therefore other metals) managed to weather last week’s
market storms. For sure U$4,100/oz gold isn’t as impressive at U$4,300/oz, but trading showed a
clears floor price being put in and as that’s still over U$4k/oz, that will do us fine. We’ve been offered a
discount window in stocks that were priced a lot higher when gold was lower just weeks ago, I’m
taking the opportunity.
 There’s plenty more actionable information in this edition today, for example the news of the success
for Argentina’s President Javier Milei in today’s key mid-term election. This is great news for mining
companies in the country.
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 There’s also a couple of Market Watching notes that may be of interest, as we highlight the very good
news from our main royaltry play Gold Royalty Corp (GROY) last week, as well as spotlighting the
strong Q3 numbers out of Wesdome Gold (WDO.to) (WDOFF), a laggard company in 2025 that may be
ready to play catch-up.
FOMC time
This Tuesday and Wednesday sees the October Federal Reserve FOMC meeting, with the announcement
communiqué due Wednesday 2pm ET and the Jay Powell presser half an hour later. It would be a major
shock if anything other than a well-telegraphed 0.25% base rate drop were to happen, so the world will once
again be poring over the details to find clues for forward guidance.
Gold navigating the rough waters well
Due to the late arrival of IKN856 last week, I got to watch that sharp rise in the gold price on Monday
October 20th and as a result, added a little extra to last week’s intro rant, an addendum which ended with
these words:
“…I would have preferred gold not to have recovered at such breakneck speed and while we are still
most definitely remaining on the dance floor and the music is still playing loudly, it was another yellow
flag today. A market to watch closely.”
Unfortunately, my wariness turned out to be well founded. The next day gold fell off the proverbial cliff with a
head-to-toe drop of U$350/oz in 24 hours and once the dust had settled, a measured drop of over U$250/oz.
That’s a lot and had the metals world scurrying for cover, but aside seeing gold re-test the Tuesday lows the
next day, that’s when the good news began. This chart tried to track it all and added three arrows to show
the most important moments, it also adds a long, straight line in red that goes back two months and show
that what we saw, even at the hairiest moments, was still inside the realms of the logical:
It was truly positive to see buyer of gold step up and rally the price as from Wednesday afternoon and the
relief around the marketplace was palpable. As for who was doing the buying, who was selling, so on and so
forth, we’ll leave those talking points to other places because there’s only so much hearsay one can take (and
after that, the slide into conspiracy theories is all too quick and easy) because for our purposes, the simply
fact that gold dropped and found a healthy support level on high volume is enough. The metal’s supporters
(and enemies) make for interesting conversation for sure, but ultimately it doesn’t matter much to a
publication that needs to follow the price of gold (repeat, the price) in order to make reasonable decisions on
junior stocks dependent on its performance. For that, a little anthropomorphism does nobody any harm and
that’s the thrust of today’s brief intro note: Gold the sailor navigating rough waters with aplomb, gold the
survivor, gold the trusty soldier, good the purveyor of financial security. And with the gold price now finding a
support level that’s still well above U$4,000/oz, the stocks we own that are pricing in metals at much lower
decks are now real bargains compared to just two weeks ago.
The music didn’t stop two Fridays ago (IKN856 intro), it didn’t stop after that rollercoaster drop on Tuesday
and it was still playing when the markets closed for business last Friday, either. That’s why I’m buying next
week and we’ve been offered a window that fellow gold bulls should use. Or to put it the same way as in
IKN849, just after I’d got through a wobble in my gold bull resolve at the time…
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Since then gold’s up U$700/oz, even after its recent correction. Just goes to show.
Fundamental Analysis of Mining Stocks
Minera Alamos (MAI.v): The beginning of the end
Better is the end of a thing than its beginning, and the patient
in spirit is better than the proud in spirit. Be not quick in your
spirit to become angry, for anger lodges in the heart of fools.
Say not, “Why were the former days better than these?”
For it is not from wisdom that you ask this.
Ecclesiastes 7: 8-10, ESV
I’ve learned not to rage-trade stocks. There are times when reacting to news (good or bad) and making a
180° shift in a held company can be the right move, but those moments few and far between and on
balance, it’s a wiser course to take any new development on board and process your emotions toward it
before making a decision. Such was the case with Minera Alamos last week’s NR from Minera Alamos (MAI.v)
(1), which marks a shift in its story that I did not and do not like. The October 23rd NR entitled “Minera
Alamos Appoints Darren Blasutti Executive Vice President, Corporate Development” covers several issues,
some bigger than others, so before going any further here’s a list of the five subjects covered in the NR:
1) Darren Blasutti is the new Executive Vice President, Corporate Development. This is the main
problem with last week’s NR and we’ll go into detail below, here we note that the NR covers some of
Blasutti’s CV, such as his 11 years at Barrick, then finishes with, “Mr. Blasutti was previously the President
and CEO of Americas Gold and Silver Inc., and a member of the Board of Directors and Chair of the audit
committee at Noront Resources Ltd. He is currently Chairman of the Board of Directors at Barksdale
Resources Corp.” More on that later.
2) Doug Ramshaw has resigned, both as company President and from the board of directors. I have a
couple of things to say:
 Firstly this should have been the headline of last week’s NR, or at least the co-headline, or preferably a
separate NR dedicated to the subject. Seeing this as the fourth paragraph is an implied insult toward the
co-founder of the company and holder (if my numbers are right) of 11 million shares of MAI, all of which
were bought on the open market (and that is extremely rare these days, ladies and gents).
 Secondly, I am sad to see Ramshaw leave MAI, but it’s not a shock either. Back when first covering the
pivot in IKN 847 I mentioned that he didn’t have plans to leave, but as time has passed since then it
hasn’t been so difficult to read between the lines and at some point, there must have been an internal
decision made by all parties. Whether or not Ramshaw was totally to blame for betting the company on
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Mexico relaxing its embargo on permits, then the “Plan B” at Santana which clearly hasn’t lived up to
expectations, is unknown, but as an executive officer he was certainly partly to blame and when pivots
like the one we saw happen, capitalism can be a cruel master. And like it or not, the near and medium-
term future of MAI and its focus on Pan, Gold Rock (and Copperstone) in The USA are not dependent on
Ramshaw’s presence. His departure doesn’t affect my near-term view of a company that’s been beaten
up due to bad press and the grumbles arising from the switch in focus, therefore a stock price that looks
particularly cheap consider the expected effect of the Pan cash flow on the company once that starts to
happen.
3) MAI has added a C$3.5m sidecar placement to its recent raising, priced at the same 40c per unit
terms (share + full warrant at 70.5c) as the recent raising. Blasutti is taking $1m of the $3.5m and I’m sure
he’s happy to do so, it’s a great deal. For me this is minor news, neither here nor there at this point.
4) MAI has reached a debt settlement agreement for “…an aggregate amount of USD$3,617,500, by
the issuance of 12,617,718 common shares of the Company to the Creditor at a price of $0.40 per share.”
That’s with Auramet and fine by me, the cleaner the MAI balance sheet come the end of the year, the better.
5) MAI has awarded 7,025,824 restricted share units (“RSUs”) to officers and directors. In other
words, free money for insiders. I can’t say I’m wild about the idea and would have preferred to have seen
options awarded, but incentives are reasonable at these new broom moments and at under 1% of S/O it
doesn’t matter much, either way.
This five-day chart comparing MAI to GDXJ shows how the market greeted the news:
It felt like yet another kick in the retail holders’ teeth from MAI, just when then company had looked to be
getting back to an even keel and ready to start the re-rating process we expect from its Pan influence. Last
week was highly volatile and the drop on Tuesday affected nearly all PM stocks, but Thursday was MAI-
specific and due to the NR. To be absolutely fair, this next two-month chart of MAI vs GDXJ (below) shows
the overall hit isn’t that massive and up to last
Thursday, the stock had settled into a “market perform”
rhythm. We saw it lag while the big pivot financing was
open until mid-September, when that financing closed
(or a couple of days after) MAI played catch-up well and
then tracked GDXJ closely. But it was still a hit and the
bottom line reason is that MAI holders, the loyal ones
that have held through thick and thin, are now hacked
off with the continued surprises. I’ve spoken with many
of you, with some pointing to the exit of Ramshaw from
the company as their main reason to throw in the towel
and others because they just don’t need to follow a
story that seems to change by the week, when there are
so many other trade vehicles out there that offer potential upside for much less drama. I understand and
sympathize with all those positions but for me, the arrival of Darren Blasutti is the most obvious negative and
the reason why I to have come to the end of my tether (no pun intended, fellow GROY shareholders).
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The reason?: We begin to answer that with a quote from the NR “Mr. Blasutti was previously the President
and CEO of Americas Gold and Silver Inc.” as during his time there, he presided over a company that
preferred to shut down its operations for 20 months than reach an agreement with unions over a better
pay/conditions deal for its workforce and along the way, impoverished families of the mineworkers, made
sworn enemies of union leaders and severely annoyed their allies in government. Anyone who followed the
story at the time knows the rumours and events that swirled around the lockout, but what we do know and
without a shadow of a doubt, is the personal reputation Blasutti earned for himself among the Mexican
authorities. His intransigent, arrogant position turned a bad situation into an awful one for all concerned and
it’s notable how USAS stock has improved since he “was resigned” from the company. All this would be
academic if Blasutti had nothing to do with Mexico any longer (e.g. stuck to chairing the broken stock that is
BRO.v), but by joining MAI he’s putting his face in front of the very people he angered, union leaders and
assorted government officials in Morena government that still holds complete power in the country. This,
rather than the resignation of Doug Ramshaw, was the subject of the multiple e-mail exchange I had with
new MAI chair, Jason Kosec, last Thursday morning as in my opinion, the appointment of Blasutti would be
poison to any chance of getting the elusive permits for the company’s Mexico projects, including the Santana
pad expansion but most importantly Cerro de Oro, a project that Kosec himself spoke warmly about and
considered an integral part of the MAI forward plans when the MAI Pivot was announced in August.
It’s impossible to imagine nobody had considered what the appointment of Blasutti would do to MAI’s image
inside Mexico, but on challenging Chair Kosec on this matter, I was apparently supposed to assume Blasutti
as whiter than white about the strike action that closed the Americas Gold & Silver (USAS) (USA.to) Cosalá
mine in Sinaloa, Mexico, for 19 months (nineteen!). I was informed that the intransigence of USAS
management was understandable because the strike was “narco related”. Reading that response was when
my BS meter moved from yellow light to flashing red with loud sirens, not only because the Cosalá case is
well documented (for those that care enough, this 2022 Spanish language report (2) goes over the main
points without delving into the gossip, I’d expect it to Google-translate reasonably), but because that zone of
Mexico hasn’t suddenly been overrun with drug producers, smugglers, narco families, henchmen and related
death and mayhem. Instead, this precise zone has been controlled by narcotrafficking groups for decades
and it’s more a case of a mine intruding on their patch, rather than the other way around. Anyone with an IQ
over 50 would know what they were letting themselves into by running the Cosalá mine and let’s be clear,
Blasutti does not lack intelligence. Or to put it another way we quote the great George Carlin: “How about
those people in Kilauea, Hawaii who build their homes right next to an active volcano and then wonder why
they have lava in the living room?” Blaming “the narcos” might get you justification among the financial
groups looking for a corporate name to install and willing to pick Blasutti, as long as he passes their idea of
DD, but it doesn’t wash with those who know how Mexico works. But even if I’m 100% wrong and Blasutti’s
actions while shuttering Cosalá for 19 months (and then reneging on the deal to end the strike, causing more
walk-outs in 2022) were indeed whiter than white, two facts remain:
 Darren Blasutti’s name is mud in Mexico’s corridors of power. He tried to stand up to Napoleón Gómez
Urrutia, aka Napo and mentioned on several occasions on these pages over the years, the union leader
and member of Congress closely tied to AMLO and the ruling Morena party. Napo spent the AMLO years
facing down mining companies and getting better pay/conditions deals for his union members up and
down the country, Cosalá was one of those mines but instead of reaching a deal quickly (as most mines
did) or less quickly (as Peñasquito did), USAS under Darren Blasutti decided to play hardball. That doesn’t
get forgotten quickly in Mexico and it doesn’t even matter than these days Sheinbaum is President, rather
than AMLO. It’s the same Morena in government and the same public servants with the power over
things such as the permitting of mines.
 Minera Alamos did not have to hire Darren Blasutti. They can retroactively claim his innocence over the
Cosalá drama for all they’re worth and as noted above, even if I’m wrong about his nefarious activities
while in charge there (and I’m not), but his mere presence in a junior mining company is enough to stir
antibodies among those who have the power of veto over things such as permits and concessions. MAI
didn’t have to take him on, but they did and on that score, here’s how I put it to MAI Chair Jason Kosec
on hearing the news last week:
“Ask around about the worst labour relations stories in the Mexico mining sector and the way Cosalá
treated its workers come second only to GMEXICO at Buenaventura. Worse than Carlos Slim's idea of
kumbaya, worse than Peñasquito, worse than El Boleo. If you didn't know about all that before hiring the
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person who caused it all, I'd be highly surprised as it would speak of a lack of DD in the hiring process.
Therefore I'm forced to assume you did know, which means your attitude toward the Mexico assets
couldn't be clearer if you'd tattooed it on my forehead in reverse lettering that makes it easy to read
every time I shave.”
By the way, I’ve left an error uncorrected as it’s the Buena Vista mine and not Buenaventura mine run by
GMEX that has the worst reputation in the country (and on the subject, two workers died in an underground
accident at that mine last week). But to return to the subject and to getr to the point the hiring of Blasutti by
MAI is a clear “WE DO NOT CARE ABOUT OUR MEXICO ASSETS” and sits neatly alongside the company’s
own sub-header in last week’s NR “The Creation of an Emerging U.S. Focused Gold Produce”. That’s not a
shock when it comes to Santana, as the day of the pivot in August made that clear, but it also means Cerro
de Oro and La Fortuna have been shuffled so far down the order of importance that the arrival of Blasutti as
Corp Dev also implies they’re as likely to be sold off as anything else. This is not the story we were told at the
start of August, not even close, so let’s separate the wheat from the chaff before we go any further.
The wheat: Up to last week, I was okay about the pivot strategy and as far as Pan/Gold Rock is
concerned, I still am. The shares look cheap compared to the potential, a re-rate looks in the cards.
The chaff: I do not like being lied to. Especially not by junior mining people. Especially not when it’s
my money on the line. Not even a little bit.
Expanding on those, for the record I’m fine about the idea of moving to focus on Pan and then Gold Rock in
the near future. It makes sense, Pan is a working and profitable mine, Gold Rock is next door and permitted.
I said as much in the main note at the time “The Minera Alamos (MAI.v) pivot” in IKN8947, dated August
10th. If you care enough and go over, toward the end of the note you’ll read this:
“…I’m willing to give Minera Alamos another chance because this time, it has a working mine up and
running and begging for a few tweaks to improve its output and not one, but two fully permitted mines
projects waiting for their turn to become mines (Gold Rock, Copperstone).”
That’s fair enough, but those words in IKN847 were almost immediately followed by these:
“And all this without considering that at any given moment, Cerro de Oro may receive its EIA permit, a
moment that would truly transform its Mexico operations.”
This is not the same today. In IKN847 I wrote lots and lots of words, tried to cover the pros and cons of the
MAI pivot and despite being willing to give MAI another chance also went over the reservations to the new
situation that were enough to see me sell around 30% of an outsized position. In hindsight that was a good
decision, one that took into account the upside of Pan/Gold Rock once they were incorporated but balanced
by the sentiment that we can roughly sum up with the old junior mining market adage, “When the story
changes walk away.” Indeed, in that conclusion section I readily admitted that “…if you can’t trust
management you sell every single share” but at the time, was still willing to continue with 70% of my money.
That’s now changed. The decision to hire Darren Blasutti makes it crystal clear how little Cerro de Oro (and
La Fortuna and Santana and Minera Copper) figures in the long-term strategy. For one thing I disagree with
that, especially regarding Cerro de Oro where the company should be out there, making every effort to
secure its permits. For another thing, the disdain now being shown to MAI’s Mexican assets is 180° opposite
to what we were told just ten weeks ago! We do not know (and will likely never know) the other reasons as
to why Blasutti was chosen as the new VP Corp Dev, but we do know that he is damaged good as regards
Mexico. We also know that MAI could have chosen somebody else, but chose him. I simply do not believe he
has been brought in because he’s “very good at accounting and finance”, or that his brief is to help MAI
qualify for TSX main board and NYSE listings, as I was told. And on the subject of being fed BS, it doesn’t
even matter whether Chair Kosec’s assertion to me that Blasutti will have no input into the operations and
how we advance our project pipeline is true or false, because Mexico will do the same as I’m doing and
assume he does. But most of all, I do not like being overtly lied to about Cosalá and the role Blasutti had in
that FUBAR. Gaslight someone else, Kosec.
Bottom line: I am NOT selling my Minera Alamos (MAI.v) stock yet (underlined and in block type for
a reason). As stated at the very top of this note, I’ve learned not to rage-trade stocks and once the
annoyance generated by last week’s NR had subsided it became clear there’s no reason to rush for the door
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and sell immediately, as once the Pan production starts running through the company books it’s as near to a
shoo-in to re-rate as they come in the junior mining world. However, this is no longer my idea of a high-
conviction investment. Not only did the story pivot in August, but last week’s NR marked the moment when
its new team showed it would not run the company in the same transparent and shareholder-friendly way
that “Old MAI” had, the very essence that made it such an attractive proposition in the first place. Long-
termers in MAI may remember back before the Mexico government’s change of heart regarding permitting
and know why its stock price ran the way it did. It’s the reason behind the unusual level of loyalty that was
afforded to MAI and while I was one of those loyal backers, I was only one of thousands who thought the
same. Last week broke that and, with no particular reason to remain loyal to a company other than its bare
numbers, MAI falls back into the pack. By no means the worst thing out there and as stated already in this
rant and, gold price willing, once the market sees what the cash flow from Pan does to its books the equity
re-rate will make today’s sub-40c price look the bargain it most certainly is. However, there’s now a clear limit
to what MAI offers and I will approach this company and trade accordingly. The world can do what it wants
with junior mining companies that rely on hidden agendas without my sponsorship, there are hundreds of
them already, one more won’t make a difference.
The plan from here is simple, it’s 1) Wait and then 2) Sell. My mind’s eye has slated early 2026, when Pan
starts delivering cash to the MAI corporate structure and the Gold Rock (and potentially Copperstone) plans
are rolled out, in whichever way the company prefers. That’s when we’re going to get that re-rate moment
when the market sees a cheap equity, standard amnesia of past sins kicks in, the marketing department does
its job and MAI re-rates. As for a target price, The most obvious place is the 70.5c warrant overhang (which
is likely to be C$7.05 by then, do not forget there’s a planned ten-4-one rollback in the pipeline) and as that’s
78% higher than this weekend’s share price, it’s an awful lot of upside to leave on the table because of any
personal fit of pique. Cerro de Oro isn’t going to get its permit in 2025, of that we can now be clear. It’s not
going to get it in 2026 or 2027 either (unless MAI sells it and the other Mexico assets off, which is far from
impossible considering who is the new VP Corp Dev there) so it doesn’t really matter if I wait another quarter
or two before leaving. Also, I state for the record that I have no beef with Darren Blasutti, I’ve never met the
guy and unless memory fails me I’ve never suffered any losses due to his stewardship of a company (traded
USA.to a couple of times, and I did dabble in his Drumlummon Mine mess in Montana many moons ago, but
escaped financially unscathed). There’s nothing
personal going on, he’s simply a mediocre mining
executive (many of those) and unadulterated
poison for the image of Minera Alamos in Mexico.
As from this weekend, Minera Alamos (MAI.v) is a
“HOLD” on the stocks to follow list and unless
something dramatic happens, it will stay that way.
At some point in early 2026 I expect to sell the
stock at a higher price than its current 39.5c, one
much closer to the 70.5c warrant overhang than
today. Fin.
Stocks to Follow
Even though only four of the 17 companies on our Stocks to Follow list this time last week were winners,
(GROY, SRL.v, PAU.cse, XXIX.v) and three others unchanged (ARG.to, OCI.v, MIRL.cse), the performance of
our list wasn’t bad at all and could have been a lot worse under the circumstances. There were by implication
ten losers on the week and we recognize them (RIO.to, MAI.v, MARI.to, WRLG.v, AU.v, AMC.to, RPX.v,
LMS.v, PGDC.v, MENE.v), but most of those losers were small well inside recent trading ranges, to report It
was all going so well until Friday. Certainly, we’re a long way from the drops taken by the main ETF
benchmark tickers, such as the 8.0% drop in GDXJ or the 7.5% drop in GDX. It was also a week during which
gold dropped hard and remained highly volatile, so comparing the shockwaves and the running for cover with
the relatively sanguine way in which holders of our recommended stocks reacted is a good tell on the way
quality juniors can ride out storms. The only real black mark on our copybook came from the double figure
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percentage loser Minera Alamos (MAI.v down 15.1%) and we consider the specific circumstances affecting
that stock in today’s main Fundies section, above.
With the sale of PAU.cse last week, we’re down to 16 open positions on our Stocks to Follow list, four less
than our self-imposed maximum. Three of the stocks are in the red, one is UNCH, the others are in the green
and the biggest holdings have some of the biggest percentage wins to their names, too. That’s good.
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$1.96 145.0% Re-rated to new $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v HOLD C$0.21 13-Oct-19 C$0.395 88.1% $0.70 tgt will sell in 2026
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$2.70 75.3% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$10.88 256.7% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.69 163.6% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$0.94 6.8% 2 adds, re-rate trade, $1.44tgt
Aurion Res AU.v ADDING C$1.15 21-Sep-25 C$1.03 -10.4% new trade on WWAD
Arizona Metals AMC.to ADDING C0.68 5-Oct-25 C$0.68 0.0% new trade on bull mkt dynamic
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.165 37.5% Added more Sep & Oct'25
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$0.24 26.3% proj.generator, Organullo spec
XXIX Metal XXIX.v ADDING C$0.095 27-Aug-25 C$0.13 36.8% v good PEA Oct'25, added then
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.09 50.0% 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
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.145 625.0% Rio Negro gold developer
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.20 -55.6% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
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
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
2015 to 2024 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on the featured companies, starting with a salute and farewell for the sale of PAU last week,
then confirmation on the three planned additions in the week to come.
Provenance Gold (PAU.cse): POSITION CLOSED. As things turned out, I ended up selling at 26.5c and
feel a little annoyed at myself for taking that price, lower than I’d hoped for and I don’t mind admitting to this
audience that the extreme volatility we saw early in the week was a factor in taking that price. It so happens
that PAU closed the week at a much healthier 28c and as that was my target price when deciding to sell last
weekend, it managed to add another layer of annoyance. But hey, this wasn’t a massive trade in money
8

terms and we did well by buying at the right time and selling for a quick turnaround fliptrade win, so in the
end I’m splitting hairs. It’ll go down as a “took profits, good result” in the notes because ultimately that’s
what it is, could have done better on the exit though.
XXIX Metal Corp (XXIX.v): ADDING. When your author pulled the trigger and bought a small starter
position in XXIX Metal Corp in IKN849 dated August 27th, the decision was crystallized by the NR out that
week entitled “XXIX Announces Fully Funded Drilling and Development Plans for Opemiska and Thierry”,
which laid out its strategy for the coming months. The NR had these as its bullet points:
 15,000-metre drill program at K1 (Thierry Copper Project) scheduled for Winter 2025
 5,000-metre drill program at Cooke (Opemiska) planned for Fall 2025.
 Preliminary Economic Assessment (PEA) for Opemiska targeted for October 2025, led by Ausenco, the first
economic study since the mine’s closure in 1991.
 XXIX is funded for 2025/2026 exploration following the recently closed $6M financing.
At that time in IKN849, the main attraction was the PEA due for this month and true to its word, XXIX
delivered the NR announcing last Tuesday, October 21st
(3). Along with the NR and to put all the links in one
place, the company released a YouTube (4) video in which
company chair Stephen Stewart and company CEO Guy le
Bel talk through the PEA, we also got a new corporate
presentation (5) and the next day, a NR outlining the
presentation the company gave to the town of Chapais,
location of the Opemiska project (6). A comment made
when buying XXIX stock was that “The PEA for Opemiska
will bring a clear and tangible value to the company and at
this market cap, it doesn’t have to be the next Canadian
Malartic right off the bat in order to move the dial.”
On that, XXIX has delivered. As noted at the start of today’s edition, what with the need to cover the larger
trade in Minera Alamos (MAI.v) in more detail and then watching the fun and games in Argentina tonight
finds me out of time to do full justice to the XXIX and instead of writing it up in detail today, I’m going to
defer the note until next weekend. However, I want to get today’s report out on time because I am a buyer
of XXI this coming week and the sooner you know that, the better. Today will have to suffice with a
screenshot of the main bullet points from the NR…
9

…and a comment that even its reasonable C$617m capex number may turn out to be too high, as it doesn’t
take into account the potential for a State sponsorship scheme that would bring the total down to figure
around U$330m. That type of low capital intensity, coupled with the sensible figures used in this PEA and the
upside resource potential at Opemiska makes this stock an excellent speculation of copper going forward. It’s
never riskless when buying a small company holding a big project and XXIX is highly unlikely to become my
biggest or best copper trade, but its current price compared to what it has makes it a compelling speculation
and, as I plan to explain next weekend, it only needs one specific extra piece to fall into place to set the stock
price running. As such, I want to be fully positioned sooner rather than later which is why this heads-up
exists, even without the full note until next weekend. You’re getting a lot of company for C$40m in this
market.
Arizona Metals Corp (AMC.to): ADDING. Last week’s main fundies note “Why we own a loser” laid out
the trade plan, with eyes on an upcoming PEA which we believe will impress the market more than it expects.
Then in the wrap up of IKN856 I mentioned, typo and all, tha I’m not 100% decided on whether to do so but
would probably buy more shares and build this position before the PEA drops. A week later and I’m decided,
as value is also a function of price and the selling last week has brought about a second opportunity to buy at
our cost average price. Which is unexpected, considering that when we pulled the trigger on this trade gold
was U$3,900/oz and now it’s North of U$4,100/oz, testament to the power of sentiment over fundamentals.
The fact that I’ve closed the PAU.cse trade (see below) also helps the decision, as I don’t want to lower
exposure to gold by too much, then again there was still some cash left in the account for additions and the
healthy way in which gold has handled the peak and selling indicates it’s time to deploy before the discount
window in this and other stocks dries up. That’s a mouthful of words for “just buy the dip”.
Aurion Resources (AU.v): ADDING. A company I’ve tracked quietly for several years, our soft coverage of
AU.v began recently in IKN850 dated August 31st in the Market Watching note “Aurion Resources (AU.v) gets
money”. We then got serious and pulled the trigger in IKN853 dated September 21st in the main fundies note
“Aurion Resources (AU.v): To do what Agnico would do” and that week I bought some. However, I was
aware that I’d probably paid too much for shares that tend to have moments of market visibility and then go
quiet again and said as much the next week, in the notes section of IKN854 when commenting that “I have
width to add some more and probably will do if AU.v drops back to the Loonie line. Which brings us up to
date, as last week was a “money where mouth is” moment:
The dip under the Loonie line came and while the final Friday close of C$1.03 is slightly above that, last
week’s action was enough to get me girding my loins and ready to add to the pile in the days ahead. The
gold market showed the resilience required and while stocks like AU.v are not going to be in the first rank of
springers, they’ll move when they can bring news to market and with Finland Big Dog Agnico (AEM) about to
report this coming week, it may be time to get fully positioned before they roll out strategy.
The reason I’m adding this coming week is, therefore, simple: I don’t own enough and the price is back to a
reasonable entry point. I’m not chasing the price this time though, whatever happens.
Red Pine Exploration (RPX.v): RPX did okay on the week, losing a penny and never once threatening to
return to the 20c line we saw the week before last, but with the macro backdrop turned to fear instead of
greed that would have been unlikely. More optimistically, the chart (right) comparing RPX to GDXJ shows the
10

stock largely followed the shape of the entire market, but
importantly has managed to hold on to the breakout we
saw three weeks ago and has held on to its advantage.
RPX tested its 16c /16.5c breakout level a couple of times
and did well to bounce off the line. I like that people are
now paying attention to RPX, I’d like it even ore if the
price moves to the 25c it deserves.
Rio2 Ltd (RIO.to): Our Top pick held up well under last
week’s strain. There were some distressed sellers early
week that were apparently willing to take any offer and by
Wednesday, the stock was down as low as C$1.77 at one
point, with all the C$1.80 you could have eaten, but then
RIO.to fought back and moved like a stock at the forefront
of the relief rally; not bad at all for a developer stock with
just one asset to its name (and no, I don’t care about that
ratty tungsten thing they have in Canada). The final
C$1.94 Friday close came as a few people closed out
trading wins, but it was still a great recovery, up almost
10% from the Wednesday low and a lot more if you take
the Friday high of C$2.00 as your price point.
Zero issues from this stock, confirmed Top Pick and I look
forward to the day I receive your mails saying that I was right about that C$4.13 price target.
Marimaca Copper (MARI.to): I received word this weekend that the permitting process for its main
Marimaca project is going well and the company is quietly confident that the required permits will be awarded
as soon as November. This would be a clear positive for the stock, as it would be one of the requisites that
larger-scale suitors would look for before submitting a bid.
Orecap Inv (OCI.v): Here’s the running total of OCI’s liquid-ish assets held:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 11.78 0.52 6.13 2.5
ARIC.v 7.39 0.66 4.88 2.0
ARIC warrant 4.17 0.46 1.92 0.8
XXIX.v 22.992 0.13 2.99 1.2
KTR.v 42.75 0.085 3.63 1.5
MERG.v 1.025 0.49 0.50 0.2
MERG warrant 0.5125 0.09 0.05 0.0
MIS.cse 24.709 0.065 1.61 0.6
subtotal 21.70 8.7
Est.cash 0.03 0.0
Total 21.73 8.8c
At 248.332 S/O
We’re up to a book value of 8.8c per share, just 0.2c off this weekend’s closing price and fully justifying its
market cap, even before we get to the optionality offered by its land holdings that seem to be gearing up to
become assets in the proposed spin-out companies. And as mentioned previously, there’s a logical case to
suppose just the McGarry property is worth the market cap of today’s OCI (C$22.3m) thanks to its strategic
location next to Pierre Lassonde’s Gold Candle, still a privco but bound to go public soon.
As for the OCI share book, we’ve seen a good reaction to New Kintavar (soon to be Auriginal Metals) and its
Roger project in Quebec, then of course the new impetus on show at XXIX (see above for that). But there’s
yet another iron in the OCI fire now as Metal Energy (MERG.v), to date a minor player in its portfolio, has
woken up. As this chart shows, it managed to add a cool 145% to its share price in its new post-rollback era.
The reason is this, the company’s move to secure a new project incubated by Charles Grieg (of American
Eagle (AE.v) fame) and what’s more, Mr. Greig in now coming on board MERG and will head up the company
as it options into the “NIV Copper Gold porphyry project, located in the Toodoggone district of British
11

Columbia” (7). Worked in a privco owned by Greig until now, NIV now gets to be a pubco project under Greig
as CEO. It’s early stage, but you have to concede
it ticks the right boxes and as a pet project with
the backing of one of the smarter Canadian
porphyry hunters out there, it’s bound to attract
attention. Indeed that’s the case so far, as after
its recent 5-for-1 share rollback took the stock
price to a baseline of 20c, MERG kicked on as
seen in this price chart. The move has improved
the value of MERG shares held by OCI from
peanuts to half a million and has even managed to
drag its warrants into the money. When asked
about plans for MERG, Ore Group head honcho
Stephen Stewart told me that the company would
likely go to market to raise a modest amount of
working capital and that OCI was keen on getting
part of that deal, in order to bump up its own holdings.
The Copper Basket
After forty-three weeks of 2025, The Copper Basket shows a gain of 85.05% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Trilogy Metals TMQ.to 1.65 164.1 1375.16 8.38 407.9%
2 SolGold (GBP) SOLG.l 6.92 3001.11 521.59 17.38 151.2%
3 Atex Resources ATX.v 1.43 279.21 739.91 2.65 85.3%
4 Aldebaran Res. ALDE.v 1.90 169.914 586.20 3.45 81.6%
5 Arizona Sonoran ASCU.to 1.47 174.6 576.18 3.30 124.5%
6 Faraday Copper FDY.to 0.74 205.516 404.87 1.97 166.2%
7 Regulus Resources REG.v 2.05 124.659 321.62 2.58 25.9%
8 Hercules Metals BIG.v 0.55 289.289 173.57 0.60 9.1%
9 Element 29 Res ECU.v 0.63 136.924 147.88 1.08 71.4%
10 Hot Chili HCH.v 0.67 175.07 147.06 0.84 25.4%
11 American Eagle AE.v 0.69 173.377 90.16 0.52 -24.6%
12 Andina Copper ANDC.cse 0.16 211.085 89.71 0.425 165.6%
13 XXIX Metal XXIX.v 0.11 304.79 39.82 0.13 18.2%
14 Copper Giant CGNT.v 0.315 117.73 32.38 0.275 -12.7%
15 Kobrea Exploration KBX.cse 0.60 35.622 17.28 0.485 -19.2%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 85.05%
Our winning streak is finally snapped, as after eleven straight weeks the Copper Basket basket average lost
just over 3% on the back of six winners (ATX.v,
ALDE.v, ASCU.to, FDY.to, ECU.v, KBX.cse) and nine The Copper Basket 2025, weekly evolution
100%
losers (SOLG.l, TMQ.to, REG.v, BIG.v, AE.v, HCH.v,
90%
XXIX.v, CGNT.v, ANDC.cse), though surprisingly after 80%
70%
all the turmoil of the last few days, there was only one 60%
50%
double figure percentage mover from the entire 15,
40%
that’s the 11.5% loss taken by Andina Copper 30%
20%
(ANDC.cse), though after the stellar run that company 10%
0%
has had recently it’s allowed a rest. -10%
-20%
As for copper-the-metal, that saw an interesting
upswing as the end of the week approached and for
12
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 ts12 ht82 ht5tco ht21 ht91 ht62
source: IKN calcs

some-or-other reason, the move attracted plenty of commentary from a marketplace that now sees copper
ready to launch and break out. I hope they’re right but suspect the predictions may be a little premature, as
copper invariably needs gold to perform well in
order to go higher and stay higher. With the
recent jitters in the gold market, copper could
catch a bid but if it does it’s equally as likely to
find sellers waiting for it up there. Either way,
U$5/lb is more than enough for me at the
moment, there are very few copper producers
getting that sales price reflected in their equity
and market cap.
As for the carefully curated copper commentary of
the week, we turn to The Economist and its note
dated Thursday, October 23rd entitled
“Trumponomics is warping the world’s copper
markets”. Here’s the link (8), but as it’s behind a
paywall I’ve decided to paste the entire note in Appendix 1, below. I’ve done so because this op-ed must be
the single worst thing I’ve read on copper this year and it’s important for this readership to see what utter
nonsense is being fed to generalist readers about copper. It’s difficult to know where to start with it, the
sneering starts as the writer sets the scene at the recent black tie LME Dinner event and goes on to set out a
bear case against copper based on carefully chosen data on supply, demand and then “It’s Trump What Did
It”. Here’s a line from the piece:
Three possible explanations stand out: prices could be buoyed by strong demand, scarce supply or
economic policy beyond copper “fundamentals”.
To call what follows biased is an understatement, it’s better understood as a writer (and as it got through the
editorial process, a publication) with a pre-set idea of what it wants to do, i.e. find a way of venting its spleen
putting the boot into Trump it’s just that this time it’s using copper, cherry-picking data to reverse-engineer
its case. For example, a journalist with the desire to let facts guide their passage would not have relied on
quoting one bank analyst at a black-tie event on forward copper demand, instead they may have dialed up
the International Copper Study Group’s (ICSG) recent report that forecasts a supply deficit in 2026. Indeed,
for a better take on supply and demand consider the Andy Home column this week, entitled (9) “Copper
Study Group highlights impact of mine supply hits” and including this snippet:
Even with demand growth expected to slow next year, metal production is projected to fall short by
150,000 metric tons. It's a significant revision from the Group's last meeting in April, when it was
expecting a 209,000-ton supply surplus.
For another example, a fact-driven writer would consider how the change in expected supply from the recent
list of misses out of copper producers (Ivanhoe’s DRC problems, Codelco’s El Teniete problems, Teck’s
guidance downgrade, Anglo’s guidance downgrade, etc) has hit sentiment, instead of blithely assuming that
“there’s still enough copper out there. But the worst is saved for last, here’s another quote:
That leaves economic policy as the only credible explanation for the price surge. Mr Trump’s trade
barbs have warped copper markets. In July, having toyed with the idea for months, America set a
50% tariff on imports of the metal. Copper prices, which had since January been rising far more
rapidly in New York than in London, jumped even higher on the news, hitting records on the American
bourse. They fell in August, when Mr Trump exempted refined copper from the duties, but are rising
again, amid speculation about new tariffs. The arbitrage opportunity has caused an exodus of stock to
New York (see chart). Some 340,000 tonnes are now stranded in the city, up from 80,000 in January.
The writer blames Trump for the elevated world price of copper and then, in the very next sentence,
contradicts him/herself and probabl y without even realizing it:
Such distortions are mostly neutral for copper prices in London, which are the global benchmark.
What the writer fails to explain is the Roach Motel aspect of North American stock; it’s now there and unless
copper prices rise further, there’s no economic benefit for holders to move it out to where the action is, i.e.
Asia. It does mean that over the longer-term North America is less likely to tap world supply in the way it’s
done over the years, as it has supply on-hand and will do for the indefinite future, but that not a sharp factor
on copper spot or future prices and as long as the “weak China demand for copper” (that’s set to rise by
13

2.6% next year, a point the writer fails to mention) mops up the difference the absolute tonnage in North
America is a wash on benchmark prices.
Please check out the Appendix 1 below and see for yourself, but for your author a clearer example of being
led by political agenda and bias, rather than the search for facts and truth, is difficult to imagine in the metals
world. And if you look closely, you’ll also see the writer managed to mix up short tons and metric tonnes
when talking about Comex inventories.
We move to our regular weekly segment on copper inventory movements, with data from those reliable fact-
gatherers at Chile’s Cochilco.
 It was a reasonably quiet week in the world of copper stocks, with the aggregate of the three
official systems increased losing 4,834 metric tonnes (mt) to close the week at 556,137mt.
 The Shanghai SHFE copper inventories finally started to move down, which is what we expect from
them at this time of year (see last week’s screed for more). Copper stocks in SHFE warehouses
dropped by 5,448mt to close at 104,792mt.
 Another small drop in copper stocks at the LME copper inventory, each week seeing the same type of
small change that doesn’t mark much of a tendency, it’s more like death from a thousand cuts.
Stocks moved down 1,125mt on the week, closing at 136,100mt.
 And Comex did its thing again, up another 1,739mt to close the week at another new all-time
record of 315,245mt. Don’t tell The Economist that its stocks are, in fact, 25kmt lower than their
published figure. Freakin’ amateur hour.
Our dedicated SHFE chart shows that the last five or so weeks of stability at the 100kmt (or just above) line
is turning what was looking like a dramatic year for SHFE copper in Q2 into an average-looking year in Q4.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
14
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for a look at a couple of our component stocks:
Arizona Sonoran (ASCU.to): Only a quick word here,
as ASCU delivered its PFS and the stock price reacted
positively at first, corrected the next day and as seen in
this 10-day chart (right), finished close to flat over the
period. However, what with one thing and another I
simply haven’t had the time to look at the results in
enough detail to provide reasonable comment here.
Going to try and get here for next weekend.
Atex Resources (ATX.v): ATX surprised nobody last
week by announcing a placement and it was a chunky
one too, the company announcing a bought deal for
C$85m. Then came the second non-surprise, as the deal was immediately upsized in the way so common
these days, apparently it creates an extra layer of positive vibe if the market thinks people are scrambling to

get on and then you can go about raising the amount you were looking for in the first place. In this case,
here’s how ATX announced the upsizing on Thursday (10):
TORONTO, Oct. 23, 2025 (GLOBE NEWSWIRE) -- ATEX Resources Inc. (TSXV: ATX; OTCQB: ATXRF)
("ATEX" or the "Company") is pleased to announce that due to strong demand, it has increased the size of the
previously announced bought deal of units to 36,750,000 units of the Company (the "Units") at a price per Unit
of C$2.60 for aggregate gross proceeds to the Company of approximately C$96 million (the "Offering") to
advance exploration and development of its Valeriano Project ("Valeriano" or the "Valeriano Project") located
in Atacama Region, Chile.
We knew ATX would have to go to market and raise more cash, what with its Phase 6 drill program kicking
off and we also knew it would get plenty of sponsorship thanks to its connections with Lucky Pierre Lassonde,
but C$96m is still an impressive size of raising and as a result, ATX was one of the winners during a difficult
week.
Aldebaran Resources (ALDE.v): At the end of Q3, the comparative snapshot chart we run at that time (in
IKN854) showed ALDE still stuck in the middle of the copper exploreco pack, up 34.7% for the year but still
lagging behind a host of other names. Here we just three editions later and ALDE is now up 81.6% for the
year after a big jump forward which has consolidated well. So on the one hand, I’m happy that the company
is doing well and showing itself to be the better of the REG/ALDE sister stocks, as often predicted on these
pages. On the other hand, ALDE gets to make me look stupid as I’ve sat on the sidelines waiting for a deep
discount entry point for way too long and have missed the big move. Which is fine, as I don’t mind looking
stupid and know I deserve it.
And last week may have brought the official news that’s the driving force behind the October move. First
mentioned in its September 5th NR (11) that we covered in IKN851, ALDE last week gave us the NR
“Aldebaran Announces the Formation of Centauri Minerals and Completion of C$5.7 Million Seed Financing”, a
move that has plenty of implications. Firstly, it offers that tempting carrot of “free shares” to holders of ALDE
stock a on the day the new company gets spun out. Secondly, we see the main players in the REG/ALDE
companies seeding this new stock, as well as putting
the newly hired Sam Leung in to the job he was hired
to do for them. Thirdly, there’s a clear implication that
ALDE at Altar is now being spruced up and got ready
for eventual sale to a third part. Put those together
and add a buoyant, bullish market for copper and you
get the 30%+ move we’ve seen in October (12).
PS: Please note that ALDE could be one of the
companies most affected the mid-term election result
in Argentina this weekend. Its position and
development timeline means it would almost certainly
need the mooted RIGI extension to allow it to qualify
for the development and tax benefits the Milei-led RIGI scheme offers. As such, the Milei victory this weekend
is particularly good news for ALDE.
Hercules Metals (BIG.v): The flipside of ALDE’s magnificent October is that of BIG.v’s month, which much
to the surprise of its supporters has been downhill all
the way. We’ll go with the comparative to the main
copper ETF (COPX) here to make the point, but from a
top price of 89c on September 29th we’re now down
32.5% to this weekend’s 60c and while extenuating
circumstances are out there, the main reason are the
returns from the 2025 drill campaign to date.
This week saw BIG report the first three holes of nine
it told us were at the lab in its October 8th NR, the
one that also announced that one of the drill
contractors had been let go. We found out why, when
last week hole HER-25-04 turned out to be incorrectly
15

aligned and failed to give meaningful results compared to its objectives. As for the other two holes reported
hole HER-25-03 returned an okay-not-great 452m of 0.37%
copper and hole HER-25-05 gave BIG the cloth for its NR
headline (13) “Hercules Metals Intersects 273 m of 0.60%
Copper, within 379 m of 0.50% Copper, Including 35 m of
1.01% Copper and 6.2 g/t Silver at the Leviathan Porphyry
System”
My issue with holes 5 and 3 is a combined one, as the
shallower #5 hit the better mineral than the deeper #3.
While is nice to have economic dirt close to surface (of
course), what BIG is looking for from its Leviathan project is
world class size and shape and those tend to offer better
grades the deeper you go. Seeing the grade taper off in this
way isn’t the greatest of signals and the market seems to
have gone cold on this previously hot exploreco story. It’s
going to need to deliver more than it did last week in its
next eight holes to reignite the flame.
The Producer Basket
After 43 weeks of 2025, the Producer Basket shows a gain of 111.03% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 92.37 83.37 124.0%
2 Agnico Eagle AEM 78.21 502.579 82.10 163.35 108.9%
3 Barrick B 15.50 1705.994 55.41 32.48 109.5%
4 Franco-Nevada FNV 117.59 192.119 36.52 190.10 61.7%
5 B2Gold Corp BTG 2.44 1320 6.88 5.21 113.5%
6 Eldorado Gold EGO 14.87 204.909 5.34 26.04 75.1%
7 OceanaGold OGC.to 11.94 231.127 5.25 31.97 167.8%
8 New Gold NGD 2.49 790.9 5.13 6.49 161.7%
9 Sandstorm SAND 5.58 296.844 3.60 12.12 117.2%
10 Wesdome Gold WDOFF 8.98 149.891 2.30 15.35 70.9%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 111.03%
The bad news is that our basket hit a brick wall and dropped by 5% on the week. The good news is that we
did better than GDX and cut the deficit to 3.66%, just one week after bemoaning that the semi-serious
challenge to beat the benchmark seems to be slipping out of reach this year.
The 2025 Producer Basket: Weekly performance and
140% comparative to GDX control
120%
100%
80%
60%
40%
20%
0%
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 ht41 ts12 ht82 ht5tco ht21 ht91 ht62
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead)
8%
ikn 6%
gdx control
4%
2%
up 2.4%
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 ts12 ht82 ht5tco ht21 ht91 ht62
source: IKN calcs, NYSE data

The now de-listed SAND was unchanged, the other nine in our list were losers and the drops varied, from the
relatively minor 2.6% hit taken by Barrick to the whackings taken by main player Newmont (NEM down
8.2%) and my idea of the most disappointing larger cap of the year, Eldorado (EGO down 7.6%). The
benchmark GDX has a heavy weighting for NEM, so seeing that get done around its 3q25 earnings report
(see below) made most of the difference. As for SAND, it’s fair to suppose RGLD is keener than most that the
recent weakness is only temporary, they don’t want to go down as the company that bought at the very top
of the market in this cycle. We’ve clearly benefited from having SAND as an UNCH in the table this week, but
it’s a double-edged sword and if the gold sector does what I expect it to do and rallies into the end of the
year, we have a non-performing component as one of our ten.
Wesdome (WDO.to) (WDOFF): I was quietly impressed
with the WDO 3q25 production NR on Tuesday and it gets
extra space in ‘Market Watching’ below, because it deserves a
closer look and NEM is taking up too much space in today’s
Producer Basket already. So instead of over-egging this
pudding, here’s a 2025 YTD chart of WDO vs GDXJ to remind
readers of its relative under-performance to date, the rest is
below.
Newmont (NEM): The big event of the PM mining week was the Newmont 3q25 earnings report, that
dropped Thursday post-bell and saw the stock drop by 6.2% on the day, i.e. most of the 8.2% drop as
recorded in the notes above. But before we get to the numbers posted by NEM and give them a chew, I’d like
to step back and offer a chart study of the stock starting with this two-week version:
Two weekends ago in IKN855 NEM was a U$85.14 stock, today’s its 2.1% lower and at other times in the
market cycle, a drop of 2.1% wouldn’t elicit much more than a shrug. What those cherry-picked dates and
prices fail to note, however, is that between then and now NEM got up to over U$98, implying a 20% round
trip for the biggest precious metals mining stock in the world. That, esteemed readership, is serious sector
volatility. The above includes the three large steps down, with
the first two Fridays ago, the second on Tuesday when gold
dropped at one point intraday by over U$200/oz, then the last
one on Friday due mostly to the reception for its Q3 numbers,
with a little sector weakness thrown in for good measure. This
five-day comparative with GDX sheds some extra light on what
went on last week and most notably, NEM ramped into its
earnings drop as positive vibes built for a blowout number or
two. That dissipated somewhat on the day, but as seen there
really wasn’t that much between NEM and the field over the
entire week so it’s a little scapegoat-y to pick on NEM.
Moving to the Q3 results and in all honesty I thought they were good, no matter the negative reception
afforded by the market. Production of 1.42m oz was lower than previous quarters but was always going to
be, due to the selling of non-core assets in 2025.
17

NEM: Attibutable gold production, per qtr
18
26.1 43.1 5.1 94.1 36.1 72.1 42.1 92.1 47.1 86.1 16.1 76.1 9.1 45.1 84.1 24.1
2
1.8
1.6
1.4
1.2
1 0.8
0.6
0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
Moz Au
source: company filings
The EPS of U$1.71 was considerably higher than the consensus estimate of U$1.44 (and being an S&P500
stock, there’s more than the usual small handful of analysts in the estimates pool). It might not have reached
some of the upper-end whisper numbers that were bandied around, but a beat is a beat and the implied 13X
forward PE on Thursday evening which dropped to 12X come Friday is hardly expensive.
In the cover NR (14) and also in the ConfCall that evening (which wasn’t the most insightful, has to be said),
outgoing CEO Tom Palmer pushed the costs metrics as showing clear improvement, here’s the relevant quote
from the NR:
"We are making significant progress on the cost savings initiatives announced at the beginning of the year,
enabling us to meaningfully improve our 2025 guidance for several cost metrics, while maintaining our outlook for
production and unit costs in a rising gold price environment.”
This desk agrees. The U$1,566/oz AISC isn’t as impressive as that of Agnico (AEM) for example, but as this
chart (right) shows it’s heading in the right direction and we should also acknowledge that the simple fact
that gold prices are appreciating automatically adds to the AISC, via (we quote), “royalties, production taxes
and costs from profit-sharing agreements”. The ballpark calculation on that is U$10/oz for every U$100/oz
that gold increases, so as gold in 3q25 is up U$1k/oz on the 2q24 numbers, that U$1,566/oz number is an
implicit U$1,466/oz and clear evidence NEM has tightened up internally over the last 12 months.
The average received price of U$3,539/oz was slightly higher than I expected (nothing wrong with that) and
put together, the margin between that and AISC was an eye-catching U$1,973/oz. That’s even more
impressive if you consider that gold is on course to top an average price of U$4,000/oz in the current quarter,
so the simple math states that NEM will deliver a cool (U$500/oz X 1.42m oz =) U$710m extra to its top line
revenues this quarter and on that, it’s not difficult to model the NEM PE dropping to the 10X line. So if you
think it’s cheap this weekend at U$83 on what we saw in its Q3 numbers, just wait until it reports its Q4.
NEM reported avg received gold price, per qtr
As for why NEM dropped on Friday, on consideration I’d say there are three items:
 Expectations were too high. We covered this above, it seems the market was assuming a mega-
blowout instead of mere “very good”. The 13X PE wasn’t expensive, the 12X even less so and if we
take into account the extra cash being generated right now by U$4k/oz+ gold prices, I for one think
the drop on Friday was an overreaction.
2981 1961 1961 8571 6091 5691 0291 4002 0902 7432 8152 3462 4492
0233 9353
4000
3500
3000
2500
2000
1500 1000
500
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$/oz Au NEM: Received price minus AISC, per qtr
source: company filings., IKN calcs
165 726 398 908 217 887 856 247 637 294 024 345 035 394 494 915 156 587 709
0811 3921 7271
3791
2200
2000
1800
1600
1400
1200
1000 800 600
400 200
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$/oz
source: company filings, IKN calcs

 The dividend stayed at 25c. This is a valid criticism of NEM, it’s stayed at 25c for way too long and
shareholders deserve their piece of the profits pie. The chart (right) is your visual on this obviously
weak corner of the NEM story, no matter how many shares
they buy back.
 The only truly weak metric I could find is net cash from
operations, which fared unusually badly compared to “cash
from operations before changes in working capital” (always a
mouthful). The chart (right) lays them out together and the
U$286m breach for Q3 is the biggest since the bad old days of
1q24, when NEM was still digesting the Newcrest purchase. If
I were fonensic enough and had the time to burrow down I’d
be able to tell you why, but this is a junior mining publication
and I have to draw the line somewhere. Best guess is either
extra cash earmarked for sustaining capex or a bonanza Q4 in
the works.
NEM: cash flow metrics
19
2441
677
7561 4931 6481 7361 8932 1152 2712 1302 8222 4832 4852 8922
Newmont: Quarterly dividend
U$m
3000 cash from ops before wrkng cap
net cash from ops
2500
2000
1500 1000
500
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings
Bottom line: With a revel yell, the market wanted (and will always want) more more more. Whereas little me,
happy to push numbers around and with less of an eye for sentiment, thinks NEM on Friday got hard done by
after reporting a decent Q3.
Barrick (B) (ABX.to): A final wrinkle to add into the NEM story of Friday also involves Barrick (B), so we’ll
do it here. The chart (right) shows how once the NEM earnings adjustments had happened early morning, B
and NEM were happily sailing into the Friday close in reasonable
lockstep with benchmark GDX but then suddenly, Barrick took a
sharp turn North while NEM dropped back from U$85 to U$83 or
so. The moves happened at almost the same time and as the
chart should show (it’s slightly busy), GDX wasn’t affected. The
inference was clear and it didn’t take long before “Is NEM buying
Barrick?” whispers did the rounds. If you ask me (and you
didn’t, but I’m going to tell you anyway) such a precipitous move
unlikely. For one, NEM is in the process of changing its CEO, for
another Barrick has an interim CEO and for a third, we have two
weeks to wait before B reports its own Q3. It’s a nice rumour (of
course) and fits with the current narrative, but a move like that
so late on a Friday is too convenient to be taken seriously.
Three for earnings: New Gold (NGD), Agnico Eagle (AEM), Eldorado Gold (EGO): With the NRM
3q25 in the bag, we now enter the main period of Q3 earnings reports and from our list of ten above, there
are three scheduled: New Gold (NGD) files its 3q25 on Tuesday 28th, Agnico Eagle (AEM) on Wednesday
29th and Eldorado Gold (EGO) on Thursday 30th. We’ll run the ruler over any of the interesting numbers
arising this time next weekend, with AEM foremost in our thoughts. Also, perhaps we get to find out why
EGO has been so weak recently.
52.0 52.0
04.0
55.0 55.0 55.0 55.0 55.0 55.0 55.0 55.0
04.0 04.0 04.0 04.0
52.0 52.0 52.0 52.0 52.0 52.0 52.0 52.0
0.60
0.50
0.40
0.30
0.20
0.10
0.00
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$
source: company filings

The TinyCaps List
After 43 weeks of 2024, the TinyCaps show a gain of 43.91% 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 11.52 0.085 -50.0%
Condor Res CN.v 0.145 149.913 24.74 0.165 13.8%
Electrum Disc ELY.v 0.13 98.995 6.93 0.07 -46.2%
Endurance Gold EDG.v 0.145 176.296 46.72 0.265 82.8%
Kodiak Copper KDK.v 0.39 85.7 64.28 0.75 92.3%
Latin Metals LMS.v 0.08 121.915 29.26 0.24 200.0%
Mogotes Metals MOG.v 0.13 374.759 108.68 0.29 123.1%
Radius Gold RDU.v 0.085 107.554 15.06 0.14 64.7%
South Star STS.v 0.55 69.2 12.80 0.185 -66.4%
Viva Gold VAU.v 0.14 145.53 25.47 0.175 25.0%
Prices in CAD$, data from TSXV basket avg 43.91%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The basket average dropped by 5.1% and under the circumstances of last week, that really wasn’t too much
of a hit. There were even three week-over-week winners (ELY.v, MOG.v, VAU.v) and an unchanged stock
(BRO.v) that kept the damage lighter than expected for these extremely volatile names that can drop bigtime
if buyers dry up. But the six losers (CN.v, EDG.v, KDK.v, LMS.v, RDU.v, STS.v) were the biggest influence,
with Endurance Gold (EDG.v down 15.9%) the biggest loser of them all.
Mogotes Metals (MOG.v): There isn’t much to say about the
TinyCaps component stocks this weekend, we’ll just make a quick
note about the way MOG has traded recently and move on. This
ten-day chart shows how the stock has come off the 30c+ prices
and last week, was generally available and 27c and 28c. That
makes the 29c close look like what it was, a bit of tape-painting
that avoids an extra layer of crits from its holders over the
weekend. Not the greatest sin out there, but as I still think the
stock is wildly over-valued compared to its early development
stage (no diamond drills in the targets yet), worth a note.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Argentina: Midterm election results are positive for President Milei and for its mining industry
It’s late Sunday evening, the drama is unfolding before my eyes and the job now is to distill what’s happening
in the Elecciones Legislativas de Argentina de 2025, i.e. the midterm elections that ostensibly decide who will
20

occupy 24 seats in the Argentina Congress upper house (Senate) and 127 seats in its lower house (deputies).
However, this elections real purpose is a referendum on the government of Javier Milei and his performance
as President to date and once we’re on the other side of this election, he may come out either strengthened
in position to continue with his deep reforms, or substantially weakened to the point where he becomes a
dead duck head of State.
And the news is good for President Javier Milei and his government. While the exact numbers for the
opposition party are more difficult to present as the Fuerza Patria alliance runs under different names in
several of the Argentina provinces, we can be more certain that the Milei La Libertad Avanza. While the
official results have Fuerza Patria at around 24.5%, the sum total of the main party and its offshoots puts its
total as seen in this screenshot from Argentina TV tonight:
Your LatAm political junkie author is getting lost in the details of this election tonight (as I write these words
I’m also listening to Milei’s victory speech) and there are many different aspects of the result to digest such
as the excellent result from the Province of Buenos Aires, where the government candidate Diego Santilli
turned round the 14 point loss suffered in the September provincial elections and beat the opposition
candidate Jorge Taiana by 0.6% (provisional). Instead on these pages, the job is to note what this means to
mining investment in the country and that’s easy enough:
THIS RESULT IS VERY GOOD NEWS FOR THE MINING SECTOR IN ARGENTINA.
Capslock, bold type, underlined. Before Milei’s government hit its bad patch, polls and pundits suggested that
a result of 40% or above of total votes over the country would be a good result. After the recent scandals
and the poor showing in Buenos Aires in September, polls pointed at a target lower than that, or even a win
for the opposition. Therefore a result of 40.8% is above expectations hands Milei and true mandate to
continue with his reforms. He also gets real power in Congress, as before the election he had just 37 lower
house (deputies) and 6 upper house senators on his side. Those numbers are now 101 (including 64 in his
direct party) in the lower house and 20 in the upper house. Those are not majorities, but they are enough to
make a real presence and to forge an alliance to push laws through. All this allows Milei all the political space
required to promote and amplify policies that have won the applause of FDI, such as the RIGI incentive
scheme that is now likely to be extended to allow more companies to enter and benefit from the tax breaks
and easier import and export rules. It’s a result that will bring sighs of relief in many mining company
boardrooms and you’re highly likely to see the effects in mining companies of all sizes exposed to the country
this coming week (metals prices permitting, of course).
We’ll have more on the fall-out from the result next weekend, right now be clear that it’s a good day for
investments in the Argentina mining sector or in Milei’s words, “Hoy pasamos el punto bisagra”, (lit: today we
got over the hinge point) and according a jubilant President this evening, from here there’s nothing to stop
the reforms he plans from transforming the country.
Market Watching
Good news from Gold Royalty Corp (GROY)
A trade that’s done nicely in 2025, with the original purchase and addition coming just before that rocket
move that started in May and ran to September. However it must be said that in the last couple of months,
Gold Royalty Corp (GROY) has gone off the boil as a trade vehicle, as seen in the third of the three time
windows highlighted in this 12-month price chart. However, one person’s “run out of puff” is another’s
21

“consolidating beautifully” and personally speaking, it’s been very easy to let GROY spend some time fiddling
around the U$3.60/U$3.80 level, mostly because of our trade thesis that 2025 just the start of the good
times. This year is when GROY stops fracturing cash, sees major royalty streams come on line and begins to
show positive free cash flow.
This shows clearly in the two pieces of news from the stock last week, firstly the Thursday NR (15), “Gold
Royalty Reports Record Quarterly and Year-To-Date Revenue” in which we were told GROY had “…achieved
record revenue and Total Revenue, Land Agreement Proceeds and Interest* for the third quarter of 2025.
Total Revenue, Land Agreement Proceeds and Interest* in the third quarter of 2025 increased by
approximately 76% to $4.6 million (revenue of $4.1
million) from the third quarter of 2024, equating to
1,323 gold equivalent ounces (“GEOs”).” Plenty of
words there, so here are a couple of charts and while
Land Agreement Proceeds and Interest” matters for
cash flow, the straight-line metric is the revenue from
its royalty and stream deals, so here’s that chart, right.
Your author had a ballpark U$5.0m penciled in for Q3,
so that’s lower than expected but context is the
important thing here. We already knew that the Vares
stream from the Adriatic mine (now DPM Metals) would
be low, as the new owners have decided to curtail
2025 production and re-tool the mine to their own satisfaction before ramping back up in 2026. That also
means Q4 will come in lower than expected, but again that’s okay because we’re not buying a U$600m+
market cap royalty company for this level of revenues anyway, it doesn’t matter if its $4.1m or $5m. As for
the GEO number, that was lower than 2q25 as seen here:
GROY: GEOs per qtr
22
3401
282
117 766
9102
749 1501
5441 9421 6431 3231
0061
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4
GROY: Sales per qtr
source: company data, IKN ests
Again not great, again not a particular issue. With the preliminary guidance given in last week’s NR, we’re
now estimating Q4 GEO at 1,600, that’s 100 lower than our previous guesstimate. As for financial results,
we’re dialing back our previous estimates for Q3 and Q4 a little. We’ll find out a lot more on (remember,
remember) the fifth of November post-close when GROY files its quarter, then the ConfCall the next morning
335.0 836.0 709.1 668.0 285.0 767.0 864.0 797.0
610.1
498.2
497.1 60.2
553.3
831.3
328.3
1.4 4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
U$m
source: company filings

GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
23
475.7-
526.8-
457.2- 105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
143.0 325.0
5.0
3.1 2
0
-2
-4
-6
-8
-10
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3 tse52q4
U$m
source: company filings, IKN calcs
The important part of the above chart is that the columns are now green, rather than red. I’ve repeated this
a dozen times, but the key to 2025 is getting GROY to breakeven (or breakeven plus a little bit) and that’s
what we’ve seen, helped along by the gold price for sure but we’re now a long way from the cash fracturing
years and the times when Garofalo overpaid for assets.
Which brings us to our second piece of news, as it’s clear I’m not the
only one who thinks this way. The stablecoin cryptocurrency Tether
(USDT) made waves in the mining world recently when it moved on
Elemental Altus (ELE.v) and has since become its majority shareholder,
but last week it moved again and made its intentions even clearer.
Along with buying 5.1% of the shares of another royaltyco, Metalla
(MTA), both USDT and GROY filed this to the SEC on Friday afternoon
(16), with a screenshot for your consideration, right.
Tether has bought 13.81m shares of GROY, which represents 8.1% of
shares out and if that’s not a prelude to a fusion of GROY with ELE
(and quite possibly MTA in there as well), I’m Chinese*. As Tether
(USDT) has a market cap of U$183Bn (with a B) and with around
$15Bn in net equity, it’s well within its budget to move on a few
royaltycos. Perhaps also worth considering, its offshoot cryptocurrency
Tether Gold (XAUT), around since 2020, now has a market cap of
U$1.56Bn and makes a more likely direct partner for an investment in
precious metals royalty companies such as ELE.v and GROY. Exactly
how this plays out is uncertain and as Yogi Berra wisely said, It's hard
to make predictions, especially about the future. However, what we
can bank on is renewed interest in GROY shares tomorrow as the
market wakes up and smells the coffee. A massive financial entity is
busy rolling out its long-term strategy regarding gold and is making
small/medium-sized royaltycos a centerpiece of its plans and now
GROY, our deep value purchase at U$1.40 earlier in the year, is firmly
in its crosshairs. My slated U$5 target price is now in-play and the
sooner it gets there, the sooner I can make a proactive decision on
what to do next. GROY is going higher.
*I am not Chinese.
Wesdome (WDO.to) (WDOFF) finally looks set to run
It was buried beneath the rubble of that massive gold drop on Tuesday, then somewhat overshadowed by
the world watching for the NEM numbers later in the week, but today a few lines on the Wesdome (WDO.to)
(WDOFF) 3q25 production numbers are due because the company put in a much better quarter, with plenty
of promise for the current Q4 period as well. Here’s a chart tracking the main WDO.to Canadian ticker versus
GDXJ and there was a positive result compared to the benchmark, but not by much.

However, the NR (17) had better news than that share price reaction would suggest. We start with tonnage
throughput, which was around the lowered 50kmt forecast for Kiena as it works through its underground
logistics problems, but a sparkling 71,575mt at Eagle River.
WDO: Tonnes milled, per qtr
24
42324
33184
42815
27646
15374
35155
94694
96645
44354
23615
96675
25525
12315
48975
12426
85306
09684
01006
99205
32684
74105
57517
140000
120000
100000
80000
60000
40000
20000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
mt Kiena
Mishi
Eagle River
source: company filings
That was the driver for the record Eagle River production of 34,296 oz and along with the 16,169oz from
Kiena (again, in-line with lowered expectations with
that negative previously baked into the stock price) WDO: Gold production vs sales, per qtr
WDO put total gold ounces produced at over 50k for
the first time, 50,465 to be exact. Sales at 47,400 oz
were slightly lower, but when we get to the cash chart
we’ll show that doesn’t matter much.
This production breakdown chart shows what we can
expect in 4q25. Company CEO Andrea Bath guided us
with “…we remain on track to meet full-year
consolidated production guidance, albeit toward the
lower end of the range” and as that line is 190,000 oz,
WDO will need to produce 51,068 oz to get there. So we pitch at 52,000 oz, breaking it down between
19,000 oz for a Kiena that’s due to start processing higher grade ore from its Deep zones, then 33,000 oz
from a “de-bottlenecked” Eagle River that’s running higher tonnages through its mill and continues to enjoy a
high average grade from its mining sequence.
86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954 56405 00474
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
Ozt Au
Production
Sales
5 2 0 0 0
source: company filings
WDO: Annual production and guidance
88619 97209 348321 058011 833321 330271 000091 000591
240000
220000 200000 20000 25000 180000 160000 140000
120000 100000 80000 60000
40000
20000
0
9102 0202 1202 2202 3202 4202 tse5202 tse6202
Oz Au WDO: Gold prod/qtr
source: company filings
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822
9637
19302
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
00091
00033
55000 50000 45000 40000 35000
30000 25000 20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
Kiena Ozt Au
Mishi
Eagle River
source: WDO filings

With the prospect of another record quarter in the pipeline and a WDO now showing it can run at over
50,000 oz/qtr regularly, it’s set to get over the impasse due to the ongoing glitches of 2025. Add to that the
news from its corporate coffers and while CEO Bath didn’t give us much information (WDO used to give a
preliminary revenues number), she did tell us that “…our financial position continues to grow and strengthen
– with $266 million in cash and total liquidity of more than
$600 million at the end of September.” Do not WDO.to: Cash treasury per qtr
underestimate that cash number, take a look at it in
context (chart right). That’s a massive jump, no matter
what else is on the other side of the ledger and on that we
don’t have to wait too long, as WDO is set to report its
quarter on November 4th, just ten days from now. CEO
Bath also made it clear WDO would start buying back
shares, so expect official news on that in its 3q25
financials literature that day.
Bottom line: We’ve tracked WDO in the 2025 Producer
Basket and from that section, know how it has been a
laggard in the last couple of quarters. For sure it’s up due to the rise and rise in gold, but a clear under-
performer compared to peers. That looks set to change and we predict that later down the line, the market
will look back at its 3q25 report as the moment Wesdome turned the corner and finally started to show the
results it had promised, but failed to deliver, for at least a year. Given a level playing field with gold, WDO
looks ready to rally.
Conclusion
IKN857 is done, we end with bullet points:
 Buying opportunities suddenly abound in this market. After a period during which prices seemingly
got ahead of themselves, the gold correction has brought copper PM and stocks down to buyable
levels and news around them has helped underscore the value they now offer.
 Part of the bullish newsflow tonight is Argentina, which has pulled out an undeniable victory for
incumbent and pro-market President Milei. With Trump now actively backing Argentina’s currency
and the free market reforms espoused by Milei now given a green light, things are looking very good
for the country’s mining sector.
 Newmont (NEM) stole the headlines last week among the big caps and as laid out in today’s Producer
Basket section, I think its 3q25 results were a lot better than the market’s verdict. But hidden in its
shadow is a better looking Q3, as Wesdome produced well, guided well and now has a whole
treasury full of cash. That’s my idea of a larger cap to ride into Q4 and 2026.
 We’re buyers again, topping off recent positions in AMC, AU and XXIX. The latter looks particularly
attractive with copper now doing what it’s doing. A lot more on that stock next week.
 Minera Alamos (MAI.v) has its days numbered as a long position here. I know I’m going to get
criticism from people asking why I don’t cauterize it now and be done, but my personal
circumstances make it a smarter hold than a sale, at least for the time being. My cost average is low,
it’s been on the list for over six years, I see no need to rush for the door and less so when the
obvious re-rate when Pan starts to show its value means there’s money to be made in these final
months. After the enormous promise it first showed in 2020 and 2021 MAI.v has turned into a yoke
around my neck and once it’s gone I won’t miss worrying about its future.
 Gold Royalty Corp (GROY) is going to get bought out. Own some.
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.
25
893.94 337.66 315.37 84.36 488.36 997.76 374.96 467.65 274.25 615.32 147.42 581.33 60.52 760.22 285.13 173.14 252.84 796.05 515.28
1.321
39.761 65.781
662
300
250
200
150
100
50
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 tse52q3
source: company filings
DAC
fo
snoillim

Footnotes, appendices, references, disclaimer
(1) https://mineraalamos.com/news/2025/minera-alamos-appoints-darren-blasutti-executive-vice-president-corporate-development/
(2) https://piedepagina.mx/reavivan-huelga-en-mina-san-rafael-en-cosala/
(3) https://xxix.ca/news/xxixs-opemiska-pea-confirms-positive-development-potential/
(4) https://www.youtube.com/watch?v=vPfpBdvh-50
(5) https://xxix.ca/investors/presentations/
(6) https://xxix.ca/news/xxix-metal-corp-thanks-chapais-residents-for-active-participation-in-opemiska-project-consultations/
(7) https://metalenergy.ca/news-releases/metal-energy-options-the-niv-copper-gold-property-in-british-columbias-prolific-toodoggone-
district/
(8) https://www.economist.com/finance-and-economics/2025/10/23/trumponomics-is-warping-the-worlds-copper-markets
(9) https://www.reuters.com/markets/commodities/copper-study-group-highlights-impact-mine-supply-hits-2025-10-24/
(10) https://www.globenewswire.com/news-release/2025/10/23/3172137/0/en/ATEX-Resources-Increases-Previously-Announced-
Bought-Deal-Financing-to-C-96-Million.html
(11) 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/
(12) https://aldebaranresources.com/aldebaran-announces-the-formation-of-centauri-minerals-and-completion-of-c5-7-million-seed-
financing/
(13) https://www.herculesmetals.com/news-release/?qmodStoryID=6134581418855002
(14) https://www.newmont.com/investors/news-release/news-details/2025/Newmont-Reports-Third-Quarter-2025-Results-and-Improves-
2025-Cost--Capital-Guidance/default.aspx
(15) https://www.goldroyalty.com/news/news-releases/gold-royalty-reports-record-quarterly-and-year-to-date-revenue
(16) https://www.sec.gov/Archives/edgar/data/1834026/000110465925102218/xslSCHEDULE_13D_X01/primary_doc.xml
(17) https://www.wesdome.com/English/investors/latest-news/news-details/2025/Wesdome-announces-third-quarter-2025-operating-
results-and-record-quarterly-production/default.aspx
Appendix 1: The Economist op-ed “Trumponomics is warping the world’s copper markets”, dated
October 23rd 2025
A dinner hosted by the London Metals Exchange every October is where “base” metals meet the West End. In a glitzy ballroom, 1,500
black-tied guests talk beneath chandeliers, take selfies on balustrades and clap at rusty jokes. At the VIP table, miners and ministers
craft deals while sipping chardonnay. Bets are placed on how long the post-dinner show will last—a 20-minute rendition of “Mamma Mia!”
featuring LME bosses, it turns out. Award winners go home with a bottle of fizz.
Metal traders have reason to feel bubbly. The tariffs President Donald Trump has imposed on America’s aluminium, copper and steel
imports have created vast arbitrage opportunities that they are busy exploiting. Copper, in particular, has been on a tear; it is now priced
above $10,600 a tonne in London, an 18-month high. Elevated prices have sparked a $50bn merger between Anglo American and Teck
Resources, two giant miners. BHP, the world’s biggest, is considering reopening defunct mines. Even Saudi Aramco, an oilier firm, is
hiring copper traders.
Yet the copper craze is strangely timed. The metal, long known as “Dr Copper” for its ability to diagnose economic conditions, should not
be so perky at a time when the world’s economy, though resilient, is hardly surging. What is going on?
Three possible explanations stand out: prices could be buoyed by strong demand, scarce supply or economic policy beyond copper
“fundamentals”. Start with demand. Investors who are bullish about copper draw attention to its role in the energy transition and the
artificial-intelligence boom. An electric car needs two to four times more copper than a petrol one; the metal is also required in grids and
wind turbines. This year new data centres are expected to eat up perhaps 300,000 tonnes of refined copper, or 1% of global output.
This case has been made for a while, however. At the party, analysts joked that the great copper crunch is always four or five years
away. As new technologies mature, they often become more frugal: an electric car made in 2025 needs about 10% less copper than one
built in 2020. Meanwhile, the usual engines of copper demand are stalling. China’s troubled economy is becoming less reliant on
construction, which used to devour the stuff. That could free up 2m tonnes a year, reckons Tom Price of Panmure Liberum, a bank. He
expects the world’s overall appetite to shrink, not surge, in what remains of this year.
Another possible reason for the price surge could be elusive supply. On September 8th a mudslide hit Indonesia’s Grasberg mine, the
world’s second-largest. The facility remains shut; Freeport, its operator, does not expect full production to resume before 2027. The
outage, together with disruptions in Chile and the Democratic Republic of Congo, could remove 400,000 tonnes of refined copper supply
in 2025. Indeed, the copper price jumped by 4% when Freeport declared force majeure at Grasberg, on September 24th. Even so, this
year’s accidents are not enough to tip the world into deficit. Their combined effects are easily absorbed by the industry’s typical
26

“disruption allowance”. And that is before accounting for Chile’s Escondida mine, the world’s largest, which is producing unexpectedly
large amounts.
That leaves economic policy as the only credible explanation for the price surge. Mr Trump’s trade barbs have warped copper markets. In
July, having toyed with the idea for months, America set a 50% tariff on imports of the metal. Copper prices, which had since January
been rising far more rapidly in New York than in London, jumped even higher on the news, hitting records on the American bourse. They
fell in August, when Mr Trump exempted refined copper from the duties, but are rising again, amid speculation about new tariffs. The
arbitrage opportunity has caused an exodus of stock to New York (see chart). Some 340,000 tonnes are now stranded in the city, up
from 80,000 in January.
Such distortions are mostly neutral for copper prices in London, which are the global benchmark. A moderation in America’s economy
has led the Federal Reserve to lower interest rates, and the dollar has fallen this year. That makes commodities, priced in dollars and
bearing no yield, more attractive to big, generalist investment funds, which have swarmed the copper market since 2020.
The influx of “tourist” buyers, for whom copper is only a tiny chunk of diverse portfolios, appear to pay little attention to the nitty-gritty of
supply and demand. Their obsession with interest rates makes metal prices stickier. Yet at some point gravity may assert itself. Macro
funds may lose their poise if, say, China’s economic slump worsens or triple-digit tariffs cause copper demand to crash. The metal’s big
party could end with a fearsome hangover.
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
27

Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
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
28

Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
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
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Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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