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The IKN Weekly
Week 858, November 2nd 2025
Contents
This Week: In today’s edition, There are no jobs in The USA, The post-Powell Federal Reserve is now, Gold:
That’s not a knife.
Fundamental Analysis: XXIX Metal Corp (XXIX.v): Cheap copper.
Stocks to Follow: Overview, XXIX Metal Corp (XXIX.v), Aurion Resources (AU.v), Arizona Metals Corp
(AMC.to), Latin Metals (LMS.v), Orecap Inv (OCI.v), West Red Lake Gold (WRLG.v), Minera Alamos (MAI.v),
Red Pine Exploration (RPX.v), Rio2 Ltd (RIO.to).
The Copper Basket: Overview.
The Producer Basket: Overview, B2Gold (BTO.to) (BTG), New Gold (NGD), Agnico Eagle (AEM), Wesdome
(WDOFF) (WDO.to): Eldorado Gold (EGO).
The TinyCaps Basket: Overview.
Regional Politics: Chile: The Round One Presidential election next Sunday, Argentina: The
financial/political/mining fall-out from Milei’s midterm victory.
Market Watching: Amerigo Resources (ARG.to) rallies on its 3q25 results.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 Today’s main Fundies note gets to do more detail on XXIX Metal Corp (XXIX.v) than I would have
managed last week and does the company more justice as a result. It’s still a speculative trade on
copper, but it holds the right type of profile at the right time in the market cycle and there’s a hidden
catalyst for the stock that could make it into a big winner in quick time, too.
 Volatility in the gold market continues, but there were more than a few signs of a mining sector that
was beginning to ignore the U$100/oz moves and start to plough its own furrow. Quite right too, as
stocks still seem to be getting valuations based on U$3,500/oz gold prices.
 This publication doesn’t exist to offer long or in-depth commentary on larger cap precious metals
stocks, but the convergence of Q3 financial results and the state of the gold (and silver) markets mean
it was worth spending some more time on these companies this week, That’s why The Producer Basket
is longer than usual and covers news and results from B2Gold (BTG) (BTO.to), New Gold (NGD),
Agnico (AEM) and Eldorado (EGO) (as well as a quick comment on the Monday news that Coeur is
buying New Gold).
 I’ve kept Regional Politics focused on the South American country and news that everyone seems to
care about, so we chew over the result of the Argentina midterm election, a little politics but more
focus on what it means for the country’s mining industry. Spoiler Alert: It’s good.
 Other things, too. There are always other things.
There are no jobs in The USA
For the first time since the US government shutdown began, we may see the capital markets begin to care on
Friday when the US BLS doesn’t deliver its regular Empployment Report, we don’t get to know the set of
numbers that can move the bond, forex and equity markets and the world starts complaining that we’re flying
1

blind. Personally, the last month of shutdown has been an object lesson as to how little the US public sector
matters…even to the USA (but don’t tell SNAP recipients that).
The post-Powell Federal Reserve is now
He’s not set to leave until April next year, but the press conference last Wednesday effectively marked the
end of Jerome Powell’s tenure as Fed Chair. In fact, we can time the end of his control to the moment. It was
at the press conference and at first, in response to a question regarding the double dissention to the 25bps
cut just announced, he did well enough by stating (1) “…we have the situation where the risks are to the
upside for inflation and to the downside for employment. We have one tool, you can't address both of those
at once”, a fairly bland position. But then came the moment, when he told reporters that, “A further
reduction of the policy rate at the December meeting is not a foregone conclusion. Far from it, policy is not
on a pre-set course.” Whether or not that was an attempt to get in front of the narrative, or even if he fully
believes it, is not the point. The initial nerves of “something that isn’t a rate cut” in December rippled through
the market but its effects were short-lived, then came the type of public dissention from within the Fed’s
ranks that you’d expect to happen in private during an FOMC (particularly one where the dissentions included
one that wanted to keep rates pat and another that wanted 50bps cut) but are rarely voiced in public. Most
telling so far is Fed Governor Christopher Waller, who dismissed Powell’s fears of a tariff-induced inflation
spike with this pearl (2):
“The biggest concern we have right now is the labor market. We know inflation is coming down, and that’s why I
continue to support a policy rate cut in December, because all the data are pointing that way.”
Dissent that borders on outright rebellion, and thanks to a well-timed question from the reporter in the same
interview regarding the upcoming vacancy as Fed Head, we got more perspective from Waller:
“If the president asks me, I will serve. He asked me once before, and I said yes. If he asked me again, I’ll say yes
again.”
Waller was appointed by Trump and is known to keep in lockstep with the President, but is far from the only
candidate for the job (a short-list is being drawn up by POTUS47, apparently). There’s no secret at all about
what Trump wants to do with interest rates and for what it’s worth, your author isn’t trying to predict the
exact result of the December FOMC. Instead, we now know that for our purposes as an influence on the price
of gold, the December FOMC and Powell’s views are all-but irrelevant because if the Fed governors and/or
candidates for the top job are now jockeying for position and are saying the things that the person with the
call wants to hear, we know US rates are coming down.
Gold: That’s not a knife
“Mick, give him your wallet.”
“What for?”
“He’s got a knife.”
“Hahaha, that’s not a knife. That’s a knife!”
Crocodile Dundee, 1986
Semi-related to our first intro note, the lack of change in Fed trajectory was one of the reasons we saw gold
market observers out on social media last week,
praising the way in which the metal was trading
after its recent sharp drop and while it would be
nice (in fact normal) to find an argument against
the usual suspects of permabull goldbugs, this
time I am forced to agree. While those newer to
the gold sector may bemoan the fact it couldn’t
hold the U$4,300/oz line, count this desk among
those impressed how well gold has managed to
hold at U$4,000/oz despite being on the sharp
end of data such as in this chart, published by
Barchart Dot Com late Friday evening (3).
According to Barchart, “Gold just saw the largest
weekly outflow in history of $7.5 Billion” and the
red highlight circle is the sight of the hot money
speculators abandoning the “red hot gold trade”
they heard about in September, licking a few
wounds (it’s less than a 10% drop, after all) and
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taking their play money to the next big thing.
All the same, I took some flak from a couple of readers after last week’s intro and that’s fair enough, it was
my fault. After underscoring growing confidence in gold, how it was “navigating rough waters with aplomb”,
20/20 hindsight says went a step too far by pinning a figure on a
moving target by writing it was “…finding a support level that’s still
well above U$4,000/oz”. Sure enough, just hours after those words
went out gold dropped back under the U$4k/oz line and my hubris
was called out. “Mark, gold has broken the U$4,000/oz line, does
that mean the music has stopped?”, or messages to that effect and
quite right too, but the answer is still a resounding “No”. For sure I
got the absolute number wrong (and tempted fate by drawing a line
at exactly 4,000, the line any self-respecting short will look to
break), but as someone old enough to have run weekly
commentaries on the selling in 2013, how gold ended Q1 that year
at U$1,600/oz, then Q2 almost 23% lower at U$1,234/oz, it was
difficult to take the general hyperbolic reaction to the recent pullback
too seriously. What we saw was a market willing to scalp late-
comers, not one ready to punish long-term holders or people with the right mindset about gold. You may
have also noticed the way in which gold has suddenly dropped off the mainstream headline reels, another
reason to like the way it has acted in the last few
days. So take a step back, forget about the recent top
and see the gold price for what it is today. perhaps
repeating to yourself “Gold is stabilizing at four
thousand dollars an ounce” until it sinks in may help.
Gold’s a healthy, bullish market and demand shows no
signs of slacking, which in turn means the margins it
offers to the standard Tier 1 or Tier 2 public gold
mining company running an AISC of around
U$1,500/oz are astounding. Phrases such as “licence
to print money” are bandied around in the modern
world without much thought but here today, it’s
literally and figuratively true. Or if you prefer, consider
that even lower quality gold producers that we
normally bracket as “high cash cost” are making upwards of U$1,500/oz at today’s prices.
Bottom line: At times like these, I sometimes wonder just how useful a publication such as The IKN Weekly is
for its readership. Much of the script amounts to scribbling in the margins and the baseline recommendation
of “Hold The Top Pick For Dear Life It’s Going Higher” isn’t about to change, not until we see the C$4+ prices
that it’s going to show as it trade matures. However, I have the growing feeling that a simple bit of hand-
holding and “don’t fret, gold’s going higher” is one of the things your author can offer its audience. There’s a
lot of noise at the moment, we’ve seen a sentiment peak and drop in gold and along with it, the pent-up
frustrations of those that oppose gold ownership have finally had a chance to speak up again. And be clear,
the wall of worry isn’t going away soon and you’re bound to hear about how X, Y and Z are bearish for gold
going forward (e.g. this weekend I see that the withdrawal of a tax on retail buyers in China is about to cave
the world gold market…fair enough). In order to help filter out the noise, maybe you could cast your mind
back to November last year and how we watched gold drop from the U$2,800/oz line to under U$2,600/oz
that month. Here we are, less than a year later with enough buyers willing to step up and buy the bargain
discount at U$3,900/oz and U$4,000/oz. The sentiment that has moved gold from there to here in the last 12
months has not suddenly changed and you, holding a position of security in gold, will continue to benefit
from that.
3

Fundamental Analysis of Mining Stocks
XXIX Metal Corp (XXIX.v): Cheap copper
As stated last weekend, I was suitably impressed by the PEA announcement (4) out of XXIX Metal Corp dated
Tuesday, October 21st and entitled “XXIX’s Opemiska PEA Confirms Positive Development Potential” (along
with the “thanks for the good vibes” NRs (5) in English and French published on the 24th) to the point where
I announced I was adding to my position last weekend in IKN857. That purchase is done, I ended up paying
13c and the personal cost average has shifted up to 11c, but that’s fine because if things go well here, there’s
a lot of upside in these shares from here. However, this is not a riskless trade as those of us that have
tracked the progress of XXIX (and its previous corporate incarnation QC Copper & Gold) know, as the stock
has done little more than flat line for several years:
Therefore, one part of my recent decision to take an opening position in XXIX, then last week’s call on the
back of the PEA announcement is about the value it offers as a copper trade. One thing we don’t do today is
run over the basics of XXIX and its main Opemiska project, or do much with its new second-strong Thierry
project in Ontario, as this is a company we’ve followed fairly closely over the years, either directly or via
OreCap Inv (OCI.v), the position we hold in its sibling company inside the Stephen Stewart-led Ore Group
that currently owns nearly 23m XXIX shares. However, before we get to the PEA and its financial model,
there is one side to this speculation I want to consider because as well as Opemiska, any long position in
XXIX is betting on the company attracting meaningful sponsorship from some or other deep-pocketed entity,
as without a clear catalyst XXIX is in danger of remaining a classic smallcap exploreco value trap.
Beware the Value Trap: The malaise suffered by XXIX over the years is one that catches a whole bunch of
tinycap and smallcap explorecos:
 Honest, hard-working smallcap secures a decent and prospective project
 It goes about the business of exploration, development and growth
 Working capital is hard to come by, so it raises in a series of dilutive financings
 Come the day it has a defined project with good potential economics, its share structure is blown out
while market conditions have kept the market cap low
 It now has a mountain to climb as a company that needs to raise 5X or 10X of its market cap (or more)
in order to move its project off the drawing board and into production
 Financiers won’t touch it (no collateral), brokers will happily sit on the stock price (the next keep-lights-
on financing comes cheap) and rival companies won’t mind if their competitor withers on the vine
We’ve seen this for several years as the junior market has scrambled for cash and funding, but this vicious
circle that turns the shares of a decently run company that does everything the right way isn’t guaranteed to
go away as soon as the market turns. I don’t mind admitting that over the years, the Value Trap has been
one of my personal weak points as an investor and commentator on junior mining stocks. It’s the gaping hole
ready for a guy like me, literally a value investor who crunches numbers and is always on the lookout for
“cheap ounces” (or pounds) to fall into and as well as my previous loss taken in XXIX (or QCCU, as it was at
the time), I can point to other trades of shame such as Pan Global (PGZ.v) in 2024/2025, or SolGold
(SOLG.to) in 2023/2024, or Strategic Metals (SMD.v) in 2022, or Wolfden Resources (WLF.v) in 2021, to
4

name but four. Such value trap losers aren’t offered to the audience of The IKN Weekly as Top Picks of major
trades, they tend to be smaller in size and none of them have caused real personal financial pain. I'm also
aware they are part of a scattergun approach that only needs perhaps one winner out of three (or four) to
provide a good overall return, but all the same I know why I bought these "cheap stocks" and remember why
I sold them at a loss later. So make no mistake, the Value Trap is real and as it's one of the main issues
around this stock and project, i.e. a smallcap that now has a project that needs 10X its current market cap in
order to build the mine, it's why I'm tackling this subject at the very top of this note rather than burying it
down amid the boring number stuff below.
Why XXIX today: However, there is a route to break out the Value Trap vicious circle and it’s why I’ve now
bought XXIX stock twice in the last couple of months. First and foremost it’s the economy, stupid. The
market has well and truly turned and this audience doesn’t need me to tell it how money has returned to the
senior, junior, smallcap producer and exploration mining sectors. That money has come from outside via
financings etc, but it’s also coming organically via the fat profits now being enjoyed by the producers. That
money has to go somewhere and these days, one of the preferred methods of feeding project pipelines is
strategic partnerships. Your typical Tier 1 (or smaller) miner doesn’t need to have a large, in-house
exploration department burning money, instead strategy has shifted to allowing explorecos and developers to
do the early heavy lifting, then moving to sponsor the ones that most appeal with 9.9% or 19.9% equity
positions. It’s a mutually beneficial relationship, as the small company gets money to go about its business as
well as a seal of approval from geologists and engineers on high salaries that should know what they’re
talking about. Meanwhile, the cash-rich big miner has found something useful to do with its large treasury
position and, by taking a large slab of shares, makes it easier to be the eventual owner of the project if its
continued development makes its appealing (as well as deterring competitors).
That’s where we are today, a world in which large cap and even medium cap mining operators are filling
treasury, have paid down their debt and are now turning their attention to their longer-term growth pipelines,
looking to replenish reserves and secure organic growth to help smooth the cyclical path. There’s no better
example than Agnico Eagle (AEM), which may not have been the first to start using strategic financings in
juniors and explorecos, but for the last ten years has been the most aggressive and its success shows in the
growth we’ve witnessed in the last two or three years, from mid-pack to world’s #2 precious metals miner.
And what Agnico or any other sponsor company wants from its next strategic target is what XXIX now offers
the market, a solid project held by a small company with honest management with a good working ethic that
requires cash to move forward.
That sets the stage, now it’s time to consider the nuts and bolts of today’s XXIX and for that we do two
things: First we consider the current corporate financials using a few of our Usual Suspect charts, then we
take a look at the Opemiska PEA numbers, point out what we like (or not) about the criteria. With those
done, we put together a conservatively pitched valuation deck to show that the project works and hopefully,
by the time, that’s done, I’ve convinced you that we’re on the right track with this cheaply priced company
that’s ready to turn a corner and show significant share price upside. Because all the good geological work or
corporate wheeling and dealing in the world doesn’t change why we’re here looking at these companies,, our
job is to buy low and sell high, period.
A financial overview: We begin with the basics via our standard corporate topbox:
Shares out: 304.8m
Options: 13.6m
Warrants: 28.8m
RSUs: 7.04m
Fully diluted: 354.24m
Current share price: C$0.13
Market Cap: C$39.62m
Approx cash per S/O: 0.02c
All prices are in Canadian Dollars unless stated, forex CAD$1 = USD 0.72
Please note that unless stated, we’re in Canadian Dollars today. As for the financials, we’ll start with the basic
assets and liabilities overview charts and the easy one to cover is liabilities, which are very small and all in the
currents ledger. XXIX runs about a million and a half on its accounts payable, then as from the 2025 financial
year the number has doubled due to a non-important liability that came with the incorporation of Cuprum
5

(the privco that held the Thierry project, the accounting will only matter much further down the line).
However, that changes nothing substantially and XXIX is one of those exemplary explorecos that keeps
liabilities at virtual zero, the optimal situation. As for assets, there have been meaningful changes recently.
Firstly, the “other current” should see an approximate C$3m bump now that XXIX holds 42.75m shares of the
new company in the Ore Group stable, Kintavar. More importantly, in August the company closed a C$6m
financing round that’s brought in new working capital, more than enough to get its ball rolling and do what it
wants to do at both Opemiska and Thierry (where a drill program is now set to test its theory that there’s a
larger copper orebody than previous understood and yes, this is a newsletter not a company document, I can
use the word “orebody” if I want).
XXIX.v: Assets, per qtr
22
20
18 16
14
12
10
8
6
4
2
0
You’ll also note the near-complete lack of fixed assets on its books, as XXIX expenses virtually everything it
does. That’s one thing we need to underscore here as we
move to the shares out tracking chart, because despite the
company share price doing its long-term flat line (see
above), the company has quietly added plenty of value
that’s so-far unseen. This time last year it was a 13c share
price company with 174m or so shares out, a dwindling
cash pile and a single asset. Now it’s a 13c company but
with cash to do things, a main project with a 43-101
compliant PEA and a new target ready for drilling. The
share dilution is a thing, we’re not trying to hide that but
at the same time, it’s arguably positive to have the
company invest in itself while the market was at a low
ebb, positioning to take advantage of the bullish changes
now prevalent. The cash treasury and working capital
charts (below) show the change clearly, as well as the typical burn rate (no need to get granular with the
P+L expenses charts today, balance sheet will suffice). This is a tightly-run company, no big marketing
budget, and the burn rate is all about putting dollars into the ground at its projects. We like that. Cash now
on-hand is enough to get XXIX through at least three quarters (as seen), more than enough time for our
investment thesis to play out.
6
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
$m XXIX.v: Liabilities, per qtr
5
fixed 4.5
other current 4 cash 3.5
3
2.5
2
1.5
1
0.5
0
source: company filings/IKN ests
91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source: company filings/IKN ests
srallod
fo
snoillim
LT liabs
current liabs
350 XXIX.v: Shares out (m)
325
300
275
250
225
200
175
150
125
100
75
50
25
0
91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2
source: company filings, IKN ests
XXIX.v: Cash treasury per qtr
743.0 319.0 577.0 606.1 347.1 208.6 170.6 385.2 905.71 480.61 125.41 750.01 658.8 250.8 782.7 847.5 77.5 798.4 193.5 595.4 360.4 275.3 519.2 218.1 5.6
20
18
16
14
12
10 8 6 4 2
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source: company filings/IKN ests
srallod
fo snoillim
XXIX.v: Working Capital per qtr
343.0 417.0 306.0 603.1 864.1 571.6 108.4 196.2 372.41 763.41 249.21 149.9 874.61 788.51 365.41 866.21 190.21 684.21 679.01 230.9 306.7 153.4 138.3 445.2
4.01
20
18
16
14
12
10 8 6 4 2
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source company filings/IKN ests
srallod
fo snoillim

The bottom line to today’s XXIX financials: This company has quietly re-tooled and refinanced in the last 12
months, adding Thierry as an active second project and most recently, raising capital to fund its medium-
term plans. Those plans include the upcoming drilling at Thierry and your author considers that a source of
potential bonus share price appreciation, but what matters is Opemiska and the reception for the new PEA.
That’s also why I added last week, it’s time to lay our why:
The Opemiska PEA: The new centerpiece of XXIX is the PEA, delivered on time on October 21st for the
copper/gold Opemiska open pit project in the town of Chapais, Quebec. A past producing mine, XXIX has
been working toward this moment for as long as I’ve covered this company (way too long) and now under
the supervision of new CEO Guy le Bel, in my opinion has done a good job. We do of course urge you to read
the full NR, perhaps the latest corporate presentation as well, for details and further context of the project,
here we’re more about crunching the numbers and to start, this chart from the NR shows the development
timeline, as well as the projected mine life split into their component phases:
As per the PEA, Opemiska is projected to have a 17 year mine life that produces around 20,000 tonnes of
payable copper, plus significant gold by product credits, per year. The PEA also includes a small silver credit
but for our purposes, we are assuming that is either non-payable or at best is used by the company to raise
capex via a small royalty deal. We don’t have the full 43-101 PEA yet, the way forward is to do a little copy-
pasting from the NR with the main table offered by the company, adding some green ink to highlight the
items that stand out. There’s also one dab of red ink as for my taste U$4.35/lb copper isn’t a “base case” and
as you’ll see below, my idea of a conservative case is U$4.00/lb to make sure Opemiska still works if copper
sells off. For notes on the green ink, see below:
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Notes:
 Using U$3,000/oz gold in the base case is good, in fact for our conservative case I’ve gone with
U$3,500/oz. As roughly one third of revenues over life of mine come from gold, this matters.
 Please note our focus is not on Spot Price economics, nor should we consider the higher revenues that
come from Year 1-6 too closely. The latter will be important for capital payback (as we’ll see in an aside
later) and it’s perfectly possible to put on the rose-tinted spectacles and assume the back end of the
production estimates will change from the current PEA, once more resource is discovered at the large and
prospective Opemiska concession. However, our task is to consider the value of the PEA as stands, its
true value and whether or not it’s enough as a standalone to attract the type of project-changing
sponsorship we’re looking for in this trade. Therefore, we use the PEA criteria, we use the Life of Mine
inputs, we stick firmly with a base case price deck.
 By the same token, pre-tax economics are all well and good, but this project will find its sponsor on its
post-tax returns. The exercise is about deducting all there is to deduct and deciding whether there’s
enough left for equity holders and whoever runs this eventual mine will pay taxes, period.
 Capital payback for a 17 year mine life is fast. That’s a clear positive and a benefit of mining the crown
pillar zone early in the operation.
 Net Present Value at C$505m means XXIX is currently priced at 0.08X NPV. That's very, but VERY cheap
and an indication of how much this share price could pop if XXIX can attract the right strategic partner.
For what it's worth, I don't mind the 8% assumed discount rate at this stage. The IRR also points to
robust project economics.
 Life of Mine copper and gold grades are good enough. XXIX (and QCCU before it) made a big noise about
having higher grades in its original resource, but when it came to mining it soon became clear it made
more sense to mine the lower grade halos around the high grade zones, lowering strip rate and
opex/tonne. This revised plan has come to fruition under CEO le Bel and while the overall grade may not
be as eye-popping as before, it works over life of mine and it also allows the project to process the
highest grading zones early for quick capital payback.
8

 Copper production of 753m lbs over a 17 year life of mine implies an annual average production of
around 20,000 tonnes copper. This is not a massive operation and therefore not suitable for the biggest
players, but it's the right size for a mid-cap.
 Opex looks good, stands up to peer examination and confirms Opemiska will be a cheap mine to run,
with straightforward mining and processing keeping costs to a minimum. For the record, our valuation
model (below) assumes higher costs than the C$34.52/t used by XXIX as we always veer to the side of
caution, but I see no reason to be overly critical of the XXIX input costs as seen above.
 One of the major advantages of Opemiska is its low capex hurdle, with initial capital set at C$617.3m but
with a high likelihood it will qualify for the CTM ITC tax break in Canada, as that becomes applicable to
polymetallic mining projects. CTM ITC is a refundable tax credit for clean tech investments and covers
30% of capex, which would make Opemiska a very low capital intensive project for the eventual operator
and the type of data point which helps reduce any criticism of it being a “small mine”. The assumed
capex hurdle of C$467.7m (U$336.7m) makes this an accessible project by modern standards, it was one
of the most pleasant surprises from this PEA document and is bound to make XXIX an attractive strategic
alternative for a profitable operator with growing treasury looking to invest in growth.
A final criticism before moving to our valuation calculation is the rather odd way the PEA metrics in the
October 21st NR were laid out. They weren’t bad as such, but they didn’t follow the normal presentation for
PEA results used by junior mining companies or explorecos, not particularly user friendly and one of the
reasons I decided to copy-paste the above. The sudden column shift from “Base Case” and “Spot Pricing” to
“Life of Mine” “Year 1-6”, the largely irrelevant spot price case, the emphasis on pre-tax economics in its
separate section, or the way mining metrics (metals grades, recoveries, throughput tonnages) are buried
midway down the table instead of being presented first and foremost.
With that done, now it’s my turn to run the numbers and show why I think this thing works.
Valuing XXIX Metal Corp: In fact we’re not really doing that today, at least not like the valuation exercises
for other companies that aim for a firm target price, as it’s way too early to stick a price target on this stock.
Instead the exercise is to demonstrate that the Opemiska economics work and the project is attractive
enough as stands to get financial sponsorship, either from a classic source of financing. The PEA NR from two
weeks ago gives us enough data to do, the above table provides most of the raw data, here come the house
assumptions that sometimes adapt to add extra layers of conservatism, sometimes take them as seen:
 We run our Excel calculations in USD, then apply a 0.72/1 forex where CADS is required
 We assess Opemiska on its Life of Mine criteria, not on its starter pit or early year expected production
using higher average grades. Therefore:
o Throughput of 12,500tpd, as per the company
o Copper average grade of 0.48% recoveries of 92%
o Gold average grade of 0.23 g/t, recoveries of 79.9%
o We assume silver is not payable
 We assume capex of U$337m and that Opemiska qualifies for the Canada CTM ITC tax break. To raise
this, we assume the company uses debt or stream and tops our with equity. Our assumptions include a
share count of 500m (which is a guess) and debt servicing of U$20m/year over the 17 year mine life,
exclusive of capital payback. We also take into account the expected C$390m in sustaining capital and on
consulting the company, understand the first sustaining capex hurdle from Phase 1 to Phase 2 is low at
around C$30m. In general terms and according to CEO le Bel, the sustaining capital math has been done
on a “just in time” basis that cash flow from the mine can handle easily.
 Our total op-ex burden comes to U$43.18/tonne (C$60/tonne), including mining COGS, G&A and selling
costs. This compares to the C$40.69/tonne assumption in the XXIX PEA over life of mine. This includes a
particularly heavy 20% discount for TC/RC, transport and marketing, again to stay firmly on the safe side
of the numbers. Our global total of C$60/tonne is a significantly higher number than the XXIX
C$40.69/tonne and done deliberately, as for one thing we prefer to do things this way and for another,
this is a PEA and even the best and most honest and open of companies will normally see cost creep
affect their plans as they move to PFS and FS stages. Our task is to show Opemiska works, not to dazzle
you with sequins.
9

 Other minor adjustments include (but are not limited to) an annual average depreciation of U$12m, a 2%
province NSR, the 8% "Quebec Inc" employee profit sharing bonus and an effective tax rate of 23%.
Once all that is done, we run the numbers using four metals price decks, a Base Case (but a real one), a
Conservative Case (preferred by your author), a Current Case (i.e. close to spot) and an Optimist Case (for
your crazy dreamers out there. Price assumptions are:
 Base: Copper U$3.50/lb and Gold U$3,000/oz
 Conservative: Copper U$4.00/lb and Gold U$3,500/oz
 Current: Copper U$4.50/lb and Gold U$4,000/oz
 Optimist: Copper U$5.00/lb and Gold U$5,000/oz
You can of course argue with me on those, but I don’t want to use the current spot prices as my assumption,
nor do I want to assume the company’s base case U$4.35/lb copper and U$3,000/oz gold. If this project is
going to attract a serious sponsor, it has to show reasonable economics at lower copper prices. The gravy
can later. Now for some results, starting here:
XXIX at Opemiska: Model Year Revenues & Op Income (U$m)
Price case base conservative current optimist
copper Mlbs 43.8 43.8 43.8 43.8
U$/lb 3.50 4.00 4.50 5.00
copper revs $153.34 U$175.24 $197.15 $219.05
Prod. gold (Oz) 26,591 26,591 26,591 26,591
U$/oz $3,000 $3,500 $4,000 $5,000
total Au rev $79.77 U$93.07 $106.36 $132.95
Total mine rev $233.11 $268.31 $303.51 $352.00
TC/RC/other $46.62 $53.66 $60.70 $70.40
Revenues 186.5 U$214.6 242.8 281.6
Sources: XXIX data, IKN calcs and estimates
The model brings average annual production of 43.8m lbs copper (just under 20kmt) and 26,591 oz gold. At
our preferred Conservative Case price deck, that offers gross revenues of U$268.31m and once our
deliberately heavy TC/RC/transport/marketing 20% is subtracted, a P+L top line revenue of U$214.6m.
Before continuing with the valuation, though our task is to assess the entire project over the POEA life of
mine (LoM), this is a good moment to acknowledge the significantly better production and cash flow expected
during the key first years at Opemiska as the company mines the higher grade starter pit areas and works on
quick capital payback. This chart shows the differences, with the higher grades for copper (0.69%) and gold
(0.33 g/t) moving production to 63m lbs copper and 38,152 oz gold. As this would come with very little
change to op-ex, it results and operating income of U$160.7m, some U$91.85m more than the LoM average.
This is how Opemiska manages to achieve that fast capital payback and then cover its sustaining capex, a
real advantage that allows the company to front-end a lot of its financial obligations
XXIX at Opemiska: Production at 12,500tpd
thruput case LoM Year 1-6
Avg Cu % grade 0.48% 0.69%
Cu prod Mlbs 43.8 63.0
Avg Au grade (g/t) 0.23 0.33
Au prod oz 26,591 38,152
at $4/lb Cu/$3.5k Au U$268.31 U$385.40
Operating income U$68.85 U$160.70
Op/EPS (500m S/O) 0.14 0.32
source: XXIX data, IKN calcs & ests
We now return to the standard LoM model and our top-line revenues assumptions now go into our
condensed income statement model:
10

XXIX at Opemiska: Income statement model year (U$m)
at 500m S/O base conservative current optimist
Sales (U$m) 186.5 214.6 242.8 281.6
Depreciation 12.0 12.0 12.0 12.0
SGA+R&D 17.0 17.0 17.0 17.0
NSR etc 3.7 4.3 4.9 5.6
Op income 41.3 U$68.9m 96.5 134.5
finance exp. 20.0 20.0 20.0 20.0
"Quebec Inc" 1.7 3.9 6.1 9.2
Tax (23% eff) 4.5 10.3 16.2 24.2
Net income 15.1 U$34.6m 54.2 81.1
Shares out 500 500 500 500
EPS 0.03 0.07 0.11 0.16
Sust. Capex 18 18 18 18
FCF 0.09 0.13 0.17 0.22
Sources: XXIX data, IKN calcs & estimates
The conservative price deck returns operating income of U$68.9m and a net income of U$34.6m representing
and EPS of U$0.07. That might not sound like much, but it’s over half the current share price of XXIX, comes
after all sorts of very conservative price and cost inputs and uses metals prices that are significantly lower
than the ones we see today. And while it’s not the objective of today’s number crunch, for reference
purposes this is how I’d frame a price target on the above numbers using our conservative case price deck:
Sales and earnings Valuation data for XXIX.v at Opemiska based on
Price case base current upper bluesky Life of Mine model year production
Sales (U$m) 186 215 243 282 12-month target C$0.38 based on 4x EPS on
Sales growth 15% 13% 16% Upside to target 196% U$4/lb Cu & U$3.5k/oz Au
EPS 0.03 0.07 0.11 0.16 Mkt cap (CAD$m) $40 Enterprise value $35
FCF 0.09 0.13 0.17 0.22 P/sales (base) 0.18 EV/sales (base) 0.16
P/E (base) 4.3 EV/EBITDA (base) 0.7
P/E (current) 1.9 EV/EBITDA (current) 0.4
P/E (upper) 1.2 EV/EBITDA (upper) 0.3
That 38c number assumes zero value for Thierry, as well.
Discussion: the PEA delivered by XXIX on October 21st surpassed my expectations and is the single reason
why I have increased my share position in the company. We’ve yet to see the full document and the
presentation of the NR wasn’t particularly user-friendly for those not deep into the mining sector (it has “a
geologist wrote this” fingerprints), but there’s enough to build a ballpark model and as Opemiska has always
shaped as a technically uncomplicated project, the way it shows robust economics and quick capital payback
using a metals prices significantly lower than today allows plenty of confidence in the model. Which means
that from here, the success or failure of Opemiska and therefore XXIX is down to corporate strategy. In my
conversations with the company, I know they are fully aware of the two major hurdles for the project:
 Local community acceptance: Ask anyone about Opemiska and one of the first push backs you’ll hear is
how the mine plan encroaches on the town, implying that they will have to physically relocate some of the
residents and their properties. Urban legend would have you believe that half the town is affected, in fact a
more accurate figure is around 10% of the town but still, it means significant change to a small locality.
The company has done plenty of CSR work and last month’s town hall meeting, plus follow-up meetings
and open door office days in Chapais are examples. We know there is majority acceptance of the project,
but majority isn’t 100% and even if the town gives final and official approval, there’s the questions of cost
and compensation to consider.
 The Value Trap Factor: As outlined at the start of this note, there’s a Catch-22 situation for this type of
“cheap stock set up and the people at XXIX are not stupid, they know its small size compared to the
projected capex ticket for the mine is an impediment.
11

That’s the scenario, it’s also why I am confident the company can now finally move forward with Opemiska.
The clinching point that made me decide to add to my XXIX was when company kingpin Stephen Stewart told
me that his top priority was to secure a strategic partner for XXIX going forward. This makes all the sense in
the world for the company and for Opemiska at this stage and has the hallmarks of a Win-Win-Win set-up.
Today’s price allows a new strategic partner to get in on the ground floor and the PEA gives it hard,
quantifiable reasons to do so. Meanwhile, a big strategic entering today would instill confidence on project
quality with the market, the share price would move up significantly, the new entrant gets an immediate ROI
that can go into its quarterly books. Perhaps most importantly, a “bigger name” would bring more confidence
to the town of Chapais that Opemiska was a serious project backed with serious money that could kick-start
its lagging local economy. A deep-pocketed sponsor is what this company needs right now, so hearing that
XXIX, Ore Group and head honcho Stewart were actively pursuing exactly that and was already in discussions
with several (unnamed) groups was music to my ears. This leaves a couple of alternative investment options
for those of you interested enough to have read to this point.
 The more speculative route is the one I’ve chosen, buying now at 13c with the expectation we get a
strategic coming on board in the near future (i.e. once the PEA is filed to SEDAR, plus the time needed to
make a decision after that). The risk is that XXIX fails to secure a partner (or the right partner) and
continues to flat line in the way it’s done for the last few years. That’s risk I’m willing to take, because not
only has the market changed and there’s capital on the sidelines now itching for a place to go, but XXIX at
Opemiska is now in possession of a 43-101 PEA that brings substantive backbone to its cause.
 The other way to approach this would be to wait until XXIX announces the arrival of a strategic partner, put
your money to work in other places and buy in with the new money. You won’t get the cheapest price
(that’s now), but you reduce your Value Trap risk to zero and there’s bound to be more upside to the trade
as word gets around an re-rate confidence rises.
 The third and final way would be to pass on this opportunity. That’s fair enough.
Conclusion: The Opemiska PEA marks an inflection point for XXIX, a company that’s bored people to death
over the years due to its lack of share price movement. The 43-101 gives it a real asset to market, the sector
is now replete with cash looking for a new home and the company plan to secure a strategic partner that
would fund development and bring new cachet to the project, both at market and with the local community,
is the right move at the right time. People who have seen the PEA come and go without much reaction from
the market and then assume the catalyst moment has now gone are sorely mistaken, all this story needs
from here is the right partner to come in and this share price is off to the races. As noted at the very start of
the report, this isn’t a riskless proposition and a lot depends on Ore Group’s Stewart being able to make it
rain, this is why I consider XXIX.v a speculative trade at the moment. However, price always drives narrative
and the entry point in today’s XXIX more than makes up for the risk of it remaining fallow on no news.
And so ends eight pages of script to say “This is a great risk/reward play”.
Stocks to Follow
Considering that gold dropped by 2.5% on the week (GLD proxy), the PM miners by 1% (GDX proxy) and the
juniors a little more (GDXJ proxy down 1.3%), the performance of the 16 stocks on our Stocks to Follow list
was above average. The bare headcount sees seven winners (RIO.to, ARG.to, MARI.to, AU.v, RPX.v, PGDC.v,
MENE.v), four unchanged stocks (MAI.v, GROY, XXIX.v, MIRL.cse) and five losers (WRLG.v, AMC.to, SRL.v,
LMS.v, OCI.v), but as most of the bigger positions were either up or unchanged, plus the list includes big
wins from Top Pick Rio2 Ltd (RIO.to up 19.9%) and main copper trade Amerigo Resources (ARG.to up
13.3%), as well as double figure percentage wins from Mene Inc (MENE.v up 17.5%) and Patagonia Gold
(PGDC.v up 13.8%), it was better than the raw headcount might suggest. The only double figure percentage
loser was Latin Metals (LMS.v down 12.5%) and we’ll talk about the circumstances behind that drop below.
In fact, the only position to cause your author concern is West Red Lake Gold (WRLG.v), which dropped
another 6.4% last week and is back to UNCH. It’s been an underperformer for a couple of weeks and while
it’s not one I’m going to dump soon, it has my eye of concern.
We currently have 16 open positions on the list, four under the self-imposed maximum. Four of those are in
the red, one is unchanged, the others are in the green.
12

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$2.35 193.8% 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, selling early 2026
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$3.06 98.7% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$10.91 257.8% 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$0.88 0.0% 2 adds, re-rate trade, $1.44tgt
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.04 -2.8% new trade on WWAD
Arizona Metals AMC.to BUY C0.66 5-Oct-25 C$0.65 -1.5% new trade on bull mkt dynamic
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.17 41.7% Added more Sep & Oct'25
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.155 93.8% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.215 10.5% proj.generator, Organullo spec
XXIX Metal XXIX.v STR BUY C$0.11 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$0.085 41.7% 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$0.165 725.0% Rio Negro gold developer
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.235 -47.8% 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 some of the covered stocks:
XXIX Metal Corp (XXIX.v): ADDED. Subject of today’s main fundies note, as advertised last weekend in
IKN857 I added to my position in XXIX and as a result, the table cost average is bumped up to 11c (which is
close enough to a tenth or so).
Aurion Resources (AU.v): ADDED. As stated, I was looking for something at or below the C$1.00 price for
the addition, so when the ask shows C$1.00 exactly it was an easy decision. I could have snagged some at
slightly lower price, but that’s okay.
Arizona Metals Corp (AMC.to): ADDED. Last but not least, the 65c paid for AMC last week is my idea of a
real bargain, the chance to take a second bite at this apple. We’re now into November and consider the
disastrous 2025 for longer-term holders, we newbie holders need to be cognizant of the potential for tax loss
selling pressure, also that there aren’t so many places for traders to get their tax credit this year. So we’ll see
13

how that runs as the TLS season starts to open. All the same, it will take very little to see this stock rally and
with a 43-101 catalyst coming, too.
Latin Metals (LMS.v): An unexpected but ultimately interesting situation showed up Thursday, when LMS
announced (6) that its partner, AngloGold Ashanti (AU), was terminating its option on the Organullo gold
project in Salta and handing back the project.
The Notice, dated October 29, 2025, provides for a termination effective January 27, 2026. The
Phase I drill program for Organullo (see previous news release dated September 29, 2025) will not
proceed. AngloGold Ashanti’s decision to withdraw from the Organullo agreement arises as a result
of a change by AngloGold Ashanti in its global Greenfields Exploration strategy.
That was a surprise. As the NR goes on to point out, AU had spent years and around U$3.3m to advance its
option and having finally secured the drilling permit after a thorough prior consultancy process with local
communities, was on the cusp of starting its long-awaited first phase drill program at Organullo. The decision
sounded odd, so it was time to ask around and before too long, your author learned that AU isn’t just pulling
out of Organullo, it’s pulling out of Argentina completely. The handing back of the LMS option is its minor
move, the major one is its upcoming sale of its operating Cerro Vanguardia mine in the South of the country
to Mineros SA (MSA.to), with an expected price tag of U$600m. In other words, the termination of the
Organullo option is no reflection on the quality of the property, this is all about a head office corporate
strategy decision of the type that would have seriously annoyed the AngloGold Ashanti people on the ground
in Salta; imagine working three years at CSR, finally getting the sought after permits and watching as
Argentina becomes one of the hottest pro-mining jurisdictions in the world under its new government, only to
get that memo from HQ at the last moment before the drills start turning.
This data point about the AU decision turns a negative into a potential positive for LMS. Once the termination
period is run, they get back 100% control of a highly prospective property (one the AU people on the ground
in South America always liked) that’s now drill-ready with all permits in place, but they also get it when gold
is U$4,000/oz instead of the U$1,800/oz price when they signed with AU. That alone implies LMS should be
able to get a better deal with its next partner on Organullo and from what your author has heard, there’s
already plenty of interest from third parties about picking up where AU has left off and I know that LMS has
already signed at least one CA to allow them in the data room.
LMS shares dumped to 19c on the news (and I cannot blame the market for that knee-jerk, as my first
reaction was “Oh dear, Organullo is the reason I bought” but once the market had digested the back story,
particularly the corporate decision made to leave Argentina completely and sell its operating mine there, we
saw buyers bring it back to 21c. That’s not a raging bargain and I’m not going to add just yet, but LMS is
definitely not one to sell on this news and once it secures a new partner looking to add a big tonnage open
pit project that may hold multiple millions of gold ounces, the terms of the new deal could bring extra
financial life to other parts of LMS. I would not criticize you for buying at these levels.
Orecap Inv (OCI.v): We keep an eye on the underlying value shares via our liquid-ish assets chart…
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.52 6.13 2.5
ARIC.v 7.39 0.58 4.29 1.7
ARIC warrant 4.17 0.38 1.58 0.6
XXIX.v 22.992 0.13 2.99 1.2
KTR.v 42.75 0.07 2.99 1.2
MERG.v 1.025 0.475 0.49 0.2
MERG warrant 0.5125 0.075 0.04 0.0
MIS.cse 24.709 0.05 1.24 0.5
subtotal 19.74 7.9
Est.cash 0.03 0.0
Total 19.77 8.0c
At 248.332 S/O
….which puts a backbone of hard value of 8c/share, lower than last week mostly due to weakness in ARIC
and KTR, but still offering plenty of value. We repeat (until blue in face) that the above does not include the
14

latent value of its land assets such as McGarry, which alone has the potential of doubling the OCI market cap
in the event of a deal with Lucky Pierre next door at Gold Candle. If only for that, there’s a lot to like here.
West Red Lake Gold (WRLG.v): I am, like many of you (I have the mails), aware that WRLG hasn’t been
a stellar performer in the last few days. It depends on where you draw the line, but this one-month
comparative against GDXJ is a reasonable showing of that
weakness. It’s not that bad at first sight, hardly the first
time I’ve had a 5% lagger to the median, but it’s also a
stock that should be in the process of re-rating into the
end of the year and then 2026 as Madsen goes cash flow
positive. So yes, I’m somewhat concerned (and my
neurosis needs something to work on), but to date we’ve
had nothing to divert the narrative away from that of
“steady progress being made” and in the case of Madsen,
I much prefer the conservative route to that of trying to
wow an audience early on and then scrambling to live up
to expectations. We know the mistakes made at this
project by previous operators.
Minera Alamos (MAI.v): One phenomenon that happens when stalwart support turns sour is that the
spurned become hyper critical, so when Minera Alamos (MAI.v) published this NR last Tuesday (7) I wasn’t
the only one to notice the poor grammar in the text, the mis-spelling of the company CEOs name, the way
the NR went out 7am ET but wasn’t available on the website until nearly 11am ET and the way its mail blast
first went out with the headline from the previous NR about Blasutti. I know because I have the social media
conversations and e-mail exchanges to prove it. Details perhaps, not particularly substantive on the great
scheme of things for sure, but they do point to a lack of organization that leaves a company open to sniping
and moaning. From me, for example.
Anyway, details and griping aside the NR was a reasonable fist at putting a good foot forward and
announcing the official start of New MAI, with the company emphasizing its ownership of Pan production for
the whole of Q4 (and beyond, of course) and if I had to pick one bullet point from the NR to highlight, it
would be this one…
Mine plans are being updated to incorporate current gold prices which is expected to increase gold
production moving forward along with a corresponding expansion of site mining and crushing
capabilities.
…as it’s a timely reminder that MAI firmly believes that with the addition of some simple and inexpensive
equipment upgrades it can quickly increase tonnage throughput at Pan and therefore production. That’s for
2026, right now we’re told the mine is on course to meet its (EQX set) guidance for 2025 and to “… Q3, 2025
YTD gold production was approximately 26,100 ounces at approximately US$1,675 AISC per ounce sold.” To
be exact, here’s the updated production chart for Pan and the 3q25 number of 10797 oz was the best
production quarter for three years (i.e. EQX squeezing what it can get before handing over the keys; I mean,
if you sell a sports car you’d probably take it out for a spin the night before the deal closes, if only for old
time’s sake). The 26,138 oz produced so far this year, plus the expected 8,500 oz to 9,000 oz from Q4,
means Pan will hit the mid-point of its 2025 guidance of 30k oz to 40k oz. As for what that might mean for
MAI, the ballpark math goes something like this:
Gold price: U$4,000/oz Pan Mine: Gold produced, per qtr
AISC: U$1,700/oz
EBIT margin: U$2,300/oz
Sales: 9,000 oz
Profit: U$20.7m (C$28.75m)
No difficult math there, but that doesn’t make it inaccurate
and clearly, $20m is good money for what, until August,
was a cash-strapped company. Once the market sees that
type of calculation some time in early January, then
realizes it will be equaled or bettered for all upcoming
2026 quarters (and beyond), then checks the market cap
15
1009 31901 35101 04411 35701 48301 9279 91501
0676
6459 0729 1969
0707
1728 79701
14000
12000
10000
8000
6000
4000
2000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
Oz Au
source; Calibre/Equinox filings

of MAI (let’s say U$300m to keep things rounded), then sees its growth pipeline, the new money will forget
about the complaints of the old holders. I’m holding until then.
Red Pine Exploration (RPX.v): RPX kept the soft
marketing campaign going with this NR (8), announcing the
start of “…Near-Surface Definition Drilling as Preliminary
Economic Assessment Progresses at Wawa Gold Project”, a
9,000m drill campaign aimed at defining near surface gold,
as well as other matters connected with the planned PEA at
Wawa due mid-2026. RPX has quietly gained momentum
and that shows in this 12-month chart, with volume for a
tinycap a pre-requisite for any price move that sticks. The
price breakout at the start of October has held nicely,
despite gold’s own peak and drop, we’re also guaranteed a
regular run of news from Wawa and the build towards that
PEA. At its current C$63m (U$45.4m) market cap, you’re getting a lot for a little.
Rio2 Ltd (RIO.to): What a time to be alive, another great week for our Top Pick and here’s a 2025 YTD
chart to prove it:
C$2.35 is another ATH for the stock, we’re knocking on the
200% win level now and while that’s a great result, we still
have a lot left in the pipe for this trade. It’s worth reminding
readers that the current C$4.13 price target, set in IKN855
dated October 12th 2025 via the fundies note “Why our Top
Pick is going even higher”, is based on a whole bunch of
deliberately conservative input parameters and U$3,500/oz
gold. If you’re worried about gold’s drop to U$4,000/oz
that’s your prerogative but if you only listen to me about one
thing as subscriber, someone who pays good money to read
my words on a weekly basis, make it this: Own Rio2 stock.
The Copper Basket
After forty-four weeks of 2025, The Copper Basket shows a gain of 84.63% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 Trilogy Metals TMQ.to 1.65 164.1 1022.34 6.23 277.6%
2 SolGold (GBP) SOLG.l 6.92 3001.11 516.19 17.20 148.6%
3 Atex Resources ATX.v 1.43 279.21 723.15 2.59 81.1%
4 Arizona Sonoran ASCU.to 1.47 174.6 689.67 3.95 168.7%
5 Aldebaran Res. ALDE.v 1.90 169.914 645.67 3.80 100.0%
6 Faraday Copper FDY.to 0.74 205.516 462.41 2.25 204.1%
7 Regulus Resources REG.v 2.05 124.659 392.68 3.15 53.7%
8 Hercules Metals BIG.v 0.55 289.289 179.36 0.62 12.7%
9 Hot Chili HCH.v 0.67 175.07 145.31 0.83 23.9%
10 Element 29 Res ECU.v 0.63 136.924 142.40 1.04 65.1%
11 Andina Copper ANDC.cse 0.16 211.085 94.99 0.45 181.3%
12 American Eagle AE.v 0.69 173.377 90.16 0.52 -24.6%
13 XXIX Metal XXIX.v 0.11 304.79 39.62 0.13 18.2%
14 Copper Giant CGNT.v 0.315 143.08 35.77 0.25 -20.6%
15 Kobrea Exploration KBX.cse 0.60 35.622 17.10 0.48 -20.0%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 84.63%
16

The basket average dropped for the second week The Copper Basket 2025, weekly evolution
running, but this time by only 0.42% and mostly due to 100%
90%
a hangover from a recent wild party. There were seven 80%
70%
losers (ATX.v, SOLG.l, TMQ.to, HCH.v, ECU.v, KBX.cse, 60%
50%
CGNT.v), two unchanged stocks (AE.v, XXIX.v) and six
40%
winners (ALDE.v, REG.v, ASCU.to, FDY.to, BIG.v, 30%
20%
ANDC.cse) and among the winners were four big movers 10%
0%
in Regulus (REG.v up 22.1%), Arizona Sonoran (ASCU.to -10%
up 19.7%), Faraday (FDY.to up 14.2%) and Aldebaran -20%
(ALDE.v up 10.1%). Under normal circumstances, that
bunch of big winners would be enough to tip the
balance but this time they were up
against the retracing Trilogy (TMQ.to
down 25.7%), which last week came off
the excesses of its big State-sponsors
rocket move.
As for copper the metal, the week-over-
week result is basically UNCH but that’s
not even half the story, as seen in our
standard choice of visual, the near-dated
Comex futures chart (right). Volatility is
the name of the game and the spike
midweek to over U$5.25/lb wasn’t a
record for the Comex, due to the way the
market was bent out of shape by the
Trump tariff fun earlier in the year, but it
was a new record where it most matters as seen in our second choice of chart today, scalped from the LME
website (9):
This got the commentariat out in full force (of course), for example this piece in Reuters by house mancrush
Andy Home (10) that went with the unusually bullish title line “LME copper hits record highs as funds and
fundamentals align”. Unusual for the normally balanced views of Home, at least. As usual he covers several
angles and it’s worth reading all his words on that link, but I found this segment particularly interesting:
But low LME stocks are also a powerful disincentive to run a short copper position, as someone found out
earlier this month when the cash premium over three-month metal briefly flared out to $224 per ton.
That spread has since flipped back to contango but at $25 per ton, it's a far cry from the $90 plus levels seen
as recently as August.
That's because the unwind of the U.S. tariff trade has got stuck.
Even though any possible U.S. import tariff on refined metal has been pushed back to July next year at the
earliest, the CME spot price is still trading at a hefty $300-per ton premium over the LME price and higher still
on a forward basis.
The import arbitrage is still open and the United States continues to draw in copper, Richard Holtum, chief
executive of trade house Trafigura, told the LME Week Seminar earlier this month.
17
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 dn2von
source: IKN calcs

The pace of shipments to U.S. ports has likely slowed but the knock-on effect is continued downward pressure
on LME stocks.
A burst of Chinese deliveries to LME warehouses in July lifted LME inventory to 159,000 tons but registered
stocks have since dropped back to just 135,350 tons with only a small 30,477-ton extra cushion in off-warrant
storage.
The China tap seems to have been turned off for now. Exports of refined copper surged to 118,400 tons in
July, the second highest monthly tally this century, but September's count was a lowly 26,400 tons, much of it
destined for Thailand and Vietnam, neither of which hosts LME warehouses.
In other words, the arb to North America still exists due to the latent threat of copper tariffs once Trump’s
the 12 month grace period is over, that’s causing the influx of inventory into Comex stores that would
normally end in LME stores. As such, LME is strapped for physical and that’s scaring off those who would
normally take short positions (either as speculation or for standard reasons to guarantee a delivery price).
Another interesting story for copper world last week came from Bloomberg, here’s the link (11) and here’s
how it starts:
China should consider imposing a ceiling on domestic copper, zinc and lead production capacity to
tackle cutthroat domestic competition, according to the country’s main metals association.
China Nonferrous Metals Industry Association is urging the country to consider the move to curb new
capacity, copying a practice the government did with its giant aluminum industry, the group said in a
Thursday statement following its quarterly briefing.
Copper is heading for its best monthly gains on the London Metal Exchange since September,
buoyed by supply disruptions at major mines across South America, Africa, and Asia. The resulting
shortage of raw material has eroded smelters’ margins, with spot treatment charges remaining in
negative territory.
The association said last month it submitted proposals to the central government recommending strict
controls on new copper projects as domestic smelters warned about competition driving processing
fees to historical lows and threatening the industry’s health.
The government in China, the world’s largest producer of industrial metals, has been leading a broad
push against excessive competition in key industries such as steelmaking and solar production after
years of capacity growth. The expansions have dragged down profitability and contributed to deep-
seated deflationary pressures across Asia’s largest economy, just as Beijing seeks to push back
against a trade war with the US while reversing a property-market slump.
“Involution-style” competition — a term commonly used to describe the country’s intense, self-
harming industrial race — has also reduced Chinese companies’ pricing power in raw material
purchases, trimming profitability and hurting sustainable development, the association said.
The Chinese “survival of the fittest” method of running its economic sectors, which allows free-for-all
competition until the weakest die off, at which point the State moves in and happily sponsors the winners,
has been on show in the smelting sector for some time and the overcapacity now built in is one of the root
causes of the fight for concentrate (along with the well documented recent supply crimp and the continued
steady rise in demand). We may be seeing the end of that particular era, though China has to be concerned
about maintaining supply to end users. What we do know is that the bottleneck isn’t at the smelters.
On the subject, we move to consider inventories and as it’s the end of another month, we first take in the
long-term trend charts:
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
18
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes
Mt Cu
Comex
Shanghai
LME source: Cochilco

Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
19
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes
LME Shanghai Comex source: Cochilco
The story continues to be all the Comex all the time, with 56% of the copper held by the futures market
systems now under its roofs. The top chart identifies the only other time when we had something similar,
that was back in 2017 and 2018 when the world and the copper market was a very different place and the
metal traded at between U$2.60/lb and U$3.20/lb. Also, back then there was ample amounts of copper also
held by LME and SHFE warehouses so it’s fair to say the current situation is unprecedented.
We move to our regular weekly segment on copper inventory movements, with data direct from the three
system websites because All Saints is a thing in Chile and the country gets a public holiday. Quite right, too.
 The conflict between weak near-term demand and the widespread assumption of supply shortages
continues, with prices doing what they’re doing above the U$5.00/lb line (see above) while copper
stocks in the three official systems continue to creep higher. This week, the aggregate increased by
17,582 metric tonnes (mt) to close at 556,137mt.
 Most of that was added at the Shanghai SHFE warehouses and I’ve banged on about this for
several weeks, but that is unusual for this time in the seasonal cycle. This week, stocks added
11,348mt to close at 116,140mt and as seen in our regular visual below, if that continues into
November it will be time to ring an alarm bell.
 We’ve documented a series of small draw downs in LME copper inventory recently and this week
adds one more to the list, with stocks dropping by a modest 1,150mt to close Friday at 136,100mt.
 Comex continued its established trend and added another reason to assume weak end user
demand in The USA. The addition this week was 7,384mt and slightly higher than the last few
weeks, the total this time comes to 322,629mt and as seen in the monthly tracking chart above,
Comex now accounts for 58% of all the copper stored for delivery on futures contracts. The Roach
Motel, writ large.
Our dedicated SHFE chart shows the trend higher, as SHFE moves further away from what can be considered
a danger zone for stocks levels. This data state there’s no problem for end users to secure copper on the
Chinese mainland and the numbers don’t care what Robert Friedland would say otherwise.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
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
It all adds up to a perplexing market, with the world betting on a supply shortfall for 2026, now widely
predicted by the market but the data showing weak demand in a period when you’d normally expect buyers
to step up and re-stock. If we add into the mix the way physical copper is being moved to North America to
take advantage of the price arbitrage but even that Roach Motel tonnages don’t seem to be crimping supply
to the people that actually use copper, then add in the recent run to over U$5.00/lb and what’s beginning to

look like a crowded trade on the long side and even your author, the bull on copper, senses danger in the air
and started unfurling the yellow flags.
The Producer Basket
After 44 weeks of 2025, the Producer Basket shows a gain of 108.94% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 89.71 80.97 117.5%
2 Agnico Eagle AEM 78.21 502.579 80.82 160.81 105.6%
3 Barrick B 15.50 1705.994 55.96 32.80 111.6%
4 Franco-Nevada FNV 117.59 192.119 35.86 186.63 58.7%
5 New Gold NGD 2.49 791.7 5.81 7.34 196.0%
6 B2Gold Corp BTG 2.44 1322.986 5.81 4.39 79.9%
7 Eldorado Gold EGO 14.87 201.275 5.16 25.64 72.4%
8 OceanaGold OGC.to 11.94 231.127 5.15 31.37 162.7%
9 Sandstorm SAND 5.58 296.844 3.60 12.12 117.2%
10 Wesdome Gold WDOFF 8.98 149.891 2.26 15.06 67.7%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 108.94%
A second negative result in as many weeks (and three of the last four) here as well, but the 2.09% loss to
the basket average was a lot milder than the waterfall hit taken the previous week and indeed, we note gold
bullion’s drop of 2.49% (GLD proxy) was heavier than that of the main precious metals producer ETFS such
as GDX (down 1.0%) or GDXJ (down 1.3%). There are plenty of potential reasons for the mining equities
doing less worse than their principle product, but bargain hunters who see stocks valued using Q3 gold prices
is one of the most obvious.
Seven of the ten basket components were losers (NEM, AEM, FNV, BTG, EGO, OGC.to, WDOFF) and most of
those were small losses, the clear outlier being the big drop in B2Gold (BTG down 15.7%) as its exposure to
Mali continued to cause it pain. The now delisted Sandstorm will be UNCH for the rest of the year, while of
the two week-over-week winners (B, NGD) the big move came from New Gold (NGD up 13.1%) with its
impressive 3q25 numbers.
The 2025 Producer Basket: Weekly performance and
140% comparative to GDX control
120%
100%
80%
60%
40%
20%
0%
B2Gold (BTO.to) (BTG): Our “Four Reasons To Buy B2Gold”, somewhat longer than the average set of
notes in this section, appeared in IKN853 dated September 21st and for five weeks after that, the stock
proceeded to out-perform and make me look
smarter than I am. Right up until last week, that
is (chart right):
Splat: And once again the weak link in the BTG
story is Mali, which provided a double dose of
negative political risk news that sent speculators
(and perhaps even some longer-term investors)
running for cover. First up was the news
Wednesday evening that Mali had revoked the
20
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS ht41 ts12 ht82 ht5tco ht21 ht91 ht62 dn2von
The 2025 Producer Basket: Percentage diff. between
10% GDX benchmark & basket (negative= IKN ahead)
8%
ikn 6%
gdx control
4%
2%
0%
source: IKN calcs -2%
-4%
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS ht41 ts12 ht82 ht5tco ht21 ht91 ht62 dn2von
source: IKN calcs, NYSE data

concession licences for 90 projects up and down the country, with holders including bigger name companies
in the country (12).
ACCRA, Oct 29 (Reuters) - Mali has revoked more than 90 mining exploration permits, including those held by
subsidiaries of international mining companies, according to an official decree seen by Reuters.
Companies affected include local subsidiaries of Harmony Gold (HARJ.J)
, IAMGOLD (IMG.TO), Cora Gold (CORAC.L), Birimian Gold, and Resolute Mining (RSG.AX).
The holders failed to comply with new legal requirements, the mines ministry said in a statement on Wednesday.
The decree does not give reasons for the revocations but states that all rights conferred by the permits are
"released", and the areas covered by them are now open for reallocation.
“Permit holders were asked to submit required documents under new mining rules, but after verification, authorities
found widespread non-compliance,” the statement said. “As a result, the government has canceled the permits in line
with mining legislation.”
The ministry did not clarify whether companies can appeal or reapply.
Then came the latest round of scare stories about the rising Al-
Qaeda/Islamic insurgency, which has apparently made significant
battlefield gains in the North of the country and now, to a greater or lesser
extend (depending on your news sources) was threatening the capital city
and the overthrow of the sitting government, with all the chaos you could
imagine ensuing if that came to happen.
The visual (right) being the WSJ version of the story, as published
Thursday lunchtime, which also pointed out The USA had issued a citizens’
advice notice to leave the country and along with other countries such as
The UK and Italy, was recalling all non-essential personnel from its
embassy. Never a good sign and it was enough for investors to act with
their feet. BTG wasn’t the only victim of selling Friday, with Mali-exposed
big names such as UK-based Allied Gold and Australia’s Resolute Mining
taking their hits among others, but BTG has more exposure than most and
that showed clearly. So much for my bright idea about BTG being a
takeover target, not easy to imagine a larger miner willing to buy this
much risk into its structure without a suitable discount.
New Gold (NGD): Not so difficult to spot when NGD reported its quarter last week (13):
The market rewards EPS and while the balance sheet at NGD still isn’t the most robust thing out there, the
reaction you see in that price chart above was all about this:
NGD: Mine Op. Earnings
300
250
200
150
100
50
0
-50
21 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
$m
source: company filings, IKN ests

Not just record earnings, but a complete blow-out in both top-line and margin, with NGD reporting revenues
of U$462.5m and mine operating earnings of U$261.8m. As seen in the main tracking chart below, op-ex
moved up significantly to U$131.2m, some $20m over the average for the last three quarters, but nobody
seemed to care. Mine Operating Earnings per share of 29.5c implies a forward price ratio of 6.2X, which isn’t
massively cheap but when we consider that gold has added another U$500/oz or so since Q3 ended, there’s
decent fundamental reasons to expect this new price deck to stick.
NGD: Quarterly Earnings Overview
22
6.102 2.711 3.92 4.481 9.401 2.52 3.102 5.701 53 2.991 8.021 4.21 1.291 8.601 6.22 2.812 5.901 9.83 252 6.701 1.68 2.262 4.211 1.39
1.902
4.301
5.84
4.803
111
4.131
5.264
2.131
8.162
500
450
400
350
300
250
200
150 100
50
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
$m
revenues
op-ex
deprec/deplet
Mine Op Earnings
source: company filings
That said, NGD needs to make money and pay down its debt pile because on a straight asset valuation, it’s
now expensive.
5.5 NGD: Price/Book ratio
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
21q4 31q2 31q4 41q2 41q4 51q2 51q4 61q2 61q4 71q2 71q4 81q2 81q4 91q2 91q4 02q2 02q4 12q2 12q4 22q2 22q4 32q2 32q4 42q2 42q4 52q2 WON
source: company data, NYSE, IKN calcs
EDIT Monday midday: As this is going out Monday evening instead of Sunday, it would be silly not to mention
today’s news (14):
“Coeur Announces Acquisition of New Gold to Create a New, All North
American Senior Precious Metals Producer”
The all-share deal has a ticket price of U$7Bn and “New Coeur” will be roughly comprised of 2/3 CDE shares,
1/3 NGD. The deal trumpeted “…a 16% premium to the October 31, 2025 closing price of New Gold on the
NYSE American…” but as things turned out today, the market was less impressed with what it means to the
target:

Despite popping 4% on the news early today, NGD took more of a cue from the broad market selling and
with CDE weakened, closed down 0.8% on the day and -1.15% over the two days on the above chart. Maybe
the market would have been happier with a deal that talked the premium over VWAP, instead of a Friday
close that came off a rocket move. To round off, after thinking twice I feel the need to mention I made a
small edit to the original note above, as the very last sentence “…a straight asset valuation, it’s now
expensive” didn’t end there. Instead it finished “…unless we’re about to see an offer”. A day late and a dollar
short and something that would have looked a lot better had I been more productive over the weekend and
got this edition out on time.
And a word on Wesdome (WDOFF) (WDO.to): Anyway, NGD is now under offer and I can’t see this one
failing, so thoughts turn to what this might mean for the wider market and personally, the first name to pop
up in my mind this morning was that of Wesdome (WDO.to) (WDOFF). Similarly positioned in the market to
NGD (there aren’t many Canada midcaps with two working gold mines) and an obvious target despite its
niggling issues at Kiena, the reason WDOFF made the 2025 list is its M&A potential.
Agnico Eagle (AEM): Wednesday evening saw AEM
report its 3q25 and as the comparative chart with GTDX
shows (right), the market shrugged at the numbers to
the point where it doesn’t really matter which line is
which (AEM is the black one, if you care enough).
Nothing at all wrong with record revenues and record
profits of course, with free cash flow over the one billion
line again, but assumptions of records were already
baked into the share price. What wasn’t baked in was
the U$50m hike in costs compared to 2q25, which ate
some of the margin and has taken a little shine off
AEM’s reputation as being the go-to major for low cost
gold ounces.
AEM: Revenues from mining operations vs
production costs, per qtr
This chart shows AEM is still running an eye-popping operating margin of 72.6%, it’s a great profit-maker in
absolute dollar terms and was the company most on
my mind while composing today’s “That’s not a knife”
intro rant (above) on the money machines of our
sector. However, that margin didn’t improve by much
next to the improvement in the gold price, that’s what
those extra U$50m in costs does.
These charts track the margin advantage AEM holds
over the #1 in the sector and main rival for investor
sponsorship, Newmont (NEM) and while AEM has built
a reputation for being the most efficient Tier 1 stock
out there, NEM has been eating into its advantage
recently. The AEM margin of U$2,220/oz is, of course,
an impressive figure and testimony to its Licence To Print Money status at present, but NEM at U$1,973/oz is
23
7.9051
1.356
2.8171
3.347
4.2461
4.957
6.6571
5.777
8.9281
6.387
6.6702
0.277
6.5512
7.387
7.3222
9.647
2.8642
7.767
1.6182
2.987
5.9503
3.938
3250
3000
2750
2500 2250
2000
1750
1500 1250 1000 750
500
250
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m AEM: Operating margin, per qtr
Revs
COGS
source: company filings
25.658 49.479 00.388 91.979 42.6401 46.4031 69.1731 48.6741
25.0071 19.6202
12.0222
2200
2000
1800
1600
1400
1200
1000 800 600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m
source: company filings
AEM: operating margin as percentage
of gross revenues, per qtr
%7.94
%9.75 %6.95 %0.65 %0.65 %7.35
%9.05 %1.05
%4.85 %7.45
%8.15
%7.65 %7.65 %8.35 %7.55 %2.75
%8.26 %6.36
%4.66
%9.86
%0.27 %6.27
75%
70%
65%
60%
55% 50%
45%
40%
35%
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings, IKN calcs

no slouch these days either and the cap, now, U$247/oz, is down from the U$465/oz we saw in the same
quarter of 2024.
AEM and NEM: Margin/Oz Au, per qtr
2400 NB: AEM = operating margin, NEM = received price minus AISC
2200
2000
1800
1600
1400
1200
1000
800
600
400
24
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
$/oz Au
AEM
NEM
source: company filings, IKN calcs
Margin per ounce, AEM over NEM
723
284
983
064
593
025 564
792
804
003 742
$/oz Au
550
500
450
400
350
300
250
200
150
100
50
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company data, IKN calcs
Overall, I think the market got the AEM Q3 correct and at these elevated equity levels, it needs to do the
extraordinary to retain its valuation.
Eldorado Gold (EGO): The other one of our ten to report last week (15) was Eldorado Gold (EGO) and
once again, left the taste of disappointment in the mouth of your author. I no longer own the stock, but did
so in the expectation it would out-perform in 2025 and that was a mistake. Its Q3 was the epitome of
“market perform” and while eyes are now trained on the Skouries growth project, now in its final stages
before going into production (the company released a decent little YouTube video to its channel with a drone
flying over and showing the near-finished mine), the rest of 3q25 was lacklustre. Production was at the low
end of guidance due to issues at Kisladag and the knock-on effects of the Q2 strike action at Olympias:
EGO: gold production breakdown, per qtr
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
Oz Au
Kisladag Lamaque
Efemcukuru Olympias
source: company filings
Revenues at U$434.7m were lower than Q2, despite the gold price improvement. All other revenue metrics
also dropped, with lower by-product credits from the polymetallic Olympias taking a toll on AISC

EGO: Earnings overview
25
730.403
17.56
769.752
01.06
141.792 54.09 857.133 69.99
517.534 88.861
542.553 32.411
427.154
09.571
727.434
27.071
500
450
400
350
300
250
200
150
100
50
0
32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m
revenues
gross margin
mine op earnings
op. earnings
source: company filings
On that subject, the other concerning factor was the revised 2025 costs guidance, as even if it comes in at
U$1,625/oz, i.e. toward the lower end of the new $AISC range of U$1,600 to U$1,675, implies a 4q25 AISC
of around U$1,750/oz and that would be a significant hike from even this expensive quarter.
EGO: Cost per oz Au profile, per qtr
147 6421 667 4811 197 6921 896 7711 617 7021 229 2621 049 1331 359 5331 449 6221 3511
9551
4601
0251
5911
9761 0571
2000
1800
1600
1400
1200
1000
800 600 400
200
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$/oz Au
cash op costs
AISC
source: company filings
The market gave EGO a pass last week, but that only means it still remains an under-performer in 2025. One
of my bad mistakes this year was to champion its cause, I’m going to stick to smaller caps going forward.
The TinyCaps List
After 44 weeks of 2024, the TinyCaps show a gain of 38.48% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 10.84 0.08 -52.9%
Condor Res CN.v 0.145 149.913 24.74 0.165 13.8%
Electrum Disc ELY.v 0.13 98.995 6.43 0.065 -50.0%
Endurance Gold EDG.v 0.145 176.296 47.60 0.27 86.2%
Kodiak Copper KDK.v 0.39 85.7 65.13 0.76 94.9%
Latin Metals LMS.v 0.08 121.915 25.60 0.21 162.5%
Mogotes Metals MOG.v 0.13 374.759 103.06 0.275 111.5%
Radius Gold RDU.v 0.085 107.554 15.06 0.14 64.7%
South Star STS.v 0.55 69.2 12.46 0.18 -67.3%
Viva Gold VAU.v 0.14 145.53 24.74 0.17 21.4%
Prices in CAD$, data from TSXV basket avg 38.48%
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 lost another 5.5% last week, with two
60% TinyCaps, 2025 weekly tracker
winners (EDG.v, KDK.v) and two unchanged stocks (CN.v,
50%
RDU.v) not enough to counter the weight of six losers
40%
(BRO.v, ELY.v, LMS.v, MOG.v, STS.v, VAU.v). However,
30%
most moves were reasonably small and the only double
20%
figure percentage mover was the loss in Latin Metals (LMS.v
10%
down 12.5%) we covered in Stocks to Follow, above.
0%
Overall, another quiet week here at the tiny end of the -10%
market and the action is certainly in other places.
NB: Please be clear that The TinyCaps list is NOT a list of recommended
tinycap stocks. It is a list of companies with market caps of under $25m
offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or several of these
stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Chile: The Round One Presidential election next Sunday
We’re not expecting an outright winner, we are expecting Jeannette Jara to take the first place in Round One
next Sunday, we’re also expecting José Antonio Kast to join Jara in the run-off set for December. The last set
of polls out on Friday showed some support coming for “Chile’s Milei” Johannes Kaiser and he’s now in a clear
third place behind the frontrunners, it’s still highly unlikely he’ll challenge Kast for that all-important second
spot but to be fair, late surges are a part of LatAm elections these days so it’s fair to call that the only
potential surprise for next Sunday. This time next week we’ll have the results and there’ll be more on Chile
than this small primer paragraph.
Argentina: The financial/political/mining fall-out from Milei’s midterm victory
Last week we went with a mouthful of a title line as our initial reaction to the results of the Argentina
elections, “Midterm election results are positive for President Milei and for its mining industry” and as it turns
out, that was the understatement of the week. As the results rolled out, it became increasingly obvious that
not only had the government candidates done well, but they’d performed at the very top end of expectations
and had scored a significant victory over the traditional Peronist opposition. There are concrete results to that
victory, such as the new make-up of the country’s Congress, but at least as important are the psychological
victories for Milei and his team that, taken as a whole,
have handed him a clear mandate to continue with his
reform policies. Here’s a visual of what the financial
thought of the result. The main NYSE-listed ETF that
tracking the Argentina stock market and is a reasonable
proxy to the country’s Merval index rose by 27.1% in a
week, an astounding result for an entire market and
among the components were component stocks that went
up by 100% or more, including major local banks. Big
moves, for sure.
Before reaching our focus subject of mining, a couple of
details on the political side of the result starting with the
lower house of deputies; With 257 seats, the magic
number to table and vote on laws is 129 and previously, the Milei bloc got nowhere near that number but as
from December, the combination of La Libertas Avanza (LLA, i.e. the Milei alliance) and PRO (the Macri
alliance that will always vote with Milei on any matter of consequence) comes to 107 seats. Once you add in
independent members of Congress who are sympathetic to the Milei cause (e.g. right wing politicos
26
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 dn2von
source: IKN calcs, TSX data

representing specific provinces) the number adds up to 127. Meanwhile, the hard opposition to Milei (the
Peronist Fuerza Patria party, plus left wing parties that vote the same way) now comes to 106 seats.
That a bit of a number mess, but the upshot is 127 for Milei vs 106 against him, which leaves 24 seats
deemed by most observers to be independent. Of those, Team Milei is highly likely to be able to garner the
support of the two or three it would require for a simple majority in the lower house (for example, this report
(16) identifies three new independent members of Congress for the Northern city of Tucumán that would be
sympathetic to most of the Milei causes. All this adds up to one thing: As from December, instead of having
to push law changes through by executive decrees (that leave the reforms open to judicial proceedings and
delays, even annulments), he will be able to present, debate and pass laws in the lower house. This is a
massive change in the country’s political backdrop and should not be underestimated by anyone (which is
why it’s just got a couple of paragraphs in a mining newsletter). However, to enact laws they need to pass
the upper house (Senate) and up to last week, that was the main blocking point to any Milei initiative
because he had very little representation and any law that got through the lower house could get shot down
(or severely watered down) by the upper house. Last Sunday changed hat as well and, in rough terms, as
from December the 72 seat Senate will be divided into four buckets:
 LLA and PRO: 24 senators
 Hard opposition: 24 senators
 UCR (centre-ish “Radical” party, erstwhile allies of the Macri PRO party: 9 senators
 Other independent: 15 senators
Therefore the magic number in the Senate is 36 (as the country’s Vice President is given the casting vote in
the event of any tied vote) and while a majority there is not guaranteed, the Milei group now has real power
of negotiation. Or to quote the same local analysis report as above, here’s how one nationally respected
political commentator sees the upcoming parliament:
“Milei now has broader chances of moving forward with those reforms, given the size of the bloc, but
it’s not guaranteed he will be able to do so,” said Lara Goyburu, political analyst and chief executive
officer of the Management & Fit consultancy.
“He will need the support from governors and their allies, as well as the smaller blocs, to pass those
reforms,” Goyburu said. “Those negotiations will be easier, but agreements are not granted.”
The bottom line: The midterm result is a dream scenario for Milei in parliament, who no longer has use the
limited powers executive decree and can send a raft of laws to the lower house and will likely get most to the
upper house, where he may face more opposition but is likely to meet success, especially in the first few
months as he plays the “I Have A Clear Mandate” card with independent members of Congress. Another
factor in the political victory is the manner in which his team won, with results such as a massive 20 point
margin in the Capital, victories in previous Peronist stronghold provinces such as Rio Negro, Chubut, Mendoza
and Jujuy, and most impressive of all the way in which his alliance won the only lower house seat contested
in Buenos Aires province. Not only is ProvBsAs the biggest and most important jurisdiction in the country,
with a third of the country’s population and nearly half of its GDP, but it’s the same province in which the
Peronist opposition won in the September provincial government elections by 14 points. To turn that result
around in less than two months is an amazing result in any province, not least in the zone that the Peronist
opposition considers their backyard. It’s akin to the US Republican party winning California in the next US
Presidential election.
Last but definitely not least, we turn our attention to the mining sector of Argentina and as luck would have
it, as mentioned a couple of weeks ago one of the country’s main mining conferences of the calendar year,
Argentina Mining Cuyo, was scheduled for last week. By all accounts, the three day event in the city of
Mendoza enjoyed a full-on party atmosphere with the industry openly celebrating the result of last weekend’s
vote. This link (17) has a photoshow of the conference and some of its 8,500 attendees for those of you so
inclined, but what was said is more important and for the takeaway sound bite we offer the interview given
by the national government’s Secretary (Minister) of Mining, Luis Lucero, to Forbes Argentina magazine (18).
As arguably the number one mining voice in the country now that Milei’s team has its mandate, Lucero’s
interview was picked up by all national media and here’s the bit that matters:
Last Sunday’s election landslide has generated so much enthusiasm in the mining industry that, in the
next few days, we could see an unexpected increase in applications for the RIGI investment scheme for
multi-million dollar copper and lithium projects.
27

This according to Secretary (Minister) of Mining Luis Lucero during an interview with Forbes Magazine
as part of the Argentina Mining event held in the city of Mendoza. "In the last two days, companies have
told me, “Mr Secretary, we’re going to submit a RIGI application."
When asked by Forbes, Lucero emphasized that last Sunday's election result, "is going to be extremely
beneficial for mining" as "it dispels doubts about whether or not Argentina was ready to continue on the
path opened by this government" and brings a new level of confidence to foreign investors.”
Regarding RIGI, the Milei win means that it’s now much more likely we’ll see the incentive scheme extended
which will allow more large capex projects to apply and get approval. Case in point is Aldebaran (ALDE.v) at
Altar, a copper project tailor made for the RIGI incentives but up until last week was less likely to be at the
point of development where it could apply for RIGI. With Milei being handed a mandate, Altar now
theoretically has the time it needs to complete project work and get far enough down the permitting track to
make it a viable RIGI prospect.
The Forbes interview also asked Mining Secretary Lucero about the challenges still facing the mining industry
and he answered by noting two bottlenecks. Firstly, some provincial laws are strict on the amount of work
that must be given by mining projects to local people and companies (manpower, supply chain, etc) and
mining companies often feel hamstrung with the lack of competition or availability for key contracts. He says
his government will work to try and relax those laws, on a province-by-province basis. Secondly, the
infamous Glacier Law is still on the books and mining companies continue to lobby for a relaxation in those
laws to allow easier permitting and development in high Andean zones (e.g. McEwen Mining’s Los Azules, or
Glencore’s Pachón). So it’s fair to say that even with the big win and the high likelihood of an expanded RIGI,
the Milei government will work in mining’s favour to make the sector as attractive as possible for FDI.
The bottom line: Argentina took a big step forward in the eyes of the world last week and the final result for
the midterm elections was better than perhaps even Milei and his most ardent supporters could have
expected. Perhaps (he’s a notorious bigmouth, after all). He and his alliance now have real power in Congress
and while they don’t have an automatic route to pass laws, we should expect most of his reform initiatives to
go through Congress now and of those, most should pass either whole or earmarked or altered. As for
mining, it’s difficult to imagine a more bullish scenario for companies present and FDI looking in and ready to
invest. The RIGI scheme has been a success and with Milei’s win, we should now see the time extension that
would let our type of project, long lead times and all that, to apply and successfully join. With more provinces
now moving to a pro-mining stance via polls and election results, the green lights are shining for mining in
Argentina.
Market Watching
Amerigo Resources (ARG.to) rallies on its 3q25 results
The market really liked what it saw from Amerigo Resources (ARG.to) on Wednesday morning (19), when our
#1 copper producer trade filed its 3q25 financials
(chart right). That surprised me, but to be fair it’s not
the first time we’ve enjoyed a pleasant market
surprise from this stock in 2025 as the day ARG ran up
on the back of a recommendation from a high-traffic
trading podcast. This time, the market reacted
positively to a set of numbers that came in very close
to the expected, but were pimped by two crowd-
pleasing extras:
 The announcement that its debt is now fully
paid off
 A bump up of the regular dividend from 3c to
4c (Canadian)
The two are related, something this desk pointed out
three weeks ago in IKN855 dated October 12th when checking out the ARG announced production numbers.
That day, the conclusion paragraph included this:
28

“…as at end 2025 ARG is set to pay off the last of its loan and just that would mean it has an extra 1.2c
(Canadian) per share to distribute to shareholders, so as well as the potential of a bonus dividend payment
soon (we suppose end 4q25, it might happen earlier) there’s reason to expect the regular dividend to move to
4c/quarter, which would be a 6% yield at today’s share price.”
I’m going to give myself a bonus point for that prediction and the only thing missed was exact timing, as ARG
has paid down the debt on October 27th rather than at the end of Q4 (which allows it into the NR). Time will
tell as to whether ARG gives us that extra “performance bonus” (as they call it) at the end of Q4 but,
according to my calculations, there should be the width required thanks to what promises to be a good Q4 to
end the year along with the strong copper prices.
ARG: Gross Cu value, Cu revs and Revs total, per qtr
29
582.16 787.26
129.44
379.26 448.96
206.15
397.86 341.66
834.54
519.57
63.37
218.05 989.45 9.95 281.44
729.66 676.76
648.05
312.76 5.86
284.25
80
70
60
50
40
30
20
10
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m Cu gross value
Cu revs
Revs total
source: company filings
As for the results, most of the important numbers as filed were pleasingly close to the house estimates as
seen in IKN855 (feel free to check back if you care enough), with our total revenues calculation coming in
just 0.73% too low. We also got the balance sheet items close enough to be happy, as we guesstimated
assets U$6m too low and liabilities U$4m too high, which balanced out reasonably left a book value (equity)
miss of just 1.89%.
Amerigo: IKN wild guesses vs reality
item IKN ests ARG results % diff
Total revs $52.1m $52.482m -0.73
COGS $37.8m $39.525m -4.56
Op profit $12.8m 11.513m 10.05
Net profit $8.5m 6.663m 21.61
Book Value $105m 106.98m -1.89
source: company filings, IKN ests
The only real misses were in costs, underestimated by 4.5%, that caused a knock-on to an operating profit
miss of just over 10%. Then I got their tax payment wrong, which means my Net Profit guesstimate was out
by 21.6% but as noted on no –end of occasion, what matters at ARG is the operating profit, rather than a net
profit number that’s a bit of a whack-a-mole to predict on a quarterly basis. A closer look at costs told me I
didn’t get specific item particularly wrong, it was more a case of generalized inflation adding 100k here, 50k
there.
ARG: COGS breakdown
45
40
35
30
25
20
15
10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m DET Mo royal
admin
DD&A
other
lime
Mo prod cost
tailings extract
grind media
Maintenance
direct labour
power
source: company filings
We could repeat all the charts as seen in IKN855, but I don’t see much point as the upshot is that ARG
performed much as expected in Q3. Costs slightly higher, revenues right on the button and a balance sheet

that got stronger and will be that much better when the last debt repayment comes off the books at the end
of the year, right on schedule:
ARG: Debt profile
23.285.7
9.410.19.49.9
14.127.114.190.79.27.07.37.07.57.07.67.07.510.38.58.08.47.57.77.07.3
30
9.44
9.13
7.54 8.54 2.14 2.14 0.93 7.63 1.23
8.62 8.62
4.32 5.32 0.02 1.02 6.61 7.61 7.21 8.21 4.01 5.01
4.6 5.6
2.3 4.3
70
60
50
40
30
20
10
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m
long-term borrowings
current borrowings
source: company data
Which begs the question as to why we got that big price pop last week and for me, it’s one of/some of or all
of these:
 The market wasn’t expecting ARG to show well in Q3. We were, they weren’t
 The move to bump up the regular quarterly royalty from 3c to 4c. Definitely a crowd-pleaser
 The announcement of the extinguished debt. Again, we weren’t surprised but the market sure likes things
such as this, as it also guarantees the cash required for the quarterly dividend bump.
 The guidance for a strong Q4. In the conference call and also in interviews (e.g. this one (8) with Atrium),
CEO Davidson told us that the only month truly affected by the El Teniente suspension was August, the
company had successfully shifted its production mix to more historic tailings supply and we should expect
strong final quarter for the year.
 Copper prices and what they imply. Again it’s the math we run on a regular basis, but CEO Davidson told
us that the average U$4.54/lb in 3q25 was already running at U$4.84 for the current quarter, we could be
pushing at a U$5.00/lb average once this quarter is done. At 17.5m lbs copper, every 20c implies U$3.5m
in extra income.
Overall I’d call any of those as a catalyst to ARG, but also a more general point that a C$3+ share price is
fully justified and it’s only the market giving the company a valuation it deserves, one we expected. But
whatever the main reason, the conclusion we came to at the end of IKN855 is as true today as it was then: I
wish they were all this easy. Own some.
Conclusion
IKN858 is done, we end with just one (and a bit) bullet point:
 A day late, but I wanted to get the XXIX.v Metal Corp argument right and as well as making sure the
Value Trap angle is understood, also managed to pare it down from about 15 pages to what you see
above. I like this one’s chances from here, the market set-up makes it the right cheap and
overlooked stock at the right time.
 But whatever happens, make Rio2 the one that matters.
I thank you in advance for any feedback. Our Top Pick stock is Rio2 Ltd (RIO.v). Flash updates will be sent if
required by events.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://coingape.com/waller-signals-december-fed-rate-cut-despite-powells-no-more-cuts-stance/
(2) https://mktnews.com/flashDetail.html?id=019a3c09-cc48-7ccc-9901-c4c9d1f48749&s=03

(3) https://x.com/Barchart/status/1984430989142118579?t=pG6hdtAZsqcYGFMt4mJ-ig&s=03
(4) https://xxix.ca/news/xxixs-opemiska-pea-confirms-positive-development-potential/
(5) https://xxix.ca/news/xxix-metal-corp-thanks-chapais-residents-for-active-participation-in-opemiska-project-consultations/
(6) https://latin-metals.com/news-releases/anglogold-ashanti-terminates-option-for-organullo-gold-project-salta-province-argentina/
(7) https://mineraalamos.com/news/2025/minera-alamos-re-affirms-2025-production-guidance-and-provides-update-on-pan-mine/
(8) https://redpineexp.com/wp-content/uploads/2025/10/Red-Pine-Drilling-Program-Starts-October-2025-Final.pdf
(9) https://www.lme.com/en/metals/non-ferrous/lme-copper#Price+graphs
(10) https://www.reuters.com/markets/commodities/lme-copper-hits-record-highs-funds-fundamentals-align-2025-10-30/
(11) https://www.bloomberg.com/news/articles/2025-10-30/china-a-top-metals-group-calls-for-ceiling-on-copper-capacity
(12) https://www.reuters.com/world/africa/mali-revokes-over-90-mining-exploration-permits-2025-10-29/
(13) https://newgold.com/news-events/news/news-details/2025/NEW-GOLD-REPORTS-THIRD-QUARTER-2025-RESULTS/default.aspx
(14) https://www.coeur.com/investors/news/news-details/2025/Coeur-Announces-Acquisition-of-New-Gold-to-Create-a-New-All-North-
American-Senior-Precious-Metals-Producer/default.aspx
(15) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-reports-solid-q3-2025-financial-and-operational-results
(16) https://buenosairesherald.com/politics/heres-mileis-path-through-argentinas-congress-from-december
(17) https://www.mdzol.com/dinero/curiosidad-joven-y-clima-profesional-asi-se-vivio-la-fiesta-la-mineria-mendoza-n1375120
(18) https://www.forbesargentina.com/negocios/el-secretario-mineria-anticipa-boom-rigis-tras-triunfo-milei-ultimas-elecciones-n80782
(19) https://www.amerigoresources.com/_resources/news/nr-20251029.pd
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
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Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
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Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
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Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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