IKN #859Premium

The IKN Weekly
Week 859, November 9th 2025
Contents
This Week: In today’s edition, Gold: The dance goes on, Tax Loss Selling season is upon us.
Fundamental Analysis: Wesdome Gold (WDO.to) (WDOFF) is ripe for the picking.
Stocks to Follow: Overview, Electrum Discovery Corp (ELY.v), Gold Royalty Corp (GROY), Arizona Metals
Corp (AMC.to), Latin Metals (LMS.v), Orecap Inv (OCI.v), Marimaca Copper (MARI.to), Minera Alamos
(MAI.v), Amerigo Resources (ARG.to), Rio2 Ltd (RIO.to).
The Copper Basket: Overview.
The Producer Basket: Overview, B2Gold (BTO.to) (BTG), New Gold (NGD), Barrick (B).
The TinyCaps Basket: Overview, Kodiak Copper (KDK.v).
Regional Politics: Chile: The Round One Presidential election is next Sunday, not this Sunday, Peru: A
primer on the 2026 election, Bolivia’s new President.
Market Watching: deferred.
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 event takes a look at Wesdome Gold (WDO.to) (WDOFF) in light of its 3q25 financial
results, what we expect of the company in the next five quarter and in light of the news that Coeur
(CDE) is buying New Gold (NGD), a similarly positioned gold mining stock. The stars are finally aligning
for WDO and as it moves into a cash harvest mode, it seems the only questions left to answer are who
buys it, when do they bite and how much do we think a buyer will be willing to pay.
 A tough week for the junior mining sub-sector, which fared worse than the seniors as nerves again
start to show among traders and investors. We’re here to remind you that the bull run is far from over,
as well as pointing to the opportunities that temporary selling dips throw us. This weekend, stand-out
prices include those of Gold Royalty Corp (GROY) and Rio2 Ltd (RIO.to), the selling we saw in those is
real baby/bathwater stuff.
 Presidential elections past, present and future in this week’s Regional Politics, with Bolivia’s Paz now
sworn in, Chile about to go to the polls and Peru starting to get into gear for its 2026 vote. Of the
three, we spend more time on the one nobody is talking about yet.
 As for the Producers, we round off the slightly more extensive coverage of these larger stocks during
their Q3 reporting season with a look at how awfully B2Gold (BTG) has been doing recently. After all,
I’m the idiot who thought it looked like a live buyout candidate not more than two months ago. Wrong.
Gold: The dance goes on
The skittish atmosphere in the gold market isn’t helped by the apparent rollercoaster ride and these days,
$100/oz moves in the price of gold are becoming common. That makes the current consolidation period
tough for some people to stomach, but aside the drop and recovery we saw last Tuesday, there wasn’t that
much to fear about a gold price that seems to have found equilibrium (or at least a line in the sand) around
the U$4,000/oz price point. It’s an amazing price and if your junior stocks fail to agree for a couple of days,
then give them a couple more. I tried hard to avoid the “Keeping Dancing Til The Music Stops” cliché last
weekend in IKN858’s intro, but there’s no denying the image is a useful one and sums up the current market
1

well. From here, we don’t even need gold to rally as a few quarters of $4k-or-abouts gold would be more
than enough to see generalist money watch the swelling bottom lines of virtually any reasonable gold miner,
re-consider gold as having shaken off its commodity cycle and want in on highly profitable companies selling t
low multiples. More gold price appreciation would be welcome, of course, but today’s new paradigm is that
it’s no longer necessary and that makes all the difference. When gold was priced at U$2,500/oz, the mining
companies needed it to rise by another U$500/oz for their metrics to become attractive and/or compelling to
outside money and that’s no longer the case, gold can stay at U$4,000/oz til the end of 2026 for all I care
because if it does, every decent PM stock out there will be higher than it is today.
Tax Loss Selling season is upon us
It’s the start of November and along with chillier evenings (up there in the North at least, it’s 32° and clear
blue skies here today) comes the traditional Canadian Tax Loss Selling (TLS) season. However this year’s may
come with a couple of differences, so it’s worth your time considering strategy before the high TLS season
begins in December and then peaks during Christmas week (though 25th and 26th are closed for TSX
business, but you know what I mean).
Unlike many other years, 2025 will have far fewer candidate stocks for TLS action and for the simplest of
reasons; there are fewer losers to choose from. Therefore, we may be in for a period in which more traders
less stocks, resulting in sharper drops for the unlucky losers in 2025. The rich get richer the poor get poorer,
and all that. However, tax loss selling isn’t confined to those stocks that have done badly from January to
December, so we also need to consider stocks that have seen spike/drop action over the year, particularly
when they have moved up quickly on increased volume before dropping sharply, another classis recipe for
bagholders. It’s not up to me to tell you what to do with your portfolio, instead the advice is to be proactive
and lay out a strategy for your TLS candidates. As an examples, here are three stocks I own that may qualify
for TLS weakness as December comes around, what I’m going to do about it and why:
 Arizona Metals (AMC.to): Perhaps the most obvious TLS candidate on my books, this was a C$1.20 –
C$1.50 stock for most of the first part of the year, then its wheels fell off and since then the downhill run
has been painful for long-term holder. My recent opportunistic and parasitical purchase means I’m in
cheaply, but that may not stop AMC going lower if those stuck decide to dump. When buying recently, TLS
dynamics were a secondary consideration but I thought, and still think for that matter, that the expected
upcoming 43-101 PEA for the Kay project will be good as a price catalyst from these bargain basement
levels. That said, I didn’t expect AMC to trade the way that’s it’s done recently, so if the selling accelerates
and a TLS vicious circle begins, I’m probably a buyer rather than a seller. That wouldn’t be until the very
end of the year, but after due consideration what I will not do is sell into any obvious TLS style weakness.
 West Red Lake Gold (WRLG.v): Here’s an example of a stock that may feel selling pressure from those who
piled on in September at prices of $1 or above as that action came with a strong volume spike before it
reversed. At the time I was one of those who thought WRLG was re-rating earlier than expected and
thought it was going higher, so stupid me but being in at my price means it’s a lot easier to handle the
downswing. That’s also my plan going forward and while I personally own enough at this point and
wouldn’t add any more on weakness, I’m holder and not a pre-emptive selling of WRLG. For one thing, this
is junior mining and it could be back over a Loonie by he end of this week, for another I may be reading
too much into the “bagholder factor” of TLS in 2025 and those recently in are willing to sit tight, rather
than sell and take what would most likely be a modest tax credit.
 Minera Alamos (MAI.v): Unlike West Red Lake Gold (WRLG.v),. I don’t think we’ll see any real TLS selling
pressure in MAI despite its under-performance in 2025. For one thing, we remind readers that the stock is
up around 60% YTD (hard for some to realize) and for another, its price spikes mid-year weren’t that
volatile and didn’t come with the same type of high bandwidth volume that creates too many bagholders.
Therefore after due consideration, TLS isn’t a factor for me in MAI this year and I’m sticking to the plan of
holding into 2026, then selling when the Pan re-rate does its expected thing. And what could possibly go
wrong?
You may well come to a different conclusion with corners of your own portfolio, but those are mine and I’m
s1ticking with them. However the job in 2025, considering the potential for a higher concentration of selling
volume in fewer losing stocks losing, is to have a clear strategy before the ride gets bumpy, rather than
during.
2

Fundamental Analysis of Mining Stocks
Wesdome Gold (WDO.to) (WDOFF) is ripe for the picking
NB: As WDO reports in Canadian Dollars, so do we. All prices in CAD unless otherwise stated
The stars are now aligning around Wesdome Gold Mines Ltd (WDO.to) (WDOFF), a company we’ve followed
on these pages. The results of its 3q25 financial results last week (1) are part of the story, the forward
guidance from the company is another, but the sector backdrop and news last week that Coeur (CDE) was
buying New Gold (NGD) (see Producer Basket Below and IKN858 last week) is another arrow pointing in the
same direction. As such, we take time out in today’s main Fundies section to consider the likelihood that a
company we’ve followed closely over the years but don’t currently hold in the personal portfolio or Stocks to
Follow is about to be bought out. Three parts to this note today
 A look at WDO’s 3q25 results and why a backward look provides necessary context
 A framework for 4q25 and 2026 production and profitability
 The macro scene and why the Coeur/New Gold deal is such a big signal.
Then we wrap up the little package with a bow and a brief discussion section, so without further ado:
3q25 results: Thanks to an excellent quarter from
Eagle River, likely to have been a case putting the
hammer down in order to cover a weak quarter at Kiena,
WDO delivered record production of 50,465oz in 3q25,
though as seen in this chart, sales at 47,400 oz weren’t quite the same record. The record production was made
up of 34,296 oz from Eagle River and 16,169oz from
Kiena (see below), with the latter reportedly battling
underground logistics problems in the first part of the
quarter and putting in a good October, when it started
to iron out its issues and produced 9,600 oz of that total.
Those 47,400 sold ounces generated record revenues of C$230.284m, which turned into operating earnings
of C$128.149m.
WDO.to: Operations overview chart
3
107.67 222.96 974.7 555.48 279.09 714.6- 696.96 514.97 917.9-
122.201
318.55
804.64
229.001
971.58 347.51
997.721
290.38
707.44
258.641
291.88
66.85
116.281
364.69 841.68
816.781
468.39 457.39
845.802
217.88
638.911
482.032
531.201
941.821
WDO: Gold production vs sales, per qtr
C$m
250
225
revenues
200 total op expenses
Op earnings 175
150
125
100
75
50
25
0
-25
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings, IKN calcs
We saw a significant costs hike, from C$88m and change qtr/qtr and YoY to the C$102.135m reported this
quarter. The company mentioned inflation pressures
that affect the region, not just their mines (AEM
reporting the same) and a tight jobs market and a
look at the breakdown shows WDO spent over C$5m
more on mining compared to the same quarter of
2024, with processing and camp costs also up.
86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954 56405 00474
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
Ozt Au
Production
Sales
source: company filings
WDO: COGS breakdown
7.72 6.72 1.72 8.92 8.13 1.23 4.23
C$m site admin/camp processing
70 mining
60
50 17.9 17.3 17.5 18.7
14.9 15.7 15.4
40 30 8.6 9.7 8.8 9.4 9.9 10.4 10.0
20
10
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings

That effect isn’t going away and we need to factor in continued costs pressure going forward, but with gold
prices easily outstripping inflation there’s no reason to
expect anything other than improved bottom lines. 10 9 0 0 WDO.to: Net Earnings 82.7 86.9
80 62.5
70 56.6
The WDO 3q25 net earnings (right) came to C$86.923m,
60
another quarterly record that will last a single quarter 50 39.0
40 29.1
because Q4, with improving production and gold prices, is a 30
20 10.7
cert to beat it again. Overall, operating results were decent 10 -0.3 2.4
without sparkling and it's probably those the market was 0
looking toward when marking down the stock price by - - 2 1 0 0 -5.0 -3.2
around 3% compared to peers last week. However, I see a
lot more to like than just the results of a backward-looking
quarter, starting with the marked improvement in WDO's
balance sheet.
It's fairly obvious even from the overview assets and
liability tracking charts that the company is expanding and
growing in strength. The liabilities (above right) are up
mainly due to trade payables, indicating more activity on
more fronts. Kiena comes to mind, but as we've also seen WDO increase stockpiling at Eagle River, that operation is
as likely to be running hotter now. As for assets (above
left), the big change is cash. We've waited for this
moment, one that was delayed due to the time and cost
overruns at Kiena, but 2q25 was the last time the
company will have a big outlay and with less money now
ploughed back into capital projects (chart right) WDO
starts to pile up cash. This time last year, cash&eq stood at C$82.515m, now it's C$265.893m and despite the
company inaugurating a share buyback program as from this quarter, treasury is bound to expand rapidly
from now.
4
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings
srallod
fo
snoillim
WDO.to: Assets
1100
1000
900
800
700
600
500
400
300
200
100
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
$m 240 WDO.to: Liabilities Breakdown per qtr
220
fixed 200
other current 180
cash 160
140
120
100
80
60
40
20
0
source: WDO.to filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings
srallod
fo
snoillim
long term
current
WDO: Fixed asset net additions, per qtr
6.01 9.8 6.61 8.21 8.4
1.611
6.23 2.33
6.22 1.41 0.42 1.02
0.2-
0.9- 1.6 1.0 3.41
3.2-
6.5 2.7 5.61
5.48
7.52
120
100
80
60
40 20
0
-20
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
C$m
source: company filings
WDO.to: Cash treasury per qtr
893.94 337.66 315.37 84.36 488.36 997.76 374.96 467.65 274.25 615.32 147.42 581.33 60.52 760.22 285.13 173.14 252.84 796.05 515.28
1.321
39.761 65.781
98.562
300
250
200
150
100
50
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings
DAC
fo
snoillim
350 WDO.to: Working Capital per qtr
300
250
200
150
100
50 0
-50
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source company filings
srallod
fo
snoillim

It's even more impressive when we consider the working capital position; all through the Kiena build-out,
WDO fiddled through at negative working cash positions. That changed as Kiena came online, but the C$75m
added in the last quarter alone to the current C$274.495m total is only the start of the change in balance
sheet strength. Long story short, even if Kiena continues to run at 3/4 speed WDO is now into a new cash
cow phase, the heavy lifting is done and it can now reap its rewards. Any third party looking on also
recognizes this, and will surely factor in the forward Enterprise Value into its calculations. Every dollar WDO
adds to treasury makes it a cheaper acquisition target and nothing makes a buyout target more attractive
than the potential for the buyer to add a big slug of cash to its own treasury on closure.
Guidance for 4q25 and 2026: The
background to the 3q25 results is useful, as it
helps explain the lukewarm reception for WDO
as seen in this comparative chart to GDX (right).
The numbers came at the end of a negative day
for mining stocks, GDX recovered the next
morning while the market chewed over the
expected revenues and higher than expected
costs and when it was all done, by Friday WDO
was around 3% off its peers. But looking
backward isn’t even half the story, it’s what we
now expect from the stock that matters.
Beginning with guidance for the current quarter,
WDO gave us plenty on both of its mines. Eagle
River is expected to deliver the high-end of its previously revised full-year 2025 production guidance and
achieve its cost guidance. That high end is 115k oz, which implies Eagle River is good for 26,093 oz and while
I get the strong impression WDO is sandbagging that result and it may turn out to be a lot higher, let’s not
reach too far and pencil in 27,000 oz from Eagle in Q4, a lot less than the 34k oz of 3q25. As for Kiena, WDO
thinks it is “…prudent to adjust Kiena’s full-year production guidance to between 72,000 and 78,000 ounces”,
which makes sense. If we take the mid-point of that new guidance, it points us to a 4q25 production of
25,000 oz which fits with another section of its guidance, “…fourth quarter is expected to be Kiena’s
strongest of the year…” and we know the mine is capable of running at that rate given a clear path. Note
that WDO is keeping its options open and to comply with the new guidance, it needs to produce between 22k
oz and 28k oz from Kiena this quarter, but 25k is a reasonable place to ballpark.
Therefore to Consolidate Q4 expectations, that puts us on 27k oz + 25 k oz = 52,000 oz for the quarter,
which would imply an annual total production of 190,938 oz gold and as CEO Andrea Bath told us during the
confcall, “…we are comfortable that we will achieve the mid to upper end of our new production range of
between 177,000 and 193,000 ounces”, that number fits with its guidance.
Now for 2026 and while the company declined to offer any guidance last week and told us it would offer
detailed numbers come January, we already have a framework from which to operate thanks to its longer-
term forecasts published early this year. In those, WDO told us it aimed for between 195,000 and 220,000 oz
gold in 2026 and while cash cost and AISC numbers are bound to change (cost inputs are up), what matters
today are the absolute gold ounces. Kiena seems to have got over the worst of its bottleneck, October was a
good month and guidance for 4q125 is upbeat, so there’s every reason to expect that to run into the year
ahead. Meanwhile at Eagle River, the company has clearly taken a different operational tack in 2025 and is
now extolling the virtues of its more
predictable mine, stockpiled and with good WDO: Ore stockpile inventory
14
grades already above ground that could cover
12
a full quarter’s worth of production if required
10
(chart right). Again, every reason to assume
8
Eagle can reach at least its original guidance
6
for 2026 and with plans clearly afoot for new
productive zones (e.g. the Mishi open pit may 4
become its own source of high grade 2
supplement feed from a smaller underground 0
operation), assuming a happy median and
5
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
C$m
Kiena
Eagle
source: company filings

putting WDO on guidance for 210,000 o in 2026 would not stretch anyone’s imagination.
WDO: Gold production per year
6
75725 07405 73774 79785 42617 00027
88619 97209
058011
330271
000091 000591
25000
833321
240000
220000
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 e5202 e6202
Oz Au
source: company data
Putting that together, we get this:
WDO: Gold prod/qtr
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822
9637
19302
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
00052
00072
00052
00572
00052
00572
00052
00572
00052
00572
55000
50000
45000 40000 35000
30000
25000
20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings
Agreed that 210,000 oz for 2026 is a step up, but it’s one that we should now assume. Any mine that can run
at 9,600 oz for the month of October 2025 can put
together average quarters of 25,000 oz. And any mine
that tells us it’s hit a good and steady production groove
and has just delivered over 34,000 oz in one quarter
can do an average of 27,500/qtr next year. As for gold
price assumptions, this is where it gets interesting. This
chart to 3q25 shows what WDO has booked on sales
per ounce, we make a reasonable assumption for the
current quarter (C$5,300/oz), then go with near-current
spot price for 2026 (C$5,800/oz) Which means this, as
seen below in this long-term chart that’s it’s own sight
to behold:
WDO.to: Revenues
350
300
250
200
150
100
50
0
41q1 41q3 51q1 51q3 61q1 61q3 71q1 71q3 81q1 81q3 91q1 91q3 02q1 02q3 12q1 12q3 22q1 22q3 32q1 32q3 42q1 42q3 52q1 52q3 tse62q1 tse62q3
WDO: Realized gold revenues/oz price C$/oz
CAD$m
source: company filings
I’ve offered up the very long-term chart first, in order to frame how this upcoming production hike + gold
price surge transforms the top line at WDO, as it’s the epitome of why the junior mining sector continues to
hold my attention. A remarkable chart, but the next one using the same dataset but focused on the last few
quarters, as well as adding our conservatively pitched cost assumptions for 4q25 and 2026, is more useful:
7282 5913 3243 0573
2414 4454 8584
0035 0085 0085 0085 0085
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
CAD$/oz
source: WDO filings, IKN ests

WDO.to: Operations overview chart
7
9.001 2.58 347.51 8.721 1.38
707.44
9.641 2.88
66.85 6.281
5.69
841.68
6.781
9.39
457.39
5.802
7.88
638.911
3.032
1.201
941.821
6.572
0.011
6.561
5.403
0.011
5.491
5.403
0.011
5.491
5.403
0.011
5.491
5.403
0.011
5.491
350
325
300
275
250
225
200
175
150
125
100 75 50
25
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
C$m
revenues
total op expenses
Op earnings
source: company filings, IKN calcs
Putting the moving parts together points us to an average operating earnings per quarter of C$194.5m for
WDO in 2026, which when combined with the expected full take-up on its share buyback facility, is between
C$1.30 and C$1.32 per share for each quarter of next year (below left). While net profits will depend on
other factors and are less important,, the chart below right gives a rough estimate of those.
However, it’s what happens to the balance sheet that really matters. We again stress, WDO has done the
heavy lifting and is now ready to reap the cash harvest and with bonanza gold prices in store, our forecast
looks a little difficult to believe at first sight:
WDO.to: Cash treasury per qtr
1000
900
800
700
600
500
400
300
200
100
0
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 tse62q3 tse62q4
source: company filings
DAC
fo
snoillim
WDO.to: operating earnings per share
I even thought about throwing in some more cautious assumptions to tone down the cash accumulation a
little, but there’s no escaping the conclusion that WDO is about to become a profits machine and at current
gold prices, if it doesn’t find something else to do with the money it leaves 2026 with C$810m in cash. This
from a company currently valued at a (C$20.54 x 150.967m) C$3.1Bn market cap.
The macro scene makes WDO a prime target: It may seem obvious, but it’s worth stating clearly that
WDO is about to achieve in pure cash profitability makes it an obvious target for M&A in the current
environment. That would be true even without last week’s news that Coeur (CDE) was buying New Gold
(NGD) in a friendly deal worth U$7Bn, but that deal is particularly timely and underscores how close WDO
now is to being swallowed by a larger mining company. While there are no exact apples-to-apples
11.0
03.0 93.0
75.0 26.0 55.0
58.0
01.1
03.1 13.1 13.1 23.1 1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
$ WDO.to: Net Earnings
source: company financials/IKN calcs
7.01 1.92 0.93
6.65 5.26 7.28 9.68
0.001 0.021 0.021 0.021 0.021
140
120
100
80
60
40
20
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
source: company filings
srallod
fo snoillim

comparisons, there are a series of remarkable similarities between WDO and the newly under offer NGD,
starting with the basic facts that they are both Midcap gold producers (though NGD is obviously larger),
they’re both firmly located in Canada and benefit from one of the best jurisdictional risk profiles in the world,
and interestingly they both have two main working assets without much else to justify their market caps.
Those alone, plus the fact that NGD has just been hunted by a larger miner, draw the attention of anyone
looking for the next buyout target but this time, even the underlying details ring similarly:
 Both NGD and WDO recently completed an extended period in which they have revamped and optimized
their assets.
 NGD’s New Afton is a long-life asset with a reputation for steady and highly profitable production, a
description that fits WDO’s Eagle River.
 NGD’s Rainy River is now operating well and will be highly profitable, but with a limited current reserve
life. That description also fits WDO at Kiena
 Strategically, it made sense for NGD to use its current cash harvesting period to seek a buyer, realize
equity and pass the exploration and reserve life risk on to a buyer that’s eyeing up the strong near-term
cash flow. That same logic applies to WDO.
 Finally and more generally, both NGD and WDO stood out from the rest of the sector as the only two-
mine operators in Canada. Both were clear snack sized candidates for M&A and with NGD now gone,
even more eyes are on WDO.
The apples-to-apples comparative breaks down eventually, but that’s a decent list of shared attributes for two
companies that entered the new high gold price period as the right size in the right place at the right time
mining the right metal. As for who might buy WDO, the most obvious candidate is Alamos Gold (AGI). Not
only do the market caps of the two companies suit a merger, but AGI would continue in its consolidation of
the Central Ontario region where it’s had great success with Young-Davidson, now Magino and has been
scooping up projects and concession areas around those mines. We also note that as at end 3q25, AGI had
cash+eq+asset held for sale (its Turkish projects) that total U$690m, but also that in August AGI filed a base
shelf prospectus to raise up to U$500m. In an environment in which it’s collecting cash both via operations
and asset sales, why would it want to set up a large equity sale as well? Of course, AGI isn’t the only
potential suitor for WDO, this environment of inflated paper values means any board worth its salt would be
looking into potential deals that turn equity into hard asset while the market is buoyant. Kinross could
consider WDO a suitable snack size, Discovery (DSV) has suddenly found itself with seriously valuable paper
might be suitable for WDO.
As for the price a buyer may be willing to pay, the way forward is to value the cash flow at WDO as this
harvest period begins and again, CDE/NGD therefore provide a solid benchmark: The attraction of NGD is its
present day margins and strong profitability, its weakness is the potential that its short-ish mine life at Rainy
River doesn’t get to extend. The same applies to WDO (Kiena) and therefore, the same buyers’ mentality
should result in the same type of deal. As CDE is willing to pay 7x forward operating earnings for NGd and
we’ve seen the ticket price of that deal drop due to the way CDE dumped on the news, let’s go with 6X
forward operating earnings for WDO based on what we expect for its 2026. That suggests a price target of
(C$5.24 x 6 0) C$31.44, representing an upside of 53% to this weekend’s C$20.54 share price [EDIT Monday
evening: now +47.3% to this evenings C$21.34 close price]. That’s enough to assume the risk of second-
guessing a merger deal and holding WDO, as even if it doesn’t find a buyer it’s going to make those wide
margins and impress he market anyway.
The bottom line: The sector’s move into a period of sustained high gold prices means we’re going to see a lot
more M&A action of the type we saw last week. New Gold (NGD) was a clear target, it offers the right combo
of low political risk and high margin profitability that buyers look for today and in Wesdome Gold (WDO.to), a
repeat play couldn’t be more obvious. With every passing quarter, majors and large-scale Tier 2 producers
will now be racking up larger and larger treasury positions and as they do, will come under pressure to “Do
Something” with their hoard, else open themselves up to the same type of aggression from even larger
companies. Wesdome today is ripe for the picking and ironically, it’s had to grow to this current C$3Bn size to
be able to attract a suitable buyer. Now it’s here and in cash harvest mode, it makes sense to seek the
buyout premium while the going is good and with companies such as AGI and others, they won’t be shorr of
suitors. This desk believes Wesdome in its current corporate incarnation is unlikely to last through 2026 and
8

is one of the most obvious M&A candidates in our sector today. It’s come right at the right time and with gold
setting margins this high, the big miner will pay up.
Stocks to Follow
It was a negative week for our Stocks to Follow list and a sub-standard performance compared to peers,
which is another way of saying that the out-performance seen the week before last unwound in a matter of
days. Annoying. Just two of the 16 open positions from IKN858 were winners on the week (ARG.to, LMS.v),
then another two were unchanged (OCI.v, MIRL.cse) which leaves 12 losers. The heaviest percentage losses
came from the stocks at the small spec end of the list, such as Mene Inc (MENE.v down 23.4%), Patagonia
Gold (PGDC.v down 12.1%) and Salazar (SRL.v down 9.7%), but the chunks taken out of Gold Royalty
(GROY down 11.1%) and Top Pick Rio2 Ltd (RIO.to down 7.7%) hurt the back pocket and make me
significantly paper-poorer and while we’re at it, the drops in Arizona Metal Corp (AMC.to down 9.1%) or Red
Pine (RPX.v down 8.8%) we’re much fun either. All in all, a grotty week.
With the addition of Electrum Discovery Corp (ELY.v) to the Watch List, we now have 17 open positions on
the list, four under the self-imposed maximum. Eleven are in the green, five are in the red and ELY is
unchanged, because it’s brand new round here.
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$2.17 171.3% Re-rated to new $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v HOLD C$0.21 13-Oct-19 C$0.37 76.2% $0.70 tgt, selling early 2026
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$3.11 101.9% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$10.75 252.5% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.28 134.3% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$0.83 -5.7% re-rate trade, $1.44tgt
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.02 -4.7% Agnico will buy more Finland
Arizona Metals AMC.to BUY C0.66 5-Oct-25 C$0.59 -10.6% new trade on bull mkt dynamic
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.155 29.2% Added more Sep & Oct'25
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.14 75.0% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.23 21.1% proj.generator, Organullo spec
XXIX Metal XXIX.v STR BUY C$0.11 27-Aug-25 C$0.125 13.6% v good PEA Oct'25
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$0.145 625.0% Rio Negro gold developer
Electrum Disc ELY.v WATCH C$0.055 9-Nov-25 C$0.055 0.0% dirt cheap Serbia exploreco
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.18 -60.0% 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
9

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:
Electrum Discovery Corp (ELY.v): ADDING TO WATCH LIST. It’s not the most popular section of this
publication, but regular readers of The TinyCaps List will know I’ve been considering this move for quite a
while. With the price now down to bargain basement levels and 2025 nearly done, it’s time to promote ELY.v
to the main tracking section and while it’s going to be the Watch List to begin, be clear I’m considering an
active trade for this stock.
At this point, Watch List is the place because the stock price has had a hard time in 2025 and we may see
some Tax Loss Selling happening between now and the end of the year. On the other hand we may not,
which is why I want to keep a closer eye on its price action. As for the reasoning, this is a tinycap and very
cheap, but unlike so many this size its story isn’t broken and aside the mis-step of rolling the dice and drilling
those spec holes in early 2025 (which didn’t work out), there’s a lot to like about a grassroots exploreco run
by serious geologists at this market cap. It wouldn’t take much for the stock to rally back to even a modest
10c, by which time speculative cash would be able to de-risk. It’s very high risk, it needs a new impetus of
news and to show the market its projects are still alive, it’s also tight on cash
Gold Royalty Corp (GROY): The reception given to GROY for its 3q25 financials was a near carbon copy of
the way it dumped in 1q25, with the market monkeys taking what was always going to be a breakeven-at-
best quarter, adding thoughts that Vares is going to be offline for perhaps two quarters and coming to the
conclusion that the stock is expensive compared to what it is showing. That’s absolutely crazy and the fact
that GROY feels it needs to enacted a shareholder rights program due to Tether’s aggression is all you really
need to know about where the company and the bigger money thinks this stock is going. Tell the quants that
sold off this stock last week that 2025 is the turn year and what it starts doing in 2026 and beyond is what
matters, but don’t tell them before you’re fully loaded at this new discount price. The junior mining sector is
permanently risky, but risk is always relative and in this case, assuming gold prices don’t dump or GROY
management doesn’t do something stupid, it’s the closest you can get to a mathematical no-brainer.
This is the sound of me banging on the table and telling you the risk/reward is compelling in GROY at these
levels. If you’re not in already, now’s the time and, gold price willing, thank me in 2026. Expect more on
GROY in IKN860 next weekend, but also expect it to be higher than today [EDIT Monday: Closed U$3.35 and
still very cheap].
Arizona Metals Corp (AMC.to): Painful. The idea of adding AMC to the mix in order to bring leverage and
watch while the sector inflates as U$4,000/oz gold runs through it…that’s a good one. Getting the timing
wrong and watching AMC dump by quasi 10% just a week after you “added at a great price and averaged
down”…that’s less wonderful.
Latin Metals (LMS.v): Better news out of LMS this week, as the company has reached agreement with
Daura Gold (DGC.v), a relatively new exploreco that to date has been focused on Peru but now has Argentina
on its map (2):
Vancouver, B.C. – Latin Metals Inc. ("Latin Metals"or the "Company") - (TSXV: LMS) (OTCQB: LMSQF) is pleased
to announce that it has entered into a binding Letter Agreement ("Agreement”) with Daura Gold Corp. ("Daura")
(TSX.V: DGC) under the terms of which, Daura can earn up to an 80% interest in the Cerro Bayo ("Cerro Bayo")
and La Flora projects (together the "Properties").
Cerro Bayo is the big property on the western side of the prolific Deseado Massif formation in Santa Cruz
province, South Argentina. A good address, it was previously optioned by Barrick and handed back when B
tested the one corner it was interested in and handed back, so don’t let the fact that a major handed back
10

quickly; this is very prospective ground with a lot of untested zones, any one of which could provide a
winning drill assay. It’s a typical staged payment deal that allows the company farming in (DGC) to get a
good handle of the project at low financial risk and, if things go well, the project generator (LMS) gets to
benefit as the project matures. Daura can earn up to 75% under the main deal, while LMS gets a free ride as
the drill turns and payments to the underlying owner are covered. The optioner gets to add another 5% by
paying cash at the end of the deal for any gold ounces under 43-101 compliance, details of exactly how much
in the NR (but if we get that far, LMS would likely be worth a LOT more than it is today). All in all a posirtive
development that shows LMS is out there doing things while we await a new deal on Organullo, enough to
make it one of our two weekly winners.
Orecap Inv (OCI.v): The liquid-ish assets tracking chart for OCI shows the backing per share down to 7.8c,
with market caps of most stocks on the list dropping a little.
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 11.78 0.51 6.01 2.4
ARIC.v 7.39 0.58 4.29 1.7
ARIC warrant 4.17 0.38 1.58 0.6
XXIX.v 22.992 0.125 2.87 1.2
KTR.v 42.75 0.07 2.99 1.2
MERG.v 1.025 0.43 0.44 0.2
MERG warrant 0.5125 0.03 0.02 0.0
MIS.cse 24.709 0.05 1.24 0.5
subtotal 19.44 7.8
Est.cash 0.03 0.0
Total 19.47 7.8c
At 248.332 S/O
There’s been a notable marketing push on MERG via social media, with the Ore Group team and associates
(e.g. Charles Greig) framing the new Metal Energy focus property, NIV in BC Ca, in the same way they did for
American Eagle (AE.v) at NAK…and to great success there after the initial slow burn, it must be said. The
stock price has come off a bit since its initial rush of enthusiasm and that’s normal, as no matter how exciting
and prospective it might be, there’s still a fair way to go before the drills can start turning. That said, let’s not
dismiss the fact that a stable of companies is using the same proven formula on a second company and
project, it’s going to be worth keeping an eye on MERG going forward and that’s one of the beauties of
holding OCI this way, it gives active radar on several companies with limited downside risk.
Marimaca Copper (MARI.to): Good news to report here, as the Marimaca project has today Monday
afternoon been awarded its key environmental impact permit, known as RCA (Resolución de Calificación
Ambiental) in the country. This permit was on the official government timeline and had to be given the
up/down vote by the end of this month latest, so the lack of stock price movement in the run-up to this key
meeting is a clear indication that the approval was as close to a foregone conclusion as they come in mining.
However and mpore importantly for our investment thesis, this permit is the one that will allow MARI to
secure its financing deal for the project or, as we believe more likely, will allow the eventual buyer of
Marimaca to make their move.
Minera Alamos (MAI.v): MAI seems to be rolling out a marketing campaign, a welcome development that
at the very worst cannot do any harm and in my view, it’s past time the company started pointing out its
strengths to the world. Last weekend we noted the NR on Pan and Gold Rock, this week the company
updated on its Copperstone project (3) and while (of course) there’s plenty more information contained, the
important bits are:
 “Around the end of 2025, the Company is expected to have secured all required permit amendments
for the Copperstone project to support a planned restart of gold mining operations in 2026.”
 “A Phase 1 drill program is currently being finalized for the Copperstone project. The program is
expected to begin in Q1, 2026…”
The first quote tells us we get to gauge whether the new team’s word can be trusted on permits. This isn’t
Mexico, this is The USA with a clear and defined permitting track and also under a pro-mining admin. The
second quote frames “gold mining operations in 2026”, as there’s no way the company starts mining before
11

that drilling is done and as I expect to be gone before the end of Q1 on the back of Pan production and
associated newsflow on 2026 strategy, it will be a case of wishing them the best of fortune on that. Holding.
Amerigo Resources (ARG.to): It was already a real world double thanks to divis paid, but this Friday’s late
buying means ARG is an official double on our
original investment and that’s a good thing. The ARG: Gross Cu value, Cu revs and Revs total, per qtr
only real bright point in a week of losses, the
defensive position that did what it’s supposed to do
in these situations. We did a bit of the math in last
week’s Market Watching section, clearly other people have realized what a fully operational Q4
plus current copper prices might do to the ARG top
line of revenues and subsequent cash flow. Whisper
it quietly, but if copper stays this high then U$90m
in “Cu revs” are possible. Compare that blue sky
number to these data (right) at your own leisure.
Rio2 Ltd (RIO.to): Down 7.7% on the week, but that’s okay. This is junior mining, volatility is part of the
playing field and it only takes one reasonable step back to see the forest for the trees. The house price target
of C$4.13 may seem a long way from a stock that’s
just dumped to C$2.17, but it’s not a Top Pick just
because I like the name or the people who run it.
The math here continues to be nothing short of
compelling and as long as gold prices don’t collapse,
I fully expect dips to be bought. I’d be happy if your
money is part of that dip buying, but it’s going to
rally with or without you anyway so I’m going to
make a point of repeating the message of recent
editions, to make sure it’s fully understood: If you
decide to ignore me for the vast majority of time
and only pay attention to The IKN Weekly for one
reason, make it this one. Top Pick and even though
it’s up by mountains this year, it’s still dirt cheap.
The Copper Basket
After forty-five weeks of 2025, The Copper Basket shows a gain of 75.57% to level stakes:
12
92.16 97.26 29.44 79.26 48.96 6.15 97.86 41.66 44.54 29.57 63.37 18.05 99.45 9.95 281.44 39.66 86.76
648.05
12.76 5.86
284.25 80
70
60
50
40 30
20
10
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m
Cu gross value Cu revs Revs total

Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 SolGold (GBP) SOLG.l 6.92 3001.11 546.20 18.20 163.0%
2 Trilogy Metals TMQ.to 1.65 164.1 925.52 5.64 241.8%
3 Atex Resources ATX.v 1.43 279.21 686.86 2.46 72.0%
4 Arizona Sonoran ASCU.to 1.47 174.6 625.07 3.58 143.5%
5 Aldebaran Res. ALDE.v 1.90 169.914 611.69 3.60 89.5%
6 Faraday Copper FDY.to 0.74 205.516 419.25 2.04 175.7%
7 Regulus Resources REG.v 2.05 124.659 397.66 3.19 55.6%
8 Hercules Metals BIG.v 0.55 289.289 164.89 0.57 3.6%
9 Hot Chili HCH.v 0.67 175.07 138.31 0.79 17.9%
10 Element 29 Res ECU.v 0.63 136.924 132.82 0.97 54.0%
11 Andina Copper ANDC.cse 0.16 211.085 94.99 0.45 181.3%
12 American Eagle AE.v 0.69 173.377 88.42 0.51 -26.1%
13 XXIX Metal XXIX.v 0.11 304.79 38.10 0.125 13.6%
14 Copper Giant CGNT.v 0.315 143.08 32.19 0.225 -28.6%
15 Kobrea Exploration KBX.cse 0.60 35.622 16.39 0.46 -23.3%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 75.57%
The basket took a clear step lower last week, with The Copper Basket 2025, weekly evolution
100%
just two of our 15 component stocks returning a
90%
week-over-week gain (SOLG.l, REG.v) and just one 80%
70%
other unchanged (ANDC.cse). That leaves 12 losers 60%
50%
and we’re not listing them all, we’ll simply note the 40%
bigger losers and while only one lost a double figure 30%
20%
percentage amount, Copper Giant (CGNT.v down 10%
0%
10.0%) three others got close including Trilogy -10%
-20%
(TMQ.to down 9.5%), Arizona Sonoran (ASCU.to
down 9.4%) and Faraday Copper (FDY.to down
9.4%). Most of the losses were in the 4% to 6%
range and the draw down was across the board.
The weakness in copper stocks came from, yes you guessed it, weakness in copper.
Last week we commented on the building data conflict that pointed to a “perplexing market” for copper, and
how the expectations for a supply shortfall didn’t stack up against what we were seeing in the physical
market, ending by musing out loud that copper was “…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.” While it’s only an extra week’s worth of data since then, that scenario has played out and since the
Reuters note published at the very top of the run, “LME copper hits record highs as funds and fundamentals
align” (see IKN858) copper has dumped directly under the U$5.00/lb line and stayed there. Obviously, that
13
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS ht41 ts12 ht82 ht5tco ht21 ht91 ht62 dn2von ht9
source: IKN calcs

price is still highly profitable for any copper producer out there and this isn’t a reason to panic, but bull runs
go overbought by their very nature and that’s what we seem to have witnessed.
Don’t get me wrong, I’m not here predicting the collapse of the copper price and I still stand firmly behind
my bullish outlook for copper. That said, we need to factor in how China always wants to keep the lid on
copper prices and the now infamous negative TC/RC for copper concentrate is less about end user demand,
more about the surfeit of smelters in the country. Copper is not gold, it’s not an assets class and has never
pretended to be one either (unlike silver and its most ardent supporters). Copper is a commodity, it responds
to current market conditions and while the futures market exists, demand in 2025 matters more even at this
late stage of the year. The good Doctor Copper treats current symptoms as well as offering treatment
prognoses and with the current market flashing signal after signal of a market that may or may not be weak,
but certainly is fully supplied, we shouldn’t expect immediate rocket moves higher. Or put another way, if
U$5.00/lb isn’t enough I cannot help you. I’m long Amerigo Resources for good reasons, not just for fun.
We move to our regular weekly segment on copper inventory movements, with data from Cochilco
 Another week, another report of rising copper stocks in the three official futures systems. This
week, the aggregate stands at 583,345, some 27k higher and that’s a big jump.
 The Shanghai SHFE warehouses continue to show unusually weak interest for copper, with stocks
down just 1,105mt to close at 115,035mt this weekend. More on this below, along with our
dedicated chart.
 The LME copper inventory stands at 135,900mt this weekend, virtually unchanged from last week
(200my lower).
 Once again the big move came from Comex, with another 9760mt added and a total under roof
this weekend of 332,410mt, the records tumbling week after week and the Roach Motel
phenomenon continues. As there doesn’t seem to be a desperate demand for these tonnes out of
Asia currently, the trend looks set to continue. Bubbles on bubbles.
Our dedicated SHFE again speaks of asthenic demand on the China mainland and with November now open,
this picture needs to change soon. The period from now until the end of December (sometimes the first week
of January) is a key time for end-user stocks, as factories in China tend to replenish their warehouses before
the effects of the country’s own New Year are felt. In a normal year, that means draws downs at places such
as the SHFE but so far at least, that’s conspicuous by its absence. Bulls need not panic immediately, but if
November becomes December with no change in tendency it would be a red flag (not just a yellow one).
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
14
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
We’ll get back to comments on component stocks next weekend. It’s been a difficult weekend and I know I’m
behind on this section of the Weekly. I beg your favour.
The Producer Basket
After 45 weeks of 2025, the Producer Basket shows a gain of 108.91% to level stakes:

company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 92.40 83.39 124.0%
2 Agnico Eagle AEM 78.21 502.579 81.12 161.41 106.4%
3 Barrick B 15.50 1705.994 56.45 33.09 113.5%
4 Franco-Nevada FNV 117.59 192.119 36.91 192.12 63.4%
5 New Gold NGD 2.49 791.7 5.57 7.03 196.0%
6 OceanaGold OGC.to 11.94 231.127 5.45 33.20 162.7%
7 Eldorado Gold EGO 14.87 201.275 5.39 26.78 72.4%
8 B2Gold Corp BTG 2.44 1322.986 5.17 3.91 60.2%
9 Sandstorm SAND 5.58 296.844 3.60 12.12 117.2%
10 Wesdome Gold WDOFF 8.98 149.891 2.19 14.61 67.7%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 108.91%
Despite the count being in the bull’s favour, with six week-over-week winners (NEM, AEM, B, FNV, EGO,
OGC.to) from our ten stocks, the three losers (BTG, NGD, WDOFF) were enough to drag the basket average
to a 0.03% loss on the week and mostly because of the 10.9% drop in B2Gold. That equal weighting in BTG
didn’t help us against a GDX that has it as a minor component of its make-up (and also has most weight the
decently performing NEM (+3.0%)), which means we’re dropping back against the benchmark again and with
just seven weeks of the 2025 season to go, it’s not looking good for my ego. Oh dear, my poor, poor ego,
how will I ever survive?
The 2025 Producer Basket: Weekly performance and
140% comparative to GDX control
120%
100%
80%
60%
40%
20%
0%
B2Gold (BTO.to) (BTG): It was already a bad start to November for BTG, what with the deterioration Mali
now threatening its Fekola mine to such an extent that the company felt obliged to emit a NR telling the
world it was still operating as normal and in the process, putting more eyeballs on the existential country risk.
But bad went to worse when BTG reported its 3q25
on Wednesday evening, with the selling the next
morning pulling the stock price down another leg.
The result is a near 25% drop over two weeks in
which peers have remained largely UNCH and, as
noted last weekend in IKN858, “So much for my
bright idea about BTG being a takeover target”.
But the problem this time is its other recent weak
link, the Goose mine on its Back River property,
Canada. Plagued by cost overruns and timeline
delays, Goose finally reached commercial production
status at the start of October and at the time, gave
the company’s stock price a nice little boost.
However, when the NR hit last week we learned that (4), “Gold production from the Goose Mine in 2025 is
now forecast to be between 50,000 to 80,000 ounces (previous guidance range of 80,000 to 110,000
ounces).” That’s a big drop (and in there somewhere was a quiet additional U$15m on the capex number that
BTG swore wouldn’t move up again) and, as it includes the 13,862 oz of pre-commercial production at Goose,
it effectively means guidance for 4q25 of between 36k oz and 66k oz. This begs another question regarding
the relaiaBly of even our new lowered guidance, because Q4 is already five weeks old and surely BTG has a
15
ts1naJ ht5naJ ht21 ht91 ht62 dn2bef ht9 ht61 dr32 dn2raM ht9 ht61 dr32 ht03 ht6rpA ht31 ht02 ht72 ht4yam ht11 ht81 ht52 ts1nuj ht8 ht51 dn22 ht92 ht6luj ht31 ht02 ht72 dr3gua ht01 ht71 ht42 ts13 ht7peS ht41 ts12 ht82 ht5tco ht21 ht91 ht62 dn2von ht9
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 ht9
source: IKN calcs, NYSE data

decent idea of its own production numbers since commercial production was declared, so why is the variance
so great for a period of essentially eight weeks? What the company seems to be indicating is a binary
situation of “if we get the stuff we need in time we’ll have a good quarter, if we don’t we won’t” and they
have as much clue as us (i.e. none) as to what will happen.
Add this to the woes in Mali, where France has joined the UK and the USA in telling its people to get out of
the Francophone country, not a small detail) and BTG’s recent rebound has come to its shuddering halt.
New Gold (NGD): Who had “Week over week loss on friendly takeover news” on their NGD bingo card?
We got the NR on Coeur’s Monday announcement it was buying NGD into last week’s delayed edition and as
the above chart shows, NGD popped on the news. But come Tuesday it was already jaded with the story, the
market knows there’s not going to be a third party coming in (at this price) and the CDE pitch that it was
paying a 16% premium to last weekend’s close didn’t fool anyone who had watched NGD’s big pop on its
3q25 earnings report. Let’s be clear, both NGD and CDE could have been more transparent and announced
the percentage premium to VWAP, but they decided not to go that route and preferred puffery instead. Even
so, I’m surprised NGD couldn’t muster a week-over-week win on the news it wouldn’t exist for much longer,
you don’t get many friendly takeovers annoying its shareholders this quickly.
Barrick (B): As this edition is going out a day late (again), it’s only right to capture the last major PM 3q25
earnings report as Barrick this Monday morning pre-open filed its quarter and here’s how the market reacted:
The answer: Very well, with an initial surge to +8% and while it couldn’t hold the best prices, anytime your
stock is up 5.17% on earnings day is a good day. For sure the good day for gold helped and that’s why you
have the GDX line to compare, as in reality B was “market perform” more than a star.
As for results, earnings at 58c beat the nominal analyst consensus of 57c but the market needs performances
at the top end of the range to be impressed these days, B didn’t do that. Production at 829k oz and sales
(chart below) of 837k oz were slightly above expectations, then AISC at U$1,538/oz came in-line. Highly
profitable in this current gold price background, but mostly as expected.
16

Barrick: Gold sales (per qtr)
17
459
1001 7201 2401
019 659 769 569
157 077
738
1100
1000
900
800
700
600
500
400
300
200
100
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings
uA
zO
s000
However, the market liked two things in particular, first the 25% hike in dividends to U$1.25/share (that
makes it look a lot better than the current NEM policy) and second comment by interim CEO to the wires (8)
that its future focus was, "firmly on North America ... because it is our next growth area and it is the next
growth in gold as well, so that is what we are focused on going forward." That’s a different message to the
Reko Diq wager made by ex-CEO Bristow and as interim CEO Hill is one of Chair Thornton’s loyal soldiers, it’s
a message to take seriously.
The TinyCaps List
After 45 weeks of 2024, the TinyCaps show a gain of 35.74% to level stakes:
company ticker price 1/1/25 Shares out Mkt Cap current pps gain/loss%
Barksdale Res BRO.v 0.17 135.557 10.84 0.08 -52.9%
Condor Res CN.v 0.145 149.913 24.74 0.165 13.8%
Electrum Disc ELY.v 0.13 98.995 5.44 0.055 -57.7%
Endurance Gold EDG.v 0.145 176.296 45.84 0.26 79.3%
Kodiak Copper KDK.v 0.39 95.1 59.91 0.63 61.5%
Latin Metals LMS.v 0.08 121.915 28.04 0.23 187.5%
Mogotes Metals MOG.v 0.13 374.759 103.06 0.275 111.5%
Radius Gold RDU.v 0.085 107.554 15.06 0.14 64.7%
South Star STS.v 0.55 69.2 10.73 0.155 -71.8%
Viva Gold VAU.v 0.14 145.53 24.74 0.17 21.4%
Prices in CAD$, data from TSXV basket avg 35.74%
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 had its fourth consecutive drop since peaking in
60% TinyCaps, 2025 weekly tracker
the first half of October, with just one of our ten returning a
50%
week-over-week win (LMS.v). On the slightly bright side
40%
there were no fewer than five unchanged stocks on the
30%
week (BRO.v, CN.v, MOG.v, RDU.v, VAU.v) and that leaves
20%
four losers (ELY.v down 15.4%, EDG.v down 1c, KDK.v
10%
0%
-10%
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 ht9
source: IKN calcs, TSX data

down 17.1%, STS.v down 13.9%) and as seen, three of the were larger sized losers and that’s made the
difference to our basket average.
Kodiak Copper (KDK.v): It wasn’t just the Copper Basket components that had a rough week, as KDK
came down with a real bump after its recent run. I’ve been scratching my head as to why this stock has
become so popular, as the C$60m market cap this
weekend isn’t easy to justify on an all-categories
2.3Bn lbs copper resource at the low average grades
of MPD (and most of that is inferred). In its favour,
KDK it has a resource update scheduled for this
quarter, as the original MRE in June was on just four
of the seven sectors of the project and we should
get the missing three added, but it’s hard to imagine
a meaningful improvement in the all-categories
average grade of around 0.38% CuEq at a cut-off of
0.2% CuEq. It doesn’t leave much breathing room
and once added to the size, adds up to a middling-
at-best project and one that sits behind similarly
priced explorecos such as Surge Copper (low grade
but much bigger) or American Eagle (better grade). Anyway, KDK has come down with a bigger bump than
most recently, its high point on October 20th (when the market cap reached C$84m) a distant memory.
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 is next Sunday, not this Sunday
Last weekend in IKN858, by accident (my dotage) I got ahead of myself by one week in coverage of the Chle
Presidential election so, to clear up the mess, please note the Round One vote happens next weekend
November 16th. Meanwhile, even though official voter intention polls are now closed the polling companies
are still busy and this weekend “for a foreign client and not for publication in Chile” (that’s how they get
around it), polling company Cadem pointed to the highly likely scenario of Jeannette Jara winning the election
and José Antonio Kast coming in second. They put “Chile’s Milei” Kaiser a distant third and erstwhile
frontrunner Evelyn Matthei 4th.
Peru: A primer on the 2026 election
We’ve touched on this subject lightly a few weeks ago, but with the major Argentina vote behind us and
Chile’s looking predictable, thoughts begin to turn to another of South America’s key mining countries. The
Peru Presidential election first round (as well as Congress elections) is set for April 12th 2026 and that may
sound way in the future, but it’s only five months (and a couple of days) from now. We know the awful Dina
Boluarte is no longer a factor, we also know her replacement as interim President José Jeri is a stuffed suit
and will almost certainly remain in place to hand over power now he’s managed to ride the wave of protests
that greeted his arrival. This means eyes turn to the election process and as regards mining and FDI (i.e.
what we care about), there are three factors in play:
1) The worst case is now unlikely: That worst case is Antauro Humala, the only person in Peruvian
politics today who is capable of changing the country’s course. Since the Dina Boluarte period began, this
publication has occasionally mentioned him as a danger to Peru mining FDI but with his political party
deemed illegal and judicial rulings piled up that stop him from running as head of other established parties,
he needs to win a whole series of legal cases just to get on the ticket. Instead, Antauro has set his sights on
becoming member of Congress and is looking for a party who will take him on, that’s more likely to happen
but still not a certainty. In his own words (5) during an interview with one of Peru’s most famous reporters:
18

“Why am I not a presidential candidate? It's because of the 40 parties that exist only one, mine, is a
nationalist, anti-globalist party and our registration has been legally obstructed. We are taking legal
action but in the meantime move to plan B, which is the National Senate.”
This leads to our second point:
2) Whoever is elected President will not rock the boat for mining FDI: It’s going to be a messy
election (see polling below) and anything could happen, but even the outsider candidates won’t do much to
the mining backdrop of the country. Mining will feature as a talking point in the election campaign, however.
The rise of illegal mining and its influence on Congress has reached the level where the ordinary person in
the street is against the mafia-like sub-sector. It also gets a lot of media coverage for the violence, corruption
and apparent impunity angles that illegal mining and the extremely rich people at its heart create. That
means voters will want to hear about the candidates’ plans to combat the scourge of illegal mining (etc) and
we’re already getting examples, e.g. from current frontrunner Rafael López Aliaga that got enough traction to
make it to the English language bizwires, here’s how Bloomie reported on the moment (6):
Top Candidate in Peru Vows to Revoke Key Mining Industry Rights
“Idle areas will revert to the state if they are not used by the formal mining industry,” said Rafael
Lopez Aliaga, a deeply Catholic former mayor of Lima who practices celibacy and is better known as
“Porky.” The fact that Lopez Aliaga made those remarks at the annual CADE business forum, the
country’s most exclusive gathering for local executives, will be a hard pill to swallow for the mining
industry and suggests other candidates may follow suit. (continues)
For what it’s worth, his nickname “Porky” is from his resemblance to the Looney Tunes character Porky Pig,
something his detractors tried to use against him but smartly, he decided to embrace in the last election
rather than fight. He’s also a highly weird character, as well as very rich from his business affairs, but all that
is for another day. The real point to make here is that when it comes to mining, you on the outside looking in
are bound to hear all sorts of things from candidates in this election and some of those will be prima facie
negative for mining in Peru (and to that, add in the propensity for wires such as Bloomie to dramatize
matters). The confident advice is to filter out all the noise as the campaign is going to be chock full of
populism, no matter whether the candidate is lefty righty or centrist. But once in power, whoever wins won’t
make any meaningful changes to the current mining framework for FDI. They may go with their “war on
illegals” and keep the image going on that score, but formal mining has nothing to fear from any candidate,
bar the highly unlikely Antauro.
3) Polling suggests a wide open race. This is more general politics, but the latest poll from IPSOS, one of
Peru’s three or four reliable polling companies, shows the continued fractured nature of the election (7). Here
are the top four:
 Rafael López Aliaga: 10% (the aforementioned Porky, hard right winger)
 Mario Vizcarra: 8% (brother of Ex-Pres Martín, who is barred from running and may end up in
jail soon. They campaign together, Mario is basically a proxy for Martin and his centrist policies)
 Keiko Fujimori: 6% (The perennial Keiko is highly likely to make at least the second round
run-off, as the hardcore Fujimorista vote will always be good for 20%)
 Carlos Álvarez: 5% (literally a comedian, a famous impersonator, and long-standing TV
personality in Peru, Álvarez is running on a “fed up with the politicians” type of platform. Though
an outsider, stranger things have happened and a lot depends on how well his campaign goes)
The most telling data point: The front runner has 10% of voter intention. That’s in a field of thirty (30!!)
candidates and at present a full 39% of voters say they will either “vote in white” (i.e. make no selection) or
spoil their ballot (often by writing rude things on the ballot paper, a South American tradition of sorts). So not
only are the frontrunners fragile, but any one of the also-ran candidates can put in a surge. We remind
readers Pedro Castillo came from nowhere to become the last elected President, all the good it did him
eventually.
The bottom line: Assuming Antauro is barred from running (that’s a 99% certainty now), Peru’s election next
April will create more heat than light for FDI. The recent Argentina mid-term was a key moment, Bolivia has
made its move away from Socialism, then the races in Chile now and Colombia next year provide real
ideological battles that can affect those countries’ mining industries. However, mining FDI has little to fear
from the Peru vote, the issues are more about institutional stability in the country and whether the next
19

government can make headway and regain some of the trust lost under the last series of mediocre heads of
state. As for who I think will win, this time I honestly do not have a clue. History tells us “whoever comes
second to Keiko in round one”, but even that doesn’t help much as any number of unknown runners could
surge late in the process.
Bolivia’s new President
This weekend saw the investiture of Rodrigo Paz Pereira, the new President of Bolivia, with all pomp and
ceremony and a President that may be getting pigeonholed as “Centrist” by the western press but is a mile
away from the hard Left wing Socialism of Evo Morales’s MAS party and the last 20 years of government. So
make no mistake, he may not be as classically right wing s the man he defeated in the second round run-off
Tuto Quiroga, but don’t let that sow any seeds of doubt about the new direction Bolivia is now taking. Here
are some points to consider:
Almost his first official discourse as President-Elect was to call other member countries of the Left wing ALBA
(Alianza Bolivariana para los Pueblos de Nuestra América) alliance, specifically Cuba, Nicaragua and
Venezuela, dictatorships. The ALBA group responded in the most obvious way, by kicking Bolivia out of their
club immediately and labeling its incoming government “fascists”. Bless them.
Before taking office this weekend, Paz has already become the first President (elect…but it probably counts)
to make an official visit to The USA in over 20 years. He’s also secured a U$3.5Bn loan with the Andean
Development Bank.
Rodrigo Paz made a public point of not inviting ALBA nations to his swearing in ceremony, instead guest of
honour was Argentina’s President Javier Milei along with the Presidents of Ecuador, Paraguay, Chile and
Uruguay (Peru didn’t show because Peru is weird). As for his inauguration ceremony, indigenous clothing was
out, standard suits and ties are in, the new Vice President wore his police officer’s uniform (he’s from their
ranks) and Paz told those present (translated) (8): “This is a new Bolivia, one that’s open to the world. Never
more will Bolivia be isolated or subjected to failed ideologies.” Paz also berated the outgoing MAS
government in his inaugural speech and spent literally half his time criticizing Evo Morales and Luis Arce, for
example with choice phrases for a mining guy like me, such as “Evo, Arce, where the hell is all the gas and
the lithium?” He told those present that the MAS government leaders would pay for any crimes they are
found to have committed while in power, a line he used repeatedly about Evo in his election campaign.
Finally, it’s no coincidence that Jeanine Áñez the interim President of the country who took over after the fall
of Evo Morales in 2019 and was subsequently jailed in 2011 for crimes she supposedly committed while in
temporary power, was last week acquitted and released from jail.
So be in no doubt, as from this weekend it’s a new Bolivia and one that, prima facie, will be more welcoming
to FDI of all types inclusing mining. I’m not an immediate buyer of the country, there will be time enough
once the honeymoon period wears off and social protests could flare up for several reasons. That said, as
long as President Paz gets a reasonable run in his first months in office it may be time for Bolivia miners to
make their debut in The IKN Weekly after all these years.
Market Watching
Deferred
Conclusion
IKN859 is done, we end as usual with a bullet point:
 A day late again, sorry.
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.
20

Footnotes, appendices, references, disclaimer
(1) https://www.wesdome.com/English/investors/latest-news/news-details/2025/Wesdome-Reports-Strong-Third-Quarter-2025-Financial-
Results/default.aspx
(2) https://latin-metals.com/news-releases/latin-metals-and-daura-gold-agree-option-terms-for-cerro-bayo-and-la-flora-projects-santa-
cruz-province-argentina/
(3) https://mineraalamos.com/news/2025/minera-alamos-provides-update-on-development-plans-for-copperstone-gold-mine/
(4) https://www.b2gold.com/news-media/news-releases/news-details/2025/B2Gold-Reports-Q3-2025-Results/default.aspx
(5) https://www.infobae.com/peru/2025/11/07/antauro-humala-busca-un-partido-politico-para-postular-al-senado-estamos-pidiendo-el-
numero-uno/
(6) https://www.bloomberg.com/news/articles/2025-11-06/top-candidate-in-peru-vows-to-revoke-key-mining-industry-rights
(7) https://www.infobae.com/peru/2025/10/16/mario-vizcarra-sube-al-segundo-lugar-en-la-encuesta-presidencial-a-seis-meses-de-las-
elecciones-2026/
(8) https://apnews.com/article/bolivia-conservative-president-paz-morales-715b05e9a77b78dbf7d82ab0e890ce02
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
21

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
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
22

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
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
23

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.
24