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The IKN Weekly
Week 860, November 16th 2025
Contents
This Week: In today’s edition, Anecdotal US data, Regarding Allocation, Wanted: Basket Cases for 2026.
Fundamental Analysis: Gold Royalty Corp (GROY): Banging the table.
Stocks to Follow: Overview, Electrum Discovery Corp (ELY.v), Arizona Metals Corp (AMC.to), Orecap Inv
(OCI.v), Marimaca Copper (MARI.to), Minera Alamos (MAI.v), Amerigo Resources (ARG.to), Red Pine
Exploration (RPX.v).
The Copper Basket: Overview.
The Producer Basket: Overview, Wesdome Gold (WDO.to) (WDOFF), Barrick (B) (ABX.to).
The TinyCaps Basket: Overview, Radius Gold (RDU.v).
Regional Politics: Chile: The Round One Presidential election result, Peru political apathy, Colombia: The
next big election in South America, Argentina: Glacier law on deck, Ecuador: Noboa’s bad referendum day.
Market Watching: Arizona Metals Corp (AMC.to) 3q25 financials, i-80 Corp (IAUX) (IAG.to) 3q25 financials.
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
 The mining sector of 2025 is a target-rich environment and when gold is over U$4,000/oz, it’s not
difficult to make the long case for just about any stock worth its salt. So today’s main fundies note isn’t
merely “this looks cheap”, it’s the sound of your author banging on the table to make you aware that
the risk/reward potential of Gold Royalty Corp (GROY) is nothing short of exceptional today.
 Plenty of Regional Politics, with confirmation José Antonio Kast is as close to a shoo-in as they come in
LatAm politics to be Chile’s next President, a little more on the upcoming votes Peru and Colombia,
plenty on the way in which Milei in Argentina is moving fast to make mining and the Glacier Law
amendments a top priority, as well as a word on the difficult weekend had by Noboa in Ecuador.
 I chose Arizona Metals Corp (AMC.to) as a speculation on the gold price, aware of the risks. Sure
enough, last week saw the stock quietly announce a new delay to its development timeline and as
such, the stock price is now more vulnerable to Tax Loss Selling season. See Market Watching for that
and while I’m not a seller, the plan now is to wait until the end of December to see where we stand
before making a bagholder’s decision.
 My longer-term bullish view of copper remains intact but, as a natural-born contrarian, when I see
data piling up that points to weaker near-term demand than expected and the mining peanut gallery
telling me copper is the place to be, I can’t help but think about crowded trades. The Copper Basket
has juniors dropping for the fifth week running, has inventory data telling us China isn’t buying and has
business channels screaming about the no-brainer copper long. Caveat emptor, I say.
 Other things as well. There are always other things.
Regarding Allocation
There are still six trading weeks to go and as anyone who’s been around the block in junior mining will know,
anything can happen at any time, but at the risk of tempting fate it’s fair to say that 2025 has been an
excellent year at market for your author, with the receipts (and portfolio balance) to prove it. That said, I’m
1

not claiming some exceptional level of stock picking in 2025, in fact I’d call my performance average at best.
Here’s a 2025 year to date chart:
You’re not getting every trade on this chart, for one thing it would get way too busy and for another, I’m too
lazy. Instead I’ve picked representative stocks that give the right idea, they’re also trades that have been
open for either most or all the year (no XXIX or AU here) and in the pack, they’re compared against the GDX
ETF and the result is three general buckets:
 Outperformers: Rio2 Ltd (RIO.to) and Gold Royalty Corp (GROY) have done well and while Top Pick Rio2
has been a high conviction trade for a long period, the way the GROY trade has worked this year has
been particularly pleasing (as well as profitable).
 Market Performers: The representative stocks here are Marimaca (MARI.to), Salazar (SRL.v) and Amerigo
(ARG.to) and while I’ve done well and made good money with all of them, the fact they’re also clustered
around and GDX that’s up 125.53% in 2025 YTD means they have simply kept up with the pace. A very
strong and enjoyable pace for sure, but that’s another story.
 Underperformers: I chose Minera Alamos (MAI.v) and Red Pine (RPX.v) to represent my mediocre trades
in 2025, mostly because they’re of longer standing and larger than the money I have in OCI or XXIX.
Closed stocks such as Eldorado Gold (EGO) could have gone in, too.
In other words, a mixed bag and a long way from some superstar
that’s knocked it out of the park on every trade. However, that doesn’t
change the fact that I’ve had that excellent market year referenced in
the first lines of this intro, which is why this intro note exists.
The unexpected dichotomy is all about allocation. Here right is a
TwitterX screenshot of a random thought that occurred while
considering the 2025 we’ve seen in Amerigo Resources (ARG.to). It
was the day it became a double in my portfolio (October 29th) and
underneath my light-headed bunkum, a poster who I’ve learned to
respect greatly (0525capital) added a more precise thought. No
doubting the fun of having a piece of a penny stock that suddenly
flies, but at my age I simply cannot and will not risk a substantial
percentage of my net wealth on stocks that can go to zero. Allocation
is an important facet of risk management and in junior mining, risk
management is the whole game. It’s why I have more money in Rio2
(RIO.to) than any other stock on the list below, it’s why I bought and
bought again with gusto when Gold Royalty Corp (GROY) was on offer
early in the year, it’s why I keep extolling the virtues of Amerigo
Resources (ARG.to) and its rock-solid business model, it’s why
Marimaca Copper (MARI.to) stood out as it executed on its
development timeline and put together a high margin copper project in
2

a tier one address that would appeal to many buyers. It’s about allocation, it’s the succinct and wholly
accurate “$>%” in 0525’s comment and that even includes the trimming done on the previously large Minera
Alamos (MAI.v) position when its circumstances deteriorated. He bottom line is that my 2025 has seen
middling performance from picks but thanks to good capital allocation it’s been a good year.
Anecdotal US data
Whether or not they move the market is another question entirely, but they get a mention in today’s intro for
their unusual circumstances. On Wednesday, we get the minutes from the October FOMC, the meeting that
had Trump’s new rep calling for sharper base rates cuts and at least one other committee member saying
they shouldn’t cut at all. Often dry as dust, these minutes may offer extra insight on what to expect before
Jay Powell retires in four or five months’ time. Then on Thursday, better late than never is the BLS
Employment Report for September, with Calculated Risk telling us (1) that “…consensus is for 43,000 jobs
added, and for the unemployment rate to be unchanged at 4.3%.” This is a report delayed due to the US
government shutdown and is probably too far backward looking to matter now.
Wanted: Basket Cases for 2026
It déjà vu all over again, regular and long-term readers of The IKN Weekly. The second weekend in
November is now behind us, Advent and the festive season looms and all this means that today we begin this
desk’s annual call to you out there, esteemed subscribers of The IKN Weekly, for nominations,
suggestions, ideas and thoughts on the companies we should include in the 2026 Copper
Basket, the 2026 Producer Basket and the 2026 TinyCaps Basket. But for those new round here,
here comes a copypaste last used in IKN809, this time last year:
Every November/December, your author puts together a long list (then a short list) of stocks for our three
tracking baskets for the year to come, namely The Copper Basket, Producer Basket and TinyCaps Basket.
Year-end will see those lists refreshed, with companies leaving and being replaced by others and as usual,
my long-list is already in place for all three lists. However, every single year without exception, when I ask for
your ideas and suggestions I get ideas that are better than mine and the final make-up of the tracking
baskets is always an amalgam of brains. We therefore throw the subject out to the collective mind of
readership today, asking for suggestions and here’s the framework required for each category, as the baskets
are somewhat different in make-up:
 For The Copper Basket: We look for a group of 15 stocks that as a whole represent the junior copper
mining world. The maximum market cap is normally $1Bn but preferably, I like them lower to better
reflect our sector of interest. We welcome tinycaps, as a cross section is required. As we’re not trying
to beat the street and want a faithful reflection of the sector, always happy to include bad copper
companies or dog stocks if they bring something to the table (e.g. this year we deliberately included
CGNT.v, which did exactly what I expected it to do, yok yok).
 For The Producer Basket: There is no upper limit in market cap size, but we normally require a
minimum market cap of U$2Bn. For this list, I’m looking for suggestions for precious metals
producers that will out-perform in 2026, as we also try to beat the GDX benchmark. That’s a semi-
serious competition but, as The IKN Weekly has managed to out-perform the GDX in eight of the last
nine years, there’s pride at stake. Especially as this year looks to be heading into the losing column
and putting my record back to eight from ten.
 For The TinyCaps: First and foremost, for this list we try for a maximum market cap of $20m, as The
TinyCaps tracks market moves of the smallest companies. However, at this level of market cap there
are many broken stocks and dead companies with projects going nowhere. They are not interesting,
as although we cannot expect operational or managerial perfection at this level the company still
needs to “have a pulse” and be a reasonable trade or speculative alternative.
I normally look to change between three and five companies on each list, so if you have a good candidate for
the Producer, Copper or TinyCap list, be they companies you own or not (or if it’s a doggish type of idea,
perhaps “owned”) please drop a line the usual addresses. Thanks in advance for any and all suggestions
received and expect this intro note to run by way of a nagging reminder for the next two or three editions.
3

Fundamental Analysis of Mining Stocks
Gold Royalty Corp (GROY): Banging on the table
Last week’s edition made a brief mention of our main royalty play, Gold Royalty Corp (GROY), with a note
that it would get some more bandwidth in this edition and today I get what I want to say about this stock off
my chest. Esteemed reader of The IKN Weekly, I want to you understand why this thing is still dirt cheap
despite its rocket price run this year and to do that, it’s going to take plenty of charts with words around
them. The first thing to do is update on the standard corporate topbox, as there have been some significant
changes recently and even since the end of Q3:
Shares out: 173.931m
Options: 9.467m
Warrants: 17.25m
RSUs: 2.51m
Fully diluted: 203.158m
Current share price: U$3.70
Market Cap: U$643.54m
Approx cash per S/O: 0.03c
All prices are in US Dollars unless stated, forex CAD$1 = USD 0.72
The job now is to pay closer attention to the 3q25
financials (2) as filed by GROY on November 5th, then GROY: Shares out (m)
take what we know and project as far as we can into
the future of GROY. We begin with the results and to
ring the changes, start with a few extra words on
share structure and debt. The quarter ended with
171.6m shares out, but since then the company has
seen 2.33m warrants made whole. However, we
should also note that the outstanding warrants are all
deeply in the money these days, with most (16.9m) at
a strike of U$2.25 and a limit date of 2027. Those are
an alternative source of funding for GROY and are set
to bring around U$38m into the treasury as the
warrants are made whole, therefore we’re better off
considering those as virtually paid-up and that GROY
is a 190m share count company these days.
What’s more, GROY is already putting the warrant
money to work. At the start of the year, the company
said that one of its aims was to pay down its financial
debt. They didn’t do much in Q2, but Q3 saw the start
of the process with a U$2m pay down, then in October
GROY took the money raised from the warrants and
paid down another U$5m of its revolving debt facility.
That leaves the bank debt at an IKN estimated
U$19.5m. That may drop further by the end of the
year, we’ll see what GROY decides to do now that it’s running cash flow positive. When we place those next
to the liabilities and assets overview charts they don’t make much of a dent, the book value here is all about
its acquired stream/royalty assets, now embedded.
4
645.14 126.14
935.27
39.331 52.431 64.431 19.341 19.341 83.441 79.441 79.441 76.541 98.541 70.961 13.961 12.071 94.071 17.071 6.171 39.371
200
180
160
140
120
100 80
60
40
20
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source: company financials, IKN ests
GROY: Bank debt (revolver)
0
263.9 844.9 888.9 139.9
864.71
130.01 246.9
746.42 475.42 29.42 321.62 49.52 460.42
3.91
30
25
20
15
10
5
0
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings
GROY: Assets
900
800
700
600
500
400
300
200
100
0
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
GROY: Liabilities
U$m total fixed 220
other current 200
cash+ST 180
160
140
120
100
80
60
40
20
0
source: company filings
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
current liab bank debt
deferred tax liab other LT liab
source: company filings

This desk was critical of GROY for years as it overpaid for those assets (and the market agreed, the share
price decline compared to peers between 2021 and 2024 was brutal) but the stars have aligned for the
company as the first of its streams started to pay meaningfully this year at the same time as the metals hike
we’ve all enjoyed. As such, I don’t think we’re going to see any further impairment at the end of this year
(they took a $22m hit in 2023) and the company asset book is reasonably valued these days. As for liabilities,
the big block is deferred tax and will stay on the long-term books for many years to come. At some point it
goes in-play, but GROY has all the time in the world to execute on its strategy so in simple terms, don’t worry
about that one. More important is that smaller red line item, the bank debt, and as seen above they’re
working on that as required.
The current end of the balance sheet (below left) is more important and it’s starting to become an interesting
data set to follow, now that GROY is generating meaningful cash per quarter. The 3q25 cash&eq of
U$5.664m is more than enough for its liquidity needs and the total current of just under $10m is in the right
direction. That’s also true for working capital (below right), which could reach U$7.3m if GROY simply collects
cash. My estimates for Q4 are guesses based on what we can expect from operational cash flow, but if GROY
decides to use more of its growing treasury on paying down the revolver those Q4 columns won’t make it
that high. I have a feeling they will, but for modeling purposes assuming around $1.5m in cash is collected
and another estimated $0.8m accrued in other items makes analysis cleaner today.
GROY: Current assets
14
12
10
8
6
4
2
0
We move away from the boring old balance sheet and
turn to the exciting world of operations, starting with
the evolution of Gold Equivalent Ounces (GEOs) per
quarter. At 1,323 GEO, Q3 was somewhat light
compared to the company’s original guidance and our
own expectations. As a result, GROY told us isn’t going
to make the low end of guidance any longer and as
that was 5,700 GEO, our new estimate of 1,600 GEO
would put them at 5,518 and in the frame for their
“slightly under” revised guidance. This makes sense,
as we’ve seen a combination of factors that have
trimmed GEOs:
 Canadian Malartic is currently mining mostly outside zones where GROY holds royalty claims
 Borborema has taken a quarter or so longer than expected to reach commercial production
 Coté Gold is still ramping and has also been slightly slower than expected
 The new owner of Vares, DPM Metals, has decided to suspend production for a couple of quarters
and re-tool the asset to its own preference before re-starting production as from 1q26
These little things add up and as a result, GROY hasn’t produced the numbers planned for 2025. However,
it’s important to understand three things, in fact these are vital to our investment thesis and go a long way
to explain just why I’m so keen on GROY today. A royalty company relies on its partners to deliver, it’s not
in control of production and by spreading its bets over several streams it reduces risk, but it will always be
open to this type of “production miss” (term used very loosely) if two or three main streams come in light
at the same time.
5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m GROY: Working capital, FY23 to date
other current
cash+ST
source: company filings
7.6
1.4
0.3 7.1 0.2 0.3 3.2 0.2 8.1 6.2
0.5
3.7
8
7
6
5
4
3
2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings
GROY: GEOs per qtr
3401
282 117 766
9102
749 1501
5441 9421 6431 3231 0061
2200
2000
1800
1600
1400
1200
1000 800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source: company data, IKN ests

However and in our case, despite the light sales in 2025 to date
GROY has delivered on its strategy of making 2025 the year in
which it turns the financial corner. We never expected the moon
from 2025, we wanted to see the company become financially
stable after fracturing cash for years, that’s what it has done.
Because most important of all, 2025 does not matter much!
Anyone buying GROY today isn’t doing so for its current or next
quarter results, in fact its 2026 isn’t that vital either. What GROY
offers is an organic runway to better and then MUCH better
sales and revenues thanks to streams that are now fully bought
and paid for. This, above all, is why I found myself rolling my
eyes at the market’s reaction to its 3q25 financials (chart right).
Enough GEO, now for USD and as for quarterly sales and COGS, these are the two tracking charts from the
P+L…
GROY: Sales per qtr
…but the revenues chart doesn’t take into account the money GROY receives from its land deals etc, so the
real 3q25 cash income is U$4.573m, rather than the U$4.148m you see above. COGS will creep up as more
stream GEOs come into the company, that’s
normal but what matters is the Y-axis. A closer
look at the revenues by stream shows the
importance of both Borborema and Coté, even at
this early stage of those mines’ lives. The copper
stream from Vares contributed well, but we can’t
count on that for the next couple of quarters as
DPM is taking the mine offline. Note the previous
mainstay stream, Canadian Malartic, contributing
very little at the moment. That will change in 2026
as the mining sequence returns to rock in the
GROY royalty zone, but more important for the
future is the royalty GROY holds on the Odyssey
UG zone, still under development. That will
become a serious revenue generator when it comes online. Overall, Q3 another record revenue quarter (just)
despite the lower GEO count, thanks to higher metals prices.
Back to the P+L once we subtract revenues from
costs and stick a finger in the air, we’re left with an
operating profit of U$0.572m. Not massively above
Q2, but it’s still incremental and the third positive
cash flow quarter in 2025. As you can see from the
chart, we expect more of the same in Q4 and with the
new GEO guidance, our guesstimate is now U$1m.
For the record, once financing costs (U$2.292m) and
"other" are factored in, GROY returned a post-tax loss
of U$1.133m. We'll soon see the bottom line go green
6
335.0 836.0 709.1 668.0 285.0 767.0 864.0 797.0 610.1 498.2
497.1 60.2 553.3
831.3
328.3 841.4
5
5
4.5
4
3.5
3
2.5
2 1.5 1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m GROY: COGS
source: company filings
782.0 884.0
730.1
650.0 612.0 711.0 402.0 373.0 942.0 25.0 524.0 884.0
930.2
632.0
686.0
622.1 4.1
2.2
2
1.8
1.6
1.4
1.2
1 0.8 0.6 0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings
U$m Vares GROY: Revenues breakdown
5 Jerritt Canyon
other
4.5
Borborema
4 Coté Gold
3.5 Borden
Cozamin
3 Cad Malartic
2.5
2
1.5
1
0.5
0
3q22 4q22 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
457.2-
105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
143.0 325.0 275.0
1
1.5
1
0.5
0
-0.5
-1 -1.5
-2 -2.5
-3
-3.5
-4
22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings, IKN calcs

as well, but what matters here is operating profit and positive free cash flow. GROY has them both as from
this year and isn't about to turn back, as we're about to see.
The acceleration begins next year: We’ve banged on all 2025 about this being the turnaround year when
GROY becomes financially stable for the first time and that’s now virtually in the books. We also know that
even a royaltyco running a quarterly operating profit
of around 500k/qtr doesn’t deserve a market cap of
over U$600m, it’s now time to lay out why GROY is
still dirt cheap. The first job is to make reasonable
estimates for the forward quarters and while that’s
going to be virtually impossible to nail down exactly,
the sum-of-parts nature of a royaltyco’s revenue
streams means that even if our specific guesstimates
on each stream is wrong, the total is likely to get close
(chart right). To attempt to justify those guesses,
here’s a continuation of the Revenues Breakdown
chart above to show how we see 2026 developing.
With Vares offline for a couple of quarters, the real
change will now start as from Q2 but in the meantime,
we’re going to witness how Borborema and Coté hitting its stride makes a difference to quarterly income.
Once Vares comes back GROY revenues start running harder.
GROY: Revenues breakdown
9
8
7
6
5
4
3
2
1
0
7
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
GROY: Total revenues, per qtr
U$m
Vares
Jerritt Canyon
other
Borborema
Coté Gold
Borden
Cozamin
Cad Malartic
source: company filings
Do the math and that makes our annual revenue estimate for 2025 U$16.1m once we add Q4. So the
estimated U$28.7m for next year represents a big jump and that’s
going so show all over the GROY financials as from next year.
GROY gets to pay down that debt, report net profit and expand
the balance sheet. No matter what happens to working capital,
book value will increase as the debt is paid down and as GROY’s
low price/book was one of the biggest clues earlier in the year as
to its relative value, it’s bound to increase a multiple that’s now
above 1X and showing the true financial health of the company
more clearly. Our chart (right) snapshots the three previous
occasion we took the pulse of the GROY P/Bv and while today’s
1.14X compares well, there’s still plenty of upside room to reach
peers at 2X and 3X.
However, 2026 is only the start of the fun. While it becomes more difficult to make exact estimates on GEOs
in three or four years’ time, we do know enough about the GROY pipeline to assume this type of growth.
Here comes a bullet list of just the main streams we expect to start paying GROY and note that everything is
fully bought and paid for. In order to benefit from the following list (and others besides) GROY doesn't need
to do a thing (and the less this management team touches the controls the better, as far as I'm concerned)
 Coté achieves commercial production, then moves to full nameplate production levels
 Borborema achieves commercial production, then moves to full nameplate production levels
 Vares re-starts
668.0 131.1 79.1 755.0 73.1 613.1
581.4
512.2 106.2
648.3 775.3 214.4 375.4 54.5 6.5
3.7 8.7 8
9
8
7
6
5
4
3
2
1
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
U$m
source: company filings, IKN ests
GROY: Evolution of Price/Book ratio in 2025
24.0 74.0
28.0
41.1
1.20
1.00
0.80
0.60
0.40
0.20
0.00
March 23rd May 11th July 27th Nov 16th
source: company data, NYSE, IKN calcs

 Granite Creek revamped and then re-starts
 Odyssey comes online
 REN comes online (the big jump as from in 2028)
Put those together, do some ballpark math and then round down to err on the side of caution and this chart
happens:
GROY: Actual and Forecast GEOs, per year
30000
25000
20000
15000
26000
24000
10000 20000
5462 5518
5000 2703 8000 12000
0
2023 2024 2025e 2026e 2027e 2028e 2029e 2030e
source: company filings and literature, IKN ests
 We expect just over 5,500GEO this year
 In 2026, the best fit estimate is around 8,000 GEO
 Then 2027 adds another 50% to the figure to 12,000 GEO
 Then, assuming Nevada Gold Mines bring REN online as expected, things get really interesting in
2028 and beyond. In its own literature, GROY forecasts a potential of 28,000 GEO by 2029, so our
best guess of 26,000 by 2030 doesn’t push any envelopes. And that’s a lot of gold for a $600m
royaltyco, be in no doubt.
As for what those GEO forecasts mean in US Dollar terms, here’s another chart:
GROY: Forecast annual revenues at various gold prices
8
1.01 1.01 1.61 1.61 42
63
63
45
06
09
27
801
87
711
U$m
140
120 at 3000
at 3500
100
at 4000
80 at 4500
60
40
20
0
2024 2025e 2026e 2027e 2028e 2029e 2030e
source: company data, IKN calcs & ests
o
Using our assumed annual CEO and then four average gold prices, from U$3,000/oz to cover the lowball case
to U$4,500/oz for all you dreamers out there, the future looks more than positive for the GROY top line.
Taking next year as an example, even at U$3,000/oz revenues will increase by 50% compared to this year
and if gold continues to do what it’s been doing, we could see U$36m. For what it’s worth, our previously
mentioned estimate of U$28.7m, my idea of a good place to base reasonable valuations, closely correlates to
an average U$3,500/oz gold price.
But once again, it’s the future years that really grab the attention and by the time 2029 (and beyond) comes
around, I wouldn’t bat an eyelid to read GROY had brought in over U$100m in top line revenues. This is why
I’m so hot under the collar about GROY these days. Once the market realizes what is happening to GROY via
its organic pipeline and top line revenues growth , which for me will happen at some point in 2026, there’s no
way it doesn’t start to front-run its future earnings potential and makes this a U$1Bn+ market cap company,
then to a valuation frame of between U$1.5Bn and U$2Bn as the royalty book matures and the cash from
Odyssey and REN among others starts to flow. For a reasonable comparative, Royal Gold was happy tp pay
U$3.5Bn for Sandstorm, a royaltyco with average revenues of a little over U$50m/qtr and U$400m of debt on
its books. By the time is GROY earning U$25m/qtr and on debt free balance sheet, if it’s not worth at least
U$1.5Bn I’d be amazed.

A quick word on shareholder rights: To put a cherry on top of this update note, the announcement that
GROY had adopted a shareholder rights plan on the same day at the 3q25 earnings was, for once in this
section of style over substance, not just a company trying to wave its arms and attract undue attention. We
know, plain fact, that Tether is buying up royaltyco shares with gay abandon and while I’m no fan of Garofalo
as a mining executive, he’s 100% right to enact this mechanism. It’s a classic rights plan (3)…
“…one right will be issued in respect of each outstanding Gold Royalty common share on the record date, being
November 17, 2025, and thereafter, one right will automatically attach to each new common share issued by Gold
Royalty. Each right will become exercisable if a person acquires beneficial ownership of 15% or more of the
outstanding common shares without complying with the permitted bid provisions of the Plan. In such
circumstances, each right will entitle the holder (other than the acquiring person) to purchase additional Gold
Royalty common shares at a discount to the then prevailing market price.”
…that allows shareholders protection against an aggressor trying to steamroller a company into M&A, here
are some simple bullets to outline how it works:
 GROY has around 174m shares out, of which Tether owns a declared 13.8m shares
 If Tether increases its position to 26.1m shares, the rights plan is triggered
 That would allow the 147.9m shares not owned by Tether to become 295.8m shares
 In theory, Tether is diluted back to an 8.8% holding.
 Tether can no longer push for a takeover deal against the will of the current board
In other words, the shareholder rights program makes sure Tether doesn’t try to vacuum up every single
share it can before coming to the table and brokering a fair deal. As this desk thinks a fusion between GROY
and (rising mining star) Fred Bell’s Elemental Altus, de facto controlled by Tether, is very likely, this rights
program means Tether has to pay up for our shares. And that’s good.
Bottom line: I was flabbergasted the week before last when GROY didn’t just trade lower, but went into full
sell-off mode on the back of its 3q25 financials. As mentioned in last weekend’s brief note, it reminded me of
the way it sold down after its 1q25 results and gave me the chance to drink deeply for second purchase, as
documented in IKN827 dated March 23rd and the main fundies note that weekend, “Gold Royalty Corp
(GROY): Adding on a misunderstood Q4 earnings report.” The only difference is that back then, GROY was
still priced at U$1.37 (with hindsight, an incredible price). However, that doesn’t mean this weekend’s U$3.70
is expensive; far from it in fact, as the 2026 we expect from the company makes our current rough target of
U$5.00 more than logical, even without any further aggression from big buyer Tether.
Gold Royalty Corp (GROY) hasn’t had a perfect 2025, but it’s been more than adequate under the
circumstances and it has succeeded in doing what it needed to do, demonstrating it had reached financial
safety and would now begin to grow as its royalty stream come online. Now for 2026 and the beauty of this
trade is that there’s nothing else needed, the company could literally sit on its hands and the growth will
happen. There’s nothing Wall Street likes more than a growth story and once enough people see the
incremental revenues and then work out what happens to this company in 2027 and beyond, the equity re-
rate will really take hold so by then, make sure you’re fully bought in at 2025’s bargain price levels.
Stocks to Follow
A welcome bounce for our Stocks to Follow list, with only four losers (AU.v, AMC.to, RPX.v, LMS.v) and two
unchanged stocks (MIRL.cse, XXIX.v) offering headwind. The other eleven stocks on the table were week-
over-week winners and four of those went up by double figure percentages, so a cheer and a happy smile for
Patagonia (PGDC.v up 13.8%), Gold Royalty (GROY up 12.8%), Orecap (OCI.v up 11.8%) and Marimaca
Copper (MARI.to up 10.7%), but for me the real wins came as Amerigo (ARG.to) hit another ATH and Rio2
(RIO.to) added another layer of net wealth to my personal portfolio.
9

17 open positions on the list, three under the self-imposed maximum. Twelve are in the green, five are in the
red and I’m particularly pleased that four of the five biggest trades are up by 100%+.
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$2.29 186.3% Re-rated to new $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v HOLD C$0.21 13-Oct-19 C$0.38 81.0% $0.70 tgt, selling early 2026
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$3.26 111.7% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.90 290.2% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.70 164.3% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$0.86 -2.3% re-rate trade, $1.44tgt
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.00 -6.5% Agnico will buy more Finland
Arizona Metals AMC.to HOLD C0.66 5-Oct-25 C$0.57 -13.6% new trade on bull mkt dynamic
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.15 25.0% Added more Sep & Oct'25
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.15 97.5% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.205 7.9% 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$0.095 58.3% 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
Electrum Disc ELY.v WATCH C$0.055 9-Nov-25 C$0.06 9.1% dirt cheap Serbia exploreco
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.185 -58.9% 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:
Electrum Discovery Corp (ELY.v): Glad to say there was no real price reaction in ELY last week. One of
the private issues I had about putting a thinly traded tinycap in more of a spotlight was whether some-or-
other buyer would wade in a bend the market price completely out of shape. It doesn’t take much at this
price and when less than U$45k buys a million shares, it doesn’t take much cash either. We’ll see what
happens if I eventually pull the trigger and buy a few (and as usual, I wait my turn and let any reader buy
before me), but that’s not decided yet and we’re going to watch at least until TLS season is over.
10

Arizona Metals Corp (AMC.to): We do plenty of AMC in Market Watching today, here we draw your
attention to the near-term sentiment column of the above table and that AMC is now a “HOLD” until further
notice. The reason is in the second part of our analysis, below.
Orecap Inv (OCI.v): The liquid-ish assets column shows that the share price took a jump ahead of the
underlying value last week:
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 0.59 4.36 1.8
ARIC warrant 4.17 0.39 1.63 0.7
XXIX.v 22.992 0.125 2.87 1.2
KTR.v 42.75 0.085 3.63 1.5
MERG.v 1.025 0.47 0.48 0.2
MERG warrant 0.5125 0.07 0.04 0.0
MIS.cse 24.709 0.06 1.48 0.6
subtotal 20.62 8.3
Est.cash 0.03 0.0
Total 20.65 8.3c
At 248.332 S/O
Perhaps the 9.5c finish is a little ahead of the normal, but the 9c is a solid line now. We await news on
McGarry but in the meantime, MERG may be the new momentum component taking over from AE or ARIC.
Marimaca Copper (MARI.to): It was a good week for our main copper developer trade, with a double
whammy of good news that briefly saw the stock hit a new ATH over the C$12 line, before finishing at a still
excellent C$11.90 and a 10.7% gain. First up and as anticipated this time last weekend, MARI announced (4)
it had duly received its main Environmental Permit (RCA) from the government of Chile. The NR trumpeted
this important step, but at the same time somewhat downplayed the RCA by making it sound like another
permit in the series required:
“The receipt of the RCA allows Marimaca to advance the next phase of permitting activities for the
Project, known as the Sectorial Permits, which are auxiliary permits required for various stages of
construction and operation.”
I found that odd. In fact, the RCA is THE permit that matters, it’s the hardest one to get and its award means
that all subsequent permits come in near-automatic manner as long as the requirements for each are
demonstrated. The governmental power of veto stops at RCA, from here the company can be confident about
every other paper required, along with a clear timeline for all the paperwork. MARI then followed up that
news with a separate NR (5) announcing the latest assay news from the highly promising Pampa Medina
project. It’s still early days there, but the new results confirmed grade and widths, as well as add confidence
to the company assumption that the mineralization extends far beyond the original discovery area. Those NRs
combined and MARI had a better week than just about any other copper stock. Quite right too, it’s better
than the rest.
Minera Alamos (MAI.v): This isn’t the first time
we’ve seen this happen (chart right) I’d venture to
opine that it’s going to take solid, quantifiable news
on Pan production and cash flow before MAI can
break out of this flip-trade profit-taking cycle, that
means Janaury 2026. Also, I get that being 80% or
so up on the trade makes this easier to hold for me
than for others.
Amerigo Resources (ARG.to): Laying the three-
month squiggly line for ARG against the main copper
producers’ ETF (COPX) shows how well our
preferred copper producer stock has performed
since it reported its 3q25 (right) and last week’s action was a direct continuation of that, with the stock
11

shooting straight to thr C$3.30 line, peaking at a new ATH of C$3.35 and while Friday’s close came with some
understandable profit-taking, it’s difficult to be anything but pleased with the week.
Red Pine Exploration (RPX.v): The NR last week (6) announcing a high grade assay hit at depth ,
“…82.50 g/t Au at a depth of 288.97 to 289.71 m in the Y106 Vein over 500 m from existing resource…”
failed to ignite the imagination of its audience and RPX finished down slightly on the week, which is fair
enough. It’s always good to show ultra-high grade gold intersects as it shows the strength of the system in
question, it’s also notable that the hole came outside the current resource zone. However, we already knew
the Jubilee Shear zone had this type of veining and we already knew the resource would extend outside the
current 43-101 resource zone, so we’re left with a deep cut that’s not going to be mined for many years yet.
These days, the market has taken more interest in RPX for its new strategy of outlining and then building an
open pit mine on the sweet spots of its shallow mineralization. The next stage of that will be the PEA that’s
slated to appear by the end of the second quarter of next year and between now and then, the market is
more likely to move on positive drill results from those shallow targets.
The Copper Basket
After forty-six weeks of 2025, The Copper Basket shows a gain of 71.87% to level stakes:
Shares out
company ticker price 1/1/25 (m) Market Cap current pps gain/loss%
1 SolGold (GBP) SOLG.l 6.92 3001.11 587.92 19.59 183.1%
2 Trilogy Metals TMQ.to 1.65 164.1 809.01 4.93 198.8%
3 Atex Resources ATX.v 1.43 279.21 672.90 2.41 68.5%
4 Arizona Sonoran ASCU.to 1.47 174.6 605.86 3.47 136.1%
5 Aldebaran Res. ALDE.v 1.90 169.914 579.41 3.41 79.5%
6 Faraday Copper FDY.to 0.74 250.605 521.26 2.08 181.1%
7 Regulus Resources REG.v 2.05 124.659 436.31 3.50 70.7%
8 Hercules Metals BIG.v 0.55 289.289 164.89 0.57 3.6%
9 Hot Chili HCH.v 0.67 175.07 140.06 0.80 19.4%
10 Element 29 Res ECU.v 0.63 136.924 135.55 0.99 57.1%
11 American Eagle AE.v 0.69 173.377 90.16 0.52 -24.6%
12 Andina Copper ANDC.cse 0.16 211.085 83.38 0.395 146.9%
13 XXIX Metal XXIX.v 0.11 304.79 38.10 0.125 13.6%
14 Copper Giant CGNT.v 0.315 143.08 29.33 0.205 -34.9%
15 Kobrea Exploration KBX.cse 0.60 35.622 16.92 0.475 -20.8%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 71.87%
The basket took another leg down last week, with the six losers (ATX.v, ALDE.v, TMQ.to, ASCU.to, CGNT.v,
ANDC.cse) enough to beat out the effects of the seven winners (SOLG.l, REG.v, FDY.to, AE.v, HCH.v, ECU.v,
12

The Copper Basket 2025, weekly evolution
KBX.cse), with two stocks unchanged on the week
100%
(BIG.v, XXIX.v). That’s because those losers include big 90%
80%
drops in Trilogy (TMQ.to down 12.6%), Andina 70%
60%
(ANDC.cse down 12.2%) and Copper Giant (CGNT.v 50%
down 8.9%) with the only big upmove in Regulus 40%
30%
(REG.v up 9.7%). So, it’s now five losing weeks in a row 20%
10%
for our basket of juniors, which is a long way from the 0%
-10%
bullish copper narrative so prevalent on the airwaves -20%
these days.
For all the noise we’ve had about copper recently, Q4
hasn’t seen the type of price action to match the
uber-bullish forecasts coming in from all sides. Of
course, U$5.00/lb copper is nothing to complain
about and personally speaking, I’ll be a happy boy
if it stays in the tight range we’ve seen since the
start of October.
I remain a bull on copper for the medium-term
and I remain leery about its near-term prospects,
with those concerns growing every time another
data set of hard numbers comes in and
contradicts the prevalent narrative. And there’s
certainly plenty of talk at the moment, here are a
couple of screenshots to labour the point with this
first one from Bloomie on October 29th (7)…
….and this second example (of many) from MarketWatch this week (8)…
…and FWIW, I checked on the author of the Ticking Time Bomb note, best described as a commodities beat
reporter who covers soybeans, oil and throws in their thoughts on Venezuela political risk from time to time,
as well. Not a copper trader, not a close watcher of the metals market, unlikely to understand how well the
people at the centre of the LME system will say one thing while doing another. There are plenty more where
those above came from in October and November and, while admittedly “ticking time bomb” is a great way of
being never wrong (“…but Mark! It’s still ticking!”), they don’t stack up against the sideways price action in
the same period. Another piece of this puzzle is the continued arbitrage between LME and Comex futures
contracts. This weekend the three month LME contract sites at U$10,850/t, or U$4.92/lb, while the equivalent
Comex expiry contract is priced 3.3% higher at U$5.08/lb. This is the underlying reason for the continued
flow of physical copper into North America and, as our inventory tracking section (below) shows, there isn’t
the local demand to soak up that extra supply. This is a market being bent out of shape (again) by the Trump
admin’s interference and if LME participants are worried about the lack of stock impeding the potential to
short the market, than surely Comex players are seeing it from the other side now. It’s not the first time
we’ve mentioned this recently, but the combo of…
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 ht61
source: IKN calcs

 Near record prices for copper
 The media shouts of “Copper Gonna Fly!” and the crowded trade now forming
 The notable lack of a supply squeeze on physical demand in China
…aren’t a great recipe. Add in the potential for Comex speculators to short the market that’s growing along
with inventory and while I remain bullish on copper’s prospects for 2026, you can count me out of the crowd
that’s now expecting copper to explode higher and with that, your natural-born contrarian has said his piece.
As noted above, one trend that doesn’t match the bullish forecasts for copper is the world inventory
movements, which continued doing their thing last week. Here’s our regular weekly look, data from Cochilco
 Another overall aggregate add to world copper stocks last week, the three official futures
systems adding 3,332 metric tonnes (mt) to close at a total of 589,353mt.
 We’ve finally got a reversal in trend to report from the Shanghai SHFE, as for the second wekk
running stocks dropped. However, the moves remain modest and the total og 5,628mt that left
its stores means SHFE still holds 109,407mt.
 LME copper inventory lost just 175mt and finished Friday with 135,725mt under roof. No biggie.
 And it was the same old song from Comex, the flow of copper into The USA continues and this
time, 9,135mt was added to for yet another all-time record total, 344,221mt.
Our dedicated SHFE chart again shows that no news isn’t always good news. That black line should be
moving lower as Chinese factories move to re-stock, instead it’s stayed at the 100k level for half a year.
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
The Producer Basket
After 46 weeks of 2025, the Producer Basket shows a gain of 117.06% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 97.28 87.80 135.9%
2 Agnico Eagle AEM 78.21 502.579 84.38 167.89 114.7%
3 Barrick B 15.50 1705.994 63.17 37.03 138.9%
4 Franco-Nevada FNV 117.59 192.119 37.84 196.96 67.5%
5 New Gold NGD 2.49 791.7 5.68 7.17 189.1%
6 OceanaGold OGC.to 11.94 231.127 5.65 34.42 188.3%
7 Eldorado Gold EGO 14.87 201.275 5.62 27.91 87.7%
8 B2Gold Corp BTG 2.44 1330.134 5.45 4.10 68.0%
9 Sandstorm SAND 5.58 296.844 3.60 12.12 117.2%
10 Wesdome Gold WDOFF 8.98 149.891 2.20 14.67 63.4%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 117.06%

A strong rebound for the big producers last week, with all nine active stocks in our basket (SAND now
delisted) up on the week. Most of the wins were in the 4% to 5% range, the most obvious outliers being
Barrick (B up 11.9%) to the upside and Wesdome (WDOFF up 0.4%) to the downside. However, it was also a
week that favoured the multi-billion dollars market cappers (GDX up 5.0%) over the sub-$10Bn guys (GDXJ
up 4.7%), the normal leverage reversed as money came in top-down, and also came for heavily weighted
GDX stock Barrick (B). All that’s a long-winded way of presenting my latest failure in the making:
The 2025 Producer Basket: Weekly performance and
140% comparative to GDX control
120%
100%
80%
60%
40%
20%
0%
We’re now 7.53% behind the GDX benchmark and, with just six weeks left to the end of the 2025 period and
one of our ten stocks now out of the running, it’s going to take a minor miracle to keep my winning streak
going this year. At the start of every year, I always state the annual competition to try and beat the GDX by
picking ten stocks is a semi-serious thing only and that’s true, there’s no money involved etc, but right now it
feels more serious than just semi and be in no doubt, I spend plenty of time thinking about the annual
composition with a view to beating GDX. Assuming it crystallizes, the loss this year will sting.
Enough of my pathetic and bruised ego, time for notes on the two outliers of the week:
Wesdome Gold (WDO.to) (WDOFF): After last week’s extended look at WDO that made the case for the
company’s imminent takeover (by Alamos or other), the stock did exactly what I expected it to do and traded
like a complete donkey. Well, that’s a little unfair, but the way in which it magnified the drop in GDX on
Friday when gold dropped by over U$100/oz at the
bell was typical of the sentiment seen in this name all
2025, as was the way it refused to bounce along with
its peers once gold found buyers back to the
U$4,100/oz line. Last week’s underperformance was
no reflection on what we’re likely to see in Q4 (all
signs are that WDO will put in a great production
quarter, see IKN859), it was simply a continuation of
the way it’s traded for 80% of the year.
Is it a buy here? I’m uncomfortable about touting
stocks that I don’t buy myself, it goes against the way
we do things round these parts. But with that said and
after pleading that you take the extenuating
circumstances noted above into consideration, yes I do think it’s a decent risk/reward purchase here for the
person looking for alpha in the midcap/Tier2 producer sub-sector.
Barrick (B) (ABX.to): Last week’s late-sent edition caught the results and largely positive reaction of the
numbers out Monday from B, the company also got lucky and picked a big gold up day to show its Q3.
However and as seen here, the big reason for last week’s out-performance by B was the way it went up on a
down day for most other stocks in our sector and that’s all to do with this (9):
Exclusive: Barrick Mining considers splitting into two entities, sources say
TORONTO, Nov 14 - The board of Canada's Barrick Mining (ABX.TO) has raised the possibility of
splitting the company into two separate entities, one focused on North America and the other on
Africa and Asia, four sources familiar with the company's thinking told Reuters.
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 ht61
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 ht61
source: IKN calcs, NYSE data

For what it’s worth, I’ve hung around Reuters press
offices enough to know that when they run an
anonymous sourced story such as that, it has to
pass a range of internal checks before being allowed
to run. It’s never 100%, but I’m always more willing
to believe this type of scoop out of Reuters than
Bloomberg (for example), which has a propensity for
stretching the truth for the sake of a headline. The
market reacted the way it did for good reason;
that’s a stock-friendly development, above all
because it heightens the possibility of M&A action
for Barrick as any buyer would be able to pick and
choose the part(s) it wanted. Or in other words,
Newmont can buy the 60% of Nevada Gold Mines it
doesn’t already own (as well as Pueblo Viejo, if it so
desires) without getting bogged down by Reko Diq or its riskier Africa assets. The next paragraph in the
scoop isn’t there for show, either:
A split could also include the outright sale of Barrick's African assets as well as of the Reko Diq mine
in Pakistan, once it has secured financing, according to the sources.
After firing Mark Bristow, that has all the hallmarks of John Thornton putting the knife in and trashing his
legacy as well. Even if this split doesn’t come to pass, the thought process on show at B makes it clear they
want to draw a line under Bristow, move away from his Reko Diq jewel in the crown and the idea of selling
off Barrick Africa Inc adds a twist of the knife and a not very subtle insult.
The TinyCaps List
After 46 weeks of 2024, the TinyCaps show a gain of 33.38% 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 25.49 0.17 17.2%
Electrum Disc ELY.v 0.13 98.995 5.94 0.06 -53.8%
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 24.99 0.205 156.3%
Mogotes Metals MOG.v 0.13 374.759 103.06 0.275 111.5%
Radius Gold RDU.v 0.085 107.554 14.52 0.135 58.8%
South Star STS.v 0.55 69.2 10.38 0.15 -72.7%
Viva Gold VAU.v 0.14 145.53 26.20 0.18 28.6%
Prices in CAD$, data from TSXV basket avg 33.38%
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.
16

60% TinyCaps, 2025 weekly tracker
The TinyCaps List is now limping toward the end of the year 50%
and while its signal remained useful for most of 2025, it’s 40%
now looking stale. The basket average lost 2.36% and while 30%
the headcount was balanced, with three winners (CN.v, 20%
ELY.v, VAU.v), three losers (LMS.v, RDU.v, STS.v) and four 10%
unchanged stocks (BRO.v, EDG.v, KDK.v, MOG.v) the 0%
negative overall was mostly caused by the only mover of -10%
any import, namely the 10.9% drop in Latin Metals (LMS.v).
Radius Gold (RDU.v): This company was included in the 2025 list for a combination of two reasons, firstly
because it had an explorers’ chance with its Tierra Roja copper project in South Peru, second because RDU
was already hyping it hard to the market at the tail end of 2024 and as these people are serial BS merchants
of long-standing, it was going to be interesting to keep an eye on the projects development.
Or lack of development, better said. We note that the last two NRs from RDU are (10):
July 7th: “Drill Permits Granted and IP Survey Identifies Key Targets at Radius Gold's Tierra Roja
Copper Project”
October 6th: “Exploration Update: Radius Exercises Option on Hidekel Concessions Adjacent to
Tierra Roja, Peru”
The July 7th NR made out that drilling would start in due course and indeed, we note with interest that the
latest corporate presentation for “Q4 2025” has the following information of its third slide (screenshot right).
We then waited another three months until the
second NR in October, in which we were told among
other things that, “Radius’s legal team has advised
that the final authorization for initiation of activities
is expected to be issued beginning of November.”
Since then, radio silence and as today is November
16th, we can officially state that RDU has missed on
yet another timeline promise. This is, of course, the
same Radius that told us in September 2024 it
“…expects to commence drill testing Tierra Roja
within 6 months”, quote/unquote. If it were another
company I’d have a grumble at slipshod investor
relations work but as it’s RDU, it comes as zero
surprise. When these jokers take their foot off the
gas, they do so without regard for anyone except themselves.
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 result
All eyes on Chile this evening, where the Round One Presidential election has been taking place today. The
fast count results are now in and with 99.99% of official numbers tallied, here are the numbers that matter:
 Jeannette Jara: 26.85%
 José Antonio Kast: 23.92%
 Franco Parisi: 19.71%
 Johannes Kaiser: 13.94%
 Evelyn Matthei: 12.46%
 And the rest is noise
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 ht9 ht61
source: IKN calcs, TSX data

This means, as widely expected, left wing Jeannette Jara and right wing José Antonio Kast go forward to the
run-off vote scheduled for December 14th. The tight margin of Jara’s first round victory also means that Kast
is a near-certainty to get the votes he requires as the other clear right wing candidates (Kaiser, Matthei) have
already this evening made good on their campaign promises to fall into line behind whoever made the run-off
against Jara. The simple math on that announced and confirmed alliance (Kast+Matthei+Kaiser=50.32%)
gives Kast his win, even before we consider Franco Parisi.
The 19.71% garnered by Señor Parisi for his clear third place, a result way beyond most pollster forecasts,
deserves its own paragraph. Head of the centrist People’s Party (Partido de la Gente, PDG), trained economist
Parisi is a Chilean political veteran (he got 10% of the 1st round vote back in 2013 when Michelle Bachelet
won her second term) and clearly won votes away from Jara to his left as well as bleeding some from Matthei
to his right. In rough terms, Chile’s population is split into thirds with one third clearly right wing, one third
left and on third centrist position. It’s that final segment that tends to decide elections and it’s why Michelle
Bachelet was elected twice on a centre-left manifesto, for example. In 2022 the deciding group plumped for
Boric over the hard right rhetoric of Kast, so it’s no surprise to have watched Kast moderate his language and
presentation in the last couple of years (he wears the “I’m a Wise Statesman” costume these days). So to
Parisi, and his strong showing seems to be a message from the moderate left that remember the hard left
agenda Boric tried to impose in his first couple of years of his government. And without getting into the
national political weeds too far, Parisi's PDG party also secured 14 seats in the Congress lower house and
now holds a balance of power there, despite Kast's party doing well and gaining 15 seats, mostly from the
traditional right wing alliance parties. This makes Parisi a force to be reckoned with, as any Kast law project
will need his bloc's approval to pass to the upper house (where Kast will have a de facto majority). He’s
bound to be approached by the Jara team with a view to forming an alliance, he’s likely to have talks with
Team Kast as well. In the next four weeks, he does have the potential to make this election more interesting
if he allies with Jara, but 1) that’s unlikely and 2) even if he does, he’s unlikely to be able to bring his entire
18% to her side. If I had to bet, I’d say Parisi will remain neutral, leave the door open for a role in the
incoming Kast government and his voters split roughly 50/50 in the run-off.
The bottom line today is the same as virtually every other note on Chile’s election in recent weeks, barring a
massive surprise or unexpected event José Antonio Kast is the next President of Chile. This result will please
the markets and the mining industry; it’s also good news for Trans-Andean relations as he will see eye to eye
with Milei in Argentina. Aside the Parisi factor, tonight’s headline result was widely expected and most of its
market effects are already baked in, but we have four weeks of campaigning and the December 14th vote to
get through but at this stage, even the 92% offered by Polymarket on Kast winning the election this evening
looks like a way of buying dollar bills at a discount.
Peru political apathy
After last week’s note, “A primer on the 2026 election”, a quick extra word on the latest IPSOS poll published
last week. While the top three (Rafael López Aliaga 9%, Keiko Fujimori 8%, Mario Vizcarra 7%) are very
similar to previous polls and it’s still notable how nobody even makes it into double figures, the stand-out
data point is that 30% of Peruvians say they will spoil their ballot or “vote in white”, these aside from the
other 12% who made no response to the poll question. The political apathy in Peru is palpable and surely the
product of decades of self-serving politicians at both Presidential and Congressional level that have done
precious little to further the case for democracy in the country. Not a sentiment confined to Peru of course,
but in this institutionally weak country is a potentially dangerous backdrop that allows the rise of extremist
politics from either side.
There’s a process to go through before the field is settled, including specific registration criteria in December
and early January, then typically campaigning doesn’t hit top gear until after Peru comes back from its main
summer vacation period. The noise will increase as from March, we’re watching quietly until then.
Colombia: The next big election in South America
While on the subject of upcoming elections, a word on what promises to be the most important regional vote
in 2026, the Colombia Presidential election. In fact there are two big dates in Colombia, or three if we include
the high likelihood of a second round run-off for President, as the country first holds its elections for Congress
on March 8th and once those are done, the Presidential campaign kicks off with the Round One vote
scheduled for May 31st (run-off June 21st if required). The Congressional vote will give big clues as to how
the main event will go, but all eyes will be on who succeeds current President Gustavo Petro.
18

We ran a preliminary note on this very important election earlier this year, but have kept quiet in recent
months not least because Colombia this year enacted a somewhat polemic embargo on voter intention
polling, a law passed that stopped polling from being done until this month of November (and even now, new
registration rules and other details mean we haven’t seen any polling yet). Therefore we are flying a little in
the dark and haven’t made much mention of the low level campaign to date but fear not, as soon as the
election begins to take shape we’re going to be over this one like a rash. The Peru vote matters to mining
because of its position as an established mining nation and destination for FDI, but Colombia is more likely to
mark the course of regional politics and we expect to see another right shift, in the same way we’ve seen
from a list of countries recently. A lot has been written about the left wing government of Gustavo Petro and
the right is licking its lips at the prospect of another socialist/commie/red bedwetter falling to the might of the
conservative right wing, but the fact is that Petro’s government is very much the exception in Colombia,
rather than the rule and it’s the first time a true lefty has held democratic power. One could if pressed make
the case that Juan Manuel Santos shifted from the right toward a more centrist position during his
presidency, but he was never more than centre-right (in my view) and all other recent presidencies and
certainly all in the 21st century (Pastrana, Uribe 1, Uribe 2, Santos 1, Duque) have been more in the classic
taste of Colombians. That’s what we should expect in this upcoming election and while we already have the
likely candidate for the left, namely Iván Cepeda (a senator in the Petro alliance), the right and centre right is
still jockeying for position. An early name making headway is Abelardo De La Espriella, who is running on a
hard right platform and is making a lot of use of social media via attacks on Petro and others, controversial AI
images, polemic statements etc. He’s running hot early, but the field is large on the right and there are plenty
of established names that haven’t even begun to make their efforts.
We’ll have a better idea of the lie of the land just before Christmas, when there’s the cut-off for candidates as
they must present to the electoral authorities petitions with at least 630,000 signatures, which must then be
validated by the end of January (which also means candidates need to collect way more than 630,000, as
many will be thrown out as faked or multiples). At that point, end January, we’ll know who can be on the
ballot and will also have an idea of their chances of making it to the highly likely second round run-off.
Argentina: Glacier law on deck
Mining is on Argentina’s mind now, with President Milei quoted by the Wall Street Journal last week (8) as
saying “We’re going to have dollars coming out of our ears” thanks to the development of copper mines while
giving a keynote speech to an audience of business executives in Miami, Florida. However, that same broad
brush report (11) also covered some of the issues and headwinds facing the Milei plans for mining, including
the Glacier Law. In IKN858 dated November 2nd, the Regional Politics section considered some of the fall-out
from the big Javier midterm result and along the way, noted the words of the nation’s Mining Secretary
(Minister) Luis Lucero on the challenges still facing the mining industry. Secretary Lucero first mentioned
provincial employment laws that were stifling development, then moved to the subject that gets most
lobbying from the mining industry. This from IKN858:
“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. 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.”
It didn’t take long to see the Glacier Law come up and since the election, it’s been a business talking point on
the streets of Buenos Aires, often connected with the debate on how Milei will need to get hard dollars into
the country and bolster central bank reserves in order to get a tight hold on inflation going forward (loans for
the IMF and the USA will tide them over a while, but the Libertarian Milei knows what’s required for the long-
term change). The Glacier Law is now being framed as a bottleneck by the Argentina bizworld, not just for
mining but for the whole Milei project, take for example this segment from the same WSJ report (11):
A law that bans mining at or near Argentina’s approximately 16,000 glaciers could still derail many projects. But
the government should be able to change the law after Milei’s party more than doubled its seats in Congress, said
Carlos Saravia Frías, a lawyer in Buenos Aires who specializes in mining.
“This definitely needs to be resolved,” he said. “It’s a precondition for all the copper projects.”
Meanwhile in Argentina media, this extensive report from Argentina’s bizmedia Ambito Financiero (12) does a
good job of covering nearly all the angles, starting with the trigger event last week, when President Milei
spoke at the Regional Economics Congress in Corrientes (North Argentina). He said that his government
19

would send to Congress a law project which will allow (quote translated) (13) “each province to decide what
its periglacial zone is”, which in turn would allow “large-scale investment in mining.” He went on to explain in
classic Milei style the reasons behind the planned changes for the mining law:
“Environmentalists would rather see people starve than do anything. This law is about restoring legal powers to
provinces, so each can determine its own periglacial zone. This will be very important for the economy. The
original idea came from the governor of Mendoza, Alfredo Cornejo, and once and for all will let us take advantage
of our natural resources.”
One of the consequences of Milei’s impressive showing in the midterms is that he now has the possibility of
using Congress to pass laws, instead of attempting to rule by executive decree and this has become a hot
topic in mining circles regarding the Glacier Law. There are a couple of alternatives, but assuming the Milei
government moves to change the law and help mining in the Andean Cordillera it has two basic options:
 The Executive Decree: This is quick, as in Milei could sign one off tomorrow morning, but it leaves the law
change open to legal attacks that could bog it down in the courts for a considerable period (depending on
the contents).
 A Clarifying Law: This would use the Congress and add clauses to the current law. It would mean waiting
until then new lower house sits as from December, getting it past the lower house, then taking the law bill
to Senate where it might have a more difficult passage. The law project envisaged wouldn’t change the
letter of the existing Glacier Law (for one thing, the Argentina Constitution demands its wilderness zones be
given environmental protection), but it would give the power of decision to the provincial governments on
whether the mining projectn in question would affect glacier or periglacier zones. Effectively, this would
allow pro-mining provinces such as San Juan to move on their projects quickly.
For what it’s worth, the mining sector is near-unanimous in its preference for an organic law and amendment
to the current Glacier Law, rather than using executive decree. For example, after Milei had spoken on the
law change the General Manager of McEwen Mining’s (MUX) Los Azules project, Michael Meding (who, for
what it’s worth, has become quite the spokesperson and media go-to guy for mining matters in Argentina
recently) told the press “The (organic change of) law is better, as it would remain more stable over time than
a decree. It’s important to have precise details, as uncertainty doesn’t help when making long-term
decisions.” And he’s right. Therefore, the Glacier Law amendment will be one of the first law projects out the
gate once the new Congress is sworn in, mid-December. Hopefully they can get some work done before
Argentina goes off on its national five week vacation, starting Christmas and continuing on the beaches of
Mardel or Punta del Este in January.
Ecuador: Noboa’s bad referendum day
Finally in this regional vote round-up, we mentioned the national Ecuador referendum a few weeks ago, with
President Noboa calling a vote on seven specific questions regarding national policy, but we haven’t been on
top of the story in the way we have about Argentina or Chile (for examples) and that’s mostly because the
seven questions were not particularly connected to the mining industry. It so happened that this weekend
saw the Ecuador vote as well and it went badly for Noboa, with the country rejecting four of the seven
questions (including whether Ecuador should re-open its Manta airbase to foreign military personnel…in other
words, let the US Marines back in). I wasn’t going to mention it in this weekend’s edition either, but on
reading this synopsis (14) by James Bosworth (Boz) in Latin America Risk Report I think he makes one valid
point that the readership of The IKN Weekly, i.e. a potential source of FDI, should consider:
The next round of protests will look different. One reason Noboa was able to withstand the recent fuel
price protests led by indigenous groups was the perception that he had popular support in much of
the country. With this referendum, that perception is now gone. That does not mean protests will
suddenly erupt across the country. However, at some point in the coming 12 months, the next round
of protests will be harder to repress because people will no longer share the same view of the
president’s support.
The whole article is worth your time if you’re into LatAm politics and in my view, Boz has read the vote and
its consequences correctly on all points (not just that one above). We noted a couple of weeks ago that the
CONIAE-led fuel protests were fizzling out, but the Mini Basket Case country is only ever one event away
from the next social crisis and the next widespread protest is always a “when”, rather than an “if”. This
weekend’s bad referendum result weakened Noboa’s political capital and his opponents know that, too.
20

Market Watching
Arizona Metals Corp (AMC.to) 3q25 financials
On Tuesday November 11th post close, our “leverage to
gold” (ugh) speculative trade, Arizona Metals Corp
(AMC.to), filed its 3q25 financials (with no public NR)
and the next morning, also gave us an update of its
corporate presentation (15). In general terms, the
quarter came in as expected but there’s one detail that
may account for its recent price weakness, so first we’ll
run over the financials and then update on the negative
and what it may mean for my long position.
We do the financials quickly and mostly with our Usual
Suspects suite of charts, as there’s little substantive
difference between now and our note “Arizona Metals
Corp (AMC.to): Why we own a loser” in IKN856 dated
October 19th. The assets and liabilities overview charts (below) show the same tiny liability position and the
same rate of decline in assets, as AMC expenses its exploration and there’s very little in the way of fixed
asset value booked.
AMC.to: Assets
60
55
50
45 40
35
30
25
20
15
10
5
0
A closer look at the cash position shows burn remained steady and predictable, with most of its liquidity held
in interest-bearing investment accounts that’s released as required.
Those investments stood at C$20.831m as at end 3q25 (AMC reports in Loonies) and as there's every reason
to expect the same rate of burn in the current quarter, our working cap chart pencils in a best guess of
C$16m available as at end 2025. At the same burn rate, this suggests AMC could run the whole of 2026
without running out of cash or going back to market. Its last significant top-up was 4q24 and at a much
21
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
$m Fixed AMC.to: Liabilities per qtr
invest 2.2
2
other current
1.8 cash 1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
source: company filings
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings
srallod
fo
snoillim
55 AMC.to: Working Capital per qtr
50
45
40
35
30 25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source company filings
srallod
fo
snoillim
AMC.to: Investment cash, per qtr
722.54 746.54 430.24 744.83
745.92
978.42 398.91
70.41
367.33 624.92
426.42 138.02
50
45
40
35
30
25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings
srallod
fo
snoillim

AMC.to: Shares Out higher and less dilutive share price than today and while
they may decide to do the same again, there's no need for
an urgent decision. I’d expect AMC will want to put its best
foot forward first and get its PEA out for the flagship Kay
project before making that decision. So shares out remain
as-per and they should remain that way for at least a
couple of quarters.
As for where that cash was spent, the operating expenses
tracking chart shows AMC continues to run a tight ship,
spending C$4.26m on the items as seen during Q3, of
which the lion's share went on drilling:
C$m AMC.to: Operating expenses other exp
share payments
11 prof fees
10 G&A
salaries&benefits
9
other explore&eval
8 Kay drilling
7
6
5
4
3
2
1
0
-1 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings
The chart below left details the exact amount spent on drilling at Kay, i.e. without the necessary extras that
go on around a drill program and in Q3, they put C$2.582m with of holes into the ground. The chart below
right shows what type of drilling went on and in Q3, we saw a clear switch to “exploration drilling”, which
AMC defines as “Expansion drilling on the exploration targets outside of the Kay Deposit”. This switch makes
sense, what with the main Kay deposit now with its resource estimate (MRE) and work there focused on
getting the project to PEA level. It also jives with the AMC stated aim of a “full evaluation of Sugarloaf Peak”,
its second string gold asset, with drilling started in September.
Overall, a logical set of numbers filed by AMC and that’s good, we don’t want
financial surprises from a straightforward and relatively small exploreco.
However, we now get to the one negative reported by AMC and here’s a
screenshot from the new corporate presentation (right). In the October
edition, it said the PEA would arrive in “H2 2025” and now that’s been
quietly shifted to “Q1 2026”. In other words, the PEA has been put back a
quarter and in the MD&A, AMC tells us a little more:
The Company expects to deliver a preliminary economic assessment
(“PEA”) by the end of Q1, 2026, following the completion of additional
metallurgical test work.
Not much more, but a little more. It’s the kind of thing that happens and in
22
0.501 5.801 8.111 1.511 0.611 0.611 0.611 0.611 5.611 8.811 8.911 4.021 7.631 7.631 7.731 7.731 8.731
200
180
160
140
120
100
80 60
40
20
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source: company filings
serahs
fo
snoillim
AMC: Metres drilled, per qtr AMC.to: Spend on drilling at Kay, per qtr
10000
9000 Exploration drilling
8000 2300 Resource drilling
7000
6000
5000 1612 4000 6700 2516 5667 3000
2000 4259 4614
1000 2064
0 453
3q24 4q24 1q25 2q25 3q25
source: company filings
162.4 748.3 193.3
216.6
028.2 238.2 528.3 43.5 318.3 800.4 415.4 684.3 773.3 347.2 285.2
7
6
5
4
3 2
1
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
C$m
source: company filings

my book, it’s not a deal breaker but in this case it’s a pain in the trasero because of the timing. One of the
reasons to have bought AMC when I did was to anticipate this PEA delivery and catch the upwave from the
low price of the year…or what I thought would be the low price, anyway. That’s not been the case, this
weekend we’re back under the 60c line and now, without an upcoming catalyst this quarter, AMC stock is a
wide open target for Tax Loss Selling (TLS, see last weekend’s intro). As there aren’t as many candidates for
TLS this year and AMC ticks a lot of the boxes required for this type of year-end selling, I fear that in a
neutral gold environment we have yet to see its 2025 low. Now for sure, one man’s meat is another’s poison
and with AMC now set to release its PEA in 1q26, it’s now being set up for a sharp rebound once the TLS
effect is done. You may want to keep that in mind as we move into and through December as, if this gets
cheaper from simple market selling pressure, chances increase of a snap back rally once TLS is done.
So with the PEA offering extra reason to hold in 1q26, there’s a trade in the offing. As for me, I’m going to
take any weakness in November and December on the chin, hold grimly to this underwater position and see
what happens. Like anyone else, I have the opportunity of adding once TLS season is done and riding any
early 2026 rebound. Also, a gold rally into the end of the year would negate the worries as laid out above
and AMC could easily rally sooner, rather than later.
Bottom line: Never say never, but my plans of scalping a quick trading win from AMC as 2025 draws to a
close are now on hold, thanks to the delay in PEA delivery. It’s personally annoying yes, but as it’s not the
end of the world and not a worrisome position size-wise, even after adding, I’m going to hold through and if
the stock gets hammered during peak TLS season (around Christmas), there’s always the potential to add
more and play the upswing in 1q26. The company has more than enough cash to get through the PEA
process and there’s always the bonus card of Sugarloaf Peak and the ongoing drill program offering up
something that catches the market’s attention. There is a case for activating the well-worn junior mining
phrase of wisdom, “If the story changes run away”, selling realizing a small monetary loss on this
development is a fair call and if you go that route, you’ll hear zero pushback from me. Personally, I’m not
going to get too cute with my trades and pretend to be able to second guess every micro-move in stocks like
this, I’ll stick to “add an extra quarter to my plans and be prepared to hold some red ink as 2025 wraps up”
and let the chips fall where they may. Hardly the first time one of my trades has dipped into the red before
coming good later.
i-80 Corp (IAUX) (IAG.to) 3q25 financials
The latest financials filed by debt-laden gold stock i-80 Corp (IAUX) (IAG.to) deserve a few lines today, as the
numbers underscore the reason why I walked away from the trade. IAUX is a personal One That Got Away
trade idea this year, identified as a potential turnaround play after it sank hard early year then ran a bought
deal in early May. Our main analysis note came a week after in IKN835 dated May 18th 2025 “Why i-80 Gold
Corp (IAU.to) (IAUX) is now worth a gamble”, that day it was a U$0.50825 and I was interested in playing
the potential for a bounce, but as long as there was a cheap
entry point. Stupid me didn’t realize that very week was the low Oz Au Gold sales, per qtr
16000 Lone Tree
point, since then IAUX has rallied well and this weekend is price
14000 Ruby hill
at exactly U$1.00, a virtual double. However, I’d already realized 12000 Granite Creek
my stupidity and removed IAUX from the Watch List several 10000
weeks ago, the price had flown too high and it was difficult 8000
6000
under its circumstances to justify its new, higher valuation.
4000
2000
It so happens that IAUX also reported its Q3 last week and on 0
updating the Excel, the results and numerical story, when 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company financials
compared to the share price, once again had me scratching my
head. We begin with operations and gold sales of
9,368 oz, of which 7,250 oz came from their only U$m IAUX: Revenues and gross margin, per qtr
operating mine, Granite Creek (Lone Tree and Ruby 30 revenues
25 COGS+DD&A
Hill offering residual production from their ongoing
20 gross margin
care & maintenance ops).
15
10
Revenues for the quarter came to U$32.019m, with 5
COGS at U$23.354m. Once the minor DD&A is backed 0
-5
23 -10
source: company filings
-15
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25

out, it leaves a gross margin of U$3.118m, which continues to be thin, We're not expecting massive margins
at this stage in the turnaround story, but on the other hand it should be able to bring at least some useful
working capital to the structure and that, for its vaunted operations, is not up there.The only big change is
the $20m IAUX spent on development, up from the $10m of typical previous quarters
U$m IAUX: Expenses, per qtr IAUX: Mine Op Earnings, per qtr
35 Prop maintenance
30 G&A 25 Pre-dev/eval/expl
20
15
10
5
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings
That item and the other more standard burn items as seen above dropped the mine operating loss to
U$27.77m (above right).
Over at the balance sheet (above) cash&eq at
U$102.867m as at end 3q25 is healthy and liquid, but that
dropped by just under U$25m on the quarter (see that
operating loss) and we're going to see the same dynamic
in the next two quarters, as well. Meanwhile, financial debt
stands at U$175.9m and the clock is ticking louder by the
quarter on that credit line, with U$78.7m of the total now
in the current liabilities column. To be fair, IAUX hasn't
hidden the fact it will need to refi in some shape or form in
1q26 or early 2q26, but hidden away or not it's still a
bridge they need to cross and soon. The early stage
production levels its' running now don't get close to
covering their dues and something has to happen. Working cap (right) is already down to U$3m and change
and, unless IAUX acts earlier than expected and raises
capital at market, that's going back in the red next quarter.
That balance sheet, aside from the recent cash injection
that’s burning away from the work on its assets, wouldn’t
be so bad if share count hadn’t ballooned the way it did.
Instead it’s the backdrop on which the IAUX share price has
rallied by a virtual double, despite running that highly
dilutive bought deal which almost doubled the share count
(without even mentioning the attached half warrants).
24
29.72- 12.03- 83.22- 44.02- 21.61- 62.13- 71.42- 45.71- 87.51- 57.81- 77.72-
U$m
0
-5 -10
-15
-20
-25
-30
-35
-40
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25
source: company filings
IAUX: Assets breakdown, per qtr
90.661 38.031 56.205 52.705 58.015 14.025 62.925 42.045 70.926 13.326 4.965 64.965 41.965 19.865 44.275 5.275 88.375 40.775
1000
900
800
700
600
500 400
300
200
100
0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m IAUX: Liabilities breakdown, per qtr
cash&eq inventory 400
other current prop/plant/equip 350
other fixed
300
250
200
150
100
50
0
source: company filings
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m
current portion of debt other current liab
LT debt Other LT liab
source: company filings
IAUX: Working cap, per qtr
43.8-
476.43
92.41-
172.7
53.52- 23.42-
950.31
55.11- 57.13- 97.04-
840.64 642.3
60
50
40 30
20
10
0
-10
-20
-30
-40
-50
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
U$m
source: company filings
IAUX: Shares Out
8.091 8.091
7.832 1.042 4.042 4.042 6.042 8.642 2.872 9.192 5.892 9.413
9.483 4.693 8.904 4.344
7.418 6.618 1000
900
800
700 600
500
400
300
200
100
0
12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3
source: company filings/IKN ests
serahs
fo
snoillim

The result of the big move in the share count, that debt and the run on the equity price is a Price/Book ratio
that stands this weekend at an eye-watering 1.93X (below). That would be high for a profitable miner, or one
without a welter debt burden on its books, for IAUX that looks unsustainably high. Or to be as diplomatic as I
can, it’s currently priced to perfection and assumes a smooth run into increased production, that the refi goes
well and then the market is willing to give IAUX another two calendar years to ramp up its production plan to
over 100k, on its way to the 3200k level mooted in the 2030s. There’s just so much that could go wrong
between now and then, not least the upcoming debt refi, that it’s very difficult to justify such a high
valuation. I wish IAUX all the luck in the world, but at these levels the risk is clearly to the downside and a lot
of things have to go perfectly in order that this current share price consolidate and then moves higher. Very
little margin for error and as such, I’d strongly advise anyone holding this stock today to take their profits.
IAUX: Price/Book ratio 2022 to date
2.2
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
25
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 WON
source: NYSE, IAU data, IKN calcs
Conclusion
IKN860 is done, we end with bullet points:
 Another Friday on which I sit down with time, a clear understanding on what I’m going to write, numbers
ready and notes done. Then another Sunday evening in which I realize I’m not going to finish the report
in time, feel dog tired and then decide to be lazy and give myself an extra day. I’m now getting complaint
mails from some of you and honestly, I agree with you. It’s not just the slipshod deadlines, it’s the
uncertainty and as reader TP pointed out to me today, “This inconsistency between Monday and Tuesday
morning makes it tough to refit time into a busy schedule.” He’s right. I need to make some sort of
proactive decision on this. My real desire is to get back to the rhythm I’ve always had, publish Sunday
evening and make everyone happy (including the family this end), but if things continue like this I’m
going to have change something. This coming weekend will be my trial by fire.
 I’m not trying to make excuses, but the Wesdome Gold (WDO.to) note last weekend and the Gold
Royalty Corp (GROY) note this weekend are the main reasons for the late arrivals, at least these latest
editions. I find myself wanting to test and re-think my positions and opinions while in the act of writing
and what should take two hours to write takes eight, or ten. That said, I’m happy to have got my very
bullish opinion on GROY fully off my chest in this edition, the numbers are compelling and the only thing
that stops this stock from being bought out or from going a lot higher is the gold price action.
 However, Rio2 Ltd (RIO.to) is still a better investment. It’s that good.
I thank you in advance for any feedback. Our Top Pick stock is Rio2 Ltd (RIO.v). Flash updates will be sent if
required by events.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.

Footnotes, appendices, references, disclaimer
(1) https://www.calculatedriskblog.com/2025/11/schedule-for-week-of-november-16-2025.html
(2) https://www.goldroyalty.com/news/news-releases/gold-royalty-reports-third-quarter-results-achieves-record-revenue-and-adjusted-
ebitda
(3) https://www.goldroyalty.com/news/news-releases/gold-royalty-adopts-shareholder-rights-plan
(4) https://marimaca.com/marimaca-announces-receipt-of-environmental-approval-for-the-marimaca-oxide-deposit/
(5) https://marimaca.com/pampa-medina-drilling-continues-to-validate-sedimentary-hosted-copper-manto-model/
(6) https://redpineexp.com/wp-content/uploads/2025/11/Red-Pine-Exploration-Results-Cooper-Area-November-2025-FINAL.pdf
(7) https://www.bloomberg.com/news/articles/2025-10-29/copper-hits-record-high-as-mine-disruptions-add-to-supply-risks
(8) https://www.marketwatch.com/story/why-copper-is-a-ticking-time-bomb-for-explosive-price-action-7916d284
(9) https://www.reuters.com/world/africa/barrick-mining-considers-splitting-into-two-entities-sources-say-2025-11-14/
(10) https://radiusgold.com/news/2025
(11) https://www.wsj.com/world/americas/argentina-copper-milei-glencore-bhp-billiton-12cf0619
(12) https://www.ambito.com/energia/la-hora-redefinir-la-ley-glaciares-javier-milei-acelera-las-provincias-se-alinean-y-la-mineria-pide-
precision-n6213729
(13) https://www.diariocronica.com.ar/amp/noticias/2025/11/15/128310-milei-busca-reformar-la-ley-de-glaciares-y-potenciar-la-mineria
(14) https://boz.substack.com/p/ecuador-noboas-own-goal
(15) https://irp.cdn-website.com/5b880b80/files/uploaded/November+2025+for+website+%281%29.pdf
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
26

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
27

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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