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The IKN Weekly
Week 866, week of December 28th 2025
Contents
This Week: In today’s edition, All is quiet on New Year’s Day, Metals go bananas.
Fundamental Analysis: Tiernan Gold (TNGD.v): A correction from last week’s note.
Stocks to Follow: Overview, Arizona Metals Corp (AMC.to), Valkea Resources (OZ.v), American Eagle Gold
Corp (AE.v), Rio2 Ltd (RIO.to), Aurion Resources (AU.v), Minera Alamos (MAI.v), Salazar Resources (SRL.v),
Patagonia Gold (PGDC.v).
The Copper Basket: Overview, 2025 Copper Basket Review, SolGold (SOLG.l), Arizona Sonoran (ASCU.to).
The Producer Basket: Overview, 2025 Producer Basket Review.
The TinyCaps Basket: Overview.
Regional Politics: Deferred.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 As advertised, today’s is the abridged “Bare Bones” Christmas edition and content is reduced to mainly
price updates.
 We make a little commentary on the crazy metals action of the last few days’ (including today
Monday), with the main message being “It looks the same as the pop/drop we saw in October”. Don’t
mistake speculative overbuying and volatility for the end of a bull market. Hold your positions and keep
dancing, the music plays on.
All is quiet on New Year’s Day
A reminder that markets are closed for business this coming Thursday and that means Bono was right;
nothing changes on New Year’s Day.
Metals go bananas
Caedite eos. Novit enim
Dominus qui sunt eius
Arnaud Amalric,
Béziers, 1209
This is the Bare Bones edition of The IKN Weekly, the one in which a lazy author gives you the basic
information about price changes of stocks followed,
makes a couple of notes and then gets back to his
Christmas holiday things. However, it would be remiss
if we didn’t say something about the crazy metals
price action we saw in last week’s abridged market. To
do it as succinctly as possible, here are some charts
and comments as laid down on Saturday afternoon
while digesting another over-large Christmas week
lunch. First and foremost, gold hit yet another All-
Time High (ATH) as it blasted through the U$4,500/oz
level…
1

…adding almost U$200/oz in the space of a week. Impressive for sure, gold didn’t get many headlines in the
trade papers last week because its move pales in comparison to the other members of the precious metals
complex*. Here’s silver compared to gold over the same ten day period:
Silver was U$67 and change per ounce last weekend, it’s now U$79/oz and if that makes you go wow, be
clear that platinum beat silver’s move into a cocked hat:
Palladium was no slough either and if there’s one chart that speaks to the buying mania was saw one the
world’s Midnight Masses were done, it’s this one:
Palladium ran hard, the sellers turned up and caved the price, but buyers returned almost immediately and
by Friday’s close had rebounded 19.4% from that December 24th spike low.
It wasn’t just precious metals either, as seen here as we compare gold to copper. The move copper gave us
may now have been quite as eye-popping as those in the white shinies, but copper has been in full bull mode
for months and Friday saw another clear ATH.
2

Thoughts arising:
 If you’ve done the same as your author and spent a few minutes trawling social media and bullboards over
the weekend, you’d have seen plenty of people who own hammers and see only nails. The most glaring
sub-sector for this is silver, where you can read fundamentally reasoned explanations of why silver did
what it did last week There’s The USA adding silver to the list of critical metals, there’s an upcoming
Chinese export ban on silver, there’s the demand from makers of EV panels as they procure what they
need in 2026.
 The same can also be said for the PGM market move and commentators have been quick to back their “I
Was Right!” declarations on the move with reasoning. The first line of reasoning is something along the
lines of “EVs suck and the world will still want catalytic converters”, with a few data points about certain
countries rolling back their calendars for the mandatory phasing out of internal combustion engines.
Secondly, there’s also “jewelry demand” as gold’s price rise sees people “seeking alternatives”. Fair enough.
 However, neither of those explain the move in copper. The fundamental reasons for copper’s rise in 2025
are known and before you think I’m about to pooh-pooh them, be clear that this desk agrees with the
broad strokes of the thesis (see my portfolio for
details). However, the acceleration in copper
last week happened at the same time as the PM
buying spree and that’s unlikely to be pure
coincidence.
 When copper’s thing is a different set of market-
specific reasons to those of gold, the reasons
offered for silver’s move don’t explain the run
palladium or platinum (and vice versa) and
when all those happen at the same time, it
stands to reason there’s another driver pushing
them all higher at the same time. At this point
it’s right to dial up the action in their common
denominator, the currency of counting and,
while it’s true the US Dollar saw its DXY index
drop from 98.8 to under 98 on Thursday before closing at a little over the 98 line, the longer-term chart
shows the move isn’t massively out of the ordinary for 2025 and the currency this weekend is at the mid-
point of the range it has held for at least two quarters
The last time we saw this type of quasi-parabolic price action was Monday, October 20th and as fate would
have it, IKN856 had a few words to say on the price action that day. Certainly not apples-to-apples, as if
focused squarely on gold and the day was about the rapid rebound rather than a spike to new all-time highs,
but the tape that day showed the same type of volatility and blow-off top action we saw on Thursday and
especially Friday.
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UPDATE Monday: After the word “Friday” in the above line, I went on to add another 200 or so words that
summed up to “watch out this coming week, it looks ready to be choppy and volatile in the same way we saw
in the last week of October and first week of November”. And sure enough, the metals complex did what it
threatened to do today Monday...
…which we represent on this two-day chart with the dump in gold (GLD down 4.4% today), as well as
precious metals miners (GDX proxy down 6.0% today) and industrial metals miners (COPX proxy down 3.6%
today). Hence the edit of the commentary, because the last thing you want to read on a Tuesday morning is
some know-it-all telling you to be careful in the Market on Monday, not after today. However, the edit isn’t
too deep because the main message remains unchanged; this week promises to be volatile and we’ll likely
see that chop continue into the first week of the New Year, however what we saw last week and this is not
the end of the bull market. The same as October/November, a speculative pop/drop (around options expiry
period, no less) should not be confused with a tide change in the metals market. The advice is the remain
resolute and hold your convictions trades tightly, the best is yet to come.
*Yes, let’s call silver a precious metal today, we can argue about it tomorrow.
Fundamental Analysis of Mining Stocks
Tiernan Gold (TNGD.v): A correction from last week’s note
A brief extra addition to last week’s analyis on this interesting new company Tiernan Gold (TNGD.v), as I
made an obvious error when stating that it was about to start trading on the TSXV. In fact, as from the
Friday before it has opened and traded, with this the action over the last five days (including today Monday):
A bit of a silly error, really, product of writing up notes during the week and not watching the market closely.
Anyway, the arrow shows when our analysis came out, from that moment it hasn’t been under C$6.00, with
$7.00+ briefly traded and today’s close of C$6.90.
4

However, in the opinion of this desk all the prices you see on that above chart are eminently buyable. We’re
unlikely to see the start of serious marketing of this company until the New Year but when they crank it up,
Discovery Group will have all channels and ears available. I expect this to trade above $10 without breaking
much sweat so as from next weekend and now that it’s trading, I’m adding TNGD to the Watch List.
Stocks to Follow
This rampant Santa Rally rolls on and even in the brief window for trading in Christmas week, our Stocks to
Follow list took further steps forward. Just two of our 21 stocks were losers on the week (AU.v, ELY.v) and
four others remained unchanged (LMS.v, XXIX.v, OCI.v, MIRL.cse), which mean 15 winners to report and
they include big percentage moves from Patagonia Gold (PGDC.v up 97.5%), Valkea Resources (OZ.v up
16.1%), Minera Alamos (MAI.v up 15.9%), Rio2 Ltd (RIO.v up 15.7%) and Arizona Metals Corp (AMC.to up
10.6%).
There are 21 open positions on our Stocks to Follow list which is one over our normal, self-imposed
maximum. Bite me. Eighteen are in the green, three are in the red and the concentration of triple digit gains
at the top of the table where it matters makes for pleasant viewing.
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$3.24 305.0% Re-rated to new $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v HOLD C$0.21 13-Oct-19 C$0.51 142.9% $0.70 tgt, selling early 2026
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$4.39 185.1% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.06 262.6% Quality Cu dev, FS due
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$4.21 200.8% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.08 22.7% re-rate trade, $1.44tgt
Wesdome Gold WDO.to BUYING C$22.42 30-Nov-25 C$24.00 7.0% New trade, buyout tgt
Blue Moon MOON.v BUYING C$4.18 30-Nov-25 C$4.68 12.0% New trade, LT view
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.38 29.0% Agnico will buy more Finland
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.16 33.3% Added more Sep & Oct'25
Arizona Metals AMC.to will add C0.66 5-Oct-25 C$0.73 10.6% will add as TLS trade
American Eagle AE.v SPEC BUY C$0.495 14-Dec-25 C$0.54 9.1% TLS trade
Valkea Res OZ.v will buy C$0.26 9-Nov-25 C$0.325 25.0% will add as TLS trade
Electrum Disc ELY.v SPEC BUY C$0.075 9-Nov-25 C$0.07 -6.6% TLS trade
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.23 187.5% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.20 5.3% proj.generator, Organullo spec
XXIX Metal XXIX.v STR BUY C$0.11 27-Aug-25 C$0.115 4.5% v good PEA Oct'25
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.105 75.0% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Patagonia Gold PGDC.v WATCH C$0.02 4-Aug-24 C$0.395 1850.0% Rio Negro gold developer
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.18 -60.0% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
5

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:
Arizona Metals Corp (AMC.to): BUYING THIS WEEK. So yes, I’m kicking myself slightly.
To be honest, I still think the plan to wait until
now before adding to AMC wasn’t a bad one and
had it not been for the rocket speculative move
we saw in the metals complex last week, I’m fairly
sure I’d still be able to get in for 60c or less.
However, there’s no papering over the hard facts
and with hindsight, it’s now clear the pre-
Christmas drop to 54c was the last of the tax loss
selling and the +35% move since that bottom,
just six trading days ago (ouch) means I’ve
screwed up my plans of adding and averaging
down on this small trade.
I’m still going to add a few this coming week, but
only because I need to remain true to my word for this audience and the purchase will be smaller than
expected. Not a bad thing in some respects, as I’m down to fumes in the treasury and having a little extra
cash on hand is useful, but that’s just me trying to find a silver lining to the cloud that is having to pay up for
what was always framed as a value-before-everything trade.
Valkea Resources (OZ.v): BUYING THIS WEEK. With the stock starting to move early week without any
of my money on board, I was happy to see this NR drop on Christmas Eve morning (8):
https://wp-valkea-2025.s3.ca-central-1.amazonaws.com/media/2025/12/2025-12-23-Valkea_NR_Financing-FINAL.pdf
Vancouver, British Columbia--(Newsfile Corp. - December 24, 2025) - Valkea Resources
Corp. (TSXV: OZ) (OTCQB: OZBKF) (the "Company" or "Valkea") is pleased to announce a non-
brokered private placement of up to 10,000,000 units of the Company (the "Units") at a price of
C$0.25 per Unit for aggregate gross proceeds of up to C$2,500,000 (the "Private Placement").
Each Unit will be comprised of one common share of the Company (a "Share") and one-half of one
Share purchase warrant (each whole Share purchase warrant, a "Warrant"). Each Warrant will entitle
the holder to purchase one Share at an exercise price of C$0.35 for a period of 36 months following
the date of issuance.
That should have been enough to stop the mini rally
in its tracks and give me a cheap entry point this
coming week and out the gate that morning, the
drop to 28c or so suited me just fine, But it was not
to be, the way metals have blasted higher in the last
two weeks has changed the narrative completely
and these days, liquidity windows are used for
buying, not selling:
So it’s the same story as AMC above in some
respects, but in this case I’m going to move ahead
and buy the stock as planned. Firstly because it’s a
6

small trade, secondly because OZ.v has a long way to go before it threatens the prices at which I’d sell and
there’s still plenty of trading meat on this bone.
American Eagle Gold Corp (AE.v): The preparatory period is now behind us (barring a day or two this
week) and from now, your author’s purchase and trade theory is under test. We’re looking for AE to play
catch-up after its lacklustre 2025 now that TLS sellers are out the way, copper prices continue their climb and
AE the company enters a fecund period for substantive newsflow, with drills turning and core at the labs.
Rio2 Ltd (RIO.to): The juggernaut price move of our Top Pick rolls on. Yes, I’m happy to see this trading
handily over C$3 and it’s excellent how RIO.to has turned itself into one of the first-choice options for people
looking for a gold trade vehicle, you see that just from the volume it’s running on a daily basis. On that
subject, note the block trades going through as Blackrock (no less) has been buying large chunks to add to
its recent participation in the C$2.22 placement (and man, what a bargain that’s looking in hindsight….insto
holders are closing in on a 50% gain in just a handful of weeks and must be very happy). So happy yes,
however knowing the company numbers the way I do it’s difficult to be surprised and reaching the current
C$4.13 target price is more a matter of time as long as gold’s bull market continues.
Finally, on Sunday on its social media channel (1) RIO.to published images of its first blasting at Fenix (with
the Chilean flag colours incorporated, a nice touch). The first blast occurred Saturday 27th and is another of
those operational milestones as the first tonnes of free-digging rock are done and the real, large-scale
tonnage work getrs underway. With the rock now moving to pad and the production facility all-but completed
(all on time and budget), it’s only a matter of time before we’re told about first pour.
Aurion Resources (AU.v): The only open trade I own that lost ground last week (not a bad thing to say),
but that’s okay considering what it did the week before last.
No big commentary from me on the stock this week, but I will direct your eyes toward this write-up (2) that
was kindly forwarded to this desk by A. Reader. Written by one Ross Jennings (not heard of him before) and
entitled “On Aurion & Rupert (Resources)”, its title explains the contents as the author, also an AU.v
shareholder lays out the case for owning AU.v shares due to its interaction with its neighbour RUP.to. He
agrees with one of the pillars of our long case, that the fate of RUP is closely tied with that of AU and it’s
difficult to see the main Ikkari project moving into production without the AU-controlled land next door as
part of the deal. The article argues this means RUP and AU have to come to some sort of agreement (we
note RUP has tried and failed to incorporate AU before) and by doing so, necessarily transfers some of its
embedded market cap to our choice of vehicle. To quote part of the text (and please use the link for the
preceding explanation)…
“Until such time as Aurion’s market capitalization approximates the sum of its two values (noted
above), which probably gets signaled by Rupert’s share price going down when Aurion’s goes up, I
doubt any deal gets down. If I’m wrong it likely happens because Rupert comes to terms with having
to share that opportunity set, via a large premium, to Aurion shareholders.”
That’s fair enough, but it’s notable that Agnico Eagle (AEM) isn’t mentioned in any part of the essay. While I
agree that “Ikkari Plus Aurion Land” has a finite value (even at these fast-rising gold prices), there’s no
reason to suppose RUP market cap has to drop in order to accommodate AU.v price appreciation. Instead, as
the most likely result is AEM coming in and scooping up the whole lot, we see both company stocks improve
but AU getting more alpha from current prices. And that’s why we’re long.
Minera Alamos (MAI.v): A nice run for the stock price this week, with buyers showing up and the stubborn
45c line in the sand broken. We saw MAI trade at the 50c
line in the happy days just before “New MAI” was
announced, it also traded at 50c intraday during the gold
spike in October, so it’s logical enough to see the stock
back at the 5-line with gold doing what it did last week.
That said, here’s a fun MAI fact: the above is the highest
closing price since June 2022 and the highest traded price
since October 2022. In other words, last week has all the
7

signs of the breakout we’ve been looking for as 2025 becomes 2026 and if things continue to go well, I will
indeed get my exit price. On that subject and to cover a couple of mails received, I see no reason to sell
before 65c comes along. The warrant overhang sits at 70.5c and I’d expect that line to be tested at the very
least (it may even break) and I’m not in a hurry to take the first available price.
Before moving on, two other matters. Firstly, a reminder that MAI is soft-scheduled to enact its 10-for-1
rollback, with Blasutti mentioning in the recent 6ix presentation that it would happen on the 30th or 31st of
this month…that’s this week. Secondly and from the same 6ix presentation, reader RW reminded this of
another subject that came out of the webcast fronted by EVP Corp Dev Darren Blasutti, that of a mooted
name change. It came at the very end of the house (minute 43 onward) and on checking the segment,
couldn’t help but note the contrived way in which the subject was broached:
6ix presenter: I have one more question before I give it back to you Darren for the final word. The question
here was pre-submitted about when are you going to change the name and image of the company to further
enhance your Nevada and Arizona obvious successes?
Darren Blasutti: Yeah. So again, and I put the success on Darren and Doug and Jason for all the things that
they put together. Dave and I were very opportunistic to realize that what a great company this was and we put
our money into it. So again, I would say that we have five or six names that are on a whiteboard and there's a
lot of debates. Do we stay with something? And again, I'll just use examples. Do we keep MAI and say GMI
and called it gold mining Americas Inc. or do we go national gold or (do) we want to go full MAGA we'll go
freedom Nevada gold mines whatever… I think the answer is it's difficult to you know when we're doing the roll
back and you're going onto the TSX you can make the assumption that somewhere there's going to be a name
change that you know again and I understand it was company that was much loved but I think it's the right time
for a change and so when you say a growing gold producer in the United States and the company's name is
Minera Alamos, it's a little bit mismatched. So again, the problem is you got to spend money to have a special
meeting of the shareholders to change the name. And I was hoping that… what's the right way to say it? That
we could wait till June or July, whenever the AGM is going to happen, but I think we're going to do it faster. So
again, I think I think we're going to do that as part of all of our new governance features.
If that question was submitted by a shareholder, I’m Chinese. Clearly, MAI wants to get us used to the idea
of a name change at this time and that will be another aspect of the corporate pivot away from the company
I bought into, enacted by people whose track record and philosophy I do not support. It’s getting easier by
the week to leave this trade behind.
Salazar Resources (SRL.v): Happy with the way SRL held onto its big gains of last week, with most trades
above 21c and even managing to end the shortened week ticking up a penny. That’s exactly what the doctor
ordered from this trade after its breakout.
Patagonia Gold (PGDC.v): That moment when you manage to pick out a 1,850% winner, identify it as a
potential trade but don’t have a bean on yourself. I’ve been asked about the way this has shot higher by
several readers and while it’s clearly a combo of its development of Rio Negro’s first modern gold mine and
the happy coincidence of building it in the banner year of all banner years for gold, it also means all value has
now gone from the trade on a personal level. I am, therefore, going to drop coverage of PGDC and it will
leave the Watch List for 2026.
The Copper Basket
After fifty-two weeks of 2025, The Copper Basket shows a gain of 122.58% 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 3001.11 774.29 25.80 272.8%
2 Trilogy Metals TMQ.to 1.65 164.1 1104.39 6.73 307.9%
3 Atex Resources ATX.v 1.43 302.76 974.89 3.22 125.2%
4 Arizona Sonoran ASCU.to 1.47 174.6 886.97 5.08 245.6%
5 Faraday Copper FDY.to 0.74 250.605 686.66 2.74 270.3%
6 Aldebaran Res. ALDE.v 1.90 169.914 603.19 3.55 86.8%
8

7 Regulus Resources REG.v 2.05 124.659 448.77 3.60 75.6%
8 Hot Chili HCH.v 0.67 175.07 215.34 1.23 83.6%
9 Hercules Metals BIG.v 0.55 289.289 211.18 0.73 32.7%
10 Element 29 Res ECU.v 0.63 136.924 147.88 1.08 71.4%
11 Andina Copper ANDC.v 0.16 211.085 118.21 0.56 250.0%
12 American Eagle AE.v 0.69 172.877 93.35 0.54 -21.7%
13 Copper Giant CGNT.v 0.315 143.08 69.39 0.485 54.0%
14 XXIX Metal XXIX.v 0.11 304.79 35.05 0.115 4.5%
15 Kobrea Exploration KBX.cse 0.60 35.622 17.10 0.48 -20.0%
NB: All stocks in CAD$ except SolGold in GBP Portfolio avg 122.58%
That’s 52 weeks in the books, there are three more trading days to add next week and being the anorak that
I am, I’ll be squaring off the 2025 table with the
The Copper Basket 2025, weekly evolution
December 31st numbers next week but as far as we’re 140%
concerned, we can draw a line under the year’s Copper 120%
Basket. And it was another great week for junior copper 100%
80%
stocks, with just two losers (ATX.v, REG.v) and one
60%
unchanged stock (XXIX.v) cutting into the twelve
40%
winners of our 15 charges. Those winners included big
20%
moves from Copper Giant (CGNT.v up 14.1%), Hercules 0%
Metals (BIG.v up 12.3%), Aldebaran Resources (ALDE.v -20%
up 10.9%) and let’s squeeze Arizona Sonoran (ASCU.to
up 9.3%) in the frame as well.
As noted in today’s intro, the remarkable week for metals prices was not confined to the precious metals
complex, as seen here in the 12-month chart for the most liquid Comex futures contract, currently March
2026 (in which open interest on Friday afternoon stood at a highly impressive 148,542 contracts).
[EDIT Monday evening] Copper dropped today:
9
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 dr32 ht03 ht7ced ht41 ts12 ht82
source: IKN calcs

It’s difficult to complain about a U$5.57/lb copper price so I’m not going to, it’s still the same as the
December 24th close, after all. The set-up over the weekend screamed “correction incoming” (see intro) and
it was less a question of whether copper would drop, more a case of how much. We’ll see as this week rolls
out whether today took all the pressure out of the bubble but to repeat the message above, it all feels like a
repeat of the late October hyped pop/drop with volatility the norm, it does NOT feel like the end of the bull
run in metals.
Switching gears and with week 52 in the bag, we get to wrap up the end-year Copper Basket component
performance this week Here’s the final score (minus a couple of days), with notes below:
The 2025 Copper Basket after 52 weeks
10
%9.703
%8.272 %3.072 %0.052 %6.542
%2.521
%8.68 %6.38 %6.57 %4.17 %0.45 %7.23
%5.4 %0.02- %7.12-
350%
300%
250%
200%
150%
100%
50%
0%
-50%
ot.QMT l.GLOS ot.YDF esc.CDNA ot.UCSA v.XTA v.EDLA v.HCH v.GER v.UCE v.TNGC v.GIB v.XIXX esc.XBK v.EA
13 wks
26 wks
39 wks
52 wks
source: TSX, CSE, IKN calcs
Five stocks stand head and shoulders above the pack this year and just getting one stock from 15 into to
200%+ club would normally be a decent achievement, so five of those including one over 300% is a clear
indication of how powerful the copper rally has been. The bullish sentiment has been basically all year, but
the differences marked up during Q4 bear witness to the acceleration in recent weeks.
 Winner on the year, Trilogy (TMQ.to), its performance driven by the Trump administration’s direct
involvement in the Alaska roadway permitting, as well as its new interest in sponsoring the development
of copper production along with other strategic metals.
 Runner’s up spot goes to SolGold (SOLG.l), which rallied hard in Q4 thanks to the takeover talks with
Jiangxi, which has now solidified into a friendly deal offer (more on that below).
 Third and fifth places go to Faraday (FDY.to) and Arizona Sonoran (ASCU.to) [edit, the latter benefiting
from the cut-off coming before the news out of Nuton this Monday morning] respectively, both also
benefiting from the POTUS 47 admin’s new interesting in State sponsorship of copper projects. As noted
last weekend, these stocks are the right place at the right time.
 Splitting those is Andina (ANDC.v), one that I didn’t like personally because of the over-hype around the
Cobrasco project in Colombia and its very difficult regional and social risk profile, which shows how much
I know. This company played the LatAm roll-up cards very well and its combo of Argentina and Colombia,
with a dash of Marimaca-laced Chile to spice it up, hit the right notes with an audience looking for big
cheap spec copper plays. It also did the right thing by graduating from the CSE to the TSXV, though it’s
still a thing to reflect on how the TSXV exchange gets called “better reputation” due to the Wild West
show that is the CSE.
 All five of those trades deserve our unalloyed applause. In fact, any of the next five stocks would deserve
plaudits in any other year for their progress, no matter my own opinion. Atex (ATX.v) ran hard early year
and managed to hold on to some of its momentum. The sister companies Aldebaran (ALDE.v) and
Regulus (REG.v) had good Q4s (and you should know by now my preference for ALDE between the two),
as did Hot Chili (and I’ll continue to oppose that company next year as well). Element 29 (ECU.v flattered
for a while, went quiet but is now poised to start delivering drill assay results from its main Elida property
in North Peru and is my idea of a vehicle for 1q26. Somewhere in No-Man’s land is Copper Giant
(CGNT.v), which has benefited from a spec pump in the last weeks of the year and changed from loser to
decent YoY winner at the last.

 Then come the handful of disappointing companies in the 2025 list. Hercules (BIG.v) finished up for the
year, but is one of only three stocks that had a negative Q4. XXIX has added another flat line year to its
list and hasn’t moved one way or the other for three years and running. Kobrea is an interesting one for
2026 and seems to have worked through the speculative placement sponsors at the right time, it’s
negative performance this year didn’t come as a big shock.
 As for the wooden spoon and place of shame, it’s something of a surprise to see American Eagle (AE.v)
where it is, its fall from grace as the hit copper stock of previous years has been notable and yes, it’s got
your author’s contrarian antennae twitching enough to have taken a long position going into the new
year. However, there’s no disguising its poor 2025, product of results that have not lived up to the great
expectations in NAK, particularly the way in which the North end of the property, was hyped this time last
year. Those results fell flat, AE dropped hard but to add insult to injury, the company wasn’t able to re-
gain any of its previous momentum over the subsequent eleven months.
And with that we wrap up the 2025 Copper Basket, no more rear-view mirror. Next weekend we roll out the
new 2026 list and without giving away details yet, I will say that nine of this years list remain for the year
ahead, with six stocks swapped out for new entries. We’re also spoiled for choice in this sub-sector these
days and it’s not been an easy task to get the long list down to 15 components, I could have easily made the
list 30 strong.
We move on. Now for our regular weekly look at the movements in world copper inventories uses the weekly
data from Cochilco as usual, but this week they cut at December 24th so we’ll do the same:
 Another net add to the world aggregate of copper inventory, three official copper futures systems
grand total up 2,960mt to total 680,261mt.
 The Shanghai SHFE remains unchanged at the 95,805mt registered last week because they
normally give a Friday number and Cochilco hasn’t picked up any inter-week change.
 For the second week running, LME was the only futures house that saw net copper draw down ,
down 3,375mt and closing at 157,025mt.
 The Comex added over 10,500mt once again, its total as at Christmas Eve standing at
427,431mt.
Our dedicated SHFE chart has charted the lack of movement in SHFE for the last three quarters and is a
reminder of T.S. Eliot’s The Hollow Men, This is the way the world ends, not with a bang but a whimper.
We’re now set up for the typical early year stock-up in SHFE warehouses as the shipments keep coming in
but local end users have all they need until after the Lunar New Year (Fire Horse, this year February 17th)
and the bump happens. After that, we’ll be able to get a better handle on the true state of Asia demand for
copper from this data set.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
11
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for notes on a couple of basket stocks:
SolGold (SOLG.l): The M&A dance we noted two editions ago reached its crescendo on Christmas Eve when
after market close, SolGold (SOLG.l) announced (3) it had reached friendly agreement with Jiangxi Copper

(JCHK) and after batting its eyelids at the 28p price, the two sides agreed and the deal done at that price.
The friendly deal comes with the support of BHP (10.3%), Newmont (10.3%), Maxit Capital (5.1%) founder
Nick Mather (2.8%) and along with the minor shares held by other management and directors…
Taken together with the irrevocable undertakings given by the SolGold Directors, JCHK has therefore
received irrevocable undertakings in respect of a total of 857,239,518 SolGold Shares representing,
in aggregate, approximately 28.5% per cent. of the issued share capital of SolGold on the Latest
Practicable Date.
…they don’t have anything close to the 75% of active votes required at the SGM to approve the deal. It is a
start and this firm offer is a big step forward for both sides, but this one isn’t a done deal yet. A lot will
depend on the position taken by the market in the next few days.
Arizona Sonoran (ASCU.to): I wasn’t going to mention any other companies in the notes this week, but
the news on Monday needs a comment (4):
“…today announces that, following preliminary consultation, the Company and Nuton LLC ("Nuton"), a Rio Tinto
Venture, have mutually agreed to commence discussions in January with respect to an amicable early termination
of the option to joint venture agreement on the Cactus Project.
This three day chart comparing ASCU to COPX shows the way the stock reacted to the news Nuton (i.e. RTZ
was withdrawing from the project, with the first dump and then buyers ready to pick up the cheap stock.
That makes sense, as we saw a deeper dump and subsequent reaction when Nuton and Aldebaran
announced it was backing out of the Altar project. At that time on November 24th, I commented that (5) the
ensuing sharp drop in ALDE stock on the day was overdone, including these words:
“RTZ has its own agenda for its magic poo, it was never going to suit every project it's
JVing, Altar stands on its own merits.”
That’s also true for ASCU today. Nuton is an
experimental technology and RTZ’s policy has been to
JV with a whole bunch of projects in order to field test
in as many places and circumstances as possible.
While not pocket change, the cash RTZ has invested in
this program is small stuff compared to its potential
pay-off and if it works, you can also bet dollars to
donuts Nuton will be first used on RTZ projects.
Seeing a two year JV come to an end at Cactus
shouldn’t worry holders.
The Producer Basket
After 52 weeks of 2025, the Producer Basket shows a gain of 157.04% to level stakes:
company ticker price 1/1/25 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 37.22 1108 117.20 105.78 184.2%
2 Agnico Eagle AEM 78.21 502.579 92.08 183.21 134.3%
3 Barrick B 15.50 1705.994 78.83 46.21 198.1%
4 Franco-Nevada FNV 117.59 192.119 41.77 217.41 84.9%
5 Eldorado Gold EGO 14.87 201.275 7.48 37.18 150.0%
6 New Gold NGD 2.49 791.7 7.39 9.33 255.6%
7 OceanaGold OGC.to 11.94 231.127 6.49 39.53 227.3%
8 B2Gold Corp BTG 2.44 1330.134 6.38 4.80 96.7%
9 Sandstorm SAND 5.58 296.844 3.60 12.12 117.2%
10 Wesdome Gold WDOFF 8.98 149.891 2.66 17.75 97.7%
All prices and stock quotes in U$, except share price of OGC (in CAD$) Port. avg 157.04%
12

The rampant bull rolls on and once again, nine out of the nine active positions were winners. That said, the
moves weren’t quite as big as other recent weekly gains and the biggest from New Gold (NGD up 5.8%) isn’t
exactly eye-popping. That’s also a reflection of the wider market, as both GDX (up 4.0%) and GDXJ (up
3.4%) were up less week-over-week than bullion as measured by GLD (up 4.4%). It was notable that gold
rose more than the miners, it’s what an over-extended gold market looks like and the reticence of the mining
stocks to move ahead of bullion last week is its own signal [Update Monday: Yes indeed, that made sense as
gold’s U$200/oz drop showed to all].
Time to wrap up the 2025 semi-serious battle, The IKN Weekly vs The Market and it’s a big fat loss for me:
The 2025 Producer Basket: Percentage diff. between
14% GDX benchmark & basket (negative= IKN ahead)
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
There’s no need to take this one down to the December 31st wire, the 12.17% deficit to GDX isn’t going to
change by much and this year has been by far my worst in the nine years of running The Producer Basket.
We’re now 7 and 2, but the size of the defeat this year
means something went very wrong and that’s all about my
personal stock selection and in fact, only two of the ten
were decent picks (NGD and OGC.to). I expected a lot
more from EGO, WDOFF and BTG than they delivered,
plus the decision to run with two defensive royaltyco picks
in the shape of FNV and SAND did me no favours, either.
Finally, the under-performance of Agnico Eagle in the
second half of 2025 affected GDX as well as our list, but
having it as a fixed 10% weighting hurt us more than
GDX. So that was the year that was and with the dust
settled, the loss got close to wiping out the record win
registered in 2024, a case of pride coming before a fall.
While only ever semi-serious in nature, this year’s poor performance has given me plenty of food for thought
on the way I go about choosing producers are personal trade vehicles and has shone light on a couple of
personal weak spots. I’d highlight these for your consideration:
 Re-rate stories MUST deliver. The issues that have cause Eldorado and B2Gold to lag are the same reasons
they were in the 2025, i.e. their re-rate potential as new growth comes online. In both cases, BTG’s Goose
and EGO’s Skouries, we’ve seen significant cost overruns as well as timeline misses on the build-out and
ramp to production. Please note that both new mines are now in the last stages of commissioning phase
and are going to be commercial in the near future, the damage was done in 2025 to both stocks and that
hit your author’s basket performance significantly.
 Being too contrarian is a problem. It’s part of my personal investor make-up and not something I’ve ever
tried to hide. I’m also aware of its limitations, with one of my touchstone phrases being that it’s easy to be
a contrarian, the tough part is knowing what to be contrarian against. However, one thing I fail to do (and
on too many occasions is to go with the flow and feel comfortable about jumping on a company, stock or
story that’s gathered momentum and is running higher. Just because a stock has made other people decent
monety doesn’t mean it can’t do the same for me and on a practical level, if I’d been more open to this I
know for a plain fact that I would have included Kinross (KGC) or maybe even Lundin Gold (LUG.to) in my
2025 basket.
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 dr32 ht03 ht7ced ht41 ts12 ht82
The 2025 Producer Basket: Weekly performance and
180% comparative to GDX control
160%
140%
120%
100%
80%
60%
40%
20%
source: IKN calcs, NYSE data 0%
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 dr32 ht03 ht7ced ht41 ts12 ht82
ikn
gdx control
source: IKN calcs
The Producer Basket vs GDX, annual result
16% 13.25%
12% 9.46% 9.05%
5.95%
8%
4% 2.10% 2.49% 0.05%1.01%
0%
-4% -1.80%
-8%
-12%
-16% -12.17%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
source: GDX data, IKN data

In the same way as The Copper Basket above, as 52 weeks are now in the books we can use the technicality
and close out our 2025 comparative snapshot of Producer Basket components. Here’s the chart, notes below:
The 2025 Producer Basket components after 52 weeks
14
%2.672
%1.132
%1.891 %2.481
%0.051 %3.431 %2.711
%7.79 %7.69 %9.48
300%
250%
200%
150%
100%
50%
0%
DGN ot.CGO B MEN OGE MEA DNAS FFODW GTB VNF
13 weeks
26 weeks
39 weeks
52 weeks
source: NYSE, IKN calcs
Notes:
 Aside its final score of +276.2% for the year, perhaps most impressive part of New Gold's (NGD) 2025 is
the way it also managed a full double of its share price from end Q3 to end Q4. The timing of its decision
to buy back the minority ownership of New Afton from Ontario Teachers couldn't have been timed better to
leverage its bottom line and it capitalized like few other companies on the bonanza gold prices, using the
unexpected free cahs flow to pay down its ensuing debt and deleveraging the balance sheet. The result is
record margins flowing more freely to the bottom line and the EPS drove the share price in Q4. Partially
lucky timing for sure, but NGD also had to execute at its two mines and should be warmly applauded for its
efforts.
 OceanaGold (OGC.to) had a consistently excellent year, driven by good produciton at its mines and the
bonus gold prices doing the rest.
 An impressive Q4 from Barrick (B), which also added an impressive 86.7% to its share price from end Q3
as Thornton took back control and in cahoots with activists, has changed the corporate direction
dramatically. Gone is "Reko Diq Or Death", the Spat in Mali is over, instead we have a company gearing up
to split itself in two and make its North American arm an obvious takeover target for Newmont.
 On the subject, it's hard to criticize NEM's year as well. After a rocky start, the world decided to worry less
about its creeping costs base and Q3 delivered the type of margin that analysts of SP500 companies cannot
ignore, no matter how cyclical the sector. NEM is set to deliver another world record quarter for any gold
mining company in Q4 and is now priced accordingly.
 Is Eldorado Gold (EGO) a disappointment? Well, it was for me and I gave up on my personal trade mid-
year. However, Q4, the gold leverage and the proximity to commercial production at Skouries have all
played in its favor in recent weeks and its catch-up means it delivers a 2025 of +150% and that could have
been a lot worse.
 For me, the big disappointment of the year was Agnico Eagle (AEM) as it slipped from its market leading
position in 2023 and 2024 (and 1q25) to also-ran status for the rest of the year. The market view is that of
a company that's now fully matured in its current operations and will now need to go through its next
investment cycle in order to fuel to next upleg, fortunately we're now in the right financial environment for
deal-making and cash raising.
 Sandstorm (SAND) was a mistake to include in the 2025 list, period. Things could have been worse too, if it
weren't for the fact it got put out of its misery by Royal Gold in Q3.
 On the subject of failures, Wesdome's (WDO.to) lack of ability to keep Kiena to its cost and development
timline cost the company dearly, particularly in Q2 and Q4. It's shown signs of life in Q4 (and that's good,
having recently bought) and our bet is that the company gets back on track as from its Q4 production
figures, then gets bought out by the highest bidder in early 2026, but overall it was a 2025 to forget for
this one. So much for my best pick.
 Then come tail-enders BTG and FNV, the only stocks to deliver negative performances in 4q25 on our list.
B2Gold has failed and failed again, FNV seems to be laden by its exposure to hydrocarbons, as well as the

on-again-off-again re-opening of Panama Cobre. I'd expect both to do better in 2026, though we should
note that FNV at +84.9% on the year is hardly a bad result in absolute terms.
And with that, we wrap up an amazing year for precious metals producer stocks and a forgettable one for my
personal stock picking prowess in the field. This section is more of an academic exercise than anything else,
allowing us a reference for our focus subject of junior mining companies, but it’s also useful in its own right
and one I’m keen on improving next year. To that end, next week we unveil the re-vamped 2026 list and
while we can’t really mess with the Top Three companies on the list (NEM, AEM, B) and remain
representative, there will be at least three changes to the above, and it’s probably four (as long as the
market caps allow my preferred picks). See you then
The TinyCaps List
After 52 weeks of 2024, the TinyCaps show a gain of 48.49% 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 27.73 0.185 27.6%
Electrum Disc ELY.v 0.13 98.995 6.93 0.07 -46.2%
Endurance Gold EDG.v 0.145 176.296 60.82 0.345 137.9%
Kodiak Copper KDK.v 0.39 95.39 86.80 0.91 133.3%
Latin Metals LMS.v 0.08 121.915 24.38 0.20 150.0%
Mogotes Metals MOG.v 0.13 374.759 104.93 0.28 115.4%
Radius Gold RDU.v 0.085 107.554 16.13 0.15 76.5%
South Star STS.v 0.55 69.2 9.69 0.14 -74.5%
Viva Gold VAU.v 0.14 145.53 24.01 0.165 17.9%
Prices in CAD$, data from TSXV basket avg 48.49%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In a couple of cases I’ve stretched the window a little and
allowed sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2025. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The 52nd week of the TinyCaps list finished with a count 60% TinyCaps, 2025 weekly tracker
of four losers (BRO.v, CN.v, ELY.v, VAU.v), two unchanged 50%
stocks (LMS.v, STS.v) and four winners (EDG.v, KDK.v, 40%
MOG.v, RDU.v), but despite the balanced headcount the 30%
basket average added over 4% and that’s all about the 20%
move put in by Endurance Gold (EDG.v up 32.7%), a late 10%
entry in the Santa Rally that pulled its annual performance 0%
to 2nd on our list, behind the stock that’s been in front -10%
nearly the whole year, Latin Metals (LMS.v).
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.
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 dr32 ht03 ht7ced ht41 ts12 ht82
source: IKN calcs, TSX data

Regional politics
Deferred
Market Watching
Deferred
It’s still Christmas.
Conclusion
IKN866 is done, we end with two bullet points:
 The Bare Bones edition is a placeholder, we’ll be back with full coverage as from next weekend.
 Avoid Colombia.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://x.com/i/status/2005272884164579452
(2) https://substack.com/@rossjennings1/note/c-190161137?r=5ibd26&utm_medium=ios&utm_source=notes-share-action
(3) https://solgold.us19.list-manage.com/track/click?u=43b63e17ddcb704d17f2f5f3f&id=4eaccc3e35&e=81debd18bd
(4) https://investingnews.com/arizona-sonoran-provides-update-on-nuton-option-to-joint-venture/
(5) https://x.com/i/status/1992972349902106911
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
16

Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
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Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
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Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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