IKN #867Premium

The IKN Weekly
Week 867, week of January 4th 2026
Contents
This Week: In today’s edition, US Jobs and world metals, Some guy and his wife got arrested.
Fundamental Analysis: The new Copper, Producer and TinyCaps lists.
Stocks to Follow: Overview, Arizona Metals Corp (AMC.to), Valkea Resources (OZ.v), American Eagle Gold
Corp (AE.v), Wesdome Gold (WDO.to), Minera Alamos (MAI.v), Electrum Discovery (ELY.v).
The Producer Basket: Overview.
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
 The year begins and as is traditional on these pages, it’s time to refresh, adjust and present the 2026
Copper Basket, Producer Basket and TinyCaps List. Plenty of changes this year, with a mix of new
entries in each segment and one or two stocks that aren’t just there for show; instead they’re
companies on my shopping list that I get to follow closely on a weekly basis in order to make a more
informed position.
 Aside that it’s not a big issue this week, but the crazy events in Venezuela over the weekend (and into
today Monday) need some comment. Even though it’s not particularly mining related, you get the
thoughts of someone who was in bed when a bunch of bombs dropped on a couple of coastal locations
close to his house.
 By way of a quick update today Monday, trading today was even more bullish than ever and you’re
bound to note that some of the stock prices as seen in the 2026 lists (as per December 31st) have
already changed significantly. It’s still early days and while all bullish days are welcome, the fever now
growing has the hallmarks of an overbought top forming.
 This is the last of the Holiday Editions, things return to normal as from next weekend and between
then and now I’d like to wish my sister a happy birthday.
US Jobs and world metals
The after-effects on the US public sector shutdown are now behind us and among many other things, that
means the US BLS Employment Report schedule returns to normal and that starts Friday, when the BLS
releases its report for December 2025 and according to Calculated Risk (3), “…consensus is for 55,000 jobs
added, and for the unemployment rate to decline to 4.5% (from 4.6%).”
As for metals prices, as per last Monday evening and the publication of IKN866 we expected volatility to
continue and “…chop continue into the first week of the New Year”, which turned out to be the case. Taking
gold as our example, after IKN886 went out gold first rose by 1.5% to reach U$4,420/oz, then dropped by
3.1%, added back 3% and re-took the U$4,400/oz line before dropping again and closing the week at
U$4,332/oz. We’re still in the same theater of action and even though the Venezuelan fun isn’t likely to affect
things much, there’s no reason to expect calmer waters. However and more importantly, the bull market for
gold and all metals remains intact and unthreatened, no need to fret the small stuff when the trend continues
to be our friend. Keep dancing, folks.
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UPDATE Monday: The pleasant face of volatility today, with gold up over U$100/oz overnight, copper adding
3% and the world a happy place for metals and mining stocks. A good start to the week and the real year,
but don’t assume the rough waters are over and done with. The song remains the same; enjoy the good
days, hold tight through the inevitable corrections and ride the trend higher.
Some guy and his wife got arrested
Not so often that my backwater continent makes world headline news, even less so my country of residence.
First and foremost, thanks for the mails/messages/DMs of concern (so many channels these days) and if I
didn’t reply to you, forgive my ignorance as there were many. My family and I live where we live by choice
not chance, even before we arrived in Venezuela two years ago I’d lived in South America long enough to
know how to keep myself out of trouble and what’s more, we live in her home town with a network of family,
friends and in a region she knows backwards. Long story short we’re fine, we live in gated community in a
safe neighbourhood of a normally quiet coastal town full of law-abiding people busy making ends meet and
looking after their families. Agenda-pushing media and biased commentators will insist they show you “What
The Country Is” and of course there’s poverty and a different way of life, so for context perhaps it would help
if I showed locals a few images of downtown Miami and used them to explain what life in Arkansas was like.
Long queues outside Venezuelan supermarkets this weekend? Did any of them explain why certain shops had
lines and others were empty and didn’t sell a thing all day (Some use the official exchange rate, it gets fixed
on Friday and changes Monday; the black market rate collapsed on Saturday morning and people quickly
realized they could buy things at a 30% discount). Also, would you like to see a few photos of people buying
toilet paper in Chicago in April 2020? Fact is, as I write these words on Sunday morning the world outside is
calm, there’s no curfew, public transport is running again, churches were open for business and while we had
to queue 10 minutes longer than normal, the greengrocer’s shop just sold us the fresh produce we wanted at
mostly normal prices.
As for what matters on the international geopolitical level, it’s still too early to tell how all this plays out. In
IKN861 dated November 23rd and the Regional Politics note that day, “Updating “The Venezuela Question””,
in which I upgraded my previous forecast of “The USA will not attack Venezuela” to “The USA will probably
not attack Venezuela”. So let’s state clearly, I was wrong on that one and the audacious operation that
extracted Maduro from the Presidential Palace without loss of US military life was a remarkable feat, that
greatly surprised me. I’m also very happy about what happened, the same as the vast majority of people in
Venezuela (and don’t let anyone tell you any different, Trump is now a full-scale hero round these parts.
However (and there’s always a but), what matters most now is the future of the country and on that, I’ll also
state that I felt happier after the Saturday press conference offered by POTUS47 & Co than I was before it.
That Trump is transactional goes without saying, but the fact he didn’t try to hide the US agenda behind
platitudes about democracy of human rights was my second surprise that day. The “Hey guys, we’re going to
run the country, we’ll get the oil and make a profit on this” line was almost as audacious as the Delta Force
operation. It was left to Marco Rubio for the smart take on what the Trump admin saw the future and once
you strip out the unimportant details (i.e. Machado or not) and the political posturing (drug cartel poisoning
our boys and girls), it’s better than I expected. For sure a lot of things can go wrong from here but this isn’t a
klutzy move to decapitate the hydra, only to watch the heads grow back again. For more on this, I highly
recommend Rubio’s appearance on Meet The Press on Sunday, the link is here (1) and while it’s worth repeat
viewing of the entire, thing, this segment holds the key:
“We have short-term things that have to be addressed right away. We all wish to see a bright future
for Venezuela, a transition to democracy. All these things are great. And we all want to see that. I've
worked on that for 15 years on a personal level both in the Senate and now as National Security
Advisor and Secretary of State. These are things I still care about. We still care about. But what we're
talking about is what happens over the next two, three weeks, two, three months and how that ties to
the national interests of the United States. And so we expect to see more compliance and
cooperation that we were previously receiving.
“…now there are other people in charge of the military and police apparatus there. They're going to
have to decide now what direction they want to go. And we hope they will choose a different direction
than the one Nicolás Maduro picked. Ultimately we hope this leads to a holistic transition all the way
around in Venezuela, societal, political, all of that – we're in favor of all of that. But right now, we have
to take the first step. And the first steps are securing what's in the national interest of the United
States and also beneficial for the people of Venezuela.”
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Add that to comments made by President Trump about the now-Interim President Delcy Rodríguez during the
press conference (“She had a long conversation with Marco, and she said, ‘We’ll do whatever you need.’ I
think she was quite gracious, but she really doesn’t have a choice.”) and the US line comes as another
surprise to this desk (unlike others, I don’t pretend): They seem to be willing to allow the current government
to remain in apparent power, as long as it plays ball with The USA and when Delcy Rodríguez flatly denied
the plan during her own presser a few hours later, Trump made no bones about the consequences: “…if she
doesn’t do what’s right, she is going to pay a very big price, probably bigger than Maduro.” (2)
Illegal? Maybe. Not “normal diplomacy”? Definitely. Unorthodox? Surely. But whatever your opinion about the
method, I for one find the raw simplicity of the US position regarding Venezuela refreshing and honest. “We
want the oil” is what they were going to be accused of anyway, so why not be open about it? And without
sharing his worldview, your author can at least understand where Trump is coming from, an old school
business magnate who sees the world through entrenched lens of deal making and transactional capitalism.
Now, as arguably the most powerful person in the world, he has the right to impose his philosophy. I’ll also
state for the record that I have no particular problem with the emerging “Donroe Doctrine” and if The USA
gets accusing of strong-arming South America or using bullyboy tactics, then so be it as the lesser of two
evils (and for what it’s worth, I’d venture to say the vast majority of Venezuelans would agree). However, it’s
also a blunt instrument and “America First” implies there’s a long way to go before the country of Venezuela
gets what it wants, i.e. the end of the current government and real democracy. Whether under Maduro or
not, their playbook of ignoring, repressing and doing anything to retain power is well-established and if that
means giving los gringos access to the oil fields, then so be it. Anyone expecting this government to suddenly
show contrition and repentance for two decades of dictatorial rule and offer free and fair elections is living in
cloud cuckoo land and without further pressure, be it interior or exterior, it’s not difficult to envisage the
current regime try to stand pat, pretend nothing has changed and continue with their self-serving kleptocracy
at the expense of the rank and file population. That’s the recipe for serious problems down the line and if The
USA firmly gets their oil, the current government may get its blind eye. Before wrapping up, please note that
The USA has no embassy, consulate or ambassador to Venezuela. Therefore if we’re about to see 1) an influx
of FDI from mega-cap US oil companies and 2) a regime government that decides to be compliant with White
House wishes (or else), a logical signal to look out for is the re-opening of an US Embassy in Venezuela.
Unlikely to happen within days, but give it a couple of months and the subject should at least be on the table.
The future of Venezuela is more positive than it was this time last week and I’m very pleased that Nico
Maduro and his wife are now under lock and key in The USA, but we’re still a long way from a lasting a more
representative government and things could go badly wrong. On that score, we should remember another
power group last mentioned in IKN861, “The Army Generals”, have been notably quiet since the Maduro
extraction and have let the Venezuelan politicos do all the talking. They are still the real power behind the
throne and they still have a lot to lose if the government falls without having first cut a deal and the longer
they remain silent, the more likely there is no real and lasting change in the country. This Sunday afternoon,
while finishing this intro write up, it really is too soon to tell on the future that awaits Venezuela but what we
can be sure of, without a doubt, is that Donald and his US oil company friends will get access to the crude oil
reserves sooner or later.
Fundamental Analysis of Mining Stocks
The new Copper, Producer and TinyCaps lists
Today’s Fundies section is a tradition for the year-end edition, it’s time to refresh and update the Copper
Basket, Producer Basket and TinyCap Basket by removing some of the companies in the 2025 lists and
adding new names. Those changes come for several reasons and depend on the list and its purpose, but in
the most general terms the job is to provide a representative selection for each sub-sector and allow us to
better gauge what’s going on in our main focus of attention, i.e. our open trades of the Stocks to Follow list.
So without further ado we present the changes, the additions and the new lists for the 2026 Copper Basket,
Producer Basket and TinyCaps basket.
The 2026 Copper Basket List
A couple of paragraph on the rules and how this works but before anything, we offer our standard and
permanent reminder, in bold-typed all-caps, that THE COPPER BASKET IS NOT A LIST OF
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RECOMMENDED STOCKS. Instead it is intended as a representative mix of what there is in the junior
copper exploration world. Also coming at you in bold type, my personal opinions on the companies
included in The Copper Basket are unimportant. The objective is to choose companies that represent
the good, the bad and the ugly of the junior exploreco copper world, so every year there are companies on
the list that I like (and even sometimes end up buying) and others I wouldn’t touch with a barge pole.
Next up, please note that all the 2026 companies are non-producers. This is the fourth year running we’ve
gone 100% exploreco/developers, rather than include any small or medium scale copper producers and that’s
the way we like it, as it focuses on our preferred target(s). Back in the bad old days for metals, the choice
was limited but these days we’re awash with copper explorecos and indeed, this year it’s been a mental
battle to decide which valid and reasonable companies should be left out. I’m not exaggerating when stating
that this year’s list could easily have run to 30 stocks, but we’re going to stick to the tried and tested format
and go with a representative 15. Thirdly and in the same vein as last year, the amount of choice available
means we’re focused on the tinycap, smallcap and medium-cap companies and do not include those with
massive, billion-plus market caps and market. There’s a deliberate cross section of company sizes, but they
are capped at the U$500m level. Finally, all component stocks are Canadian listed and priced in Canadian
dollars on an easy to manag, level playing field (for me at least). They’re also deliberately confined to The
Americas, so all 15 have their main project(s) located somewhere between Chile and Canada/Alaska
As for geographical spread, we stick to The Americas as usual and here’s a summary list:
Canada: Three companies
Chile: Three companies + a third
USA: Two companies
Argentina: Two companies + a third
Peru: Two companies
Mexico: One company
Colombia: One company + a third
Last year’s Copper Basket had four USA stocks, three from Argentina, two each from Canada, Peru and Chile,
then one each from Ecuador, Mexico and Colombia. The USA was preferred last year as we wanted to
“…watch for the influence the incoming Trump administration might have on large-scale capital works
projects…” (IKN815) and sure enough, his admin turned out to be a big driver of US copper stocks. That
focus changes slightly this year, as both The USA State sponsorship story and the Argentina copper story are
now well-known by the wider investment market. Instead, we’re upping our exposure to Chile and Canada as
they represent traditional and politically safe places to go exploring.
Preliminaries done and context set it’s time for our 2026 Copper Basket list, as always presented as a market
cap league table:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 252.88 690.36 2.73 0.0%
2 Aldebaran Res. ALDE.v 3.67 169.914 623.58 3.67 0.0%
3 Pecoy Copper PCU.v 1.32 209.49 276.53 1.32 0.0%
4 Los Andes Copper LA.v 9.20 29.56 271.95 9.20 0.0%
5 Hot Chili HCH.v 1.33 177.36 235.89 1.33 0.0%
6 Hercules Metals BIG.v 0.74 289.41 214.16 0.74 0.0%
7 Element 29 Res ECU.v 1.20 155.51 186.61 1.20 0.0%
8 Surge Copper SURG.v 0.475 345.41 164.07 0.475 0.0%
9 Fitzroy Min FTZ.v 0.48 278.07 133.47 0.48 0.0%
10 Andina Copper ANDC.v 0.56 224.67 125.82 0.56 0.0%
11 American Eagle AE.v 0.56 172.877 96.81 0.56 0.0%
12 Copper Giant CGNT.v 0.49 149.57 73.29 0.49 0.0%
13 Metal Energy MERG.v 0.64 36.03 23.06 0.64 0.0%
14 Kobrea Exp KBX.cse 0.51 35.622 18.17 0.51 0.0%
15 Algo Grande Copper ALGR.v 0.53 31.95 16.93 0.530 0.0%
NB: All stocks in CAD$ Portfolio avg 0.00%
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Last year we swapped out eight stocks, which was the biggest turnover we’d ever run. This year we return to
our median and swap out six, so first a couple of words on why those six stocks are leaving, then a note on
each of the nine survivors (whose stories are already know to a greater or lesser extent), then we present
the six new/returning stocks for the 2026 Copper Basket. Here we go:
The Six Leavers:
1) Atex Resources (ATX.v): The first three leavers are the easiest to justify. While each has its own wrinkles and
details, the main reason Atex, SolGold and Trilogy are being cut is due to their bigger market caps. This year, with a
surfeit of copper alternatives to hand, we can focus more closely on the part of the market that most interests this
publication and that means tinycap, smallcap and up to medcap companies of up to U$500m or so. In this case, ATX
was a C$400m stock at the start of 2025 and at the time the biggest company by market cap on our list, it left 2025 at
just under C$1Bn and while its growth is commendable and even understandable (given copper market conditions), it’s
now too big for our purposes.
2) SolGold PLC (SOLG.l): The above is true for SOLG, which started 2025 as a GBP390m market capper and ended
at GBR774m, or C$1.43Bn in Loonies. It’s also under offer and about to become part of China’s Jiangxi (JCHK), which is
no small detail.
3) Trilogy Metals (TMQ.to): We included TMQ last year due to (I quote myself) “…its potential as a Trump Trade…”
and sure enough, when the POTUS47 Admin announced its intention to fast-track the Ambler Access road and expedite
the permitting track to get the UKMP project moving, its share price rocketed higher. It eventually gave back a lot of
those exhuberant gains but still ended 2025 with a market cap of C$1.1Bn and that’s too big for our purposes, even if I
thought TMQ was a useful representative of the sector in 2026 (which I don’t). Wishing the company good fortune.
4) Regulus Resources (REG.v): Now for the first judgment call deletion. Regulus gets the chop this year for both
macro and company-specific reasons. Firstly, we included REG and its a sister company Aldebaran (ALDE.v, below) last
year, calling it “… a valid exercise and a good way of gauging progress at both AntaKori and Altar.” As it turns out,
ALDE performed slightly better than REG in 2025 so that’s one strike against this company. Strike two comes from the
lack of development at REG and AntaKori, as no matter how much John Black & Co insist that RG is like a duck on a
lake (serene and calm appearance, but plenty going on out of view) there’s no hiding the lack of drilling at the project
and that’s not just because they chose to throttle back on development. Which leads to the third strike, as its
“collaborator” Coimolache SA has decided to roundly ignore its neighbour and get on developing its own sulphides
project on its wholly-owned property next door. The signal is clear, it doesn’t and will not need AntaKori in order to
grow and develop from its previous gold oxides mine (which also happens to be the weak point of the REG story this
desk has pointed to for at least four years).
All this leaves REG as essentially a binary story; it either gets bought out in 2026 or it doesn’t. The former may happen,
we’re in a world where large capex copper mines are built as JVs more often than not these days and it’s not too late
for Coimolache SA (Buenaventura, Southern Copper etc) to come to an agreement with some Tier 1 world company,
put their 20kpd sulphides project on hold and develop something much larger. However, it’s a clear risk and with Peru
in an election year and that area of Cajamarca notoriously volatile politically, I cannot see a deal happening in 2026.
That would also imply AntaKori getting left behind at Coimolache crystallizes its project into a real mine.
Bottom line: Of the two sister companies, I liked Aldebaran (ALDE.v) more than REG.v in 2023, 2024 and 2025. That
opinion continues strong into 2026 and with the need to make room for some new components, plus the likelihood that
REG becomes a binary story rather than representinbg the wider market for copper stocks, it gets dropped.
5) Arizona Sonoran (ASCU.to): There are at least two reasons to drop ASCU from the 2026 list, perhaps three. First
up its market cap, which at C$889m end 2025 isn’t quite at the billion line, but it’s still bigger than the target zone for
Copper Basket stocks. Second up is the decision to leave in Faraday Copper (FDY.to, below), as that company is 1) a
lower market cap that better suits our basket list and 2) covers the same jurisdiction and therefore, offers the same
exposure to USA policies toward the mining sector. Finally, ASCU is now a more mature project, with a and perhaps
three
6) XXIX Metal Corp (XXIX.v): The final leaver is XXIX and for two reasons: Firstly I won a few (for my sins) and
while it’s not a big position as yet, there’s less reason to cover it here if I care enough to make notes in the Stocks to
Follow section in 2026. Secondly, its flat line performance has now stretched into another year and while that may
change (and I certainly hope it does), it’s not a particularly representative stock for the wider sector any longer. So for
a couple of practical reasons, it steps aside and allows another to take its place this year.
Now we’ve waved goodbye to those stocks, the next job is to add a word on why eight of the companies on
the 2026 list are being rolled over from the 2025 basket.
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The Nine Remainers: From the stocks that got the chop to those that are rolled over from ther 2025 list
and take their place again in 2026. We go from largest to smallest:
1) Faraday Copper (FDY.to): One of my main regrets of 2025. Over the years I’ve made no secret of my
liking for this company’s main Copper Creek project and the methodical, smart way in which this quality team
has gone about its development. My bullish viewpoint on copper made it one on my shopping list, so when
Lundin Group upped its interest in the company and made it a quasi-member of its stable I was given
another obvious reason to buy and make it an active part of my portfolio and IKN Weekly coverage. Therein
lies the regret, as for my own sweet reasons (mainly playing other copper trades and deploying capital in
other places) I didn’t bite, didn’t buy any and missed out on a signal year for the company, its share price
running +270% in 2025 without a penny of my own money.
FDY is a good project, has a big and smart major sponsor and represents the newly hot jurisdiction of AZ
USA, with a national government ready to facilitate its permitting. There are others in the region (HudBay’s
development, Friedland’s IE, Arizona Sonoran of course) but this one is at leats as good as any and probably
better. Not cheap, quality story, strong and trustworthy management team, it represents the mature copper
exploreco as 2026 rolls out
2) Hercules Metals (BIG.v): One of the worst performers of the 2025 list gets another chance to impress,
its laocation (USA) and project size is enough to counter another sub-standard year in the books. It’s also
one of the more actively marketed and promoted junior copper story out there and makes plenty of use of
the social media and industry influencer infrastructure (be that good or bad), so it won’t be shot of things to
tell us. The new Chair, recently announced, has the right air of seriousness about it and
3) Aldebaran Resources (ALDE.v): As noted above, the need to refresh the list pointed me toward the
decision to cut one or other of REG or ALDE, the sister companies run by the John Black/Kevin Heather
established team and their friends. The verdict is in, REG gets cut and ALDE returns for another year, mostly
because it’s a better, more dynamic and more interesting story than one that depends on purely political
factors. It also helps that ALDE’s Altar is in the hot address of San Juan Argentina, arguably the best place to
go mining in the new market darling mining country.
4) American Eagle (AE.v): I thought long and hard about cutting AE.v from the list, it’s the one that kept
me up at night on the list but ultimately it stays in and for a couple of reasons. Firstly, I wanted a right sized
and right market cap exploreco to represent Canada. Secondly, the surge in Surge Copper (pun intended)
means that by running it against AE, we get perspective on the relative performance of both companies.
Thirdly, its 2025 was so bad that I’d like to see if it could turn into a turnaround trade as AE shakes off its
failure to expand Mak to the North of the property and focuses on the sweet spots as it developms toward a
43-101 in 2027.
5) Element 29 Resources (ECU.v): ECU had a good 2025, but we’re now on the cusp of assays from its
current drill program at the main Elida property and with the copper market hot like it is, it’s going to be
interesting to see if ECU can deliver another batch of long holes and how the market might react. This team
is second to none when it comes to Peru, Elida has had a long incubation and timing may turn out to be
fortunate.
6) Hot Chili (HCH.v): A reminder that I personally don’t have to like a company for it to make the Copper
Basket list. Overhyped, overpriced coming into 2026 and with serious issues such as water and hidden capex
to contend with, this projct has been around as long as I’ve been covering Chile and its run in 2025 simply
does not convince me. However, it woouldn’t be the first time that I get an exploreco story wrong and that’s
another good reason to leave HCH in the 2026 list. Being in Chile as Kast takes over the government is
another reason to follow its story.
7) Andina Copper (ANDC.v): This time last year it was called Pampa Metals and on the CSE exchange with
one project in Argentina, it had an impressive run in 2025 thanks to its strategy to roll up Rugby Mining and
its Cobrasco project in South Colombia (drilling expected soon), plus its latent concession holding in Chile has
come alive thanks mostly to Mariamaca Copper (MARI.to) making its exciting discovery at Pampa Medina, a
zone that backs onto the ANDC project in the same location. All that said its Piuquenes project located in San
Juan, Argentina is still its flagship (in my view), a porphyry copper target that is somewhat deep but recent
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assays, headed by an excellent 413.5m of 0.47% copper and 0.52 g/t gold, make it a live outsider in the race
for the next generation of copper resources in Argentina.
8) Copper Giant (CGNT.v): The recent run in CGNT has come on the back of a full-court social media paid
pump campaign, which of course focuses on the drill assays and ignores the red flag fatal flaws on the social
side of the coin. B2Gold sold this to Libero Copper for peanuts and the company name change last year
cannot disguise the fact that BTG is right and these guys are pulling the wool over the eyes of a whole bunch
of people who will have to learn the hard way. Included in the 2026 list as an example of a company destined
for failure and that’s a sub-sector that surely needs representation in junior mining.
9) Kobrea Exploration Corp (KBX.cn): News last year, added as a minnow stock and to monitor its
progress as it goes through the gears of an early stage exploreco, KBX last year was also a company that had
to shake off its image as a stock being used as a vehicle for turning paper into cash for its inner circle. In the
end its 2025 went along the lines of the expected and it was one of the very few YoY losers in the copper
exploreco space, but it also seemed to be working through its pile of excess paper and the way that volume
has increased in the last few months looks promising. Also playing to its advantage are the developments in
the Western Malargüe Mining District (WMMD), the zone of Mendoza province set aside for mining
exploration and eventual development. We added KBX last year as a way to watch how traditionally anti-
mining Mendoza province would do in its plans to become miner-friendly and frankly, the province has made
all the right moves. In this specific case KBX now has the permits required to drive an access road into the
first target zone of its large concession area and once that’s done, we should see drilling this year. KBX is still
cheap and if things go well, it could be at the forefront of Mendoza’s move into mining.
A final point: On a personal basis, this stock is high on my personal shopping list as a future holding and
trade, don’t be surprised if it doubles up and becomes part of the Stocks to Follow list as well.
The Six New Arrivals: Now for the six new arrivals to the 2026 list, which we offer in market cap order
from the largest to the smallest. You also get a 2025 price chart for each stock (except for Pecoy, which is a
newly formed company and gets the three month variety).
1) Pecoy Copper (PCU.v): This is the #1 no-brainer new entry to the 2026 Copper Basket and the most
mentioned by your mailed suggestions (so thanks for those). To begin with the team, the Pecoy Copper
founder and the central figure is serial promoter and dealmaker Paul Maytsek. As for the executive, the CEO
is Vince Metcalfe, who last ran Noman Royalty that was sold to Sandstorm. He's brought another Vince in
with him, Cardin-Tramblay with whom he worked in Nomad. As for country manager, Matysek has fallen back
on one of his regular cronies, Luis Zapata, who cannot be trusted further than he can be thrown. Overall, it's
exactly the type of officer roster you'd expect from a Matysek play and he has a reputation for extracting his
principle from any deal he's involved in, whether the asset and project in question be good or bad.
However in this case, his start-up is based on quality. The Pecoy project in Arequipa region has been around
for a long time, its previous owners the private company and renowned experts on Peru, Pembrook. They
staked, incubated and developed Pecoy along with several other projects in their stable, but all that time they
always considered Pecoy the jewel in their crown.
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Pecoy is a copper porphyry resource with moly, gold and silver kickers located in the Arequipa region of
South Peru. As at 2025, has a 43-101 compliant inferred resource of 865 mmt (million metric tonnes) grading
0.34% Cu, 0.012% Mo, 0.05 g/t Au, and 1.33 g/t Ag, 6.451Bn lbs copper at a cut-off of 0.23% Cu. There’s a
lot of exploration upside at the project and while not the highest grade out there, it’s very comparable to the
Zafranal project (Teck) located on the same geological zone (where the desert plain meets the batholith).
Pembrook waited for years for the right deal and Pecoy showed up, right time and right deal, which is why
PCU has come out of the blocks with a market cap of C$276m as at end 2025.
Considering its location, defined resource, upside potential and management team, we can expect a full court
drill campaign and high profile marketing and promotion from PCU in 2026.
Considering the expectation in the project already baked into its share price and market cap, PCU has a lot to
live up to this year and we’ll be here to witness its performance on an absolute and relative basis. For the
record, this price level makes no appeal to me personally.
2) Los Andes Copper (LA.v): This was removed from the list for last year’s basket after doing absolutely
nothing in 2024. It’s also a company that this desk has called accurately over the years, as the Vizcachitas
project in central Chile is one of the most socially and environmentally challenged in the country and has
made big name backers look rather silly.
In the first half of 2025 LA continued on its downward trajectory as its project remained (and remains) held
up by court cases brought against its permits. But as seen below in the 2025 chart, around mid-year the price
bottomed out and buyers added around 50% to its price, from roughly C$6 to roughly C$9 and the C$9.20
year-end finish. As Vizcachitas is still in the hands of Chile’s judiciary (the local town of Putaendo
overwhelmingly opposes its development and has used the courts system to its advantage), the reason
seems to be the rise of the now President-Elect José Antonio Kast, who is seen as an incoming President who
will favour development over environmental concerns. The bet here is that once Kast is in office (April 2026),
the courts will expedite the long-delayed decisions on Vizcachitas and allow LA.v to resume drilling,
exploration and development.
In other words, LA.v is back in The Copper Basket as a litmus test on the pro-mining chops of the new Kast
presidency. It will be interesting to follow this particular story, as if you removed the local opposition I’m
certain Vizcachitas would now be either in production or at least under construction, as its large size and high
grade at a reasonable low altitude with all the infrastructure you’d ever desire makes it a lucrative
opportunity once fully permitted. On a personal level,
3) Surge Copper (SURG.v): A company that was a part of the TinyCaps list back in 2024 and a stock I
bought and sold for a profit last year (and you’ll tell me I sold too early, that’s okay), SURG.v is a known
entity to these pages and as the 2025 chart (below) shows, the size and scale of its Ootsa/Berg project in
coastal BC Canada has caught the attention of a wider audience in recent weeks (most notably a high traffic
social media fintwit account named Paulo Macro, who caused that rapid rise to 45c at the start of last
month).
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SURG makes the cut because it’s a likeable, large copper project of the type now in demand by the world.
The management is good, I’ve always been impressed by CEO Leif Nilsson and Chair Christian Kargl-Simard
(who also runs current holding Blue Moon MOON.v) and they did a stellar job of positioning SURG last year as
well as knocking back all the “BC no good for permits” criticisms so prevalent among detractors. I’ll be very
interested in seeing how the company manages to navigate 2026 and consolidates (or improves upon) its
new higher equity price deck, it also has a clear primary catalyst of its upcoming PFS, which is slated for the
middle of this year.
4) Fitzroy Minerals (FTZ.v): The principle criterion for Copper Basket components is that they be
representative of the sector (or copper exploreco sub-sector), not that I personally like them. So let us be
clear, I personally do not like FTZ, a retail honeytrap run by one of the largest sector media channels and
with an opaque corporate set-up that allows insiders a no-lose, no risk run for their money. On this score, the
equation is simple as there is always risk involved with any junior mining company, so if insiders are exposed
to little or no risk it does not disappear, it is simply transferred to the shoulders of others. My idea of a
prospective trade for retail investors (e.g. me) is asymmetric reward compared to risk, not the other way
around.
FTZ is exploring and developing a suite of projects in Chile and Argentina, with its focus so far mostly on its
Buen Retiro project and its Caballo project, both in Chile. The latest news from the company promises drill
results from both “in the next few weeks” and as the company is well cashed up, we should expect drill
numbers to flow for most of the year as exploration rolls out. To date the drills have mostly confirmed
previous drill programs at Buen Retiro by other operators, but the FTZ proposition is that it will be able to
greatly expand tonnage on strike and at depth to transform what is, at the moment, a modestly sized copper
deposit. With plenty of news expected and a marketing image to uphold, FTZ will give us plenty to chew on
this year and will have all the opportunity it wants to prove my negative opinion wrong.
5) Metal Energy Corp (MERG.v): Until 4q25, this was a quiet tinycap and a backwater stock in the
Stewart family Ore Group of companies, but as from last quarter it became active in no uncertain terms,
springing to life on the back of a deal to incorporate the NIV copper project in BC Canada, which to quote the
website was “…(a)dvanced privately for over a decade by veteran geologists Charlie Greig and Alex Walcott”.
Those who’ve watched the development of American Eagle at NAK will recognize the name of Charlie Greig,
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one of the principal collaborators on that project and that’s certainly the connection that brought this project
into another Ore Group company. As yet undrilled, NIV is being marketed as a type of NAK 2.0 and the
bullish market has done the rest, elevating the market cap and seeing the entry of two important strategic
shareholders, Centerra and Teck (again, Teck being one of the main sponsors of NAK).
What MEG brings to the 2026 list is a live project at the smaller cap end of the market, one of the three we
have in the C$25m and less level this year. We saw Andina run hard and fast in 2025, it would be good to
track another success story of the same ilk as long as metals prices remain friendly.
6) Algo Grande Copper Corp (ALGR.v): Our final new entry is the smallest market capper on our list this
year. It’s also the only stock with its project located in Mexico, which I thought important. Algo Grande
Copper is the new name for Kenadyr Metals, the name change only happening last month. The name change
has come with the arrival of its flagship Adelita project, the main target of the Cerro Grande concession in
mining-friendly Sonora State, northwest Mexico. The main metal target is copper, it comes with significant
gold and silver kicker grades, its team is headed by a non-mining guy who brought the project in, the
technical team gets the benefit of Peter Megaw (of MAG Silver fame) who surely knows his rocks, but has
also put his name to several ho-hum companies (he seems to be a intellectually honest geologist who is more
interested in rocks and discovery).
It wasn’t easy to pick a third smallcap option for the list this year. There are no end of options in the $50m to
$150m value bracket but the bull market for copper has elevated plenty of completely cruddy wastes of time
to the same market cap as ALGR (and KBX and MERG). This pick is obviously at the riskiest end of the
market, but it has its chance as a new company with a project ready to roll and a plan to impress us in 2026.
I’m personally neutral on its prospects, but if it does start to impress we should be on the case early.
The 2026 Producer Basket List
This list is comprised of ten precious metals producers, all Tier 1 or Tier 2 and with a nominal minimum
market cap of U$1Bn (which we keep to this year). The main job of The Producer Basket is to monitor what’s
happening among the big players while The IKN Weekly gets on with its focus on junior mining stocks, but
we also play a semi-serious side game: Every year I try to choose 10 stocks that, on a flat-weighted 10% per
company, I believe will out-perform the benchmark GDX ETF over the year. In other words, this is a basket
designed to represent a sub-sector, but with a competitive edge and as our track record has been good over
the years, it’s one I’m keen about maintaining.
This time last week I wrote that we’d swap out at least three stocks and probably four. It’s turned out to be
five, as I’ve also decided to refresh one position at the top of the list. What follows is basically the same as
The Copper Basket presentation above, with a couple of lines on the leavers, a nod of respect to the
survivors and then a flourish as we present the new stocks for 2026. So here’s the list
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 110.63 99.85 0.0%
2 Agnico Eagle AEM 169.53 502.579 85.20 169.53 0.0%
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3 Barrick B 43.55 1705.994 74.30 43.55 0.0%
4 Wheaton PM WPM 117.52 454.02 53.36 117.52 0.0%
5 Lundin Gold LUG.to 114.02 241.433 20.10 114.02 0.0%
6 Alamos Gold AGI 38.58 420.68 16.23 38.58 0.0%
7 IAMGOLD IAG 16.49 594 9.80 16.49 0.0%
8 Eldorado Gold EGO 35.92 201.275 7.23 35.92 0.0%
9 B2Gold Corp BTG 4.51 1330.134 6.00 4.51 0.0%
10 Americas G & S USAS 5.11 318.26 1.63 5.11 0.0%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 0.00%
Now for the notes and jottings, starting with…
The Five Leavers: Unimportant notes on why they have been removed:
1) Franco-Nevada (FNV): Up to late last week I planned to swap out four stocks and leave the top of the table
unchanged, with the main stocks providing the foundations and the difference to GDX generated by the smaller sized
picks. However, as the weekend loomed I began to think about the size of FNV and the way the similar company
Wheaton Precious Metals (WPM) had out-performed FNV for virtually all of 2025. Then came thoughts of the revenues
mix of FNV, which is majority gold but also contains significant leverage to both oil&gas (via its exposure to US fields)
and copper (mostly Cobre Panama). Therefore and as a late change, FNV gets swapped out for the higher level of
silver and gold exposure offered by WPM for the year ahead.
2) Sandstorm Gold (SAND): This was a no-brainer decision, as SAND doesn’t exist any longer having been bought
out by Royal Gold at the start of Q4 last year.
3) OceanaGold (OGC.to): After humming and hahing, I’ve decided to swapout OGC and mainly because I think it’s
seen the best of its out-performance run against the market median.
4) New Gold (NGD): NGD goes for two reasons: Firstly, the cat is out the bag and the changes in NGD corporate
financials that provided its massive leverage to rising gold and the sector-leading performance in 2025 are known fully
known and largely baked in. Secondly, if I were NGD I’d be looking to acquire something (else be acquired) and if so,
it’s going to hit price headwinds.
5) Wesdome Gold (WDOFF) (WDO.to): The decision to remove WDO was the toughest one to make and at first
sight, seems to go against my recent decision to buy some shares for my own portfolio. But it’s going and for two
reasons: 1) I expect WDO to play catch-up during 1q25 and it may even get its buyout offer
The Five Remainers: Now for a quick line on those that stay on:
1) Newmont (NEM): The top three of these six get virtually the same comment, as it’s nigh-on impossible
to offer a representative mix of large and mid-cap producer stocks without including the three that set the
tone for precious metals miners among the generalists.
2) Barrick (GOLD): Number three of the five is the same reason repeated, as the semi-serious battle to
beat the GDX is one thing but the real reason to run The Producer Basket is to keep tabs on what’s
happening at the top end of the PM mining world and without NEM, B and AEM it’s
3) Agnico-Eagle (AEM): In one word, “ditto”. Iadding a few more, AEM had an underwhelming 2025 by its
own high standards and after briefly challenging NEM for the #1 market cap spot, failed to rally any further.
We’ll see if it can get back to its sector-leading performance this year, we’ll also watch to see if it goes back
on the M&A trail and if so, whether any purchase becomes a net positive for the share price.
4) Eldorado Gold (EGO): I’m going to mention for the final time that I traded this stock badly in 2024 and
2025, buying on the expensive side and selling before its big run began (though the cash raised didn’t stay
fallow). With Skouries now set to come online, I’ll be looking for EGO to have a better year and follow
through on the excellent 4q25 price run.
5) B2Gold (BTG): Last but not least, BTG is my no-brainer to remain in the Producer Basket this year.
Firstly, we’re all looking to see whether Goose can put its construction delay and price overrun behind it and
deliver a good year one of production. Secondly, it’s a way of keeping a close eye on the Mali political risk
and if that country settles down, BTG will benefit from a catch-up of the share value it lost in 2025. And while
BTG might finally try to move it’s 15 year old Gramalote gold project in Colombia forward, or might move on
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its strategic position in Snowline and secure its next major asset, the other big reason to like BTG in 2026 is
that BTG itself could become a target for acquisition. It’s the right size, the right price and a progressive
company with a track record of overpaying at the top of the market, a Kinross Coeur or Hecla (to name three
examples) could offer BTG holders a big sudden win.
The Five New Arrivals: Now for the new guys, each with 2025 price chart. The first one is easy:
1) Wheaton Precious Metals (WPM): After writing up the notes for FNV, I think I’ve already covered this.
It’s a late decision but as I thought over the options last week, I decided that WPM made more appeal on its
size, its point of development, its exposure to silver as well as gold, and its image as a purer play on precious
metals. It’s also a big sponsor and supporter of my own Top Pick and largest position Rio2 Ltd (RIO.to), so it
gains personal bonus points for feelgood (though more seriously, I’ve never heard a junior company complain
about their relationship with WPM and RIO.to is one of several that has told this deck how good the WPM
technical due diligence and corporate support is.).
2) Lundin Gold (LUG.to): There are many reasons to include Lundin Gold (LUG.to) this year. You can
appreciate its FDN operation that’s absolutely printing money and producing gold at levels that beat even its
own high targets. You can applaud its exemplary CSR and ESG work that makes it a welcome corporate
citizen and appreciated at both national and local level in Ecuador, which is a still a difficult placed to do
business for most other mining companies. You can also point to the exploration and resource upside that
LUG delivered in 2025, as it seems to have cracked the code in the previously difficult local pull-apart basin
and hit serious levels of new gold rock in its environs, as well as a recent hit on copper that provides another
angle on its positive future. All those are valid and if you asked my ego, it would underscore the development
success and resource upside that has already added serious years of life to FDN and threatens to make it a
generational level mine. However, the thing that tips the balance is on a personal level. Back in IKN815 dated
December 2024 when announcing the make-up of the 2025 Producer Basket, one of the moves I made was
to drop LUG from the list. It had been a 2024 component and was the biggest winner of the list that year, up
70% and the main reason I dropped the stock was…well, allow me to quote myself from IKN815:
“Every year there’s a “victim of its success” stock that’s cut from the list, one that makes extra
progress and is unlikely (in the author’s opinion) to repeat it during a successive calendar year.
This time around the stock is LUG…”
That day LUG.to was a C$21.52 stock. Take a look at the share price above again. Yes indeed, dropping LUG
(and hey, not buying any for myself) ranks as one of my worst errors of omission in the last five years (and
there have been many. Wrong, wrong, wrong, stupid stupid stupid and while it’s true that both circumstances
(gold price) and unknowns (drillbit success at FDN South, FDN East, the new porphyry zone) have run in
favour of the company, also know how stupid my original decision was in hindsight.
LUG at FDN is still one of the most exciting precious metals stories in the world and while the share price now
fully reflects discovery and may not offer the same eye-popping returns we saw last year in 2026, I don’t
think I’d be able to hold my head up in public if it weren’t returned to the list. There’s no need to go into
great detail about the ops here, most everyone reading these words will know at least the basics of the
company and its story and by including it in 2026, we’ll be able to keep closer tabs on its performance as
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throughput rises to counter any grade drop, as well as any moves it makes to acquire a second asset
(something that’s been rumoured for a long time).
3) Alamos Gold (AGI): The next new guy is Alamos, which had a good-not-great year but gets the nod this
time. AGI was probably hit too hard due to its guidance for a lower 2026 from Mexico, but its asset base
these days is strong and all operations are set to print cash. Its market cap makes it a possible target for a
Tier 1 buyout (AEM fits) and it gets the nod over Kinross.
4) IAMGOLD (IAG): Not so easy to pick a “lower market cap” producer in 2026, as the whole complex is
higher but IAG has the right frame for further upside this year. The Coté Gold cash flow will start to make a
meaningful difference to its operating margins and despite the price chart as seen below, it’s stil somewhat
overlooked compared to peers. It has room to play ctach-up to peers and it’s picked to do the basic job of
out-performing the GDX.
5) Americas Gold & Silver (USAS): This years’ final pick is the risky one, as until recently USAS was a
faield ruin of a company. Its rise in 2025 was all about the leverage it offers to silver and gold, as well as the
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capital now getting ploughed into its assets. This is the stock that provides most leverage to the GDX, it’s by
far the smallest market cap of the ten and one to gauge whether the market is ready to reward the midcaps
more than the Tier 1s.
The 2026 TinyCaps Basket List
As with the two sections above, we begin with a reminder of the rule. The main criterion is still a maximum
market cap and we’re keeping it at $25m, but in three cases I’m cheating slightly and assuming that 25 is
USD, rather than CAD. Two of the stocks are therefore a bit of a cheat but there’s good reason behind the
rule bending (I think), as one was already earmarked and the other has only just expanded due to having
raised capital (which it would have done later on anyway). Apart from that, the rules are the same as every
year and as with The Copper Basket, we’re not trying to be clever and beat the street; this basket attempt to
represent the microcaps and use is as a barometer for the health of the wider sector, it can therefore include
stocks I like, other I sniff at without caring much and others still that I actively dislike.
This year I’ve swapped out six stocks and left four from the 2025 in the list, that’s the same refreshment level
as last year Two of the six newbies were suggested by subscribers and would not have come up on my radar
otherwise. Without further ado, here’s the 2026 list with notes and thoughts below:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 18.52 0.07 0.0%
Canex Metals CANX.v 0.215 166.95 35.89 0.215 0.0%
Electrum Disc ELY.v 0.07 122.36 8.57 0.07 0.0%
Enduro Metals ENDR.v 0.155 76.04 11.79 0.155 0.0%
Latin Metals LMS.v 0.21 133.01 27.93 0.21 0.0%
Precore Gold PRCG.cn 0.26 30.96 8.05 0.26 0.0%
Radius Gold RDU.v 0.14 115.7 16.20 0.14 0.0%
Silver Wolf SWLF.v 0.135 62.18 8.39 0.135 0.0%
Trifecta Gold TG.v 0.195 47.7 9.30 0.195 0.0%
Viva Gold VAU.v 0.19 171.677 32.62 0.19 0.0%
Prices in CAD$, data from TSXV basket avg 0.00%
In the same style as the other 2026 lists above, first a quick line on the six leavers, then something a few on
the four remainers, then an introduction to the six new names for the re-vamped list. We begin with…
The Six Leavers: They’re old, they’re broken, they’re too expensive:
1) Barksdale Resources (BRO.v): A couple of stocks from the 2025 list were earmarked for removal many months
ago, this is one of them. Hyped and pumped in previous years by the Quinton Hennigh/Crescat crew, the wheels came
off BRO early in the year and it soon displayed all the hallmarks of a broken story, with selling rafts coming on no
news, long periods of radio silence and a revolving door at the board and managerial level. Stick a fork in this one, it’s
done.
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2) Condor Resources (CN.v): A modest performance pricewise in 2025, the reason CN gets the chop is its lack of
news, development or general progress. As a prospect generator, CN has done little and with the sale of the Soledad
project for peanuts to the private Peru mining company Lincuna (its neighbour with a working mine and a bad
reputation for pollution) there’s one less reason to care about its future. As prospect generators go, Latin Metals is far
more dynamic and interesting going into 2026
3) Endurance Gold (EDG.v): No matter what I might think about this company, its management, its main Reliance
Gold project in BC Canada and its recent results that have finally seen he stock wake up from a long slumber, EDG has
to get the chop because its market cap at over C$60m at the end of 2025 is too rich for the blood of a list that focuses
on the tinycap end. There are others with he same reason too, coming up now.
4) Kodiak Copper (KDK.v): Much the same story. We were pushing the envelope to include KDK in the 2025 list at a
starting market cap of C$27m, but after its +133% run on the year and a couple of financings it closed out last year
with a market cap of C$87m, that's way out of the target and no matter whether worthy or not, it has to leave. I
strongly considered KDK as a component for the 2026 Copper Basket (above) and it was a choice between it and
American Eagle (AE.v) but after due consideration, AE got the nod and stays in. KDK is further down the development
line and with its recent flurry of resource and PEA news, it's now looking at a 2026 that's more about heavy lifting and
definition drilling than pure discovery. That's less interesting than where we find AE at the start of 2026, but rest
assured I'll have my eye on KDK as well, it's still a reasonable option for those seeking speculative copper leverage in
this high metals price environment.
5) Mogotes Metals (MOG.v): Included as a neighbour play ton Vicuña in the 2025 list, MOG started as not
particularly cheap and ended the year as plain expensive, an exploreco with a C$105m market cap that hasn't even
returned a single drill assay from its flagship project. Drilling now and we're going to find our soon whether that market
cap is justified or not, at this price deck and moment in its development, a trade for people with a high level of risk
tolerance.
6) South Star (STS.v): The final stock leaving the list is one that’s spent far too long as a component already, having
debuted on the TinyCaps List in 2023. It got three years of patience as a rare earth/graphite play that promised and
failed to move to production on several occasions, the final straw for this trade coming in June when, less than a month
after announcing its long delayed first shipment of graphite concentrate from its flagship Santa Cruz mine in Brazil,
announced a highly dilutive placement that was less a capital raise, more an insult to its previous loyal holders. The
stock price caved as unhappy holders left in droves and it was also the moment when my own patience snapped,
despite not having a penny on board (thankful for that). Will not be missed.
The Four Remainers: With six stocks gone, we now note reasons why the other four stay on the list:
1) Electrum Discovery Corp (ELY.v): As I’m now an owner of ELY it would have been logical to leave this
off the 2026 TinyCaps list, but after due consideration it’s staying because for one thing, I bought it as a
near-term play and for another there simply aren’t many stocks that comply with the combo of tinycap + live
prospect in this increasingly expensive market. EDY had a quiet 2025, it’s about to move into a more
interesting period for news and development (which is why I bought some, of course) and deserves attention
for the whole of 2026, no matter what I eventually do with my small and speculative purchase.
2) Latin Metals (LMS.v): LMS stays on the TinyCaps list because it gives us the Prospect Generator model
at the right price. Not much else to say here today, LMS is a known entity to this readership and a stock I
personally like enough to own.
3) Radius Gold (RDU.v): This time last year RDU got the nod and was included in the list due to its
interesting latest Peru project, Tierra Roja in the coastal Arequipa region. This time around it stays in
because…Tierra Roja still hasn’t been drilled! In true Simon Ridgway style RDU strung the world along all last
year, coming out with excuse after excuse and timelines it never delivered. All mouth, no trousers. However,
at some point this year Tierra Roja is going to see the drillbit (probably) so that gives it a chance. Also,
leavingt RDU in allows us to follow a company with a long-established track record of style over substance
and note the way it plays its mental games on its hapless shareholders.
4) Viva Gold (VAU.v): The last survivor also scraped in by stretching the C$25m limit to U$25m as Viva
Gold has just sold 26.145m shares to the world and raised C$4m for its treasury. It stays in because it’s hard
to find a live gold prospect at these valuation levels and while the PEA this year wasn’t the most jaw-dropping
of 2025, it still has 509k oz of open-pittable ounces and a project that offers decent IRR at the current gold
15

price. It’s a “leverage to gold” proposition that could run well if gold continues its climb and a decent way of
taking the pulse of these small fry gold plays.
The Six New Arrivals: We get to less boring stuff and again, each comes with a price chart. So in
alphabetical order we have…
1) Auriginal Mining (AUME.v): This is the new name for the old Kintavar, changed last month, Before
that, Kintavar was brought into the Ore Group of companies, recapitalized and revamped with a new flagship
project called Roger and a new management team, led up by industry veteran geologist and Quebec
specialist Peter Cashin. He apparently agreed to the role because of his interest in the Roger project, a
previous producing copper/gold mine that was held by XXIX the team believe could offer strong upside from
exploration techniques and geological theories that were not available when the mine was previously
operated. The 12 month price chart (below) shows the lift enjoyed by the share price when Kintavar became
part of the Ore Group stable.
The deal to enter Ore Group gave it Roger, it also means 19.9% of its shares are held by XXIX and another
19.9% by OreCap (OCI.v). It has cash to run its planned exploration program at Roger (it has other
properties waiting in the wings, too) and we can expect drill results to start flowing in 2026. This is the price
level that can provide plenty of leverage from good drill assays and AUME is looking for the right metals in a
good jurisdiction at the right time.
2) Canex Metals (CANX.v): The decision to keep Viva Gold in the 2026 basket despite a market cap that
doesn’t strictly qualify was helped by the decision made in November to include this company, Canex Metals
(CANX.v) in the 2026. At the time CANX was an 11c stock and ran a market cap of around C$17m, but
December saw it run like god and virtually double its price as speculative cash moved in. That was slightly
annoying for me as I thought I’d identified a cheap stock for 2026 only to see the best prices dissolve before
this edition could get published, but it’s also understandable.
There are two reasons to like Canex as a TinyCap to follow in 2026. First is its pending offer to buy Gold
Basin Resources (GXX.v), the owners of a well known oxide gold deposit that neighbours one of CANX
concessions in Arizona, USA. If the merger happens, it would create a large concession area with an
established 43-101 resource of around half a million ounces grading 1.12 g/t gold as well as ample
opportunity to increase the project resource via exploration geology and development drilling.
The second reason is obviously connected, but also explains why the stock shot higher in December. CANX
plans received a big boost on December 10th when Eric Fier, he of Silver Crest fame, announced he was
entering the stock and has now taken a 9.99% position. That’s a franking of the potential and also makes the
deal to secure Gold Basin more likely to succeed. Even though it’s run hard in recent weeks and has a market
cap above our normal limit, it’s a stock I want to monitor this coming year and you never know, there may be
an active trade in this one at some point.
16

3) Enduro Metals (ENDR.v): Recommended by reader MM, ENDR is a new-ish exploreco with a large land
package in the BC Golden Triangle and I’m not going to fake expertise on this company, frankly it would not
have made my shortlist if it weren’t for MM. However, as I’ve known and conversed with MM for many years
and know his depth of understanding about the a range of mining subjects that most definitely include the
Golden Triangle and the work that goes on there and that’s good enough for me. Headed at Chair level by
Brandon McDonald (of Fireweed fame), Enduro has land, cash and won’t be short of ears to hear what
they’re doing once the season begins.
When finalizing the 2026 list, this, Auriginal (see above) and Trifecta (see below) made the cut because at
this stage in a bull market, we should be looking for stocks that can benefit from mining asset/land
revaluation. We’ve seen a lot of the Vancouver/Toronto movers and shakers secure prospective projects, this
phase requires them to turn the rocks into equity value and with these stocks covering three of the most
famous patches in Canada, we should get a good barometer reading on how the sub-set is doing.
4) Precore Gold (PRCG.cn): Here at The IKN Weekly, PRCG is starting its soft coverage life as a
component of the TinyCaps list but I want to be clear with one and all; this is an interesting stock and you
shouldn’t be surprised if I up my interest and buy shares in the near future (3) (4).
On the corporate side PRCG doesn’t have much to recommend it, a scratchy exploreco on the CSE with a
management team that I’m going to diplomatically describe as “unproven”, it changed its name from “Double
Deuce” last year (a sign in itself). It’s one of those vehicles in search of something to do and they normally
don’t amount to much, but on this occasion they may have hit lucky and done the right deal at the right time.
Early last year (closure April 2025), PRCG took the option on the Arekipay copper project in South Peru,
owned by Alta (ex-Cañariaco) Copper. It was always their second strinbg project and with its flagship
apparently going nowhere, they decided to farm it out. The deal closed just before copper started its current
headline-making run and we also now know that Fortescue has bought out Alta Copper, so it’s highly unlikely
PRCG would have got its hands on Arekipay in any other time window.
17

As for the project, Arekipay is a large, low grade copper/gold porphyry that’s been known for many years and
drilled by previous operators. There are two main target zones identified and to cut a long story short, its
most recent NR lists the best drill assays in this way:
In other words, there’s a copper target and a gold target and of the two, my interest is most definitely in the
copper target. For what it’s worth I’ve known about the project for a long time, once lived within an hour’s
driving distance from it and must have driven past the zone a dozen times. It’s in the middle of nowhere on
the dust dry desert batholith of South Peru, nobody lives there and access is easy (though the drill rigs will
have to truck water in, no doubts). It’s also in a happy hunting ground for big porphyry deposits, with well
known names such as Cerro Verde, Tia Maria, Zafranal etc in the region. Up to now I’ve always watched
Arekipay (Quechua for “I’ll stay for a while” and the same basic word root as the local city, Arequipa) without
touching, because most of its assays have been on the low side of the copper grade scale and other projects
have always made more appeal, but we’re suddenly in the right set of macro circumstances to consider
Arekipay as a live trade option. Combine…
 The record run in copper prices
 The low market cap of PRCG
 The likelihood they stuck a great deal at a lucky time
…and you have the right recipe for a speculative, “leverage to copper” trade this coming year. PRCG has
recently raised a modest amount of cash and now has enough to get moving on what it is now calling its
“flagship asset”, above the very mediocre things it holds in Canada. Quite right too and, with permitting now
underway, if they drill and hit something nice they are in the right spot to attract a strategic partner to move
the project forward. It would be around that time I’d look back at the sub-30c prices at the start of 2026 and
smile (or sigh if I wasn’t on board). There are a mountain of risks involved here, not least the “unproven
management” and the fact it trades on the Wild West CSE exchange. There’s also permitting risk and all sorts
of things that can go wrong when you’re a team that’s new to the ways of Peruvian mining. This is why I’m
going to watch from the sidelines via the TinyCaps List at first, but anyone reading this should now have their
crds marked on a potential way to get in on a big porphyry copper project at the type of price we were used
to when copper was still under $4/lb.
X
x
18

5) Silver Wolf Exploration (SWLF.v): I wanted a silver stock in the mix this year, it wasn’t easy to dfind
one with the right combo of low market cap and reasonable exploration upside, the eventual pick is SWLF.
Now 100% owners of the Ana Maria project in Mexico (bought out of Avino way back when), it took until
2024 before the company started drilling the project and the company doesn’t seem to be the most dynamic,
but that’s okay as a representative stock and what it gives our TinyCaps list, above all, is a judge on how
silver leverage of modest/mediocre projects develops in this high silver price environment.
There are plenty of other better silver projects out there to choose from, but what SWLF offers is a fully
funded 2026 exploration and development program, the driller’s chance of a big hit and a market that could
reward them just for having the word “silver” in the corporate title.
6) Trifecta Gold (TG.v): Recommended by reader JE, Trifecta is a tinycap with “big Yukon Land” as its
selling point. To quote from the company website, its main Tombstone Gold Belt project area “…covers
approximately 30,000 hectares of highly prospective land within the Yukon portion of the Tombstone Gold
Belt across 11 properties – namely, Mt. Hinton, Rye, Lance, Liam, Lois, Leroy, Luke, Leah, Lisa, Husky and
Naws.” It’s a small team and a big zone, so in typical style they focus on one of those target areas, offer up
early stage results and then move to the next target and up to this year, they made the Mount Hinton target
their flagship. However, last year saw promising results from the #2 on the list, Rye, with the latest drill
assay NRs last month returning headline hits of 1.98 g/t gold over 15m, 44.3 g/t over 0.58m and 1,465 g/t
silver over 1.97m. There’s obviously a decent system down there and those numbers are the type you’d want
from a Yukon resource, so if they hit a hole or two that starts to put the resource together and shows
tonnage and widths along with potential continuity, they could be onto something.
TG shows its small company limitations by not updating its corporate presentation since 2024. Not great
marketing (of course), but by the same token not a bad thing for bottom feeders looking for an overlooked,
under-radar exploreco focusing its cash on the rocks. Overall, not a bad little crapshoot play and I thank
reader JE for bringing it to my attention, even if it has one of the most disreputable and untrustworthy people
in the mining industry on its board of directors. You can't have everything.
19

x
X
Stocks to Follow
The shortened trading week and metals prices trying to decide which way to break made for a volatility year-
end for the Stocks to Follow list, but things settled positively in the end with twelve of the 21 stocks on our
table recording gains (RIO.to, MAI.v, ARG.to, MARI.to, MOON.v, RPX.v, AMC.to, AE.v, OZ.v, ELY.v, LMS.v,
XXIX.v, five booking losses (GROY, WRLG.v, WDO.to, AU.v, MENE.v) and the other four unchanged (SRL.v,
OCI.v, MIRL.cse, TNGD.v). Happily, four of our five biggest positions were winners so it was a winning week
in nominal cash terms, at least. There were two big percentage moves to the upside in Valkea Resources
(OZ.v up 19.7%) and XXIX Metal Corp (XXIX.v up 13.0&%), whole the two biggest losers in percentage
terms were Mene Inc (MENE.v down 16.7%) and Wesdome Gold (WDO.to down 9.5%).
There are 21 open positions on our Stocks to Follow list which is one over our normal, self-imposed
maximum. Sixteen are in the green, three are in the red, two are unchanged.
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$3.37 321.3% Re-rated to new $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v HOLD C$0.21 13-Oct-19 C$0.53 152.4% $0.70 tgt, selling early 2026
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$4.48 190.9% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.32 271.1% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$4.08 191.4% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.03 17.0% re-rate trade, $1.44 tgt
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$21.72 -3.1% 2026 M&A tgt trade
Blue Moon MOON.v STR BUY C$4.18 30-Nov-25 C$4.90 17.2% New trade, LT view
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.37 28.0% Agnico will buy more Finland
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.165 37.5% Added more Sep & Oct'25
Arizona Metals AMC.to SPEC BUY C0.69 5-Oct-25 C$0.76 10.1% TLS trade, near-term view
American Eagle AE.v SPEC BUY C$0.495 14-Dec-25 C$0.54 9.1% TLS trade, near-term view
Valkea Res OZ.v SPEC BUY C$0.36 29-Dec-25 C$0.395 9.7% TLS trade, near-term view
Electrum Disc ELY.v SPEC BUY C$0.075 9-Nov-25 C$0.075 0.0% TLS trade, near-term view
20

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$0.21 10.5% proj.generator, Organullo spec
XXIX Metal XXIX.v STR BUY C$0.11 27-Aug-25 C$0.13 18.2% 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
Tiernan Gold PGDC.v WATCH C$6.90 29-Dec-25 C$6.90 0.0% new Chile gold jr
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.15 -66.7% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
none yet
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on just a few covered stocks, we’re back with normal coverage next weekend.
Arizona Metals Corp (AMC.to): POSITION ADDED. As expected I paid more than I wanted, but it wasn’t
too bad and1 what with the bump on Friday afternoon, we remain in the green. This is now the right size for
my purposes, we now sit back and wait to see if my near-term TLS trade idea works
Valkea Resources (OZ.v): POSITION OPENED. It was annoying to pay 36c and I’m still miffed this
weekend, as if I’d acted in a more timely manner this would now be a +50% winner. Harrumph. It’s not a big
trade, we’ll see what happens.
American Eagle Gold Corp (AE.v): The proposed turnaround trade started 2026 briskly and was probably
a little unlucky not to have ended higher. What this needs is one of the promised drill assay NRs the company
said it would deliver early year.
Wesdome Gold (WDO.to): The only out-and-out loser of the week, WDO announced (5) the arrival of a
new director in the shape of one Faheem Tejani to the board as independent director. Mr Tejani has a
background in capital markets and arrives with a good reputation for providing boards with advice on deals
and how news might affect a company share price. He was previous at Ero Copper and arrived there after
Andrea Bath left to take up the role of CEO here at WDO, so connections may have approached Mr Tejani to
provide oversight to the executive, too. Overall I thought the news of his appointment was a positive and
lends to the case of WDO getting involved in
M&A. As I believer is far more likely to be the WDO: Gold prod/qtr
hunted rather than the hunter, that I thought
would augur well but as things turned out, WDO
had a negative Friday and sold off more sharply than peers.
What matters now is the 4q25 production numbers, which should show up in the next
week or two max. As this production quarter is a
key part of my decision to buy WDO, I’m looking
for good numbers. This chart from our previous
analyses is offered as a reminder, something in
the region of 52k oz consolidated over Eagfle
River and Kiena would do nicely.
Minera Alamos (MAI.v): Slightly later than expected, on Tuesday December 30th MAI announced (6) that
the 10-for-1 share rollback was going ahead and would take effect as at January 5th, so the above table is
the last time we’ll see the share price under the Loonie line. Presumably.
21
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822 19302
9637
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
00052
00072
00052
00572
00052
00572
00052
00572
00052
00572
55000
50000
45000 40000 35000
30000
25000
20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1 tse62q2 tse62q3 tse62q4
Ozt Au Kiena
Mishi Eagle River
source: WDO filings

UPDATE Monday: MAI confirmed today Monday (7) that the rollback had happened and we have a new
official share count, at exactly 108,043,726 issued and outstanding. It closed today at C$5.19, slightly lower
on the rollback day and that’s kind of normal, we’ll do the necessary adjustments to our list next weekend.
Electrum Discovery (ELY.v): It wasn’t going to get a mention, but today Monday ELY first saw voracious
buying action that pushed the stock from 7.5c to 9.5c, then a trading being halted, and then under halt to
the close it announced (8) it was entering a “merger of equals” deal with Australian smallcap MinRex
Resources Limited (MRR.ax). The deal is on a near 50/50 basis, is all paper and if closed, means MRR
absorbs our small spec vehicle at a price of 7.9 MRR shares for each of ELY.
This evening MRR opened up 30% in Australian trading at 1.7c, which implies a pro forma valuation of
A$0.1343 per ELY share, or C$0.124 at the current exchange rate. In other words, we can expect ELY to
move higher tomorrow Tursday when it comes out of halt.
We seem to have hit on a quick payback for our recent spec entry into ELY at 7.5cand if so, I’ll take it. As the
eventual merged entity will be ASX listed only and I don’t have any designs on starting to use that exchange,
I’ll likely sell into this news at some point. Equally, there’s no rush to do so and I’ll still be an ELY holder this
coming weekend, at which point I’ll have a better opinion on what to do.
The Copper Basket
After one day of 2026, The Copper Basket shows a gain of 0.62% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 252.88 725.77 2.87 5.1%
2 Aldebaran Res. ALDE.v 3.67 169.914 628.68 3.70 0.8%
3 Pecoy Copper PCU.v 1.32 209.49 270.24 1.29 -2.3%
4 Los Andes Copper LA.v 9.20 29.56 273.43 9.25 0.5%
5 Hot Chili HCH.v 1.33 177.36 234.12 1.32 -0.8%
6 Hercules Metals BIG.v 0.74 289.41 214.16 0.74 0.0%
7 Element 29 Res ECU.v 1.20 155.51 191.28 1.23 2.5%
8 Surge Copper SURG.v 0.475 345.41 167.52 0.485 2.1%
9 Andina Copper ANDC.v 0.56 224.67 125.82 0.56 0.0%
10 Fitzroy Min FTZ.v 0.48 278.07 125.13 0.45 -6.2%
11 American Eagle AE.v 0.56 172.877 95.08 0.55 -1.8%
12 Copper Giant CGNT.v 0.49 149.57 74.04 0.495 1.0%
13 Metal Energy MERG.v 0.64 36.03 24.50 0.68 6.3%
14 Kobrea Exp KBX.cse 0.51 35.622 18.52 0.52 2.0%
15 Algo Grande Copper ALGR.v 0.53 31.95 16.93 0.530 0.0%
NB: All stocks in CAD$ Portfolio avg 0.62%
It’s not the first week of the new Copper Basket, it’s the first day as Friday January 2nd saw most of the prices
move from those you see in today’s main fundies section. There’s no big commentary here this week, the real
coverage of moves in the 2026 list starts next week, but we do note that eight of the 15 were winners on
Friday, with the biggest percentage wins from Metal Energy (MERG.v up 6.3%) and Faraday Copper (FDY.to
up 5.1%). There were also three unchanged stocks and four losers, the biggest drop being Fitzroy Copper
(FTZ.v down 6.3%).
As for copper the metal, it ended up basically UNCH on the week but not after big spike at the first gun,
when Asia trading moved the most liquid Comex contract over U$5.90/lb before the price dropped back to
fluctuate around the U$5.70/lb line. That finish price in Comex on Friday compares to the LME close of the
equivalent March contract of U$5.65/lb, in other words the “Trump Tariff” arbitrage has shrunk to less than
1% and with Trump apparently getting lenient and letting other threatened tariffs slide, the market seems to
be changing its bets.
22

Our two month chart shows the approx 7.5% improvement in copper prices in December (plus one day), so
even with that overbought moment early last week it was a rop-roaring month for the metal. That fits into
our framework for the near-term in copper, as seen a month ago in IKN862 dated Novemebr 30th. On that
day and after a detailed look at the way the the copper market was shaping, we set out a trading plan in
these words:
As for this desk, we recognize and tip our hat to the speculative move as it has enough logic to be
reasonable, we also state for the record our medium-term and long-term bullish credentials (for the
umpteenth time). However, a sag in the copper price as we enter 2026 would come as no surprise
at all; it’s the quiet buying period of the year, the market is being hyped to the ceiling right now,
we’re almost certainly in overbought territory today and while that doesn’t have to reverse in a
matter of hours of days, it should do in a matter of weeks. So my advice is…
 Play the December momentum
 Be wary of copper retracing in January and February 2026
 But stay bullish for the rest of 2026
…and while that might be getting way too cute for my own boots, it takes into account the current
exuberance, the likelihood we get a demand sag once the Chinese buying season is over, then a
renewed bullish backdrop once the Chinese New Year is in.
IKN867 back and the firist of the three points is now printed as a win. That said, it was probably the easiest
one of the three to predict and the acid test comes now.
It’s the end of another month as well as a year, that means we check out our long-term copper inventory
charts and this time around, they may have something to teach us about the present state of the market.
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
23
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes von
Mt Cu
Comex
Shanghai
LME source: Cochilco
We begin to add the 15th year of this long-term dataset and the stand-out at present is the way in which
Comex stocks have come to dominate the world of copper storage. The aggregate totals are near also near
record highs and you have to go back to 2018 for a time in which over 700kmt was in the warehouses.
Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes von
LME Shanghai Comex source: Cochilco

As at this weekend, 63.74% of that total is in Comex, 20.5% in LME and 15.76% in SHFE. The latter is now
at the low point of its typical cycle, which suggests the aggregate total could soon start to threaten the all-
time highs of 900kmt+, seen briefly in 2013 and 2018.
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:
 The world aggregate copper inventory total just keeps on rising, with the three official copper
futures systems adding a total of 23,450 metric tonnes (mt) to close the week and start the year
at 708,861mt. As noted above, that’s the biggest total since 2018.
 The most notable move on the week was at the Shanghai SHFE, which saw 15,898mt added and
a Friday total of 111,703mt. If the bottom is in this early, your author’s concerns about a bearish
January for copper get fundamental backing.
 Three weeks of draw downs for LME and a 9,250mt drop, of which 8,900mt came from its Asia
warehouses and may account for the SHFE inventory hike as arbitrage. This weekend’s total is
145,325mt.
 And the Comex rolls on, adding another big chunk to its record inventory levels. This week’s was
16,802mt, the total is now 451,833mt and the day this is let out onto the open market is the day
the bull run for prices comes to a shuddering halt.
Our dedicated SHFE chart now starts at 2018 (the data back to 2014 makes it too busy, if you want the
longer-term look feel free to request) and in a normal year, we’re now on the cusp of the inventory build into
the Chinese New Year. In seven weeks’ time we’ll find out in 2026 is a normal year (for the SHFE, at least).
Shanghai Futures Exchange Warehouse Stocks, 2018 to date
400000
350000
300000
250000
200000
150000
100000
50000
0
24
8102
ht7naj
8102
ht4ram
ht92 8102
ts1yluj
ht62 ts12tco ht61 ht01 9102
ht7rpa
9102
dn2nuj
ht82 dn22 9102ht71von 0202ht21naj ht8 0202dr3yam ht82 dr32 ht81 0202ht31ced 1202ht7beF 1202ht4rpa ht03 ht52 ht91 ht41 ht9 2202ht6ram 1.yam ht62 ts12 22ht61tco ht11 ht5beF dn2rpA ht82 dr32 ht71 ht21 4202ht7naJ dr3raM ht82 dr32 ht81 ht31 ht8 dn2beF ht03 ht52 ht02 ht41 ht9 6202dn2naJ
Mt Cu
|
source: Cochilco
No notes on basket stocks this week.
The Producer Basket
After one day of 2026, the Producer Basket shows a loss of 0.22% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 112.15 101.22 1.4%
2 Agnico Eagle AEM 169.53 502.579 85.66 170.45 0.5%
3 Barrick B 43.55 1705.994 75.20 44.08 1.2%
4 Wheaton PM WPM 117.52 454.02 53.52 117.87 0.3%
5 Lundin Gold LUG.to 114.02 241.433 19.71 111.85 -1.9%
6 Alamos Gold AGI 38.58 420.68 16.16 38.41 -0.4%
7 IAMGOLD IAG 16.49 594 9.63 16.22 -1.6%

8 Eldorado Gold EGO 35.92 201.275 7.13 35.42 -1.4%
9 B2Gold Corp BTG 4.51 1330.134 5.99 4.50 -0.2%
10 Americas G & S USAS 5.11 318.26 1.63 5.11 0.0%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -0.22%
We note the changes made by one day’s worth of trading on Frifay and move on. No big deal, but it was
slightly interesting to see the four biggest market cappers all make modest gains while the next five were all
modest losers. The only outlier was USAS, unchanged on the day.
The TinyCaps List
After one day of 2026, the TinyCaps show a gain of 0.83% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 19.84 0.075 7.1%
Canex Metals CANX.v 0.215 166.95 38.40 0.23 7.0%
Electrum Disc ELY.v 0.07 122.36 8.57 0.07 0.0%
Enduro Metals ENDR.v 0.155 76.04 11.41 0.15 -3.2%
Latin Metals LMS.v 0.21 133.01 27.93 0.21 0.0%
Precore Gold PRCG.cn 0.26 32.003 7.68 0.24 -7.7%
Radius Gold RDU.v 0.14 115.7 16.78 0.145 3.6%
Silver Wolf SWLF.v 0.135 62.18 8.08 0.13 -3.7%
Trifecta Gold TG.v 0.195 47.7 9.54 0.20 2.6%
Viva Gold VAU.v 0.19 171.677 33.48 0.195 2.6%
Prices in CAD$, data from TSXV basket avg 0.83%
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 one 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 2026. 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.
Same story here, just one day of trading in these tinycaps doesn’t do much.
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
Deferred
Market Watching
Deferred
It’s still Christmas.
Conclusion
25

IKN867 is done, we end with bullet points:
 The annual presentation of the Basket stocks is done, this time next week we get back to normal
service (whatever that might mean), The Christmas downtime has been fun.
 The headlines and events in Venezuela this weekend were a real surprise and as the story and
aftermath develops, it’s clear there are going to be changes around these parts. However you can rest
assured that your author, and his immediate and extended political family are safe, well and not in any
sort of danger. Frankly, where I lived in highland Peru 20 years ago was far more dangerous to a
gringo than this.
 Avoid Colombia.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.nbcnews.com/meet-the-press/meet-press-january-4-2026-n1313201
(2) https://www.theatlantic.com/national-security/2026/01/trump-venezuela-maduro-delcy-rodriguez/685497/
(3) https://precoregold.com/pdf/2025-12-02_NR.pdf
(4) https://thecse.com/listings/precore-gold-corp/#about
(5) https://www.wesdome.com/English/investors/latest-news/news-details/2025/Wesdome-Gold-Mines-Appoints-Faheem-Tejani-as-an-
Independent-Director-and-Audit-Committee-Chair/default.aspx
(6) https://mineraalamos.com/news/2025/minera-alamos-announces-share-consolidation/
(7) https://mineraalamos.com/news/2026/minera-alamos-completes-share-consolidation/
(8) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/554-tsx-venture/ely/194359-electrum-discovery-announces-
merger-of-equals-with-minrex-resources-to-create-well-capitalized-gold-copper-exploration-and-development-company.html
Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dic-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-Dic-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dic-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Abr-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-Dic-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-Ago-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Ene-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-Dic-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Ago-25 C$0.265 76.7% took profits, good result
26

Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
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
27

Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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
28

Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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
29

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.
30