IKN #869Premium

The IKN Weekly
Week 869, week of January 18th 2026
Contents
This Week: Trade heads-up, In today’s edition, More than a feeling.
Fundamental Analysis: Tiernan Gold (TNGD.v): Buying, Minera Alamos (MAI.v): 4q25 Pan production and
a trade decision.
Stocks to Follow: Overview, Tiernan Gold (TNGD.v), Minera Alamos (MAI.v), Mayfair Gold (MFG.v),
Amerigo Resources (ARG.to), American Eagle (AE.v), Electrum Discovery (ELY.v), Gold Royalty Corp (GROY),
Wesdome Gold (WDO.to), Valkea Resources (OZ.v), Rio2 Ltd (RIO.to), Orecap Inv (OCI.v), XXIX Metal Corp
(XXIX.v), Red Pine Exploration (RPX.v), West Red Lake Gold (WRLG.v), Latin Metals (LMS.v), Arizona Metals
Corp (AMC.to).
The Copper Basket: Overview, Los Andes Copper (LA.v), Algo Grande Copper (ALGR.v), Surge Copper
(SURG.v), Andina Copper (ANDV.v).
The Producer Basket: Overview, Newmont (NEM), Alamos Gold (AGI), Lundin Gold (LUG.to).
The TinyCaps Basket: Overview, Sranan Gold (SRAN.cn), Precore Gold (PRCG.cn).
Regional Politics: Argentina mining exports climb, Bolivia: An uneasy peace
Market Watching: Amerigo Resources (ARG.to) 4q25 production.
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
Trade heads-up
This week sees two significant trades planned:
 Buying Tiernan Gold (TNGD.v): The more I look, the more I like and in this market there’s no need to
wait any longer. I aim to make this a large and significant trade, up to and including a possible Top
Pick further down the line. TNGD ticks all the boxes.
 Selling Minera Alamos (MAI.v): It won’t happen in one day and I’m looking to exit in stages, hopefully
at higher prices along the way. But the price frame has arrived and the time is right, these sales will
fund the new large position in TNGD.
Both those trades are laid out in today’s main fundies section. We also add Mayfair Gold (MFG.v) to the
Watch List as from this weekend, find note on that in the Stocks to Follow section.
In today’s edition
 There have been several small alterations to the Stocks to Follow list (and therefore my portfolio) in
recent weeks, with the opening of some smaller trades and additions to open positions. Today is
different, the trades planned are larger in scale. Firstly, the time and price has come to sell Minera
Alamos (MAI.v), with last week’s run right in the frame of what we were looking for from the stock, the
price now acceptable and the reason behind its run, i.e. the Q4 production numbers out of Pan, also
part of the plan.
 The other trade is the one that really matters, as the more I’ve looked at Tienan Gold (TNGD.v) since
identifying its potential and running an overview note on the stock in December, the more I like what it
has to offer. In this gold price environment, it’s only a matter of time before it starts to add equity
value and cover the gap it shows to NPV, the time to buy is now and anything under C$7 is a true
bargain. Expect Tiernan to become a high profile gold stock this year and expect its stock price to run
accordingly, so do like me and get on sooner, rather than later.
1

 In Market Watching, we go over the Amerigo Resources (ARG.to) 4q25 production numbers and look
forward to a set of financials from the company, expected February 25th, that will blow the doors off.
 However, it has to be said that I’m still leery about copper. Today’s intro starts those thoughts, they
continue in The Copper Basket.
 Other things, too. There are always other things.
More than a feeling
In “Feeling wobbly about copper” last week I laid out a list reasons as to why copper may be at a near-term
top, then proceeded to trim copper exposure more due to “feeling” than anything logical or balanced and to
prove the point, here’s how that intro note ended:
“Be clear, there’s no pretending here, I can dress it around data and evidence until the cows come home
but when it comes down to brass tacks it’s just a feeling. It’s also one I’m going to act upon.”
As a result I sold out of American Eagle (AE.v) and 25% of my Amerigo Resources (ARG.to) position, but as
last week rolled out we got another of the classic signals of a top. Before Wednesday, Januayr 14th I knew
the name Chamath Palihapitiya because it’s
difficult not to if you hang around financial
social media, but on that day I found myself
reading his Wikipedia page (1) for the first
time (right). So, obviously a smart guy, as
well as rich and powerful in his field but man,
talk about checking the boxes on the
requirements for an overbought commodity
when he was the mouth behind headlines like
these last week (2):
“Copper Will Go 'Parabolic': Chamath Predicts A Squeeze”
On his aforementioned All In podcast last week, he identified copper as his best trade idea for 2026 and used
all the words you’d want to hear to stoke the price. Here’s part of the transcript:
“We are still completely underestimating how short we are in terms of the global demand and supply
dynamics of a handful of critical elements that we need. The asset that is set up to go absolutely
parabolic is copper. The reason is that it is. At least as it stands today, the most useful, cheap, and
amenable conductive material that we have. That material manifests in everything from our data
centers to chips to our weapon systems. It is just everywhere, everywhere, everywhere.”
We need to separate the wheat from the chaff now, because I too think copper is in a long-term bull market
and have been crystal clear about that. However, the cliché of the outsider wading in and pushing a
commodity to a spike high could not have been better scripted for early 2026. And sure enough, that very
day we saw copper make its final spike, with the benchmark March’26 futures contract topping out at
U$6.15/lb before the selling began.
Now, a 20c/lb drop from a $6.00 item isn’t the biggest in the world and I’m still not claiming I’m right about
lightening copper exposure in the near-term, but I do know that Dr. Copper has a long history of chewing up
and spitting out rank amateurs that wade into the commodities space and try to ‘splain the world things that
2

they think it doesn’t know. I’ve also watched too many pop stars tell me about how I should vote, or
footballers lecture me on social issues in their post-match interview. Copper is a big and complex market and
for sure its price drivers include market sentiment, but it comes down the list of the issues that really matter
when price discovery is our subject matter. What’s more, its size means doesn’t respond to the same type of
speculative marketing (let’s say, to keep things diplomatic) as other smaller markets might, you need real
heavy hitter influences to shift its spot price, e.g. China saying something. But here we are in a bull market,
seeing the tech people treating copper in the same way as silver and setting it up as some sort of asset class
(and if you don’t believe me, do what I did while putting this intro together and put the words “copper
stacker” into Google…I lost a full hour of my Saturday
reading the insanity that search returned. Try this, for just
one example of many (3) (right). Also in that Google
search, I enjoyed reading the social media complaints
from people who couldn’t believe their posts about melting
down coinage had been deleted or blocked by their social
media channel of choice.
Bottom line: The mania is real. The price drop we saw on
Thursday and Friday is indicative of the way a market
tends to burn latecomers and greenhorns. Again, I
underscore and bold-type capital that I AM NOT CLAIMING
VICTORY ON ANY NEAR-TERM COPPER BEAR CALL, not
least because my trades last week were a hedge on profits rather than a big time exit, if copper drops in the
week ahead I’m still going to lose money. However, the frothiness in the market fits right in with the other
pieces of the puzzle and while Mr Chamath may be vindicated as 2026 develops, he has the look of a top-
ticker today.
There’s more on this subject in The Copper Basket below, including quotes from people who do know what
they’re talking about when the subject is copper, e.g. Ole Hansen. But now we turn our attention away from
commodities and toward a true asset class.
Fundamental Analysis of Mining Stocks
Tiernan Gold (TNGD.v): Buying
This is fairly straightforward and after due consideration, I’m going with a concise “I’m buying this” note for
reasons that will become more obvious down the line. Tiernan Gold (TNGD.v) was first mentioned on these
pages four weeks ago in IKN865 dated week of December 21st and the main Fundamental Analysis that day,
“Tiernan Gold: Heads up on a new Chilean gold play”. That’s the place to go for the background, the
overview of its Volcan property and why the share price today looks a real bargain compared to what they
have underground. We followed up that note with a small addition in the bare bones Christmas week edition,
IKN866, as I hadn’t realized when publishing IKN865 that TNGD had just IPO’d and was now available to buy
on the TSXV (knew it was imminent, missed the exact launch date). Since then this is what we’ve seen from
the stock price:
3

TNGD got over the C$7 line, but so far this year has traded small lots under that and closed this weekend at
C$6.55 [EDIT: Chart updated to show Monday’s C$6.60 close]. There hasn’t been much noise out of the team
this year and after the initial flurry of activity, the market seems to have largely forgotten about the stock. As
far as I’m concerned that’s a very good thing. Before getting to the point of today. We update on the basic
corporate structure box as seen in IKN65 are there are a few minor changes to report:
Shares out: 48.0m
Options: 0.18m
DSU: 0.02m
Warrants: 5.6m
Fully diluted: 53.8m
Pro forma share price: C$6.60
Pro forma F/D Market Cap: C$269.18m
Approx cash per S/O: C$1.05
All prices Canadian Dollars unless stated, forex CAD$1 = USD 0.72
Notes:
 The only real change is the share price, which was at C$5.00 and is now C$6.60
 Shares out are now estimated at 48.0m, up 0.3m or so
 Warrants are down to 5.6m as around 300k seem to have been exercised
 There was a minor award of 20k DSUs priced at C$7.15 at the start of the year
 Cash per share is adjusted down 5c to C$1.05
In other words, no biggie in the four weeks since we opened on TNGD and the corporate structure is largely
as we estimated. That means our baseline assumptions of a tight share structure, plenty of long-termers with
big share holdings and plenty of cash to go out and do what TNGD wants to do in 2026 and probably all of
2027 as well. That’s no small thing in a market that will expect its explorecos to dilute into a strong equity
market, TNGD isn’t going to add many shares until 2028 minimum and by then, the contents of its PFS will be
well known. We now direct your attention to two significant documents…or three if we include the YouTube
video:
1) The 43-101 PEA report on the Volcan project, as filed by the company to SEDAR in early December. It was
at hand for the IKN865 report but since then, I’ve spent plenty of time looking at its contents. This is one of
the better PEAs you’ll come across and while it’s pitched at lower gold prices than the ones we enjoy there
days (which also implies higher costs), the operational nuts and bolts are what really matters and it’s clear
Volcan has what it takes to make a mine. The plan is solid, the proposed use of High Pressure Grinding Rolls
(HPGR) makes a lot of sense and testing shows recoveries increase by up to 5% compared to a normal
crush/grind circuit, metallurgy is better than expected with acceptable reagent levels and the pit plan allows
for early high grade material that will makes for a quick payback. Not only that, but the gold price hike will
likely make a lot of rock previously considered waste into ore as the cut-off drops (TNGD uses 0.29 g/t,
there’s a clear case to be made for that to drop to 0.15 g/t).
2) The latest corporate presentation dated January 2026 (4) that didn’t come with many surprises, but does a
reasonable job of introducing the company and its project. The stand-out information for me (something
given more detail in the YouTube conversation as linked below) is the 2026 timeline and plans, this slide from
the presentation the centerpiece:
4

The budget for work at Volcan this year is set at $8.2m (and in the video, overall burn for this year at $15m)
which means TNGD is well financed indeed. However and more importantly, 2026 isn’t going to be a barren
news year as the company gears up for the big PFS milestone in early 2027, instead we’re going to see lots
of newsflow and reasons for the company to attract the market’s attention.
3) Added to that literature, I also found this 30 minute Q&A YouTube (5) between TNGD.v CEO Fausto Di
Trapani and Director (and founder of the shellco Railtown Capital), Chris Taylor, of Great Bear Resources
fame (Dixie, Kinross, etc). It’s well worth your time, as it gives plenty of insight on how the company is
planning its 2026 as it aims toward the first major catalyst, a PFS slated for Q1 of 2027. For the record, I was
also suitably impressed with the way CEO Fausto Di Trapani comes across, he certainly gets the picture when
it comes to his plans for presenting the company to the world this coming year. We also note that the
Tiernan Gold YouTube channel has the sum total of 11 subscribers (and I’m one of those) and that video has
been seen just 489 times. You want to be early on a hot gold story in 2026? Look no further.
TNGD has been on the Watch List since its first feature and with a view to opening a position at the right
time. On dues consideration and with a clear impression that the company isn’t going to stay under the
marketing and promo radar for much longer, that right time seems to be now. I will therefore open my
position in Tiernan Gold (TNGD.v) as from this week but unlike other recent trades, I’m looking to build this
and make it into a long-term winner that has true multi-bagger potential. This coming week’s purchase is set
to be the first of many and as 2026 rolls out, don’t be surprised if this company joins Rio2 Ltd as a Top Pick
at the top of our ranking and becomes a very large personal trade. Buying and will be a member of the
Stocks to Follow main recommended list as from next weekend.
Minera Alamos (MAI.v): 4q25 Pan production and a trade decision
Today’s main fundies section contains a buy call, but that will need funding. We saw a good rally in shares of
my ex-Top Pick and still large holding Minera Alamos (MAI.v) last week, hitting the $6.00 (ex-60c) line as
early as Tuesday before the company did as expected on Thursday morning and dropped its 4q25 production
NR from the newly acquired Pan mine (8) under this headline:
“Minera Alamos Reports Fourth Quarter Gold Production of 9,165 Ounces from the Pan Operating
Complex; Cash Balance Increased to US$34 Million”
To be honest, the body of the NR didn’t have much more than that headline, but we can still consider what it
all means using a couple of charts and some comment. With the deal closing October 1st, MAI has a full
quarter of production to report and here’s the bit that matters most:
Pan Mine: Gold produced/sold, per qtr
5
9659 53901 48101 92411 57701 02401 4279 97401
1776
5319 9469 4769
6707
5628 64701 2948
14000
12000
10000
8000
6000
4000
2000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Oz Au
gold produced
gold sold
source; Calibre/Equinox filings
Production came to 9,165 oz gold, sales at 8,492 oz (with the company reporting the remnant sale after
quarter end) and as seen, those numbers compare well to all previous quarters except 3q25, when EQX put
pedal to metal once the deal had been struck to squeeze some extra ounces before ownership changed
hands (acceptable and standard capitalism, if you want a friend buy a dog). Usefully, MAI also offered cash
cost and AISC numbers in the NR, which stack against previous Pan quarters as seen here:

Pan Mine: Cash costs, per qtr
6
3721 7341 1871 1021 3631 3941 0251 7451 6751 5671 3181 7451 8471 7371 9161 4061
2000
1800
1600
1400
1200
1000 800
600
400
200
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$/oz total cash costs
AISC
source: Calibre/Equinox filings
Total cash cost was U$1,549/oz and AISC U$1,604/oz, slightly better than my rough estimations. That’s
good. Finally, we got a preliminary treasury number of U$34m, which is around C$43m on the current forex.
That looks like this compared to the last few years…
MAI.v: Cash treasury per qtr
160
140
120
100
80
60
40
20
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
source: company filings
srallod
fo
snoillim
…and as benefiting from Pan cash flow in order to do other things (e.g. build Copperstone) was the plan,
that’s what we wanted to see. As for the NR, the two words I got from CEO Koningen’s comment were
“seamless transition” and it’s easy to agree after considering the numbers compared to previous Pan
quarters. That’s the best thing to have come from the announcement in my view and makes for a promising
2026, which is probably why the stock rallied the way it did on the news.
As stated, not the longest production NR of all time (see Amerigo Resources (ARG.to) below for an exemplary
version of the genre) but all in all, this NR is exactly what we wanted to see from MAI at this point and it duly
reflected in the price action, with MAI making
short work of the 5-handle numbers and closing
the week at C$6.51, up an impressive 26.4%. A
long time since I’ve been impressed by MAI
price action, but it’s just what we wanted to see
from this stock in early 2026, of course.
Now for the bit that matters today, the trade
decision: To re-cap current strategy, our
attitude and plan toward MAI changed twice last
year. The first change came in August last year
and the company’s Big Pivot, at which point we
trimmed the position a little (putting the cash
raised to good use), dropped it down from its
Top Pick status and put MAI on wait-and-see.
The second change came when they decided to
put the control of the company in the hands of Darren Blasutti, a serial destroyer of shareholder capital. That
was bad enough, the straw that broke the camel’s back was when those bringing Blasutti in plain flat lied to
me about the guys CV and past history. On this I’m going to leave the issue to Rick Rule and his answer to a
question in this recent Q&A (6) (go to minute 56.21) when Rule answered a viewer question not on MAI.v,
but on the general subject of honesty and integrity:

Steve Barton (presenter): “How do you deal with fallen angels, meaning CEOs and teams where trust
was damaged? How strict should you be? And what would you need to see to re-underwrite a team
that you'd lost confidence in?
Rick Rule: “If they lied, they're done. If you can't use the information that they gave you at face value,
you're never going to be able to analyze the company. So, they're done. And in their next incarnation,
their next company, they're done there, too. And if they somehow survive three, they're done a third
time.”
Could not agree more, Mr. Rule. Without going into detail, I was told one direct lie about Darren Blasutti by
Jason Kosec, the type that would get a pass from someone who didn’t know about the LatAm mining scene.
To compound things, I then found out later another separate assertion regarding Blasutti was false. That’s
when I made a firm decision to sell and move on but equally there was no need to make a rush for the exit
as prices were still at a deep discount and the pivot process would take time. The idea was to wait for the
likely re-rate as Pan cash flow came online, ride the wave created (that was also likely to happen in order to
appease the new money that came in on favourable deal terms, including the half warrant) and then sell at-
or-around the warrants strike price (C$7.05) as the overhang created it was a likely place to hit resistance.
Ladies and gents, we’ve reached that level thanks to the combo of those good 4q25 numbers from Pan, the
effective marketing campaign run by MAI in the last few weeks and the bonus of record gold prices, pushing
everything higher. In fact we’ve reached the selling price window earlier than I expected in mid January and
that’s mostly thanks to gold doing what it’s done. No complaints about that. Therefore, as from this week
coming I’m going to start my selling process and depending on how things go, will aim to be fully out of MAI
at a price of between 65c and 70c in the next week or two, though I’m happy to be patient and take a little
longer if the price dives again. Once the selling is done, MAI will become a closed position with the final
average out price, at which point we’ll write a quick post-mortem and be done with a trade that’s been a
major part of The IKN Weekly for over five years.
Finally, a reminder that the 9.68m shares of MAI.v held by Equinox, part of the price paid for Pan+extras,
come out of escrow on January 29th. The financing dollars also come off their hold around now and that may
or may not add to the near-term headwinds, but we know for a near fact that EQX will sell their shares so
that needs to be taken into account. However, there’s more than one way to skin a cat* and EQX may find a
more shareholder-friendly way of exiting instead of a simple open market dump. Agreed block trades, some
third party interested in taking the entire position, etc.
*Never tried it personally, it’s what they tell me.
Stocks to Follow
Another great week for the Stocks to Follow list and the state of my personal portfolio. If we throw them all
in the pot, i.e. the current holdings, the stocks that left the list and even the unannounced (but logical)
addition to the Watch List, there are 22 stocks to consider and of those, 15 were winners and you’re not
getting that list, three remained unchanged (MARI.to, SRL.v, MIRL.cse) and four were losers (AU.v, OCI.v,
MFG.v, AE.v). We will, however, salute and cheer the big winners and they’re headed by Minera Alamos
(MAI.v up 26.4%), XXIX Metal Corp (XXIX.v up 20.8%), West Red Lake Gold (WRLG.v up 20.2%), Red Pine
Exploration (RPX.v up 18.8%), Latin Metals (LMS.v up 13.6%) and Gold Royalty Corp (GROY up 12.0%).
That’s a profitable little list.
With the swaps and changes, there are now twenty stocks on our Stocks to Follow list, that’s our self-
imposed maximum. Four of the stocks are in the red and they’re all down at the bottom, which is good. The
other 16 stocks are in the green, also good.
7

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$3.55 343.8% Re-rated to new $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v SELLING C$2.10 13-Oct-19 C$6.51 210.0% $7.00 tgt, selling as from now
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$5.54 259.7% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.77 285.9% Quality Cu dev, M&A tgt
Gold Royalty Co GROY BUY U$1.40 9-Mar-25 U$4.95 215.7% 2nd target U$5 in 2026
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.25 42.0% re-rate trade, $1.44 tgt
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$25.83 15.2% 2026 M&A tgt trade
Blue Moon MOON.v STR BUY C$4.18 30-Nov-25 C$5.81 39.7% 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$0.19 58.3% Added more Sep & Oct'25
Arizona Metals AMC.to SPEC BUY C0.69 5-Oct-25 C$0.80 15.9% TLS trade, near-term view
Valkea Res OZ.v SPEC BUY C$0.36 29-Dec-25 C$0.39 8.3% TLS trade, near-term view
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.24 200.0% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.25 31.6% proj.generator, Organullo spec
XXIX Metal XXIX.v STR BUY C$0.11 27-Aug-25 C$0.145 31.8% v good PEA Oct'25
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.10 66.7% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Mayfair Gold MFG.v WATCH C$5.32 11-Jan-26 C$5.25 -1.3% Canada gold project, watching
Tiernan Gold PGDC.v BUYING C$6.90 29-Dec-25 C$6.55 -5.1% new Chile gold jr, V interesting
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.17 -62.2% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered stocks, starting with the one that is most likely to surprise.
Tiernan Gold (TNGD.v): BUYING. A quick line to confirm what you’ve seen in today’s main Fundamentals
section, the more I’ve looked at TNGD the more I like it and it’s dumb not to get on now, here at the ground
floor, if the promo push is just weeks away from beginning.
Minera Alamos (MAI.v): THE SELLING BEGINS. The moment has arrived, ladies and gents. As laid out
above in today’s main Fundies section, the price move in Minera Alamos has brought the stock price up to the
price at which I’m ready to sell my shares and cash out [Edit Monday evening, with a solid consolidation day
today and a close Monday of C$6.56] so, as from tomorrow Tuesday, I plan to begin the selling process. As
laid out above, there’s no hurry and I’m unlikely to sell them all in one go, or even by the end of this week.
Have you ever felt disappointed about a 200% winner? It’s an odd feeling.
Mayfair Gold (MFG.v): ADDED TO WATCH LIST. By popular demand, after last week’s main
fundamentals note “Mayfair Gold (MFG.v) and an interesting gold project” and considering the feedback it
generated (thanks as usual, you know who you are), I’ve taken the liberty of adding MFG.v directly to the
Stocks to Follow Watch List as from this weekend.
We also got the announcement on Thursday (7) that the 43-101 PFS for Fenn-Gib has been filed to SEDAR,
i.e. the document required to make a more informed decision then build a price model. I’ve downloaded my
8

copy and done an initial scan, but quite simply haven’t had enough time to get granular, therefore I’m not
informed and haven’t made a decision. Yet. However, it’s worth stressing that an investment in MFG and
Fenn-Gibb is best approached in the same way as its backers; this team is clearly set on really financing and
building a gold mine, it’s not playing fakey-fakey to entice a buyer or get its kicks in the zero sum game of
the stock market. This is a very good thing, however it also means we’re unlikely to get the type of eye-
popping equity run that we retail grunts prefer in this rampant gold bull market. All that is a long-winded way
of saying there’s going to be time to make a proactive decision on MFG and having it on the Watch List
means exactly that this time, it’s not the same situation as Tiernan.
Amerigo Resources (ARG.to): SOLD 25% OF POSITION. In the decision last week it was framed at
20% and maybe 25%, in the end I sold more because of the price offered. It is slightly tempting to lighten
more at this price level, but what with the rally in Minera Alamos (MAI.v) and the opportunity to sell that
large position at the targeted price range, treasury is going to get a lot bigger and provide all the liquidity I
need, even with the planned Tiernan purchases on the horizon. Therefore, as ARG is a long-term investment
I think we’ll stay with the current size.
Please see ‘Market Watching’ below for a look at the Amerigo 4q25 production NR, as there’s plenty to loo
forward to once ARG reports its quarter on February 25th.
American Eagle (AE.v): POSITION CLOSED. It was somewhat disappointing to see AE drop on Tuesday
instead of power forward along with several other copper stocks, so the 61c exit price wasn’t quite as good
as I’d imagined. But I still took the exit, a plan is a plan and there’s no point sweating the pennies. A smaller
percentage gain than last week’s other TLS stock sale, Electrum (ELY.v, see below) b ut a bigger cash win,
one that covered the Holiday season nicely.
Be clear that I remain exposed to AE via the holding in Ore Group hub company Orecap (OCI.v) and that
means it’s going to stay firmly on my radar. If AE manages to shake off its inertia and deliver the type of drill
result to market that made it stand in that late 2022 to late 2023 period (which feels a long time ago these
days), then in this copper environment I’d gladly but back in again and pay up to do so.
In other news, on Thursday AE.v gave us a new set of drill numbers from NAK (8), the headline running
“American Eagle Continues to Expand South Zone Near Surface Mineralization: Highlights Include 140 m of
0.74% Copper Eq. and 130 m of 0.62% Copper Eq.” In an accompanying webcast-y segment on the
company’s YouTube channel, VPEx Neil Prowse summed up the results well in the first minute of the 12 when
saying “This is just more of our continued success of expanding the mineralization in the South zone”. He
said that he particularly liked the numbers from holes 55 and 62 and while #62 is the 140m of 0.74% CuEq
in the headline, but his interest in #55. However, the reaction from the market was less upbeat with AE
falling back under the 60c line again and made my annoyance in having accepted 61c for my shares just a
day earlier feel very different. For what it’s worth, I think the market is right and Mr. Prowse is wrong and as
much promise there might be, AE delivered nothing particularly new last week and was sold accordingly. So a
lucky exit price (in the near-term, we’ll see how it goes) and a modest win to book. A small win is better than
a small loss and the personal treasury appreciates the income.
Electrum Discovery (ELY.v): POSITION CLOSED. It was reasonably straightforward to exit this small
position at 10c, so as planned that’s what happened. Perhaps I could have got out for 10.5c if I’d tried harder
but there’s more to life than trying catch a half cent fish in a tricky stock. A trade that won’t change my life,
but it fulfilled its brief and a win beats a loss every time. Thanks and farewell in your new Australian head
office.
Gold Royalty Corp (GROY): First the trading update,
then its news and on Friday GROY did the near-
inevitable in this current gold climate and pinged our
house price target of U$5.00, eventually settling for the
long US weekend at U$4.95. As a result, I’ve notched it
down from “Strong Buy” to “Buy” on the near-term
sentiment indicator above, but for the time being I have
no urgent plans to sell.
9

That’s because the most obvious exit strategy is still very much on the table, the eventual Tether-fueled
merger that would surely see GROY priced up as part of the deal. There’s probably less upside left in
percentage terms on deal day as the recent excellent move has baked a lot into the pie already, but that’s
okay.
Meanwhile, GROY had more deal news last week when announcing (9) it was increasing its exposure to the
Borborema gold mine. The deal has moving parts and like its current NSR, this new NSR sees the royalty
drop once a specific number of ounces are delivered (see the NR for details of both NSRs owned), but the
basics of this deal are:
 GROY is paying the current owner of the 1.5% NSR on Borborema, Dundee, U$45 via U$30m in
cash and 3,571,429 shares nominally priced at U$4.20.
 A GROY partner, Taurus Mining Royalty Fund, then takes 50% of the deal by paying U$22.5m
cash.
 Therefore, GROY gets 0.75% of Borborema for U$7.5m cash and 3,571,429 shares.
As much as I want Garofalo to keep his hands off the controls, I have to say that this is a reasonable deal.
Borborema is now ramping up, the cash flow will begin almost immediately, the cash outlay is easy for GROY
and while the share dilution is annoying, it’s not the end of the world. However, perhaps the most interesting
part of last week’s NR is the CEO comment at the end:
“This agreement with Dundee is another example of how our team’s deep connectivity into the metals
and mining sector can facilitate our growth even in a competitive royalty landscape through bilaterial,
relationship-based transactions.”
That’s not a message for us, the mere mortals coat tailing this royalty sector bull run. That’s a message for
Tether and it’s Garofalo saying “Hey crypto guys, when you merge us with ELE I want the boss’s job, that
whippersnapper Bell doesn’t have the Rolodex I have, he doesn’t know all the nice restaurants or how to
schmooze like me.” Long story short, the above quote is typical of the tripe you get from mediocrity who
think they’re second-level thinkers. The sooner this self-important dinosaur with a history of corporate
disasters and share price destruction is put out to grass, the better.
Wesdome Gold (WDO.to): No production NR from WDO last week, which came as a slight surprise to this
desk considering the timing of previous quarters, but no biggie really and we should fully expect that NR in
the week to come. Looking forward to the numbers [Mondau evening edit: WDO had another strong day and
closed at C$27.00, which bodes well for the expected NR as over the years, it’s had a bit of a reputation as a
leaky boat].
Valkea Resources (OZ.v): In light trading, it got back the pennies lost the week before last. Of the four
TLS trades, this is looking like a bit of a damp squib and while there’s no rush to do so, I may close it down
before it starts to drag on the portfolio.
Orecap Inv (OCI.v): Your regular reminder that OCI offers plenty of real asset backbone to its current
trading price….
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 0.57 6.11 2.5
ARIC.v 7.39 0.70 5.17 2.1
ARIC warrant 4.17 0.50 2.08 0.8
XXIX.v 23.637 0.145 3.43 1.4
AUME.v 42.75 0.075 3.21 1.3
MERG.v 1.025 0.76 0.78 0.3
MERG warrant 0.5125 0.31 0.16 0.1
ZIGY.cse 4.942 0.31 1.53 0.6
KLDC.v 40.040 0.265 10.61 4.3
subtotal 33.08 13.3
Est.cash 0.03 0.0
Total 33.11 13.3c
At 248.332 S/O
10

…and while I readily agree these type of situations usually trade at a discount on a sum-of-parts basis, that
doesn’t take away the fact that a portfolio such as the one above provides plenty of downside protection if
you can buy it for 10c. You are, of course, buying the junior market bull case because if the tide goes out, all
illiquid penny stocks go in the same direction (and quicktime). So it’s not riskless, on the other hand it only
takes one of those names above to hit a home run and you have a winning trade. Very easy to hold.
Rio2 Ltd (RIO.to): Expect news from our Top Pick and #1 holding on its first gold pour soon. As for
trading, it’s doing just fine and while now on the other side of its recent explosive price appreciation phase,
climbing nicely toward our C$4.13 price target. No serious decisions required before that moment.
XXIX Metal Corp (XXIX.v): A little bit of a move to report in this laggard copper trade, up 20.8% on the
week to close the week at 14.5c, which is good of course but as this two-year price chart shows, there’s still
work to do:
I’ve bought back into XXIX on the premise that it’s a laggard and will play catch-up to the other copper
trades out there at this current price deck. It’s also bound to hit the marketing and promo trial hard in 2026,
as seen last week in this pair of NRs (10) (11) in its Thierry project dated January 15th…
XXIX Confirms Thierry’s Growth Potential with First Systematic IP
…and January 16th…
XXIX Advances Thierry Copper Project with Comprehensive
Validation and Reinterpretation of 210,000 Metres of Drilling
…along with a video overview presented by Stephen Stewart that you can find here (12). As with any
marketing campaign, 50% will work and 50% won’t but we never know which is which. With luck at some
point, XXIX will catch its bid and move higher and that’s when your retail grunt shareholder can make his
next decision. However, if luck goes against us and my fears of a near-term copper pullback materialize, XXIX
is an obvious holding I’d use to lighten exposure.
Red Pine Exploration (RPX.v): Another smallcap with the letter X in its ticker, another laggard that has
needed extra doses of patience, another very decent move
last week, another stock that needs to do a little more to
confirm its breakout. As the 12 month chart here shows, the
19c close is very promising and RPX also managed to trade
intraday with a 2-handle on four consecutive days, but we
have been here before. Fair to say I’ll be more confident this
time next week after it has put in a 20c+ close.
This was a small position, it turned into a medium-sized one
via additions that I could have bought more cheaply if I’d
been patient, its current slated target is 25c (though that’s
not a hard and fast one). This is one of those trades that I’d
gladly sell half at a double and get a free ride from the rest
of the shares.
11

West Red Lake Gold (WRLG.v): After last week’s 4q25 production numbers, as seen and discussed last
week in IKN868, WRLG’s shares put in an excellent week and I couldn’t be happier in the way they traded. It
had already rallied to C$1.14 by the time IKN868 went to print, that process continued and its C$1.25 close is
a new all-time high (and only a penny off the intraday best, also impressive). Not much to add today, instead
I’m going to be boring and quote myself again as even if I say so myself, last week’s closing paragraph on
WRLG seems to have hit the nail on the head:
“This NR will dissipate doubts around the stock and I expect it to start its re-rate process before the
advent of the 4q25 financials or the 1q26 production NR which, due to the way the TSXV calendar works,
is likely to arrive just before 2025 year-end filings. As a shareholder I’m aware of WRLG’s
underperformance compared to the median, but that bad period was September to November. December
(and the first week of this year) has been “in-line”, as see by this chart comparing the PPS to GDXJ. That
process is now ready to change from “in-line” to “catch-up” so if you’re not like me and have been
waiting for the moment that momentum kicks in to buy this stock and ride the re-rate, now is the time.
I’m happy, and somewhat relieved, to report that I am a happy holder of WRLG.”
That’s more than enough auto-horntoot. The re-rate has begun, expect more.
Latin Metals (LMS.v): We own for its chances of
becoming a better performer than your average microcap
project generator in 2026 and on Friday LMS had a good
day (unlike other juniors), the 25c close is the best since
October last year. Dealflow required.
Arizona Metals Corp (AMC.to): A NR on its second
string (13) Sugarloaf Peak project last week, with okay-
not-great RC drill results. A modest price increase. A near-
term trade on the right side of the tracks. The reason to
be here is the PEA for the main Kay mine, delayed from
4q25. According to the latest corporate presentation dated
January 6th (14) it’s still on course for delivery this quarter.
The Copper Basket
After two weeks of 2026, The Copper Basket shows a gain of 17.51% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 252.88 756.11 2.99 9.5%
2 Aldebaran Res. ALDE.v 3.67 169.914 647.37 3.81 3.8%
3 Los Andes Copper LA.v 9.20 29.56 410.88 13.90 51.1%
4 Pecoy Copper PCU.v 1.32 209.49 316.33 1.51 14.4%
5 Hot Chili HCH.v 1.33 177.36 287.32 1.62 21.8%
6 Hercules Metals BIG.v 0.74 289.41 228.63 0.79 6.8%
7 Surge Copper SURG.v 0.475 345.41 196.88 0.57 20.0%
8 Element 29 Res ECU.v 1.20 155.51 185.06 1.19 -0.8%
9 Andina Copper ANDC.v 0.56 224.67 179.74 0.80 42.9%
10 Fitzroy Min FTZ.v 0.48 278.07 161.28 0.58 20.8%
11 American Eagle AE.v 0.56 172.877 98.54 0.57 1.8%
12 Copper Giant CGNT.v 0.49 149.57 91.24 0.61 24.5%
13 Metal Energy MERG.v 0.64 36.03 27.38 0.76 18.8%
14 Algo Grande Copper ALGR.v 0.53 31.95 24.92 0.78 47.2%
15 Kobrea Exp KBX.cse 0.51 35.622 23.15 0.65 27.5%
NB: All stocks in CAD$ Portfolio avg 17.51%
12

The excellent start to 2026 for copper junior explorecos continues, with the basket average adding another
4.11% to its average thanks to the positive week-over-week count of nine winners (FDY.to, PCU.to, LA.v,
KCK.v, FTZ.v, ANDC.v, CGNT.v, MERG.v, ALGR.v) versus four losers (ALDE.v, SURG.v, AE.v, KBX.cn), with
two unchanged stocks (BIG.v, ECU.v) making up the numbers. There were some notable winners among
those nine, with big percentage moves from Copper Giant (CGNT.v up 24.5%), Andina Copper (ANDC.v up
21.2%), Algo Grande Copper (ALGR.v up 14.7%) and Los Andes Copper (LA.v up 11.2%).
So a good week, even as copper retraced over the
last two days of trading and finished slightly lower
on the week. We’ve gone over the subject in today’s
intro section, here you get another version of the
March Comex contract chart, a bit of red ink and we
move directly to the promised quotes from Ole
Hansen, head of Commodity Strategy at Saxobank
and one of the smarter talking heads in the
commodities space. He noted midweek the way
(15), "...near-term fundamentals struggle to keep
pace with prices, potentially signalling a period of
consolidation” at the same time Chamath the
venture capitalist was pumping copper to a new
audience. Hansen also pointed to one of the IKN
Weekly canaries in the coalmine in this separate comment as the copper price drop accelerated into Thursday
and Friday (16):
"In addition, rising copper stockpiles and signs of softening demand have reversed prices from a
record high earlier in the week."
So don’t tell me I’m the only person that cares about noticed these nerdy inventory data. And here’s what
Reuters had to say about the copper space in its weekly wrap-up note on Friday (17) under the title line
“Copper hits one-week low on profit-taking”:
“BEIJING: Copper prices hit a one-week low on Friday on profit-taking after a rally led by speculative
funds, while demand from physical buyers in China was muted.”
And…
“The securities regulator in top metals consumer China, meanwhile, vowed on Friday to crack down
on excessive speculation after the country’s benchmark stock index approached nearly 10-year highs
this week.”
And…
““Metals have been under pressure this week at various points during the Shanghai day session as
China reduced risk and authorities there try to cap the recent retail ‘frenzy’,” said Marex metals
strategist Alastair Munro.”
And…
“Signalling that high prices have suppressed China’s appetite for the metal, the Yangshan copper
premium fell 16 percent on Friday to USD32 a ton for its lowest since December 1.”
Those are the same boxes we’ve been checking in the last couple of weeks, with mania buying pushing
copper prices higher at market, while the softening of Chinese demand at the forefront of the near-term bear
narrative.
Time for our regular weekly look at world copper inventories moves, data from the jolly chaps at Cochilco.
 Between them, three official inventory systems attached to futures markets put in another big
add last week, the total up 58,177 metic tonnes (mt) to close at 845,806mt. With the Shanghai
adding season now in full swing and the Comex trend set fair, we’re getting close to a new all-
time record (900kmt in 2013).
 The Shanghai SHFE led the way, adding another 32,972mt to close at 213,515mt and as seen
below, that’s the most amount of copper held in its warehouses after week three of any year
since 2018.
 For the first time since Christmas, the LME also saw a net add to its stocks and nearly all of the
6,350mt added went to its Asia warehouses. The grand total now stands at 143,575mt.
13

 The Comex strill doing Comex things, despite signals last week from the Trump admin that there
won’t be any new tariffs on critical metals. Comex stocks rose another 18,795mt to close the
week at 488,716mt. So much for the mooted supply deficit in 2026.
The dedicated SHFE chart this week shows how the 2026 thick black line is moving quickly North and is well
in front of stocks totals for previous years at this stage of proceedings. Arguably 2023 was similar, but in a
normal year this doesn’t happen until either just before or just after the Lunar New Year holiday period.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
14
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for some quick notes on four basket stocks, it’s still very early days in 2026 and so far, there isn’t much
more to say then “wow, look how much that stock has gone up in price”.
Los Andes Copper (LA.v): The rally is non-stop in LA.v and the world seems to simply assume its
permitting issues will disappear once Kast becomes President. I beg to differ, but that’s further into the future
and with momentum on its side, I expect LA goes higher still.
Algo Grande Copper (ALGR.v): I wasn’t sure about picking this stock as the 2026 minnow, but my stars
it’s shot out of the box and last week added another 15%.
Surge Copper (SURG.v): Seems to have found a roof and shows all the hallmarks of speculators taking
profits into the volume spike caused by that high traffic influencer behind the recent pump.
Andina Copper (ANDV.v): However, Andina shows no signs of stopping and has caught the market’s
imagination with its pending results from Cobrasco. There’s never been any doubt about the quality of the
rocks there (and I even commend them for managing to get a rig to site and drill successfully, it’s more than
I expected given the regional risk, but there’s an awful long way to go before the zone is calm enough to
become a serious FDI location. But all that seems to be for the future, ANDC is pure drill vibes today.
The Producer Basket
After two weeks of 2026, the Producer Basket shows a gain of 10.50% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 126.44 114.12 14.3%
2 Agnico Eagle AEM 169.53 502.579 99.25 197.48 16.5%
3 Barrick B 43.55 1705.994 83.13 48.73 11.9%
4 Wheaton PM WPM 117.52 454.02 61.45 135.35 15.2%
5 Lundin Gold LUG.to 114.02 241.433 20.44 115.97 1.7%
6 Alamos Gold AGI 38.58 420.68 16.36 38.90 0.8%
7 IAMGOLD IAG 16.49 594 10.20 17.17 4.1%
8 Eldorado Gold EGO 35.92 201.275 8.11 40.28 12.1%
9 B2Gold Corp BTG 4.51 1330.134 6.09 4.58 1.6%
10 Americas G & S USAS 5.11 318.26 2.06 6.48 26.8%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 10.50%

Week two for the producers was positive, with gold up 1.65% (GLD proxy) and PM benchmark ETF GDX up
5.1%). However, our list couldn’t keep up with the early pace and while up on the week, the performance
was impeded by three losers amongst our ten (LUG.to, AGI, IAG), with the other seven returning week.over-
week wins (NEM, AEM, B, WPM, EGO, BTG, USAS). It would have been even worse idf it hadn’t been for the
decision to take a risk on Americas Gold & Silver (USAS up 11.7%), that outsized win propping up the others
somewhat. With that, GDX is up 13.37% in the first two weeks of 2026, our list is up 10.5% and already
lagging by almost 3%, which sucks hard frankly.
Alamos Gold (AGI): Can you spot the moment AGI announced its 4q25 production numbers, just by
looking at this price chart?
If you answered “Before the opening bell on Thursday”, give yourself a bonus point. Yes, they were that bad,
but this is unlikely to be another situation like the one Eldorado Gold went through in 1q25 (and Q2 for that
matter), AGI is in a totally different gold price environment and as far as I’m concerned, that’s a dip worth
buying. Even if AGI fails to deliver great financials (and it almost certainly will), any price weakness among
Tier 1 or Tier 2 mining companies will only last until the market starts to consider the weakness a prelude to
it coming under offer from a rival. And that goes for B2Gold as well, they’re both obvious longs from here.
Newmont (NEM): Not only is this ten-day price chart for NEM is similar to that of AEM, B and even GDX,
but it shows the relative inertia that hit the sector once the early year leg-up happened. Not exactly the chart
you’d want from a dynamic sector leader.
Lundin Gold (LUG.to): One of the first of this cycle to report its Q4 production numbers, on Monday
January 12th LUG announced (18) it has hit its upwardly revised 2025 guidance, along with this for 4q25:
“Gold production in the fourth quarter 2025 totalled 119,483 oz, consisting of 78,577 oz of
concentrate and 40,906 oz of doré”
Here’s how those numbers look in comparison to previous quarters:
15

LUG.to: Gold produced & sold, per qtr
16
06126
091601
50818
214521 506111 674801 282911
19269
046431 098911 196431 859821 117211
50089
619801 693921 788521 571131 146711 737631 119421 140421
160000
140000
120000
100000
80000
60000
40000
20000
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Oz Au
gold prod
gold sold
source: company filings
Answer: Pretty much smack in line and exactly what the market was expecting. As for guidance, we got this
from the new-ish President/CEO, Jamie Beck:
"Looking ahead to 2026, we expect to continue ramping up the mill to an average throughput of 5,500
tonnes per day and are targeting increasing recoveries to 91%, which will support our production
guidance of 475,000 to 525,000 oz."
So in the same style, here’s how that looks compared to its previous years of production:
LUG.to: Annual gold production
002242
415824
923674 472184 920205 513894
Oz Au
600000
550000
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
2020 2021 2022 2023 2024 2025 2026e
source: company filings
If it comes in the top end of the range we’d have a new record, but effectively LUG is telling us that 2026 will
be the same as the last couple of years and the profit growth will be fueled almost totally by the rise in gold
prices. As for that throughput increase, if we sit average throughputs next to average head grades over the
quarters…
LUG.to: FDN tonnes milled, per qtr
550000 (NB: cut down Y-axis)
500000
450000
400000
350000
300000
250000
200000
…the reason they’ve expanded the mill becomes
obvious. Fruta del Norte is still high grade by anyone’s
standards and the margins it runs at are eye-popping
for a 500koz/year operation, but the juiciest of the
high grades are now a thing of the past and LUG has
prepared for this by spending capex, moving
throughput capacity.
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
LUG.to: FDN avg gold head grade, per qtr mt/qtr
(NB: cut down Y-axis)
source: company filings
4.01 1.01
4.11 1.11
3.01 9.9
2.11
3.01
0.11
0.01
3.21
0.11
7.9
2.8
5.9
0.11
3.01
3.11
4.01 4.01
9.8 7.8
14
13
12
11
10
9
8
7
6
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
g/t Au
source: company filings

We have a month to wait for LUG’s 4q25 and year-end financials, due post-close February 19th with a
ConFCall scheduled the next morning. That’s en we’ll know more about its guidance and the likeliest price
driver at LUG in 2026, its exploration upside potential. Indeed, the way LUG shares reacted to last week’s
production NR was a shrug, then as from Thursday the stock sold off more than its larger cousins and
somehow managed to end the week lower. When excellence becomes commonplace.
The TinyCaps List
After two weeks of 2026, the TinyCaps show a gain of 12.42% 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 41.74 0.25 16.3%
Sranan Gold SRAN.cn 0.30 60.42 20.24 0.335 11.7%
Enduro Metals ENDR.v 0.155 76.04 14.45 0.19 22.6%
Latin Metals LMS.v 0.21 133.01 33.25 0.25 19.0%
Precore Gold PRCG.cn 0.26 32.003 7.68 0.24 -7.7%
Radius Gold RDU.v 0.14 115.7 17.36 0.15 7.1%
Silver Wolf SWLF.v 0.135 62.18 10.26 0.165 22.2%
Trifecta Gold TG.v 0.195 47.7 11.21 0.235 20.5%
Viva Gold VAU.v 0.19 171.677 34.34 0.20 5.3%
Prices in CAD$, data from TSXV basket avg 12.42%
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.
If you look at last week’s basket average you’d think the TinyCaps list had a losing week, in fact it’s up
because after swapping out Electrum for Sranan, the average went from revised 9.99% to this weekend’s
12.42%. It did so on the back of six winners (CANX.v, SRAN.cn, ENDR.v, LMS.v, SWLF.v, VAU.v) versus three
losers (PRCG.cn, RDU.v, TG.v) and one unchanged on the week (AUME.v). Most of the moves were small, the
biggest being the gains in Latin Metals (LMS.v up 13.6%) and Canex (CANX.v up 11.1%) and the loss in
Radius Gold (RDU.v down 9.1%). It’s early days.
Sranan Gold (SRAN.cn): After last weekend’s decision, we officially welcome to the 2026 list and remove
the under offer ELY. Up half a penny on the week and more than that early week, when fair chunks of stock
changed hands at 36c on the back of a decent drill assay NR (19) that, just one day after your author
published IKN868, justified its inclusion by giving us hole 25RADD-011 results of 11m of 7.33 g/t gold from
69m downhole, with most of that in a 4m cut of 14.59 g/t gold, in the Randy’s Pit target at Tapanahony,
Suriname.
We remind readers, SRAN could only make the market cap limit of the list due to the price sag it went
through in Q3 last year when the first deeper drill assays couldn’t repeat the grade found at surface. It’s early
days and still spotty, as five other holes reported last week didn’t impress quite as much, but hold 011 at
least shows there is high grade gold to be found by the drillers. Wishing the company the best of fortune in
2026.
17

Precore Gold (PRCG.cn): Slightly ironic that the single stock in the 2026 TinyCaps list that I like the most
as a potential trade (at the moment, here in mid-January) is the only one in the red. Precore tried to rally on
Thursday when somebody painted the tape on thin volume, but the 29.5c price couldn’t hold (quite right,
too) and we’re still in the same 24c/25c range as before.
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
Argentina mining exports climb
Much fanfare from the Milei government’s mining ministry last week (20) on the preliminary 2025 mining
exports number, which hit U$6.037Bn. Gold was by far the biggest export in dollar terms, accounting for
U$4.078Bn of the total. In second place came lithium with U$905m, though it's worth noting that represents
a drop in dollar terms of around U$45m compared
to 2024 (and that's all about the spot price). In Argentina: Mining exports per year
third place came silver with U$870m and after
that, all other metals accounted for U$184m. The
expansion into copper in Argentina cannot come
too soon.
The other highly concentrated aspect of
Argentina's mining industry is its geography, as
just five of its 24 provinces account for 98% of all
its metals mining exports. In descending order of
importance they are Santa Cruz, San Juan, Jujuy,
Catamarca and Salta. This chart shows the big
jump in 2025 and with more projects scheduled to come online, plus the longer-term promise of the projects
now in the RIGI scheme, this can only improve. Mining now accounts for 6% of the country’s exports in USD
terms, that’s up from 1% a decade ago.
Bolivia: An uneasy peace
The protests that brought Bolivia to a near-standstill came to an official end last Tuesdya evening when the
government and the striking unions, led by the main COB miners’ union, reached agreement to rescind the
executive order emitted by the Rodrigo Pax administration that set the whole shebang off in the first place.
The deal reached means the protesters get most of what they wanted and also allows Bolivia to import fuel
from neighbouring countries for the first time in years, but on the government’s side they get to keep the
price rises on fuel, technically a subsidization that was costing central government an estimate U$10m per
say to keep in place.
Despite the official end to hostilities the protests and roadblocks are still going on in some spots of Bolivia,
but it’s fair to say that an uneasy peace has descended on the country after a period of turmoil that came
18
824.3
126.2
342.3
858.3 160.4
476.4
730.6
U$Bn
7.000
6.000
5.000
4.000
3.000
2.000
1.000
0.000
2019 2020 2021 2022 2023 2024 2025
source: Argentina mining ministry

very early in President Paz’s term. He left wing have reminded the country (and those outside watching) that
even though Evo Morales is sidelined and MAS was a losing mess in the last election, it retains significant
grassroots power in the country. It would, however, be a stretch to say things are back to normal in Bolivia
because for that you’d need to uframe what “normal” is in its political world. Check this out for example (21),
a translation of a report on how Bolivia’s government wants to prohibit the use of dynamite in marches and
street protests and how unions are firmly against the law project. And yes, we’re not talking about flares or
noise-makers, we’re talking about sticks of dynamite that are lit, thrown and explode as protest marches
make their way through urban areas or defend roadblocks.
The National Federation of Mining Cooperatives (Fencomin) expressed its rejection this Friday of
initiatives promoted by political authorities that seek to penalize roadblocks and prohibit the use of
explosives during protests.
The organization's president, Josué Caricari, described these proposals as an attempt at provocation.
"We regret some provocative messages that seek to criminalize the use of explosive materials," he
stated, emphasizing that this form of protest has been part of the history of struggle of miners and
farmers in Bolivia.
His statements come after the Senate referred an anti-blockade bill to committee and following
warnings from Senate President Rodrigo Paz, who announced possible criminal penalties for those
who use dynamite and endanger people's safety.
Caricari reported that Fencomin will send an official letter to the legislature to state its position and
explain the historical context of social protests in the country. He asserted that the use of pressure
tactics is being implemented gradually, especially when the authorities fail to address the sector's
demands.
"We have been respectful of the rules and the laws, but sometimes we have to shout louder to be
heard," the leader stated, defending the right to protest as a legitimate mechanism in the face of
government inaction.
Market Watching
Amerigo Resources (ARG.to) 4q25 production
The price move put in by our core copper holding, Amerigo Resources (ARG.to), in Q4 (plus the first days of
2026) has been nothing short of spectacular, with the price going from an already-healthy C$2.72 to this
weekend’s C$5.53 [edit Monday evening, make that C$5.65] on acceleration of both price and volume. The
driver has, of course, been the copper price and the move has particularly suited the ARG business model,
with its costs-plus-royalty model making it high cash cost in real terms, thereby providing strong leverage as
copper has taken off.
However, it was always up to the company to deliver operating numbers that could justify its new high equity
price and to that end, last week’s 4q25 production NR from the company (22) was always going to be a key
moment and today, in one of the most regular quarterly updates we run here at The IKN Weekly, the job is
to show you why ARG is value for every cent of its new price. Spoiler alert: It is.
19

We begin with the basic and while its Q4 production tends to be the best of every financial year, ARG outdid
itself in 4q25. Production of 18.91m lbs copper and sales of 19.04m lbs (shown here) are new quarterly
records for the company which put pedal to the metal (no pun intended) to catch up from the Q3 period
adversely affected by the ground movement at its tailings supplier, El Teniente (DET).
ARG.to: Copper sales
20
11.51 31.51 9.61 298.61 92.61 68.41 81.61 97.61 94.61 966.31
779.01
80.61 169.51 33.41 84.61 42.81 29.21 75.51 20.51 40.91
22
20
18
16
14
12
10 8
6
4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings
rtq/uC
sblM
To achieve this, ARG switched over to more get more supply from its historic Cauquenes tailings source due
to the crimp in fresh tailings directly from DET. That meant copper production from Cauquenes was the
biggest since 2019 (when ARG was a very different company), at 9.93m lbs (chart right). There’s even an
added bonus, as the historic tailings comes with more molybdenum so that saw the best by-product
production in many years, with 0.5m lbs produced in the quarter.
ARG: Production breakdown by source, per qtr
That’s a fine start to proceedings, record production and sales is always pleasant to report. But things really
start to take off when we start talking dollars because the implications of the combination of the strong
production quarter and the sharp rise in copper prices are impressive and quite frankly, the numbers that our
model indicate for ARG in Q4 make me a little nervous about putting this note together; they’re so far ahead
of any other quarter from the company that it becomes a little difficult to believe. We begin with the chart
below left that tracks the average received price per quarter for copper and the U$5.35/lb is head and
shoulders above anything else. That affects gross revenues in two ways, firstly the most obvious one as we
multiply sales by that received price and get a gross value of U$101.9m (below right).
74.8
30.7
16.7
73.7
73.7
26.8
46.7
62.9
68.6
16.9
97.5
31.9
73.7
36.8
52.6
63.01
83.6
41.01
48.4
97.8
19.2
12.8
86.7
96.8
54.7
55.8
5
89.8
88.4
93.11
45.5
77.21
62.5
79.7
15.6
10.9
77.7
87.6
39.9
89.8
20
18
16
14 12
10
8 6 4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Mlb Cu
Cauquenes tailings ARG: Molybdenum production, per qtr
Fresh tailings
source: company filings
53.0 73.0
5.0
63.0 33.0 43.0 3.0 42.0 81.0 82.0 72.0 3.0 3.0 22.0 33.0 23.0 3.0 33.0 33.0 42.0 93.0 53.0
5.0
0.55
0.5
0.45
0.4 0.35 0.3
0.25
0.2 0.15 0.1
0.05
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Mlbs Mo
source: company filings
ARG: Average Cu price for MVC
(NB: Cut-down y-axis)
80.4 44.4 32.4 23.4 46.4 01.4 05.3 08.3 20.4 08.3 67.3 28.3 79.3 93.4 22.4 60.4 24.4 24.4 45.4
53.5
5.5
5.25
5
4.75
4.5
4.25
4 3.75 3.5
3.25
3
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$/lb Cu ARG: Cu gross value, per qtr
source: Company data/IKN ests
1.85 6.66 0.27 6.27 8.37 7.36 8.65 1.16 8.66 8.25 6.14 5.95 3.16 0.36 8.86 9.57 0.55 9.66 2.76
9.101
120
100
80
60
40 20
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings, IKN ests

A remarkable difference already, but the record hike in average received copper prices also positively affects
the “Adjustments to fair value of settlement receivables” line item, i.e. the money ARG will get from previous
quarter shipments. That gets assumed at previous quarterly averages and then adjusted to the reality when
sales happen, which means in simple English that when the price of copper goes up, ARG gets more than it
expected from previous quarters and makes the necessary adjustment. In this case, we conservatively
estimated that the change compared to the previous quarter will add U$11m to gross revenues. Put them
together and compare to previous quarters and we get this chart, with total gross copper revenues pitched at
U$112.9m, a massive uplift compared to any previous quarter.
ARG: Gross Cu value, Cu revs and Revs total, per qtr
21
582.16 787.26 129.44 379.26 448.96 206.15 397.86 341.66 834.54 519.57 63.37 218.05 989.45 9.95
281.44
729.66 676.76
648.05
312.76 5.86
284.25
9.101
9.211
3.68
120
100
80
60
40
20
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
Cu gross value Cu revs Revs total
As for the “Revs total” number above (U$86.3m), that’s the one that makes it to the top line of the P+L and
to get that, we have to subtract a few direct costs:
ARG: Charges to Cu revs
626.51 834.81 799.31 336.01 477.51 86.61 674.81 361.91 450.12 560.61 298.91 95.02 23
40
35
30
25
20
15 10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m Transport
smelting/refining
DET royalties
source: company filings, IKN ests
As well as smelting, refining and transport, the main one is
the royalty ARG owes to the tailings owner DET and quite ARG: % DET royalty from gross
frankly, the above U$32m is a bit of a guess. In a normal
quarter the royalty can be accurately estimated and we
normally get within a couple of hundred thousand, but this
quarter the copper spot price has moved so far above the limit price of the deal between ARG and DET that 1) we know the two sides will have to renegotiate the deal with
new, higher copper price assumptions and 2) we don’t
know how much DET is going to charge ARG. That U$32m
is a guesstimate and could be out by millions in either
direction, but it’s based on the average percentage that
DET gets of the gross copper revenues number. This chart
(right) shows the percentage normally fluctuates around the
28% to 30% mark so if it turns out to be U$32m and our
gross revenues number is also right, that’s 28.44%.
With those assumptions about costs made, the final job is to
add back the by-product credits from the moly production
and this is another typical black box, with revenues often
different from any theoretical value by millions (a lot
67.32 96.71 85.91 31.02 89.32 72.82 97.92 07.82 70.82 57.23 67.92 07.32 82.62 04.82 48.52 87.52 75.62 54.62 79.82 07.82 18.62 93.92 60.03 43.82
40
35
30
25
20 15 10
5
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings, IKN ests
eulav
uC
ssorg fo
%
ARG: Mo credits
930.8
958.2 85.4 478.3
454.5 993.6 142.5 267.5
765.3
320.7
633.8 01
11
10
9
8
7
6
5
4
3 2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings, IKN ests

depends on shipment timings). In this case for 4q25, I’m going with a likely conservative U$10m credit so,
when all gets added and subtracted, the Total revenues number comes to U$86.3m.
And now we get to the real eye-popping numbers as we plug that record revenues estimate into the P+L,
starting with this chart:
ARG.to: Quarterly Earnings overview
22
846.25 874.31 630.23 503.3- 923.03 420.2- 744.24 200.6 129.44 508.7 206.15 394.61 834.54 573.7 218.05 837.31 281.44 96.9 648.05 941.21
284.25
759.21
3.68
3.44
100
90
80
70
60
50
40 30
20
10
0
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
revenues
COGS
Gross profit
source: company filings
Costs are likely to be somewhat higher than other quarters, but it’s unlikely to be by much and the resulting
margin due to the high copper price implies a gross profit of U$44.3m, massively higher than anything we’ve
ever seen from the company. That gross profit turns into an operating profit of U$41.7m and now you may
see why I feel sheepish about presenting these numbers, Q4 promises to be so wildly different it’s in another
league.
ARG.to: Gross, operating and net profits, per qtr
44.31
72.3- 72.6- 19.3 84.6
07.51
0.7
2.51
23.8
16.01 15.11
07.14 50
45
40
35
30
25 20
15 10
5
0
-5
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
Gross profit
op profit
Net Income
source: ARG data
That’s an operating profit per share of 25.8c and at this Monday evening’s share price, a forward
price/operating earnings ration of under 4X.
Considering that ARG pays a juicy dividend and is 0.35 ARG.to: operating and net earnings per share
likely to buy back shares aggressively in 2026, that 0.30
makes the stock price cheap even after its stellar run.
0.25
0.20
The bottom line: we await the 4q25 financials on
0.15
February 25th and while there are several moving parts
in this quarter that are difficult to estimate with any 0.10
accuracy, due almost entirely to what the price of 0.05
copper has done to ARG gross revenues, we know 0.00
they’re about to report a quarter that will blow the -0.05
socks off the casual observer. As stated last week and
this I have shaved some shares from my holding in
order to profit-take and do some prudent portfolio
management, but it would only take copper to level out here in order to see ARG climbs even higher. Its
basic business model is a money machine and the set-up also means it gets to take full advantage of these
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
eps
op profit/share
source: company filings, IKN ests

big bonus copper prices, with leverage to its high costs-plus-royalty for each lb of copper. I will be long going
into Feb 25th and I expect the market o go “wow”.
Conclusion
IKN869 is done, we end with bullet points:
 The Tiernan Gold (TNGD.v) note may come across a as bit of a “buy it because I said so” instead of a
full deep investigation into its fundies or its revenues generating potential. That’s deliberate, I don’t
want this audience getting too excited.
 Copper will continue to worry me, but the decision to lighten some exposure and add cash to treasury
makes the watching more bearable.
 It will be strange not seeing the name “Minera Alamos” in the open trades chart. It will happen soon,
though.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://en.wikipedia.org/wiki/Chamath_Palihapitiya
(2) https://www.msn.com/en-us/money/news/copper-will-go-parabolic-chamath-predicts-a-squeeze/ar-AA1UeoyR
(3) https://www.youtube.com/watch?v=cc88GhbDrH8
(4) https://www.tiernangold.com/_resources/presentations/corporate-presentation.pdf?v=011911
(5) https://www.youtube.com/watch?v=qCXGs-7y7PU
(6) https://www.youtube.com/watch?v=1VPiSWtWSYU
(7) https://mayfairgold.ca/wp-content/uploads/2026/01/MFGNRJan152026.pdf
(8) https://americaneaglegold.ca/news/american-eagle-continues-to-expand-south-zone-near-surface-mineralization-highlights-include-
140-m-of-0.74-copper-eq-and-130-m/
(9) https://www.goldroyalty.com/news/news-releases/gold-royalty-announces-acquisition-of-additional-borborema-royalty
(10) https://xxix.ca/news/xxix-confirms-thierrys-growth-potential-with-first-systematic-ip/
(11) https://xxix.ca/news/xxix-advances-thierry-copper-project-with-comprehensive-validation-and-reinterpretation-of-210-000-metres-of-
drilling/
(12) https://www.youtube.com/watch?v=RU8qvBvJgtQ
(13) https://www.arizonametalscorp.com/arizona-metals-sugarloaf-peak-drill-results-deliver-continued-expansion-potential-and-confirm-
continuity
(14) https://irp.cdn-website.com/5b880b80/files/uploaded/January+2026+for+website+%281%29.pdf
(15) https://x.com/i/status/2012168093993144338
(16) https://x.com/i/status/2012072683719020897
(17) https://www.hellenicshippingnews.com/copper-hits-one-week-low-on-profit-taking-and-china-demand-concerns/
(18) https://lundingold.com/news/lundin-gold-achieves-record-q4-throughput-and-achi-122828/
(19) https://sranangold.com/news/sranan-gold-reports-11-metres-grading-7-33-g-t-gold-including-4-metres-at-14-59-g-t-gold-at-randys-
pit-target-tapanahony-project-suriname/
23

(20) https://puntobiz.com.ar/economia/la-mineria-argentina-cerro-un-2025-record-en-exportaciones-los-numeros--202611617300
(21) https://correodelsur.com/politica/20260116/fencomin-rechaza-penalizar-bloqueos-y-uso-de-explosivos-en-protestas.html
(22) https://www.amerigoresources.com/_resources/news/nr-20260113.pdf
Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
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
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Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
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
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Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
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
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Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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