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The IKN Weekly
Week 870, week of January 25th 2026
Contents
This Week: Trade heads-up, In today’s edition, FOMC Week, A year of dancing.
Fundamental Analysis: Wesdome Gold (WDO.to) (WDOFF) 4q25 production, Gold Royalty Corp (GROY):
4q25 production.
Stocks to Follow: Overview, XXIX Metal Corp (XXIX.v), Valkea Resources (OZ.v), Tiernan Gold (TNGD.v),
Minera Alamos (MAI.v), Amerigo Resources (ARG.to), Blue Moon (MOON.v), Mayfair Gold (MFG.v), Orecap
Inv (OCI.v), Rio2 Ltd (RIO.to), 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), Pecoy Copper (PCU.v), Element 29 (ECU.v), Surge
Copper (SURG.v), American Eagle (AE.v).
The Producer Basket: Overview, IAMGOLD (IAG) (IMG.to), Alamos Gold (AGI), B2Gold (BTG) (BTO.to),
Americas Gold & Silver (USAS).
The TinyCaps Basket: Overview, Radius Gold (RDU.v), Sranan Gold (SRAN.cn), Precore Gold (PRCG.cn).
Regional Politics: Colombia: Another poll tells us the left wing isn’t dead, Argentina: Milei at Davos, More
Argentina: The glacier law debate continues, Peru: More unimportant Presidential scandal and an opinion
poll.
Market Watching: Electrum Discovery (ELY.v) Redux.
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
Far less significant than the trades announced last week, but it’s still a trade decision so it gets a mention
here at the top of the shop. I’m selling my shares in XXIX Metal Corp (XXIX.v), see today’s Stocks to Follow
for details. The other planned sale is Valkea (OZ.v) but for more pleasant reasons, as that Tax Loss Selling
(TLS) trade has done what we wanted from it and we’re taking the planned profit.
In today’s edition
 Quite honestly, the one thing to read in this week’s edition is the intro. It doesn’t say anything new,
but it’s the message that has made me the most money in the last 12 months and as such it’s worth
reiterating. Hopefully it’s helped you, too.
 Today’s Fundies section covers two of our open stock positions, albeit in a concise manner, with both
reporting mediocre 4q25 production/sales numbers that shouldn’t affect their investment potential
much, not in this market at least. That’s a cute way of saying “buy the dip on Wesdome and Gold
Royalty Corp”.
 I’m selling my shares of XXIX Metal Corp (XXIX.v) and will find a better vehicle for a smallcap risk
vehicle on copper, the placement announced last week was the final straw. Details on that in the
Stocks to Follow notes, along with a little extra on the new position in Tiernan Gold (TNGD.v) and
other notes and snippets on plenty of our current open positions, including how the initial sales of
MAI.v funded the Tiernan purchases.
 Regional Politics has a third attempt at warning this readership that the Colombia Presidential election
is not the shoo-in for the right that is being sold to the world. Lefty Cepeda is set for one of the two
run-off places and the latest poll puts him in with a real chance of winning the whole thing. Whatever
happens, expect a far bumpier ride than the right had in Argentina, Bolivia, Chile, Ecuador etc.
1

FOMC week
This coming week’s main macro event is the FOMC, with the announcement dropping 2pm ET Wednesday
and Jay Powell’s presser half an hour after that. According to the venerable Bill McBride (1), “…analysts
expect no change to FOMC policy at the meeting this week” and he goes on to quote the preview analysis out
of Bank of America, because he agrees:
The Fed has indicated that it will keep rates on hold at 3.5-3.75% at its January meeting. The labor
market is soft and inflation is elevated. Both are stable, so the balance of risks hasn’t changed. With
policy now much closer to the Fed’s assessment of neutral, there is no hurry to act. Especially
because the economy is about to get hit with a large dose of fiscal stimulus.
...
Finally, investors should watch for Powell’s comments on the neutral rate. We think the policy rate is
already at or below neutral, due to i) the ongoing pickup in productivity growth, and ii) the fact that
inflation is stuck a few tenths above target, even ex of tariffs. In December, Powell said that we are
“within a range of plausible estimates of neutral.” … Any change in his language around neutral – or a
stronger lean into the productivity story – would be noteworthy.
That would normally be the sum-up of the FOMC, but this time around we have Jay Powell’s first podium
since the Trump admin opened a criminal investigation against him so if only for that, the press conference
will be well worth watching.
A year of dancing
MONDAY EVENING EDIT: After witnessing a highly volatile day at market today Monday
and re-reading this op-ed that was laid down on Saturday morning and polished Sunday, I
haven’t changed a single word.
Believe it or not, but it’s been over a year since we put our trust in the phrase that’s become a touchstone of
this precious metals bull market. In IKN816 dated January 5th 2025, it was that time of year when the world
requires an annual forecast or two from its soothsayers, but rather than go into the weeds and make a bunch
of over-complicated predictions I went with just two words:
Keep Dancing
Those two words, the shortened version of the tried and tested market adage “Keep dancing until the music
stops”, have made me more money than I ever expected at the time and have kept me, my neuroses and my
fat-headed ego out of the most trouble along the way. The opening intro note that day set to tone for the
whole of 2025 and are as valid now, in early 2026, as any point last year. By way of a small reminder, here
below is an excerpt of the intro note that day which went into a little more detail as to why ” “Keep Dancing”
was the way forward. The note included a simple 12 month chart for gold and silver that showed both metals
were already running well (gold +40% YoY in 2024 and silver +25% in the same period) and that
momentum seemed to be increasing, then stated what seemed to be fairly obvious (bold type added):
“…if there’s one lesson I’ve learned over the years it’s not to leave the dance floor until the
music stops and gold at over U$2,600/oz isn’t just some pleasant background elevator muzak. You
see gold rolling over? Okay, take a look at the pattern in that chart, did you think the same in early
2023? Or October of that year? Or March 2024 as gold spluttered around the U$2,000/oz level, just
before this desk went full bull? Forecasting gold is difficult at the best of times, trying to pick its top
during a historic bull run is harder by an order of magnitude. If gold does break down we’ll hear
about it all right but until it does, err on the side of the logical, consider that an incoming
Trump admin determined to lower tax burdens might just be good for the US and world economy,
fret less about whether Jay Powell is or isn’t going to shave a quarter point off his rates at the perfect
moment. Go with the trend, it is your friend and it’s exactly why I’m entering 2025 almost fully
bought in…”
And believe it or not, but my call that day was in the face of some significant opposition and while I’m sure
the same people would now deny it, back then there were already “…a range of market players, voices and
soothsayers picking the top in gold and predicting its immediate demise”. We were not part of that group and
on that day, January 5th 2025, gold was trading at U$2,600/oz, our call was to expect more upside in the
monetary metal. And hooboy we got that one right. However, it wasn’t just January 2025, the most important
call that day was “Keep Dancing” and allow the market to do its thing. This 12-month chart shows what’s
2

happened since then and while we must have repeated that catchphrase a hundred times, note four key
moments along the way:
 I remember when, in late 1q25, gold hit U$3,000/oz for the first and after running a little further then
dropped sharply to briefly drop below the 3k line. That brought another round of calls to sell the
metal and miners, we kept dancing.
 I remember the plateau we hit mid-2025, one that even had me considering whether to cash in and
take profits. As noted a couple of weeks ago, I don’t mind admitting my resolve wobbled a little but
the simple and direct “keep dancing” kept me out of trouble.
 I remember most keenly October and early November last year, when gold accelerated, got
overbought on a new round of generalist hype, then dropped a sharp U$400/oz. This is the one that
got the gold bears growling the loudest and telling the world that the run was over, but “Keep
Dancing” kept us in and fully long. It wasn’t a pleasant couple of weeks but once the worst was over
and the macro backdrop was still conducive to gold, it was easy to reiterate our call. Or as we put it
in IKN858 dated November 2nd:
“The sentiment that has moved gold from there to here in the last 12 months has not suddenly
changed and you, holding a position of security in gold, will continue to benefit from that.”
Since those words went to print, gold is up another 23%. Which brings us to today, because once again
we’re getting a wave of advice on social media about selling, or taking profits, or “locking in your gains” (a
nice way of saying the same thing). Now for sure they may be right and there’s more than enough evidence
to suggest we’re in the mania blow-off top phase (silver U$100/oz, gold brushing at U$5k/oz, crazy moves in
all sorts of minor metals etc). However, perhaps that should read “they may be right this time” because by
and large, the calls to take profits are from the same people who warned us that gold was topping out at
several stages of the 12 month chart above.
Therefore we reiterate: The “Keep Dancing Until The Music Stops” strategy necessarily means we do NOT sell
at the top. Get used to the idea, we’re going to miss the best prices and sell on the other side. However, this
same strategy has kept us long and strong all through the run and in particular, when the cries of “SELL
NOW!” turned into near derision and taunting in October and early November. Ground zero for that backdrop
was IKN858 dated November 2nd when nerves were most frayed, our intro was all about staying long and
strong gold, and when...
 Rio2 was C$2.35
 Amerigo was C$3.06
 Minera Alamos was C$0.395
 West Red Lake was C$0.88
 Red Pine Exploration was C$0.17
...etc, we could continue. So “Keep Dancing" kept us long then, it's the same strategy now and the same risk
for the same potential reward. If you’re ready to second-guess this madcap market and take the advice of a
group of people who were proven wrong on several occasions in 2025, then go right ahead. And if the
3

market tops and drops tomorrow and then you want to blame me for keeping you in and “losing” 30% of
your gains in Amerigo Resources when you sell in February on the way down (you sold at C$5.00 instead of
6? Oh my heart bleeds), you’re also welcome to do so. After all, you’re paying me to reads these words.
Me? I’m going to ignore the advice of the expert panels at VRIC and will keep dancing until the music stops.
For one thing, silver and tungsten and whatever other metal can do whatever they want, the backdrop for
gold hasn’t changed. For another, those experts telling you to take money off the table because it’s a bubble
are on a no-lose wager; get the timing right and they do a victory lap, get it wrong and gold adds another
$1k/oz from here to June and they’ll be “Oh! I was so glad to be wrong!” I’ll leave you with a Buffettism,
from his heyday of sharp wit and quotable quotes in the late 1990s, even though he’s quoted way too often
by people in our sub-sector of the market (one that the great man wouldn’t touch with a barge pole:
"We don't get paid for activity, just for being right. As to how long we'll wait, we'll wait indefinitely."
Fundamental Analysis of Mining Stocks
Wesdome Gold (WDO.to) (WDOFF): 4q25 production and a new COO
We expected the 4q25 production NR from current gold holding Wesdome (WDO.to) (WDOFF) last week and
it duly arrived it on Tuesday (2), but we also got a separate NR (3) from the company with significant news
of a change at officer level. So today we first consider the CCO news, then move to the 4q25 numbers and
after considering what last week did to the stock price, put the pieces together with an opinion and tie a bow
on top. Let’s try to do this as succinctly as possible.
Part one, the COO news:
Toronto, Ontario--(Newsfile Corp. - January 20, 2026) - Wesdome Gold Mines Ltd. (TSX: WDO) (OTCQX:
WDOFF) ("Wesdome" or the "Company") announces today that its Chief Operating Officer ("COO"), Guy Belleau,
is leaving the Company effective January 30, 2026. Tyler Mitchelson will be assuming the responsibilities of COO
on an interim basis.
Anthea Bath, President and Chief Executive Officer, stated "On behalf of the Board and everyone at Wesdome, I
would like to express our sincere gratitude to Guy for his hard work, dedication and commitment to safe
operations. We have enjoyed working with him."
Ms. Bath continued, "We are pleased to welcome Tyler Mitchelson to Wesdome. He is a highly accomplished,
results-driven senior executive with a proven ability to navigate complex challenges, enhance performance and
deliver strong operational and strategic outcomes in fast-paced environments. With his strong operational
leadership, he is well suited to drive effective execution and sustainable growth."
Mr. Mitchelson previously served as Senior Vice President, Copper Growth at Teck Resources Limited from 2022
to 2025 where he led the development of a world-class portfolio of copper and zinc growth projects. Prior to Teck,
Mr. Mitchelson held key roles at several mining companies, including Chief Executive Officer of Metallurgical Coal
and Group Head of Integration / Business Planning at Anglo American and President and Chief Executive Officer
at Royal Nickel Corporation. He also held senior positions at Vale Inco and Inco Limited. Mr. Mitchelson graduated
from the University of Manitoba with a Bachelor of Commerce (Honours) and obtained his Chartered Accountant
designation from the Institute of Chartered Accountants of Manitoba.
If we go back and check on why Belleau was chosen as COO as from 4q24, we read that (4) he had three
decades of experience, was previously CEO of Sayona Canada, a subsidiary of Australia-listed Sayona Mining
and before that, “COO of ArcelorMittal Mines Canada, overseeing the operation of two mines and a
concentrator as well as various other critical infrastructures.” We also got a telling quote from WDO CEO Bath
on his appointment:
“With his depth of experience in the mining industry, particularly in underground operations and gold
projects within the relevant jurisdictions of Québec, Guy stands out as an excellent addition to
Wesdome.”
Here we are five quarters later, with those five quarters marked by lower than guidance production from the
company’s new Kiena mine, which also happens to be an underground operation in Quebec, and Belleau has
“been resigned” and replaced on an interim basis by a big company mining executive who has jumped from
Teck, itself now under offer from Anglo-American (with apparently only the EU anti-trust regulators between
the companies and the deal close). The buck seems to have stopped at the COOs desk for the Kiena 2025
performance and we now wait to see whether its new boss can bring it up to nameplate speed, however the
replacement of a COO implies issues that aren’t likely to be fixed in one production quarter.
4

We’ll leave that thought there and now move to the main event from WDO last week, its NR announcing
4q25 production under the upbeat headline “Wesdome Delivers Record Annual Gold Production and Provides
2026 Guidance” and by way of a hack, here’s the ten-day price chart:
Indeed, the stock sold off at the bell and the first reason is here:
WDO: Gold prod/qtr
5
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822
9637
19302
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
77722
16832
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 52q4
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings
In our model and after taking into account WDO's Q3
report and implied guidance, were looking for 27k oz
gold from Eagle and 25k oz from Kiena. We got neither,
with Eagle River production hitting 23,861 oz gold and
Kiena 22,777 oz.
The consolidated production and sales chart shows that
WDO made up for the slightly soft production number
with a record quarterly sales figure of 49,430 oz but
even that was lower than expected.
Looking at the mines separately, the tonnage
throughput from both mines was very good, with Kiena clearly able to get more muck to the mill.
WDO: Tonnes milled, per qtr
07403
30065
00083
95165
26112
71235
87462
46995
21161
74225
91415
60385
42324
33184
42815
27646
15374
35155
94694
96645
44354
23615
96675
25525
12315
48975
12426
85306
09684
01006
99205
32684
74105
57517
03007
04277
160000
140000
120000
100000 80000
60000
40000
20000
0
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
WDO: Gold production vs sales, per qtr
mt
Kiena
Mishi
Eagle River
source: company filings
86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954 56405 00474 83664 03494
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Ozt Au
Production
Sales
source: company filings

That bodes well for the future, as underground logistics was one of the sticking points all last year, what they
now need to do is access more of the very high grade material at depth. Meanwhile at Eagle River we saw
record throughput and that's good of course, but when we check average head grades we see why:
WDO: Average gold grade, per qtr
20
18
16
14
12
10
8
6
4
2
0
6
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Eagle River
g/t Au Mishi
Kiena
source: company filings
The major surprise at WDO in Q4 was the drop in grade at Eagle, with the company leaning on surface
stockpiles to supplement grade for volume as the UG operations went through a lower grade sequence. The
average grade of 10 g/t gold dropped to the lowest since
WDO: Annual production and guidance
2022 and what's more, it's a big drop from the other
quarters seen this year. Meanwhile at Kiena, the 10.2 g/t
average gold grade was in live with the other quarters of
2025, which isn't great considering that we should have
been accessing the higher grade material at depth by
now. The wait for the grade bump seems to have gone
on forever, compared to the promises at least.
So overall, 2025 annual production came to 185,576 oz,
which according to CEO Andrea Bath “met our revised
2025 production guidance, marking another year of
record production with exceptional safety performance – a clear testament to the discipline and commitment
of our team.” We like the safety news of course, but note that at the start of the year guidance was 190k –
210k oz gold and the miss was all about Kiena, which was guided at 90k minimum and delivered 72,808 oz.
We also note that 2026 guidance isn’t as high as it was, because back at the start of 2025 the company gave
two year guidance and 2026 was framed at 195k – 220k gold. The latest guidance is 180k – 205k as seen
above and again, seeing Kiena capped at between 75k - 90k oz gold is the reason for the lower target, the
original guidance for 2026 was 95k – 110k
Which brings us back to the news of a change in COO. Belleau was brought in to bring Kiena up to speed in
2025, instead we’ve had an underperformance all through last year that’s not expected to pick up that much
in 2026. We can therefore presume that the Teck guy brought in as interim COO is there to sort out the
Kiena mess and that also implies that any production improvement won’t happen for at least a quarter,
perhaps two. In other words, we can expect the glitchy start to Kiena Deep mining to continue for a couple
more quarters, after that let’s see.
We’ll find out more when WDO reports its 4q25 and year end financials on March 11th, but until then we do
have a couple of financial metrics to consider from last week’s NR and they aren’t so bad at all. To begin, we
know the sales number and if we guesstimate average received price at C$5,500/oz in Q4, that implies
C$272m in top line revenues. The extra throughput handled by WDO in Q4 means opex is likely to climb, but
even so the margin estimate of C$162m is serious money, production miss or not.
88619 97209
348321 058011 833321
330271 675581 000081
240000
220000
200000 25000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
9102 0202 1202 2202 3202 4202 5202 tse6202
Oz Au
source: company filings
WDO.to: Operations overview chart
9.001 2.58 347.51 8.721 1.38
707.44
9.641 2.88
66.85 6.281
5.69
841.68
6.781
9.39
457.39
5.802
7.88
48.911
3.032
1.201
51.821
0.272
0.011
261
350
325
300
275
250
225
200
175
150
125
100 75 50
25
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
C$m
revenues
total op expenses
Op earnings
source: company filings, IKN calcs

If that turns out to be the case, it points to an operating
WDO.to: operating earnings per share
earnings per share of C$1.08 which, at this weekend’s
C$25.73 share pride, is a price/operating earnings ratio of
just under 6X and that’s even if gold continues to trade at
Q4 prices. As all signs point to gold moving higher (for Q1 of
2026 at the very least), that ratio is set to drop even further.
In other words, there’s more than enough in these WDO
operating results to support the current share price and push
it higher, even though production and guidance isn’t hitting
the expected numbers of yore.
Finally, were given a treasury number for end year of “over
C$350m” and from that, we can make some reasonable guesses about what we’ll see at the current end of
the balance sheet on March 11th.
CEO Bath calls that “exceptional liquidity” and she’ll get no arguments from this desk, WDO’s cash position
will allow it to do everything it wants in 2026, including capex/sustaining capex investments of $205m over
the two main assets, plus exploration work.
At current gold prices and guided AISC, WDO can expect operating margins of around U$800m and even if
we back out the capex from that, U600m or so in annual profits is a lot of money for a U$2.8Bn market
capper. We’re clear Kiena isn’t firing on all cylinders and the drop in Eagle River grade was an unexpected
wrinkle last quarter, but that won’t last. The bottom line is that even a misfiring Wesdome Gold is worth more
than its current share price at this gold price deck and while it’s understandable the stock sold off on a
disappointing set of numbers, this market is one to buy the dip on anything. Ultimately, this soft quarter
doesn’t dent our basic trade thesis for WDO, in fact the weakness is more like chum attracting the sharks that
might move to buy out this company, still one of the obvious M&A targets in the sector. Two high grade gold
mines in Canada in this market is prime real estate and with the operating margins WDO will show in 2026,
the implied EV makes it even cheaper.
Gold Royalty Corp (GROY): 4q25 production
On Wednesday January 21st, our preferred royalty play Gold Royalty Corp (GROY) gave us its preliminary
production/sales total for 4q25 and 2025 (5) and the ten-day price chart here is a hack on how the news was
received:
7
11.0
03.0 93.0
75.0 26.0 55.0
58.0
80.1
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
$
source: company financials/IKN calcs
WDO.to: Cash treasury per qtr
500
450
400
350
300
250
200
150
100
50
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings
DAC
fo
snoillim
WDO.to: Working Capital per qtr
550
500
450
400
350
300
250
200
150
100
50
0
-50
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source company filings
srallod
fo
snoillim

In short, not very well. GROY tumbled from a new ATH to close back under the U$5.00 line come Friday close
and if we map last week against the GDXJ ETF for comparative purposes, the small week-over-week drop
was far more serious, as the company missed out on the big late week rally in peer stocks.
What caused this negative reaction? This quarterly GEO tracker chart shows the basic issue, as the 1,255GEO
posted for the quarter failed to impress and was some
345oz lower than our own adjusted target. That was GROY: GEOs per qtr
revised lower after the 3q25 earnings report on
company guidance that took the suspension of
operations at Adriatic into account (you may recall, new
owners Dundee decided to close down the nascent
operations and re-tool to their own satisfaction, the
mine now scheduled to re-open in 2q26). Even so, the
1,255 GEO was low and the market doesn’t like it when
numbers don’t grow QoQ.
Also be clear, I personally wasn’t that impressed with
the 1,255GEO number, but by the same token I’m quite
sure that the market has came in lower than the 2024 total. Casual observers and quant pushers wouldn’t
have liked that, either.
GROY: Actual and Forecast GEOs, per year
30000
25000
20000
15000
26000
24000
10000 20000
5462 5173
5000 2703 8000 12000
0
2023 2024 2025 2026e 2027e 2028e 2029e 2030e
source: company filings and literature, IKN ests
It’s fair to say the quarter was saved by the zoom in gold prices, that alone allowing GROY CEO and prize fool
David Garofalo to tell us that GROY was “in a positive
net cash position” in the NR. The U$4.5m was an
improvement on previous quarters and though it fell
short of our downwardly revised U$5m guesstimate
for the quarter, it is enough to see GROY operate in
the green.
We’re likely to see another small improvement in
operating profit when GROY reports its 4q25 and 2025
annual financials, that’s on March 18th
8
3401
282
117 766
9102
749 1501
5441 9421 6431 3231 5521
2200
2000
1800
1600
1400
1200
1000
800
600
400
200
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company data, IKN ests
GROY: Sales per qtr
335.0 836.0 709.1 668.0 285.0 767.0 864.0 797.0 610.1 498.2
497.1 60.2 553.3 831.3
328.3 841.4
5.4
5
4.5
4
3.5
3 2.5
2 1.5
1
0.5
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings

GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
9
457.2-
105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
143.0 325.0 275.0
1
1.5
1
0.5
0
-0.5
-1 -1.5
-2 -2.5
-3
-3.5
-4
22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4
U$m
source: company filings, IKN calcs
Finally, with the recent extra royalty deal on Borborema we estimate shares out now at 201.1m, though that
might rise a little if warrant/option holders make their
shares whole between now and then. GROY: Shares out (m)
Discussion and conclusion: I didn’t expect GROY to
offer another clear-cut “buy the dip” opportunity in
this red hot gold market, but that’s what last week’s selling has offer and the U$4.79 price [EDIT MONDAY:
It closed even cheaper at U$4.59 this evening] looks
very buyable for those looking to enter or add to this
winning trade. Those selling last week are the fund
manager types that can’t see further than the
spreadsheets and while I’d readily agree 4q25 was
light, for one thing it was understandable due to
Adriatic, for another many of the main GROY revenue streams are only establishing themselves now and are
allowed to be a little erratic, and for yet another 345GEO is neither here nor there compared to where this
company is going in 2026 and beyond. The sales improvement this year is guaranteed, but when the big
numbers start running from NGM’s Ren project, or when Malaratic/Odysssey comes back into play to name
but two assets, these numbers will be left for dust.
GROY did get a slice of luck in 2025 with the gold price papering over a GEO total that didn’t live up to
original expectations, but from the getgo we didn’t expect much of last year, it was all about GROY moving
from loss-maker to breakeven. The real fun starts now and anyone selling due to numbers in the rear view
mirror is making a big mistake. What’s more, this weakness only makes GROY more attractive to its ultimate
exit, that’s the moment Tether consolidates its patchwork and creates the next midcap royaltyco.
People, buy this dip with confidence, the only thing that can stop GROY from going higher and eventually
being bought out is a collapse in the price of gold.
Stocks to Follow
The good times keep on rolling. It wasn’t all winning all the time, as five of the 20 stocks on our list were
week-over-week losers (MAI.v, GROY, LMS.v, XXIX.v, MENE.v) and two remained unchanged (WDO.to,
MIRL.cse), but the other thirteen were winners all right and among them we saw some excellent moves, such
as Valkea (OZ.v up 30.8%), Red Pine (RPX.v up 23.7%), Tiernan Gold (TNGD.v up 19.5%), Mayfair Gold
(MFG.v up 13.1%), West Red Lake Gold (WRLG.v up 11.2%), Orecap Inv Corp (OCI.v up 10.0%) and then
just under the double figure percentage gains line come two stocks that make a big cash difference to the
personal portfolio, namely Top Pick Rio2 Ltd (RIO.to up 9.35) and Amerigo Resources (ARG.to up 9.2%).
There are currently twenty companies on our Stocks to Follow list, our self-imposed maximum number at any
given moment. Two stocks are in the red since inception or price average, eighteen stocks are in the green.
645.14 126.14
935.27
39.331 52.431 64.431 19.341 19.341 83.441 79.441 79.441 76.541 98.541 70.961 13.961 12.071 94.071 17.071 6.171
22.791 1.102
220
200
180
160
140
120
100 80
60
40
20
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1
source: company financials, IKN ests

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$3.88 385.0% Close to $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v SELLING C$2.10 13-Oct-19 C$6.16 193.3% $7.00 tgt, selling as from now
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.05 292.9% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.86 288.9% Quality Cu dev, M&A tgt
Gold Royalty Co GROY reviewing U$1.40 9-Mar-25 U$4.79 242.1% 2nd target U$5 hit, reviewing
Tiernan Gold TNGD.v STR BUY C$7.40 29-Dec-25 C$7.83 5.8% new Chile gold jr, enter now
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.39 58.0% re-rate trade, $1.44 tgt close
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$6.01 43.8% New trade, LT view
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.50 40.2% Agnico will buy more Finland
Red Pine Expl RPX.v STR BUY C$0.12 8-Sep-24 C$0.235 95.8% 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 SELLING C$0.36 29-Dec-25 C$0.51 41.7% taking NT profit as planned
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.25 212.5% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.235 23.7% proj.generator, Organullo spec
XXIX Metal XXIX.v SELLING C$0.11 27-Aug-25 C$0.135 22.7% will find another spec copper
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.11 83.3% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Mayfair Gold MFG.v WATCH C$5.32 11-Jan-26 C$5.94 11.7% Canada gold project, watching
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.165 -63.3% 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:
XXIX Metal Corp (XXIX.v): SELLING. The announcement last week (6) that XXIX was raising $12m in a
placement, followed quickly by the near-inevitable upsize to the financing to $15m (7), is the straw that
breaks this camel’s back as far as your author is concerned. The updated terms…
Ontario charity flow-through units (the “Ontario FT Units”) at a price of $0.18 per Ontario FT Unit (the “Ontario FT Issue
Price”);
Québec charity flow-through units (the “Québec FT Units”) at a price of $0.19 per Québec FT Unit (the “Québec FT
Issue Price”); and
units (the “Units”, and together with the Ontario FT Units and Quebec FT Units, the “Offered Securities”) at a price of
$0.12per Unit (the “Unit Issue Price”).
…with all those units coming with a half warrant priced at 17c, are unfriendly to current holders to the Nth
degree and after watching XXIX (and its previous iteration, QCCU) for many years and watching it bang its
head against the 14c line for the last year and a half, I honestly thought the recent copper mania move
would be enough for a breakout and indeed, seeing the close last week at 14.5c offered plenty of hope.
As such, the announcement of a financing the day after that close,
flattening the action once again and adding more of a cap at 17c
further down the line, was nothing short of a kick in the teeth, one
made even worse when you note that the company wasn’t exactly
desperate for cash (see screenshot from its latest corporate
presentation, right). I bought into XXIX to run a speculative trade on
10

copper’s upside in Q4 and without mincing words, it hasn’t worked. There are many other places to park cash
for this type of spec trade on a tinycap for copper leverage and if XXIX is going to treat retail this way, it
shouldn’t complain when they sell out and don’t return. I’m still exposed to XXIX via our Ore Group
“community card” investment in Orecap, so if it manages to gain some momentum at some point we’ll still
benefit, but that’s enough direct cash in this value trap. Selling this week and will contemplate which stock
will take its place as a tinycap/smallcap diceroll on copper (Kobrea and Precore are certainly candidates)
Valkea Resources (OZ.v): SELLING. The reason to sell here is the simplest of all, it’s a trade that has
fulfilled its brief. Identified at even cheaper prices to be a Tax Loss Selling trade in December, it seems fairly
obvious that we’d see a bounce back to the previous levels seen by the stock once selling pressure had been
lifted. My strategic error was to try and fish for a cheaper price than the sub-30c numbers available, instead I
found myself chasing the price in late December and paid 36c, but the exit price has appeared much as
expected and I’ll happily take a 50% win on the money in this brief period.
A simple trade, a small win. In much the same way as the TLS trades of this time last year, we wish the best
of luck to anyone who remains in OZ.v and if the stock runs higher or much higher, then good for them. This
personal trade isn’t about convictions on this company’s fundamentals or future, it’s about running a flip
trade, making money and moving on. An imperfect trade (as
they tend to be) but happy with the outcome.
Tiernan Gold (TNGD.v): POSITION OPENED. I paid a
little more than I’d wanted to pay but didn’t hesitate much,
as this stock is going to start increasing in dollars once the
marketing push begins (as long as gold doesn’t cave on us,
of course). The price chart shows an immediate pop at the
start of last week (along with many other stocks, don’t
blame me) and consistent buying, all good signals.
Reader and long-time sparring partner had an interesting
comment, one that we can field using data collected during
the DD period. He asks:
“Everything would appear to look good at Volcan for Tiernan. What I don’t get is why
Hochschild sold it and why Kinross or Barrick/Newmont didn’t take it.”
The second part of that statement is tougher to answer, because you never know what’s going through the
corporate mind of a Tier 1 company, but it’s fair to say that all three of K, NEM and B have had other matters
on their plate. The answer to that is “dunno, not the first time a big mining company has failed to spot a
bargain”. However, the HOC position is easier to consider: For one thing, HOC didn’t really “sell” it, which
probably explains why they didn’t consider entering a deal with a major (that would want the whole thing,
most likely). Instead HOCX has flipped its asset into what is essentially a spinco that will allow the project to
turn into a mine, under the direction of others, allowing HOC to get on with other things and benefiting from
the development. What HOC required was the right partner, deal and eventually timing, which has come to
pass with Chris Taylor and associates along with a gold price that makes Volcan highly desirable after years
of being in the relative wilderness.
11

First let’s consider how HOC held Volcan on its books and this table shows the carrying value of the asset,
according to its YE financials in US Dollars:
Hochschild: Asset carry of Volcan, per year
Year Cost Accumulated Net Book
Balance Impairment Value
2012 86.301 0 86.301
2013 90.575 0 90.575
2014 92.035 0 92.035
2015 92.993 44.381 48.612
2016 93.684 44.381 49.303
2017 94.452 44.381 50.071
2018 94.682 44.381 50.301
2019 95.452 44.381 51.071
2020 96.52 44.381 52.139
2021 81.251 36.874 44.377
2022 81.866 36.392 45.474
2023 65.819 35.511 30.308
2024 58.838 31.258 27.58
source: HOC filings
When it arrived in 2012, it was worth over U$90m according to the CFO but then came the market slump and
in 2015, HOC took a hefty impairment on its investment of U$44.8m bringing its net book value down to
U$48.6m. They continued to spend small amounts of money on Volcan over the years and capitalized those
expenses, then came 2021 and a further re-adjusted on publication of its 43-101, followed by 2023 when
FNV paid them $15m for its royalty and took that from the cost balance. By the time 2024 came around the
original U$90m asset was carried at U$27.58m by HOC and that means they can flip it out and make a quick
asset gain in a new, majority owned structure.
But how much? If we assume the 53.8m fully diluted share count (as there’s an extremely high likelihood the
5.8m derivatives become fully paid up) of Tiernan as our baseline, HOC owns around 33.36m shares or 62%
of Tiernan as stands. Even at IPO and the C$5 nominal pricing that made its position worth C$166.8m, and
this weekend, the C$7.83 price makes it worth C$261.2m. That’s a long way from the 2024 carry and to
illustrate that, here’s a chart:
Volcan Effective Net Book Value for Hochschild, 2012 to date
12
3.68 6.09 0.29
6.84 3.94 1.05 3.05 1.15 1.25 4.44 5.54 3.03 6.72
1.021
1.881
200
180
160
140
120
100
80
60
40
20
0
2102 3102 4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 WON
U$m
source: company filings, IKN calcs
If we assume HOC marks-to-market its new shareholding in TNGD, it has added an effective U$160m or so to
its books since 2024 by “getting rid” of Volcan. In other words they’re making out like bandits and with the
high likelihood of this stock moving a lot higher, there’s plenty more to come.
Allow me to be clear: I really like this trade set-up and expect to add significantly to my opening position. I
won’t dedicate all the cash coming from the Minera Alamos selling here, but it’s going to get plenty of it and if
things go well, I’ll be on before the real push begins.
Minera Alamos (MAI.v): STILL SELLING. I got rid of enough to fund the TNGD I wanted, more to sell
and it’s a work in progress. One reason for that is the price action last week, as MAI managed to hit the wall
we imagined may occur at this level:

It’s still up 20% over the last two weeks and there’s nothing at all wrong with that, but it’s now the same
performance as the GDXJ benchmark and the big pop seen on (and suspiciously just before) the Pan
production NR on January 15th has fully unwound. To remind readers of my expected process in the final
stages of this long-term trade, here’s a segment from last week’s write-up:
“…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.”
In other words, I’m not in a rush and feel no need to take the C$6.10 and C$6.20 prices on offer in the last
days of last week. When you’ve held a stock for five years, waiting another week or three makes zero
difference and for the record, I’m fully confident that we’ll soon see MAI.v wearing a 7-handle, however brief
that might be.
Amerigo Resources (ARG.to): What I wanted more than anything else after selling a quarter of my
position in ARG was to get the decision thrown back in my face and the stock to continue rallying like a
monkey at the bottom of the seventh and wow, I got just that:
Now a 6-handle, ARG has blown through the latest 100% add in a matter of days and is just pennies away
from becoming a 300% winner (in fact, add in the paid divis and we’re over that by a margin). Those are
always very welcome, even more so when the trades start as one of your larger bets on the market.
Blue Moon (MOON.v): We got this from MOON.v on Friday afternoon (7a), with just a couple of hours to
go before the session closed:
TORONTO, Ontario – January 23, 2026 – Blue Moon Metals Inc. (“Blue Moon” or the “Company”)
(TSXV: MOON; Z: BMM, Frankfurt: 8SX0), today announced that on Monday January 26th, its
common shares will commence trading on the Nasdaq Capital Market under the symbol “BMM”. The
common shares will continue to trade on the TSXV Venture Exchange under the symbol “MOON” and
13

the Frankfurt Stock Exchange under the symbol “8SX0” but will no longer trade on the OTCQX under
the symbol “BMOOF”.
That’s good, it’s also one of the items MOON promised to us in early 2026 so they’re as good as their word.
Mayfair Gold (MFG.v): The other stock to announce a full US listing last week is MFG, which has also
chosen a cute ticker (8):
VANCOUVER, BC, Jan. 22, 2026 /CNW/ - Mayfair Gold Corp. ("Mayfair", "Mayfair Gold", or the
"Company") (TSX-V: MFG; OTCQX: MFGCD) is pleased to announce that it has received approval to
list its common shares (the "Common Shares") on the NYSE American LLC ("NYSE American") with
trading expected to commence on Tuesday, January 27, 2026 under the symbol "MINE". The
Company will remain listed on the TSX Venture Exchange under the symbol "MFG".
No matter what else happens, making your ticker “MINE” is an inspired bit of soft marketing, one of those
once-heard-not-forgotten tickers that will stick in the mind of anyone who hears it.
Orecap Inv (OCI.v): Along with the other stocks in the OCI suite as seen here…
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 0.62 6.65 2.7
ARIC.v 7.39 0.73 5.39 2.2
ARIC warrant 4.17 0.53 2.21 0.9
XXIX.v 23.637 0.135 3.19 1.3
AUME.v 42.75 0.08 3.42 1.4
MERG.v 1.025 0.86 0.88 0.4
MERG warrant 0.5125 0.41 0.21 0.1
ZIGY.cse 4.942 0.30 1.48 0.6
KLDC.v 40.040 0.255 10.21 4.1
subtotal 33.64 13.5
Est.cash 0.03 0.0
Total 33.67 13.6c
At 248.332 S/O
…from now on this will be our exposure to XXIX Metal Corp (XXIX.v), what with the decision to move my
tinycap speculation cash to another place (see above).
Rio2 Ltd (RIO.to): Another 9.3% added and our Top
Pick goes rolling on, up in the front cabin of the gold bull
and reacting perfectly. Could not be happier with this
trade and while we await substantive news form the
company this year (first pour, financials, commercial
production at Fenix, first production quarters from
Condestable, etc) it’s worth reminding readers,
particularly anyone arriving recently, that RIO.to is still
the #1 stock idea on these pages. The price run has
been spectacular but that doesn’t mean it’s over, not by
a long chalk.
UPDATE MONDAY: sure enough, another segment
superseded by events as this morning RIO.to announced its first pour.
Red Pine Exploration (RPX.v): Maybe all it needed was a name change. Red Pine last week finally broke
out of the long-held teens and on the back of the new
round of gold mania, pushed quickly into the mid-20s
price bracket, thereby completing my original trade
plan of “a quick double”….well, perhaps not that quick
but the double is now in and we even managed to add
to the holding along the way. Do we now sell? No, not
with gold now snapping at the heels of U$5,000/oz.
My doubts about the copper market at these levels is
14

well documented, but “Keep Dancing” applies undiluted when it comes to gold and this one could end up
going a lot higher.
In other news, Red Pine Exploration is about to become RPX Gold, as the name change was approved at last
week’s AGM and the corporate style factor was explained as followed by CEO Michael Michaud (9): “The
name change to RPX Gold better reflects our strategic focus and evolution as we set on a path to becoming a
producer at the Wawa Gold project.” Indeed, you may note that the company website URL has already
changed to RPXGOLD Dot COM.
West Red Lake Gold (WRLG.v): The final words of IKN768, two weeks ago were dedicated to WRLG.v:
“I cannot think of a more obvious way to make 30% on your money in the near-term, though in this
market some other stock can add 30% in minutes and make a big gain over a few weeks look
positively pedestrian.”
It wasn’t a joke. That weekend WRLG was a C$1.04 stock, by the time we published and chewed over the
4q25 production numbers and declaration of commercial production announced January 12th it was a C$1.11
stock, here we are at C$1.39 and 25% of the mooted 30% is in the bag. That said, we can all point to a
whole bunch of stocks that have added more than 30% in the same lapse of time…hey, silver bullion is up
28% in the same lapse! We’re in the shoot-fish-in-dry-barrel market and anyone shouting from the rooftops
about their stock picking ability needs a reality check, but a win is a win.
Meanwhile, WRLG last week published an eight-minute
video entitled commemorating its declaration of commercial production entitled “Madsen: The New High-
Grade Canadian Gold Mine”. Find it here (10) and apparently we need to watch it, as in 2025 a video
declaring commercial production means it’s more official than a SEDAR filing. Or something.
Latin Metals (LMS.v): Two NRS from LMS last week, both reasonable. First up (11) its partner at the Cerro
Bayo project, Daura Gold, is preparing for “….a planned 1,500 meters diamond drilling program , expected to
commence in mid-February 2026.” The optioner expects to drill 222 holes into Cerro Bayo, so there will be
plenty of newsflow as from Q2.
Then on Thursday LMS announced (12) that the spin-out of two of its Peru copper projects, Para and Auquis,
into the spinco called “Latin Explore Inc”, is going as planned and is expected to happen in mid-February.
That means “Free Shares” for us, as the spinco sees 10.9m of its new shares distributed to LMS shareholders.
The Latin Explore spinco will be able to hit the ground running as it’s raised $3m (upsized from $2.5m) in a
placement financing priced at 10c. In total and according to LMS, here’s how the newco shares break down:
Following completion of the Arrangement, Shareholders are now expected to hold approximately 25%, the
Company will hold approximately 6%, and shareholders of Finco will hold approximately 69% of the issued and
outstanding Latin Explore shares.
As for Para and Auquis, by way of reminder these are the blurbs that accompanies the original announcement
on December 9th
Para Copper Project
Latin Metals acquired its 100%-owned Para Copper Project ("Para" or the "Para Project") through staking in 2023
and expanded it in 2025 through acquisition of additional property. The Company initially completed systematic
geochemical sampling and interpretation, confirming the presence of multiple porphyry-style targets. Latin Metals
subsequently purchased historical exploration data from Vale Exploration Peru S.A.C., a subsidiary of Vale
15

Canada Limited ("Vale") (see previous news release dated February 10, 2025), allowing Latin Metals to leverage
Vale's extensive prior work, minimizing risk and accelerating the next stages of exploration. Vale's exploration
efforts included geochemical rock sampling, induced polarization, ground magnetic and radiometric surveys, and
resulted in the identification of four drill targets. Historically, Vale completed drill permitting, providing a strong
indication that Para is a project where new drill permits could be obtained in due course.
The Company has retained SLR Consulting (Canada) Ltd. to complete an NI 43-101 Technical Report on the Para
Project, which is intended to constitute Latin Explore's Qualifying Property within the meaning of TSXV policies.
Auquis Copper Project
The Auquis Copper Project ("Auquis" or the "Auquis Project") has potential for multiple deposit types including
copper-molybdenum porphyry and skarn. Surface exploration discoveries at Auquis to date include the Rose
Zone, where strong magnetic anomalies correspond to anomalous copper mineralization, and the Blanco Zone,
where intense magnetic anomalies align with skarn alteration and base metal mineralization.
The IP survey has delineated multiple chargeability and resistivity anomalies interpreted to reflect structurally
controlled zones, including silicified veins and potential mineralizing conduits. Integration of the IP data with
historical geochemical sampling and earlier gradient array IP surveys has resulted in the definition of 15 priority
drill target areas. A total of 22 drill holes are planned to be completed in this phase of drilling.
In this red-hot market for copper projects and stories, Latin Explore looks like an interesting spinco
happening at the right time. LMS has been getting basically zero dollar and zero cents of value for these
assets, we’re unlikely to see the LMS share price drop very hard on closing and while the “free money” claims
of spincos are easy to refute, this one does look close in real terms. When my shares arrive, I won’t be in a
hurry to liquidate them.
Arizona Metals Corp (AMC.to): A quiet week for AMC and a stock price that failed to run with peers
during the mania of last week. So be it. We’re in AMC for the TLS trade, which in turn was an addition on the
previously held position, because of the PEA for the main Kay project expected this quarter. Until that
document arrives this one is a hold and in fact, this may turn into a trade that’s worth adding to further
before the PEA drops.
The Copper Basket
After three weeks of 2026, The Copper Basket shows a gain of 24.79% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 252.88 799.10 3.16 15.8%
2 Aldebaran Res. ALDE.v 3.67 169.914 628.68 3.70 0.8%
3 Los Andes Copper LA.v 9.20 29.56 470.00 15.90 72.8%
4 Pecoy Copper PCU.v 1.32 213.1 411.28 1.93 46.2%
5 Hot Chili HCH.v 1.33 177.36 289.10 1.63 22.6%
6 Hercules Metals BIG.v 0.74 289.41 231.53 0.80 8.1%
7 Element 29 Res ECU.v 1.20 155.51 197.50 1.27 5.8%
8 Surge Copper SURG.v 0.475 345.41 193.43 0.56 17.9%
9 Andina Copper ANDC.v 0.56 224.67 188.72 0.84 50.0%
10 Fitzroy Min FTZ.v 0.48 278.07 152.94 0.55 14.6%
11 American Eagle AE.v 0.56 172.877 107.18 0.62 10.7%
12 Copper Giant CGNT.v 0.49 149.57 101.71 0.68 38.8%
13 Metal Energy MERG.v 0.64 36.03 30.99 0.86 34.4%
14 Algo Grande Copper ALGR.v 0.53 31.95 24.60 0.77 45.3%
15 Kobrea Exp KBX.cse 0.51 35.622 24.22 0.68 33.3%
NB: All stocks in CAD$ Portfolio avg 24.79%
The basket average added another whopping 7.28% on the week and if memory serves, this is the fastest
start to a year we’ve ever seen for a Copper Basket. There were even four week-over-week losers (ALDE.v,
SURG.v, FTZ.v, ALGR.v) in the mix this time, with), but that still leaves eleven winners and of those, we saw
double figure percentage moves from Pecoy Copper (PCU.v up 27.8%), Los Andes (LA.v up 14.4%), Metal
Energy (MERG.v up 13.2%) and Copper Giant (CNGT.v up 11.5%).
16

The continued surge in the juniors was against the tide of the copper market, for most of the week at least.
The metal spent four of the last five days with a sliding price, then overnight Friday Asia found buyers and
the rally accelerated when the USD hit weakness.
We need to separate relative and absolute performance, because copper’s been downhill since the recent
U$6.10/lb peak (which coincided with the Future Minerals Forum in Riyadh) and last week stayed stubbornly
under the U$6/lb line. However, these are still spectacular and highly profitable prices for any producer of the
metal and anything bar a full scale price collapse is bound to attract serious dollars into the sector’s project
pipeline. But that said, our brief here is a weekly commentary and the price weakness isn’t just because,
there are clear fundamental reasons why copper has retreated and to sum it up, let’s quote Ole Hansen of
Saxobank again (13) as he got it right on Thursday, just before that rally got legs:
Manufacturers are increasingly baulking at current high prices, and the combination of softer demand
and rising availability has flipped London’s nearby structure from a USD 120/t backwardation to a
USD 82/t contango, signalling a shift from tight to looser spot conditions.
It’s not just data such as inventories (see below) or anecdotals, as when LME moves $200/t and into
contango, pay attention. Meanwhile and on the other side of the trade, this Trading Economics note dated
Friday (14) shows why we had that late week rally:
Copper Rises as Dollar Weakens
Copper Futures climbed above $5.8 per pound on Friday, rebounding from multi-week lows and
tracking gains across the broader metals complex as the dollar weakened
Why did the USD drop? According to the wise people in suits, the world is “nervous about Trump”, with all his
guff and nonsense about Greenland and the
slights against British troops while at Davos and
this and that and the other. Give me a break!
For one thing, the news cycle will forget all this
in a matter of days* and for another, Trump
has given us eight years of the same scattergun
rhetoric and if you haven’t spotted the pattern
by now and think it’s a geopolitical risk, shame
on you. However, it is clear that copper moved
in reaction to the weakness in the USD, as seen
in this chart that pits the most liquid Comex
contract (March 2026) against the US Dollar
Index (DXY).
So where does that leave us? On the one hand,
we have clear fundy indicators from inside that copper market that demand is weak and big buyers aren’t
willing to pay these U$13k/mt prices being demanded by a red hot commodities market. It’s a seasonally
weak period of the year, too. While on the other hand, the speculative momentum is strong and the currency
weakness quickly sees copper’s price being propped. In other words, these are big-boy influences pushing
against each other and the near-term result is unknown. Also, in the longer-term, everyone expects demand
to outstrip supply and there lies the reason people are betting on copper’s upside now, even after its
excellent recent price run.
17

In so many words, there’s a bit of a fight on around copper at the moment. Overall and to make my position
clear, I’m sticking to my basic plan of expecting near-term weakness to show up. I’m keenly aware the macro
can and may well turn out to be the stronger force and with the amount of speculative hype now entering the
copper space, sheer weight of cash on the long side may end up becoming the greater influence. However
and against strictly in the near-term, the simple fact that there are more sellers pof copper than there are
buyers at the moment is the side I’m taking. The way copper is being treated as an asset class by a growing
minority of the financial world is another clue, because an industrial metal will never be anything else than a
commodity (sorry, too expensive to store for one thing). Copper isn’t gold…it’s not even silver’s level of
speculative investability (if that phrase even exists) and the graves of those who have insisted otherwise litter
the commodity sector’s history.
* We’re less than three weeks from the astounding US special forces operation that snatched Nicolas Maduro out of his heavily
guarded residence in the country’s capital city without a single loss of life on the US side and dumped him in a jail in New York. It
may as well have happened in 2024, for all we hear about it now.
Now for the regular world copper inventories update, data from Cochilco.
 You have to go back to June 2013 for the only time when the three official copper inventory
systems had more inventory than today. Back then, the month-end peak was 914,518 metric
tonnes, this weekend we have 905,069mt under roof and all three futures shops added tonnage,
to boot.
 The Shanghai SHFE added another 12,422mt, which is a smaller addition compared to the first
weeks of 2026 but its still enough to keep the momentum going and unless something very
strange happens this week, SHFE will have a new record copper total inventory for y January.
The total this weekend is 225,937.
 The LME added copper stock for the second week running and this time it added bigtime, with
24,275mt and half of that landing in Asia warehouses. The Friday close total was 171,700mt
 The Comex now has over half a million metric tonnes of copper in store, the addition of 18,716mt
last we pushing the total to 507,432mt and still apparently showing no signs of stopping.
The dedicated SHFE chart is the visual form of the way SHFE is stacking copper early in the year. That’s a
lot of copper being stored away this early and it’s worth noting that the early year top usually comes
after the Lunar New Year and there’s still three weeks to go for that.
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
18
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 notes on some of our basket component stocks:
Los Andes Copper (LA.v): Another chapter of Bizarro Mondo in LatAm mining revolved around LA.v last
week and specifically around its CEO Santiago Montt (or ex-Ceo?....or about-to-be-reinstated CEO?). he fun
began on Tuesday morning and this NR (15) from the company:
Vancouver, BC - Los Andes Copper Ltd. (“Los Andes” or the “Company”, TSX Venture Exchange: LA,
OTCQX: LSANF) advises that Santiago Montt has been appointed as Minister of Mines for the
incoming government of President Jose Antonio Kast and has submitted his resignation from the
position of Chief Executive Officer (“CEO”) of the Company. Mr. Montt will remain with the Company

to support an orderly transition until February 19, 2026. Antony Amberg, Chief Geologist at Los
Andes, has been appointed as interim CEO of the Company, and the Board has begun the search for
a new CEO.
It went on with hearty congratulations from the LA chair and board, with the implication that having Montt
high up in the ministerial echelons would help LA no end when it came to the permitting of its controversial
and locally opposed Vizcachitas project in Central Chile. The problem is that on Tuesday morning his
appointment as Mining Minister had not been announced by Kast. Instead the appointment was scheduled to
happen that evening at a big and formal announcement ceremony when Kast would appear with all 25 of his
proposed ministers, give speeches and catch the country’s news headlines. This type of “Meet The Team”
show is typical for an incoming government in Chile (and other LatAm countries for that matter) and while it
might come across as a formality to the outside observer, it is in fact a Big Thing in the political calendar and
the aggregate of the incoming ministers will often set the tone for the government to come. It’s supposed to
be a slick and media-friendly event that reassures the population that they’re in good hands once the
incoming government starts its job, but due to Montt and LA.v it was far from that.
In effect, LA.v had front-run the news of Kast’s ministry make-up and on the morning of the day they had
been gathered into one place to be briefed by the President-Elect in a closed-doors meeting where not even
their own personal telephones were allowed to be turned on (in order to stop leaks of who was going to be a
minister, etc. The leak gave his political enemies on the Left grist for their mill and they quickly accused Kast
of being under the control of foreign capitals, etc. As a result and almost literally at the last minute, Santiago
Montt was uninvited to be a minister, his name removed from the roster and his job given to the incoming
Minister of the Economy instead. The fun and games around Montt and the Ministry job got a lot of airtime in
Chilean media, particularly the independent news channels. To pick one that treated the President-Elect as
nicely as possible, here’s a translation of the top of this Ex-Ante note (16):
Up to 7pm this Tuesday, a space had been reserved for the then-certain Minister of Mining, Santiago
Montt, marked on the floor with tape, on the platform located in one of the courtyards of the
presidential palace room where the President-elect was about to announce his cabinet. However the
tape was suddenly removed by a group of advisors, leaving 24 strips for the cabinet secretaries, plus
the one designated for Kast. This revealed Montt's appointment had fallen through at the last minute
and that the position would go to Daniel Mas, who has taken the dual role of Minister of Economy and
Minister of Mining. The decision ended up delaying the start of the event, originally scheduled for
8:30pm, by more than 50 minutes. Montt's last-minute exclusion from the ministerial team left most of
the other tie-wearing future ministers perplexed and unaware of what was about to happen.
Sources close to Kast indicate that his decision was influenced, among other things, by the fact Los
Andes Copper had announced that Montt, its CEO, would be leaving his post to assume the position
of Minister of Mining before the President-elect had officially announced his cabinet. The same
sources added that the President-elect's decision has been taken as a stern signal to his ministers,
indicating that there would be no room for errors of this magnitude and that the price for mistakes
would be high and paid swiftly, no matter what. In this case, Daniel Mas had to assume the dual
ministerial role at the last minute, in a merger of government ministries that had been ruled out a few
days earlier.
Another was Chile’s venerable current affairs site “The Clinic”, which ran multiple reports on the mess caused
by Montt at what was supposed to be a slick and professional presentation event. This one (17) quotes the
president of Kast’s political party, excerpt translated:
“But it was the president of the Republican Party himself, Arturo Squella, who entered the ceremony
looking visibly uncomfortable and expressed the displeasure caused by the statement from Los
Andes Copper. “If I were part of that company, I’d think they would need to review how they handle
communications given that they're echoing press reports. The fact they made that decision speaks to
the imprudence of a private company.”
What fun, making the President-Elect look silly during his first high-profile event since winning the presidency
and upsetting the plan for his ministerial appointments. In other places, we also learn that Kast offered the
Mining Minister’s role to another candidate at the last minute, who politely refused for his own reasons and as
he didn’t want to offer the job to someone outside his own party, due to having given plenty of ministry jobs
to “independents” (as they say in Chile) to a level that was already causing grumbles among the faithful, he
decided on what’s likely to be a stop-gap measure and gave Daniel Mas two jobs, Economy and Mining. This
despite expressing saying that he wasn’t going to give any “double ministry” jobs in his cabinet at a press
conference on January 9th.
19

The bottom line: Los Andes Copper put its foot in it
last week, embarrassing the President-Elect and
giving political capital to his enemies. The five day
price chart (right) shows the pop and drop as the
debacle happened, but somehow LA.v still managed
to record a week-over-week win. That, to this desk
at least, seems supremely optimistic under the
circumstances as LA did itself a bad turn with the
Kast government last week, be clear.
Pecoy Copper (PCU.v): I’ll give Paul Matysek
credit in the fact that he’s timed this company’s roll-
out to perfection, getting the deal done with
Pembrook at the right time and then IPO’ing into the
sweetest spot of this copper bull run. We also
recognize that the time has come for the Pecoy project, one that would have been overlooked by much of the
market even three years ago due to its relatively low grade. But timing is vital and these days, with the
nearby Zafranal being developed on largely the same type and grade of rocks and a copper price that makes
them all look robustly economic (and Pecoy is far from the worst out there), the result is a share price that’s
taken off like a rocket. Consider this:
 Qualifying transaction at 60c in September
 Entered December 2025 at 90c
 Left December 2025 at $1.32
 Three weeks later $1.93
Or if you prefer, at its IPO it was valued at a
C$125.7m market cap, it’s now over C$400m. Wow.
To be fair, this isn’t a blind alley speculation in the
same way as Mogotes or Andina with zero or very few
holes put into the projects as yet. Instead Pecoy runs
a 43-101 compliant inferred resource of 6.45Bn lbs
copper using its 0.23% Cu cut-off, that predicated on
a U$3.25/lb copper price (as well as modest
assumptions for the kickers of U$8/lb Mo, U$1,400/oz Au and U$20/oz Ag). In other words, even if the
current expansion drill program hits nothing at all, the CuEq resource is going to increase on simple math.
However and be clear, there's a high likelihood the current outstep drill holes hit more good grading material
(because that's exactly how properties are sold to buyers and Pembrook isn't stupid).
At C$411m, this now looks very expensive.
Element 29 (ECU.v): We’re now in the time window to expect the first set of assay results from the current
Elida program and if they can give us eye-catching results from one of the deep holes in particular, this
current market could quickly add to its quasi C$200m market cap.
UPDATE Monday: Another drill result gets added to the edition, this time ECU’s 1.489km of 0.58% CuEq.
We’ll take a better look at this hole next week, for the moment here’s the link (18).
Surge Copper (SURG.v): Its run capped for the second week running, last week we mentioned in passing
that SURG seems to have hit a near-term ceiling and that was underscored last week. SURG hit its top price
20

in the first week of the year, a classic move for a highly touted and potentially overbought exploreco and is
down 20% from its peak.
American Eagle (AE.v): Having sold and taken profits on my near-term TLS trade in AE.v we’ll now follow
its 2026 fortunes in this section and to its credit, the stock traded well enough (and better than I expected)
last week, re-taking the 60c line and staying above it fairly easily.
UPDATE MONDAY: Sure enough, I should have waited one more week (chart right)The NR out of AE.v today
headlined (19) “American Eagle Drills 802 Metres of
0.71% Copper Eq. from Surface, including 375 Metres
of 1.01% Copper Eq.” is an excellent hole and while
there are a couple of question marks around it, such as
why it was drilled as a vertical hole. The amount of gold
in that CuEq, whether it can form part of a coherent
resource zone at the North end of NAK where returns
have been patchy etc, the company picked the right day
to release a stonker of a headline hole and the reaction
was deserved. To be clear, if I hadn’t sold my shares
previously I would have sold them into the move today,
so the only real difference personally is the amount of
profit made. I wish them luck and we’ll follow progress
at NAK in this section.
The Producer Basket
After three weeks of 2026, the Producer Basket shows a gain of xxxx% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 137.75 124.32 24.5%
2 Agnico Eagle AEM 169.53 502.579 107.82 214.54 26.5%
3 Barrick B 43.55 1705.994 87.14 51.08 17.3%
4 Wheaton PM WPM 117.52 454.02 66.36 146.16 24.4%
5 Lundin Gold LUG.to 114.02 241.433 21.31 120.92 6.1%
6 Alamos Gold AGI 38.58 420.68 18.27 43.42 12.5%
7 IAMGOLD IAG 16.49 594 12.44 20.95 27.0%
8 Eldorado Gold EGO 35.92 201.275 9.30 46.20 28.6%
9 B2Gold Corp BTG 4.51 1330.134 7.04 5.29 17.3%
10 Americas G & S USAS 5.11 318.26 2.96 9.29 81.8%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 26.61%
Once again the big precious metals producer stocks were Ground Zero for bullish sentiment in the mining
sector and you need look no further than the week-over-week improvements seen in the benchmark ETFs for
proof:
 Gold bullion ETF (GLD): Up 8.7%
 Gold producer ETF (GDX): Up 10.1%
 Gold juniors ETF (GDXJ): Up 13.2%
So enjoy the run, but my only word of warning is not to get too used to these type of gains, moments like
this don’t come around very often. As for our list, all ten were winners on the week and the gains were good,
even the least-best from Lundin Gold (LUG.to up 4.3%) and Barrick (B up 4.8%), but the best wins came
from the Tier 2 stocks, with double figure percentage moves in Alamos (AGI up 11.6%), Eldorado (EGO up
14.7%), B2Gold (BTG up 15.5%) and IAMGOLF (IAG up 22.0%). But star of the show was undoubtedly
Americas Gold & Silver (USAS), which moved up 43.4% on the week thanks to a strong Q4 production NR as
well as having “The S Word” in its corporate title. Now up 81.8% YTD after just three weeks of market, the
21

gamble to include USAS in the 2026 list is paying early dividends. Time will tell if it keeps the momentum
going.
IAMGOLD (IAG) (IMG.to): Post close January 19th saw IAG announce its 4q25 production NR (20) (results
Feb 17th) and the magic phrase was this about Q4:
“….record quarterly production at all of its operations, including at Côté Gold which
achieved the top end of its guidance targets.”
That saw IAG do this at the bell January 20th and it kept up with peers for the rest of the week, recording as
such an excellent +22.0% week-over-week gain and moving from 7th place to 3rd place in % gains in 2026
percentage gains on our list.
Alamos Gold (AGI): Last week we consider the drop recorded in AGI due to a soft Q4 production NR as “a
dip worth buying”, this weekend we get to record a +11.2% move on the week. Further questions?
B2Gold (BTG) (BTO.to): One of the few Tier 2 companies that doesn’t pre-announce its quarterly
production numbers, we will instead have to wait until BTG reports its 2025 YE and 4q25 financials on
February 18th (post close) to find out the news. So fair warning required, as despite the strong +15.5%
week-over-week move there are strong rumours going around that its still having glitchy problems at Goose,
despite its passing the official Commercial Production
milestone in 4q25. We’re going to have to wait three more
weeks to find out how true these rumours are, but I’ve
heard them from two separate sources and one of those is
someone I’ve learned to trust.
Americas Gold & Silver (USAS): The plan was to do
something longer on the very strong results and reaction
(chart right compzared ot GDX), it’ll happen next weekend
because after putting the numbers together, I think it needs
more space an explanation to do the results justice. Next
weekend, then. Promise.
The TinyCaps List
After three weeks of 2026, the TinyCaps show a gain of 18.55% 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 21.16 0.08 14.3%
Canex Metals CANX.v 0.215 166.95 44.24 0.265 23.3%
Sranan Gold SRAN.cn 0.30 60.42 18.73 0.31 3.3%
Enduro Metals ENDR.v 0.155 76.04 18.25 0.24 54.8%
Latin Metals LMS.v 0.21 133.01 31.26 0.235 11.9%
Precore Gold PRCG.cn 0.26 32.003 6.88 0.215 -17.3%
Radius Gold RDU.v 0.14 115.7 17.36 0.15 7.1%
Silver Wolf SWLF.v 0.135 62.18 12.13 0.195 44.4%
Trifecta Gold TG.v 0.195 47.7 13.36 0.28 43.6%
Viva Gold VAU.v 0.19 171.677 32.62 0.19 0.0%
Prices in CAD$, data from TSXV basket avg 18.55%
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.
22

 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.
The TinyCaps list headcount was slightly in favour of the bulls, with five week-over-week winners (AUME.v,
CANX.v, ENDR.v, SWLF.v, TG.v) versus four losers (SRAN.cn, LMS.v, PRCG.cn, VAU.v) and one unchanged on
the week (RDU.v). However, the basket average climbed by over 6% thanks to the big percentage wins
registered in Enduro Metals (ENDR.v up 26.3%), Trifecta Gold (TG.v up 19.2%) and Silver Wolf (SWLF.v up
18.2%). Sometimes, all you need is the right word in your corporate title to make people buy your stock.
Radius Gold (RDU.v): A small chuckle about RDU’s NR last week (21), in which it told the world of the
progress it had made in permitting its Tierra Roja project in South Peru for drilling. Although the paperwork is
happening it is still clearly a distance away from getting the drills turning on the project that it originally
claimed had a simple permitting track and would be permitted for exploration and drilling within a few
months….back in September 2024.
Sranan Gold (SRAN.cn): SRAN provided a reminder of the Wild West nature of the CSE stock market and
the way that even "interesting stories" such as this company can quickly become shaky corporate
propositions when on Wednesday it announced it had applied for a Management Cease Trade Order because
it wasn't going to make the deadline for its annual financials (its year ends September 30th, it had until
January 28th to file). SRAN told the market it would get
its annuals in by Feb 27th, at which time the MTCO
would presumably be lifted.
The stock sold down on the news, quite right too.
Precore Gold (PRCG.cn): This stock continues to be
ignored by the market, which is exactly the way I like it.
Call me contrarian, but aside my open trade in LMS the
company that most interests me on the 2026 TinyCaps
List is the only one in the red. We note the company
AGM is now scheduled for March 9th, that may be a date
around which the company starts to make more noise
on the open market.
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
Colombia: Another poll tells us the left wing isn’t dead
This is the third note in our recent series of “be careful about the Colombia presidential election and don’t
write off the lefties”, once again based on a recent opinion poll showing voter intentions. The first of these
was the Regional Politics note in IKN865 dated December 21st, “Colombia: The 2026 election field and the
recent Invamer opinion poll”, which included the words, “…the most likely result in the 2026 Presidential
election in Colombia is a return to the right wing….(h)owever, there’s a difference between “likely” and
“certainty”. Then in the Regional Politics note in IKN868 dated January 11th, “Colombia: Right favoured over
left in round two”, we went with, “…the lefties are not out of this one yet and this is LatAm politics, where
anything can happen and often does.”
23

That second note was based around a published poll that week by AtlasIntel, this week brought a poll by
another serious pollster, Guarumo y Ecoanalítica, taken between January 14th and 22nd and here are the
voter intention numbers they reported for round one (22):
 Iván Cepeda 33.6%
 Abelardo De la Espriella 18.2%
 Paloma Valencia 6.9%
 Vicky Dávila 4.1%
 Sergio Fajardo 3.9%
 Juan Manuel Galán 3.3%
 Aníbal Gaviria 2.6%
 Claudia López 2.4%
 Enrique Peñalosa 2.4%
 Don’t know/No answer: 13%
Once again we see the Left wing Iván Cepeda, i.e. the Petro government’s pick to take over form the current
President, leading the field and the hard right wing Abelardo De la Espriella (though these days I wonder
what “hard right” really means, so it’s used for illustrative purposes only) in a clear second place on 18.2%.
However, in this poll we see Sergio Fajardo well down the field at 3.9% and fighting for relevance with
several other names (I’ve included all candidates with 2% or over, there are another 20 below these (!!).
The field is going to thin between now and the round one on May 31st, not least for the party primaries for
the centre and right wing alliances. We know Iván Cepeda is the lefty choice, we also know Abelardo De la
Espriella will be on the ballot, Sergio Fajardo leads his central ticket nomination and is highly likely too, the
one left to decide is the Centro Democratico primary on March 8th and for that, Paloma Valencia is currently
favoured with Vicky Dávila a possible and a range of other names behind those. After that, there’s also the
potential of a right wing pact with De la Espriella and other permutations as well. In other Facebook words
“it’s complicated” but come the day, we’ll have four or perhaps five names with real voting blocks behind
them. However, it does seem as though the lefty Iván Cepeda is set for one of the two run-off places (it’s
virtually impossible to see a scenario without a run-off) and on that score, this latest poll brings slight more
worrying news. In the hypothetical scenario of a run-off between the top two in the polls today, it forecasts
this:
 Cepeda 39.4%
 De la Espriella 33.9%
 Neither 26.7%
Cepeda with a slight lead, though the “Neither” vote is notably high. That’s also true for Cepeda versus
Paloma Valencia…
 Cepeda 40.0%
 Valencia 21.2%
 Neither 38.8%
…as well as Cepada versus Sergio Fajardo:
 Cepeda 39.3%
 Fajardo 24.8%
 Neither 35.9%
Also, in the less likely event that Cepeda doesn’t make the run-off, that “neither” vote shoots even higher.
Here’s an example:
 De la Espriella 32%
 Fajardo 21%
 Neither 47%
Bottom line: This election is looking more and more like one of those where a sizeable segment of society will
be forced to choose between two candidates they don’t like in Round Two, a casting vote situation. That
means the Left has more of a chance than the current opinion offered in the North is giving them.
24

Argentina: Milei at Davos
If you’re looking for a LatAm region story about mining from Davos the best stop is probably the appearance
of President Javier Milei of Argentina, poster boy of the right wing shift in the region and loved by virtually
one and all at a gig such as Davos. His main speech went under the slogan “Make Argentina Great Again” (no
idea where he got that idea from) and the tone was less combative than in his previous appearances at
Davos, perhaps because of the ground gained by the right versus the left in South America in the last year
and particularly in Argentina, where his party got a dream result in the 2025 mid-terms. He also (23) met 80
company CEOs is a publicized lunch meeting-cum-speech in which is pushed his “three anchors” vision for
growth in Argentina, those being energy, hydrocarbons and mining.
Milei said all the right things without making splashy headlines this year, which suits our industry of focus
down to the ground, of course. We are the no news = good news sector.
More Argentina: The glacier law debate continues
The last time this subject got an airing on these pages was before Christmas, when the Milei government was
trying to push through the changes to the current so-called "Glacier Law" that restricts development in the
high Andean zones if the projects in question (almost always mining projects) infringe on glacier or periglacial
zone (see IKN Weeklies passim). In a nutshell, the Milei government wants to relax the rules in order to make
projects easier to permit, with the strategy of putting any ultimate decision on the effects of a project in the
hands of provincial governments. That would allow those provinces keen on moving their mining industry
forward to green-light projects more easily.
Anyway, the plan to push the law project through in December didn't work, then January is when Buenos
Aires stops for the summer vacations, which leads to the latest development last week when the Milei admin
ordered extraordinary parliament sessions, starting February 2nd and continuing up to February 27th if
required, in order to get the law through the lower and the upper house (24).
The fight is on however, because the opposition to the relaxation of the current law has picked up steam via
a series of technical reports explaining the potential for environmental damage, the latest from the Argentina
Academy of Environmental Science (AACA, Academia Argentina de Ciencias del Ambiente), which presented
its report last week to Congress and recommended that the reforms be rejected as they (quote translated
(25)) “…contain proposals to the potential detriment to the availability of water” and that they “do not
contribute to an efficient development of the mining industry.”
The battle lines are now being drawn and February looks set to be an important month for mining in
Argentina. The mining lobby has a friend in the shape of Milei and a lot of its development plans rest on a
reform to the current law. The opposition to Milei knows this too and the environmental angle gives them
plenty of ideological reasons to make a stand against the Milei way of government. Expect mining to become
a hot topic in Argentina next month.
Peru: More unimportant Presidential scandal and an opinion poll
The news that Peru’s current President José Jerí may be impeached due to a scandal with him in clandestine
meetings with Chinese businessmen resident in Peru with dubious backgrounds, even made the New York
Times last week (26):
Peru’s President May Be Ousted Over Secret Meetings With Chinese Businessmen
Leaked videos have prompted a scandal involving President José Jerí and two Chinese men under investigation.
We’re not going into the details on these pages of what is a slightly complicated story. Basically, it’s the latest
sleaze scandal in a country with the sleaziest, most corrupt political class imaginable involving a pathetic
excuse for a Head of State who should have been in jail on other charges years ago instead of being the
country’s figurehead. Instead we’ll cut to what matters to us holding FDI on the outside:
It doesn’t matter. Not in the least.
For one, José Jerí is only caretaking the job until mid-year when he gets to hand it to a democratically elected
President. Jerí got the job when Dina Boluarte was impeached, she only got the job because she was the Vice
President when Pedro Castillo tried to run his “auto-coup” and ended up in jail. For another, the process for
the Presidential and Congressial elections is already underway, its governance has nothing to do with the
Presidency and it will continue whatever happens outside of a full-scale civil war or Act of God. For yet
25

another, the real brains running the country last week said it better than I could. That’s Central Bank head
Julio Velarde (8) and while attending Davos last week gave us this succinct and accurate sound bite (27):
“Despite the political volatility, growth (in Peru) hasn’t been that bad.” Agreed and so even if Jeri is booted
out, all that happens is we get another President promoted from the desk of the Congress President and a
few months slip past.
Meanwhile and more importantly for Peru (though it must be said that this election is less important for the
region geopolitically than that of Colombia), with the first round of the Presidential election just eleven weeks
away, results of the latest opinion poll from Peru’s reputable pollster CPI (full 22 page PDF download here
(28)) show the country’s apathy toward its next set of potential political leaders. Here’s the list that matters
most, voter intention for next President:
 Rafael López Aliaga: 13.6%
 Keiko Fujimori: 7.1%
 Mario Vizcarra: 4.4%
 Carlos Álvarez: 3.9%
 Cesar Acuña: 3.7%
 Alfonso Lopez Chau: 3.1%
 Jose Luna: 2.8%
 George Forsyth: 1.8%
 Yonhy Lescano: 1.2%
 Other: 9.2%
 Vote in white/spoil ballot/will not go to vote: 18.8%
 Undecided: 30.5%
I’ve run a longer list than normal to show the fractured nature of the race, it’s worth considering that at
present there are 30 (or 29, as one has been disqualified and is appealing….wait, 28, another was thrown out
Friday evening) candidates and that “other 9.2% covers no fewer than 21 names. However, there are only
four lines on the list that really matter today and in order of importance they are:
1) Undecided 30.5%: This election won’t firm up until very late in the process and as such, there’s
every chance an unknown outsider springs from the pack and mounts a late challenge. It’s also
very difficult to guess who that might be.
2) Vote in white/spoil ballot/will not go to vote 18.8%: Add those to the dunnos and nearly 50% of
Peruvians have no idea who to vote for in this upcoming election. The apathy is clear.
3) Rafael López Aliaga 13.6%: Although it’s a low total number and obviously vulnerable, Peru’s
mayor-turned-frontrunner and thoroughly weird person López Aliaga should now be considered a
favourite for the election. His advantages are a) he’s in the right place for the classic route to the
Peruvian presidency, i.e. “get to the run-off against Keiko and beat her”, b) a.k.a. “Porky” is one of
the few politicos in the country with a brand and known over the length and breadth of the country
c) importantly he’s popular in Lima, with that same poll giving him 21.5% of intention in the
Lima/Callao conurbation.
4) Keiko Fujimori 7.1%. The bad penny that keeps turning up, the “fujimoristas” are still an important
factor in Peruvian politics, loved much enough of a minority to make her a likely, though not
certain, factor for the second round run-off. Her 7.1% polling will grow and it’s difficult to see her
getting less than 15% in round one, so in a fractured election such as this one that matters. If she
makes the run-off, whoever gets there with her should be considered a hot favourite for the win
because the fujimoristas may have their hardcore base, but they’re hated by far more people.
Bottom line: This election matters less to the region and to mining because the real power in Peru isn’t held
by its President. We’ve also seen that whatever goes on in the country’s madcap political scene, mining
keeps trundling on. We would of course prefer a candidate that takes a more proactive stance to mining to
win through, cut red tape, offer better terms for FDI etc but even if we get another example of mediocrity
in charge for the next five years, Peru will be a decent place to go mining. As long as you pick your region
and have good community relations it has the rocks, the tradition and the culture required.
26

Market Watching
I planned to do more in this section this week, but life got in the way. Expect better from me next weekend.
Electrum Discovery (ELY.v) Redux
A quick extra line on Electrum Discovery (ELY.v), the stock we tracked for nearly a year via the TinyCaps list
before buying a few at a cheap price late last year and then flipping them back for a quick profit a couple of
weeks ago when they came under offer from Australian smallcap, MinRex Resources Limited (MRR.ax). We
sold for 10c and…
…that turned out to be stupid, as we could have got a lot more. What’s more, when the offer from MRR came
in we said as much in IKN867:
“…a pro forma valuation of A$0.1343 per ELY share, or C$0.124 at the current exchange rate.”
So, not my best snap decision to see before the deal firmed up. Shows you what I know.
Conclusion
IKN870 is done, we end with bullet points:
 The Tiernan trade has started well.
 Copper’s relative weakness continues to concern me, even after watching the madness of this Monday’s
market. Gold’’s move above U$5,000/oz looks far more solid than silver or copper.
 The XXIX placement is annoying and while it’s not going to be a losing trade on record, there’s an
awful lot of opportunity cost in having chosen that stock above any number of similar sized copper
juniors that have made rocket moves these last couple of quarters.
 The selling in Minera Alamos (MAI.v) has begun and the 6-handle weakness continued today Monday. I
stress that I’m not in a hurry and won’t take the first price available, as long as gold remains buoyant
I’ll get my 65c to 70c selling range all right.
 I’m finding the self-appointed experts’ calls to take profits in precious metals at this time both arrogant
and patronizing. The only way to take full advantage of this historic run in gold and its allies is to KEEP
DANCING TIL THE MUSIC STOPS, leave the second guessing and top-calling to the old guard.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
27

Footnotes, appendices, references, disclaimer
(1) https://economicweekly.substack.com/p/economic-weekly-january-23-2026
(2) https://finance.yahoo.com/news/wesdome-delivers-record-annual-gold-113000771.html
(3) https://finance.yahoo.com/news/wesdome-provides-senior-management-113000435.html
(4) https://www.miningweekly.com/article/wesdome-appoints-belleau-as-coo-2024-10-01
(5) https://www.goldroyalty.com/news/news-releases/gold-royalty-reports-record-quarterly-and-annual-revenue-and-completion-of-
borborema-royalty-acquisition
(6) https://xxix.ca/news/xxix-announces-12-million-financing/
(7) https://xxix.ca/news/xxix-announces-upsize-of-financing-to-15-million/
(7a) https://mailchi.mp/bluemoonmetals/blue-moon-metals-to-begin-trading-on-nasdaq-under-bmm-and-appoints-peter-madsen-to-the-
board-of-directors?e=472f7e860b
(8) https://mayfairgold.ca/wp-content/uploads/2026/01/MFG-NRJan222026.pdf
(9) https://www.rpxgold.com/wp-content/uploads/2026/01/Press-Release-AGM-Results-JAN-22-2026-Final.pdf
(10) https://www.youtube.com/watch?v=4MhnVq7IeIY
(11) https://latin-metals.com/news-releases/latin-metals-provides-update-on-partner-funded-exploration-cerro-bayo-gold-silver-project-
argentina/
(12) https://latin-metals.com/news-releases/latin-metals-provides-spin-out-transaction-update/
(13) https://x.com/i/status/2014638711628091596
(14) https://www.hellenicshippingnews.com/copper-rises-as-dollar-weakens/
(15) https://losandescopper.com/news/2026/los-andes-copper-management-change/
(16) https://www.ex-ante.cl/santiago-montt-el-ministro-de-mineria-que-se-cayo-a-ultima-hora/
(17) https://www.theclinic.cl/2026/01/21/la-trastienda-de-la-caotica-presentacion-del-gabinete-de-kast-el-desconcierto-tras-la-baja-de-
montt-en-mineria-la-molestia-con-libertarios-y-la-inquietud-de-los-partidos-con-jaime-campos/
(18) https://www.e29copper.com/news/element-29-reports-longest-and-highest-grade-intercepts-to-date-at-elida-with-1489-m-of-058-
cueq2
(19) https://americaneaglegold.ca/news/american-eagle-drills-802-metres-of-0.71-copper-eq-from-surface-including-375-metres-of-1.01-
copper-eq/
(20) https://www.iamgold.com/English/investors/news-releases/news-releases-details/2026/IAMGOLD-Reports-Preliminary-2025-
Operating-Results--2026-Guidance/default.aspx
(21) https://radiusgold.com/news/exploration-update-radius-advances-tierra-roja-permits-and-reviews-project-portfolio/
(22) https://www.eltiempo.com/politica/elecciones-colombia-2026/encuesta-guarumo-y-ecoanalitica-ivan-cepeda-33-abelardo-de-la-
espriella-18-paloma-valencia-6-y-vicky-davila-3526808
(23) https://diariolaprovinciasj.com/el-pais/milei-presento-a-la-argentina-como-actor-clave-en-energia-y-mineria-303401/
(24) https://www.infobae.com/opinion/2026/01/24/cuando-el-hielo-estorba-la-ley-que-la-mineria-pretende-borrar-en-silencio/
(25) https://www.lanacion.com.ar/politica/fuerte-oposicion-de-una-academia-cientifica-a-la-reforma-de-la-ley-de-glaciares-que-impulsa-el-
nid25012026/
(26) https://www.nytimes.com/2026/01/23/world/americas/peru-president-chinese-businessmen-meetings.html?smid=nytcore-ios-share
(27) https://gestion.pe/economia/julio-velarde-presidente-del-bcrp-en-davos-pese-a-la-volatilidad-politica-el-crecimiento-no-ha-sido-tan-
malo-noticia/
(28) https://cpi.pe/images/upload/paginaweb/archivo/23/RS%20INFORME%20OPINI%C3%93N%20P%C3%9ABLICA%20-
%20ENERO%202026.pdf
28

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
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
29

Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
30

2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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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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