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The IKN Weekly
Week 871, week of February 1st 2026
Contents
This Week: Trade heads-up, In today’s edition, Kevin Warsh stops the music.
Fundamental Analysis: Changes to the IKN Weekly Stocks to Follow portfolio.
Stocks to Follow: Overview, Red Pine Exploration (RPX.v), Arizona Metals Corp (AMC.to), Blue Moon
(MOON.v), Minera Alamos (MAI.v), Tiernan Gold (TNGD.v), XXIX Metal Corp (XXIX.v), Valkea Resources
(OZ.v), Gold Royalty Corp (GROY), Amerigo Resources (ARG.to), Orecap Inv (OCI.v), Rio2 Ltd (RIO.to), West
Red Lake Gold (WRLG.v), Wesdome Gold (WDO.to), Latin Metals (LMS.v).
The Copper Basket: Overview, Algo Grande Copper (ALGR.v), Hercules Metals (BIG.v), Hot Chili (HCH.v).
The Producer Basket: Overview.
The TinyCaps Basket: Overview, Canex (CANX.v), Sranan (SRAN.cn).
Regional Politics: Colombia: de la Espriella gaining credibility, Mexico: Ten kidnapped workers
Market Watching: Deferred
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
I’ve spent the last four days thinking hard about the make-up of the current stocks portfolio and as a result,
today’s edition is all about the expected changes. Five trades are planned for the days to come, four sales
and one continued purchase.
 Selling more Minera Alamos (MAI.v) at current prices
 Selling RPX Gold/Red Pine Exploration (RPX.v)
 Selling Blue Moon Metals (MOON.v)
 Selling Arizona Metals Corp (AMC.to)
 Adding Tiernan Gold (TNGD.v)
Please see today’s main fundies section for a few extra details.
In today’s edition
 It feels a little like cheating to publish this on a Monday evening instead of Sunday, but the recently
established new publishing day means that I went into the weekend fully aware I’d get to watch the
Monday market action, as well as the Asia Tuesday overnights, before hitting send.
 As such I wiped the notebook clean and today’s edition is very different from the one originally
planned. The fundies dive into Rio2 can wait a week, instead we dedicate IKN871 to what I’ve been
thinking about since last Thursday, the state of the play in metals.
 The house motto for over a year has been “Keep Dancing Until the Music Stops” and while the jury is
still out on whether the entire gig is over, last week is clearly a pause in the music. That means it’s
time to do something and as a result, I’m calling sell on a handful of positions. See today’s main
Fundies section for the names, the intro provides the reasons for the call.
 Consider IKN871 as something of a Special Edition, as we should be back to normal coverage (and the
promised fundies update on Top Pick Rio2 Ltd) as from next week. It’s a brief edition and to the point,
but IKN871 is a direct reflection of what I’ve been doing the last four days, no more no less.
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Kevin Warsh stops the music
Then Job arose and tore his robe and shaved his head and fell on the
ground and worshiped. And he said, “Naked I came from my mother’s
womb, and naked shall I return. The Lord gave, and the Lord has
taken away; blessed be the name of the Lord.” In all this Job
did not sin or charge God with wrong.
Job 1: 20-22 (ESV)
“Life moves pretty fast. If you don't stop and look
around once in a while, you could miss it.”
Ferris Bueller, Ferris Bueller's Day Off, 1986
I didn’t expect to write this so soon. Indeed, just last week this desk reiterated its “Keep Dancing Until The
Music Stops” strategy and along the way, pointed to stocks that were worth buying and/or adding at the
current price deck. To wit, I’m going to crassly quote myself from last week’s intro to make sure we’re on the
same page before getting to the point. This extended quote from IKN870:
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 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!”
IKN871 back and to sum that up:
 This time last week, the policy that had kept us long all through 2025 was still in place.
 We were clear that there would be an end to the gold bull run (because there always is)
 We recognized the evidence of a “blow-off mania phase” and acknowledged the rise in top calls
 We were also clear that the “Keep Dancing” strategy means we wouldn’t be able to sell at the top
Fair enough. I didn’t expect the events of last week, though. First (and as noted above), this time last
weekend gold was still nudging the underside of U$5,000/oz, by the peak of last week it hit U$5,500/oz (and
let’s not even talk about the silver market. That started a tipping moment and those calling the blow-off top
were suddenly looking good, then came the moment the market seemed to need, the nomination by
President Trump of Kevin Warsh as the next Fed Chair. The reaction to that, first and foremost, was a rally in
the US Dollar as a man viewed as a policy Hawk had got the nod over other Trump candidates that seemed
to be more willing to cut rates with gay abandon. We dial up our first chart, that of a US Dollar Index (DXY)
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over the long term, with a bit of red ink to show that while it wasn’t an emergency that needed immediate
action, the deterioration of the USD has reached the level where it’s logical that “something” is done about it.
That’s general context, the next chart is the very-near-term of the same DXY over the last ten days:
Please note that the above chart takes into account today Monday (we’ll come back to that in a moment). So
the market reacted in the way it did because of Warsh’s hawkish reputation and one that seems to go in the
opposite direction to the Trumpian “slash rates now” directive. However, bulls of all shapes and sizes were
quick to point out that Warsh himself is in agreement with Trump’s near-term desire to cut rates sharply and
I’ve read plenty of opinions on why Warsh’s nomination isn’t going to change much. Which begs a couple of
questions; Firstly, why did the market react the way it did. Secondly, why did metals dump so hard.
To answer the first, the market reacted because Warsh isn’t some vacant-headed stuffed suit without the first
clue on how to run a Central Bank, he’s not the type to kowtow to Trump either. We agree that Warsh will
cut rates once in charge and that will please his boss (or boss of sorts), but that’s not new news and the
market had “Jerome Leaves and the Cuts Re-Start” fully baked into its assumption model. The market is a
barometer, not a thermometer and what it sees in Warsh is someone who will not be afraid to take action to
remedy near-term issues (e.g. rates today) and that’s gold bullish, but he’s also someone who cares deeply
about the issue of inflation on rank and file America. After doing plenty of reading up on the subject this
weekend, there’s no better or more topical place to go for evidence than his appearance this weekend as a
panelist at the 2025 Reagan Economic Forum, covered by C-Span. This link (1) takes you to the main parts of
Warsh’s commentary (the YouTube “Fed Chair Nominee Kevin Warsh at 2025 Reagan Economic Forum”) and
I urge you to check it all out, but here are a few choice segments where he bangs on about the policy issue
he will most be able to influence once confirmed as the next Fed chair:
“I for one would like them to be a narrowly focused central bank making sure that we have stable prices
as a condition precedent to full employment not wandering into other areas.”
And…
“One final point, one of the consequences of this institutional drift into all sorts of business, climate
policy, and everything else is the inflation that we've witnessed over the course of the last five years.
Now, for most of us in the room, it hasn't been that big of a deal. We know it when we go to the grocery
store, but we also own financial assets. Maybe we own some Bitcoin. Um, 52% of our fellow Americans
own no financial assets, they don't have equity in their house, they don't have an account at Schwab.
They don't have an account at Coinbase. They're living off their W2 income. And this surge in prices
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have destroyed them. It's the most regressive tax any government could ever come up with. Imagine if
we had a central bank that had been deadly focused on that. I think we wouldn't have taken a divided
country, made it more divided. When we have a big balance sheet, we're asking for the inflation that
came. And as a final point, my own judgment is the story that I hear from many of my peers was the
inflation, well, that's not really the central bank's fault. That's because of Putin and the pandemic.
Nonsense! A change in prices happens in a market economy because of shocks in the world. Changes
in prices happen every day. That's not what inflation is. Inflation is when that change in prices become
embedded. It's second and third order effects and that's what's been the biggest harm to the country.
My recommendation is a smaller balance sheet takes the Fed back to a more manageable size more
serious job and interestingly if you can have a smaller balance sheet you can have lower interest rates.”
And…
“The problem over the course of the last several years is government policy has been too destructive.
Too destructive to banks, too destructive to individual liberty in the post-Covid era, too destructive of
technology and innovation. If over the course of the next few years we can just try to arrest most of that
destruction, what we used to describe in economics as the micro foundations of macroeconomics. This
has nothing to do with the brilliant conduct of monetary policy or fiscal policy. The micro foundations are
what matter. And what is that a fancy word for? The culture of this country. The willingness to work
hard, take a risk, have it fail, and try again.”
And…
“Everybody, no matter where you're from, there's no stigma associated with your station. You try to
make it and other people don't say, "Well, you're too big for your britches." This is not an American
birthright, but it's why the US economy has chronically outperformed from 1946 until this very day. But if
we do harm to those micro foundations, we decide we just want to try to hold on to what we've got, we
let some of the things that are most important like stable prices eat at the conscience and the integrity of
an opportunity society. Well, we're going to be no better off than a lot of these countries with whom
we're trading with. That's why this moment is such an important moment. That's why getting policy right
at this inflection point like we haven't seen in 44 years is huge. And if we do that, the 21st century will be
our century.”
There’s plenty more where that came from but the topical nature of his comments, coming as they did at an
economic event just days after being nominated by POTUS47, make them most apt. Warsh clearly knows his
field, he’s highly qualified for the role, he’s also erudite and eloquent. I’m impressed with the man but more
importantly, after doing the hours it’s clear that he wouldn’t think twice about aggressively raising rates in
order to combat inflation, or prop up a weakened dollar (see charts above) and antagonizing his boss if
required. On that score, I think even Trump (who may be odd in other ways, but understands numbers)
understands that a weakened US Dollar is bad news all round and that may have been part of his thought
process in nominating Warsh (who remembers Kudlow’s King Dollar from POTUS45?)
Anyway, that provided the backdrop for the USD rally, but the sell-off in the metals space was far more
dramatic than the move in the world’s preferred counting bean:
We’ll go with the spot gold chart 2026 to date as our visual aid, of course silver’s drop was even more
dramatic but in essence it was the same, we saw metals get extremely overbought so when a good enough
reason to reverse came along, the market was ripe. A lot has been written about the violence of the reversal,
but considering the amount of leverage that was behind the last stages of the speculation in silver it’s not
that surprising and we note, even at the lowest point of the Friday shellacking gold was still trading above the
prices at the start of the year.
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That makes the case for this being a “healthy correction” (as they say) that will allow the precious metals
party to continue unabated, but this time I don’t think that’s the case. Instead of a future in which Trump
gets to use his heterodox views on the world economy and with nobody out there to stop him from “running
it hot”, we now have a clear end to the party in the shape of Warsh and what’s more, the way the gold
market reacted compared to the more modest move in the US Dollar shows that it was a moment whose time
had come. They don’t ring bells at tops, but when tides change some small event will elicit an exaggerated
reaction that has the entrenched bulls complaining about the unfair nature of the drop (even though the
move that got them to the peak was equally as illogical). And that is what I fear we saw on Thursday, even if
it’s going to take some time for Warsh’s anti-inflation credentials to show in policy decisions they will
eventually come into play and the market doesn’t need to wait in order to stop gold from going to infinity, or
“taking over from the dollar” as we have been told.
Be clear, I’m not stating that the music has definitively stopped. The above scenario may play out exactly
(doubt that) or it may be partially correct, but even so it’s too early to state that everything has changed.
Instead, there’s enough doubt now to assume we’re going to get at least an interval to the music, which is
enough to justify my decision to trim sails and raise cash (see below). And it’s worth noting that gold is
unlikely to be the main problem going forward; the big overbought speculative run in the last few weeks has
been in silver (and other minor metals), that has to unwind no matter what happens to gold and that will be
enough to stop speculative cash entering the juniors market at all places. I’d expect quality companies with
good projects and/or operations to continue to do well as long as gold doesn’t sink into oblivion, but cannot
say the same for the raft of tinycappers that bubbled higher in the late stages of the bull run. Even if the
Gold/Silver Ratio (chart below) doesn’t go back to the 100X levels we saw in 2q25, the recent sharp drop that
briefly saw it go under 40X is unsustainable over the long term and even after that record percentage drop
on Friday, there’s more speculative padding left in the silver market. I’d expect a return to 80X over time (in
months, rather than weeks) and that, by simple sentiment, will suck all the fun out of the riskiest and
sketchiest of the junior stocks. And my stars, there are plenty of those.
Therefore the decision, I’m trimming my portfolio and raising cash in the near-term, with a view to re-
deploying it further down the line in 2025 once the playing field has settled. As for what I’m selling, that’s
coming up now.
Fundamental Analysis of Mining Stocks
Changes to the IKN Weekly Stocks to Follow portfolio
With the decision to cut back on the more speculative exposure to this market duly made, the rest of my
weekend (and Monday) work time has been dedicated to the questions of “what” and “how much”. It’s at this
point I’d like to reiterate that the recent decision to shift the publication date of The IKN Weekly to Monday
evening has felt a little like cheating this weekend, as the more I thought about the selling and change in
market atmosphere towards the metals complex as seen on Friday, the more I realized I had the luxury (if
that’s the right word) of being able to watch what went on today Monday before making any final decision. In
the end, Monday has rolled out much in the way I envisaged, with a rocky and rough North American trading
day, followed by a rally in metals in Asia overnight. That’s the right combo for what’s coming now, a decision
5

to sell parts of the current portfolio and raise cash treasury. Please be clear that this is only a partial retreat;
even assuming all trades happen as planned next week, I’ll still be very long the mining sector with all main
trades (RIO.to, MARI.to, ARG.to, GROY) untouched and even adding to TNGD.v) as that position grows to
the size I’m looking for.
There are two main objectives to this portfolio rebalance:
 Reduce risk exposure
 Raise cash
The former means that smaller caps are more likely sales, the latter means I’ve had to make a few tough
decisions and sell positions that I would have preferred to keep. Finally and as separate subject (almost),
while cogitating it all I also realized that no matter near-term gold price weakness, I’m still very keen on
building the Tiernan Gold (TNGD.v) trade to one of the larger sizes, so even after two recent purchases I’m
looking to add more (hopefully at low prices). So to the five trades
 Adding Tiernan Gold (TNGD.v): This one has already been covered, it’s also the outlier being to only
buy call this week. However, it also speaks to my growing conviction in this company and that it will
continue to be severely undervalued until it starts to get the word out. I’d expect that process to begin
soon, with BMO and PDAC now on the horizon.
 Selling more Minera Alamos (MAI.v) at current prices: This is basically a continuation of the recent
decision to sell out of MAI.v, but there is a specific change. Up to last week (and I managed to sell some
before the hammer came down) I was only going to sell when MAI was trading in my C$6.50 to C$7.00
target range. Now it’s different, the market shift means I want more of the money out asap and I’m going
to sell another tranche in the days to come at the price the market offers, if it’s under C$6.00 then so be it.
I’m still going to own a few and I’m still looking for a price closer to the C$7 line for those shares, but this
is an obvious way of raising decent cash size quickly.
 Selling Blue Moon Metals (MOON.v): This was one of the tougher decisions, as the trade is fairly new,
I planned to make it a long-term position and there’s a lot to like about MOON for the future. This is all
about personal portfolio management and after thinking hard about perhaps selling other trades (WRLG,
WDO etc) the final decision was to cut MOON.v.
 Selling Arizona Metals Corp (AMC.to): This was easier. If the Kay PEA comes out well and the stock
rallies, there will be a window in which to buy back. That said, it’s a small and speculative trade and one
that was never planned to be a longer-term holds in the first place. Unless I’m very lucky, this one will be
sold at a loss but that’s okay, it’s part of the scenery in junior world.
 Selling RPX Gold/Red Pine Exploration (RPX.v): The final sell call was another tough one, as I like
RPX a lot, its C-suite is the type I like to sponsor with my won cash, the Wawa project has a lot going for it
and it’s only very recently put in the type of price spurt I knew it was capable of showing. However, RPX is
also 1) small, 2) speculative 3) in the precious metals world and almost as important 4) it’s the size of
personal trade position that will make a real difference to my cash treasury once closed. Also, it’s now at
the slated price target I had for the stock when gold was at U$4,000/oz or so, which makes it easier to sell
now that gold is back under the U$5k line.
Bottom line: The book of Job gets quoted above for my own petty and profane reason: The same way Job
didn’t deserve his ordeal, none of these four stocks deserve their fate of being cut from my portfolio this
weekend. They are victims of circumstance and in a perfect world, I’d happy hold through on all of them as
they mature to their full potential. But it’s not a perfect world and the “least worst” method used to run The
IKN Weekly, i.e. the author’s own trades, means that at times like these I can become significantly misaligned
with what the audience requires. However, you also deserve an honest commentator and if that means
raising the warning flags on this market, one that may have just gone through the tide change for metals
prices, that’s what you’re going to get. I’m not here to be popular.
This time next week the IKN Stocks to Follow portfolio will be much lighter. That’s due to the new doubt
raised on the future of metals prices and while we don’t yet know for sure whether the music has stopped
completely, we’re in for an interval all right. I plan to take advantage of the rebound in gold and copper
prices as seen tonight Monday in Asia trading.
6

Stocks to Follow
It wasn’t all bad, as four of our twenty open positions were week-over-week winners (MARI.to, TNGD.v,
LMS.v, MENE.v) and two others were unchanged (MOON.v, MIRL.cse), but the Friday dumpfest took its tool
all right and turned what was looking like another great week into a thumping loser and among the fourteen
losers were the double figure percentage losses in Arizona Metals Corp (AMC.to down 16.3%), Rio2 Ltd
(RIO.to down 16.2% and the biggest personal hit of all), Wesdome Gold (WDO.to down 13.7%) and West
Red Lake Gold (WRLG.v down 12.9%)
There are currently eighteen companies on our Stocks to Follow list, two under our self-imposed maximum
number at any given moment and we’re seeing some red creep back on the table, too, as four stocks are
now in the red. The other fourteen stocks are in the green.
NB: The Stocks to Follow notes were written Friday evening and Saturday morning, the above “clear the
decks” intro and fundies section was prepared Monday day and written up Monday evening. If you read any
crossed messages in the below compared to the above, however slight, please default to the above opinions
(i.e. the decisions to lighten positions and raise more cash).
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$3.25 306.3% Close to $4.13 tgt
RECOMMENDED STOCKS
Minera Alamos MAI.v SELLING C$2.10 13-Oct-19 C$5.67 170.0% $7.00 tgt, selling as from now
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$5.56 261.0% Core copper position
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$11.98 292.8% Quality Cu dev, M&A tgt
Tiernan Gold TNGD.v STR BUY C$7.80 29-Dec-25 C$8.00 2.6% new Chile gold jr, adding
Gold Royalty Co GROY hold U$1.40 9-Mar-25 U$4.28 205.7% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.21 37.5% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$22.29 -0.6% 2026 M&A tgt trade
Blue Moon MOON.v SELLING C$4.18 30-Nov-25 C$6.01 43.8% Portfolio rebalance
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.45 35.5% Agnico will buy more Finland
Red Pine Expl RPX.v SELLING C$0.12 8-Sep-24 C$0.22 83.3% Portfolio rebalance
Arizona Metals AMC.to SELLING C0.69 5-Oct-25 C$0.67 -2.9% Portfolio rebalance
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.24 200.0% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.26 36.8% proj.generator, Organullo spec
Orecap Inv OCI.v BUY C$0.06 4-May-24 C$0.10 66.7% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
Mayfair Gold MFG.v WATCH C$5.32 11-Jan-26 C$5.57 4.7% Canada gold project, watching
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.215 -52.2% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
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:
Red Pine Exploration (RPX.v): SELLING. [ADDED Monday evening]. As per today’s main fundies section.
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Arizona Metals Corp (AMC.to): SELLING. [ADDED Monday evening]. Also as per this week’s main fundies
note above, I have decided to sell my shares in AMC.to in order to reduce risk and raise capital.
Blue Moon (MOON.v): Unchanged to the penny on the week, for a moment on Thursday it looked at
though MOOn.v had slipped its field as it briefly ran to over $7 on Thursday. The Friday carnage took its toll,
but overall holding the 6-line was a good performance under the circumstances. It’s also good to report an
upbeat week one of trading in its new Nasdaq ticker, with over a million shares traded through BMM and
every day hitting six figure volumes.
UPDATE Monday: SELLING MOON.v. A reluctant decision, but I have decided to sell my MOON.v shares as
part of he move to lessen risk exposure and raise cash. I stress this is a personal portfolio decision and not a
reflection on Blue Moon (MOON.v), I’ll be very happy to buy back again, no matter whether higher or lower
than today’s prices, if the market backdrop improves.
Minera Alamos (MAI.v): STILL SELLING. Wednesday morning brought significant news from MAI.v,
here’s the NR in question (2):
Toronto, Ontario – January 28, 2026 – Minera Alamos Inc. (“Minera Alamos” or the “Company”)
(TSXV: MAI; OTCQX: MAIFD) today announces that a subsidiary of Equinox Gold Corp. (“Seller”)
has entered into definitive agreements for the sale of 9,680,281 common shares (“Shares”) of the
Company to a group of strategic investors including Darren Blasutti, Minera Alamos’ Executive Vice
President, Corporate Development. The Shares are being sold at a price of C$5.80 per Share for
gross proceeds to the Seller in the amount of C$56,145,630, with Darren Blasutti purchasing 517,242
Shares for C$3.0 million. Closing is anticipated to occur in early February 2026.
The Shares were originally issued to the Seller as partial consideration for the Company’s acquisition
of the Pan Operating Complex in White Pine County, Nevada, as announced in the Company’s News
Release dated October 1, 2025.
In IKN869 dated January 18th we looked at the Pan production numbers, made our trade decision to sell and
move on from MAI.v and wrapped up by mentioning the block of shares in question, here’s that paragraph
again:
Finally, a reminder that the 9.68m shares of MAI.v held by Equinox, part of the price paid for
Pan+extras, come out of escrow on January 29th. The financing dollars also come off their hold
around now and that may or may not add to the near-term headwinds, but we know for a near fact
that EQX will sell their shares so that needs to be taken into account. However, there’s more than
one way to skin a cat* and EQX may find a more shareholder-friendly way of exiting instead of a
simple open market dump. Agreed block trades, some third party interested in taking the entire
position, etc.
Ostensibly it’s good to see this 9.68m share block taken away from EQX in one fell swoop, instead of
watching Equinox dump them on the open market and potentially depressing the share price for a more
extended period of time. However, it still sticks in the craw that the deal has been struck at a lower price
than the open market (or what was, at least). The secondary listing news provided a window and while I still
have a decent slug of stocks to get rid of, I did sell a few more at a decent exit price last week. That move
looked good when Friday’s sell-off hit, it would have
looked even better if I’d got rid of them all. As this price
chart shows (right), Friday saw NAI break back to where it
traded before the Pan production NR and as that’s not
changed a single word, we can expect MAI to rebound
back to at least the C$6.00 line next week as long as gold
doesn’t cave on us completely.
As noted last week (and the week before), the plan is to
leave MAI at “STILL SELLING” until they’re all gone and
then wrap up this long-term trade with a post-mortem
note, that’s also when I’ll work out my average selling
price but for what it’s worth, at the moment it’s at the
bottom end of my $6.50/$7.00 target range. Also, as noted to fellow holder NA last week, there’s an
obstinate part of me trying to hold out and sell at least some shares at a 7-handle. Just because.
8

UPDATE Monday evening: As it happens and on consideration of the market dynamics, I’ve decided to
liquidate another tranche at the current sub-C$6.00 prices.
Tiernan Gold (TNGD.v): ADDING. The money raised by MAI sales went straight into TNGD last week and
because those purchases came on Wednesday rather than Friday, my cost average has ratcheted up to
C$7.80. It was tempting to add further during the Friday sell-off (the only stock I considered seriously that
day) but in the end I got chicken. Or if you prefer, I calmly assessed that we may see another negative day
for the sector on Monday and further selling. This position has grown to a decent size quickly and that’s okay,
but I want more.
In trading, for the first time somebody paid C$9.00 for shares at the bell Thursday (not me) but that didn’t
last and come the selling raft, TNGD sank with the rest of them. But not by much and that’s partly due to it
being a new listing, they tend to be tighter-handed at this stage and not willing to liquidate easily. Friday saw
a few shares sold at under C$8, but the trend is obviously the friend of the longs here and the relative
strength is good.
UPDATE Monday: The exception to the rest, I will continue to add TNGD in the days to come.
XXIX Metal Corp (XXIX.v): POSITION CLOSED. To its credit, XXIX held the line of its placement price
well on Friday and finished UNCH at 12.5c on Friday, that bodes well for its capital raise. However, I was
already sold out by then. An annoying waste of time and opportunity cost, at least the Friday dump means
there’s no need to make a quick decision on what spec tinycap copper trade to put in as a replacement.
Kobrea is probably the one, though.
Valkea Resources (OZ.v): POSITION CLOSED. If it were a bigger holding I would have been annoyed at
the way OZ.v sold down last week and wouldn’t have closed the position until 50c+ showed again. But it’s
not, so I took the small win. No biggie, moving on.
Gold Royalty Corp (GROY): After last week’s review of GROY, which ended with a bunch of “famous last
words”…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”, you can blame me for tempting fate. Indeed
GROY’s share price took its part of the Friday hammering, dropping from the U$5+ prices of recent days and
closing at U$4.2. That said we’re still a mile up on this trade and the review’s broad conclusion that GROY is
still an obvious buyout candidate was underscored last week by the announcement out of Tether that it was
committed to adding to its gold investment portfolio and while GROY wasn’t directly mentioned, the obvious
eventual move to consolidate “the Tether royalties” (ELE, MTA, GROY etc) into one entity and enjoy the
valuation lift the larger entity would get is an obvious way forward.
However and after the review, it’s clear that on current fundamentals GROY is now fairly well priced for what
it is and what it promises in 2026 and beyond (we showed fairly clearly that it cannot justify its equity on
2025 earnings). The reason to own GROY from here on is that eventual Tether consolidation and if I didn’t
think it likely, I’d take profits at U$5.00. It’s always a trappy game trying to second-guess M&A but in this
case, the likelihood of a buyout outweighs the potential opportunity cost of owning and waiting. I would not
sell at these prices at the low-4s under any other circumstance bar a full-scale gold price meltdown, U$5 is a
reasonable fundies level today.
Orecap Inv (OCI.v): A very interesting week for the OCI portfolio of shares:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 10.72 0.77 8.25 3.3
ARIC.v 7.39 0.75 5.54 2.2
ARIC warrant 4.17 0.55 2.29 0.9
XXIX.v 23.637 0.125 2.95 1.2
AUME.v 42.75 0.085 3.63 1.5
MERG.v 1.025 0.84 0.86 0.3
MERG warrant 0.5125 0.39 0.20 0.1
ZIGY.cse 4.942 0.30 1.48 0.6
KLDC.v 40.040 0.325 13.01 5.2
9

subtotal 38.23 15.4
Est.cash 0.03 0.0
Total 38.26 15.4c
At 248.332 S/O
Amid the destruction of Friday, no fewer than four of the stocks on the above list registered week-over-week
gains (AE.v, ARIC.v, AUME.v, ZIGY.cn) and the other three were hardly disasters either, with KDLC.v
unchanged and small losses taken by XXIX.v and MERG.v. The result is a stock that managed to add a
chunky 1.8c/share to its liquid-ish assets value and offer a theoretical fair value on these assets alone of
15.4c, up 1.8c on the week. But that didn’t stop OCI losing half a cent on the week.
Amerigo Resources (ARG.to): Worth noting that despite the 11.1% drop in ARG on Friday, it still closed
the week higher than the price I took when selling 25% of my original holding, having spent nearly all the
other days of last week trading above C$6 and a top tick of C$6.40. It’s not impossible to see another sale
out of this trade, but it would need copper to show clear weakness and so far, that hasn’t happened. It’s
priced up here for good reason.
Rio2 Ltd (RIO.to): It was all going so well, to the point that when the positive reaction to the news (3) of
first pour at Fenix was announced (and briefly mentioned in IKN870 last week), the good vibes saw RIO.to
get to within 6c of the house target price and triggered
your author’s decision to run a target price update this
weekend and that was the plan but then Thursday’s
sector weakness turned into Friday’s rout and the plan
changed.
We will run a updated fundies analysis on Rio2 next
weekend (surprises permitting), most of the notes are
done and with the Condestable acquisition now finalized
(4), RIO.to is suddenly a very different machine. What I
can tell you without breaking sweat is that even if gold
and copper drop further, the RIO.to price target is going
up from the current C$4.13.
West Red Lake Gold (WRLG.v): The news front was good, the price action not so good and I thought
long and hard about selling WRLG as part of this cull, or at least reducing. It was one of the more difficult
calls, but eventually I’ve decided on keeping the position intact for the time being as we’re now in the
company’s most obvious re-rate window. The ramp-up was slightly slower than expected but all systems now
seem to be in place, we can expect a 2026 guidance NR in the near future and by the time its annuals come
out, the mine would have reported preliminary 1q26 production data and we’ll know whether Madsen works
as planned (all indications are good). Therefore it wasn’t a surprise to see the newsflow start to pivot toward
its second re-start, the Rowan project, last week with a drill assay NR that offered splashy grades and an
indication of what we can expect by way of news in 2026. That’s the right combo to allow me to hold on a
while longer, even if gold has a down period. However if the bear really starts to growl in our sector this is
one of the obvious trades I’d sell in a second round of lightening.
Wesdome Gold (WDO.to): In the same vein as WRLG above, this could have been a sale too. I do at least
want to get to the 4q25 earnings report and as that’s not so far into the future, March 11th, for the time being
I’ll risk keeping the trade intact. As an established producer WDO directly benefits from the bonanza gold
prices and there’s always the chance cheaper equity crystallizes the M&A potential WDO offers to the world.
Latin Metals (LMS.v): Not only was LMS up a very handy
10.6% in a difficult week, but it did it with an acceleration of
volume. The lack of interest in trading its shares has always
been a weak point of this stock, but the 316k traded Thursday
and the way it held at 26c even as 282k shares were dumped
into a semi-panicking market on Friday is a good optic.
10

The Copper Basket
After four weeks of 2026, The Copper Basket shows a gain of 23.80% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 252.88 806.69 3.19 16.8%
2 Aldebaran Res. ALDE.v 3.67 169.914 589.60 3.47 -5.4%
3 Los Andes Copper LA.v 9.20 29.56 517.00 17.49 90.1%
4 Pecoy Copper PCU.v 1.32 209.49 381.27 1.82 37.9%
5 Hot Chili HCH.v 1.33 177.36 321.02 1.81 36.1%
6 Hercules Metals BIG.v 0.74 289.41 202.59 0.70 -5.4%
7 Element 29 Res ECU.v 1.20 155.51 194.39 1.25 4.2%
8 Surge Copper SURG.v 0.475 345.41 193.43 0.56 17.9%
9 Andina Copper ANDC.v 0.56 224.67 179.74 0.80 42.9%
10 Fitzroy Min FTZ.v 0.48 278.07 164.06 0.59 22.9%
11 American Eagle AE.v 0.56 172.877 133.12 0.77 37.5%
12 Copper Giant CGNT.v 0.49 149.57 91.24 0.61 24.5%
13 Algo Grande Copper ALGR.v 0.53 31.95 30.35 0.95 79.2%
14 Metal Energy MERG.v 0.64 36.03 30.27 0.84 31.3%
15 Kobrea Exp KBX.cse 0.51 35.622 19.24 0.54 5.9%
NB: All stocks in CAD$ Portfolio avg 23.80%
The basket average dropped by 1.01%, which wasn’t at all bad considering the shellacking taken by the
market on Friday. There were even six week-over-week winners (FDY.to, LA.v, HCH.v, FTZ.v, AE.v ALGR.v)
and four of those are double figure percentage winners to boot, so extra cheers and applause for American
Eagle (AE.v up 24.2%), Algo Grande Copper (ALGR.v up 23.4%), Hot Chili (HCH.v up 11.0%) and Los Andes
Copper (LA.v up 10.0%). There was also one
unchanged stock as well (SURG.v). That leaves eight 30% The Copper Basket 2026, weekly evolution
losers on the week (ALDE.v, PCU.v, BIG.v, ECU.v,
25%
ANDC.v, CGNT.v, MERG.v, KBX.cn) and the biggest
hits from that lot were taken by Kobrea Exploration 20%
(KBX.cn down 20.6%), Hercules Metals (BIG.v down
15%
12.5%) and Copper Giant (CGNT.v down 10.3%) By
10%
the way, to give an idea of the effect Friday had on
our focus subsector, five of eight losers would have 5%
been either week-over-week winners or at least 0%
unchanged if it hadn’t been for that sell-off. As from Jan1st Jan4th 11th 18th 25th feb1st
source: IKN calcs
this week we’re running our tracking charts for all
three baskets and here (above right) is the debut for
the Copper Basket list; that 23.8% move in the first month of the year stands proud on its own merits, no
matter the rough final day.
As for copper-the-metal, at least on the chart it had a better time of it than gold or silver, essentially
unchanged since last weekend. However, we need to keep a sharp eye on the market in the first days of next
week (these words written Saturday morning),
as the chart also shows a massive ramp up in
overnight Wednesday/Thursday trading,
mostly Asia, that buffered the same type of
percentage drop we saw in the precious
metals. As I’ve got into the habit of quoting
Ole Hansen on the intraday stuff (and I largely
agree with his market view), he wrote on
Thursday morning (5) USA time that the move
was “…purely short covering and speculative
in nature with current fundamentals not
supporting a move of this magnitude at this
11

point.” That was borne out by what we saw the next day. Effectively, we’re in the same tug-o-war scenario
we commented upon last week, with real world demand pulling copper lower and a speculative market (plus
some financial shenanigans) pushing copper price’s higher.
Clowns to the left of me, jokers to the right, here I am stuck in the middle with you.
[MONDAY UPDATE] I left the final part of this week’s copper
market comment for Monday evening, as the new publication
deadline has given me the (unfair?) opportunity of watching
what happened on this volatile day. As things turned out,
copper did okay and after a dip at the Asia open, generally held
the line and
The monthly inventory charts are with us and the long-term
visual is worth considering in its entirety today, because world
copper stocks are now at all-time highs:
Key Cu inventory aggregate, 2012 to date
1000000
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
12
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes von 62naj
Mt Cu
Comex
Shanghai
LME source: Cochilco
Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes von 62naj
LME Shanghai Comex source: Cochilco
The aggregate total of 929,731mt beats the previous high from way back in 2013, when copper traded at
U$3.20/lb and had started its long-term slide that would end in 2015, a dollar or so lower than that.
However, unlike 2013 when 75% of the inventory was under LMS roofs. These days less than 19% of the
total sits with LME, also a record, and over 56% is in the Comex Roach Motel.
Bottom line to copper: It’s holding up better than I expected so far, the financial influences seem to be
outweighing my well-documented concerns about the near-term seasonal demand trough. These are
volatile markets and it pays to watch proceedings closely, but for the time being I’ll remain with my main
long positions in ARG and MARI as stands, the minor copper trades under review. However, the idea of
replacing the recently sold AE.v and XXIX.v with a new spec copper play can wait for calmer times.
Now for the regular world copper inventories update, data from Cochilco.
 As stated above, we hit the all-time record copper inventory total for the three official copper
systems, with 22,882mt adding on the week and a grand total of 929,731mt under roof. Once
again and same as last week, all three futures shops added tonnage.
 The Shanghai SHFE added 7,067mt, the Friday total coming to 233,004mt. That’s not such a big
move and as the visual below shows, a couple more modest additions would bring SHFE back
into line with a normal year. Not a bad thing if it happens.

 The LME added 4,450mt to its copper inventory, that means we’ve had adds for three weeks
running but this one was more modest than the 24k that landed the week before. The end-week
total stood at 174,975mt
 The Comex just keeps on keeping on, its record inventory still rising due to the attractive
arbitrage offered by being in The USA. The add was 11,365mt on the week, the total now stands
at 521,752mt and also as noted above, accounts for over half the record world inventory level.
The dedicated SHFE chart is the visual on the way absolute inventory is now coming up against time. It’s
still a record level for a fourth week of the year, but it would only take a couple of modest weeks to turn
it into something more normal. We have two weeks before the Chinese (Lunar) New Year and all that
entails, that’s when we’ll really find out how much unwanted copper is out there in the market. So right
now a watching brief, but in theory at least it’s looking a little more bullis
SHFE copper inventory levels, 2018 to 2025
400000
350000
300000
250000
200000
150000
100000
50000
0
13
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 a couple notes on some of our basket component stocks, but they weren’t really on my mind this
weekend.
Algo Grande Copper (ALGR.v): It started at position #15 on our 2026 list, the minnow and the
representative of the tinycap end of the copper exploreco world. It’s now up to 13th place after an
exceptional January and it’s clear the stock we chose as a potentially strong marketing story has caught the
eye of enough retail to make a difference.
Hercules Metals (BIG.v): This one continues to stick out like a sore thumb for the lack of action and
momentum compared to its “relatively high visibility” (a nice way of saying it gets the pumpo) in the market.
Hot Chili (HCH.v): It was up 11.0% on the week, that was +20% before the Friday waterfall drop hit HCH
and took nearly half its weekly gains away, but it was still a strong market performance for a stock and
company that gets more marketing and positive opinions than it deserves. [Edit Monday: And maybe we
found out why it was propped last week today (6)….
PERTH, Australia, Feb. 2, 2026 /CNW/ - Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot
Chili" or the "Company") is pleased to announce it has engaged joint lead managers to undertake a capital raising
by way of a placement of shares to institutional, professional, and other investors to raise up to approximately
A$40.0 million.
…as the announcement of a placement to raise A$40m at a forex-adjusted C$1.56. Interestingly, the stock
has remained up at prices much higher than the offering, with HCH.v closing at C$1.81.
The Producer Basket
After four weeks of 2026, the Producer Basket shows a gain of 11.10% to level stakes:

company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 124.48 112.35 12.5%
2 Agnico Eagle AEM 169.53 502.579 95.74 190.50 12.3%
3 Barrick B 43.55 1705.994 78.12 45.79 5.1%
4 Wheaton PM WPM 117.52 454.02 59.87 131.87 12.2%
5 Lundin Gold LUG.to 114.02 241.433 17.99 102.08 -10.5%
6 Alamos Gold AGI 38.58 420.68 15.52 36.90 -4.4%
7 IAMGOLD IAG 16.49 594 10.80 18.18 10.2%
8 Eldorado Gold EGO 35.92 201.275 8.64 42.92 19.5%
9 B2Gold Corp BTG 4.51 1330.134 6.52 4.90 8.6%
10 Americas G & S USAS 5.11 318.26 2.36 7.42 45.2%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 11.10%
This is the sector that took the brunt of the hit last week, with our ten component stocks all registering heavy
losses from a “least worst” Eldorado (EGO down 7.1%) to the worst dumps suffered by Americas Gold &
Silver (USAS down 20.1%), Lundin Gold (LUG.to down 15.6%) and Alamos Gold (AGI down 15.0%). Despite
all that, our basket somehow managed to out-perform the GDX week and we debut the 2026 tracking charts
with a slight lead on the benchmark.
The 2026 Producer Basket: Weekly performance and The 2026 Producer Basket: Percentage diff. Between
comparative to GDX control GDX benchmark & basket (negative = IKN ahead)
30% 4%
26% 3%
22% ikn
2%
gdx control
18%
1%
14%
0%
10%
-1%
6%
2% source: IKN calcs -2%
source: IKN calcs
-2% -3%
Jan1st Jan4th 11th 18th 25th feb1st
Jan1st Jan4th 11th 18th 25th feb1st
That’s all for this week, we’ll do some better general work when not worried about porfolio balance.
The TinyCaps List
After four weeks of 2026, the TinyCaps show a gain of 17.17% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 22.48 0.085 21.4%
Canex Metals CANX.v 0.215 166.95 50.09 0.30 23.3%
Sranan Gold SRAN.cn 0.30 60.42 16.92 0.28 -6.7%
Enduro Metals ENDR.v 0.155 76.04 15.21 0.20 29.0%
Latin Metals LMS.v 0.21 133.01 34.58 0.26 23.8%
Precore Gold PRCG.cn 0.26 32.003 6.72 0.21 -19.2%
Radius Gold RDU.v 0.14 115.7 18.51 0.16 14.3%
Silver Wolf SWLF.v 0.135 62.18 12.75 0.205 51.9%
Trifecta Gold TG.v 0.195 47.7 11.93 0.25 28.2%
Viva Gold VAU.v 0.19 171.677 29.19 0.17 -10.5%
Prices in CAD$, data from TSXV basket avg 17.17%
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.
14

 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.
Considering the carnage witnessed in other parts of the mining sector on Friday the TinyCaps list didn’t do
badly at all, with five winners (AUME.v, CANX.v, LMS.v,
RDU.v, SWLF.v) and five losers (SRAN.cn, ENDR.v, 25% TinyCaps, 2026 weekly tracker
PRCG.cn, TG.v, VAU.v) making a balanced week-over-
20%
week result and only 1.38% chopped from the basket
average. The worst move came from Enduro (ENDR.v 15%
down 16.7%) and the best from Canex (CANX.v up
10%
13.2%), more on that one below.
5%
As from this week we’re running our tracking charts for 0%
all three baskets and here right is the debut for the Jan1st Jan4th 11th 18th 25th feb1st
TinyCaps list; that 17.17% move in a month is very source: IKN calcs, TSX data
good and would have been even better if it weren’t for
the dumpage on Friday, but you know that already. Still, January was very positive and one can only imagine
a 2026 that sees every month register a 17% gain.
Canex Metals (CANX.v): Not only was CANX up 13.2% on the week but it also managed to add 3.45% of
that on Friday, one of the very few stocks in the green on the what will go down as an infamous final trading
day of January 2026. The reason for the positive performance was straight and unadulterated goods news, in
fact it’s the reason we included this stock in the 2026 TinyCaps list in the first place. Here’s the headline (7):
Canex Metals Announces Success of Gold Basin Take-Over Bid, Extension of the Partial Revocation of
the Cease-Trade Order Imposed on Gold Basin, Waiver of all Remaining Conditions, Initiation of the
Share Take Up Process, and Mandatory 10 Day Extension
That mouthful is just the headline, yes. In other words, CANX has done what it set out to do and dislodged
the board of Gold Basin via proxy vote, getting the 50% +1 vote from GXX shareholders. We now enter the
mop-up period of this hostile takeover in which we’ll see the Gold Basin directors removed, Canex people
installed and the companies fused.
From here, CANX becomes what we’d looked for from this tinycap at the start of the year, a significant
project holder in Arizona USA, primarily via its Gold Range project combined with the neighbouring Gold Basin
zone and its known resource, as well as targets for further resource expansion. The merger of the two
properties makes logical sense and as GXX has been treading water under a weak corporate structure, the
opportunistic takeover bid came at the right time. The opportunity for us on the outside is one where the
new entity is worth more than its sum-of-parts, due to the geographical location and the chance to
reinvigorate the Gold Basin project for the first time since the new high gold price deck has affected the
sector.
Sranan Gold (SRAN.cn): On Monday, SRAN announced the arrival of a new independent director (8) and
while most such appointments aren’t noteworthy, this one catches the eye. Here’s a segment from the NR
with the potted CV of Ron Halas:
Mr. Halas lived and worked in Suriname for over five years as IAMGOLD’s Vice President,
Commercial – South America, based in Paramaribo. In that role, he worked closely with IAMGOLD’s
exploration and development teams to review numerous gold assets across Suriname, including the
area encompassing Sranan Gold’s Tapanahony Project. He was also part of the team that negotiated
with the Government of Suriname and local landholders in connection with the acquisition of the
Saramacca concession for IAMGOLD’s Rosebel Gold Mine.
In more recent public-company leadership roles, Mr. Halas served as Chief Operating Officer of
Global Atomic Corp., where he played a key role in advancing the Dasa uranium project from PEA
stage toward mine development on an accelerated timeline, and as Chief Operating Officer of Lumina
Gold Corp., where he led feasibility-level advancement efforts at the Cangrejos gold-copper project.
15

He continues to act as a senior technical advisor to mining issuers as they progress projects through
development planning, permitting, and feasibility-level milestones.
That’s a good appointment. Not only for his engineering chops (Lumina Gold was a great success and we
managed to make a little money, too) but for his obvious knowledge and contacts in Suriname. Mr. Halas
wouldn’t have come on board SRAN as a hobby and surely likes what he sees in this project and deposit.
It’s the kind of NR that gets me to sit up and take notice, but the market thought less of it than me and SRAN
traded flat for the first part of the week before the sellers arrived Thursday. Interestingly it didn’t drop by
more than half a penny on Friday, though.
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: de la Espriella gaining credibility
No new polls to report from Colombia, but last week saw a big moment in the campaign of the right wing
Abelardo de la Espriella, currently second in the polls behind lefty Iván Cepeda and current favourite to bag
the all-important run-off place and go head-to-head with the Petro government dauphin. It didn’t get much
media coverage outside of Colombia, but Wednesday saw de la Espriella get formal backing from Federico
Gutiérrez, the mayor of Medellín and known to the world as Fico. Formerly a presidential candidate in his own
right, Fico ran as the candidate for the centre-right alliance and always refused to enter into alliances with
the right wing Uribe coalition, so seeing him back the (arguably) even further right de la Espriella gives the
2026 runner significant credibility and more appeal to the voting bloc that will matter the most in an eventual
second round run-off, i.e. those in the political centre.
This is a big win for Abelardo de la Espriella, who has come from nowhere as a political outsider to lead the
right wing field, in much the same way as Javier Milei changed the game 180° in Argentina in 2023 and 2024.
If you’d like to read more about him check out this biographical report in the Hispanic world’s newspaper of
record, El Pais (8), this weekend entitled (translated) “The Ultra Abelardo de la Espriella Capitalizes on the
Divisions in Colombia’s Orthodox Right Wing” as it does a good job (in Spanish, “ultra” refers to the hard right
wing of politics).
It’s still not as obvious as José Antonio Kast in Chile was at this early stage and as noted last week, those
already writing off lefty Cepeda’s chances are taking a big risk of looking stupid, but we should now consider
de la Espriella as frontrunner for the election win.
Mexico: Ten kidnapped workers
16

The most disconcerting news in the mining world last week wasn’t connected with the gold price, instead it
came from the Vizsla Silver (VZLA.to) (VZLA) Panuco project, Sinaloa State, northwest Mexico (9)
Vancouver, British Columbia (January 28, 2026) – Vizsla Silver Corp. (TSX: VZLA) (NYSE: VZLA)
(Frankfurt: 0G3) (“Vizsla” or the “Company”) reports that ten individuals have been taken from its
project site in Concordia, Mexico. The incident is currently under investigation, and information
remains limited.
Local authorities have been notified, and the Company’s crisis management and security response
teams are actively engaged. The Company’s immediate priority is the safety and wellbeing of the
individuals involved.
As a precautionary measure, certain activities at and near the site have been temporarily suspended.
Contact Information: For more information, please contact:
Corporate Communications
For the record, if you contact Corp Comms they offer very little in the way of extra information than the
above, but we can add that the kidnappings are directly related to the narcotrafficking gangs that run the
Sinaloa State, the specific region East of Mazatlan has been a hotbed for turf wars between rical narco gangs
for several years and the ten workers were apparently taken from their lodgings, post-shift, on January 23rd.
Indeed, the January 28th NR entitled “Vizsla Silver Provides an Update on Media-Reported Security Incident
at the Panuco Project” only exists because of concerns raised by family members to local news stations, with
the company and police investigations trying to keep everything as quiet as possible before then.
This is not good on several levels. First of all, lives are at risk. Second, if the narco mob does this once, they
can do it again. Third, even in a best case situation the “cost of security” at Panuco (be that 10x more
security guards or brown envelopes to gang leaders) is going to shoot higher. Fourth, this incident comes just
four weeks after VZLA published this (10):
With a current cash position of over US$450M, the project is now fully financed, and we are ready to
build and ready to grow following receipt of our MIA permit expected sometime mid-year.
This desk has warned about the sky high political risk of operating in the hot zones of Mexico on any number
of occasions. I’ll freely admit that it means I miss winning trades such as Heliostar or Torex and their
projects/operations in Guerrero State, but it also means there’s one less thing to worry about in my portfolio
(and it’s not as if the cash that would have gone in HSTR shares has stayed on the sidelines). One of our
reasons to avoid Panuco was this factor, we also made the case that there may be extended periods during
the exploration stage when nothing happens because narco gangs are not stupid: Why shake down a
company with $10m in the bank when you can wait a while and shake it down when there’s $200m in cash
hanging around? Why attack an exploration camp
with a drill rig crew of 12 people when you can
wait until the project is under construction and
target 200 people?
Pardon the pun, but the only silver lining this desk
sees at this point is that the Panuco build-out is
now fully financed thanks to the recent U$300m
senior notes raise. There are now all sorts
question marks over this project and company,
including the upcoming permitting process,
whether the build out will be delayed, the
question of extra costs, the way in which the
company has always played down the security risk
and pooh-poohed people (such as me) who have
questioned their gung-ho attitude, whether high quality mining talent would ever move to a place where
mortal risk exists, or for yet another angle what self-respecting Tier 1 or Tier 2 mining company would
expose itself to the risk of owning Panuco? All those and more. There’s also the basic fact that VZLA has been
extremely reticent in mentioning anything about the serious narco turf war and risk in its zone of operations
over the years, with that attitude on show yet again as it took nearly a full week for the company to report
the kidnappings The VZLA share price sunk hard on the news last week, even before the silver sell-off hit and
brought the stock down further and as this ten-day comparative chart mapping VZLA against the main juniors
ETF (GDXJ) and the main silver stocks ETF (SIL) shows, it lost around 12% compared to the median. Frankly,
I think that should be a lot more. This incident represents an existential risk to the Panuco project and if
17

things go badly from here, may end up significantly delaying or scuppering the construction process
completely for a company that now has senior secured debt on its books and a financial model that relies on
getting to production and free cash flow in orderly fashion in order to service its debt.
Market Watching
Deferred
Conclusion
IKN871 is done, we end with bullet points:
 This edition did not end up the way it was planned. I was expecting to get granular and micro on
specific stocks, instead the job has been to try to get the big picture call right and with the abrupt
change in market atmosphere last week, the health of the portfolio comes before any twiddling of
models on specific companies, even Rio2 .
 The decision to trim sails, reduce exposure at the riskiest end of my portfolio and raise cash was not
one taken lightly. However and under the circumstances it’s the prudent course, the house strategy of
“Keep Dancing Til The Music Stops” means that if the music really has stopped, it’s time to get off the
dance floor. At this juncture, the band is at least going to take a rest and it stands to reason that the
elevated price of silver has more to fall, if so. That alone will put a dampener of junior mining
speculations and cash inflow to the sector so even if gold finds a new level and does what it’s safe
haven role demands, the miners might not fare as well.
 It’s not a full retreat however, most of the main trades remain in-place and untouched with the big
holdings and profits generated at Rio2, Amerigo, Gold Royalty, Marimaca etc all fully exposed going
forward. This is a portfolio adjustment, not a full-scale panic sale.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.youtube.com/watch?v=2ou6e5BAsKw
(2) https://mineraalamos.com/news/2026/minera-alamos-announces-secondary-market-purchase-of-its-shares-by-group-of-strategic-
investors/
(3) https://www.rio2.com/post/rio2-announces-gold-pour-at-fenix-gold-mine
(4) https://www.rio2.com/post/rio2-completes-acquisition-of-the-condestable-mine
(5) https://x.com/i/status/2017304418220216585
(6) https://www.newswire.ca/news-releases/hot-chili-to-undertake-a-capital-raising-by-private-placement-876233147.html
(7) https://canexmetals.ca/news/canex-metals-announces-success-of-gold-basin-take-over-bid-extension-of-the-partial-revocation-of-the-
cease-trade-order-imposed/
(8) https://elpais.com/america-colombia/2026-02-01/el-ultra-abelardo-de-la-espriella-capitaliza-la-division-en-la-derecha-tradicional-
colombiana.html
(9) https://vizslasilvercorp.com/vizsla-silver-provides-an-update-on-media-reportedsecurity-incident-at-the-panuco-project/
(10) https://vizslasilvercorp.com/vizsla-silver-provides-2025-year-end-summary-and-2026-outlook/
18

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
19

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
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
20

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
21

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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