IKN #875Premium

The IKN Weekly
Week 875, week of March 1st 2026
Contents
This Week: Trade heads-up, In today’s edition, Hello PDAC, Convincing myself to get bullish again.
Fundamental Analysis: Buying Xali Gold (XGC.v).
Stocks to Follow: Overview, Xali Gold (XGC.v), Orecap Inv (OCI.v), Minera Alamos (MAI.v), Tiernan Gold
(TNGD.v), Rio2 Ltd (RIO.to), Salazar Resources (SRL.v), West Red Lake Gold (WRLG.v), Marimaca Copper
(MARI.to), Mayfair Gold (MFG.v).
The Copper Basket: Overview, Arizona Sonoran (ASCU.to), Algo Grande Copper (ALGR.v), Faraday Copper
(FDY.to), American Eagle (AE.v), Kobrea Exploration (KBX.cn), Fitzroy Minerals (FTZ.v).
The Producer Basket: Overview, Newmont (NEM) and Barrick (B)…again, B2Gold (BTG) (BTO.to) and
Eldorado Gold (EGO). Lundin Gold (LUG.to).
The TinyCaps Basket: Overview, Radius Gold (RDU.v), Precore Gold (PRCG.cn), Silver Wolf (SWLF.v).
Regional Politics: Argentina: The glacier law passes Senate, Ecuador: Noboa’s mining law passes,
Colombia: Upcoming elections and latest polls, Chile: The Kast era is at hand.
Market Watching: RPX Gold (RPX.v) redux, Amerigo Resources (ARG.to): 4q25 and year-end results.
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
Three trades planned for the week ahead including a sale, a purchase of a new position and an addition to a
current holding:
 I’m selling the last 25% of my Minera Alamos (MAI.v) position, marking the final exit from this trade. See
the Stocks to Follow notes section for a little more.
 I’m buying some shares of Xali Gold (XGC.v), planned as a small starter position. See today’s
Fundamentals section for more.
 I’m adding some shares of Orecap Inv (OCI.v) and averaging up on the already-opened position. The
value it offers is moving quickly from “very good” to “compelling”. See the Stocks to Follow notes section
for details.
That’s the heads-up done, but please be clear that while I’ve lost some of the nerves about the market voiced
at the start of February, the two planned purchases do NOT mark a return to a fully bullish stance. More on
this in today’s main intro op-ed, suffice to say here that these are small purchases for specific reasons and
the sale of my last MAI.v shares represents more in cash terms (i.e. I’m a net seller in cash terms this week).
In today’s edition
 Xali Gold (XGC.v) is a stock story I’ve had on the back boiler for the last quarter (or so) due to its new
involvement in Pico Machay, but before anything could happen it needed to show positive community
relations with locals round the project. Last week’s NR is, I believe, far more important than the
market seems to think. Always a geologically interesting open pit project but stymied by local
opposition to development, last week’s news, while not definitive, could turn out to be a game-changer
and at the price XGC trades today, it’s well worth a few risk shekels. That’s today’s Fundies section.
 There’s another planned purchase too, as newsflow out of Ore Group companies last week is not yet
reflected in the price of its “hub company”, our open trade Orecap Inv Corp (OCI.v). As a result, I’ve
run out of excuses for not adding to this trade.
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 As for the third planned portfolio adjustment in the days ahead, that’s a fairly straightforward act of
doing what I said I’d do. Minera Alamos (MAI.v) floated above the C$7 line last week and that’s where
I was aiming to sell. So, I sell.
 Amerigo Resources (ARG.to) Q4 was somewhat light compared to the numbercrunch as seen in
IKN740, which isn’t normal for a stock we’ve covered for a long time. We go into the reasons why in
Market Watching.
 There are other things in this edition as well. There are always other things.
Hello PDAC
As The IKN Weekly now goes out on a Monday evening, PDAC is now in full swing and we got the traditional
two hundred or so junior mining NRs today, PDAC Monday, including a couple that had to get a mention by
way of updates in today’s edition. In other news, we should also get back to normal reporting rhythm for US
macro later this week, which means the US BLS Employment Report for the month of February this coming
Friday and current consensus (1) is for 60k NFP jobs added and a headline unemployment rate unchanged
from January at 4.3%.
Apart from that, not much going on in the world, is there? Can’t think of anything that might caused market
volatility…can you?
Convincing myself to get bullish again
Well in fact I always have been bullish, it never went away, but the nerves of February are documented as is
the portfolio trimming done at the start of last month to reduce at the risky end of the scale. However, after
the upbeat tone of last week’s intro note “Familiarity breeds contempt”, which focused on gold and put
forward a clearly bullish argument about holding precious metals stocks, elicited some obviousmailbag from
its esteemed readership (that’s you) along the lines of “So you’re buying now, Mark?”, or “Nervous period
over with, is it?” or “Dancing to the music again?”, and phrases to that effect, be it email or whatsapp*.
Which is fair enough. In fact and to make a small confession, instead of doing my normal thing and putting
together this intro op-ed on Saturday morning after meditating on the week just gone, once the bombs
started dropping in the Middle East on Friday I decided to hold off, see how gold and the other metals traded
before laying down an opinion. Slightly cowardly of me I agree, but at least it’s honest and to my pleasant
surprise, gold traded very well today Monday taking all things into consideration. Other metals as well, but
the cornerstone of this mining market is undoubtedly the monetary metal and the way in which it didn’t just
resist US Dollar safe haven movement but became one of the most obvious safe haven options out there for
scared money was exactly what you’d want to see from a gold market that has changed for the better (see
last week’s intro on that).
Three editions ago, in IKN872 dated week of February 8th, I laid out my concerns and the reason why I felt at
the time that trimming sails and lessening exposure to the riskiest end of the market was the right idea,
stating that for me “the music has paused, rather than stopped”. However I also recognized that portfolio
management of this sort will always mean your wrong in some way, shape or form because to quote myself
again,“if the market slumps, I didn’t sell enough and if the market rallies I was stupid to sell”. That’s what
comes of living in the real world and basing your publication on what you do with your own portfolio, but
there also comes a time when you start feeling extra stupid, not for having used risk management but for
continuing to do so and staying out the market, keeping too much powder dry, etc. I’m not quite there yet,
but having witnessed the resilience in gold trading today Monday it’s getting closer. This market is volatile,
the geopolitical situation is anyone’s guess right now and under those circumstances it feels right to remain
cautious a while longer and allow some sort of calm to manifest, so for the time being holding extra cash and
not worrying too much about missing the best prices of any given trade is where I’m at, but don’t be at all
surprised if the money gets back into equities soon.
All the same, I’ve decided to make a couple of partial forays this week by adding a little to my position the
undoubtedly undervalued OreCap (OCI.v), but more novel is the decision to open a first foot trade in Xali
Gold (XGC.v) and that gets all the explanation right now.
*happy to provide my number if you want it
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Fundamental Analysis of Mining Stocks
Xali Gold (XGC.v): Buying
Though still not convinced about the trustworthiness of this metals rebound, there’s been enough of a move
in both price and time to make me think I’ve been a little too scared about consequences so, while not ready
to commit the serious cash to companies I consider true long-term investment potential (e.g. Tiernan),
there’s enough width to deploy at least some of the cash to smaller trades with high reward potential to
counter the high risk. And, as luck (or otherwise) would have it, one of those potential trades last week
delivered very timely news on its main project and as such, I’m pulling the trigger and buying shares in what
is certainly a high risk penny stock, but one that offers a very high potential reward.
Intro
Xali Gold (XGC.v) was once called Candente Gold and was spun out of its mothership company Candente
Copper (which changed its name to Alta Copper and owned the Cañariaco copper project until Australia’s
Fortescue bought it out a couple of months ago) over a decade ago. It was a vehicle for a couple of very
mediocre gold projects in Mexico and one of them, El Oro, is still on its books but is an easy pass (I’ve tried
and failed to like it on several occasions and never regretted passing, either). However, now it has a second
and far more interesting project on its books, called Pico Machay and that’s what today’s note focuses upon.
Here’s the current corporate structure, with the share price updated to this Monday evening:
Shares out: 160.392m
Options: 10.55m
RSU: 0.6m
Warrants: 7.6m
Fully diluted: 179.14m
Share price: C$0.205
Market Cap: C$32.88m
Approx cash per S/O: C$0.01
All prices Canadian Dollars unless stated, forex CAD$1 = USD 0.72
Management
Those 160m shares are fairly widely dispersed, there’s no single large strategic holder and the company
protagonist, Joanne Freeze, owns around 6.7m shares with none of the other directors having much of a
holding. That’s a negative for sure and comes from the original spin-out transaction, when Candente Copper
got “free shares” and proceeded to dump them on the open market (either sooner or later) to take the “free
money and run.
The main player at XGC is Joanne Freeze, a geologist and veteran of the Peru mining scene. If you come
across her, you’re sure to find out very early in the conversation that she was part of the David Lowell team
at Arequipa Resources that discovered Pierina and promptly sold the project to Barrick for a massive and very
quick project. She eventually formed Candente Copper around the Cañariaco copper project in Peru and
proceeded to make a total mess of the community relations in the zone, to the point where she became
persona non grata in the entire valley that hosts the project and her team members were, on several
occasions, literally chased out of the zone by locals ready to resort to violence if necessary. In Peru miming
circles, Cañariaco is a case study in how not to treat locals and when XGC took up the Pico Machay option,
the first thing that came to the mind of your author was Joey Freeze’s track poor record of CSR. Because
make no mistake, CSR is the key to this trade and to the future success at Pico Machay. This
trade decision is based firmly and squarely on the fact that XGC has managed to reach an agreement with
locals, plus what your author knows about the property and its geology.
The Pico Machay project
There are two part to this section, the first on what we know about the project from publications and
literature, then the second on lesser known info you won’t find written down anywhere but matters a lot.
First the potted history: The property was first staked in the 1990s, one of the concessions granted to the
first main rush of foreign mining companies during the Fujimori government. After a couple of corporate
deals it ended in the hands of Newcrest, who ran a scout exploration drill program on Pico Machay in and hit
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a couple of decent RC holes, enough to warrant further exploration. The concession changed hands several
times in the early 2000's and after a long-ish game of concession pass the parcel, ended in the hands of
Aquiline Resources, the first company to understand Pico Machay's true potential. After a drill program of 154
holes (mostly RC) Pico Machay got a 43-101 compliant resource containing M+I resource of approx 270,000
oz gold at 0.78 g/t gold. plus 450,000 oz inferred at 0.58 g/t gold, with roughly half the total in heap
leachable oxide/mixed material and half in sulphide rock. Please note that the Aquiline resource is now too
long in the tooth to remain under 43-101 compliance and is now classified as historic, so one of the 2026
tasks for XGC is to update that data and bring Pico Machay back into 43-101 compliance using modern prices
and costs. Here’s the resource table:
That M+I+I resource was built on RC drilling that, with the benefit of hindsight and knowing what we now
know about this type of high sulphidation, silica-rich deposit in this area of the Andes, almost certainly
underestimates the grade of gold. It also totally ignores the silver by-product kicker that would add to project
economics (we could reasonably expect 2oz Ag for every 1oz Au produced) and in 2026, that’s significant
revenue (or available to sell to royalty/streamer companies for capex cash), But most important of all, it’s
only one of several targets that are equally as prospective in the concession area. The geography also works
in its favour and as the “Pico” name suggests, its hilltop location (it’s at altitudes of between 4,100masl and
5,000masl) would make for a low strip rate, open pit mine operation.
A little while after that resource was published, Pan American Silver (PAAS) bought out Aquiline but not for
Pico Machay, its focus was Aquiline’s Navidad project in Chubut Argentina. Since then it’s remained fallow in
the PAAS assets book, ostensibly due to its relatively modest size. So for 15 years PAAS sat on Pico Machay
and nothing happened, which brings us to last year when Xali Gold negotiated an option deal with PAAS to
earn up to 100% of the project. That was signed into life late last year, the $0.5m first payment made and
the next $1.5m staged payment is due at the end of this year. If all goes well for XGC, they'll eventually pay
up to $17.5m on this schedule:
This would give XGC 100% ownership, bar a 1% NSR held by Triple Flag.
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Now some back story and things that matter: First and foremost, be crystal clear that if it weren’t for the
community around Pico Machay (Quechua for either Drunken Peak or Cave Peak, depending on who you talk
to up there) this would be a working, open pit gold mine by now. Over 20 years ago Aquiline quickly
recognized what it had on its hands, and drilled enough of it to work up a resource to support a project that
would bring the mine to production, but it also knew that its drill work only scratched the surface of the gold
mineralization up there. Aquiline’s strategy was to start small, run the oxide mineralization and bootstrap a
bigger mine with a larger footprint and then, eventually, start mining and processing the sulphide material
through a flotation circuit. However, even before PAAS bought out Aquiline community relations were
beginning to go sour and when the project changed hands, things went from bad to worse. During that
period, locals in and around the Huancavelica region of central upland Peru were majority against the influx
of “los gringos” in the area, plus left wing politics as well as environmental protection NGOs had make the
region a stronghold. To a greater or lesser extent that’s still true today, but there has obviously been
progress as just last year, as for example Silver Mountain Resources (AGMR.v) reached agreement with
another community nearby that has allowed them to develop the Reliquias project, to some considerable
success so far. When you’re a company as big as PAAS you have the luxury of being able to ignore problems
such as these, letting locals stew in their own decisions and go develop some other project somewhere else,
so a deal to option out Pico Machay to a smaller exploreco also made sense.
When the deal was first announced between PAAS and XGC in October last year, my first thoughts were “oh
my, Joey Freeze and her track record is taking on another infamously difficult community!” and left it at that,
there’s no way I was buying in blind on the project without seeing whether the new people could make
progress. However, it made sense to keep an eye on the company because, I thought, if Freeze has learned
her lesson from the mistakes made at Cañariaco (and there were many), there’s no doubt at all about the
potential the rocks offer and while she’s not my cup of tea, there’s no doubt Ms. Freeze is a highly qualified
geologist who knows how to operate in Peru. Which brings us to last week and the news that makes all the
difference (2):
Xali Gold Receives Green Light from Community, Pico Machay Gold Project in Peru
Vancouver, British Columbia, February 25th, 2026 . Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the
“Company”) is pleased to announce that on Sunday February 22nd, 2026, the community of Santa
Ana authorized the Company to further advance mining exploration activities at the Pico Machay Gold
Project (“Pico Machay” or the “Project”) in Peru.
“This agreement underscores the strong, constructive relationship we are building together with the
community of Santa Ana,” said Joanne Freeze, President and CEO of Xali Gold. “It provides a clear
pathway for Xali Gold to progress its field work and continue to build a long-term partnership focused
on shared benefits, transparency and responsible development throughout the life of the Pico Machay
Project.”
There are other details in the NR, such as the planned development works and points on the agreement
reached with locals, but the top two paragraphs contain what really matters about this deal. And make no
mistake, this really is a breakthrough moment compared to the strained as in previous years, the relationship
between locals and a series of concession holders most recently Pan American Silver. So good for XGC and
good for CEO Freeze, she seems to have learned from the mistakes made by her and her team at Cañariaco
(that we can go into another day if you care enough) and applied those lessons to what’s widely
acknowledged in Peru to be an excellent resource but with “difficult” community relations. We should also
note that last week’s NR wasn’t the first piece of news from Pico Machay since XGC picked up the option on
the property late last year. In January we were told they had commenced activities and then on February
12th we got (3) a second dispatch, entitled “Xali Gold Positions Pico Machay Gold Project to Reactivate
Development Plans Amid Strong Gold Market” which among other matters informed the world that
“Community engagement commenced on December 27, 2025, in the Community of Santa Ana. Meetings
have been highly constructive, reflecting the community’s organized structure, familiarity with exploration and
mining activities, and commitment to transparency and sustainable development.” So XGC already had my
attention, but there’s still a world of difference between sitting down and talking with a Peruvian community
and getting them to sign a legally binding agreement. That’s what happened last week and the news of a
tangible deal that has opened up Pico Machay to the team means this trade is now feasible.
What happens now, according to XGC, is a plan of development with clear goals. This laundry list screen shot
from its latest corporate presentation (find that here (4)) does the job for me:
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The budget for this work is around U$300k, which means XGC has enough treasury to bring the drilled area
known at Pico Machay up to 43-101 compliance. According to the plan, the twinning holes would be diamond
drills and that’s good news, as such a program would not only confirm old grades but potentially show them
to have underestimated Pico Machay, as well as bring forward the silver resource that was registered by
Aquiline in its assays but ignored when it came to the resource count. By that time, we’d expect a lot more
people to be talking up the potential of this project and if XGC can keep its community onside, then the sky’s
the limit.
Conclusion
One of the things your author has learned over the years of covering LatAm mining and junior mining is the
importance of community relations for exploration and development projects. When conducting DD, many
companies and prospects fall at this hurdle but at the same time, the occasional project gets earmarked with
“Well I’m not buying, but if attitudes towards mining ever change in that zone it has real potential”. Pico
Machay was one of those, it’s been talked about in hushed tones of reverence by Peruvian-based geologists
for decades and now, finally, there seems to be an opportunity to make it work. The combination of the
words “Peru”, “Gold” “Epithermal”, “High–Sulphidation” is a heady one in this world, as it describes many of
the biggest, most profitable and most successful gold mines ever created in the Andean region. They fit
mines such as Pierina and Yanacocha, they also describe what’s at Pico Machay and the prospectivity of the
project has been well known for as long as I’ve been covering this sector as a mining analyst. Not only that,
but when those evening conversations with geologists and junior mining people have happened in Peru, if the
subject of Pico Machay came up (and it did on many occasions) it would always elicit the same type of “Wow,
what a prospect that one is!” followed by some-or-other lament about its tough CSR situation. The news last
week doesn’t mean community issues have gone forever, far from it, but it is an obvious breakthrough and
for the first time in over 15 years, Pico Machay is going to see meaningful work done on a resource that ticks
all the right geological boxes and has the potential of not just becoming a mine, but becoming a seriously
large-scale mine, the size that makes a difference to any mining company.
Xali Gold (XGC.v) will need to tread carefully, but last week’s NR demonstrates objectively that it has already
made considerable progress with the community around Pico Machay and it’s on the right track. With the
green light to develop, the new owners can now drag the project into the present day and once it has a 43-
101 resource, further development and
exploration can be funded and achieved. At its
current market cap, even after the recent run
on the stock to its Monday close of 20.5c,
means Xali Gold is priced extremely cheaply
compared ton the potential Pico Machay offers
and as such, it’s an easy decision to buy a first
tranche this coming week and open the trade.
There’s risk and the news (as well as jungle
drums from the locality) will have to be
monitored closely as the year rolls out, but the
reward is clear and in this bull market for
gold, easily outweighs the fear that things go
wrong again. Buying.
6

Stocks to Follow
With GDX up 9.0%, GDXJ up 10.0% and copper explorecos flying (see Copper Basket) even with a headcount
of 12 winners (no long list), two losers (LMS.v, MFG.v) and one unchanged stock (MIRL.cse) I couldn’t help
but feel the portfolio under-performed the market last week. Yes it had its big percentage winners, headed by
Minera Alamos (MAI.v up 25.3%), West Red Lake (WRLG.v up 15.7%) and top pick Rio2 Ltd (RIO.to up
14.8%) but a lot of the moves were smaller or far smaller than those GDX/J improvements. If it weren’t for
the Rio2 result I’d be annoyed.
There are 15 stocks on our current list, five under the self-imposed maximum. Just two of the trades are in
the red, the others are in the green
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$3.79 373.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.20 302.6% Core copper position
Tiernan Gold TNGD.v STR BUY C$7.95 29-Dec-25 C$10.00 25.8% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$10.28 237.0% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$4.67 233.6% 2nd tgt U$5 hit, hold for buyout
Minera Alamos MAI.v SELLING C$2.10 13-Oct-19 C$7.29 247.1% $7 tgt hit, selling 25% remnant
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.40 59.1% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$26.82 19.6% 2026 M&A tgt trade
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.77 65.4% Agnico will buy more Finland
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.21 162.5% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.265 39.5% proj.generator, Organullo spec
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$5.45 2.4% Canada gold project, watching
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.20 -55.6% 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
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for notes on some of our covered stocks:
Xali Gold (XGC.v): BUYING. A quick extra line to underscore what’s in today’s main Fundies section, my
decision to open on this small exploreco due to the apparent progress made clearing the most difficult
bottleneck at its recently acquired Pico Machay project in Peru. It’s not going to be a big position to start
with, but plenty of width to add more if things go well.
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Orecap Inv (OCI.v): ADDING. The point of owning OCI has always been the opportunity to spread bets
and manage risk over the range of Ore Group stocks and we’ve mentioned on far too many occasions that it
would only need one of the stocks to turn into a big winner for this hub company to move higher. Arguably,
that happened last week:
OCI.v: Marketable Secs, Investments in Assocs, Cash
value
ticker shares owned(m) PPS C$m Cents/share
AE.v 10.72 0.94 10.08 4.1
ARIC.v 7.39 1.15 8.50 3.4
ARIC warrant 4.17 0.95 3.96 1.6
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.08 3.21 1.3
MERG.v 1.025 0.90 0.92 0.4
MERG warrant 0.5125 0.45 0.23 0.1
ZIGY.cse 4.942 0.45 2.22 0.9
KLDC.v 40.040 0.235 9.41 3.8
subtotal 41.36 16.7
Est.cash 0.70 0.3
Total 42.06 16.9c
At 248.332 S/O
We tip our hat and applaud the move in Awalé (ARIC.v) as that’s made its own difference, but the main
event last week was the triple-play of news out of American Eagle (AE.v), as two of those pushed AE to 94c
and the final one, that came after the Friday close, is highly likely to push it up further this coming week
[EDIT: Monday’s action underscores this]. The arb is up to 53.6%, that’s way too much and what’s more
[another Monday edit coming] if we take the Monday close of C$1.32 as the new benchmark for AE.v, it
would increase the “liquid-ish assets” value of the OCI portfolio to 18.6c/share ceteris paribus, which
compares favourably to the OCI close today Monday of 11.5c. With the current bull market, there are half a
dozen other names that could also deliver a home run winner on that list of companies and with that, further
potential upside even if that arb doesn’t close. We wouldn’t even need an OCI fully valued against its equity
assets, just getting to within 20% of that portfolio’s
would add 25% to the share price value. Add in the
recent decision to raise treasury via the partial sale of
ARIC shares and another doubt is removed; OCI now
has the cash it requires for day-to-day business (and
those upcoming warrant exercises) so there’s no reason
to expect dilution.
As such, I’ve just about run out of reasons not to
expand this small position and I plan to add to OCI in
the days ahead. Finally, one perspective I’ve never
offered on these pages is the long-term price of OCI (or
ORX, as it used to be tickered) so here’s that chart
(below). The company and its asset backbone has
changed significantly over the last couple of years, but those with a TA bent will like the potential it offers. I
see no reason why OCI cannot set all-time highs in 2026 as long as it gets the right results from its holdings
and the current 11c is a low-downside bargain. Adding.
Minera Alamos (MAI.v): SELLING. Told you I’d get my price. A decent run last week saw MAI.v out-
perform most peers for the first time in what seems like forever, up 25% on sustained buying that wasn’t
massively above normal levels, but the lack of sellers
made a difference. As such and thanks to a final big push
on Friday, MAI struck above my proposed selling price on
Friday and while I was tempted to sell there and then and
announce it today (I’ve given you tons of warning, after
all), conscience got the better of me and I decided to wait
until this edition was out. But be clear, this long-held and
long-suffering trade will be firmly closed by Friday (and it’s
8

not often you get to book a 200%+ winner and feel regret about what might have been at the same time).
Why sell now? It’s as good a time as any, I’ve been offered a good price to withdraw and above all, I don’t
sponsor liars with my cash. There are hundreds, nay thousands of options for investment in the junior mining
sector and when it comes to serious, long-term investment the people matter more than the fixed assets. I
have better things to do with my money, and on that subject…
Tiernan Gold (TNGD.v): ADDED A FEW MORE. The cost average ticked up once again, though the
addition this time was smaller. Be clear that I plan to use a decent slug of the cash about to be raised from
the final sale of MAI right here, though I’m going to wait
at least a week (and perhaps more) before pulling the
trigger and adding. Though assuming I do, this will be
big enough to qualify as a Top Pick stock and as long as
the next rounds of news are to its advantage, don’t be
surprised if TNGD joins RIO up there at the top of the
list. Trade set-ups this compelling don’t come around
very often and when they do, our task is to take full
advantage. Expect a lot more on TNGD from this
publication in 2026, in the meantime, check out this
comparative chart and the way TNGD has showed
excellent relative strength all though February, not just
now at its back end.
This stock is way more likely to add 50% to its stock price than MAI at current levels, which is why the cash
is moving house.
Rio2 Ltd (RIO.to): The Top Pick did us proud last week and the presentation given by Alex Black at the
BMO Florida conference must have impressed somebody in the audience. As it happens, the buying may well
have been MSCI as RIO.to has just been included in the company’s Canada Index, “…designed to measure
the performance of the large and mid cap segments of the Canada market.” In other words, RIO.to is now
big enough to matter.
Salazar Resources (SRL.v): This stock has been rather quiet in recent times, with only two NRs during
3q25, one in 4q25 and one so far this year. Whether it's keeping a low profile at the behest of 85% owner of
El Domo/Curipamba, Silvercorp (SVM) remains to be seen as SRL is one of the most obvious M&A target
stocks out there (and it's why we own, after all). Also, along with other Ecuador exposed names SRL is an
obvious beneficiary of the new mining rulebook as passed last week by the National Assembly (Congress),
checkout Regional Politics for more on that.
West Red Lake Gold (WRLG.v): Three things to say:
1) It was good to see the stock have a good week and on strong volume, too.
2) There are rumours WRLG is being included in the GDXJ, but
nothing confirmed as yet.
3) One thing is for sure; a company with its high frequency of
promotional and marketing material isn’t going to pass up the
PDAC trade window without bringing some sort of
announcement to market this week. as it previously
anticipated “releasing 2026 guidance during Q1” (see January
12th NR declaring commercial production) and by implication,
that would be separate from the YE financials and RegF
outlook, we may be about to find that out this week.
Marimaca Copper (MARI.to): Last week’s main Fundamental Analysis note, “Marimaca Copper (MARI.to):
A liquidity event”, covered the news that MARI was raising capital at the same time as Greenstone’s
secondary sale of a large portion of its holding, looked at the pros and cons, decided there were no monsters
9

under the bed and made the call to hold the stock, even though we recognize that until the placement
process were closed MARI wouldn’t be particularly dynamic compared to other copper juniors. So under the
circumstances, the 5.7% move put in by the stock since IKN874 was pretty decent and helped along by the
news that both the Canada end (5) and the Australia end (6) of the share offering had closed successfully.
UPDATE Monday: Another piece in the “we’re ready to build it ourselves” puzzle dropped this morning (7),
here’s how the NR starts:
Vancouver, British Columbia, March 2nd, 2026 – Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX:MARI, ASX:MC2) is pleased to announce the appointment of Joshua Watson as
Project Director, leading the development of the Company’s Marimaca Oxide Deposit (“MOD”) in
Chile. This further strengthens Marimaca’s technical and project execution capabilities as the
Company transitions to the next phase of development at the MOD. In addition, Nico Cookson has
been appointed President of the Company, effective March 1st, 2026, following his role as Head of
Corporate Development and Strategy.
Mr. Watson is an experienced mining and projects executive with more than two decades of project
leadership, delivering major capital projects for world-class global mining companies across the
Americas, Australia, and Asia. He has held senior leadership roles with Teck Resources, Barrick,
Vale, and Rio Tinto, with responsibility for multi-billion-dollar capital portfolios spanning studies,
execution, sustaining capital, and operational readiness.
Then follows some details of Mr. Watson’s CV that are worth considering. As noted last week, part of the
successful exit via sale is to negotiate from a position of strength and that means building a company that
can indeed build the asset if necessary. That’s a good hire and MARI was up on a down day for copper stocks
today.
Mayfair Gold (MFG.v): Interesting to see MFG fail to join the momentum of junior gold stocks last week
and be one of only two losers on our list of 15:
In fact that losing week suits me fine, as MFG is on the Watch List and if it goes lower, the temptation to
open a position will only increase. For the time being I’m going to limit purchases to the new, small
risk/reward story at Xali and the modest addition to Orecap, but be clear that Mayfair is still high on my
shopping list. The only thing I’m missing is confirmation that the run in gold these last couple of weeks isn’t
going to reverse.
10

The Copper Basket
After eight weeks of 2026, The Copper Basket shows a gain of 36.65% 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 1330.15 5.26 92.7%
2 Aldebaran Res. ALDE.v 3.67 185.34 641.28 3.46 -5.7%
3 Pecoy Copper PCU.v 1.32 213.1 458.17 2.15 62.9%
4 Los Andes Copper LA.v 9.20 29.56 428.32 14.49 57.5%
5 Hot Chili HCH.v 1.33 190.772 301.42 1.58 18.8%
6 Surge Copper SURG.v 0.475 385.41 289.06 0.75 57.9%
7 Andina Copper ANDC.v 0.56 263.7 258.43 0.98 75.0%
8 Hercules Metals BIG.v 0.74 289.41 231.53 0.80 8.1%
9 American Eagle AE.v 0.56 192.1 180.57 0.94 67.9%
10 Element 29 Res ECU.v 1.20 155.51 177.28 1.14 -5.0%
11 Copper Giant CGNT.v 0.49 188.635 150.91 0.80 63.3%
12 Fitzroy Min FTZ.v 0.48 282.294 141.15 0.50 4.2%
13 Metal Energy MERG.v 0.64 36.03 32.43 0.90 40.6%
14 Algo Grande Copper ALGR.v 0.53 39.64 30.92 0.78 47.2%
15 Kobrea Exp KBX.cse 0.51 35.622 20.30 0.57 11.8%
NB: All stocks in CAD$ Portfolio avg 36.65%
Our basket of copper exploreco stocks had an
45% The Copper Basket 2026, weekly evolution
impressive pre-PDAC week, the basket average rising
40%
just under 14% on the back of a whole bunch of big
35%
moves in component stocks. There was one week-over- 30%
week loser (MERG.v) and one other remained 25%
20%
unchanged (ALGR.v), but that means 13 winners and
15%
while we’re not listing them all, the roll call of double
10%
figure percentage winners is a decent five and includes 5%
really big movers, starting with the biggest winner of the 0%
week in American Eagle (AE.v up 36.2%) and followed
by Surge Copper (SURG.v up 25.0%), Faraday Copper
(FDY.to up 24.6%), Pecoy Copper (PCU.v up 16.2%),
and Aldebaran (ALDE.v up 11.3%). Plenty of others move in the 7% to 9% range and the net result is what
you see in the weekly evolution tracker chart (right), a big jump and a basket that’s managed a massive add
in the first two months of the year.
Copper-the-metal went a long way to helping the
stocks move on, up around 25c/lb on the week with
our reference May’26 Comex contract closing at
U$6.06/lb. I’d temper this obvious positive move by
referring readers back to last week’s edition,
pointing to the red ink on that copper price chart
and noting that we haven’t broken out of that
trading range yet, merely moved from the low to the
high end. But that’s nitpicking.
It’s at this point we normally offer curated market
comment on copper and while the market price
action was busy, this weekend we’ll restrict it to a
note on inventories at Comex under the regular weekly section (see below) and this, an excerpt on China
demand from this report (8):
Physical buying in China remained subdued following the Lunar New Year holiday, with some
importers holding back purchases due to elevated prices.
Many domestic fabricators are also not expected to fully resume operations until early next month.
11
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM
source: IKN calcs

On the supply side, copper inventories in warehouses monitored by the Shanghai Futures Exchange
climbed to their highest levels since 2024, while stockpiles in London and New York also increased,
adding to near-term pressure on prices.
The key question now is whether China starts buying now its back from vacation and how much appetite it
has for copper at these levels. The smoke signals say “not much” but that’s guesstimates and hearsay, as
from now we get to find out the reality of copper demand in the world’s largest used of the stuff. Aside from
that, comments on last week’s copper market seem a bit of a waste of time. Due to the fun and games in
and around Iran this weekend, the only thing we can truly expect from copper (and most other commodities)
next week is the unexpected. Volatility has been the touchstone of 2026 to date, this coming week will be
one more hurdle to cross and we’ll surely do that, but there won’t be much to learn from the pre-Tehran
market moves of last week.
Moving on, it’s the end of another month and that means the long-term inventory tracking charts, which have
a real tale to tell this time:
Key Cu inventory aggregate, 2012 to date
1400000
1200000
1000000
800000
600000
400000
200000
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
We’ve never had all three world futures systems as well stocked for copper as they are today. Comex is at
record levels (by a nautical mile), the big add in Shanghai SHFE stocks last week (see below) put it to within
spitting distance of its own record, and while LME stocks aren’t at record levels they are more than adequate
for near-and medium term demand of any shape or size. Finally, 2026 is the first time ever that LME,
supposedly Ground Zero and the price discovery mechanism for all fungible traded metals, has less copper on
board than either SHFE or Comex.
The long-term data covered, now we move to ou regular weekly world copper inventories update, data from
Cochilco.
 A very large addition to stocks across the world last week, with 133,057 metric tonnes (mt)
added and instead of “motoring quickly toward the 1.1m line” as posited last week, we blew
straight through it, The total is 1,190,491mt, a new record. er 37,340mt to reach 1,049,405mt.
It’s now Lunar New Year, Shanghai will add stock as from IKN876.
 One thing objectively wrong in last week’s notes was saying the Shanghai would add stock as
from IKN876 once it was out of the Lunar New Year holiday period. The holidays ended
Thursday, which gave SHFE time to tally the arrived copper and once the sums were done, the
SHFE copper inventory had risen by a cool 119,054mt to close at 391,529mt. That’s 3kt (and
change) from the SHFE all-time high number of 394,777mt set in March 2016 and if 2026 is a
normal year, we should see the total increase for a couple more weeks before the draw downs
begin, i.e. the record will likely fall next weekend.
 The LME again joined in the surplus inventory fun, adding 11,875mt to its copper stockpile and
closing at 253,700mt.

 The Comex added another 2,128mt to reach another all-time record, 545,262mt. The beat goes
on.
Our dedicated SHFE chart visualizes that rocket move in copper stocks well, we offer both our tracking charts
as a result:
SHFE copper inventory levels, 2018 to 2025
450000
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
Shanghai Futures Exchange Warehouse Stocks, 2018 to date
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
8102
ht7naj
8102
ht4ram
ht92 8102
ts1yluj
ht62 ts12tco ht61 ht01 9102
ht7rpa
9102
dn2nuj
ht82 dn22 9102ht71von 0202ht21naj ht8 0202dr3yam ht82 dr32 ht81 0202ht31ced 1202ht7beF 1202ht4rpa ht03 ht52 ht91 ht41 ht9 2202ht6ram 1.yam ht62 ts12 22ht61tco ht11 ht5beF dn2rpA ht82 dr32 ht71 ht21 4202ht7naJ dr3raM ht82 dr32 ht81 ht31 ht8 dn2beF ht03 ht52 ht02 ht41 ht9 6202ht4naJ ts1raM
Mt Cu
|
source: Cochilco
The Andy Home column this week, “US copper mountain still growing after December import surge” (9),
returns to the subject of copper stocks again and has a focus on Comex, the Trump tariffs and how they have
changed the playing field etc. As usual it’s all well worth a read (mancrush and all that), but one small
snippet stood out for me:
“But since the core rationale of tariffs is to reduce U.S. import dependency, it might be argued that
just the threat of tariffs on refined copper has already worked.
“The United States has accumulated a strategic stockpile without it costing the U.S. taxpayer a cent.”
Yes true, and I’d never thought of it that way. We’ve heard no end about the USA’s desires to create critical
metals stockpiles for economic and security reasons, we’ve seen plenty of market get bent out of shape as a
result (e.g. tungsten, e.g. note how Glencore is kowtowing by bringing its cobalt stocks into the USA) but in
the case of copper, the market has seemingly provided the solution in a seamless way. If so, that means the
500kmt+ now held in Comex stockrooms isn’t going anywhere fast and, arguably, should be removed from
the potential supply math for future months. That still leaves a liquid stock level at LME and near-record
copper held by SHFE, but it would help explain in one small way why copper has been as sticky as it has at
the U$6/lb level.
Now for notes on some of the basket component stocks:
Arizona Sonoran (ASCU.to): A PDAC Monday addition to our notes, today we learned this (10):
Hudbay to Acquire Arizona Sonoran Creating the Third Largest Copper District in North America
It’s an all-paper deal, with HudBay offering 0.242 shares of itself for every share of ASCU, giving a ticket
price of C$9.35 and according to the NR blurb “…a premium of 30% to ASCU’s closing share price on
February 27, 2026. The offer implies a premium of 36% based on Hudbay’s and ASCU’s 20-day volume-

weighted-average share prices ("VWAP") on the TSX for the period ending February 27, 2026.” That’s a
decent deal and while one could argue that HBM isn’t the absolute highest quality of paper, this buoyant
copper market does make its balance sheet look strong and
ASCU holders will surely be happy with this result. A good
start to the PDAC Monday batch of NRs, here’s how the stock
reacted today (right). The reaction you’d desire, with ASCU up
22% on the day and Hudbay dropping by 5.4%, that just
about covers the 30% premium and points us to a deal that’s
set to complete as per.
Algo Grande Copper (ALGR.v): What was once the
backwater and unloved Kennadyr is now an momo trade on
copper and ALGR last week closed its C$6.5m placement in
good order, filling the treasury for its 2026 program (or at
least the first part of it). In the NR announcement (11), it got new director Raymond Jannas to make the
comments on the projects:
“Commenting on the opportunity at Adelita, newly elected Director Raymond Jannas stated:“The
Adelita Project exhibits many of the characteristics we look for in emerging district-scale systems,
high-grade skarn mineralization with clear geological vectors toward a deeper potential porphyry
source. What excites me most is the combination of compelling geology and a focused, determined
team that is executing with discipline. With capital in place and a clear exploration roadmap, Algo
Grande is well positioned to unlock the broader potential of this system.”
Jannas will be known to copper sector observers for three main reasons:
 His connection to the Chilean mining scene, where he’s been a stalwart and highly respected
geological brain for no end of years.
 His involvement with the John Black/Kevin Heather companies, e.g. Antares, Regulus and
Aldebaran, where he has worked at both consultant and director levels.
 His most recent foray, the highly successful (to my own surprise) Valeriano project, bought out of
Barrick by a consortium led by Jannas and placed into junior Atex Resources (ATX.v), which
attracted industry movers/shaker Pierre Lassonde and was in the right place at the right time to
become a big success for backers.
Jannas left ATX for his own sweet reasons a year or so ago (he has other interests, such as winemaking) so
it’s interesting to see him pop up at this re-invented junior and its unashamedly heavily promoted project in
Mexico (Gord Neal director, Peter Megaw technical advisor). If Pierre Lassonde pops up again, pay attention.
Faraday Copper (FDY.to): Last week’s what-might-have-been sigh of a note on FDY came with the news
out Monday (12) that arranged a $100m financing priced at C$4.20 and led by BHP, its and Lundin’s new BFF
(to overdo the acronyms). We knew it would propel the share price even higher and that sure happened, the
price blasted through the 4-handle and adding another 25% week-over-week.
American Eagle (AE.v): The winner of the week and to get it all in context, we begin with a 2026 YTD
price chart of AE compared to the main copper producer ETF, COPX:
14

There are four moments marked on the chart.
1) Up to late January, AE followed COPX fairly tightly, we then got this NR dated January 26th (8) with a
headline “American Eagle Drills 802 Metres of 0.71% Copper Eq. from Surface, including 375 Metres of
1.01% Copper Eq.” That hole went into the most developed South zone and returned good grades (0.31% is
copper, then gold at 0.27 g/t was the main kicker) and more importantly, long lengths. The market reacted
accordingly, kicking AE from the low 60s to a high
of 84c and even after the spike/drop of the wider
metals market at the end of January, saw AE
trading at above 75c for a week.
2) However interest faded in the stock (as has often
been the case) and while not a full-scale collapse,
AE came back to its field and the previous week to
last week, traded between 65c and 67c. Then came
the first of last week’s NRs on February 25th
“American Eagle Reports Breakthrough Drilling at
NAK, Encountering Continuous Mineralization over
Previously Untested 1.7 km Trend, Including 901 m
of 0.43% CuEq from Surface” (13). While the
grades were okay-ish-I-suppose (AE will quickly
rebut with “They mine these grades in BC!”), what
matters here is the location because AE has drilled
into what was previously assumed to be barren rock
known as the Babine stockwork and hit porphyry
material. Good for them and without going into the
fine details (they have plenty of videos out there now) this visual (right) shows what’s changed.
And that changes a lot. While still interpretive, AE has undoubtedly unlocked a large new swathe of its
property as potential mineralization and that’s a clear positive. Sure enough the market the reaction was
again strong, AE popped back above 80c and this time, before the price had time for second thoughts or a
retrace…
3)…in what was obviously a concerted company plan, that assay in a new zone of NAK was followed almost
immediately by this one on February 27th (14), entitled “American Eagle Expands South Zone 750 Metres to
the East and Further Demonstrates Continuity Within High-Grade core, Intersecting 618 metres of 0.77%
CuEq from Surface.” Another long hit of good mineralization (again it’s good but not great, with 0.23%
copper and most of the CuEq work taken up by the 0.42 g/t gold numbers) form the South, the timing of just
after the Babine hole was obviously deliberate but to its credit, AE included this paragraph and for me it’s the
most important thing they’ve published this year:
“Together, the February 25 district-scale breakthrough, highlighted by NAK25-70’s 901 m of 0.43%
CuEq from surface, and today’s South Zone results reinforce a clear growth pathway at NAK:
advance the higher-grade South Zone as the near-term core, while systematically expanding and
vectoring within a much larger, newly demonstrated mineralized system.”
That tells us AE now has a clear plan of action and a pathway to what we’ve wanted from this project for a
long time, a 43-101 compliant resource. The company previously stated it wouldn’t offer an initial resource in
2026 and that’s now known, but a strategy to focus on the South zone and then add toonage from the halo
makes sense and points to a 2027 resource.
4) That NR was enough to launch AE higher (and it got a slice of luck from a benevolent backdrop for copper
and its dependent companies) and the stock closed Friday in the 90s for the first time in a long time. But
then came the real cherry on the cake in this NR (15) and you’re getting a longer excerpt this time:
Toronto, Ontario – February 27, 2026– American Eagle Gold Corp. (AE:TSXV, AMEGF:OTCQB)
("American Eagle" or the "Company") is pleased to announce that it intends to complete a financing
for aggregate gross proceeds up to C$34,540,000, consisting of approximately: (i) up to 19,200,000
common shares to be issued on a premium flow-through basis (each, an “FT Share”) at a price of
C$1.20 per FT Share (“Charity FT Offering”) for proceeds of C$23,040,000; and (ii) up to 14,935,065
15

common shares (each, a “Share”) at a price of C$0.77 per Share for proceeds of up to C$11,500,000
(the “Concurrent Offering” and with the Charity FT Offering are the “Offering”).
Eric Sprott, through a 2176423 Onatrio Ltd., a corporation beneficially owned and controlled by him,
has agreed to acquire an approximate 9.9% equity interest in the Company, prior to the decisions of
Teck and South32 who have certain equity participation rights as detailed below, through the
purchase of 19,200,000 common shares underlying the Charity FT Offering at a back-end price of
$0.77 per share. The investment represents C$23,040,000 of the Charity FT Offering gross proceeds.
“We're very pleased to welcome Eric Sprott as another strategic, long-term investor on the register.
What makes his participation particularly notable is that it's rare for him to back copper stories. We're
proud to have him alongside Teck, South32, and Orecap as foundational, long-term shareholders”,
state Anthony Moreau, CEO of American Eagle.
Uncle Eric’s in the house! If you needed a catalyst spark to launch AE higher and raise its visibility among the
investment and trading crowd, they don’t come any better than this in the current market atmosphere. Eric
Sprott’s new participation sits him alongside big strategic sponsors such as Teck and South32, but it’s the
name that will bring the vibes back to AE.v and as long as the Middle East conflict situation allows, I expect
AE to go higher still this coming week. How high? No idea, no point in trying to second-guess a vibe and
momentum fueled bull market. What matters more is where AE is priced two to three weeks from now, once
the initial buzz has faded and the stock has found something akin to a trading level. My only guess; well
above a Loonie.
Overall: The week AE supporters have been waiting for. I’ve been a skeptic over the last year or so and
though I did run a punctual, near-term and reasonably successful Tax Loss Season (TLS) trade on the stock
around the turn of the year, that was limited in scope and I didn’t have any real compunction to own this
outside of my third-party exposure in Orecap (OCI.v, see above). Last week AE proved me wrong and that’s
never a bad thing for an ornery cynic such as I, we wish AE the best of fortune in 2026 and due to the
decision to add to my OCI position this coming week, I’ll be on AE a little more by the time IKN876 arrives.
UPDATE Monday: Yup, just as suspected:
A rocket move to C$1.32 and assuming Teck and South32 elect to use their top-up right, this evening AE is
worth over C$250m pro forma.
Kobrea Exploration (KBX.cn): Still watching this one closely. The initial drill program at its El Perdido
target, part of the company’s Western Malargüe concession package in Mendoza, Argentina, started in late
January, so even though the holes are the deepest ever for a porphyry-type target (they are apparently
drilling 3x 500m holes to scout what’s below), we’re still probably a few weeks from any assay result. This is
a pure drill play and with all the high risk/reward that comes with them, so my personal strategy this time will
be to wait, watch and if they hit something, buy at higher prices once the results are known. We like the
team (esp the presence of chief geol Paul Johnston) and we like their large land package and the way they’re
essentially first-footing a prospective zone of the Argentina cordillera that, until recently, wasn’t available to
exploration geology for political reasons. We now await the Truth Machine.
Fitzroy Minerals (FTZ.v): Another sketchy company making hay while the sun shines. Two weeks ago in its
latest corporate literature FTZ boasted of its $9m treasury and “good liquidity”. This week they surprised
nobody with this opportunistic dip into capital markets (16):
16

VANCOUVER, BRITISH COLUMBIA, February 25, 2026 – FITZROY MINERALS INC. (TSXV: FTZ, OTCQX:
FTZFF; FSE: C3Y) (“Fitzroy Minerals” or the "Company") is pleased to announce that it intends to complete a non-
brokered listed issuer financing exemption (LIFE) private placement (the “LIFE Offering”) consisting of the
issuance of common shares of the Company (the “Shares”) at a price of $0.50per Share, for aggregate gross
proceeds to the Company of up to $10,000,000. The LIFE Offering is subject to a minimum offering amount of
$4,000,000.
How on earth this is worth 50c a share is beyond me. Assuming the placement fully fills, that will put the
share count at over 304m and the market cap at C$150m, which is madness for the level of ratty returns
we’ve had from the drills so far. An exercise in self-serving promotion in the online age that will be in line for
study for marketing degrees in years to come.
The Producer Basket
After eight weeks of 2026, the Producer Basket shows a gain of 39.40% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 144.04 130.00 30.2%
2 Agnico Eagle AEM 169.53 502.579 126.45 251.60 48.4%
3 Barrick B 43.55 1705.994 86.56 50.74 16.5%
4 Wheaton PM WPM 117.52 454.02 74.30 163.65 39.3%
5 Alamos Gold AGI 38.58 420.68 22.80 54.19 40.5%
6 Lundin Gold LUG.to 114.02 241.733 22.69 128.57 12.8%
7 IAMGOLD IAG 16.49 594 14.59 24.57 49.0%
8 Eldorado Gold EGO 35.92 201.275 9.34 46.42 29.2%
9 B2Gold Corp BTG 4.51 1330.134 8.19 6.16 36.6%
10 Americas G & S USAS 5.11 318.26 3.12 9.79 91.6%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 39.40%
The average improved by over 15% on the week and for the first time, our basket is also showing a
meaningful lead against the GDX benchmark. All ten of the component stocks were winners on the week and
plenty of them were big, too. We again saw Americas Gold & Silver (USAS up 25.4%) as the best of the
bunch and the decision to risk including it in the 2026 list is paying off in style. Then came Lundin Gold
(LUG.to up 18.9%) rebounding strongly at last, B2Gold (BTG up 14.3%) doing what we imagined it would do,
Alamos Gold (AGI up 13.3%) with strong gains and not forgetting Agnico Eagle (AEM up 10.2%), a very big
move for a Tier One with that size of market cap.
Thanks mainly to the leverage offered by USAS and the low end of the market caps, our list has pulled out a
4.34% lead on GDX after two months of 2026. And that’s good.
The 2026 Producer Basket: Weekly performance and
50% comparative to GDX control
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
Newmont (NEM) and Barrick (B)…again: Stack a chart with the GDX, Newmont (NEM) and Barrick (B),
run it from just before the blow-off top moment on January 29th when sentiment was at its peak, get this
visual:
17
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM
The 2026 Producer Basket: Percentage diff. Between
GDX benchmark & basket (negative = IKN ahead)
4%
3%
ikn 2%
gdx control
1%
0%
-1%
-2%
-3%
-4%
-5% source: IKN calcs
source: IKN calcs Jan1stJan4th 11th 18th 25th feb1st 8th 15th 22ndMar1st

Seeing GDX out-perform the big stocks isn’t that much of a surprise (even though AEM has done very well),
as rebound moments such as these favour smaller sized producers with more leverage. However and on
balance, I’m tempted to give NEM a pass and look negatively toward B. True the NEM Q4 and guidance didn’t
impress the market, but we’ve seen it bounce back and buyers willing to hold the #1 due to the simple
weight of margin coming from gold at $5k/oz levels. That’s also true of Barrick (of course), but the notable
way in which it too suffered from the NEM Q4 earnings report via the notice of default at NGM and the lack of
vim in the last few days marks a difference.
B2Gold (BTG) (BTO.to) and Eldorado Gold (EGO): Last week we featured these two in more depth and
to crib a line from the BTG text, they were presented as tradable, with likely near-term upside and under a
“The market is ready to forgive mediocre
performance in this gold price environment” banner.
Here’s how they go on last week (right), the rich got
richer and BTG continued its excellent rebound
move with a strong +14.3% on the week. On the
other hand, EGO was still suffering a bit of a
hangover from the lukewarm reception it got for its
4q25 and YE earnings report posted Thursday Feb
19th. The BTG numbers were that same day (though
in the morning) and the market responded quickly,
in the case of EGO the bad vibes continued through
the Friday and Monday, with buyers finally showing
up once the Tuesday morning dip were behind us.
Overall, EGO’s +8% move was slightly disappointing
compared to peers (GDX +9.0%) but it seems to be
a sleeper and only now playing catch-up. Therefore my theory still holds and I’d expect EGO to play catch-up
in the week ahead and show relative strength as the market stops caring about known issues and prices the
effects of higher gold prices over a longer period.
Lundin Gold (LUG.to): A word required on the basket laggard, as it finally saw some bids coming in and
rebounded a cool 18.9%, dragging it back into positive territory for 2026 YTD. Some of that is likely bargain
hunting on a name that’s had a rough few weeks and now looks cheap in comparative terms, but the catalyst
for the run is almost certainly this (17):
VANCOUVER, BC, Feb. 22, 2026 /CNW/ - Lundin Gold Inc. (TSX: LUG) (Nasdaq Stockholm: LUG)
(OTCQX: LUGDF) ("Lundin Gold" or the "Company") is pleased to announce that it has signed a
binding term sheet with LunR Royalties Corp. ("LunR") for a proposed $670 million silver stream–for–
equity transaction (the "Transaction"), based on the 20-day volume weighted average price ("VWAP")
of the LunR shares on the TSX Venture Exchange ("TSXV") as of February 20, 2026. Under the
terms of the Transaction, Lundin Gold will sell a silver stream on the Company's Fruta del Norte
("FDN") mine in Ecuador in exchange for newly issued shares of LunR.
While I get why LUG might want to see what is, for them at least, inconsequential silver production there are
a two issues that come to mind. Firstly, a deal with LunR is obviously incestuous, no matter whether it
complies with the arms-length rulebook or not. The 50.5m or so shares aren’t going to leave LUG’s balance
18

sheet anytime soon, either. Is this the shape of things to come for the Lundin’s new royalty vehicle, will we
now see deals at Faraday Copper and the Vicuña projects of the same illk?
LUG is making money hand over fist, why does it need
to sell anything? The top answer, for me at least, is
that LUG is about to do what many people have
expected it to do, move to buy something else and get
rid of its one-trick pony image. As for the deal itself,
the 50.5m shares may be at a VWAP of $18.18 for a
ticket value of $670m as per the deal NR, but the real
story is that LUNR shares closed at C$26.37 and that
means C$1.33Bn or so for LUG in equity terms. With
the stock moving up around 9% compared to the GDX
since the deal, that implies the market is giving LUG
1.5X value on this deal and that seems rich.
The TinyCaps List
After eight weeks of 2026, the TinyCaps show a gain of 16.14% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 19.84 0.075 7.1%
Canex Metals CANX.v 0.215 166.95 43.41 0.26 20.9%
Sranan Gold SRAN.cn 0.30 60.42 15.11 0.25 -16.7%
Enduro Metals ENDR.v 0.155 76.04 15.97 0.21 35.5%
Latin Metals LMS.v 0.21 138 36.57 0.265 26.2%
Precore Gold PRCG.cn 0.26 32.003 9.60 0.30 15.4%
Radius Gold RDU.v 0.14 115.7 17.93 0.155 10.7%
Silver Wolf SWLF.v 0.135 62.18 12.13 0.195 44.4%
Trifecta Gold TG.v 0.195 47.7 11.45 0.24 23.1%
Viva Gold VAU.v 0.19 171.677 30.90 0.18 -5.3%
Prices in CAD$, data from TSXV basket avg 16.14%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In one cases I’ve stretched the window a little and allowed
sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2026. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The TinyCaps average added 3.65%, as the six winners
TinyCaps, 2026 weekly tracker
(SRAN.cn, ENDR.v, PRCG.cn, RDU.v, SWLF.v, VAU.v) out- 25%
ran the four losers (AUME.v, CANX.v, LMS.v, TG.v) with the 20%
moves in Precore (PRCG.cn up 22.5%), Viva (VAU.v up 15%
16.1%) and Silver Wolf (SWLF.v up 14.7%) making most of
10%
the difference.
5%
0%
Radius Gold (RDU.v): In response to being criticized for
pumping a Peru project with no drill permits by promising
them within months and failing to deliver for years, RDU
19
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM
source: IKN calcs, TSX data

does the only logical thing and…picks up another Peru project with no drill permits (18).
Vancouver, British Columbia – Radius Gold Inc. (TSXV: RDU) (“Radius” or the “Company”) is pleased
to announce that it has entered into an option agreement to acquire a 100% interest in the Jonco
Silver Project (the “Project”), a large-scale polymetallic silver-gold-lead-zinc system located in central
Peru.
Expect them to assure shareholders that this time is different. For what it’s worth, Jonco’s address places it in
the region where illegal mining activity and a multi-gang gang turf war is currently running rife but this is
unlikely to bother the people under the Ridgway spell. Never underestimate the cult of personality in this
sector.
Precore Gold (PRCG.cn): The difference is volume, as on the days people come for the stock the moves
are positive and big. Monday saw PRCG up from 24.5c to 28c (+14.3%) on 265k shares traded, then the
combo of Tuesday (53k shares), Wednesday (44k shares) and Thursday (20k shares) saw the price drop back
to 25c, only for Friday to perk up and the 183k shares traded also added 5c (+20%) to the price and the
weekly close price of 30c.
I’ve said it before and I’ll say it again, this stock is interesting because it’s currently flying way under the
radar and at Arekipay, it’s done a deal at the right time to secure a project with the characteristics that the
market has fallen in love with, i.e. a large, low grade copper porphyry in the Andean Cordillera. You won’t
find many companies these days controlling one of those and with a market cap of under $10m. By the same
token, building a position at these prices is going to be difficult and even if I’d “called buy at 20c” recently,
the result would have been more for show and less about getting a real trade on at those prices.
Silver Wolf (SWLF.v): A third week of featuring this stock as it showed once again how it offers that
infamous “leverage to silver” if that’s what you want in life. Here are the last four weeks results for SWLF:
IKN872: Down 7.3%
IKN873: Down 21.1%
IKN874: Up 13.3%
IKN875: Up 14.7%
Twenty or thirty years ago I liked wild and crazy nights, these days I prefer a quiet evening with a coffee and
a good book.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Argentina: The glacier law passes Senate
We’ve been following this story since IKN860 dated November 16th, and the Regional Politics note,
“Argentina: Glacier law on deck”, when the law project was first sent to Congress, then follow-ups on its
passage between then and now, e.g. IKN865 note dated December 21st “Argentina fast-tracks the Glacier
Law amendment” and a couple of comments in January when it got bogged down by politicking and the
traditional Buenos Aires vacation period (e.g. IKN870 dated January 25th). But last week saw the process
crank up and come Friday the result, big enough news to get English language newswire coverage (19):
BUENOS AIRES, Feb 26 (Reuters) - Argentina's Senate approved on Thursday a reform to the law
protecting Andean glaciers, a measure promoted by the libertarian President Javier Milei's
government with the aim to unlock investments by mining companies.
The bill, which has been protested by environmental groups, was passed by the Senate with a vote of
40 to 31 as environmental groups protested opposite the Argentina Congress.
The reform will now move to the lower house for a vote.
That’s a big result for President Milei as, in theory at least, the upper house Senate was viewed as the
biggest stumbling block for the project. It will go to the Lower House for debate and vote, the Milei alliance
and supportive parties have 117 of the 127 votes they need, 100 are strong opposition and as such, they
need to convince just 10 of the 38 non-aligned seats to get the law through. That’s likely to happen and
when it does, Milei will quickly sign the Glacier Law reform into law. It’s technically somewhat more
20

complicated than a single paragraph allows, but the need-to-know about this law reform is that it hands
power of decision on whether any given civil woks project is a threat to natural resources (i.e. glacier water)
from the national government to provincial government, allowing the to “administer their water reserves in an
efficient, technically competent and realistic manner” (law project translation, quote/unquote). In real terms,
that means pro-mining provinces (e.g. San Juan, Santa Cruz and increasingly the other Andean provinces)
will be able to move ahead with the permits without the lefty busybodies from Buenos Aires sticking their
oars in and stopping the projects from moving forward.
In other news, on Friday afternoon Argentina’s FinMin and one of Milei’s inner circle, Luis Caputo, announced
(20) that two more projects had been accepted into the RIGI investment program, namely Veladero’s
extension project and…roll on drums, AbraSilver’s (ABRA.to) Diablillos project. With those, there are now 12
projects approved in the RIGI scheme from the 27 that have already applied for RIGI status, including
Rincón Lithium (Rio Tinto), Los Azules (McEwen Mining), the Gualcamayo extension and the Josemaría
copper project (Lundin BHP) project.
Ecuador: Noboa’s mining law passes
Here’s another in the plus column for permitting the mining sector in South America: Last week we reported
President’s Daniel Noboa’s mining law project had passed its first reading of the National Assembly
(Congress) and was on course to make it into law. We expected the process wouldn’t take long but it was
speedier than we imagined, as the project got through committee almost immediately and the (translated)
“Organic Law for the Strengthening of the Strategic Mining and Energy Sectors” was then debated and
passed its key second reading on Thursday by a count of 77 to 70, thereby making it into law as soon as
Noboa signs off the papers and they appear in the national Gazette (21). There was only one change to the
original law project, as Article 29 of the 29 proposals was dropped (it concerned electricity power price
controls for local and regional customers. Therefore all changes directly concerning the mining industry will
become law (see IKN874 last week) including the most controversial measure of all, the decision to allow
mining exploration to take place without an environmental impact permit. This means no local prior
consultancies required for exploring and drilling your project, which pleases the mining companies and has
certain communities up in arms.
Update: It was signed off by Noboa Saturday and published today Monday, it’s now law.
Colombia: Upcoming elections and latest polls
This coming Sunday March 8th is the vote for Colombia’s next Congress, a separate event to the Presidential
election that happens April 12th (with run-off 7th June). This coming weekend also sees quasi-primaries vote
to choose which candidates go forward to the election proper from the three established alliances (right,
centre, left), though that seems to be largely settled for the candidates that matter and the only realk race is
for the nomination for the Centre alliance (Vicky Palomina seems to have a lead).
The Congressional election is obviously important and will set the tone for the Presidential battle, as it’s
effectively the biggest and most accurate voter intention poll imaginable and will show whether the country is
ready to lean more to the right or left than observers estimate. There are plenty of polls out there predicting
the Congress result (link here (22) is a good summary for those who care and would like a little Spanish
language practice) but instead of complicating things for an audience that needs to focus on the main event
I’m going to jump to another poll (23), run by pollster Guarumo y EcoAnalítica for Colombia serious
newspaper “El Tiempo” and its current
forecast for the Presidential and
specifically the most likely decisive vote,
i.e. what would happen if lefty Iván
Cepeda and righty Abelardo de la Espriella
face off in the second round. Here’s the
screenshot (right):
The government candidate Iván Cepeda
strill holds a lead, with 39.1% of voter
intention, but “Colombia’s Milei”, the right
wing Abelardo de la Espriella, has closed
the gap slightly since the last equivalent
21

poll and most importantly, there are still 25.7% in the “none of the above” column. Therefore the song
remains the same:
 This desk still considers Abelardo de la Espriella favourite for the election win and to become the
next President of Colombia.
 But it’s close, way closer than the English language media would currently have you believe.
 And there’s all to play for in the next six weeks.
 So next weekend’s Congressional election results will be the biggest tell on what might happen so
far.
Chile: The Kast era is at hand
We’re just a week and a half away from the moment Gabiel Boric hands over the role of President to José
Antonio Kast on March 11th /Wednesday week) and Chile makes its latest swing to the political right wing
official. Expect feelgood noises from businesses of all shapes and sizes, including of course a mining industry
that expects an easier permitting scenario and likely relaxation in some of environmental regulations.
Meanwhile and potentially connected (24), last week BHP applied for and got a suspension of its current
environmental permitting process at the world’s largest copper mine, La Escondida. Its latest expansion
project has an estimated capex of U$1.3Bn (with a B) and is about increasing heap leach production of
sulphide ores. The company wants more time to prepare its technical rebuttal to observations associated to
the hydrology and sector permits of the project, a bit of a mouthful that means the Chilean enviro people
(SEA) weren’t happy with certain aspects of the plan. It may be that BHP et al simple needs more time to
address the issues, but the way the suspension crosses from the outgoing left wing admin and into the
incoming right wing, a new government that’s bound to pout its own people into SEA, may also mean BHP
sees better opportunity to get its permits awarded once Kast is in power.
Anyway, BHP intrigue or not, those of you who want to position Chile exposure for the likely bump as Kast
takes over the and the world notices one of the countries down at the bottom of The Americas has turned
right wing have this week and a day or two of the next to do so.
Market Watching
RPX Gold (RPX.v) redux
A brief follow-up to last week’s note on the RPX Gold (RPX.v, ex-Red Pine Exploration) in last week’s Market
Watching. Our main opinion on the initial economic study for its Wawa project was there in the title line, “The
PEA is better than the reception it received”, so it wasn’t a big surprise to see RPX.v shares rally as the week
went on and the market started to love precious metals stocks again. By the time Friday came around, it was
back at 25.5c and had added 5c (let’s call it 25%), as seen in this price chart (right).
A good result, but equally one that hasn’t seen the stock bust out of any new trading range. The final verdict
last week was to watch ERPX for the time being, particularly as at some time it’s going to need to raise
capital and that is an obvious headwind. On that, the best default assumption is to expect a straightforward
22

share financing but as at least one of you mentioned to this desk in feedback (thank you, you know who you
are) Franco-Nevada is already in RPX and the modest amount RPX requires to trigger its Phase One open pit
project is well within the bounds of an extra deal between FNV and RPX.
Be clear, I’m certainly not against buying back into RPX, there’s a lot to like in this stock and its future if
things go well. But little retail me will wait on the sidelines to see how the 2026 financing round goes before
making any proactive decision. I’d also like to see RPX commit to a larger drill program to expand the
resource as quickly as possible, but first things first.
Amerigo Resources (ARG.to): 4q25 and year-end results
One of the things that happens when covering a producer stock over a long period is to see how forecasts
and estimates stack up against the reality of any given quarter, because time and experience allows the
number-guesser to refine estimates and make better guesses. True for any analyst, true for me and in the
case of The IKN Weekly there’s no better example than Amerigo Resources (ARG.to), a stock I’ve personally
covered since 2014 (oh my stars) and owned on-and-off over the years since then. The latest example was
the Market Watching note in IKN869, dated week of January 18th and entitled “Amerigo Resources (ARG.to)
4q25 production” and in that edition, after processing the information in the ARG production NR of that week
we estimated that ARG was about to deliver a barnstormer of a quarter.
In the P+L charts presented that day, our estimates for 4q25 included these as the items that matter most
 Top Line Revenues est of U$86.3m
 Gross Profit est of U$44.3m
 Operating Profit est of U$41.7m
As seen in the charts and the script of IKN869, those numbers were well above and beyond anything
previously delivered in any given quarter by the company. Therefore, when ARG reported its earnings last
week (NR here (25) and conference call recording here (26)) I was quick to check out the financials and what
they'd delivered. Here's the reality of those three line items above:
 Top Line Revenues of U$86.3m U$79.811m (a difference of U$6.489m)
 Gross Profit of U$44.3m U$32.384m (a difference of U$11.916m)
 Operating Profit of U$41.7m U$28.443m (a difference of U$13.257m)
Those are big differences, with your author apparently overestimating at every turn and the resulting breach
between estimates and reality wide enough to be embarrassing for me, particularly as our guesstimates are
normally fairly tight with reality. So what went wrong? Basically, three things:
1) A miscalculation of gross copper values (on this I don't blame myself, but it was a learning
experience).
2) A miss on my guess for moly revenues (I don't blame myself here either, second guessing byproduct
Mo revs has always been difficult at ARG)
3) Underestimating costs (and this includes one big error on my part).
Put those together and the lower level of earnings returned by AR is understandable, but it’s well worth
examining the three errors in greater detail as they provide understanding of the company and what it’s likely
to achieve in the future. We begin with the revenues side of things and here’s a table:
ARG 4q25: IKN869 revenues estimates ARG Q4 reality (in U$m)
item IKN SWAG Reality difference
Cu gross value 101.9 96.017 5.883
fair value adj 11 13.32 -2.32
Cu revs 76.28 72.266 4.014
Mo revs 10 7.545 2.455
revs total 86.28 79.811 6.469
source: IKN calcs, ARG data
1) Gross Copper Value: In IKN869, I got to my gross copper revenues estimate by simple multiplication of the
copper sales number (19.04m lbs delivered) and this
statement, as seen in the January 13th NR: “…the average
provisional copper price in Q4-2025 was $5.35/lb”.
Indeed, those numbers were reiterated in the ARG YE
23

MDA published last week, but as seen in this screenshot the “gross value” it produced was U$96.017m, far
lower than the simple math.
That’s not unusual, as this table shows the quarterly “calculated gross” amount is always slightly different to
the declared gross copper value by a percentage point or two, but this time it was a big difference, 5.74%.
qtr Cu del Mlb MVC Cu$ calc gross decl gross diff $ diff %
1q24 15.961 3.95 63.046 61.285 1.761 2.79
2q24 14.326 4.39 62.891 62.973 -0.082 -0.13
3q24 16.477 4.22 69.533 68.793 0.740 1.06
4q24 18.24 4.06 74.054 75.915 -1.861 -2.51
1q25 12.919 4.42 57.102 54.989 2.113 3.70
2q25 15.57 4.42 68.819 66.927 1.892 2.75
3q25 15.025 4.54 68.214 67.213 1.001 1.47
4q25 19.041 5.35 101.869 96.017 5.852 5.74
source: ARG data, IKN calcs
I therefore mailed the company and after an extended e-mail exchange, they sent over the exact method
they use to calculate the gross metals value. I’m going to cut a long story short, but as you may have already
assumed they calculate provisional revenue using an average copper price for each month (LME being the
benchmark), which dovetails with the ARG invoicing process that works on a 90 day lag (we’ve gone over
that before, it’s the cause of the “fair value adjustment we see every quarter). In the case of 4q25, that turns
out to be U$5.05/lb approx (October U$4.85/lb, November U$4.90/lb, December U$5.35/lb). However and in
the words of CEO Aurora Davidson, “…we need to mark-to-market at each reporting period. For us, that is
monthly, as we produce a full set of consolidated FS each month. In December, the mark-to-market price
was disclosed at $5.35/lb.”
That’s the number which appeared in the January 13th production NR as the “average provisional copper
price”, but effectively it’s the sum of the gross metal + the fair value adjustment. Once it was explained to
me it was clear, but I think ARG needs to change the wording of its NRs. In other quarters the discrepancy
was small and could be shrugged off easily enough, but it showed up in 4q25 because of the rapid change in
copper prices between the start and the end of the quarter.
2) Moly by-product revenues. That’s the copper, now for the moly and this one is at least understandable. Mo
revenues fluctuate greatly on a quarter-by-quarter basis and there’s often a lag between the production and
sales of any given period, so any pre-report estimate is always a best guess. This time around, as moly sales
had increased to 0.5m lbs (1q25 was 0.24mlbs, 2q25 0.39mlbs, 3q25 0.35mlbs) and Q3 had seen moly gross
revenues at U$8.336m, I took a wild gues that Mo revenues would be up in Q4 and guessed at U$10m. In
fact they came in at U$7.545m and while that didn't surprise me much, it meant another miss in my forecast
in the wrong direction.
While on the subject, though it’s not really needed to understand the ARG Q4 results and more of a general
subject, it's possible to use the numbers offered
by ARG in its MD&A and financials to reverse- ARG: Estimates on the moly by-product economics
engineer and get an idea of how profitable moly
is to ARG as a standalone product. It's not
exactly right, because some of the other costs
associated with running MVC are also moly
related but if we assume anything else is
absorbed by copper, here (right) a chart of what
moly means to ARG. It shows gross quarterly
revenues from moly (light blue columns), then
the production costs (dark grey) attributed to
moly by the company (again, there may be
other costs taken by moly such as a small
percentage of corporate G&A, or maintenance,
or whatever, that doesn’t show here), then the royalty (light grey) ARG pays to El Teniente (DET) for its moly
from the tailings. Finally the estimated margin from those three (green) and the only columns that have their
numbers attached, as the chart gets way too busy otherwise. Long story short, moly has been a very useful
24
818.3
161.0- 799.1
448.0
544.2
304.3
998.1 92.2
596.0
364.3
776.4
422.3
U$m
10 Mo revs
9 Mo prod cost
8 DET Mo royalty
Mo est margin
7
6
5
4
3
2
1
0
-1 source: company filings, IKN calcs
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25

by-product for ARG in 2026 and if they can keep up the U$3m+ margins seen in the last three quarters they’ll
cover a lot of their overhead without touching the revenue from copper.
3) Underestimating costs. My final big estimates miss from IKN869 was indeed an error on my part, there’s
no excuses or attempt to squirm away from the blame this time. I even made mention of it in IKN869, stating
“Costs are likely to be somewhat higher than other quarters, but it’s unlikely to be by much…”. In fact, my
estimate for COGS of slightly over U$40m compares very badly to the reality of the U$47.427m reported by
ARG and this breakdown chart shows why:
50 ARG: COGS breakdown
45
40
35
30
25
20
15
10
5
0
25
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m
DET Mo royal
admin
DD&A
other
lime
Mo prod cost
tailings extract
grind media
Maintenance
direct labour
power
source: company filings
There was cost inflation reported in many line items and that was expected, such as "tailings extraction" up
U$346k quarter over quarter, or lime costs up U$199k qtr/qtr to name but two. The moly royalty also jumped
by nearly $0.5m. However, the big ones were power, up over U$1.3m qtr/qtr and direct labor, up a big
U$4.97m qtr/qtr and that last one was my basic mistake. Here's the relevant quote from the ARG MD&A:
“…$4.0 million paid as a signing bonus in October 2025 on a three-year collective labour agreement
with MVC’s 210-member operators’ union.”
ARG: Direct labour costs My mistake. ARG had previously disclosed this, I knew
about it but forgot when generating the earnings
estimate. Mea culpa and here (right) is the direct labour
line item separated from the above chart for your due
consideration.
Summing up: Therefore, between the copper gross value
miss, the moly revenues miss and the COGS mistake my
IKN869 forecast bombed badly. However and with all
that stated, it was still a very good quarter for ARG and
those long the stock shouldn’t be put off by my failure as
an analyst this time around. Revenues and gross profits
were still all-time records, as were
operating profits. A quick extra word
on Net Income this time around, which
came in at U$17.931m. I’ve often
mentioned this as a less important
metric for ARG and that’s true, it has
always been and will always be a cash
flow and operating margin proposition and that’s not about to change. However, these days there are a lot
more generalists and/or dividend
funds watching or already on board,
they’re the type of customer that
doesn’t look as deeply and will make
decisions based on the headline
metrics, such at bottom line earnings. As such, we should watch out for potential negative reception for
future ARG quarters.
856.3 641.3 519.2 904.3 815.3 271.3 552.3 731.3 730.3 323.3 512.3
581.8
U$m
10
8
6
4
2
0
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25
source: company filings
ARG.to: Quarterly Earnings overview
846.25 874.31 630.23 503.3- 923.03 420.2- 744.24 200.6 129.44 508.7 206.15 394.61 834.54 573.7 218.05 837.31 281.44 96.9 648.05 941.21
284.25
759.21
118.97
483.23
100
90
80
70
60
50
40 30 20
10
0
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m
revenues
COGS
Gross profit
source: company filings

ARG.to: Gross, operating and net profits, per qtr
26
44.31
72.3- 72.6-
19.3 84.6
07.51
0.7
2.51
23.8
16.01 15.11
99.82
50
45
40
35
30
25
20
15
10
5
0
-5
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m
Gross profit
op profit
Net Income
source: ARG data
Here’s context to back up our view that the ARG Q4 was good enough for holders: Once the CAD/USD forex
adjustment is made (we use 0.72x), Forward PE stands at 9.8x and that's reasonable enough, without being
a knockdown bargain for an industrial metals producer.
But the best benchmark for ARG has always been its 0.24 ARG.to: operating and net earnings per share
operating earnings capacity and at the 4q25 17.9c as 0.22
0.20
seen in the chart (right), the Forward ratio of 0.18
Price/Operating Earnings per share is as close to 6X as 0.16
0.14
makes the odds and even after running to C$6.00, 0.12
there's plenty of value in owning ARG at that multiple, 0.10
0.08
especially when you consider its policy of returning 0.06
0.04
capital to shareholders. The standard quarterly 4c
0.02
dividend is a given, share buybacks will improve the 0.00
-0.02
metrics over time and there's every reason to expect
-0.04
further performance (bonus) dividends in 2026 and
beyond with copper trading at these levels.
Finally, the reception for last week’s numbers and it seems like a case of buying the rumour and selling the
news. The overall variation wasn’t massive, but ARG
did ramp into the earnings release and then sell off
slightly once the numbers were known. It’s all relative
though, because C$6 and above is an excellent level
for this stock.
The bottom line: Though a record quarter for ARG, it
wasn’t quite the blowout we’d anticipated but that’s
okay, ARG is still a cash flow generation monster with
copper trading at these rarefied heights. Those long
this stock should be trying to micromanage its share
price fluctuations (too much), but it’s worth
remembering that with the programmed maintenance
shutdowns in Q1 (that coincide with those of DET), its
first quarter will be the weakest production levels of the year. Bit overall, ARG has guided for slightly better
production levels than in 2025 (63.8m lbs copper) and on costs that are forecast to increase slightly increase.
There is a total of U$17.5m in capex works budgeted, with most of that sustaining capex and some of it
optimization works (i.e. running to stand still on opex). With the amount of free cash flow we can expect
from ARG in 2026, none of that is an issue.
Those long and happy with ARG in 2025 should hold through and continue to reap benefits. The share price
will reflect moves in copper and for what it’s worth, this desk believes that as another reason to hold tight if
we see any weakness in the first part of the year, as our forecast for the metal is that the famous supply
shortfall should begin to show its affects toward the end of 2026 and by then, the copper price may have
made its barometer move. ARG continues to be a great way of playing the metal with a proven business
model, top level management and an attitude towards itse shareholders that’s second to none. Holding.
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
eps
op profit/share
source: ARG, IKN ests

Conclusion
IKN875 is done, we end with bullet points:
 If I need to pay up for my first tranche of Xali Gold (XGC.v) tomorrow, then I will do so. It’s a tinycap
stock and even after its recent good run, its trading can still get bent out of shape easily at 20c in a
market as volatile and twitchy as the one we have today. However in this case, I’ll worry about fishing
for value prices at a later date, the opening position isn’t going to be massive in real money terms and
if I have to pay up, the difference in hard cash won’t be so big.
 Gold traded very week today Monday and the more I think about the dry powder in my treasury, the
more of a coward I feel. One more week of watching won’t hurt me…much.
 Goodbye Minera Alamos (MAI.v), it’s been an education.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://economicweekly.substack.com/p/economic-weekly-february-27-2026
(2) https://xaligold.com/news-releases/xali-gold-receives-green-light-from-community-pico-machay-gold-project-in-peru/
(3) https://xaligold.com/news-releases/xali-gold-positions-pico-machay-gold-project-to-reactivate-development-plans-amid-strong-gold-
market/
(4) https://xaligold.com/investors/presentations/
(5) https://marimaca.com/marimaca-copper-announces-closing-of-canadian-offering-for-c257-million-a266-million-of-c409-million-a423-
million-global-offering/
(6) https://marimaca.com/marimaca-copper-announces-closing-of-australian-offering-to-complete-global-offering-of-c409-million-a423-
million/
(7) https://marimaca.com/marimaca-announces-senior-management-updates/
(8) https://tradingeconomics.com/commodity/copper/news/528545
(9) https://www.reuters.com/markets/commodities/us-copper-mountain-still-growing-after-december-import-surge-2026-02-27/
(10) https://mailchi.mp/arizonasonoran/hudbay-to-acquire-arizona-sonoran-creating-the-third-largest-copper-district-in-north-
america?e=93d9283228
(11) https://algo-grande.com/news/algo-grande-copper-closes-oversubscribed-6.52-million-financing-and-strengthens-board-at-agm
(12) https://faradaycopper.com/news-releases/faraday-copper-announces-up-to-c-100-million-private-placement-with-participation-by-the-
lundin-family-trust-and-bhp/
(13) https://americaneaglegold.ca/news/american-eagle-drills-802-metres-of-0.71-copper-eq-from-surface-including-375-metres-of-1.01-
copper-eq/
(14) https://americaneaglegold.ca/news/american-eagle-reports-breakthrough-drilling-at-nak-encountering-continuous-mineralization-
over-previously-untested-1.7-km/
(15) https://americaneaglegold.ca/news/american-eagle-expands-south-zone-750-metres-to-the-east-and-further-demonstrates-
continuity-within-high-grade-core/
(16) https://americaneaglegold.ca/news/american-eagle-announces-23-million-strategic-investment-backed-by-eric-sprott/
(16) https://fitzroyminerals.com/news-releases/fitzroy-minerals-announces-non-brokered-life-offering-and-concurrent-private-placement-
for-up-to-a-combined-26-million/
(17) https://lundingold.com/news/lundin-gold-announces-670-million-silver-stream-f-122835/
(18) https://radiusgold.com/news/radius-signs-option-to-acquire-100-of-the-jonco-silver-project-peru/
(19) https://www.reuters.com/sustainability/land-use-biodiversity/argentinas-senate-passes-glacier-law-reform-backed-by-milei-unlock-
mining-2026-02-27/
(20) https://x.com/i/status/2027474568554643547
27

(21) https://www.ecuavisa.com/liveblogs/ley-urgente-mineria-energia-asamblea-segundo-debate-lb202602260001.html
(22) https://www.infobae.com/colombia/2026/03/01/a-una-semana-de-las-elecciones-asi-quedaria-conformado-el-nuevo-congreso-de-
colombia-segun-encuestas/
(23) https://www.valoraanalitik.com/encuesta-guarumo-elecciones-ivan-cepeda-abelardo-de-la-espriella/
(24) https://www.reporteminero.cl/noticia/noticias/2026/02/escondida-bhp-suspende-tramitacion-seia-proyecto-lixiviacion-1300-millones
(25) https://www.amerigoresources.com/_resources/news/nr-20260225.pdf
(26) https://www.amerigoresources.com/_resources/media/Amerigo-Resources-Q4-2025-Earnings-Call.mp3
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
28

Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
29

Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
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Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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