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The IKN Weekly
Week 877, week of March 15th 2026
Contents
This Week: Trade heads up, In today’s edition, FOMC Week, A buying opportunity.
Fundamental Analysis: Two stocks today, Marimaca Copper (MARI.to) continues to shape well at Pampa
Medina, Rio2 Ltd (RIO.to): A price drop and 4q25 financials.
Stocks to Follow: Overview, Mayfair Gold (MFG.v), Tiernan Gold (TNGD.v), Marimaca Copper (WDO.to),
West Red Lake Gold (WRLG.v), Amerigo Resources (ARG.to), Gold Royalty Corp (GROY), Xali Gold (XGC.v),
Orecap Inv (OCI.v).
The Copper Basket: Overview, Aldebaran Resources (ALDE.v), Fitzroy Minerals (FTZ.v), Los Andes Copper
(LA.v), American Eagle (AE.v), Kobrea Exploration (KBX.cn).
The Producer Basket: Overview, Eldorado Gold (EGO), Wheaton Precious Metals (WPM).
The TinyCaps Basket: Overview, Precore (PRCG.cn).
Regional Politics: Peru Presidential Polling, Colombia: The fight for second spot in the round one vote,
Argentina Week in New York, Chile: President Kast and “permitology”.
Market Watching: Wesdome Gold (WDO.to) 4q25 financials.
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
It’s time to deploy capital and use most (not all) of the dry powder held in treasury. Three trades planned:
1) Adding to Tiernan Gold (TNGD.v)
2) Adding to Marimaca Copper (MARI.to)
3) Buying Mayfair Gold (MFG.v)
The recent sector downturn has brought attractive entry points in many stocks, the above three included. I
plan to take full advantage of the current volatility in quality junior mining stories with medium/long term
outlooks. More details below in Stocks to Follow and for MARI.to, today’s main fundamentals section.
[UPDATE MONDAY]: In a couple of places below I’ve mentioned that the trades are “probable”, pending on
what the market does during the week. As at now, Monday evening, there’s nothing putting me off the plan
and unless things go totally haywire (in either direction) I expect to execute all three trades.
In today’s edition
 The downturn in mining stocks has come at the right time for your author, with money in the treasury
waiting for cheap prices. As macro signals in metals are far less worrisome than the media headlines
driving market nerves, the juxtaposition creates opportunity and I’m a buyer of juniors this week with
most of the cash going to Tiernan Gold (TNGD.v), as planned and warned over the last few weeks.
 Plenty of hot copper stocks find themselves in sell-off mode, we check out a few of those names in
Copper Basket notes and chew over whether we should be truly concerned about the way the metal is
trading due to the Iranian conflict. But when it comes to the money, there’s one above all that appeals
and it’s not dropped anywhere near as much as some of its peers. Marimaca Copper (MARI.to).
 The third planned purchase, Mayfair Gold (MFG.v), is more a case of “urinate or get off the pot” after
putting it on the Watch List for a couple of months and waiting for an attractive price window. That’s
now shown and it would make no sense not to move on the opportunity.
1

 The Presidential races are heating up in both Peru and Colombia, significant South American countries
for the mining industry. Of the two, Colombia’s is far more geopolitically significant than Peru’s and
even though we’re still several weeks away from the Colombia Round One date and Peru’s is just four
weeks from now, the former is the one we focus most upon.
 Wesdome’s (WDO.to) quarter was good, but neither was it much of a surprise to anyone paying
attention recently. The fact that it’s traded so well since filing its 2025 YE RegFs indicates it may be
back in the line of sight for M&A.
FOMC Week
In an otherwise quiet week for scheduled macro data, Tuesday and Wednesday’s FOMC dominates financial
proceedings outside of anything related to Iran/Oil/Hormuz/Kharg Island/etc. This edition of the FOMC comes
with the announcement 2pm ET Wednesday, the dot plot projections, then the Jay Powell presser at 2:30pm.
As it’s widely understood that the Fed will stand pat this time (within a tenth here or there the CPI/PCE
inflation data last week came in largely as expected), all eyes will be on wording changes in the communiqué,
some eyes on the number of dissenters on committee, then all ears on the nuances offered by the outgoing
Fed chair.
A buying opportunity
Our doubts are traitors
And makes us lose the good we oft might win
By fearing to attempt.
Measure for Measure, Act 1 Sc4
It may be a quiet week for macro data but that doesn’t cover the nice little war unfolding in and around Iran
and for our purposes, that’s best monitored with the development of this chart:
Last week in IKN876 we squeezed in a mention of POTUS 47’s attempt at a “mission accomplished”
announcement last Monday, which the market believed for almost and entire day. The rest of the week saw
the world decide that nothing is going to be settled quickly so oil moved back up and the US Dollar went with
it, the safe haven trade pushing the DXY above the 100 line to its highest close since May 2025. In other
words, the market is in full reactionary mode now and is trading on headlines more than fundamentals, no
matter how solid the data backing up headline claims turns out to be. In such circumstances, it’s no surprise
to see money getting cowardly and the reaction, the flight to USD safety, was right in line with the scenario
laid out in last week’s intro section. While nobody’s
going to get all the moves and machinations right in
this highly volatile market, getting the frame right is a
start so until it stops working, “more war risk = higher
USD” is a good way forward.
In IKN876 last week we also pinpointed the moment
in which the market’s attitude toward gold as default
safe haven changed and this week, we had a Part
Deux to that new trend on Thursday morning as seen
in this chart (right). Last week included another
2

moment in which the USD was clearly favoured over gold and while not quite as marked as on March 3rd (as
seen in IKN876), the March 11th trigger point when DXY rose and gold fell is the same ilk. It was, once
again, a reaction to the geopolitical mess unfolding in and around Iran, markets moved into risk-off mode
and (you may be surprised to learn) junior miners are considered to be risky investments. Down we went.
However context is everything and here’s some of that, from IKN876, with a couple of lines highlighted:
“…if gold and its friends (esp copper) can survive and thrive though this, they’ll take
any geopolitical event in their stride. This wait’n’see decision is also fruit of the lessons
learned in 2022, when Putin decision to invade Ukraine saw gold run higher, but then came the US
Fed’s decision to reverse course on their monetary policy and raise rates sharply as inflation reared
its ugly head and we went through six months of metals market pain. That year is now behind us,
the gold market is now in a far healthier place and the good times are truly rolling, but it was a
salutary reminder that “it’s the economy, stupid” and all the geopolitical machinations the
world can offer are beaten to a pulp when the Fed snatches the punchbowl away.”
Here’s a gold price chart (updated to Monday to underscore the point) showing spot gold, 2026 year-to-date:
While I am, of course, sympathetic to those who say the recent downturn in gold as suboptimal, it’s difficult
to get too worried about the way gold has traded in the
face of a stronger USD. The same goes for copper in 2026
YTD, with a chart (right) a quick reminder of a
performance we’ve tracked closely in The Copper Basket.
On this, I’m on the record as entering the year concerned
about the near-term prospects for Dr. Copper and also
surprised as to how well the price has held up. That
support has continued during a spat that would often
throw out warnings and signals of a world economic
slowdown due to the conflict, but The Good Doctor has
ridden the rough waters without too much concern
(including today Monday) so for risk-off behaviour, we
need to look elsewhere:
3

Do we mention “the Curse of PDAC” again this week? Or maybe the curse of the Ides of March rearing its
head once again. Mirth aside, that above chart is exactly why sold a bunch of stocks in February and while
I’m the first to admit that my timing was off slightly (it rarely isn’t) and at least one of the stocks picked for
the trimming was a bad decision (Blue Moon (MOON.v) has made me look silly, again not difficult) the
general idea was indeed to trim sails, raise capital and once things looked a little calmer, re-enter at hopefully
lower prices. That’s what the Iran war has offered us and now, with the clear differentiation between a
skittish equities market trading the headlines and metals fundamentals that have shown very little threat of
breaking lower, the drop in mining stocks offers an obvious window of opportunity in the stocks we cover and
focus upon on these pages. There’s still risk of course, but at this point I’d opine that gold faces more
potential problems from an adverse Fed decision than the next wave of drone attacks on or by Iran. It is,
after all, the economy stupid that decides the true direction of gold, a Warsh-led Fed will go back to its
cutting cycle soon enough and the “running it hot” momentum that took gold to $5k will kick back in. And
that’s why I’m buying.
Fundamental Analysis of Mining Stocks
Soothsayer: Beware the ides of March.
Caesar: What man is that?
Brutus: A soothsayer bids you beware the ides of March.
Caesar: Set him before me; let me see his face.
Cassius: Fellow, come from the throng; look upon Caesar.
Caesar: What say'st thou to me now? speak once again.
Soothsayer: Beware the ides of March.
Caesar: He is a dreamer; let us leave him.
Julius Caesar, Act 1 Sc2
I ain't fraid of no ghost
Ray Parker Jr, 1984
Two stocks today
We cover two stocks in this week’s fundies section, not least because I plan on adding to holdings of one of
them in the days to come. That’s Marimaca (MARI.to) and what’s more, if my position in Rio2 Ltd (RIO.to)
weren’t as out-sized as it was already I’d be a happy buyer of the house Top Pick at these new discounted
prices, so those of you on the outside of that stock looking in are encouraged to buy RIO.to before anything
else featured in The IKN Weekly…it’s not called “Top Pick” for nothing. On with the show.
Marimaca Copper (MARI.to) continues to shape well at Pampa Medina
It may feel as though it happened a long time ago, but last Wednesday our preferred copper
exploration/developer trade, Marimaca Copper (MARI.to), announced the latest round of results from its
expansion project at Pampa Medina (1) which, to quote the top paragraph of the NR, “…intersected high-
grade manto-type copper-silver mineralization in
significant step-outs west from previous step-out
drilling and demonstrates the western continuity of
the favourable, mineralized sediment horizons.”
That’s why we like Pampa Medina and why its
potential to expand into something in the world-
class resource range has us so excited about MARI
at what would otherwise be a mature stage of this
investment. As for the contents and assay results,
you’re advised to study the details of the NR but to
give a potted summary we got economic intersects
from all five new holes reported and the probable
highlight was hole SWRD-02 and its 74m of 1.21%
Cu and 7.9gpt Ag, cut from 520m downhole. This
screenshot (right) probably won’t be easy to see on
these pages (again, please check the NR) but it
4

shows the uniformity of the mineralization fairly well and at this stage, the most important number is
probably on the X-axis: Pampa Medina’s target width is now over 2.2km, its length is now at least 3km and
according to the NR comments, that could easily get bigger. This NR visual shows it best:
Compare the footprint of the previously known oxide deposit, enclosed by the green squiggle, to what the
company has uncovered in the last year or so. That’s what matters the most here and MARI isn’t going to
play its development slowly this year, either. In the words of the NR, “Following the success of the 30,000m
Phase II program – Marimaca will expand to 10 drill rigs at Pampa Medina with target meterage of 100,000m
in 2026, subject to results-based stage-gates.” While that doesn’t promise 100kmt of drilling in 2026, it’s
obviously the aim and it’s exactly what I was looking for from the company when it raised its treasury via
placement last year. VPEx Sergio Rivera, the man who first realized what the first hits of the underlying
sulphide mineralization implied and is largely responsible for the drill program that has outlined the
increasingly massive resource at Pampa Medina, tells us this about the 2026 plans and what they’re looking
to achieve with 100,000m of drilling:
The 2026 program will focus on definition drilling of the identified high-grade corridors between
sections N7,441,100 and N7,440,500, as well as Pampa Medina Norte (SMD/SMR-01) in both oxides
and sulphides, as well as continued large-scale step-outs to test regional continuity of the favourable
host rocks.
The corporate quotes are double-teamed, with CEO Hayden Locke’s comments adding to the flavour, so for a
final time we quote last week’s NR:
“The continuity of mineralization and exceptional grades we are encountering are not unusual for
sediment hosted copper deposits…(w)hat is incredibly unusual, is the average true thickness of the
mineralized sediments. Drilling shows the high-grade mineralization is generally present over a
minimum true thickness of 20m to 30m and, in many cases, is well over 100m in true thickness.”
As for the market reaction, MARI got a wholly
positive response from the market as seen on this
ten-day chart (right) but the macro headwinds
took over and the stock sold down with peers. Not
great if you’re holding, but one person’s crisis is
another’s opportunity and for those looking to buy
or add, the downturn has offered a gilt-edged
opportunity to buy a top tier copper company at a
sizeable discount.
Bottom line: As previously argued, The company’s
main Marimaca Oxides project more than justified
its current equity price even before the recent raft
of selling that’s dragged MARI down from the
C$11 level to the C$9 line, so there’s plenty of
backbone in its market cap of C$1.22Bn (updated to Monday). This makes Pampa Medina the gravy and the
5

news last week may not have lifted the share price, but the relative strength shows it didn’t go unrecognized
by the market (chart below right). What’s clear at this stage is that the market doesn’t realize the potential
size and scale of Pampa Medina. While the main sulphide mantos trend to deep underground, the grade they
offer makes the rock highly attractive and the mining
techniques of this style of mineralization are well-
established. The task at hand for MARI this year is to
drill baby drill, out together a resource under 43-101
(or JORC, MARI quotes in Australia these days as well)
that becomes a valuable asset rather than just a
project and show the world the scale in third-party
approved numbers. It’s around then that Pampa
Medina gets taken more seriously and in the
meantime, MARI can get on and either 1) raise the
capital and start building its flagship 50kmtCu/annum
open pit oxide mine or 2) more likely sell it to the
highest bidder. The underlying value in this stock is
obvious, the exploration upside is exciting and as
shown by last week’s assay NR, Pampa Medina has
the potential to grow and grow into a real world class copper deposit.
Add all this to last week’s price drop and while other copper stories are appealing to this desk, the combo of
high quality and discounted entry point makes MARI the place for me. I start to re-buy into the copper space
as from this week and the first move is to add to the established trade in Marimaca Copper (MARI.to).
Rio2 Ltd (RIO.to): A price drop and 4q25 financials
A strange moment in the life of the successful junior mining company is when a years-long project finally
goes into production, then a few weeks later the company files a financial quarter that looks back to the time
it was still a developer with no cash flow or operations to consider, as for the outside observer it’s akin to
looking into past history. Then as an analyst, it’s even stranger when the company in question happens to be
your Top Pick and biggest personal junior investment, as there’s a lot at stake and it’s impossible to ignore
the filing, even though it’s of marginal use for valuation purposes going forward. That’s the case of Rio2 Ltd
(RIO.to) and its 2025 year-end and 4q25 financials, filed to SEDAR last Thursday evening (to zero fanfare
from the company, please note) but in this case, the oddity is amplified as between then and now as RIO.to
has closed on the acquisition of the Condestable operating copper mine in Peru, a purchase that has brought
massive changes to the balance sheet as well as adding to the wholesale changes on the P+L.
However, the Top Pick must be duly respected so today we check out what the financials as at December 31st
2025 show, as well as gleaning one or two nuggets of potentially useful information from them. But as fate
would have it, last week also saw the RIO.to share price drop sharply and the downturn, 13.7% week-over-
week including a 7.4% drop on particularly heavy volume Friday, was enough to see “Anything Wrong Here?”
mails arrive from concerned fellow shareholders. Quite right too and, as those inquiries are always welcome,
today’s note on our Top Pick serves a second purpose and considers why RIO.to performed the way it did last
week and whether we the invested should be concerned (TL:DR, no).
First the financials, which we do via the basic balance sheet items charts:
RIO.v:Assets, per qtr
500
450
400
350
300
250
200
150
100
50
0
6
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m RIO.v: Liabilities overview
400
fixed 350
other current
300
cash+ST
250
200
150
100
50
0
source: company filings
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m
LT liab
current liab
source: company filings

As you can probably make out, Q4 brought big changes to the RIO.to corporate structure with big adds on
both sides of the ledger. That’s the effect of the construction
of the Fenix mine and the capital expenditure on the project RIO.to: Assets under construction
(chart right), and the Q4 spike is also about the placements
connected to the Condestable deal that raised gross proceeds
of C$205m but, as the deal to buy Condestable wasn't closed
until the early days of 1q26 the placement remained as
subscription receipts as at December 31st and the end of the
quarter, with the assumed asset and liability (largely)
cancelling each other out. When the deal closed, the liability
became shares as seen in the share tracking chart (below left),
the only one today to include an estimate for 1q26. But
probably the only chart that matters for us today is the
working cap tracker (below right), as despite that sharp balance sheet expansion what matters at this critical
stage for the Fenix process is to show the company has the wherewithal to get through this final stage and to
commercial production/positive free cash flow without any financial issues.
With working cap at U$29m as at end 2025, it shows that timing and spend is right on schedule and backs up
everything we’d heard from the company on the Fenix build-out (and it’s worth reflecting a moment how rare
“on time and budget” is in our wonderful world of junior mining at those critical moments when projects
become operations).
Which brings us to the more pressing end of
this RIO.to update, last week’s share price
action as seen in the chart [also updated to
Monday evening due to more selling today]
comparing our Top Pick to the GDX over the
last month. The timescale is chosen to show
how the two lines moved in close synch
before last week, then RIO.to started
showing a little weakness last week which
turned into a full scale dump drop on
Thursday. So the first task was to contact
the company and ask the obvious “anything
wrong?” question, the answer is that
nothing is wrong and both Condestable and
Fenix are developing and running on track. That done, it’s a case of considering market factors and while it’s
not a hard fact, there is some talk that despite only including RIO.to on its Canada index recently MSCI may
be about to drop RIO.to from its list again. As stated, not a fact and only decently sourced rumour. However,
we do know that somebody somewhere was dumping hard, so a couple of thoughts arising.
1) As the weakness started early last week before accelerating, it’s likely connected to the rise in the price of
oil due to the Iran conflict. Regarding this, we refer readers back to last week’s intro section and the
treatment on how much a sharp rise in fuel price would affect RIO.to at Fenix and while it’s not something
7
15.1
24.15
04.38
36.711
60.941
U$m
160
140
120
100
80
60
40
20
0
4q24 1q25 2q25 3q25 4q25
source: company filings
RIO.v: Working capital
69.31 92.9 19.9 64.1 60.3 80.0- 68.22 54.91 63.52 11.11 78.0 97.3 16.3 11.7 21.5 62.4 34.2 72.61 97.31
47.53 74.43
95.81
02.21
30.92
50
45
40
35
30
25 20 15 10
5
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
RIO.v: Shares out U$m
source: company filings
34.181 83.281 71.091 17.091 95.991 78.991 43.452 43.452 96.652 15.752 15.752 65.752 46.752 83.852 57.852 32.952 75.952 6.813 6.813 73.624 95.624 85.724 78.924 12.634
43.625
550
500
450
400
350
300
250 200 150 100
50
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
M s/o
source: company filings

the student of this stock should be concerned about, we also recognize that the RIO set-up would look
vulnerable to squeezed margins by the casual observer.
2) This is exactly why we pad our forecast models for companies such as RIO.to with conservative
parameters and in this case, IKN 872 dated February ran the main fundies note “Rio2 Ltd (RIO.to): A new
target price for our Top Pick stock” that incorporated Condestable into the estimates, used the “realist case”
price deck of gold at U$4,500/oz and copper at U$5.00/lb and still came out with a price target of C$6.84.
Padding that much leeway into the metals prices allows wriggle room in a sector that needs constant price
adjustments to any model.
3) Since passing the $1Bn market cap line and now a multi-asset producer, RIO.to has moved into a different
league in the stock market and these days owners are bigger, with deeper pockets and different agendas.
That means when some corner office hands down an order to sell out due to whatever reason, RIO.to can
get hit with the type of multi-million share flood we saw last Thursday. It’s par for a new course and no
matter who the seller or sellers were, MSCI or other, it’s something that happens and will likely happen again.
4) The true weak moment for RIO.to last week, the period where it clearly underperformed in a bearish
market, lasted one day. Honestly, after the run we’ve seen in this stock over the last couple of years, I can
handle taking one on the chin for 24 hours. If there were something wrong at the company it would be a
different matter but last week’s dump was all about a big seller reacting to their own decisions and most
likely connect to the Iran situation (there’s nothing coward like a million bucks, etc) and as such, not
something that will change the course of this company’s future and, as I revise this script on Monday and add
a couple of extra words, gold is still trading above U$5,000/oz and copper at U$5.80/lb and change. My
model’s $500/oz padding can handle an extra $100/oz on cash costs due to the Strait of Hormuz.
The bottom line is that you can buy a stock that’s
going to C$6.84 for under C$2.70 this evening, instead
of the C$3.20 you were asked to pay this time last
week. If I weren’t as full and overweight on RIO.to in
my personal portfolio already I’d now be a buyer of
the stock, but even a fool such as I needs to exert a
little portfolio discipline so my purchases this week will
be in three other places, rather than here. However,
Rio2 Ltd is the Top Pick at this publication for very
good reasons so I would encourage those readers who
feel underweighted n the stock to take full advantage
of this discount window, caused by geopolitical issues
whose influence will fade in the near-term. Top Pick
reiterated, C$.684 confirmed, a high quality gold and
copper stock now on offer at a great price. Buy the dip.
Stocks to Follow
Of the 15 stocks currently on our table of joy, three were week-over-week winners (MARI.to, WDO.to, XGC.v)
and two others were unchanged (LMS.v, MIRL.cse) which, on a week like last week, wasn’t the worst of
results. But it still leaves ten losers and three of those dropped by over 10%, including Top Pick Rio2 Ltd
(RIO.to down 13.7%), OreCap Inv (OCI.v down 12.0%) and Mayfair Gold (MFG.v down 10.3%).
There are 15 stocks on our current list, five under the self-imposed maximum. Three are in the red, twelve
are in the green.
8

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$2.77 246.3% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$5.19 237.0% Core copper position
Tiernan Gold TNGD.v ADDING C$7.95 29-Dec-25 C$9.45 18.9% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.05 14-Jan-24 C$9.35 206.6% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$3.95 182.1% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.14 29.5% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to ADDING C$22.42 30-Nov-25 C$24.36 8.7% 2026 M&A tgt, added Mar'26
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.66 55.1% Agnico will buy more Finland
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.33 17.9% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.185 131.3% Ecuador buyout trade
Latin Metals LMS.v BUY C$0.19 10-Jun-25 C$0.24 26.3% proj.generator, Organullo spec
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.11 37.5% 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 BUYING C$5.32 11-Jan-26 C$4.63 -13.0% Time to pull the trigger
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.195 -57.8% 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
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
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:
Mayfair Gold (MFG.v): LOOKING TO BUY THIS WEEK. It’s been on my Watch List since early this year
and for a while, especially when the market sentiment top at the end of January coincided with the listing of
its new NYSE ticker MINE, it looked as though I may have missed the boat. But MFG has now come back to
its field and the selling last week has brought it back under the C$5 line and into the price range I’m willing
to pay.
This will be a small starter position, be clear that
more of the money stored form the recent sale of
Minera Alamos is going to the #1 intended target,
Tiernan Gold (see below). But with that said, it’s
time to stop watching and start owning. For
details on why MFG.v and its Fenn-Gib project are
of particular interest, please see our opening
report on the company in IKN868 dated January
11th, “Mayfair Gold (MFG.v) and an interesting
gold project”. You may also want to consider the
update in the Market Watching section of IKN873.
9

Tiernan Gold (TNGD.v): LOOKING TO ADD THIS
WEEK. It took until late Friday for TNGD to break
significantly under $10 and while this weekend’s C$9.45
isn’t a massive discount to recent highs [EDIT MONDAY:
C$9.15 is a little nicer still, the chart (right) also updated
to Monday evening], it’s better than nothing and the
timing window is right. However, the main reason here is
that I’m doing exactly what I said I’d do, i.e. taking a
larger chunk of the cash recently raised by the sale of
Minera Alamos (MAI.v) and putting it to work here. Near-
term worries are all well and good, but strategically I want
to be long this precious metals market in 2026 as the
consequences of U$5k/oz gold start rippling through the
profit+loss sheets of the big operators and cash accrues on their balance sheets. TNGD, as a 10m oz +
project in the right place at the right time, is exactly what the majors and Tier 2s will be looking for and
before they start shopping, I’m going to be fully positioned.
So be clear that although I’m buying MFG and also adding to MARI this coming week (market volatility
permitting), TNGD will be where the bulk of the money goes. This is way more likely to double before MAI
does and the chance to buy this dip isn’t going begging.
Marimaca Copper (WDO.to): LOOKING TO ADD THIS WEEK. As noted above in today’s main fundies
section, I’m not going to pass up the opportunity presented to add a high quality copper story at a newly
discounted price. Pampa Medina is developing well, the company’s planned 100kmt of drilling at the property
is exactly what the doctor (copper) ordered, the backbone of the near-shovel-ready Marimaca MOD project
makes the stock value even without the tremendous upside potential from this year’s exploration drilling and
all this at a time of sky-high copper prices and newly friendly national government in Chile. The ducks are in
line and the market is offering a discount.
West Red Lake Gold (WRLG.v): I thought long and hard about adding WRLG as part of the shopping
spree planned for the week and as I write these words on Sunday afternoon, I still think I may be making a
mistake by not using the window of uncertainty that’s opened around gold stocks to increase the holding at
these prices (or potentially lower, let’s see how the week goes). In the end it didn’t make the cut, but it was
close and if you decide to use this vehicle to increase your exposure instead of WDO or whatever else, you
won’t hear a word of dissent from this desk.
We’re now two weeks away from the end of Q1, it would be a big surprise if we didn’t get a NR from the
company telling us its preliminary production numbers in the first days of April and while we have to wait a
while longer for its 4q25 financials + guidance, then 1q26 financials that show its early margins, we’ll be able
to tell 95% of what we need to know from its Q1 production numbers. CEO Williams has impressed me with
his level-headed, conservatively pitched incremental approach at Madsen, not just at the mine but in the way
he’s communicated the strategy
Amerigo Resources (ARG.to): We note there were no shares bought back by the company in February,
the reason given being that ARG was under blackout for four weeks ending February 26th. There are now
160.947m shares out and we should expect that to start dropping as from this month as ARG uses its NCIB.
For the record, while I’m keen to see ARG use all three established methods to return shareholder capital, my
order of preference this year is first the standard 4c quarterly dividend, then buybacks, then the performance
(bonus) extra discretionary payments. With larger scale instos now coming on board, they’ll better appreciate
a way of adding direct value without having to pay tax.
Gold Royalty Corp (GROY): I didn’t expect to see GROY trading under U$4 again, so not a wonderful
surprise this week but then again, nobody is immune to a downturn. Please remember that this Wednesday
post-close sees GROY file its 4q25 and year-end financials. The quarter gone should have many surprises to
offer as the preliminary results from February laid out what to expect, so more interest around its 2026
guidance as well as any pearls of whiz dumb from Garofalo at the ConfCall Thursday morning. I’ll be on the
call, sticking to the substance of GROY’s numbers and trying to forget how much his style grates on me
10

Xali Gold (XGC.v): This is why I took a toehold position, as I get to make nots on the stock more freely
while waiting for a more reasonable entry price. This new trade camped in the 30s all week and didn’t look
like breaking under at any point, which is annoying personally because I’m left with the small, foothold
starter sized trade. I’d like more and won’t buy until it returns to a more reasonable level. It will.
Before moving on I need to make a correction to last week’s note “A Little Extra on Xali Gold”, as during the
edit I messed up by chewing two bits of script in one go and then didn’t notice. So this, with […] marking
the messed up bits,…
The days when getting a stock to run and watching some-or-other company expand its market cap provided
any sort of thrill are long in my past, the ego massage is fleeting and utterly unimportant, the thrill is cheap
and as longer-term readers probably realize by now, [….] . What’s more, I’m the guy who won’t buy a
stock before I tell you about it, so the type of reaction we saw in XGC last week means I don’t get to buy
shares at a price that suits me (I was literally staring at the stock […]. The March 2026 market for mining
stocks may not be quite as white-hot as it was a few weeks ago, but it’s still absolutely bullish with new and
eager money sloshing around.
…should have read like this:
The days when getting a stock to run and watching some-or-other company expand its market cap
provided any sort of thrill are long in my past, the ego massage is fleeting and utterly unimportant, the
thrill is cheap and as longer-term readers probably realize by now I really don’t care what the
wonderful world of social media says about me, I just want the money. What’s more, I’m the
guy who won’t buy a stock before I tell you about it, so the type of reaction we saw in XGC last week
means I don’t get to buy shares at a price that suits me (I was literally staring at the stock the day after
its CSR agreement NR, willing the price to stay under 20c). The March 2026 market for mining
stocks may not be quite as white-hot as it was a few weeks ago, but it’s still absolutely bullish with new
and eager money sloshing around.
No real harm done, but as the single paragraph got chewed
badly in two places by sheer keyboard clumsiness I need to
clear this one up. Sorry and all that.
Orecap Inv (OCI.v): The liquid-ish assets holdings inside OCI saw a value drop to 16.4c/share last week…
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.25 13.40 5.4
ARIC.v 7.39 0.85 6.28 2.5
ARIC warrant 4.17 0.65 2.71 1.1
XXIX.v 23.637 0.125 2.95 1.2
AUME.v 42.75 0.075 3.21 1.3
MERG.v 1.025 1.06 1.09 0.4
MERG warrant 0.5125 0.61 0.31 0.1
ZIGY.cse 4.942 0.38 1.88 0.8
KLDC.v 40.040 0.205 8.21 3.3
subtotal 40.03 16.1
Est.cash 0.70 0.3
Total 40.73 16.4c
At 248.332 S/O
….with American Eagle down just a penny and most of the others down more. OCI dropped accordingly, the
arbitrage between what it owns and what its shares are worth continues to be wide, that’s the backbone
required to own and be patient.
11

The Copper Basket
After ten weeks of 2026, The Copper Basket shows a gain of 28.36% 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 1175.89 4.65 70.3%
2 Aldebaran Res. ALDE.v 3.67 185.34 463.35 2.50 -31.9%
3 Pecoy Copper PCU.v 1.32 213.1 364.40 1.71 29.5%
4 Los Andes Copper LA.v 9.20 29.56 360.63 12.20 32.6%
5 Hot Chili HCH.v 1.33 190.772 268.99 1.41 6.0%
6 Surge Copper SURG.v 0.475 385.41 258.22 0.67 41.1%
7 American Eagle AE.v 0.56 192.1 240.13 1.25 123.2%
8 Andina Copper ANDC.v 0.56 263.7 203.05 0.77 37.5%
9 Element 29 Res ECU.v 1.20 155.51 194.39 1.25 4.2%
10 Hercules Metals BIG.v 0.74 289.41 193.90 0.67 -9.5%
11 Copper Giant CGNT.v 0.49 188.635 162.23 0.86 75.5%
12 Fitzroy Min FTZ.v 0.48 331.91 126.13 0.38 -20.8%
13 Metal Energy MERG.v 0.64 36.03 38.19 1.06 65.6%
14 Algo Grande Copper ALGR.v 0.53 39.64 26.96 0.68 28.3%
15 Kobrea Exp KBX.cse 0.51 35.622 18.52 0.52 2.0%
NB: All stocks in CAD$ Portfolio avg 28.36%
The 2026 Copper Basket came down with a bump last week, with the basket averaging dropping nearly 9%
and just two of the fifteen component stocks giving us
week-over-week wins, so offer up a cheer and a round
45% The Copper Basket 2026, weekly evolution
of applause to Element 29 (ECU.v) and Surge (SURG.v).
40%
All the others were losers and some of them dumped 35%
bigtime, the big drops headed by Fitzroy Minerals (FTZ.v 30%
down 22.5% and quite right too, if it drops another 50% 25%
20%
it’s still overvalued) and followed by Pecoy Copper
15%
(PCU.v down 17.0%), Hercules Metals (BIG.v down 10%
11.8%), Aldebaran Resources (ALDE.v down 10.7%), 5%
Kobrea Exploration (KBX.cn down 10.3%) and I think we 0%
need to add Metal Energy (MERG.v down 9.4%) and
Algo Grande (ALGR.v down 9.3%) to the list as well,
considering their recent big runs. The tracking chart
(right) says that things aren’t exactly bad and what we may have just witnessed is near-term speculative
cash being vaporized, rather than a wholesale change in the market direction. Overall, let’s not rush to any
judgment this week and give our basket another week before drawing any preliminary conclusions.
That sentiment extends to the price action in copper-the-metal, which saw some weakness last week but not
enough to worry anyone out of established equity
positions. The near-dated Comex futures contract
(currently HGK26, May expiry) dipped under the
U$5.80/lb line we’ve mentioned on several
occasions in recent weeks but at U$5.76/lb and
with other moments showing lower since it ran
from the $5.00-$5.20 range during 4q25, it’s way
too much of a stretch to claim some sort of trend
was broken. For sure it will pay to keep an open
mind and watch trading next week, Dr. Copper is
after all the commodity with a PhD in economics
and a tell on the likelihood of Iranian-induced
world recession and general financial disaster, but
for the time being there’s no reason to panic
showing in this chart (right).
12
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51
source: IKN calcs

Indeed, most of the suited’n’booted in the metal commentariat continue to promote the argument seen out
of RBC last week (2). We quote this house as an example rather than singling it out for any special insight,
but the title “RBC stays bullish on copper as prices defy rising inventories” tells the regular market observer
all they probably need to know and if not, this section from the body of the report certainly does:
“Even with rising inventories, the bank remains constructive on copper’s outlook, pointing to
expectations of growing supply deficits in the coming years and a potential rebound in Chinese
demand following the Lunar New Year period.”
In other words, the “we know demand is slack today but you just wait!” narrative is still the thing among
those who want you to stay long and strong. And hey, I personally would like to remain long and strong as
well but as laid out on these pages for at least three months, I remain somewhat leery about this price level
for copper. A lot seems to rest on China coming back to market and buying down the inventory levels racked
up in the last two months at SHFE, LME and perhaps even Comex now. As it so happens, the next two or
three weeks will provide the first evidence as to whether real, end-user buyers (rather than we financial
speculators and market parasites) are willing to pay these prices for copper and ship enough of the tonnes in
storage units to their factories.
Which is my neat and slick segway to our regular weekly world copper inventories update, data from
Cochilco.
 Another record for the world copper stock number, up 20,722 metric tonnes (mt) on the week to
close Friday at 1,282,557mt.
 Check the dedicated SHFE charts below for context, here we note that the addition of 8,313mt to
SHFE copper stocks brings the total to 433,458mt and is another all-time record.
 The biggest move on the week came at LME, with trading talk dominated once again by word
that Chinese smelters prefer to export tonnage to Singapore and Taiwan warehouses, rather than
keep the metal inside the country and sell it to countrymen (in February China sent over 60kmt
to LME Asia warehouses. The LME total broke the 300kmt line, closing at 311,825mt.
 We noted with interest that Comex stocks dropped for the first time in ages in last week’s edition
and we may have a new trend on our hands, as this week Comex copper dropped again by
5,166mt to close at 537,274mt.
Our dedicated SHFE inventory tracking charts show the new ATH number, it also shows the timing and how it
looks ready to roll over, the timing is right and the small-add-after-big-add is in-line with what we’ve seen in
the years displayed.
SHFE copper inventory levels, 2018 to 2025
500000
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
The run up has been seasonally typical in timing, the size is the issue. We’re about to hit the important period
for this dataset, when we find out whether it’s the normal type of spike drop as we move into Q2 or whether
we get a repeat of 2024, when the market refused to buy the prices demanded and stocks remained over
300kmt right through the Northern summer.

Shanghai Futures Exchange Warehouse Stocks, 2013 to date
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
14
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 102ht72rpa ht91 ht11 9102
dr3bef
102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD ht52beF ht91 ht11 42'dr3von ht62 ht02 ht31 ht5tcO 202ht82ceD
Mt Cu
3|
source: Cochilco
Now for notes on some of the basket component stocks:
Aldebaran Resources (ALDE.v): Suddenly out of fashion, last week’s drop followed by another of the
same ilk this week and ALDE is now firmly underwater 2026 YTD, in fact you have to go back to Q3 of 2025
to find shares changing hands at the level seen Friday. Buy rumour sell news? Curse of PDAC? Or perhaps
this (3), an interview that Forbes Argentina did with Martín Pérez de Solay, the CEO of Glencore Argentina,
during PDAC in which hew laid out why the company was pressing ahead with Agua Rica rather than Pachón.
Here’s an extract (translated):
“At Pachón, infrastructure requirements are bigger as Agua Rica already has all necessary
infrastructure, so I think the construction process for Pachón will be a bit longer. Construction in
Pachón could take approximately four or five years; it's a massive undertaking. We're continuing
drilling campaigns and we're still finding new resources.
Long story short, even with its strong reputation as a miner-friendly province, San Juan isn’t ready to develop
a series of world-class scale porphyry copper mines as the basic issues of transport, power, water and labour
remain to be solved. Josemaria is first-footing the region to some extent and from there, we’d look for other
projects to get off the ground such as Pachón, the other Lundin/BHP projects inside the Vicuña zone, maybe
even Los Azules located near to ALDE’s Altar, but there’s going to be a priority list for connecting these high
Andean zones with the outside world and while Altar has to be a project that matters to the province and
country, it’s not going to be in the first rank priority list. Sorry and all that.
We are reminded that the previous John Black/Kevin Heather company, Antares, sold Haquira in South Peru
to First Quantum over 15 years ago and today, FM.to’s current priorities mean Haquira isn’t even on its to-do
list as something needs to happen at Panama Cobre, then Taca Taca is up for construction and at some point
something happens at La Granja. Haquira could stay a llama pasture for another 15 years, easily.
Fitzroy Minerals (FTZ.v): Potentially bad timing,
potentially a simple reversion towards what this company
is really worth, the day FTZ closed a first $19m tranche of
its current $26m placement its share price fell off a cliff.
With another $7m supposedly to come once the second
tranche of this 50c financing closes, the current 331.9m
share count is about to go to 346m or so, an implied
market cap of C$131m or so. That’s an awful lot of equity
for a company with unproven projects and mediocre drill
results to date.
Los Andes Copper (LA.v): We’ve gone over the travails of LA.v and the mess Santiago Montt made of his
nomination for Mining Minister in recent issues (mainly IKN875), so this isn’t about that. Instead we check on
the way in which the 5c drop on the week doesn’t look so bad, but also came with impressive volatility and
ultimately hasn’t changed the trend course of this stock price. After closing last weekend at C$12.25, LA
dropped like a stone to C$10.49 in early trading last week, then rebounded the next day to C$14.00 in the
hours before Kast took over the reins, only to resume its selling trend and finish where it did. This two-month

chart (right show the relevant moments in red scribble, as well as the drop we’ve seen in recent times (it
traded at C$19 five weeks ago).
The Kast move to speed up permitting in Chile (see
Regional Politics today) will surely help plenty of mining
stories, but LA’s hold-up isn’t about what happens inside a
government bureau, instead it needs to tackle the legal
proceedings brought against the Vizcachitas project by the
ardently anti-mining local community. Not the same thing
in one of the few LatAm countries that takes the
separation of State powers serious and it’s going to need
the courts to get this one going, not some quiet word from
El Palacio de la Moneda.
American Eagle (AE.v): We could spend more time
pointing out copper juniors with heavy losses last week,
but it’s more sporting under the circumstances to point to
those companies that held up well under the strain so step
forward American Eagle (AE.v). Suddenly back in fashion
after a year and a half, AE last week traded solidly at its
new level and held on to all the gains made just before
and around PDAC bar one penny. Good for them and an
example of relative strength we can take heart from.
Kobrea Exploration (KBX.cn): I continue to find this
stock interesting and if there’s one copper stock I’d add to
my own portfolio for a risk play, it’s this one (so don’t be
surprised if I eventually do just that). It’s going to need to go back to market and raise more cash at some
point this year and there’s still a doubt about whether it manages to hit interesting rock on its first pass drill
program at El Perdido (we’ll find out soon), but there are now plenty of eyes watching and what’s more,
these days is nearly a tradable ticker that typical sees daily volume in six figures (the worst volume day of
March has been 108k shares trades, the best 386k). For those that care enough, this Spanish language report
in Los Andes (4), Mendoza’s most respected regional newspaper/media channel, covers what the company
has been up to recently, its appearance at PDAC and what to expect in 2026 and even its plans for 2027.
The Producer Basket
After ten weeks of 2026, the Producer Basket shows a gain of 13.29% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 121.41 109.58 9.7%
2 Agnico Eagle AEM 169.53 502.579 104.31 207.54 22.4%
3 Barrick B 43.55 1705.994 72.23 42.34 -2.8%
4 Wheaton PM WPM 117.52 454.02 63.50 139.87 19.0%
5 Alamos Gold AGI 38.58 420.68 19.29 45.85 18.8%
6 Lundin Gold LUG.to 114.02 241.433 18.62 104.24 -8.6%
7 IAMGOLD IAG 16.49 594 11.78 19.83 20.3%
8 Eldorado Gold EGO 35.92 201.275 7.40 36.77 2.4%
9 B2Gold Corp BTG 4.51 1330.134 6.45 4.85 7.5%
10 Americas G & S USAS 5.11 318.26 2.34 7.36 44.0%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 13.29%
This is where the pain was felt most keenly last week, the larger scale precious metals producer got sold
hand-over-fist in a flight to safety at the same time as a weak gold price spooked the market. The result was
selling across the board and the uniform nature of the drops shown by our ten charges, with the defensive
Wheaton Precious (WPM) least worst at -4.8% week-over-week, the riskiest Americas Gold & Silver (USAS)
15

hit hardest at -10.4% and most of the others in-line with the drops taken by the main benchmark ETFs (GDX
down 7..1% and GDXJ down 9.0%), telling us this was generalist, top-down money getting scared ansd
running away.
When the dust had settled, our list performed almost exactly in-line with the GDX and we remain in the lead
by 4.56%, that would be a pretty good result for Q1 if it spins out a couple more weeks.
The 2026 Producer Basket: Weekly performance and
50% comparative to GDX control
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
Eldorado Gold (EGO): I continue to be stupid about EGO and to underscore last week’s thought, a
reminder that the long-ish note dissecting its 4q25 financials in IKN874 three weeks ago ended with the pithy
sign off, “Or if that was too many words try “buy this dip, EGO will rebound”.” That weekend EGO was a
U$43 stock, this weekend it’s U$36.77. Ugh.
For sure most of that is the sector-wide downturn, but EGO has also shown relative weakness and continued
to do so last week, as this five-day comparative to GDX demonstrates. EGO started the week well enough
and when the market had appetite for gold stocks it was showing the beta required, but when the turn came
the relative weakness reappeared and here we are again. EGO seems to be following the same pattern in
1q26 as in 1q25, when a mediocre 4q24 affected its price just at a time when peers were starting to catch a
bid. This time around the perception of a weak-ish 4q25, plus the continued delays at Skouries, are having
much the same effect.
Wheaton Precious Metals (WPM): Still down on the week, but the least worst of our ten and that’s all
about its decent 4q25 earnings report, as filed Thursday March 12th (5). As with any half-decent precious
metals name in this price environment, WPM
announced “Record Annual Revenue,
Earnings and Cash Flow for 2025” in its
cover NR headline which is fair enough. But
WPM's Q4 was also about record
"production" levels (as such for a royaltyco) that came to 205,037 GEO, of which
130,676 were plain straight gold and 74,361
AuEq ounces from its other metals streams,
i.e. silver (various sources), palladium
(Stillwater) and cobalt (Voisey's Bay).
16
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51
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% -6% source: IKN calcs
source: IKN calcs Jan1sJtan4th11th 18th 25thfeb1st 8th 15th 22ndMar1st8th 15th
WPM: Metals production in Au and AuEq, per qtr
20999
99949
47085
38788
48609
00509
34679
93029
722811
92587
002001
27009
88379
42658
38089
12388
08229
78097
40249
56386
44368
80537
53287
52066
87417
91037
42926
08138
95794
720501
36806
953311
23166
85329
80416
34738
86955
91868
13707
823811
13875
96629
74786
38829
45727
34999
16347
676031
220000
200000
180000
160000 140000 120000
100000
80000
60000
40000
20000
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Au/AuEq oz
other metals AuEq oz
gold oz
source: company filings

Revenue from that little lot came to U$864.714m, implying an average received price of U$4,217/oz and that
means there's more to come on the top line as 2026 rolls out, what with gold doing its thing at the $5k line
these days. Net earnings for 4q25 were 558.3m for an EPS of U$1.23, implying a forward PE of 28.5X so it's
not easy to call this equity cheap any longer, but that's what happens in a bull market to top quality paper.
WPM also declared a new dividend level of 19.5c/share and assuming it pays the same through the 2026
quarters, which looks like this compared to previous years:
Wheaton (WPM): Quarterly dividend
Again, 78c dividends on a U$140 stock price doesn't make for juicy yields but as our final visual shows, the
market isn't concerned about that and while down on the week, the relative strength post filing is obvious.
The TinyCaps List
After ten weeks of 2026, the TinyCaps show a gain of 4.68% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 19.84 0.075 7.1%
Canex Metals CANX.v 0.215 166.95 39.23 0.235 9.3%
Sranan Gold SRAN.cn 0.30 60.42 12.99 0.215 -28.3%
Enduro Metals ENDR.v 0.155 76.04 14.45 0.19 22.6%
Latin Metals LMS.v 0.21 138 33.12 0.24 14.3%
Precore Gold PRCG.cn 0.26 32.003 8.80 0.275 5.8%
Radius Gold RDU.v 0.14 115.7 16.78 0.145 3.6%
Silver Wolf SWLF.v 0.135 62.18 10.57 0.17 25.9%
Trifecta Gold TG.v 0.195 47.7 10.26 0.215 10.3%
Viva Gold VAU.v 0.19 171.677 24.89 0.145 -23.7%
Prices in CAD$, data from TSXV basket avg 4.68%
17
90.0 90.0 90.0 90.0 90.0 90.0 90.0 1.0 1.0 1.0 21.0 31.0 41.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0 51.0
551.0 551.0 551.0 551.0 561.0 561.0 561.0 561.0
591.0 591.0 591.0 591.0
0.2
0.18
0.16
0.14
0.12
0.1
0.08 0.06
0.04
0.02
0
81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
U$/share Wheaton (WPM): Annual dividend
(NB: paid over four quarters)
source: WPM data, IKN calcs and ests
63.0 63.0 24.0
75.0 06.0 06.0 26.0 66.0 87.0
U$/share
0.9
0.8
0.7
0.6
0.5
0.4 0.3
0.2
0.1
0
2018 2019 2020 2021 2022 2023 2024 2025 2026
source: WPM data, IKN calcs and ests

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 fun was in other places this week, as even though
TinyCaps, 2026 weekly tracker
25%
the headcount of seven losers (AUME.v, CANX.v,
SRAN.cn, PRCG.cn, SWLF.v, TG.v, VAU.v), three 20%
unchanged stocks (ENDR.v, LMS.v, RDU.v) and zero 15%
winners week-over-week was a reflection of the downleg 10%
suffered by the entire mining sector, you’d expect these
5%
tinycappers to drop more heavily than the typical half
0%
cent or one cent drops that were prevalent. There was
little evidence of panic in these stocks, no wholesale
rush for the door and the only one of our ten with a
double figure move was the loss taken by Sranan
(SRAN.cn down 10.4%), which as we noted last week has its own issues to contend with at present.
Precore Gold (PRCG.cn): The wide bid/ask noted last
edition in this stock continued last week, Precore trading up
to 32.5c on Wednesday and as low as 25.5c Friday, before
closing at 27.5c. Volume was bitty and the repeated 50k
share trades suggest this is being pimped a little by
someone or other in order to attract attention, though I may
be wrong. It’s still small beer trading, no matter whether
legit or not.
Watching not touching for the time being, mainly to see if a
price collapse on volume opens up the stock to a decent
value entry point.
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
Peru Presidential Polling
Things we know:
 This one is going to a second round run-off, so until Peru picks the two to go forward it’s not worth
getting too deep and dirty on campaign or policy specifics of the candidate.
 Judging by the amount of “don’t know” and “abstain/spoil ballot” answers, few people seem to care
inside Peru, let alone outside. Cannot blame them, frankly.
 Whoever wins is unlikely to affect its mining industry in any sort of negative way. The business world has
largely ignored the Peruvian political clown show in the five years since Pedro since Castillo was elected,
it will continue to do so in the next five years.
Despite this we’re keeping an eye on the Presidential election as we enter the final month of campaigning,
with Round One on April 12th and this wiki page (6) has this visual…
18
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51
source: IKN calcs, TSX data

…summing up the latest polls. Please note that the above numbers are valid votes only and do not include
those who “vote in white” or spoil their ballot. Three more things:
 “Porky”, aka Rafael López Aliaga, continues to head the field with Keiko Fujimori in second
spot.
 Neither of those voter intention levels are enough to guarantee they face off in the deciding
vote.
 Peru has a long history of seeing outsiders come from nowhere in the last few weeks of a
campaign. It’s how Alberto Fujimori won way back in the early 90s, it’s how Castillo won last
time, any of the above could see the same phenom.
Those stated, my sneaking suspicion that current 3rd placed Alfonso López Chau will gain momentum and
make it into the run-off remains intact. As things stand today he’s the only candidate from the leading group
that’s not on the right wing or hard right of the political spectrum and that could be enough to separate him
from the pack. He’s best described as centre-left and is definitely not a political radical, but that’s not
stopping the other players from calling him an ultra-lefty Commie bedwetter in their campaigns. Such is life.
Overall, this election isn’t one that we should sweat over too much but Peru’s importance in the mining world
means we should watch the events between now and the run-off. It’s certainly not as important for mining
investors than what’s happening in Colombia.
Colombia: The fight for second spot in the round one vote
There are two important elections in LatAm this year, ones with the potential for international ramifications.
Brazil is the big one politically, though we need to wait until the end of the year for that fight. Meanwhile,
Colombia’s election campaign is now moving into top gear and is likely to dominate the region between now
and May 31st (the first round) minimum, but more likely until the second round run-off between the top two
candidates on June 21st. Four bullet points on that:
 The quasi-Primaries and Congress votes reported on last weekend are the trigger for the real fun to start
and since then, we’ve had news from the top candidate on their Vice-Presidential ticket picks:
 As noted last week in IKN876, on Monday left wing Iván Cepeda picked Aida Marina Quilcué as his
running mate, a Senator from the Cauca region and well-known indigenous rights activist.
 Then on Tuesday the “hard right” (for want of another expression) candidate Abelardo de la Espriella
picked José Manuel Restrepo as his running mate. A politically centre-right figure and fairly well-known in
the country, Restrepo is obviously part of Abelardo de la Espriella’s strategy to move away from the hard
right and capture undecided voters.
 Finally on Thursday, the right wing Paloma Valencia picked Juan Daniel Oviedo as her running mate. By
some distance the most daring pick, we leave it to Spain’s El Pais (7) to outline who Oviedo is:
Oviedo's candidacy moderates Valencia's image, or at least broadens the campaign's appeal. He is
openly gay, has acknowledged several achievements of Gustavo Petro's government, and has
distinguished himself from his right-wing colleagues on several issues, such as his assertion that Israel
19

is committing genocide in Palestine. The former Bogotá city councilman appeals to voters who oppose
Petro's policies but also reject Uribe's and distrust former President Álvaro Uribe's influence in Valencia.
And with the Veep picks in place, the battle lines are drawn for two clear phases of this battle:
Phase One: Who gets second place to Cepeda? As we’ll see below, Iván Cepeda continues to enjoy a clear
lead in the polls and that’s highly likely to continue to voting day, which means the person who comes second
will go through to the run-off and while surprises are always possible, as things stand we’re in for a battle
between right wing Paloma Valencia and the even righter-wing Abelardo de la Espriella. That’s what makes
the Paloma Valencia pick of Oviedo as her Veep a daring one, as it has the potential of putting off the very
people she needs to convince, i.e. those on the political right, and leaving the door open for Abelardo de la
Espriella. On the other hand, Juan Daniel Oviedo polled very well in the quasi-primaries of last weekend and
with a total vote count of around 1.25m came behind only Paloma Valencia. This ticket will make plenty of
play of its inclusive image and again, it’s all about appealing to the political centre. However, Paloma Valencia
is bound to underscore her right wing background in order to appeal to her political flank, as see in this
English language interview report (8) last week entitled “I am Uribista, and I will die Uribista” (i.e. an
adherent of ex-President Álvaro Uribe, still a heavy hitter in Colombian politics.
Phase Two: Left versus Right run-off. Iván Cepeda’s choice of Aida Marina Quilcué for his ticket is obviously
calculated to appeal to the “us and them” image projected by the right wing. Whoever Cepeda faces in the
run-off will be open to attack and by choosing an indigenous politician that has worked her way up from the
lowest ranks of society and faced no end of issues along the way (e.g. the murder of her husband by
Colombia’s army, plus a long list of death threats against her) they’ll be able to show the contrast (silver
spoons in mouths, etc. Just as one example, Paloma Valencia may be from the same Cauca region as Ms
Quicué, but she’s from its high society and is grand-daughter to ex-President Guillermo León Valencia.
As for polling, Thursday saw the first opinion poll taken since the quasi-primary came out from the reasonably
reliable AtlasIntel, so find a Spanish language report on its findings here (9) entire PDF document here (10) if
you care enough, I’m picking just two slides to show the need-to-know. This one asks who people would vote
for in the first round (valid votes only) and below the visual are the two main takeaways:
1) We see Cepeda in a clear lead, but just four days after her big quasi-primaries win Paloma’s voter
intention has shot up from 6.3% to 16.8%, that’s serious momentum and with the Uribe political machine
behind her, she’s going to have plenty of time and opportunity to get the word out.
2) The biggest loser from last week is Abelardo de la Espriella, who is already fracturing votes away to his big
right wing rival. That’s the set-up for what could potentially become a fractious and negative campaign on
the right, which underscores the risk Paloma has taken in picking an openly gay Veep who isn’t above saying
good things about the current Petro government.
The second screen grab is voter intention for the second round run-off, which floats five scenarios at those
polled:
20

Once you’ve got the idea of the graphic, you’ll see that in an eventual Iván Cepeda/Paloma Valencia run-off,
Paloma currently holds a 7.3% advantage, then in an eventual Iván Cepeda/ Abelardo de la Espriella run-off,
de la Espriella currently holds a 4.3% advantage. Then come three options that include Sergio Fajardo,
probably because AtlasIntel has to remain neutral, but at this stage Fajardo’s star is clearly fading fast and
he’s extremely unlikely to get that coveted second spot. In other words, the run-off scenario favours the
righty “Uribista” Paloma Valencia over the more extreme Abelardo de la Espriella, something that’s bound to
be part of the election strategy for all concerned.
Finally, those second round numbers underscore our contention that the right wing is favourite for this
election, perhaps even more so now Paloma is a real alternative to the more polemic Abelardo. However,
they also show that Cepeda is not out of this, not by a long chalk and between now and the run-off, we can
expect the Petro government to open up the public spending spigot and give the populace every reason to
appreciate the country’s economy under Petro’s rule (e.g. Moody’s sees Colombia running a six point fiscal
deficit this year (11)).. And to be fair, contrary to the image presented in the North the country has been
doing okay under Petro, with GDP posted an improvement 2025 (+2.8%), better forecast in 2026 (+3.6%)
and a Presidential approval rating that’s held between 36% and 49%, depending on which poll you believe
(the truth is probably around 40%, fairly decent for a South American President in his last year). Long story
short, Cepeda has reasonable numbers with which to defend his cause and he too is sure to move away from
the strident left wing agenda in order to capture as much of the centre as possible, which means he’s bound
to make strategic criticisms of the Petro years between now and June 21st.
Bottom line: The game’s now afoot in Colombia and with two clear phases: First we have the prospect of a
tight, even negative, right-vs-right battle during round one, then the victor between Abelardo and Paloma
gets to do it all again against Cepeda in the run-off. A lot can happen in the next three months.
Argentina Week in New York
Last week in New York, Argentina put on its “Argentina Week” events based around the NYSE that were
designed to show off the country’s investment potential to a whole bunch of deep pockets (8) and it will
come as no surprise to this audience to learn mining was one of the central pieces of the show. The show
was headed up by President Milei, who pitched the country as newly stable, with clear laws and a rulebook
that guarantees FDI. Here’s Reuters on his keynote speech Tuesday (12):
“We went from being net energy importers to net exporters in the face of what I assume is a
temporary shock to what's happening in the world,” Milei said. “Our external accounts will benefit from
the temporary change in the terms of trade.”
"Be ready, Santiago," he added, looking over at central bank chief Santiago Bausili. "You're going to
have dollars coming out of your ears."
He’s a laugh, isn’t he? As for content, all the Argentina bigwigs were there including Milei (of course), his
right hand man Luis Caputo, the aforementioned Central Bank chief, an assortment of ministers and the
governors of no fewer than 11 of the provinces, including all those fishing for investment dollars for critical
minerals plays (in Argentina that basically means copper and lithium). The show boasted it had secured
investment of U$16Bn but of that, only one project came from FDI and is still in pre-green light stage,
namely the U$5.25Bn Taca Taca copper project owned by First Quantum (FM.to).
21

If you want a decent synopsis of the event, this English language report (13) from the venerable Buenos
Aires Herald (the oldest English language newspaper in LatAm) does a good job. Here’s an excerpt, click
through for more:
“There is undoubtedly interest in investing in certain sectors in Argentina—specifically those that were
most prominently promoted during Argentina Week in New York,” Gastón Carelli Lynch, a Clarín
journalist who covered the event, told the Herald.
He said that the mining sector, particularly critical minerals, is “undoubtedly one of them”, especially
since several copper-related projects are set to begin in Catamarca and San Juan as well.
Chile: President Kast and “permitology”
The handover of power went smoothly in Santiago de Chile on Wednesday, with plenty of foreign dignitaries
attending the investiture of José Antonio Kast as the new President of Chile (including a couple of clear South
American political statements, with Maria Corina Machado of Venezuela a guest of honour and sitting
President Lula da Silva of Brazil declining his invitation as his main rival in this year’s election, Flavio
Bolsonaro, was also invited as a star guest). Anyway, President Kast didn’t hang around in his job and within
24 hours had signed six high-profile Presidential Decrees, all related to campaign promises with one in
particular of interest to these pages.
Kast promised in his campaign to tackle what the business world in Chile (and Peru for that matter) calls
“permisologia”, which literally translates as permitology and is about the inordinate amount of time needed
for projects to get through the country’s permitting process, which we know matters to the mining industry a
great deal. At this point, it must be said that compared to the permitting quagmire that is Peru, Chile holds
up quite well but it’s still a tough slog and companies of all shapes and sizes, miners very much included,
complain about the red tape battle. Kast said he’s do something about it and to that effect, last week’s
decree calls for a “Total Audit” of the State and its permitting track and a resolution covering 51 projects
currently either stuck in or going though their permitting processes, worth a total of U$16Bn. Only a few of
the 51 projects are in the mining sector and not all of them have been named, but one high profile case is
the La Escondida growth project valued at U$2.3Bn that is due to extend to the mine life and grow
production. Depending on the project and its place on the permitting track, the decree demands that the
audit and decision process be complete in a maximum of 90 working days from now, so expect a litter of
“permit awarded” news to come out of Chile during the Northern summer and autumn. This is being framed
as Kast’s first foray in the “fight against permitology”, with more to come. The speedy move got applause
from the Chile Chamber of Mining and other such bodies.
Market Watching
Wesdome Gold (WDO.to) 4q25 financials
It was good to see our larger cap gold trade, Wesdome (WDO.to), return a week-over-week win under such
difficult sector circumstances:
During a week in which GDX dropped by 7.1%, GDXJ by 9.0%, gold by 2.7% (GLD proxy) and losses taken
by all ten of our 2026 Producer Basket components, Wesdome Gold (WDO.to) managed to return a week-
over-week increase of 2.8%. That’s a good result and all due to the reaction to its 4q25 and Year End
22

earnings report, filed post-close Wednesday March 11th. As this chart shows, while WDO did hint at a good
report in the hours leading up to the drop the difference is nearly all about how the market received its
numbers. Which begs the question: What did the market like about the WDO report?
 We already knew the 4q25 production and sales numbers
 We also knew the 2026 guidance, as that had already been published
 Quarter costs came in much as expected (even a little high)
 We also knew the longer-term plans of CEO Bath
and her team to double production and reach an
annual output of 400k to 500k oz gold
So why the clear out-performance? Let’s first consider
the moving parts and the numbers offered last Thursday,
starting with production, sales and guidance. We won’t
dwell too long on the physical production numbers, as
they came out in January and we chewed them over in
IKN870 dated week of January 25th, here right is a
reminder that 4q25 production came in at 46,638oz and
sales at 49,430oz, the difference mostly sales of Eagle
stockpile (below).
Then for production guidance, this year WDO is pitching
at 180,000 oz to 205,000 oz gold and as discussed in
IKN870, that’s 10,000 oz lower than the long-range
guidance WDO gave at the start of 2025 (due to the
tardiness of the Kiena ramp-up).
WDO: Gold production per year
23
75725 07405 73774 79785 42617 00027
88619 97209
058011
330271 675581 000081
25000
833321
240000
220000
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
4102 5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 e6202
WDO: Gold production vs sales, per qtr
Oz Au
source: company data
Last week’s conference call also confirmed that 2026 production is weighted toward the second half of the
year, the estimated split 40% H1 /60% H2. We’ve made our guesstimates as seen in this chart for 2026 at
the two operations, with our total coming to 194,000 oz and roughly in the middle of company guidance:
86382 00003 29903 00023 06772 00072 81263 02673 22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954 56405 00474 83664 03494
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
Ozt Au
Production
Sales
source: company filings
WDO: Inventories
50
45
40
35
30
25
20
15
10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m
ore stockpiles
supplies
gold in progress
source: WDO filings
WDO: Gold prod/qtr
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822 19302
9637
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
77722
16832
00081
00052
00022
00082
00022
00082
00052
00062
55000
50000
45000
40000 35000
30000
25000
20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings

As for financial results, Q4 came in largely in line with expectations though the operating expenses number of
C$118.8m, driven by a C$20m increase in mine site COGS, was higher than expected even after inflation was
taken into consideration.
WDO.to: Operations overview chart
24
9.001 2.58 347.51 8.721 1.38
707.44
9.641 2.88
66.85 6.281
5.69
841.68
6.781
9.39
457.39
5.802
7.88
48.911
3.032
1.201
51.821
0.272
8.811
52.351
350
325
300
275
250
225
200
175
150
125
100 75 50
25
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m
revenues
total op expenses
Op earnings
source: company filings, IKN calcs
During the ConfCall WDO reported a tight labour market, particularly in the Val D’Or region affecting Kiena,
one likely source of extra costs.
WDO: COGS breakdown
However, the bonus gold prices more than made up for the extra cost of doing business, something the
market expects for this year as well. Operating earnings per share jumped to C$1.02 in Q4 and even after
adjusting for costs in 2026, our model expects margins to continue to expand. The light production quarter
we’re in now will see least growth but from there and presuming a steady gold price, that operating earnings
number goes North of C$1.30/share (below left) and makes the current stock price look cheap at a 4.5X
forward ratio, compared to an estimated 5.6X ratio for the current quarter (below right)
As for the push to double production, this isn’t the first time CEO Bath has announced this target and indeed,
it was the centerpiece of her presentation at BMO Florida
this year. However, WDO is clearly serious as its capex
budget has jumped to C$205m in 2026 with sustaining cap
expenditures slated at C$110m and growth capital at
C$95m. That final number matters most, and WDO
expects to spend C$45m of growth capital at Eagle River
7.72 6.72 1.72 8.92 8.13 1.23 4.23 9.63
WDO.to: mine processing costs per qtr C$m site admin/camp processing
80 mining
70
60 20.5
50 17.9 17.3 17.5 18.7
14.9 15.7 15.4 10.9 3 4 0 0 8.6 9.7 8.8 9.4 9.9 10.4 10.0 20
10
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25
source: company filings
03.14 66.45 34.64 83.35 69.25 63.05 22.25 50.65 96.75 29.65 48.16 32.18
100
90
80
70
60
50 40 30 20
10
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
$m
source: company filings
WDO.to: operating earnings per share
11.0
03.0 93.0
75.0 26.0 55.0
58.0
20.1 90.1
83.1 73.1 14.1 1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
$ WDO.to: Fwd Price / Op. Earnings Ratio
11
10 9
8
7
6 5
4 3
2
1
0
source: company financials/IKN calcs
42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
P/BV
source: TSX, WDO filings, IKN ests
C$m WDO: Capital investment
240
220
200 growth cap
180 sust cap
160
140
120
100
80
60
40
20
0
2023 2024 2025 2026est
source: company filings

to improve above ground infrastructure, bring in equipment to support higher production rates and spend on
exploration drilling and tailing engineering. While at Kiena, $42m will go on a combination of exploration
ramp, ventilation systems with another $8m on exploration drilling.
The final section of this whistle-stop tour of WDO numbers is the balance sheet, which is a very different
place compared to the WDO of just a couple of years ago. Here are the overview assets and liabilities charts,
where the expansion and cash spend to bring Kiena on line is obvious to the eye. However, the way liabilities
have been kept in check, particularly those current items, makes the corporate structure far healthier and
WDO.to: Assets
1200
1100
1000 900 800
700
600
500
400
300
200
100
0
that shows most keenly when considering the cash treasury now accruing and resulting working capital:
I’ve kept the cash chart to results only, while our model predicts the cash harvest will continue even as WDO
accelerates capital spending and swallows higher operating costs in 2026, such is the forgiving nature of
U$5,000/oz (C$6,700/oz and above) gold. Working cap closed at C$342m as at 4q25, already a far cry from
the period 2022 to 2024, but that’s forecast to balloon to C$560m by the end of this year.
Discussion and conclusion
So why did WDO rally against strong headwinds last week and deliver real relative strength versus peers?
Because right now it’s in the sweet spot to be taken out:
 Operating multiples would be accretive to a larger operating miner
 Kiena is now profitable and set to achieve its full potential 2027 onward
 The company is confidently investing in its assets
 The balance sheet is in great shape and collecting cash fast
And while WDO results last week offered nothing to blow the doors off or surprise those watching closely,
those watching from a step further back can stop considering WDO as “just 200k oz” and an expensive way
of adding a moderate amount of production to its annual numbers, instead there’s now an obvious pathway
to 400k and even 500k oz (if it buys out RPX Gold, for one side thought), numbers that suddenly matter.
That makes the current share price into a temporary window of opportunity and that’s why, I believe, WDO
rallied last week. The market is ready to build in a dela premium to the stock now that it’s in straighter shape
and with that cash pile growing, any buyer using paper gets an immediate bonus to their own balance.
It is, after all, why I bought some shares. Holding. And happy to do so, waiting for the buyout premium.
25
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
$m 240 WDO.to: Liabilities Breakdown per qtr
220
fixed 200
other current 180 cash 160
140
120
100
80
60
40
20
0
source: WDO.to filings
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings
srallod
fo
snoillim
long term
current
WDO.to: Cash treasury per qtr
500
450
400
350
300
250
200
150
100
50
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings
DAC
fo
snoillim
WDO.to: Working Capital per qtr
600
550
500
450
400
350
300
250
200
150
100
50
0
-50
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
source company filings
srallod
fo
snoillim

Conclusion
IKN877 is done, we end with bullet points:
 It to buy and as long as the market gives me the prices seen today Monday, as from next weekend I’ll
consider my Tiernan Gold (TNGD.v) position filled and full.
 It will be good to finally own some Mayfair Gold (MFG.v) (MINE), even if it’s only a starter position.
What I most like about this company is its obvious non-dependence on the wonderful world of
Canadian financial markets, the people behind this stock can access all the capital they require to build
sub-5,000tpd mine there.
 As for Marimaca (MARI.to), I tried to find a better place to add copper exposure and there are riskier
stocks that appeal (Kobrea, Precore, others) but the news last week turned it into a no-brainer. Bring
on that 100kmt drill program, Mr. Locke.
 Once this week’s buying is done, I still expect to have some cash left as dry powder for another day.
After all, the MAI.v sales were substantial by my own standards. That cahs can wait for the next trade
idea or three.
 I hope this edition finds you well. All is good this end, our youngest daughter turns two years old on
Saturday (my how time flies) and we’re looking forward to that. Have fun yourself.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://marimaca.com/marimaca-reports-further-high-grade-copper-and-silver-intersections-more-than-600m-from-pampa-medina-
west-step-out-drilling/
(2) https://www.investing.com/news/commodities-news/rbc-stays-bullish-on-copper-as-prices-defy-rising-inventories-4548532?
(3) https://www.tiempodesanjuan.com/mineria/el-ceo-pachon-salio-calmar-los-animos-y-las-expectativas-la-mina-sanjuanina-n425131
(4) https://www.losandes.com.ar/economia/exploracion-minera-kobrea-ya-invirtio-us-5-millones-el-perdido-mendoza-n5983604
(5) https://www.wheatonpm.com/news/news-details/2026/Wheaton-Precious-Metals-Announces-Record-Annual-Revenue-Earnings-and-
Cash-Flow-for-2025/default.aspx
(6)
https://es.wikipedia.org/wiki/Anexo:Sondeos_de_intenci%C3%B3n_de_voto_para_las_elecciones_presidenciales_de_Per%C3%BA_de_
2026
(7) https://elpais.com/america-colombia/2026-03-12/paloma-elige-a-juan-daniel-oviedo-como-formula-vicepresidencial-tras-varios-dias-
de-suspenso.html
(8) https://latinamericareports.com/i-am-uribista-and-i-will-die-uribista-an-interview-with-paloma-valencia-presidential-pre-candidate-in-
colombia/13799/
(9) https://www.portafolio.co/economia/gobierno/nueva-encuesta-presidencial-cepeda-de-la-espriella-y-paloma-valencia-encabezan-
intencion-de-voto-489950
(10) https://www.scribd.com/document/1011739138/Encuesta-AtlasIntel-Semana#from_embed
(11) https://www.tradingview.com/news/reuters.com,2026:newsml_S0N3Z107W:0-moody-s-sees-colombia-2026-fiscal-deficit-above-6-of-
gdp-exceeding-target/
(12) https://www.reuters.com/business/finance/argentinas-milei-is-pitching-wall-street-middle-east-spooks-investors-2026-03-10/
(13) https://buenosairesherald.com/politics/the-four-main-takeaways-from-argentina-week-in-new-york
26

Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
27

McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
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
28

Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
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
29

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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