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The IKN Weekly
Week 878, week of March 22nd 2026
Contents
This Week: Trade heads up, In today’s edition, ANOTHER MONDAY UPDATE, Bad Timing.
Fundamental Analysis: Gold Royalty Corp (GROY) 4q26 financials.
Stocks to Follow: Overview, Mayfair Gold (MFG.v), Tiernan Gold (TNGD.v), Marimaca Copper (MARI.to),
West Red Lake Gold (WRLG.v), Amerigo Resources (ARG.to), Xali Gold (XGC.v), Orecap Inv (OCI.v),
Wesdome Gold (WDO.to).
The Copper Basket: Overview, Aldebaran Resources (ALDE.v), Hercules Metals (BIG.v), Fitzroy Minerals
(FTZ.v).
The Producer Basket: Overview, Barrick (B).
The TinyCaps Basket: Overview, Precore Gold (PRCG.cn), Silver Wolf (SWLF.v), Canex Metals (CANX.v).
Regional Politics: Peru: Apathy increases* and its corrupt Congress continues to favour illegal mining,
Chile: Dominga to set the agenda, Colombia elections: de la Espriella fades.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 This week’s edition isn’t a long one, I’m fairly sure you don’t want a bunch of irrelevant waffle after a
market week of the type we just experienced. Instead we focus on the big picture, trying to draw a
few reasonable and logical conclusions in order to make some sensible decisions. And while I may
rightfully be accused of “deer in headlights” by those who think it better to withdraw from the volatile
world of junior miners a while, my chosen course of action is not to panic out of any large trades.
Today’s intro lays it out.
 It’s no fun to have bought a bunch of stocks literally one day before the market falls off a cliff, but
that’s what happened to me and my legendarily bad timing last week. With Mayfair Gold and Tiernan
the pain isn’t too bad, but the real annoyance is having bought Marimaca when I did after worrying for
week’s and months about the potential of a copper sell-off. For your entertainment and edification, I
beat myself up in The Copper Basket over that.
 Latin American politics is no longer a world focus, but on it rumbles and the big event this year has
started to crystallize. The Colombia election now looks as though it’s a fight between the Uribe right
and the Petro left and while most expect the right wing to follow the lead set by Argentina, Ecuador,
Bolivia and Chile in recent months, we again reiterate that the left is far from out of this race.
 Meanwhile and away from the turmoil, we do get a bit of our normal job done with a look at the 2025
YE numbers filed by Gold Royalty Corp (GROY) last week. they were good and the stock now looks
particularly cheap.
ANOTHER MONDAY UPDATE: It’s far from ideal to have to add these Monday updates every week, but the
volatility of the current market means it would be rather silly not to add a comment to those thoughts written
over the weekend. As at this Monday evening, after a better day for stocks and metals, I’m good about all
the content below and have little else to add substantively, except that the market continues to trade from
headline-to-headline and uncertainty rules. The best example of this came at midday today when the Iranian
parliamentary press spokesman managed to move the market back down by calling Trump’s latest position
1

“fake news”. Meditate on that for a couple of minutes to realize the utter insanity of the situation. While I do
understand that in a conflict it’s best to keep the enemy guessing, the one thing markets hate is uncertainty:
Tell Wall St it’s going to be all over soon and they’re happy, tell them the conflict will last another three
months and they’ll accommodate, but continued mixed signals are the cause of these whipsaws we’re
witnessing (e.g. it takes me 20 minutes to drop the eldest kid at school and return home, in that time this
morning gold rallied over U$200/oz, a truly bizarre moment in my 2026 work life). There’s every reason to
suppose further headline-driven trading and market craziness in the days to come so, while there’s no need
to panic (see below) I’m highly unlikely to be a buyer or a seller this week.
Bad Timing
Come what come may,
Time and the hour runs
through the roughest day.
Macbeth, Act 1, Sc 3
Though it tends to be a boring subject, a couple of lines on my personal trading last week before we
transition to something that’s hopefully more interesting. As laid out last week, I pulled the trigger on the
three planned trades and come the Wednesday close, pleased I’d waited until that afternoon before buying
though slightly worried we’d may see a little more market weakness in the next couple of days because the
wobbles around and after the FOMC statement and Jay Powell’s presser were more than the average. To
make sure we’re on the same page, here’s a quick exchange with reader Rob that afternoon, who segmented
the “Update Monday” line added to the intro of last week’s editions and then asked his question:
Therein lies my big mistake of the week…I should have been more than slightly worried:
Hooboy. It’s hugely annoying to have bought when I did, especially as one of the stocks purchased was a
copper stock after all my leeriness about that metal’s potential near-term weakness over the last three
months (see Copper Basket below), but buy I did, the new shares went immediately into the red and the
losses taken on those trades feel 5X worse this weekend than anything held in the portfolio before then (yes,
even the hefty paper loss take on Top Pick Rio2). But annoying or not, the mistake is on me and I have
nobody else to blame, indeed I even watched the Jay Powell press conference and heard his clear “we not
cutting” message and went ahead with the plan to buy. Stupid, stupid, stupid.
2

As for the cause of last week’s market meltdown, the obvious place to point is the Strait of Hormuz and for
sure, the uncertainty about exactly what’s going on and what The USA wants to achieve weighed heavily on
markets [Edit Monday, and weighs still]. But the real moment that cracked the financial egg came on
Wednesday afternoon when Jerome Powell stood up at his press conference and after batting around normal
responses to reporters about the unsurprising FOMC decision to leave rates unaltered, put the cat among the
pigeons with this line regarding inflation:
“If we don’t see the progress, we won’t see the rate cut”
…and while watching the presser I physically winced on hearing it. Sure enough it was the precise moment
that broad markets stopped their fluttering around and went into selling mode, which then accelerated the
next day and now the dust has settled, 20/20 hindsight shows the practical result this weekend, as noted at
by CME (1) and the shift in probability to the question “What will the Fed do at its April FOMC?” (the one
most observers expected to be actionable). Here’s what’s changed in a month:
Feb 20th (One month ago):
25bps cut: 17%
Unchanged:83%
25bps raise: 0%
March 20th:
25bps cut: 0%
Unchanged:87.6%
25bps raise: 12.4%
Again, it’s easier to be a genius after the fact and my error has already been laid out, but the combo or
geopolitical turmoil from Iran, market uncertainty on what’s going to happen in the next 15 minutes, let alone
next week, then Jerome and his band telling the world that the interest rates offered by The USA are going to
stay where they are was the right combination to see the world rush to the USD and hide. The result was the
rush to USD safety and the equal and opposite effect on gold. To that we must add a couple of extra bearish
influences on gold, for example 1) Central Banks likely liquidating reserves in order to cover fuel costs for
newly expensive barrels of oil (it’s why they hold reserves, after all) and 2) the rush to the door of gold
speculators who decided the game was up, creating a snowball effect. However, the main reasons we saw
what we saw were the war combines with a Fed that told the world to forget about base rate cuts until there
was a new Fed head at the very earliest. All that is why we are where we are today, but what matters more
is the future and whether this sell-off continues. Obviously it’s a tough one to answer with any level of
certainty (and I am NOT your political expert commentator and will never pretend to be) but with the calm of
the weekend, a couple of main themes have come to mind:
 The US midterms: We may not get an imminent rate cut under Jay Powell, we may not get his
replacement as early as expected either if what he said on the podium plays out, but it won’t be too long
before Warsh takes over and when he does, you can bet dollars to donuts the Fed starts cutting in time
for the positive effects to be felt in the economy by November. The Iran war is one thing, Trump knows
that a poor performance in the US midterms will turn his admin into a lame duck for his last two years of
office and one of his biggest wishes is to “run it hot” by cutting rates and to hell with inflation, we’re
doing GDP and debt levels.
 The Iran war won’t last forever. On this, I’m editing and changing the script somewhat today Monday
because we saw another day of conflicting messages from The USA, one minute seemingly ready to do a
deal and the next ready to escalate the bombing runs. It is highly volatile and that’s reflected in the crazy
trading patterns, but this simply is now a conflict that can go on for months on end. I’m not going to be
cute and forecast when, but de-escalation is bound to happen and when it does, it will be bullish for
everything (perhaps even the dollar). Now is not the time to panic out of positions.
On that subject, there is a case for trimming at the edges and selling some of the higher risk trades, but
overall and on a personal level I feel no need. For one thing my portfolio isn’t under any type of financial
pressure (I don’t run margin, we have enough cash for groceries, etc) and for another the riskier trades are
smaller by design, the size I’m willing to gamble with. It’s different for the bigger trades of course, the Rio2,
Marimaca, Tiernan, Amerigo sizes where I’m looking to hold over longer timelines and aiming for bigger wins.
3

Those trades will get periods when they wobble with the wider market, that’s the nature of the beast but
equally they are chosen for good reasons- Or as we put it in IKN853 last September:
 In bear markets, The IKN Weekly focuses on risk-adjusted, quality companies with good operations
or high value projects.
 In bull markets, The IKN Weekly focuses on risk-adjusted, quality companies with good operations
or high value projects.
Attitudes towards the real trades doesn’t shift in the space of three days, so in order to make a change to
those we’re going to need more than a coup,e of days of panicky markets and photos of WallSt traders
clutching their heads making the front pages of the New York Post. On the subject, one week after those
lines in IKN853 we expanded on the subject in the IKN854 intro:
Your author has nothing against speculative trades and has no issue about “buy low sell high good
luck all left in” on companies that may or may not eventually bear real fruit, become real mines and
create real wealth. But when push comes to shove, the big bets are always going to be on the good,
solid companies doing the right things in the right way, no matter whether or not they provide the
best returns.
IKN878 back and therefore the call this week is “Don’t Panic”. Let’s see
what the week ahead brings, gold at U$4,400/oz and copper at
U$5.30/lb are still wildly profitable levels for our stocks, fundamentally
speaking these stocks are still clear buys and once the waters calm,
others will agree. I’m not excusing my awful timing last week, but what
I’m not prepared to do is compound the misery by making another rash
decision. Holding everything and thinking about what Bart Simpson can
teach me.
Fundamental Analysis of Mining Stocks
Gold Royalty Corp (GROY) 4q26 financials
Amid the mayhem of last week, our preferred royalty play, Gold Royaly Corp (GROY) reported its 4q25 and
year-end financials (2) and that’s what we cover in today’s main fundies section, boring as it might be
compared to the cut and thrust of the highly volatile metals and mining markets at present. We do two main
things in what follows:
1) Consider the balance sheet as stands today and what to expect when GROY reports its 1q26
2) Review 4q25 operating results, production/sales levels and make some educated guesses on what
to expect in the year to come
Once those are done, a little discussion and conclusion and we’re done, all with the help of our usual tracking
charts and tables, but if you want the TL:DR it’s that GROY is in good shape, 2026 will be the year it starts to
deliver real profits, the recent sell-off has opened an excellent buying opportunity for those of you that can
handle the near-term turbulence.
Balance sheet items
I’m the guy who bangs on about how balance sheets matter and why any serious investment in our wild and
wonderful sector needs to be based on this set of figures more than any other. In this case, there’s plenty to
learn from what’s been happening at GROY recently, as it points to where the company is going more than
where’s it’s been. We begin with the basic overview charts for assets and liabilities and aside the constant at
GROY, that fixed assets (i.e. its royalty book) is by far the biggest item we also note how 4q25 saw the asset
total move up considerably, by almost U$70m on the quarter to close at U$800m and change.
4

GROY: Assets
900
800
700
600
500
400
300
200
100
0
That’s all about the December 11th bought deal, which raised gross proceeds of U$103.5m to fund the Pedra
Branca acquisition (a 25% NSR on gold and 2% on copper from the BHP-run mine) and to pay down its
revolving credit facility. The debt repayment sticks out like a sore thumb on the liabilities chart and since
then, we also note that GROY has increased the facility to a maximum of U$150m. However and as seen in
the 1q26 chart estimate, we’re currently assuming GROY doesn’t draws on that for the time being.
Meanwhile, these next two charts show GROY has maintained liquidity and a healthy cash balance, with cash
up to U$12.4m as at year-end, but dropping to an estimated U$6m for 1q26. That's due to the deal struck in
January to increase its royalty on the Aura Minerals Borborema mine to an effective 2.75% (though over time
that changes) in a cash+shares deal that saw U$7.5m cash leave treasury. The deal has the same effect on
working cap but, with an estimated U$11.5m in working cap at present GROY is in excellent shape and as we
expect its operations to go firmly free cash flow positive this year (see below), no issues are expected either.
Here’s a closer look at the main move to clean up to liabilities side of the ledger last year, with the bought
deal proceeds (raised at U$4) used to pay down the revolver to zero. That saw debt servicing costs to drop in
the quarter and while we’re tentatively estimating a U$1.2m charge for 1q26, that could turn out to be less
depending on how standby charges are booked.
5
12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m total fixed GROY: Liabilities
other current
cash+ST
200
180
160
140
120
100
80
60
40
20
0
source: company filings
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m current liab bank debt
deferred tax liab other LT liab
source: company filings
GROY: Current assets
24
22
20
18
16
14
12
10 8
6 4
2
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m GROY: Working capital, FY23 to date
other current
cash+ST
source: company filings
7.6 1.4
0.3 7.1 0.2 0.3 3.2 0.2 8.1 6.2
0.5
9.71
5.11
20
18
16
14
12
10
8 6
4
2
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
source: company filings
GROY: Bank debt (revolver)
888.9 139.9
864.71
130.01 246.9
746.42 475.42 29.42 321.62 49.52 460.42
0 0
30
25
20
15 10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m GROY: Debt servicing costs, per qtr
source: company filings
492.0 823.0 304.0
418.0
487.1 509.1 661.2 881.2 502.2 632.2 292.2 335.1
2.1
2.6
2.4
2.2
2
1.8
1.6
1.4 1.2 1 0.8
0.6
0.4
0.2
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
source: company filings

Finally for balance sheet items, shares out moved up due to the bought deal and with the Borborema
acquisition partially paid with shares, now stand at an IKN-estimated 228.1m shares outstanding. More on
what that means to investors in a moment.
GROY: Shares out (m)
6
645.14 126.14
935.27
39.331 52.431 64.431 19.341 19.341 83.441 79.441 79.441 76.541 98.541 70.961 13.961 12.071 94.071 17.071 6.171
35.422 1.822
250
225
200
175
150
125
100
75
50
25
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
source: company financials, IKN ests
Summoing up balance sheet items, after a period of relative calm GROY is now expanding its balance sheet
and in your author’s considered opinion, that’s a good thing. It comes at a time when day-to-day operations
are now profitable, that timing is highly unlikely to be coincidental, this is royaltyco playbook 101 where you
get a solid corporate financials in place and then add to the asset value while increasing income and
remaining self-sustaining in the process. GROY is doing this the right way and with the newly-expanded
revolver ready on the sideline to do deals, expect more of the same in 2026.
Operating results and forward guidance
As production/sales ounces are closely related to the financial operating results, we combine the subjects and
look back on 4q25, but also and more importantly, make some reasonable estimate on what to expect in
2026, mostly on a Gold Equivalent Ounce (GEO) basis but some ballpark financial guesstimates also help us
make the case for this stock going forward.
We begin with metals and a reminder of what GROY GROY: GEOs per qtr
achieved in 4q25, though this was already disclosed by
the company in its production NR in January. At the start
of 2025, GROY aimed to deliver between 5,700 and
7,000 GEO, so the final result of 5,173 GEO in 2025
including the 1,255 GEO form 4q25 was an official miss on the year (though the company will claim it made its
“adjusted number”). The main reason was Vares, the
new mine run by Adriatic Metals that was ramped up last
year then taken over by Dundee Precious (DPM). Once
the new owners had the keys, they decided to suspend
operations and re-tool the mine to their own satisfaction
before re-starting ops again. This caused the copper stream held by GROY to under-perform and along with a
couple of other light-ish results from other performing streams, saw GROY’s estimates miss the mark. None
of this is new news however, so from here and more important by an order of magnitude is what we can
expect from the company in 2026 and beyond.
Regarding 2026, GROY should see increased sales as from this current quarter, thanks to Coté now ramping
up, the expanded Borborema royalty, the new Pedra Branca NSR and the return to production of Vares under
Dundee (DPM reported the re-start-up in early January, slightly ahead of schedule). Our guesstimate of 1,500
GEO may turn out to be lowball, but that’s okay and what matters more is the expected increments as its
producing assets get into and then stay at full production. For the year, GROY guidance stands at 7,500 to
9,300 GEO and our 8,600 total guesstimate is pitched in the middle of those numbers.
That’s GEOs, now for USDs: The old classic phrase “estimates may vary” applies as it’s anyone’s guess where
gold will be trading come the end of this year, but the chart below left shows our current best guesses (and
they’re only that, don’t hold me to these) and assume income of around U$40m for this calendar year. The
breakdown chart shows the increasing importance of Borborema and Coté in the mix, as well as how we
expect Vares to start contributing more meaningfully (Pedra Branca is included in “other” for the moment, I’m
as interested as you are to see how that one runs).
3401 282 117 766 9102 749 1501 5441 9421 6431 3231 5521 0051 0081
0052 0082
3000
2750
2500
2250
2000
1750
1500
1250 1000 750 500
250
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
source: company data, IKN ests

GROY: Total revenues, per qtr
By 4q26 we estimate metals attributable to GROY at
2,800 GEO, more than double any quarter of 2025
and that’s when GROY operations will start showing
real cash harvesting, rather than the transformation
to breakeven of last year (chart right).
But that’s just the beginning, as this longer-term
estimates chart (below) shows GROY’s pipeline looks
good from here and while we can argue over a few of
the components they promote hard (e.g. Jerritt
Canyon, for me that isn’t opening anytime soon),
there are obvious adds from Granite Creek (i80),
Vares, the re-emergence of its Malartic royalty as the
Odyssey UG mine comes online, Country Line in the Carlin and then perhaps the jewel of them all the hefty
royalties it owns on the Barrick-controlled REN which is set to make a big difference.
GROY: Actual and Forecast GEOs, per year
30000
25000
20000
15000
26000
24000
10000 20000
5462 5173
5000 2703 8600 12000
0
2023 2024 2025 2026e 2027e 2028e 2029e 2030e
source: company filings and literature, IKN ests
If you consult the company literature they estimate annual GEO at between 28k and 34k, our estimate of 26k
pitches to a more conservative level but either way, it would make GROY into a far more valuable company
than it is today, be in no doubt.
Discussion and conclusion
The above chart with the forecast sales increase at GROY is the second most important one in today’s note,
before we get to the most important one the job is to sum up the balance sheet and operations section.
GROY is in good shape in both and in general terms, I think we arrive here in March 2025 in much the same
position as the company was in March 2025 as a misunderstood stock that is being judged on its past results
rather than what it’s about to do. Back one year ago, this allowed us to buy into GROY at the bargain
basement U$1.40 because the world still considered it a loss-maker. This time around the stock price is
higher, but the backward-looking market is valuing this stock on its breakeven 2025, rather than what’s about
to happen.
Which brings us to the most important chart today:
7
668.0 131.1
79.1
755.0
73.1
613.1 581.4 512.2 106.2 648.3 775.3 214.4 375.4 602.5 7
01
11 5.11
14
12
10
8
6
4
2
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
U$m
GROY: Revenues breakdown
14
12
10
8
6
4
2
0
source: company filings, IKN ests
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
U$m
Vares
Jerritt Canyon
other
Borborema
Coté Gold
Borden
Cozamin
Cad Malartic
source: company filings
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
457.2-
105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0-
329.0-
669.1-
143.0
325.0 275.0
501.0 1
0.5
0
-0.5
-1
-1.5
-2 -2.5
-3
-3.5
-4
22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
U$m
source: company filings, IKN calcs

GROY: Price/Book Ratio
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
8
22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 WON
source: company filings, IKN calcs and ests
Our original investment in GROY was predicated upon its tiny market cap compared to book value at the time
(it was 0.42X) and since then, things have obviously improved. Book value has climbed to $699m as at end
2025, up U$141m since our investment day and with the string of modest-but-valid operating profits, plus
promises of better things to come, GROY saw its P/Bv move up to where it’s more reasonably valued by the
end of last year, 1.4X. However, the last couple of weeks have seen GROY’s equity price drop sharply and
this weekend it stands at 1.02X, once again obviously undervalued on its fundamentals.
 This time last year, GROY was valued as a loss-maker when it was already breaking even
 This time, GROY is being valued as a break-even company when 2026 is will see it in profit
For perspective, consider where GROY and its 1.02X P/Bv is compared to peers (chart below). Obviously it’s
not a WPM or FNV, but companies such as Elemental
(ELE.v) and Metalla (MTA) are reasonable like-for-like Price/Book Ratios of royaltycos, as at March 23rd
6.5
peers that the market is happy to value not just higher, 6.0
5.5
but a lot higher than GROY today. This price downturn has 5.0
4.5
affected all stocks for sure, but in the case of GROY it’s
4.0
reverted it back from “valued close to correctly and back 3.5
to obviously cheap on its asset book. For sure there’s 2 3 . . 5 0 5.99 5.62 5.36
2.0 4.3
always a stock of non-performing NSRs and streams in a 1.5
2.55 2.47
1.0
royaltyco and GROY is no exception, but the book of 0.5 1.02
current producers, producing NSR now moving into top 0.0
gear and obvious NSRs that will become money in the WPM FNV OR.to RGLD MTA ELE.v GROY
source: Yahoo Finance data, IKN calcs & ests
next couple of years is also very clear here and more than
enough to see GROY priced at multiple that competes with peers. And please note the colour scheme in that
last chart, as ELE.v is an obvious buyer of GROY and at current multiples. It would be an actual win/win for
both companies even if ELE ends up paying double the current market price for GROY.
The bottom line: I’m know that compared to just two weeks ago there are a whole host of bargains suddenly
out there in junior world, along with people like me banging on the table for your (and your money’s)
attention. That’s what happens when stocks sell off the way they’ve done, but the fact that GROY isn’t the
only drop dead bargain out there doesn’t mean it’s not a drop dead bargain. It’s exactly that thanks to the
market dump, but in this case it’s also objectively and quantifiably cheap, with the assets and cash flow to
prove the point and peer valuations that make it an obvious M&A target (which is why we’ve held over the
last quarter or so of inertia. GROY reported an in-line quarter and 2025 financials last week, but what stands
out is the way it’s now expanding its balance sheet now that it’s a profit-making entity and preparing to go
into its next growth stage. Ir’s that signal, above all, that makes GROY a buy at these levels because it would
take a full-scale market meltdown to see this go any lower.
Stocks to Follow
Thirteen of the 15 stocks on our Stocks to Follow list were losers last week and the two others were
unimportant to the state of the portfolio, to mining in general and unchanged (MIRL.cse, MENE.v), which
means that for all intents and purposes it was a blanket losing week. As for the hits taken, they were also
uniformly heavy and painful so to make sure we’re not accused of sweeping the losers under the carpet,
here’s a worst first list and in red ink, to make sure the pain is fully understood:

 Gold Royalty Corp (GROY) down 20.3%
 Latin Metals (LMS.v) down 18.8%
 Xali Gold (XGC.v) down 16.7%
 Tiernan Gold (TNGD.v) down 16.5%
 Mayfair Gold (MFG.v) down 15.3%
 Marimaca Copper (MARI.to) down 13.5%
 Rio2 Ltd (RIO.to) down 13.4%
 West Red Lake Gold (WRLG.v) down 13.2%
 Amerigo Resources (ARG.to) down 12.3%
 Wesdome Gold (WDO.to) down 10.6%
That’s ten (count ‘em up) double figure percentage losers and one of those weeks that leaves you with little
else but gallows humour to fall back on. A tough week to be a junior mining long.
There are 15 stocks on our current list, five under the self-imposed maximum and after last week’s pain, we
now have six of those in the red, with nine left in the green and the count still in our favour. Small mercies.
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$2.40 200.0% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$4.55 195.5% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.07 29-Dec-25 C$7.89 -2.2% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$8.09 142.2% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$3.15 125.0% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$0.99 12.5% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$21.79 -2.8% 2026 M&A tgt, added Mar'26
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.55 44.9% Agnico will buy more Finland
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.92 -10.7% starter position taken
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.275 -1.8% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.18 125.0% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.195 2.6% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.10 25.0% 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
none at present
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
9

Now for a few notes on some of our covered stocks, but not that much to say this time. The whole market is
down and for the same reasons, moves are not company specific.
Mayfair Gold (MFG.v): POSITION OPENED. Paying $4.40 or so on Wednesday, instead of the C$4.60
outlined in IKN877 felt okay, right up to the moment the market opened on Thursday. Yes, I’m annoyed with
myself, can you tell? However I am now on board the stock and as long as the Iran situation blows over in
the foreseeable future this entry price will look good. That’s the plan, anyway.
Tiernan Gold (TNGD.v): ADDED. The only trade last week that afforded me a little luck, I added on
Wednesday but not to my target number, so when the market fell off a cliff on Thursday I didn’t buy any
more. That means I have width to buy this coming week [EDIT Monday evening: I briefly thought about
buying the general C$8.20 today but felt it was a little reactionary, as well as being somewhat underhand
before publishing this edition, and on further reflection this evening have decided to stand pat] and that will
depend on how the market continues. However, I bought enough to make the new cost average higher than
Friday’s close and that means your author is in the red on a trade first recommended on these pages when
the stock traded at C$5.50 and C$6.00, not so very long ago. I suck at trading. Sigh.
Marimaca Copper (MARI.to): ADDED. Of the three purchases made Wednesday, this one hurt the least
as MARI had already slipped under the C$9.00 line by the time I stepped up (and paid an average of C$8.75,
if you care enough. So yes, the trading on Thursday and Friday makes me look stupid for buying a day too
early but this wasn’t planned as the biggest addition ever and marked the start of my return into copper
trades, rather than the end of it (and if that sounds like a whining excuse then fair enough). The cost
average has clicked up by a manageable 29c/share and there’s room to add more if required, but the rough
and tumble of last week probably means I’ll wait a while longer and then target a higher-risk copper vehicle
for the next trade and there’s a mountain of those to choose from.
West Red Lake Gold (WRLG.v): We got an update on the small-but-promising Fork satellite deposit from
WRLG last week (3), which sounded upbeat enough and certainly has the potential to add ounces at some
point down the line but even if it gets big enough, once you realize they’d need to drive a 250m tunnel to
reach the deposit it becomes clear this is something to worry about in the medium-term and not a catalyst for
the re-rate we desire. However, buried at the bottom of the same NR is something far more concerning (your
author adds bold type):
The Company also announces it has entered into a marketing agreement with Euro Pacific Asset
Management LLC, on behalf of Peter Schiff (“EPAM”) to provide investor awareness and
promotional services in connection with WRLG’s commercial production activities and public market
development. EPAM will provide the Company with services which include, commercial reads on
podcasts, periodic social media mentions related to gold markets and WRLG developments. The
engagement commences upon approval from the TSX Venture Exchange and is for an initial term of
12 months with a fee payable by WRLG to EPAM of USD $75,000 per month, payable in advance
for a total campaign budget not exceeding USD $900,000. No securities will be issued as
compensation under the agreement. EPAM and its principal Peter Schiff currently hold 700,000
common shares with intent that they may purchase additionally. The Company and EPAM act at
arm’s length.
You have to wonder what these guys are smoking. I’m okay with companies using reasonable marketing and
promotion, but the bill for any given channel or influencer or whatever shouldn’t go above $75k for a year, let
alone a month. Let alone in USD. Let alone paid in advance. I realize Peter Schiff has a large following, but
he’s also the guy who has made it so by extolling the safe haven virtues of gold over his main bugbear
Bitcoin. And now he’s supposed to recommend the safe haven of…a junior mining company to his faithful
flock and expect them to respond by buying equities hand over fist?
My issue is that if CEO Shane Williams is willing to spend shareholder money in such a profligate manner the
moment WRLG moves into positive free cash flow, what other ways of draining cash from the balance sheet
is he going to come up with next month/quarter/year? There are already more than enough eyes of WRLG
for it to re-rate in good style once it goes commercial and shows operating profits and ultimately, the only
thing that will improve and maintain this share price is good operating performance. The bill for what
amounts to an online pump is crazy for a company of this size at this stage of development and in my book,
casts, serious doubt about the managerial prowess of CEO Williams as WRLG begins a new and important
chapter. We should also note that WRLG immediately dumped on this NR, it didn’t have to wait around for
the market sell-off to move negative last week. The hiring of an expensive influencer to sell WRLG to the
10

wrong audience is a clear red flag and I do not like those and I’m very glad I didn’t add to the position as per
IKN877 (it got serious consideration).
Amerigo Resources (ARG.to): Along with all the fun of Friday, it was the ARG quarter dividend payment
day (which didn’t show up in my account until today Monday, for what that’s worth) so if you’re hurting as
well, take 4c of hurt off the pile and enjoy the cash payout.
Xali Gold (XGC.v): It’s still too expensive to buy in size, but at least the sell-off caught XGC as well and saw
it move back under the 30c line.
Of all the price drops we record on our list above, this one is the most welcome. There’s no reason to pya up
for XGC shares and if they drop to a more reasonable level I’ll start adding to the very small foothold and
build the position I want.
Orecap Inv (OCI.v): The component stocks in the OCI liquid-ish assets table went through the same selling
as the wider sector last week…
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.00 10.72 4.3
ARIC.v 7.39 0.71 5.25 2.1
ARIC warrant 4.17 0.51 2.13 0.9
XXIX.v 23.637 0.110 2.60 1.0
AUME.v 42.75 0.055 2.35 0.9
MERG.v 1.025 0.82 0.84 0.3
MERG warrant 0.5125 0.37 0.19 0.1
ZIGY.cse 4.942 0.35 1.73 0.7
KLDC.v 40.040 0.175 7.01 2.8
subtotal 32.81 13.2
Est.cash 0.70 0.3
Total 33.51 13.5c
At 248.332 S/O
…and the per-share value dropped by 2.9c to 13.5c as a result (-17.7%), but the effect on OCI was just one
penny (down 9.1%) and the overall result underscores one of the reasons we like OCI as a play on several
tinycaps, i.e. the asset backbone it offers. True they’re all in one stable, Ore Group, but OCI’s hub position
still means we get exposure to several stories on a risk-adjusted basis, any one of which may turn into an
eventual home run.
Wesdome Gold (WDO.to): Suddenly, nobody cared about its “…an obvious pathway to 400k and even
500k oz” (see IKN877) or the identified reason why WDO rallied the way it did the week before last on its
2025 year-end financials, that it’s in the sweet spot for a buyout. A gulf war and $100/bbl oil means nobody
is buying anybody, according to the market at least [UPDATE Monday: which makes the Heliostar news today
interesting] and down WDO went with the rest of them. Though to be fair, the 10.6% week-over-week drop
may have been heavy in absolute terms but relative to peers it was, rather bizarrely, relative strength (and if
you don’t believe me, check out the extra chart in this week’s Producer Basket, below.
11

The Copper Basket
After eleven weeks of 2026, The Copper Basket shows a gain of 7.30% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 252.88 905.31 3.58 31.1%
2 Los Andes Copper LA.v 9.20 29.56 381.03 12.89 40.1%
3 Aldebaran Res. ALDE.v 3.67 185.34 357.71 1.93 -47.4%
4 Pecoy Copper PCU.v 1.32 213.1 294.08 1.38 4.5%
5 Hot Chili HCH.v 1.33 190.772 228.93 1.20 -9.8%
6 American Eagle AE.v 0.56 192.1 192.10 1.00 78.6%
7 Surge Copper SURG.v 0.475 385.41 188.85 0.49 3.2%
8 Hercules Metals BIG.v 0.74 289.41 164.96 0.57 -23.0%
9 Element 29 Res ECU.v 1.20 155.51 163.29 1.05 -12.5%
10 Andina Copper ANDC.v 0.56 263.7 160.86 0.61 8.9%
11 Copper Giant CGNT.v 0.49 206.26 144.38 0.70 42.9%
12 Fitzroy Min FTZ.v 0.48 327.178 132.51 0.405 -15.6%
13 Metal Energy MERG.v 0.64 36.03 29.54 0.82 28.1%
14 Algo Grande Copper ALGR.v 0.53 39.64 25.77 0.65 22.6%
15 Kobrea Exp KBX.cse 0.51 35.622 14.61 0.41 -19.6%
NB: All stocks in CAD$ Portfolio avg 7.30%
Applause due for both Fitzroy Minerals (FTZ.v) and Los
Andes Copper (LA.v), the two stock out of our 15 that
fought against the storm and managed to return week-
over-week gains, perhaps a little kudos toward Algo
Grande (ALGR.v) as well, what with that “only” dropping
by 4.4% on the week.
That’s because the rest of the story is one of pure
carnage, death pain and destruction. With 13 losers out
of 15 and an alarmingly homogenous level of big-time
percentage drops to boot so instead of painting a
thousand words, here’s a picture:
Copper Basket: Week-Over-Week percentage losses, week 11
12
%9.62-
%0.32- %8.22- %6.22- %1.12- %8.02- %0.02- %3.91- %6.81- %0.61- %9.41- %9.41- %4.4- %7.5 %6.6
10%
5%
0%
-5%
-10%
-15%
-20%
-25%
-30%
v.GRUS ot.YDF v.EDLA v.GREM nc.XBK v.CDNA v.EA v.UCP v.TNGC v.UCE v.HCH v.GIB v.RGLA v.AL v.ZTF
45% The Copper Basket 2026, weekly evolution
40%
35%
30%
25%
20%
15%
10%
5%
0%
source: TSX/V, IKN calcs
While Surge Copper (SURG.v) came out the worst, there’s really no hiding place for any of the top nine losers
(top 12 in fact) and when a whole bunch of similar stocks does that, you know it’s all about the wider market
rather than anything the companies did wrong. For what it’s worth, the last time your author felt the need to
run that “look at all the losers!” week-over-week chart was back in IKN829 dated April 6th 2025, close to a
year ago and around the same time in the 2025 market cycle. Coincidence? Maybe, but when it comes to our
crazy sector I stopped believing in those a long time ago. Go check out the edition at your leisure, but back
then all 15 stocks were losers on the week with a median loss of around 15% so last week was arguably
worse, but the pain was just as real and all about the news behind this Reuters headline at the time (4):
“Trading Day: Trump tariffs wipe $5 trillion off Wall Street”
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22
source: IKN calcs

Now you remember? Yeah me too, and a casual perusal of IKN829 also reveals that event marked the
moment when the relationship between POTUS47 and Fed head Jerome Powell went downhill. On the back of
his sweeping tariffs announcement, President Trump stated that “now would be the "perfect time" for the
Fed to cut interest rates”, which was greeted by “Fed's Powell says larger-than-expected tariffs likely to boost
inflation, slow growth”. That’s all documented (incl links) in the IKN829 intro section and makes for
interesting reading considering what we now know, and of all the 2025 issues I found myself re-reading this
weekend after the metals sell-off and miners’ shellacking, it was that one which brought the most solace.
However, it doesn’t mask the pain of last week and this next chart is the worst of all, as far as your author is
concerned:
I don’t mind admitting that injury to the ego is as bad as to my back pocket on this one. I can dress it all up
behind risk adjusted wordy palaver, but the plain facts are:
 I’ve worried about the price of copper for at least three months
 Noted the apparent lack of buyers at the U$6.00/lb-or-abouts levels
 The disconnect between market bullish rhetoric and end-user reality
 Finally relented and decided that the market had shown more resilience than I’d given it credit
for, stepping up and buying some MARI.to as well as saying clearly non-bearish things to you
guys for the first time in a long time last week in IKN877
 Just three days before the floor level in copper cracked and proved my long-held concerns
correct
Ugh and double ugh. At least we know why copper caved in last week and the lack of fundy support that
finally showed is logical to the market student. My personal failure is exactly that…personal. I suck at trading.
Meanwhile in fundies news, last week’s China macro data point to an economy in decent shape (no matter
the Hormuz-induced price dive). As reported by Cochilco last weekend (5) (translated), “…economic activity
data for the January-February period surprised to the upside, with industrial production up 6.3% YoY, retial
sales up 2.8% YoY and investment in capital goods up 1.8% YoY”. We also had electricity demand data, a
traditionally close proxy to country GDP, up 6.1% YoY. None of those datapoints are of a country that’s
facing recession and as China uses over half the copper produced in the world annually, points us toward
robust demand in the medium-term. And hey, that’s been our thesis since before Christmes, along with the
potential for a near-term downturn of course…ugh.
We move to our regular weekly world copper inventories update, data from Cochilco:
 It wasn’t by much, but the world copper stock aggregate hit another record this week by adding
5,836 metric tonnes (mt) and closing Friday at 1,287,625mt.
 However, the SHFE came right on time with the first drawdown of the season. The all-time
record last week saw 22,337mt leaving and a Friday close of 411,121mt, still over 400kmt line
but thoughts of a 500k peak now recede. If last week turns out to be the peak, what matters
now is how quickly it drops, see the dedicated SHFE chart below for more on that.
 For the second week running, the biggest copper stock change was at the LME and that’s no
small matter. China is exporting finished copper and it’s been landing in LME Asia warehouses for
13

several weeks, this time the total LME add was a hefty 30,750mt, almost 10% of held stock,
bringing the total this weekend to 342,350mt. This isn’t some sort of arbitrage with stock moving
from SHFE to LME warehouses to make a few dollars, as is sometimes the case (most commonly
in Q1), this time it’s a totally different stream of stock arriving on the Asia coastline while other
metal supplied from smelters moves out.
 Once is interesting, three times marks a trend and from what we’ve see out of Comex in March,
its record stock levels have finally topped out. This week saw the second net drop in copper
under roof, down 2,577mt to close at 534,154mt and while the change is modest compared with
what’s still there, the signal that copper has stopped arriving into North America large size is
clear. A year to remember for its warehouse staff.
Our dedicated SHFE chart shows how 2026 may be a record high, but the pattern fits classic SHFE
seasonality:
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
14
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
The question now is whether we’re looking at another 2025 (green line) or whether buyers stay away from
copper at these prices and the line turns into another 2024 (orange) that flatlined at over 300kmt for months
and defied normal expectations. As for our comment above on how LME up/SHFE down isn’t a simple market
arbitrage move, instead it’s one stream of physical copper doing one thing and another doing another,
admittedly on the macro scale it’s essentially the same thing but it also means either of those dynamics could
change quickly and make for a big shift in apparent demand (as seen in the data at least). All it would take is
for Chinese smelters to cut the exports back and the world would be all “Wow, China loves copper again”.
However there’s another side of that coin and a 2025-esque flatlining SHFE number would have copper bulls
trembling and the wider world predicting business downturns, recessions world market crashes and all that
jazz. So we’ll see what happens, but before wrapping this up we should note that according to Mysteel Global
this weekend (6), China mainland domestic end-users have indeed come back to market. They offer the
example of Zhejiang Hailiang, one of the big copper tubing companies in China, which has “…tripled daily
buying, with processing fees for copper rods rising due to higher order volumes.” That’s a good start and
what we want to read to put a fundies-based bottom in the copper price.
Now for notes on some of the basket component stocks:
Aldebaran Resources (ALDE.v): When introducing the Barrick (B) comment in Producer Basket below, we
note how it’s somewhat unfair to single out companies in this sector-wide downdraft and that’s true for
Aldebaran in light of the Copper Basket components as well. However, this chart…

…makes it a particularly painful reversal of fortune as you need to go back to June 2025 to find this stock
below Friday’s close. It’s also down over 50% since its $4.18 peak in January or more importantly, at least
38% down on any ALDE price seen since early October.
Monday update: ALDE had a decent rebound and traded above the C$2 line all day and closing up 5.7% at
C$2.04, a logical reaction to a period of overselling.
Hercules Metals (BIG.v): Aside its drop (at -14.9% one of the smaller ones, bizarrely), BIG.v announced
(7) its plans for the 2026 drill campaign and while there will be activity all year, the first phase during which it
drills five step-outs on one of the most promising geological trends is likely to set the tone. Those are assay
results to watch for down the line at this laggard stock that was once a market darling. We also note the
mention of improvements to drill rigs, as the project has been plagued by bad holes and failures from the
getgo. BIG needs to deliver in 2026, make no mistake.
Fitzroy Minerals (FTZ.v): Two NRs from FTZ last week. First up the company closed the second tranche of
its placement (8), just four days after the closing of tranche one, raising gross proceeds of C$21.1m. That
significantly lower than the planned C$26m and a commentary on the sudden chilling effect of this market
downturn. That means we have a new shares out total of 327m and change, as seen in the table above.
Secondly, FTZ followed up the closure news with this assay NR (9) from its most advanced Buen Retiro
project, the headline reading “Fitzroy Minerals Intersects 384 m @ 0.23% Cu from 4 m, including 94 m @
0.33% Cu from 30 m, Buen Retiro Copper Project, Chile”. The company emphasized the step-out nature of
the hole and how, according to the CEO comment, “…there is now compelling evidence that Buen Retiro is a
major copper system.” They also reported that drilling continues and the company is aiming for a maiden
resource at Buen Retiro, followed by a first-pass PEA.
That’s an opinion of course, as 0.23% Cu in sulphide may float your boat in a low energy cost environment
such as BC Ca, but that’s not going to crack it in North Chile unless they can show not just size, but
exceptional world class size and they’re a long way from that “evidence”. The stock held up better than most
on the week and even returned a modest gain, but it is still significantly below the 50c price of the recent
financing (and a portion of those are LIFe shares that are now held in escrow).
Monday update: Unlike ALDE (above) and many other junior copper stocks, FTZ traded lower all day and
didn’t join in the sub-sector bounce, finishing down 4.9% at 38.5c. Not a surprise.
The Producer Basket
After eleven weeks of 2026, the Producer Basket shows a loss of 5.60% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1108 106.15 95.80 -4.1%
2 Agnico Eagle AEM 169.53 502.579 90.03 179.13 5.7%
3 Barrick B 43.55 1705.994 63.36 37.14 -14.7%
4 Wheaton PM WPM 117.52 454.02 52.04 114.62 -2.5%
5 Lundin Gold LUG.to 114.02 241.433 16.74 94.96 -16.7%
6 Alamos Gold AGI 38.58 420.68 16.10 38.27 -0.8%
7 IAMGOLD IAG 16.49 594 9.55 16.07 -2.5%
8 Eldorado Gold EGO 35.92 201.275 6.32 31.40 -12.6%
9 B2Gold Corp BTG 4.51 1330.134 5.21 3.92 -13.1%
10 Americas G & S USAS 5.11 318.26 1.71 5.38 5.3%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -5.60%
The Curse of PDAC lives. Our Producer Basket tracking chart (below left) shows how painful this month has
been for the large precious metals producers…
15

The 2026 Producer Basket: Weekly performance and
40% comparative to GDX control
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
…with our average dropping 40% or so and the GDX benchmark doing largely the same thing, what’s more
there’s still a week left before the month and the quarter is complete so there’s still time for more damage.
As for our component stocks, it was pure unadulterated carnage last week with all ten stocks big losers,
indeed the “best” performance was the 8.9% lost by Lundin Gold (LUG.to). Most of the others lost at the
same rate as GDX (down 14.1% week-over-week) or GDXJ (down 15.5% w-o-w) though special mention
needs to go to Americas Gold & Silver (USAS), down an eye-watering 26.9% on the week: Just three weeks
ago in IKN875 USAS was up 91.6% on the year, that’s dropped precipitously to just +5.3% YTD. Mind you,
at least USAS can still boast green ink in 2026 as the table above shows that suddenly, eight out of our ten
component stocks are negative on the year.
Barrick (B) (ABX.to): It’s probably unfair to highlight any single Tier 1 or Tier 2 miner on this list today, but
we’re going to do it anyway as away from the general market malaise, an interesting angle on Barrick (B)
appeared last week. Here’s Mining Dot Com to explain (10):
Teck Resources (TSX: TECK.A/TECK.B; NYSE: TECK) holds a royalty on Barrick Mining’s (TSX:
ABX; NYSE: B) Fourmile gold project in Nevada that could generate billions of dollars and impact the
valuation of Barrick’s planned North American mine spinoff, reports say.
Teck owns a 10% net legacy profits interest over an area that covers 260 sq. km and includes a
“meaningful” overlap with the Fourmile discovery, Scotia Capital mining analyst Orest Wowkodaw
wrote Thursday in a note, citing information provided by Teck and Barrick. The royalty climbs to 15%
after 6 million oz. of gold are delivered, Wowkodaw said.
The Globe and Mail first reported the story on Wednesday. Barrick and Teck didn’t immediately
respond Thursday to e-mails from The Northern Miner seeking comment on the royalty.
“Overall, we view this development as positive for Teck and negative for Barrick,” Wowkodaw said.
He values Fourmile at about $15 billion, or 19% of Barrick’s net asset value – assuming that the mine
can start operating in 2030 and reach full production in 2034.
So first and foremost, that’s a good catch by Scotia Capital’s Orest Wowkodaw and it’s good to see a sell side
suit doing something worthy of their salary. Applause and kudos for spotting something nobody else had
done. It turned out to be a market mover too, as seen in this five-day chart that pits Barrick against Teck and
the GDX as arbiter:
A clear and positive reaction on Thursday to the Scotia note, the type of “I moved the market” moment that
can go into the guy’s CV. Also, we note Teck’s relative strength started on Wednesday and in this case that’s
16
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22
The 2026 Producer Basket: Percentage diff. Between
GDX benchmark & basket (negative = IKN ahead)
4%
ikn 3%
gdx control 2%
1%
0%
-1%
-2%
-3%
-4%
-5%
source: IKN calcs
-6%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22
source: IKN calcs

fair enough, the royalty in question has always been public domain information so if Mr. Wowkodaw and his
colleagues decided to use the information to the advantage of the firm before explaining it to the wider
world, that’s fair enough.
The interesting wrinkle for B isn’t just questions on how its proposed split into “North American Barrick” and
“Risky Barrick” is affected, but also factoring a large royalty into its economic assumptions for a project that
was the talk of Denver last September and after looking back at the chatter and promo, it’s clear that
erstwhile CEO Mark Bristow was also ignorant of Teck’s royalty claim; not a word was spoken and all the spiel
was directed in a way that assumed full payment for B.
The TinyCaps List
After eleven weeks of 2026, the TinyCaps show a loss of 9.35% 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 14.55 0.055 -21.4%
Canex Metals CANX.v 0.215 208.63 50.07 0.24 11.6%
Sranan Gold SRAN.cn 0.30 60.42 11.78 0.195 -35.0%
Enduro Metals ENDR.v 0.155 76.04 12.55 0.165 6.5%
Latin Metals LMS.v 0.21 138 26.91 0.195 -7.1%
Precore Gold PRCG.cn 0.26 32.003 8.32 0.26 0.0%
Radius Gold RDU.v 0.14 115.7 15.04 0.13 -7.1%
Silver Wolf SWLF.v 0.135 62.18 8.71 0.14 3.7%
Trifecta Gold TG.v 0.195 47.7 8.82 0.185 -5.1%
Viva Gold VAU.v 0.19 171.677 19.74 0.115 -39.5%
Prices in CAD$, data from TSXV basket avg -9.35%
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.
One cheer for Canex Metals (CANX.v), which managed to
TinyCaps, 2026 weekly tracker
return a week-over-week win in the most difficult of sector 20%
circumstances. But CANX was the outlier, as the other nine 15%
stocks on our list were losers including the biggest drops 10%
taken by Auriginal (AUME.v down 26.7%), Viva (VAU.v 5%
down 20.7%), Latin Metals (LMS.v down 18.8%) and 0%
-5%
Silver Wolf (SWLF.v down 17.7%). And with that, the
-10%
TinyCaps basket average dumps almost 15% in one week
-15%
and goes negative for the first time this year, which tells
you how much air got taken out of the most speculative
end of the sector last week.
Precore Gold (PRCG.cn): Aside CANX, PRCG was the “least worst” of our ten last week with a drop of
“only” 5.5%, which is typical I suppose; the stock that most interests me is the one that doesn’t give a cheap
entry point. I’ll continue to watch and wait for news to start filtering out from Arikepay (which, for your
general interest, is Quechua for “I’ll wait/stay here a while” and quite apt, considering).
17
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22
source: IKN calcs, TSX data

Silver Wolf (SWLF.v): We included SWLF in the 2026 TinyCaps for its potential as a “leverage to silver”
trade, rather than any great love for its corporate fundies or project potential and sure enough, it’s delivered
what we were looking for all right:
Those are big swings for a two month period, they also jibe with the general silver market moves and offer
extra leverage on every turn and mini-trend. While volume has been patchy, that’s what happens to tinycaps
and in fact the way in which liquidity dries up has been another way of gauging its sentiment successfully.
This is not a stock I’ll buy, trade or trend it’s now my style at all. But it does show what the high riskers
among this audience can do when offered ultra volatility in a penny stock. Although Utopian, if you’d been
able to do this…
 Buy at 16c in January
 Sell at 24c end January
 Rebuy at 15c February
 Sell end January at 21c
 Rebuy last Friday at 14c
…with C$1,000, you would have started by owning 6,250 shares and would now own 15,000 shares with no
extra cash outlay (all pre-commish of course…Utopia is Utopia).
Canex Metals (CANX.v): The reason we included CANX this year was to follow its hostile bid/proxy slate
battle for Gold Basin Resources (GXX) and last week saw the AGM finally happen (11)
A total of 73,721,447 of Gold Basin's common shares were voted at the AGM, representing 54.56% of
the issued and outstanding common shares of Gold Basin. All votes cast at the meeting were 100%
in support of all director candidates.
At the AGM, Shane Ebert, Mark Ernst, Jim Paterson, John Robins, and Jordan Ross have been
elected to the board of directors of Gold Basin. Shareholders also approved fixing the number of
directors at five, and the appointment of Manning Elliott LLP as auditors of the Company.
And with that, CANX takes control of GXX, effectively
joining its Gold Range project area to the GXX Gold Basin
project area immediately to its East. The proxy battle bad
blood isn’t quite over yet, as the outgoing GXX board
threw something of a Hail Mary just before the AGM by
trying to confirm a deal with its own friends at Helix
Resources, but as the new directors of CANX/GXX point
out in its March 19th NR (12), the losers are on very shaky
legal ground with this move and for a couple of obvious
reasons (see the NR for more).
The result of this clear success for CANX was the way in
which it share price held up against the storm, as seen in
this chart comparing CANX to GDXJ over the last two weeks. UNCH is the new up.
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.
18

Regional politics
Peru: Apathy increases* and its corrupt Congress continues to favour illegal mining
We identified the main (non?) dynamic in the upcoming Peru election almost two months ago in IKN872’s
note “Peru: The winner is apathy” and with three weeks to go before the country votes on its next President
(and Congress), the Peruvian chattering class is beginning to get worried about basic democratic issues such
as governability. The voter opinion poll published by the country’s newspaper of record, El Comercio (13),
and compiled by reputable pollster Datum didn’t lead with the race positions, instead it had the title
(translated)…
“Datum Survey: 57% of Voters Have Yet to Decide Their Vote”
…and under that, we learn that 43% of those polled have decided on who they’ll vote, 20% are thinking
about specific alternatives while a full 35% “have not given any thought” about who’ll they pick. This is the
type of scenario that makes for a sudden surge from an outsider, so while Rafael “Porky” López Aliaga and
Keiko Fujimori continue to head the field with 11.9% and 11.7% of vote intention respectively, neither will
feel safe about making the all-important second round run-off. However, they’ll all know about the way the
last four elections have gone:
 2011 election: Ollanta Humala beat Keiko Fujimori in the second round run-off.
 2016 election: Pedro Pablo Kuczynski beat Keiko Fujimori in the second round run-off.
 2021 election: Pedro Castillo beat Keiko Fujimori in the second round run-off.
See a pattern? Me too. There’s a clear path to this job and it involves the country’s minority love/majority
hate relationship with the Fujimori family and as voting is obligatory in Peru (if you don’t you pay a fine),
there’s a lot resting on the large swathe of undecided voters with a historic tendency of making up their
minds at the last minute.
Meanwhile, the outgoing Peru Congress continues to create institutional havoc. With many of the 130
members of Congress widely understood to be in the pockets of the illegal mining magnates and their violent
gangs, last week committee approved a new law project to change to current mining law, with several small
changes that suit concession holders who prefer to remain anonymous and one big change, that brings down
the time which a concession can be held without development from 30 years to 15 years. Ostensibly designed
to stop “concession squatting”, the move was immediately condemned by Peru’s main chamber of mining
commerce, the SNMPE, as doing the exact opposite. The SNMPE pointed out (14) that in Peru it can take up
to 40 years to get a project from grassroots to mine, with 20 years and above a typical number for formal
mining companies that follow the correct development and permitting routes. They say this law change would
paralyze development by formal mining companies, as they would be in constant fear of losing a concession
right at the critical moment in its development and be at the mercy of a notoriously slow and stodgy
bureaucratic process (and while they didn’t say so out loud, that translates as “pay bribes to public
functionaries for signatures”).
In its press release on the subject (15), the SNMPE stated among other things that the project, if made law,
would "paralyze the development of formal mining in Peru", would "make impossible the development of the
U$63Bn in mining projects currently promoted by the Ministry of Mining" and went on to demand that
Congress moves on the "Ley Mape" that would better control informal/artisan mining (constantly rejected by
this corrupt Congress as it would hit illegal/informal miners hard) instead of "approving measures that
encourage the expansion and impunity of illegal mining."
*If that’s not a contradiction.
Chile: Dominga to set the agenda
Chile is getting used to having a right-wing President and the incoming government has already set out
plenty of battle lines, including a high-profile move to build physical containment against illegal immigrants
from Peru and Bolivia, which is mostly a deep ditch but what amounts to its own border wall (for what it’s
worth, I personally know a couple who took the well-trodden paths between the Chilean minefields on the
North border a couple of years ago and live in Santiago to this day). President Kast and his people have also
made great play of the influx of FDI committed to Chile in the last week and a half, including U$12Bn in
committed FDI (though $5bn of that is the BHP La Escondida growth plan that the company halted just
19

before the change in power and has now resubmitted in what looks like a smart political move to please the
new head of State) and last week, we noted the moves to improve “permisologia” (the bureaucracy of mining
permits), we also remind readers that after the Santiago Montt debacle, Chile’s FinMin is also the Mining
Minister and this has made it clear the Kast government puts mining front and centre in its growth plans.
Which brings us to this week’s main development (16):
Chile’s Antofagasta Court of Appeals has suspended its own ruling against the $2.5 billion Dominga mining and
port project, temporarily restoring its environmental permit and sending the case to the Supreme Court.
The lower court accepted an appeal from an independent workers union backing the project and referred the
matter for a final decision, effectively reinstating Dominga’s Environmental Qualification Resolution (RCA) while
higher judges review the case.
Andes Iron, the privately held Chilean company behind the project, has also filed claims against the February
ruling in both the Supreme Court and the Environmental Court, where decisions remain pending.
Dominga, first submitted in 2013, would include two open-pit mines, North and South, and a port, with an
estimated 26.5-year lifespan. The project is designed to produce 12 million tonnes a year of high-grade, low-
impurity iron concentrate and 150,000 tonnes a year of copper concentrate. Andes Iron says it would create
30,000 jobs and meet strict environmental standards after years of review.
The site lies about 500 km north of the capital, Santiago, near the Humboldt Penguin National Reserve and other
protected areas. Critics argue the development risks damaging sensitive ecosystems, a claim Andes Iron has
repeatedly rejected.
The unusual reversal marks a procedural shift rather than a final approval, keeping the project in legal limbo after
more than a decade of regulatory and judicial scrutiny.
The Supreme Court’s eventual ruling will determine whether one of Chile’s most contested resource
developments can proceed.
The case has moved through administrative, technical and judicial reviews, turning Dominga into a test of Chile’s
ability to balance investment with environmental protections.
Dominga, owned by the Chinese capital company Andes Iron, is the hill that Chilean environmentalists will die
on and while the Court of Appeals decision last week was called “unusual” by Mining Dot Com and other
media channels, in-country it was widely expected that the court of appeals would send it to the highest
court in the land due to its high public profile (also, note that even if they upheld the lower court Andes Iron
would have appealed to the Supreme Court anyway). This makes the SC decision something of a bellwether
for the permitting track in Chile and also make this call highly political, as it has the potential to set the tone
for the next four years. Those against mining may throw their hands up and say that if Dominga can get the
green light in Kast’s Chile, anything can. Pro-mining people would probably agree.
Colombia elections: de la Espriella fades
We’re still ten weeks from the round one vote in Colombia (May 31st) and thirteen from the day the election
will resolve (June 21st run-off) so after this week we’ll give this recent series of running commentaries a rest
until we get closer to the dates, but the Colombia Presidential election gets a mention today because of the
quickly changing scenario, particularly on the right wing.
Since the quasi-primary election and big move made by Paloma Valencia of the Centro Democrático alliance,
the staunch Uribista (supporter of ex-President Álvaro Uribe) has moved quickly into second place in polling,
ahead of the long-time frontrunner and Abelardo de la Espriella. According to the poll compiled by the Centro
Nacional de Consultoría (CNC) for the high-traffic and influential political publication Cambio (17), we have:
 Iván Cepeda (Pacto Histórico): 34.5%
 Paloma Valencia (Centro Democrático): 22.2%
 Abelardo de la Espriella: 15.4%
The poll goes on to list the minor candidates, but the above is what matters and it’s abundantly clear that
momentum is with Ms Valencia, with Abelardo de la Espriella the big loser as the Uribe party machine gets
into gear. We’ve also seen a ratcheting up of rhetoric and political barbs on both sides, with Paloma’s team
largely ignoring de la Espriella and going after the Petro lefties, while Team Cepeda is doing exactly the same
and taking aim at Paloma and her Uribista background. As such, the polemic and further-right-wing de la
Espriella risks becoming irrelevant in this race so if you mix all those ingredients and place in a warm oven,
it’s the recipe for a highly negative campaign for the next couple of months. Another good reason to wait a
while for the next update, as is the fact that as from last week Colombia’s Congress is back in session and
20

two of its members happen to be Iván Cepeda and Paloma Valencia, who are bound to face off against each
other on a near-daily basis from now until then. The noise will be incessant.
As for the potential second round run-off, that’s the real crunch moment for Colombian politics this year (and
I’d go as far as to say South America, it’s an important vote that will affect many other jurisdictions), CNC
underscored this desk’s opinion in its poll this weekend with these pairs:
Iván Cepeda versus Paloma Valencia
 Cepeda 43.3%
 Valencia 42.9%
Iván Cepeda versus Abelardo de la Espriella
 Cepeda 48.1%
 de la Espriella 35.5%
The poll runs a 3% margin of error, which means it’s a technical dead heat between the two most likely to
reach the run-off. Said it before and will say it again, there’s far too many people up North blindly assuming
the right wing takeover of South America will continue unabated in Colombia. This desk still considers the
right wing more likely to win than the left, but we’re clear-eyed about how tight this election is shaping up to
be and at the sharp end of this process, expect people in the English speaking and FDI worlds to get more
nervous about getting “their result” than they are today.
Market Watching
Deferred.
Too busy licking wounds.
Conclusion
IKN878 is done, we end with bullet points:
 Don’t panic.
 It’s no fun to buy just hours before a waterfall drop in the market, but it is what it is and now a couple
of days have passed, the fact that we have most of the portfolio cash in fundamentally solid companies
with quality stories has helped the pain suffered by the back pocket and the ego.
 The numbers published by GROY last week show how the company is ready for its next phase of
corporate growth. I still think it’s a prime M&A target, though.
 We’ll leave the Colombia election issue alone for the next couple of weeks and return when we’re closer
to vote day to see how the battle has developed. But this one is going a second round run off and
whoever wins will know they’ve been in a tight race.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
21

Footnotes, appendices, references, disclaimer
(1) https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?ref=yardeniquicktakes.com
(2) https://www.goldroyalty.com/news/news-releases/gold-royalty-reports-record-annual-revenue-and-operating-cash-flows-for-2025-and-
strong-outlook-for-growth-through-2030
(3) https://ceo.ca/@GlobeNewswire/west-red-lake-gold-further-de-risks-fork-satellite
(4) https://www.reuters.com/markets/global-markets-trading-day-2025-04-04/
(5) www.cochilco.cl/Paginas/Estudios/Mercados de metales e insumos estratégicos/Informes-Semanales-2015.aspx
(6) https://x.com/i/status/2036000329582653468
(7) https://www.juniorminingnetwork.com/junior-miner-news/press-releases/2952-tsx-venture/big/199715-hercules-metals-outlines-initial-
2026-drill-plan-at-the-hercules-property-in-western-idaho.html
(8) https://fitzroyminerals.com/news-releases/fitzroy-minerals-announces-closing-of-final-tranche-of-non-brokered-private-placement/
(9) https://fitzroyminerals.com/news-releases/fitzroy-minerals-intersects-384-m-0.23-cu-from-4-m-including-94-m-0.33-cu-from-30-m-
buen-retiro-copper-project-chile/
(10) https://www.mining.com/tecks-undisclosed-royalty-worth-billions-on-barricks-fourmile-could-stymie-ipo-plans/
(11) https://canexmetals.ca/news/canex-announces-results-of-gold-basin-resources-corporation-annual-general-meeting/
(12) https://ceo.ca/@accesswire/gold-basin-resources-new-board-of-directors-and-management
(13) https://elcomercio.pe/politica/encuesta-datum-internacional-marzo-2026-el-57-de-los-electores-aun-no-ha-decidido-su-voto-
elecciones-2026-tlcnota-noticia/
(14) https://www.americatv.com.pe/noticias/actualidad/snmpe-rechaza-cambios-ley-mineria-aprobados-comision-n516781
(15) https://www.snmpe.org.pe/prensa/notas-de-prensa/notas-de-prensa-de-la-snmpe/9612-snmpe-no-se-debe-paralizar-la-mineria-
formal-y-abrir-las-puertas-a-la-ilegalidad.html
(16) https://www.mining.com/chilean-court-revives-2-5b-dominga-project-permit/
(17) https://www.infobae.com/colombia/2026/03/22/ivan-cepeda-paloma-valencia-y-abelardo-de-la-espriella-lideran-intencion-de-voto-
segun-encuesta-del-centro-nacional-de-consultoria/
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
22

Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
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
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Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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
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Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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
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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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