4 The IKN Weekly, issue 887 — May 26, 2026
The IKN Weekly
Week 887, week of May 24th 2026
Contents
This Week: Trade heads-up, In today’s edition, No op-ed intro today.
Fundamental Analysis: Buying IMPACT Silver (IPT.v).
Stocks to Follow: Overview, Element 29 (ECU.v), Mayfair Gold (MFG.v), RPX Gold (RPX.v), West Red Lake
Gold (WRLG.v), Xali Gold (XGC.v), BP Silver Corp (BPAG.v), Kobrea Exploration (KBX.cn), Orecap Inv (OCI.v),
Latin Metals (LMS.v).
The Copper Basket: Overview.
The Producer Basket: Overview, Barrick Mining (B) (ABX.to), Americas Gold and Silver (USAS) (USA.to).
The TinyCaps Basket: Overview, Auriginal (AUME.v), Precore Gold (PRCG.cn).
Regional Politics: Bolivia: The protests continue, The Colombia election: One week to go and a pollster
polemic, The Peru election mess: The run-off opinion polls, Brazil: The election that really matters.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
I’m a buyer of IMPACT Silver (IPT.v) so feel free to laugh at me via mail, DMs or WhatsApp, but the math is
compelling and I can take your taunting. This is capitalism, buy low and sell high.
In today’s edition
When the IMPACT Silver 1q26 results dropped last week, my first reaction was “what’s the catch?” as
this perennial under-performer had suddenly filed a very impressive profit. It shares rallied as a result,
quite right too, but the stall in the mid-30c has left a lot of meat on this bone and once the market
works out that IPT is going to deliver decent profits even if the rest of 2026 doesn’t live up to the same
level of production, I firmly believe this current share price gets left in the dust.
Regional Politics tunes into the growing story in Bolivia, previews next weekend’s big day in Colombia
and runs an early heads-up on the way the major political event in LatAm 2026, the Brazil election, is
beginning to shape. The plans was to add a couple of trade ideas on the Brazil election to this edition
as well, but they can wait another week.
Really like the way the Orecap (OCI.v) portfolio is developing, seems to have a suite of active and
interesting pennycrappers these days. Tremendous value for money and an intelligent, risk-adjusted
way of playing tinycaps.
No op-ed intro today
The bit where I find myself trying to string together a few coherent thoughts on gold, currencies and an
arm-waving macro view or two has become increasingly difficult to write in the past few weeks. It’s partly
due to the volatile macro environment (Iran and all that), partly due to the amount of conflicting opinions
out there on the subject (it appears oil is about to rise or drop 50% at any moment), partly because gold
seems to be able to glide serenely by all the global risk and trade relatively calmly, doing the same thing it
was doing two weeks and two months ago, no matter the headline of the day. We’re now at the point
where even a new Fed chair, supposedly brought in to execute on President Trump’s deepest monetary
desires, gets a shrug and a nonplussed reception from markets. So this is all I’m writing here this edition,
hope you had a pleasant Memorial Day and spent time thinking of those who came before us.
1
Fundamental Analysis of Mining Stocks
Buying IMPACT Silver (IPT.v)
Bet you weren’t expecting this name. For the TL:DR among this esteemed audience, today’s main fundies
section goes about explaining why I’m a buyer of IMPACT Silver (IPT.v) (ISVLF) on the back of the 1q26
financials it posted last week and concludes with the plan to run a near-term trade on its momentum and use
it as a speculative vehicle for silver exposure. The volatility of the metal and this stock brings a double
whammy of beta and means this trade doesn’t have to be a massive cash size in my portfolio, but the
opportunity for out-sized reward is more than enough to counter the risk involved. As for those of you who
want more details, we cut this report into several pieces:
1) Preamble
2) A potted company background
3) Current and Q1 Numbers
4) Revenues forecast
5) Discussion and conclusion
So without further ado…
1) Preamble: Last Wednesday morning pre-bell, the long-established silver producer located in Mexico,
IMPACT Silver reported its 1q26 financials (1) and this price chart shows what the market thought of the
numbers:
Whoosh. IPT jumped 25% on the day and traded readily around the 32c level, but that wasn’t the end of the
move and Friday saw 35c the battleground number, with profit takers seeing some of the gloss taken off the
price by the end of the day [EDIT MONDAY: the stock closed today at 35c, which didn’t surprise me in the
least] and when I opened the financials to see why the move happened, it took me around 30 minutes to
realize what this week’s main Fundies section would cover. But before we get there, a little extra chart work
for you as IPT hasn’t been a volatile, springy stock just in the last few days. This 12-month chart shows the
share price move on the back of the major silver hype move, late November 2025 to mid-January:
2
Then if we really dial the clock back and consider 25 years of the stock (yes, it’s been a TSXV issue for what
seems like forever) and pencil in some of the moves it’s made from time to time, it gives an idea of what
could happen if this stocks sets alight again
2) A potted company background: Assuming the purchases this week go as planned, 2026 won’t be the
first time your author has traded IPT as the personal skirmishes go back to 2014, then 2019 (a modest win)
and most recently 2024 when I booked a 35% loss due to my awful timing in buying and selling. It’s fair to
say IPT is a known quantity as a company, so without repeating a lot of ground covered before here’s the
need-to-know before we get to the numbers:
The IPT flagship is the Royal Mines of Zacualpan property in Central Mexico. It straddles the border
between Mexico State and Guerrero State but despite having a foot in Guerrero, one of the riskiest
regions of the country, its specific zone is quiet, with low overall political and social risk.
Zacualpan comprises of a large concession area that’s been under mining production for almost 500 (five
hundred) years, with Conquistadores and Virreyes alike mining the swarms of high grade underground
epithermal veins. These days Zacualpan is run via extraction of several developed veins, often mature
operations at considerable depth, with tonnage sent to the central Guadalupe Production Centre, which
has a throughput capacity of 500tpd and normally runs close to that level.
More recently, IPT added a second asset to the company by purchasing the Plomosas mine in Chihuahua
State, North Mexico. After capex work and time it put the mine back into production in 2025, only to stop
production and put it under Care & Maintenance at the start of this year. Frankly, C&M is where it
belongs, a White Elephant of a mine that has wasted time and valuable resources at the company.
Which brings us to management: The team,
led by Fred Davidson, is somewhere between C$ IMPACT Silver (IPT.v): Annual EPS
0.04
lacklustre and mediocre with occasional 0.02
0.02
flashes of sheer incompetence, depending on
0
the situation. Prone to strategic errors, the
-0.004
Plomosas mess is all-too typical of their track -0.02
-0.02 -0.02 -0.02
record. As further evidence, we offer the -0.04
annual EPS track record of the company since -0.04 -0.04
-0.06 -0.05 -0.05
2015 and as you can see, IPT managed to -0.06
-0.08 -0.07
turn a small profit in 2020. Well done, guys.
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
The reason behind this woeful financial source: company filings
performance, aside from the entrenched
management team, is the nature of the Zacualpan mine, which will always be a high cash cost operation
and would need serious capex investment to rid it of operational bottleneck both under and over ground
and raise its throughput potential. It is what it is, a small mining operation with high grade silver (nearly
all revenue comes form the metal) that keeps its head above water but in previous years, at thin margins
that cannot sustain a corporate entity.
But with all that said and the limitations of this company and its assets laid out, there’s still good reason why
IPT is suddenly likeable to the point where I believe it to be an obvious buy at its current price levels. That’s
easy enough: Money.
3
3) Current and Q1 Numbers: With the basic preamble and base-touch on the background to this company
done, time for the buy thesis starting with the basic IPT corporate structure topbox and please note, the
share price is adjusted as to today Monday evening:
Shares out: 345.506m
Options etc: 6.76m
Warrants: 97.186m
Fully diluted: 449.452m
Share price: C$0.35
Market Cap: C$120.93m
Approx cash per S/O: C$0.13
All prices Canadian Dollars unless stated, forex CAD$1 = USD 0.73
A couple of points about the share structure, accompanied by the tracking chart (right), as it’s more than
doubled in the last three years due to placement
financings and the deal to buy the Plomosas mine IPT: Shares out
(which was cash+shares). Most notably, IPT ran a ran a
highly dilutive bought deal in 3q25 that started with the
intentions of raising C$8m and ended up closing at
$16m in gross proceeds and selling 44.4m units priced
at 36c that included a full warrant priced at 45c. Also, as
well as the 3q25 bought deal we note a little over 28m
of those warrants have a 35c strike price and an October
2026 expiry date, which may be an overhang and
explain why IPT rushed quickly to 35c last week [EDIT
and today Monday]. Finally on the share structure, we
also note that directors own just 1.5m shares between
them and that’s not good, especially as this company is over 30 years old and has been producing at its main
Zacualpan mine for 20 of those.
We now get the meat of the trade, let’s begin by dialing up the headline to last week’s earnings cover NR (1):
Impact Silver announces Q1 2026 financial results with revenue nearly tripling to $31.2
million and record net income of $11.3 million
That’s quite a number when compared to the EPS chart above, here are a few more visuals for your
consideration, with the net earnings as mentioned (below right) and, perhaps more usefully, the way
quarterly mine operating earnings (below left) bumbled along at breakeven for many years, showed a few
signs of life in 4q25 before the announcement last week changed the game.
There are two main reasons for this impressive turnaround in the financial fortunes of IPT, with the first
being silver production levels.
4
62.011 33.011 33.811 23.231 14.141 18.341 13.541 13.541 83.541 47.541 91.841 91.841 91.841 91.841
99.291 99.291 75.312 75.312 34.742 34.742 34.742 34.742 34.742
55.323 2.033 15.543
400
350
300
250
200
150
100
50
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
S/O (m)
source: company filings
IPT: Mine Op Earnings
25
20
15
10
5
0
-5
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
IPT: Net Earnings
source: company filings, IKN ests
1.0-
8.0- 2.1- 1.1- 3.0- 9.0- 5.1-
9.4-
1.3- 6.2- 1.3- 9.8-
1.0-
0.2- 6.0- 7.2-
582.11
15
10
5
0
-5
-10
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: company filings
IPT: Silver production and sales
5
095661 982271 871451 897651 093351 788141 991151 602741 255251 321651 715341 498541
337091
135172
300000
250000
200000
150000
100000
50000
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Ag
Ag prod
Ag sales
source: company filings, IKN ests
A long string of quarters with relatively constant levels, a small shift higher in 4q25 and then a significant
step-up in 1q26. The reason for that isn’t improved throughput (chart below right), it’s a bounce in head
grade (below left):
This impressive hike in head grade was driven by
the arrival of mineral from the newly developed Kena vein, new and large vein system discovered and
announced by the company in 2025. Development started soon after and when commercial level mining
began in 4q25, we saw a small hike in overall head grade (179 g/t Ag) in that quarter. But the real fun only
happened in 1q26, when IPT began to add more serious amounts of Kena material to the mill mix (it
develops and mines several veins at once at Zacualpan). According to company President and CEO Fred
Davidson on the ConfCall (2) the Keva Vein is high grade material and the sequence mined in Q1 was
particularly high, the resulting improvement in average grade made the difference. With the mill apparently
running six days a week (again a ConfCall pick-up), the constant tonnage throughput met higher grade and
the result was the silver production hike as seen above
The second reason for this record quarter is more obvious, the metals prices. We all know what the silver
price has done in the last two or three quarters so I won’t roll out yet another silver spot price chart, instead
here’s a chart showing a stat generated from company data, with IPT quarterly top line revenue IPT per
ounce of silver sold:
IPT: Total Revenue/oz Ag sold
0.82 1.32 4.32 5.62 7.92 6.53 4.03 1.53 7.73
1.15
7.85
8.66 7.86 3.86 2.37
8.09
7.411
120
110
100
90
80
70
60 50 40
30
20
10
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
IPT: Tonnes milled per qtr
C$/oz Ag
source: company filings
Those two recent quarters are in-line with what we saw in the market, with the 4q25 result of C$90.80/oz
works out to U$63/oz silver once we do the forex and subtract the approximate 4% IPT gets from minor
34163 38173 61893 02793 88683 35753 87173 52853 53713 26053 10923 28563 21053 37143 73453 07583 22973
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 62q1
source: company filings, IKN ests
rtq/sennot
IPT: Avg mill Ag head grade, per qtr
261 951 561 051 261 361 651 061 161 161 061 461 751 851 751 971
152
300
250
200
150
100
50
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
g/t Ag
source: company filings
metals sales (lead and gold). Equally, C$114.70/oz looks big, but do the same adjustments and it comes out
at U$80/oz (and change). Reasonable and we get the
same type of look if we consider the revenue per tonne IPT: Revenue per tonne milled
milled (chart right). 1000
900
800
As a result, the combo of better silver production and 700
600
the improved silver price made 1q26, in the words of
500
CEO Davidson, “…probably the most successful quarter 400
we’ve had in the 20 year history of the mine.” We’ve 300
200
already considered how that looks in the Mine operating 100
earnings and net earnings development charts above, 0
here are a couple more charts to underscore the success
of 1q26, below left showing top-line sales versus
operating expenses and to the right, the subtraction of
those two numbers to givr the gross margin since 2024 (we could go back futher, this sample is enough to
give a clear idea of the IPT normality).
As for the balance sheet, both sides of the ledger are slightly bloated as IPT hasn’t paid its C$6.8m in tax yet
and the cash is still on the books, as it that larger than normal current liability column for 1q26.
But with C$45.341m in cash as at end March 31st and the likelihood of more operating profits to come, IPT is
in great financial position and the working capital chart is a better gauge of how things stand today, this is a
C$120m mining company with a profitable silver mine and
$50m of its market cap covered by current assets.
With hindsight the big C$16m raising in 3q25 wasn’t
necessary, but at the time IPT was trying to make
Plomosas work, it didn’t know silver was about to spike to
over U$100/oz and trade readily at U$80/oz, it didn’t know
the Kena vein would be as rich as it is. But what it does
give us today is a company with ample treasury and that
6
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$/tonne
source: company filings
IPT: Sales vs mine op expenses
53.5 00.7 27.7 39.7 56.8 16.7
91.01 55.11 27.01
75.8 08.9 71.8
86.01
34.9
23.71 00.21
51.13
38.01
35
30
25
20
15
10
5
0 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m IPT: Gross mine margin, per qtr
sales
op expenses
source: company filings
03.2- 59.0-
90.0
63.1-
61.2 20.1 45.0
23.5
33.02 25
20
15
10
5
0
-5
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: company filings
IPT: Liabilities breakdown
1.8
9.6
0.8
1.7
9.7
5.6
0.5
9.3
5.5
5.3
8.37.3
1.3
7.5
0.5
0.7
5.5
7.31
22
20
18 16
14
12
10
8
6
4
2
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
IPT: Assets breakdown C$m
100
90
80 LT debt 70
60 current debt
50
40
30
20
10
0
source: company filings
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: company filings
IPT: Working capital, per qtr
1.12 9.91
6.71 4.61 7.51
3.31
7.8 6.7
7.2
8.8 1.7 0.9 7.9
3.31
3.72
7.13 769.74
55
50
45
40
35
30
25
20
15
10
5
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: company filings
allows it space to make good decisions…pity this company team seems incapable of those.
Which gets us to where we are today, reporting on an excellent quarter and the ensuing price pop in IPT
share price. However, the trade set-up requires good results in the future, rather than the past, so we know
consider what we can expect in the quarters to come.
4) Revenues forecasts: Although it would be cool (and would make for some eye-popping price targets),
there’s no way we can take the 1q26 earnings results and automatically assume the same results for the
other quarters of 2026 and here are four reasons:
As CEO Davidson pointed out on at least three occasions in the ConfCall, the Kena vein system won’t
offer a regular grade at a regular tonnage rate. Epithermal veins are what they are and this is one of
several reasons why IPT mines several different veins and mixes the tonnage at mill.
Mill tonnages may not run as well as they did in Q1. This is one of the more regular inputs, though we
should expect some variance and Q! seems to have come in at the top end of typical expectations.
The silver price, while still excellent, is running at a lower average than in Q1 and may fluctuate
further. We all know that, but it’s important to model how different silver prices affect IPT going
forward
Costs are rising, we estimate a 10% annual input inflation. In fact in our model (below) we go further
and assume more costs than that.
There’s also a more basic point involved: IPT at Zacualpan is a small mine and simply cannot be expected to
run at a regular rate. As such, it’s best to assume the production and results from 1q26 were some sort of
perfect storm for the company in which the stars aligned and we saw near optimum combo of tonnages,
grade and prices. On top of that, we should also recall this company’s lacklustre-at-best management team
with its mediocre track record. However, our premise is that IPT doesn’t need optimum quarter after
optimum quarter in order to move higher and potentially, much higher.
We begin with this simple table, showing the potential quarterly silver production at varying tonnage
throughput and silver grades:
IPT: Range of quarterly silver production
tonnes throughput average silver mill head grade
per quarter 200 220 240 250
35000 191k oz 210k oz 210k oz 239k oz
36000 197k oz 216k oz 236k oz 246k oz
37000 202k oz 222k oz 243k oz 253k oz
38000 208k oz 228k oz 250k oz 259k oz
source: company filings, IKN calcs and ests
In 1q26, IPT managed to average 251 g/t silver head grade and our investment thesis demands that we
don’t get those high levels. We are, however, going to see sustained higher grades than the typical 160 g/t in
the 2022 – 2025 period (see chart above) and Kena will provide. The company is bullish on what it’s seen
from this new vein and is talking up its scale, as well as the grade we’ll see from it averaged over time.
Therefore, we propose a real world range of 200 g/t to 240 g/t with our trade thesis based on 220 g/t. As for
tonnage throughput, we don’t expect the 38kmt result from Q1, but equally it’s unlikely the drop under the
reliable 26kmt baseline. As a result and assuming the typical recovery rates we’ve seen over time, our range
is 216,000 oz to 222,000 oz per quarter.
This second table is equally straightforward:
IPT.v: Projected quarterly revenues (C$m)
estimated Silver price (U$/oz)
qtr Ag prod 60 70 80 100
200000 17.1 19.9 22.8 28.5
216000 18.5 21.5 24.6 30.8
230000 19.7 22.9 26.2 32.8
250000 21.4 24.9 28.5 35.6
7
source: company filings, IKN calcs and ests
We offer the varied silver prices in US Dollars (as lingua franca), while the projected revenues targets are in
Canadian Dollars (the IPT reporting currency). As well as that, we adjust for the small revenues that IPT gets
from its by-product credits. After that, once again we aim low and while in 1q26, IPT enjoyed a received
average of a little over U$80/oz, we base our trade thesis on U$70/oz and, as the table highlight box
indicates, our assumption of a lower-end quarterly production of 216,000 at a U$70/oz price points us toward
a top line revenue of C$21.5m.
After that, op-ex is assumed at C$11m and that’s almost certainly conservative. This table (below) includes
the 1q26 results as a guideline, including the revenues of C$31.154m and op-ex of C$10.825m. That quarter
saw out-sized costs due to the move to close Plomosas, so assuming C$11m in all other circumstances is
definitely to the side of caution, which suits me fine.
IPT: Projected quarterly earnings
top line op-ex Mine op MOE/share
revs (C$m) (C$m) earn (C$m) (cents)
20 11 9 2.6
21.5 11 10.5 3
22 11 11 3.2
24 11 13 3.8
26 11 15 4.3
28 11 17 4.9
30 11 19 5.5
31.154 10.825 20.329 5.9
32 11 21 6.1
source: company data, IKN ests and calcs
I realize this table isn’t my most elegant or stylish way of presenting a company fundamental value, but I
wanted to capture a range of price scenarios as well as offer a clear lowball number that still proves the share
price is priced too low, even after moving up by nearly 40% in a week. Once again, our lowball model for
future quarters is the way forward and even if we aim low on production and silver price, finish with nearly
C$10m less on the top line and assume higher costs going forward, IPT should be good for a mine operating
earnings of C$10.5m per quarter, or 3c/share. Or if you prefer, our conservative model projects solid net
earnings rounded up to C$6m/qtr:
IPT: Net Earnings
8
1.0-
8.0- 2.1- 1.1- 3.0- 9.0- 5.1-
9.4-
1.3- 6.2- 1.3- 9.8-
1.0-
0.2- 6.0- 7.2-
582.11 0.6 0.6 0.6
15
10
5
0
-5
-10
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m
source: company filings
Put another way, if we add the projected conservative 2026 EPS to the chart used at the top of today’s note,
it would stick out like a sore thumb:
IMPACT Silver (IPT.v): Annual EPS
0.15
0.11
0.1
0.05 0.02
0
-0.004
-0.05 -0.02 -0.02 -0.02
-0.05 -0.06 -0.05
-0.04 -0.04
-0.1 -0.07
5102 6102 7102 8102 9102 0202 1202 2202 3202 4202 5202 e6202
C$
source: company filings
I do not see how a company currently priced at 35c stays that low if it runs an 11c EPS by the end of this
year.
Discussion and conclusion: It’s important in a small company with a patchy track record for delivery not
to assume that a great quarter is repeated. That’s a baseline to our deliberately loose model, one that
assumes leeway on all inputs. It also now completely ignores the failed foray into Plomosas, that mine now
on C&M (and the C$8.6m impairment taken) means it doesn’t cause any more drag on its main operation and
while the company does have plans to find a new way to make the operation profitable (potential JV partner).
What’s more, somewhere in the background is the lower grade Capire resource, on-site at Zacualpan, that
has been on the drawing board as an open pit mine operation for at least 15 years. We don’t care about that
either and assign it zero value, however we also recognize IMPACT Silver (IPT.v) has just delivered an
excellent quarter for good reasons, its head grade has improved thanks to a new vein that will continue to
deliver high grade rock to mill and it clearly benefits from a silver price that’s at a level which allows this high
cash cost mine to run a decent margin, perhaps for the first time ever. The Q1 numbers gave good reason to
revisit this company and after consideration, this desk’s strong contention is that the market does not yet
understand how good things have become for IPT.v in this new environment.
We must not lose sight of the problems that come with investment in a small company, these mines can
deliver a blowout quarter followed immediately by something sub-standard, they don’t have the scale to
flatten out the bumps and you’re always going to be at the mercy of a quarter’s worth of numbers. Due to
that, it’s a waste of time to develop a tight model and a conservative case is the way forward. Indeed, your
author’s first reaction to its blowout quarter announcement last week was cynicism, assuming that a 10c pop
on the share price had baked in its future earnings potential, but it didn’t take long to see that even in a
lowball forecast environment, the new silver price has truly changed the game at IPT.
Numerically, the bottom line is simple: Even if IPT performed significantly worse than 1q26 for the rest of the
year, thanks to the new silver price deck it’s almost certainly going to deliver enough profit to push the share
price higher. However, the risk-adjusted upside is only one reason I’m a buyer of IPT, the other harks back to
the very top of today’s coverage note. This stock is volatile and doesn’t just have a habit of going higher on
good news and momentum, but it can sometimes go A LOT higher. Last week’s financial results frame IPT in
a different light, it wouldn’t take much for a buying frenzy, even a mini one, to catch this stock and move it
up by multiples. Fundamentally, it makes sense at 33c [EDIT Monday, also at 35c] but it also makes sense as
a speculation on silver stock or silver metal momentum. There’s no formal price target today, the loose model
should make again takes preference, but even if our preferred lowball scenario is the one we get, there’s
upside. As long as the silver price doesn’t do a full-scale collapse, I don’t expect this current price on IPT to
last very long. As most of you know, I’m not a fan of silver as my investment medium and much prefer gold,
but only a fool cannot recognize the potential for bonanza gains| that sometime happen in the silver space.
Exposing a small part of my overall portfolio to that upside potential improves the risk/reward balance and it’s
why I’m a buyer of IPT shares this week.
Stocks to Follow
Another difficult week to be a junior mining company addict, at least in the precious metals corner of the
sector. The down week wasn’t particularly heavy or disastrous for the most part, with stocks clicking down
inside established trading ranges, but the ongoing drag isn’t pleasant and sits starkly against a backdrop of
record price levels for gold, silver etc.
We currently have 18 stocks on our Stocks to Follow table and of those, there were just two week-over-week
winners (ECU.v, XGC.v), with three others unchanged on the week (RIO.to, MIRL.cn, MENE.v). The other 13
stocks were losers, though it is notable that just one stock dropped by a double figure percentage. That was
Salazar (SRL.v down 13.5%) and indeed, the biggest mover of the week was one of the two winners as
Element 29 (ECU.v up 19.4%) showed that our buy call and purchase of a couple of weeks ago was
uncomfortably close to its breakout moment.
9
With the recent additions we’re up to 18 Stocks to Follow on our list, two under the self-imposed maximum.
Six of those are in the red, one is unchanged, eleven are in the green and West Red Lake Gold is still the
prime source of concern in my portfolio.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$3.02 277.5% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.48 320.8% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$8.01 -3.0% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.90 136.5% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.14 124.3% 2nd tgt U$5 hit, hold for buyout
Element 29 ECU.v STR BUY C$1.31 10-May-26 C$1.54 17.6% Copper exploreco in Peru
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.67 -18.3% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$26.33 17.4% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.91 -10.9% starter position taken
Xali Gold XGC.v SPEC BUY C$0.28 2-Mar-26 C$0.27 -3.6% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.225 181.3% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.23 21.1% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v STR BUY C$0.08 4-May-24 C$0.13 62.5% 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
RPX Gold RPX.v watch C$0.17 3-May-26 C$0.195 14.7% gold dev Canada
Kobrea Expl KBX.cn watch C$0.325 3-May-26 C$0.31 -4.6% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.92 -5.2% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.185 -58.9% 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
Aurion Res AU.v Apr'26 C$1.07 21-Sep-25 C$2.56 139.3% Bot by Agnico, good trade
Arizona Metals AMC.to May'26 C$0.53 31-Mar-26 C$0.20 -62.3% failed risk trade
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for a few notes on some of our covered stocks:
Element 29 (ECU.v): A good week for our new copper exploreco position and the way in which ECU has
blasted off just days after an analyst site visit to Elida is an indication that we’re on the right track. One of the
things we’ve always appreciated about Elida is the scale of the project, with the five identified targets as
mentioned in the opening coverage note two weeks ago an important part of the mix. When it comes to the
Andean Cordillera, that’s something you need to experience and it seems that a couple of car loads of new
and existing shareholders now get the picture.
10
A good week for our new trade, we await drill assays.
Mayfair Gold (MFG.v): One of the traits of the week in our sector was companies publishing arm-waving
NRs to show they were busy doing things, the type of NR that’s informative enough and good background for
holders of stock, but unlikely to attract new buyers or move the stock price higher. We got one from MFG.v,
announcing (3) the start of a “…regional exploration program across its Timmins camp land package,
following the acquisition of the Guibord, Marriott, and Holloway properties and the continued advancement of
exploration at the South Block.” Which is fine, but these placeholders are for established shareholders who
want to know they’re investment is moving forward, not for prospective holders or traders.
RPX Gold (RPX.v): Another of the companies with an arm-waving NR last week, RPX.v on Wednesday
offered this NR entitled “RPX Gold Provides Corporate Update and Next Steps to Advance the Wawa Gold
Project Towards a Pre-Feasibility Study”. There was nothing particurly new in the contents for careful
students of the stock, but they did confirm a target landing date for the PFS of H1 2027 (so let’s assume end
of Q2 2027), plus a large chunk of the $14.1m recently raised would be used for infill drilling the 63% of
open pit ounces and 86% of underground ounces currently in the inferred category up to M+I level to allow
them to be included in the PFS.
In trading, RPX fiddled around the 20c line and ended Friday down a penny on the week. No biggie, but the
lower it goes the better from me personally and with what seems like a year of heavy lifting development to
do for the PFS, speculators may end up selling out of boredom. On the Watch List for good reasons.
West Red Lake Gold (WRLG.v): It took until late Wednesday and a price drop that took it as low at 64c,
but WRLG finally showed a pulse last week and put in a much-overdue mini-rally that ran the price to 70c, a
price that held literally to within one second of the Friday close. Then (red line on chart) somebody
somewhere decided WRLG could not close that
high, dumped 16k shares onto a thin bid and in
the last second of trading Friday pushed the
price down 3c to its 67c close.
I’m not worried about the market fun and
games at the close, in fact it’s a signal that
somebody somewhere is keen to paint a false
impression of the stock. More important,
however, is to see bargain hunters finally
(FINALLY!!) show up. This trade isn’t out the
woods yet, but at least it wasn’t one-way traffic
in the same way as the previous three weeks.
We await the 1q26 financials, which should drop
this coming week and when they do, we’ll have
a better idea on whether the company is going to annoy us all by diluting again or whether it will be able to
get to true positive cash flow with its current treasury and credit lines.
11
Xali Gold (XGC.v): The price is still being carefully managed. If you don’t want to wait it out for a cheaper
price and want to buy some now, the only advice I have is “Don’t pay 27c, pay 25c”.
I continue to wait it out for a cheaper price.
BP Silver Corp (BPAG.v): We got a “We’re Doing Things” NR from BPAG on Tuesday morning entitled “BP
Silver Discovers Multiple New Veins and Breccia Structures at the Cosuño Silver Project” and while the four
page NR (4) goes into detail with plenty of maps, the essence of the release is in the top paragraph:
“…recent geological mapping has discovered multiple new veins and breccia structures, extending
the mineralized corridor to approximately 3.5 kilometers (“km”) at the Cosuño Silver Project
(“Cosuño”) (Figure 1) in Bolivia. To date, the Company has collected more than 200 new chip and
channel samples, with assay results currently pending.”
Let us be clear, geological mapping does not move markets and neither will those upcoming assay results on
chip and channel samples in all but the most bullish of market backdrops, but this is exactly what we signed
on for from a company with a highly prospective land package and under the auspices of a world-class, peer-
admired geologist. Talking of which, they got “Stewart D. Redwood, Director and QP” to give the NR
comment: “The Cosuño silver system has been extended to the northeast by geological mapping and channel
sampling which has identified multiple new veins and breccias of different orientations and up to 1,000 m in
length. These show the robustness and scale of the Cosuño silver system and potentially constitute important
new drill targets.”
All good. In trading, BPAG spent the week bouncing off its line in the sand floor price level, 90c to 92c or so.
If that breaks, there’s support at 80c and that’s also the price at which I’d be happy to take my first foothold
in the stock and move it off the Watch List. No need to hurry here.
Kobrea Exploration (KBX.cn): Along with BPAG.v and RPX.v, another that I’m happy to see dropping in
price, what with it being on the Watch List and not
carrying any of my money yet. Selfish I know, but
that’s capitalism folks.
The last NR from KBX was April 9th and covered
observations from its drill program to that date, as
well as noting the core was with the labs. After
looking at its contents in IKN881 we concluded
that it was “…a company setting up for “there’s a
long way to go” messaging when these first assay
numbers come back from the labs” and as six
weeks have passed since that NR, we can also use
the “good news travels fast, bad news slowly”
maxim on junior mining NRs as well. Then in
IKN884 we added KBX to the Watch List, making
it plain that day we’re looking for a cheap entry point in the future, rather than getting bullish about the stock
now. Here’s the last paragraph from the note that day:
12
“We have four holes to come back from the lab and once they’re in, KBX will be able to map out its
plans. We’ll also find out how it’s doing for funds and whether there’s share count dilution in the
pipeline, but whatever happens at a corporate level, as long as there’s a cheap entry point this
company has the potential to return big gains at some point.”
The difference between KBX and the big promo copper play Mogotes (MOG.v) could not be more stark at the
moment, with the former likely to deliver sub-standard first pass drill results and the latter getting hyped to
heaven on the back of one partial drill hole after a set of dusters. Both are Argentina, both very high risk,
both will live or die on results from the Truth Machine, but this weekend one is worth C$11m and the other
around C$235m and while we concede its large treasury position helps the MOG cause somewhat, I’m 100%
crystal clear where the better risk/reward balance lays today, May 2026. Both may become successes, both
may turn out to be failures, neither of them carries any of my money yet, one is far more interesting to this
speculator than the other.
Orecap Inv (OCI.v): The wide arbitrage continues to appeal:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.11 11.90 4.8
ARIC.v 10.631 0.81 8.61 3.5
XXIX.v 23.637 0.13 3.07 1.2
AUME.v 42.75 0.07 2.99 1.2
MERG.v 1.025 0.94 0.96 0.4
MERG warrant 0.5125 0.49 0.25 0.1
ZIGY.cse 4.942 0.83 4.10 1.7
KLDC.v 40.040 0.485 19.42 7.8
subtotal 51.31 20.7
Est.cash 0.25 0.1
Total 51.56 20.8c
At 248.332 S/O
You get a lot for a 13c share price, though I may have mentioned that before. OCI had a significant NR out
on Friday (5), here’s a couple of bits edited from the NR:
“…it has entered into a loan agreement with a non-arm’s length lender for the principal sum of
$833,333 Orecap will use the proceeds from the Loan for general corporate purposes. The Loan is
evidenced by a promissory note and is payable on demand with a term of six months, unsecured and
non-interest bearing except upon the occurrence of an event of default in which case the outstanding
principal amount will bear a default interest rate of ten percent (10%) per annum.
The lender is a company owned and controlled by Stephen Stewart, the Chief Executive Officer and
director of Orecap.”
On checking with company head honcho Stephen Stewart, he confirmed my suspicions that the loan was to
allow OCI to exercise its 40c warrants of Awale (ARIC.v) without recourse to dilution or to sell any of its
positions. CEO Stewart told me that though OCI is run as a tight ship, it needs some sort of extra cash
injection at some point but for the time being he prefers to hold all shares and add liquidity via this loan.
[EDIT Monday, that’s confirmed in the NR out this morning]
On the subject of Awalé (ARIC.v), we got news from this portfolio component stock on Tuesday, when it
announced a maiden mineral resource for its flagship Odienné project of (to quote the top bullet point of the
NR (6)) “…32.4Mt grading 1.64g/t gold equivalent (“AuEq.”) for 1,707,000 ounces AuEq. inferred from
combined open pit and underground resources, including 1,389,000 oz gold and 93,000 tonnes copper.” Now
for sure that’s a first pass resource, there’s a lot to drill and discover at Odienné and the company CEO
Andrew Chubb made sure we got the relevant quote in his comment section, “Importantly, we view this
resource as a foundation rather than a final outcome”, but at the same time this is a Newmont (NEM) funded
JV and with the best will in the world, that company is after deposits with the potential to expand into Tier 1
sized projects and it’s going to be an enormous stretch to get Odienné to a mine that supports a 500koz
/annum production rate. That’s your likely reason for the share price drop of over 10% on the week (that and
the weak market, of course.
However, the Orecap portfolio mover of the week was to the positive side, as Stardust Metals (ZIGY.cn)
rallied 50.9% week-over-week on this news (7) under the title line, “Stardust Metal Announces Fully-
Subscribed Private Placement Led by Strategic Investor Daniel Earle”. The deal involves the sale of
13
“…1,595,745 FT (Flow Through) Units at a price of $0.47 per FT Unit, for aggregate gross proceeds of up to
$750,000, up to 4,255,319 PFT (Premium Flow Through)
Units at a price of $0.6486 per PFT Unit, for aggregate
gross proceeds of up to $2,760,000, and up to 3,723,404
NFT (Hard Dollar) Units at a price of $0.47 per NFT Unit,
for aggregate gross proceeds of up to $1,750,000”, with
the units having a share and a full warrant prices at 70c.
So it’s fair to say that Daniel Earle is getting a good deal
compared to even the open market share price before this
deal was announced, this weekend it looks bright and
shining.
Clearly, Daniel Earle agrees with us. We’ve made it clear in
our previous coverage of OCIO and of ZIGY that its main
asset, the McGarry project, is an obvious purchase target for their neighbours, the Pierre Lassonde backed
privco Gold Candle and there’s reason to believe the deal will happen. We've already seen Gold Candle
actively snapping up exploration land and property in its deals to acquire Fokus Mining and the Larder
property, owned by Pan American Silver. If Gold Candle's Kerr-Addison mine is going to move forward, it's
difficult to see it happening without the McGarry property next door and to own that, Gold Candle needs to
make ZIGY a good offer. Anyway, for the time being that move in ZIGY.cn stock added C$1.38m to the
liquid-ish asset value of OCI, or around 5.5c/share.
Latin Metals (LMS.v): The first drill results are back from the Daura Gold (DAU) program at Cerro Bayo (8)
and they’re a bit of a curate’s egg so far. The LMS NR reporting on the DAU.v results picked out three of the
holes as highlights…
Highlights Include:
CBD26-001: 16.35m of(1.72 g/t AuEq
CBD26-005: 15.00m of 1.90 g/t AuEq and further downhole, 3.60m of 6.08 g/t AuEq
CBD26-012: 11.95m of2.1 g/t AuEq
…and while not setting the world on fire with grades and widths, they’re a decent start and unless the team
of geols get lucky, what you’d expect from a first pass drill program on a a low-sulphidation epithermal vein
system, the typical mineralization found at established mines in the Santa Cruz region such as Cerro Negro
(NEM), San Jose (HOC/MUX) and Cerro Vanguardia (AU).
This is the two-month chart of Daura Gold (NOT LMS) and the reaction to the news is about right in my view,
knocking the stock down as hopes of a massive game-changers hole on this first pass program faded, but not
the end of the world either (and DGC has other active projects on its books). Early days, but LMS isn’t going
to rally on this specific drill NR.
The Copper Basket
After twenty weeks of 2026, The Copper Basket shows a gain of 34.60% to level stakes:
14
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 278.326 1547.49 5.56 103.7%
2 Aldebaran Res. ALDE.v 3.67 185.338 487.44 2.63 -28.3%
3 Los Andes Copper LA.v 9.20 29.573 411.95 13.93 51.4%
4 Pecoy Copper PCU.v 1.32 209.489 366.61 1.75 32.6%
5 Andina Copper ANDC.v 0.56 267.638 331.87 1.24 121.4%
6 Surge Copper SURG.v 0.475 377.754 298.43 0.79 66.3%
7 Hot Chili HCH.v 1.33 177.47 296.37 1.67 25.6%
8 Element 29 Res ECU.v 1.20 187.873 289.32 1.54 28.3%
9 Hercules Metals BIG.v 0.74 342.783 222.81 0.65 -12.2%
10 American Eagle AE.v 0.56 192.621 213.81 1.11 98.2%
11 Fitzroy Min FTZ.v 0.48 327.178 143.96 0.44 -8.3%
12 Copper Giant CGNT.v 0.49 203.927 132.55 0.65 32.7%
13 Metal Energy MERG.v 0.64 45.2 42.49 0.94 46.9%
14 Algo Grande Copper ALGR.v 0.53 42.159 27.40 0.65 22.6%
15 Kobrea Exp KBX.cse 0.51 35.622 11.04 0.31 -39.2%
NB: All stocks in CAD$ Portfolio avg 34.60%
Of the 15 stocks in our Copper Basket, eight suffered 45% The Copper Basket 2026, weekly evolution
week-over-week losses (FDY.to, ALDE.v, LA.v, HCH.v, 40%
FTZ.v, AE.v, KBX.cn, ALGR.v) and seven went up 35%
30%
(PCU.v, BIG.v, ECU.v, SURG.v, ANDC.v, CGNT.v,
25%
MERG.v) but despite the adverse headcount the 20%
basket average improved by 1.44%, mainly due to the 15%
biggest mover Element 29 (ECU.v up 19.4%). The 10%
5%
only other double figure percentage mover was the
0%
loss taken by Aldebaran (ALDE.v down 10.2%) and
most of the moves on the week were small, a couple
of pennies or percentage points either way.
That modest improvement in the Copper Basket of explorecos matched the copper market price move, which
still felt the negative effect of the sharp drop at the end of the previous week but did okay under the
circumstances. According to Trading Economics, the rebound is a good sign for peace in Iran (9):
Copper futures traded around $6.28 per pound on Thursday after rising 2% in the previous session,
supported by improving global risk appetite amid renewed optimism over a potential peace
agreement between the US and Iran.
President Trump said the US was
in the final stages of negotiations
with Iran, fueling hopes that the
Strait of Hormuz could soon
reopen.
The prospect of restored shipping
flows triggered a sharp decline in oil
prices, helping ease inflationary
pressures and reducing concerns
about further interest rate hikes.
Therefore, if the latest round of Hormuz
will-they-won’t-they turns out to be so
much noise, copper drops again. Then
when the deal is back on, it rises again.
Then when that tentative deal falls
apart, it won’t look good until the next
time we get good news from the talks,
15
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42
source: IKN calcs
which will (etc). In other copper sector news, further to the mention a couple of weeks ago in IKN885 that
the Trump Tariff decision had started to have an umbra effect on the copper market, we got this from
Reuters on Friday (10) under this headline:
Trafigura plans to withdraw LME copper stocks ahead of US tariff ruling, sources say
LONDON, May 22 (Reuters) - Commodity trader Trafigura plans to take large amounts of copper from
London Metal Exchange warehouses in New Orleans, two industry sources said, citing a U.S. tariff
decision due late in June as a possible reason.
Swiss-based Trafigura declined to comment.
It might not be necessary to point it out to this educated audience, but Trafi offering no comment to third
parties or media is akin to bears defecating in tree-rich regions. Anyway, the Reuters note estimates the
pending Trafi withdrawal at 30kmt, which isn’t so very much compared to the near-600kmt now under Comex
roofs, but it does suggest that Trafi no longer expects Trump to impose a tariff on raw copper when the
review decision is announced. This publication hasn’t followed the arbitrage between Comex and LME
contracts closely for a while, but as at this weekend the equivalent 3-month futures contracts have a 30c arb
toward Comex (i.e. around U$6.46/lb compared to the LME’s U$6.16/lb) and if Trafi manages to sell its
30kmt at the higher price, that’s U$19.8m in extra profit for its bother (as well as not paying warehouse
fees).
Now for our regular weekly world copper inventories update, data from here (11), here (12) and here (13).
We had a slight overall increase of 8,308 metric tonnes (mt) in copper inventories in the three
official futures systems last week, with overall stock closing at 1,151,981mt. The song remains
the same, there’s plenty of copper out there if end users are willing to pay the asking price.
For the first time since the Lunar New Year peak SHFE stocks saw a small add, ending up
2,804mt and with 183,447mt under roof come Friday evening.
At the LME, we saw a near-equal and opposite drop of 2,325mt in copper stocks, the Friday close
at 393,400mt.
Another new all-time record at the Comex, with stocks adding 7,829mt to close the week at
575,134mt.
Our dedicated SHFE chart shows that after the big run up to over 400kmt early year, 2026 is evolving into a
normal year for copper stocks, whatever normal might meant these days.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
16
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
What we can say is that 2026 stocks levels at the SHFE are smack on the average level of previous years.
No copper stock notes today. In much the same way as today’s intro, saying the same things about a static
copper sector for one more week has me stale and Element 29 (ECU.v) is the only company that did anything
of note. Next week.
The Producer Basket
After twenty weeks of 2026, the Producer Basket shows a loss of 1.16% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 116.24 107.64 7.8%
2 Agnico Eagle AEM 169.53 500.989 88.13 175.91 3.8%
3 Barrick B 43.55 1705.994 69.40 40.68 -6.6%
4 Wheaton PM WPM 117.52 454.037 57.00 125.53 6.8%
5 Alamos Gold AGI 38.58 419.947 16.10 38.34 -0.6%
6 Lundin Gold LUG.to 114.02 241.808 14.84 85.25 -25.2%
7 IAMGOLD IAG 16.49 588.8 9.73 16.52 0.2%
8 Eldorado Gold EGO 35.92 198.571 6.22 31.34 -12.8%
9 B2Gold Corp BTG 4.51 1343.243 6.15 4.58 1.6%
10 Americas G & S USAS 5.11 318.26 1.85 5.80 13.5%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -1.16%
Another losing week and, for the fourth time this year, the Producer Basket average dips into the red because
somewhere along the line, the world decided that a consistent price of U$4,500/oz for gold over two quarters
isn’t enough to trust these companies to make a profit. We had nine losers from ten, so a round of applause
to Barrick (B) for managing to return +0.2% on the week and prevent another whitewash. Other less worse
performances came from Eldorado (EGO down 1.0%), Newmont (NEM down 1.3%) and Lundin Gold (LUG.to
down 1.7%), which has probably sold down so much already that it doesn’t have any down left to offer.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Barrick Mining (B): The only winner of the week, B managed to eke out a thin but laudable 0.2%,
presumably on the back of support for its plans to split the company. It’s nothing spectacular, but the relative
strength seen in B since it reported its quarter on May 11th (that spike higher) is worthy of mention.
17
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42
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 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42
source: IKN calcs
Americas Gold and Silver (USAS) (USA.to): After due consideration and ion my opinion, the news out of
USAS on Friday (14) deserved better than the lukewarm market reaction it received and should be given
more credit. The headline was “Americas Gold and Silver Announces Agreement with Sprott Mining Inc. to
Terminate Silver Delivery Agreement” with Sprott Mining Inc being (one of) Eric Sprott’s wholly owned
entities, it should not be confused with Sprott Inc or Sprott Assman (ok ok, Asset Management). We get the
details in paragraph two:
The agreement is to terminate the remaining 592,000 ounces of silver under the Company’s Silver
Delivery Agreement in exchange for 7,956,696 common shares of the Company issued at a deemed
price of US$5.57 per share.
That’s a win-win as far as I’m concerned, Eric Sprott extends his exposure to USAS at a fair market price,
while the company gets to lighten its liabilities burden and strengthen its balance sheet. As at end 1q26
(March 31st) the facility accounted for U$16.235m of the USAS current liabilities total of U$97.522m, and
U$25.205m of the long-term liabilities total of
U$102.406. Or in global terms, USAS just wiped
off around 20% of its liabilities. That’s good, as
is the effect on quarterly sales going forward as
the Sprott Inc facility saw 55,500 oz silver
delivered by USAS per quarter until the end of
2028. If we ballpark U$70/oz, that’s U$3.9m per
quarter that USAS gets to add to its top line
revenues. In other words:
2.5% share dilution
5.7% added to top line revenues
All that and the improved balance sheet, too. As
the five-day chart shows, reaction to the news
was muted (up 1.5% while GDX was down 1%
on the Friday) and while USAS rose modestly, its week had already been decided by the sharp sell-off first
thing Monday. I don’t have to be a massive fan of this company to realize this deal is a good one for USAS
and in my view, worth more to its equity.
The TinyCaps List
After twenty weeks of 2026, the TinyCaps show a loss of 5.45% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 18.52 0.07 0.0%
Canex Metals CANX.v 0.215 208.63 56.33 0.27 25.6%
Sranan Gold SRAN.cn 0.30 60.42 8.76 0.145 -51.7%
Enduro Metals ENDR.v 0.155 114.06 18.25 0.16 3.2%
Latin Metals LMS.v 0.21 138 31.74 0.23 9.5%
Precore Gold PRCG.cn 0.26 32.093 7.54 0.235 -9.6%
Radius Gold RDU.v 0.14 115.7 16.20 0.14 0.0%
Silver Wolf SWLF.v 0.135 62.18 8.39 0.135 0.0%
Trifecta Gold TG.v 0.195 47.7 9.30 0.195 0.0%
Viva Gold VAU.v 0.19 182 23.66 0.13 -31.6%
Prices in CAD$, data from TSXV basket avg -5.45%
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
18
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.
A losing week for the TinyCaps List, with just three week-
TinyCaps, 2026 weekly tracker
over-week winners (AUME.v, RDU.v, SWLF.v) versus six 20%
losers (CANX.v, ENDR.v, LMS.v, PRCG.cn, TG.v, VAU.v) 15%
and one remaining unchanged (SRAN.cn). The moves 10%
weren’t big in either direction, with the biggest the 11.1% 5%
0%
loss in Enduro.
-5%
-10%
Auriginal (AUME.v): We’re now two months on from the
-15%
announcement of the start of drilling at the Roger project,
which means the window for assay results has arrived.
Eyes on the wires, also on any pre-emptive share price
moves.
Precore Gold (PRCG.cn): Our theory behind this potential trade has always been that its Arikepay copper
project in South Peru was a deal struck at exactly the right time. It happened just before the ongoing copper
rally began early last year and I’m sure a company this small and modest would have been outbid by a larger
entity if the seller, Alta Copper (which was clearing the decks for its own deal with Fortescue for its Cañariaco
copper project in North Peru) had waited for one or two more quarters for bidders.
Whatever, fate did its thing and this CSE stock has a potentially massive, though low grade, copper project
under its control. To date we’ve watched and again, no rush to get involved because PRCG has to get its
permits in line, as well as mobilize a drill program and fund development.
As at January 31st, its last quarterly reporting date, PRCG had just under C$0.95m treasury and a working
cap of just under $900k. That’s enough for a tiny set-up like this to continue to tick over, but not enough to
roll out the exploration and development program required for this project, so until some sort of financing
agreement is reached, I will remain a curious onlooker.
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
Bolivia: The protests continue
Last week’s note on the political situation in Bolivia, “Widespread social protests against the Rodrigo Paz
government”, covered the basics of the evolving crisis and in the week between then and now we’ve seen
protests increasing, rather than diminishing and a lot more international media attention, as well as messages
of support from regional governments for President Rodrigo Paz and his administration. We’ve also seen the
inevitable political pigeonholing, with the majority of world media coming at it from a right-wing perspective
and siding with the incumbent government while the left-leaning media channels are quick to talk up the
valiant working class in their struggle against etc etc.
In response to the ongoing protest, we saw a significant change in government’s attitude toward the
protesters. Gone is the “we will not negotiate with vandals and criminals” attitude and instead, President
Rodrigo Paz has started a ministerial reshuffle, ministers have resigned and replaced and we’re likely to see
more changes in the week to come. We also have a big meeting slated this Sunday (yesterday by the time
this is published) between government and one of the biggest indigenous pressure groups. This weekend
also saw the latest attempt by the government and forces of order (police, army) to break through the
roadblocks around the La Paz/El Alto zone but, with a reported 51 established roadblocks, it’s tough to
imagine a situation in which brute force makes a big difference to the protest and indeed, reports from the
19
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71
source: IKN calcs, TSX data
zone on Sunday (15) spoke of police using tear gas, dispersing protesters manning the blockades and
bulldozing through, but within hours the barricades were in place again and the stand-off continued. Or
maybe this quote from the same report by local political analyst Julio Córdova Villazón once the government
operation to clear the roadblocks this weekend was over (translated): “The Blockades in Bolivia continue,
with a tendency towards growing larger.” Tear gas isn’t the answer, folks.
For those wanting more on the complex background to this social upheaval, after reading too many reports
and analyses notes I can recommend this one out of France 24 (16) this weekend, as even the title line calls
it a “Multicrisis in Bolivia” which is nice way of putting it, as seen in IKN886 this protest joined several groups
with different gripes that have banded together. But the article also include this perceptive comment from
Bolivian political commentator Adriana Salvatierra, whose CV includes having once been the Head of Bolivia’s
Senate.
“If you look at the results, Rodrigo Paz won in the first round in about 95 municipalities. In the second
round, he won in more than 280, mainly in rural areas where the Movement for Socialism (MAS) had
previously won. With the promises he made, these sectors perceived that, in the midst of the
economic crisis, Rodrigo was going to govern for them, putting the State, as it had for 14 years, at the
service of correcting market inequalities, democratizing wealth, and using public investment to boost
the domestic economy. When he took office, he did the complete opposite,” he explains.
Correct. This is something you’re not hearing outside of Bolivia, the way in which Rodrgio Paz campaigned on
what’s best described as a centre-left political stance and manifesto, only to turn sharply right as soon as he
took office. Other countries might gripe without taking action on seeing this, but in Bolivia it’s a red rag to a
bull and his imposition of box standard right wing policies was never going to go down well in a country that’s
been used to suckling on the State teat for coming on for two decades, especially as Rodrigo Paz make it
known he’d keep the State milk running for those who desired. Many people who voted for him in the first
and second rounds now feel deceived and even betrayed by his right shift and that’s one of the major
underlying currents in the response we’re seeing now. If you want one underlying cause to explain why the
“multi-crisis” grievances have joined forces, it’s this one.
The Colombia election: One week to go and a pollster polemic
The big day is next Sunday, however this weekend in Colombia has its own election headlines as it’s the cut-
off for opinion poll publication and the results from four pollsters with the good reputations (17) all point in
the same direction.
AtlasIntel: Iván Cepeda 37.7%, Abelardo De la Espriella 36.3%, Paloma Valencia 13.9%
CB Global Data: Iván Cepeda 36.8%, Abelardo De la Espriella 35.3%, Paloma Valencia 17.0%
Invamer: Iván Cepeda 44.6%, Abelardo De la Espriella 31.6%, Paloma Valencia 14.0%
Guarumo EcoAnalitica: Iván Cepeda 37.5%, Abelardo De la Espriella 27.5 %, Paloma Valencia 21.7%
They all say one thing above all, that the support for the Álvaro Uribe candidate, Paloma Valencia, has
collapsed and it’s set to be the lefty Cepeda vs the very right wing Abelardo De la Espriella in round two,
unless of course this unpredictable race has another surprise or two up its sleeve in the week ahead.
However, a lot depends on which poll model is closest to reality, as a result along the lines of AtlasIntel of CB
Global Data that has just a point and a half between the top two makes for a very different second round
scenario than that of Invamer or Guarumo with their double digit gaps.
As for the run-off, if we assume it's Cepeda vs De La Esperiella here's how the pollsters call the final race for
the big job:
AtlasIntel: Cepeda 41.3% / De La Espriella 50.0%
Invamer: Cepeda 41.3% / De La Espriella 50.0%
Guarumo/EcoAnalitica: Cepeda 40.0% / De La Espriella 43.6%
Tempo: Cepeda 48.7% / De La Espriella 32.9%
In other words, two have the rightly winning easily, one has it close, the other has the lefty in front. We’ll
cross that path when we come to it, as by this time next edition we should know the round one result. So
here’s your cheat sheet on Colombia exposure:
20
De La Espriella 1st, Cepeda 2nd Valencia 3rd: Massive rally in anything Colombian
Cepeda 1st, De La Espriella A CLOSE 2nd, Valencia 3rd: Rally in anything Colombian
Cepeda 1st, De La Espriella WITHIN 7 OR 8 POINTS 2nd, Valencia 3rd: likely rally in anything
Colombian
Cepeda 1st, De La Espriella A DISTANT 2nd, Valencia 3rd: Nerves in market about Colombia
Cepeda 1st, Valencia 2nd, De La Espriella 3rd: Likely rally in anything Colombian (as the market
perceives Paloma’s political as closer to the all-important political centre).
We’ll know by IKN888, here’s hoping for a day of peaceful democracy.
The Peru election mess: The run-off opinion polls
A small miracle in other big race in South America, as the Peru
run-off now looks set to happen on its designated day (and
we’ll see how the Porky law suits against the Round One result
prosper at a later date). The vote is scheduled for June 7th,
just two weeks from now, and here’s how Peru’s most
accurate pollster in the first round, IPSOS, is calling the race
as per its poll out on Thursday:
Keiko Fujimori 39%
Roberto Sánchez 35%
Don’t Know 12%
Will not vote/Will Spoil Ballot: 14%
For what it’s worth, a second pollster (18) came out with a
similar reading on Friday, Datum (who called the round one
race badly) giving Keiko 39.5% and Roberto Sánchez 36.1%.
That’s a slight lead (and those with a memory may recall Keiko
had a small lead against Ollanta Humala going into that run-
off, only to see Humala pip her to the post), but with just two
weeks to go and a race that Peru is classifying as a choice
between AIDS and Hepatitis, both candidates (or at least their policies) are known quantities and I’d dare to
call Keiko a firm favourite at this stage.
Brazil: The election that really matters
We still need to get the Peru and Colombia elections out the door and it’s fair to say their results will have
some latent effect on the campaign in Brazil, marking to some extent the current left/right trend in South
America, but the Brazil election slated for November is beginning to loom and geopolitically, there’s no doubt
it’s the one that matters most in the region. Here’s why (19):
If you only take one data point away from that table, make it the one where the red ink is added as Brazil in
2025 accounted for over half the GDP of the entire South America continent. Or if you like, just one of its
states, Sao Paulo, has a higher GDP than the #2 country on the list, Argentina. We could also add that Brazil
is the B in BRIC, which makes it a higher geopolitical profile, and of course it’s a straight fight this time
21
between the incumbent lefty Lula and the righty from the family with the close relationship to Trump, the
Bolsonaros, though this time the candidate is Jair’s son, the current Senator in the Brazilian congress Flávio
Bolsonaro. Which brings us to the latest polling data from Brazil’s newspaper of record, Folha de S.Paulo and
its well-regarded polling arm, Datafolha. Here’s how the round one vote is shaping (20):
The previous Datafolha poll gave Lula a three point advantage, so this
time the nine point gap (40 to 31) indicates good things for the
incumbent. As for the near-inevitable run-off between the top two,
here’s the graphic from the same report:
Lula 47%, Flávio 43%. We’re still half a year from this one, but it’s an
important moment for the political direction of the continent that will
guide how the rest of the world views the continent, as well as the
rise or fall of the influences of China, The USA etc. It’s also going to
be an election that we, the humble junior mining speculators, will be
able to trade via the political influences on legally challenged stocks
and projects in the country.
Market Watching
Deferred.
Sorry. I have one idea for a Brazil trade set-up, but it’s not time sensitive and I haven¿’t had time to develop
the theory to the point where it’s ready to publish. Expect it next week.
22
Conclusion
IKN887 is done, we close bullet points and a final thought on this week’s new trade:
By the time Friday evening came around, I was absolutely convinced about the opportunity offered by
IMPACT Silver (IPT.v) on the back of its new profitability and share price. I then spent most of the
weekend writing the other bits of this edition while trying to talk myself out of buying the stock. The
poor management, the bad track record, my own failure in trading the stock a year and a half ago, the
unpredictable price of silver, all those thoughts and more. But no, this set of numbers is one of the
more obvious trade set-ups I’ve come across during our current metals bull run and there’s no way
around it, even if IPT.v doesn’t get near the levels of 1q26 in its next three quarters it’s going higher.
And if silver truly takes off, anything could happen. My only pending question is size, as I may talk
myself into buying more than a standard, small spec trade. We’ll see.
Looking forward to reading the West Red Lake 1q26 results, as though I don’t think there’s a proactive
hold/sell call to make before we see the 2q26 production figures, we should at least know whethet it
has enough cash to get through the slow ramp-up.
All eyes on Colombia this weekend, this election is important in the regional political jigsaw. The
important number will be the distance between first and second place.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://impactsilver.com/investors/news/impact-silver-announces-q1-2026-financial-results-with-revenue-nearly-tripling-to-31.2-million-
and-record-net-income-of-11.3/
(2) https://impactsilver.com/site/assets/files/6211/q1-2026-ipt-fs.mp4
(3) https://mayfairgold.ca/wp-content/uploads/2026/05/MFG-NRMay212026.pdf
(4) https://bpsilvercorp.com/pdf/2026-05-19-bpag-nr.pdf
(5) http://orecap.ca/news/orecap-announces-interest-free-unsecured-loan-transaction/
(6) https://awaleresources.ca/2026/05/19/awale-announces-inferred-mineral-resource-estimate-of-1-71-moz-gold-equivalent-for-the-
odienne-project-32-4-mt-at-1-64-g-t-gold-equivalent-1-33-g-t-gold-0-33-copper/
(7) https://stardustmetal.com/news/stardust-metal-announces-fully-subscribed-private-placement-led-by-strategic-investor-daniel-earle/
(8) https://latin-metals.com/news/2026/latin-metals-reports-high-grade-gold--silver-intercepts-and2026-05-21-052502
(9) https://tradingeconomics.com/commodity/copper/news/552549
(10) https://www.reuters.com/business/trafigura-plans-withdraw-lme-copper-stocks-ahead-us-tariff-ruling-sources-say-2026-05-22/
(11) https://www.shfe.com.cn/eng/reports/StatisticalData/WeeklyData/
(12) https://www.cmegroup.com/solutions/clearing/operations-and-deliveries/nymex-delivery-notices.html
(13) https://www.lme.com/en/metals/non-ferrous/lme-copper#Trading+summary
(14) https://americas-gold.com/news-releases/2026/americas-gold-and-silver-announces-agreement-with-sprott-mining-inc-to-terminate-
silver-delivery-agreement/
(15) https://elperiodiquito.com/mundo/92546/bolivia-siguen-los-bloqueos-y-protestas-pese-a-operativos-policiales/
(16) https://www.france24.com/es/am%C3%A9rica-latina/20260522-multicrisis-en-bolivia-el-ajedrez-pol%C3%ADtico-que-se-mueve-tras-
seis-meses-de-rodrigo-paz-en-el-poder
(17)
https://es.wikipedia.org/wiki/Anexo:Sondeos_de_intenci%C3%B3n_de_voto_para_las_elecciones_presidenciales_de_Colombia_de_202
6
23
(18) https://www.infobae.com/peru/2026/05/22/ultima-encuesta-datum-keiko-fujimori-lidera-con-395-frente-a-roberto-sanchez-con-361-a-
dos-semanas-del-balotaje/
(19) https://statisticstimes.com/economy/south-american-countries-by-gdp.php
(20) https://www1.folha.uol.com.br/poder/2026/05/datafolha-lula-abre-vantagem-sobre-flavio-apos-dark-horse.shtml
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
24
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
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
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Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
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
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Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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