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The IKN Weekly
Week 888, week of May 31st 2026
Contents
This Week: Trade heads-up, In today’s edition, The May jobs report, Toward the bottom of the barrel.
Fundamental Analysis: West Red Lake Gold (WRLG.v) 1q26 financials, Buying Kobrea Exploration (KBX.cn)
Stocks to Follow: Overview, IMPACT Silver (IPT.v), Kobrea Exploration (KBX.cn), Element 29 (ECU.v), Xali
Gold (XGC.v), Marimaca Copper (MARI.to), BP Silver Corp (BPAG.v), Orecap Inv (OCI.v), Rio2 Ltd (RIO.to),
RPX Gold (RPX.v).
The Copper Basket: Overview, Los Andes Copper (LA.v), Andina Copper (ANDC.v), Surge Copper (SURG.v),
Aldebaran (ALDE.v), American Eagle (AE.v), Hercules Metals (BIG.v).
The Producer Basket: Overview, Lundin Gold (LUG.to)
The TinyCaps Basket: Overview, Radius Gold (RDU.v).
Regional Politics: Colombia: The round one election result, Bolivia: Worse not better, The Peru election
mess: The final countdown.
Market Watching: Mene Inc (MENE.v) 1q26 financials.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
Time to buy some Kobrea Exploration (KBX.cn), a small starter position to mark price on a trade that will
likely take until 2027 to show any sort of real improvement. Great oaks from acorns grow, etc. I’m also likely
to add a few more IMPACT Silver (IPT.v) to my new trade if offered a good price this week. And while not
buying immediately, today’s editions marks your cards on both West Red Lake (WRLG.v) and Mene Inc
(MENE.v) as they have serious addition potential in the weeks to come.
In today’s edition
 The drill assay NR from our Watch List candidate Kobrea Exploration (KBX.cn) arrived, the news was as
expected, the stock price dumped accordingly. Your author has waited for patiently for a window of
opportunity, time to buy a few and turn candidate into trade. Details in today’s Fundies section.
 West Red Lake Gold (WRLG.v) filed its 1q26 financials in good order last week and the numbers came
in much as expected. A close look offered in the other part of today’s main Fundies section.
 Instead of phoning it in (again), this week’s Copper Basket does some work on the metal and a
handful of our basket stocks. The metal has plenty of buyers, the inventory data tells us there’s plenty
available, the shadow of the Trump Tariffs begins to loom. We mix all the parts together and try to
navigate a profitable sub-sector for one more week.
 Today’s Regional Politics section leads with the impressive result obtained by Abelardo de la Espriella in
the Colombia Presidential election, yesterday Sunday. We also cover the ongoing mess in Bolivia and
preview next Sunday’s Peru run-off between Keiko and Roberto, in which we now fully expect Keiko to
prevail. Ignore Bolivia and South America is leaning further right…but don’t ignore Bolivia.
 Last but not least, an overdue look at our only non-mining trade, the online 24kt gold jewelry retailer
Mene Inc (MENE.v). It’s taken what feels like forever, but the company is now showing it know how to
make a profit and keep making one.
 Other things too. There are always other things.
1

The May jobs report
It’s come around again, The USA’s most important macro dataset is due to drop 08:30am Friday and
according to the ever-reliable Bill McBride (1), “…consensus is for 96,000 jobs added, and for the
unemployment rate be unchanged at 4.3%.” With all eyes on newly installed Fed Head Kevin Warsh and
what he might do, any variance from the consensus is bound to have the talking heads chattering. Another
opportunity comes Wednesday with Mr. Warsh’s first Beige Book due, taking the pulse of local economic
conditions in and around The USA.
Anyway, welcome to issue 888 of The IKN Weekly, they tell me it’s lucky in China.
Toward the bottom of the barrel
This is a note that goes out every so often, not really a warning but it is a heads-up on a personal factor that
can alter content here at The IKN Weekly. Being a eat-your-own-food type of publication that mostly covers
and recos stocks that I personally own, and being a mere retail grunt that doesn’t have a bottomless pit of
money (real, virtual, imaginary or otherwise), there comes a time when I don’t have so much dry powder to
deploy in the market and we’re now approaching that level. I’m not quite there yet, there’s still cash to open
on Kobre this week, or buy more IPT shares tomorrow given the right price, or even add to WRLG in a few
weeks’ time if circumstances prevail. I also like to keep at least some cash available for “scrape bottom of
barrel” trades that cannot be ignored even when they turn up at inopportune moments, but the time is
getting near without any further sales.
Fundamental Analysis of Mining Stocks
West Red Lake Gold (WRLG.v) 1q26 financials
Up to last week, I thought we’d probably need to see the WRLG Q2 numbers before having enough clarity to
make a proactive call on this losing trade, but after WRLG delivered its 1q26 financials and MD&A last week
(2), along with a Conference Call (recording available here (3), register for free) in which a few clues were
duly buried, I think we’re good to go. So for the TL:DR readers, here’s the plan:
 I’m holding my shares in WRLG going forward because whatever might happen, this company is going to
be just fine. Filter out the naysayers.
 Expect WRLG to run a financing soon, some sort of “final top-up” to get the “over the hump” (or however
they frame it).
 If I’m right, that should open a window for cheap shares so around that time, I plan to add to my
position. That trade size, while not Top Pick level, would promote WRLG to one of my main investments
in the junior mining sector.
To explain the reasoning behind those bullet points, today’s note does three things:
 A review of the 1q26 numbers
 A forecast of things to come
 A trade decision
So with no further ado and to quote Lewis Carroll’s King of Hearts, “Begin at the beginning and go on till you
come to the end: then stop.' First up we take a pure backward look and consider what the financials of 1q26
offer. Thanks to the April 23rd NR and subsequent ConfCall, we knew sales for Q1 came to 6,165oz gold and
had worked out production was somewhat lower than
that number. In fact production came in at 5,667 oz, WRLG.v: Gold oz produced & sold, per qtr
product of throughput running at a okay 51,469mt
(572tpd), recoveries at the mine target of 94% (good)
but average grade down at 3.63 g/t gold. That's much
lower than the model demanded, but we'd already
learned why as WRLG had decided to change the mine
plan and access the purportedly rich 4477 zone at the
start of Q2, instead of late 2025 and into Q1. That
created the production shortfall that had already been
flagged by the company.
2
894 494
0625 0625
5507 0007 9737 6727
7665 5616
Oz Au
8000
oz Au produced
7000 oz Au sold
6000
5000
4000
3000
2000
1000
0
1q25 2q25 3q25 4q25 1q26
source: company filings, IKN ests

So to some new numbers, the basics from the P+L: Back in IKN883 dated April 28 we took a swing at what
to expect from the operations results and after some educated guesses on average received gold price and
COGS, came up with revenues of C$41.3m, COGS of C$23m and a Mine Operating Income of C$17.3m and
as things turned out, not bad guesses (below left). Revenues of C$41.862m and COGS of C$22.045m weren't
just close, but on the right side of our guesses each time. My major mistake was to underplay the charge
WRLG would take for DD&A now that it's a commercial operation, they went for C$4.135m and that's a
mistake I won't make again. All that plus the small royalties headwind resulted in a Mine Operating Income of
C$15.289m and while not quite as peppy at Q4, that's my idea of a good result under the circumstances.
WRLG: Mine ops
Then, when exploration, evaluation, office G&A, share based compensation and the good old catch-all "other"
are subtracted, we're left with an operating income of C$8.57m (above right). Not bad, again considering the
previously disclosed production and sales that fell well short of expectations coming into 2026. For the
record, we're not particularly concerned with the final net earnings number (for the time being) and the way
to gauge progress here is definitely via operating earnings, rather than subtracting the financial obligations
on a quarterly basis (as they will fluctuate, see below).
We base our 2026 guesses on the framework of current company guidance and know these things:
 2026 production guidance is currently between 35,000 and 45,000 oz gold
 WRLG expects production to be biased to the second half of 2026 as throughput and grade
improve
 The company expects grade to improve as from 2q26 as the 4477 zone is accessed
 The company expects incremental improvement in production throughput as teething problems
are irons out, then the refurbished shaft opens to allow easier haulage to surface
 There is around $15m in growth capex left to deploy this year
 Costs were high in 1q26 but are expected to trends lower, with AISC forecast to fall between
U$2,800/oz and U$3,600/oz (note US Dollars used for this metric)
With those stated, we assume WRLG maintains a 94% recovery rate as per Q1 and then go for these models
for throughput and grade:
We’re aiming reasonably low for throughput at the moment and assume it climbs Q3 onward. As for grade,
we are obliged to leave that low Q1 number behind as all guidance tells us that it won’t repeat (and if it does,
it will be time to leave this trade). Grade will almost certainly about to get a boost from the 4477 zone, which
grades up to 8 g/t and as the year progresses, we should see average milled grade approach the 7g mine life
average. So when you put those two variables together with the flat 94% recoveries assumption, we get this:
3
701.2 682.1 887.0 23.42
3.51
865.8 84.23
7.02 79.01 45.44 37.81 29.32 68.14 50.22 92.51
C$m Revs WRLG: Mine Op Inc versus Op Inc
50 COGS
45 Mine Op Inc
40
35 30 25
20 15 10
5
0
1q25 2q25 3q25 4q25 1q26
source: company filings
887.0 393.5- 865.8
581.4
79.01
891.7 29.32 14.71 92.51 75.8
C$m
24
22
20
18 Mine Op Inc
16 Operating Inc 14 12 10
8 6 4 2
0
-2
-4 source: company filings
-6
1q25 2q25 3q25 4q25 1q26
WRLG.v: Tonnes milled, per qtr
26194 96415 00035 00006 00026
mt WRLG.v: Head grade, per qtr
70000
60000
50000
40000
30000
20000
10000
0
4q25 1q26 2q26est 3q26est 4q26est
source: company filings, IKN ests
60.5
36.3
2.5 7.5 5.6
g/t Au
7
6
5
4
3
2
1
0
4q25 1q26 2q26est 3q26est 4q26est
source: company filings, IKN ests

WRLG.v: Gold oz produced, per qtr
4
894
0625 5507 9737 7665
0338
73301
18121
Oz Au
14000
12000
10000
8000
6000
4000
2000
0
1q25 2q25 3q25 4q25 1q26 2q26est3q26est4q26est
source: company filings, IKN ests
If that comes to pass exactly as seen (not gonna happen) it gives us a total of 36,945 oz produced in 2026,
to the low end of the current guidance and that’s the best place to be. Next comes a gold price assumption
and quite frankly, your guess is as good as mine but it seems to me that the current C$6,200/oz
(U$4,500/oz) is a reasonable median, so that’s the flat rate used here:
WRLG: Mine ops
701.2 682.1 887.0
23.42 3.51 865.8
84.23
7.02 79.01
45.44
37.81 29.32
68.14
50.22 92.51
6.15
42 9.22
1.46
62
2.33
5.57
82
5.24
80
70
60
50
40 30
20
10
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m Revs
COGS
Mine Op Inc
source: company filings
This table is a simple continuation of the previous review chart, adding guesstimates for the next three
quarters based on the above production forecast, a C$6,200/oz gold price and the midrange of company
costs guidance. In it, Mine Operating Income increases to C$22.9m in the current quarter, then accelerates in
Q3 (C$33.2m) and Q4 (C$42.5m). The second chart develops Operating Income for the next three quarters
with reasonable estimates on the non-debt headwinds:
WRLG: Mine Op Inc versus Op Inc
887.0
393.5- 865.8 581.4
79.01
891.7
29.32
14.71
92.51
75.8
9.22
4.51
2.33
7.52
5.24
33
60
50
40
30
20
10
0
-10
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m
Mine Op Inc
Operating Inc
source: company filings
Add those up and you have a rough estimate of what WRLG will have on hand to pay its liabilities in 2026.
This table from the 1q26 MD&A lays those out:
Assuming all goes to plan, come the end of 2026 WRLG will be beyond any concerns on profitability, balance
sheet liquidity, debt servicing etc. It’s true 2027 has a higher payback schedule, mainly because the Gold-
Linked Notes are amortized at 425oz per quarter in 2026, then 1,060oz per quarter in 2027. This table lays
those out and, as you may recall, the principal repayments correspond to just U$1,800/oz gold as per the

contract closed in 2024. The investors of those gold-linked notes are therefore on a big winner thanks to the
run in gold and will be paid at spot, the company paying down its liabilities at U$1,800/oz and the rest is paid
as a premium.
That’s as maybe, the important job for WRLG is to cover the totality of its servicing and repayment schedule
which for the next three quarters of 2026 comes to over C$59m. As C$24.7m of that is the rolling current
liability of trade/payables, the real world issue is covering the other C$35m. Regarding this, as at end 1q26
WRLG is in fairly reasonable cash shape with C$35.9m
WRLG: Cash treasury & working cap
at bank but the weight of the current liabilities shows
on working capital, down at +C$2.499m as at end
1q26 and likely to stay low for at least one more
quarter as the higher repayment schedule of 2027
moves to the currents section of the ledger.
Again, this is all about timing. It’s clear that given a
reasonable adherence to the current “we’re taking it
slowly and making incremental gains, folks” messaging
from CEO Shane Williams and team, WRLG will leave
2026 in a much stronger financial position as more
ounces are sold at the current high market price. The
problem facing WRLG is in the near-term, either this
2q26 quarter or perhaps the start of Q3 (i.e. the Northern summer) as payments come due while the
company looks to deploy the last $15m of growth capital while still waiting for regular payment cheques from
the smelters. It’s at this point we dial up last week’s Conference Call and what CEO Williams said in reply to a
direct question on the company’s cash and balance sheet position:
Question: Will you be raising money in 2026?
Shane Williams: We are still in ramp-up and the company remains focused on advancing ramp-up
responsibly while maintaining financial flexibility. So, as any operating company in the ramp-up
phase knows, we’re continually evaluating capital allocation and funding (one word unintelligible)
as a part of normal business. So any future capital decisions, if required, would be approached with
a focus of long-term development. But as I said, we are seeing Q2 improve materially, which will
translate to greater ounces and obviously greater revenue for the company. At this stage, we’re
focusing on operational execution and improving production and operating performance and setting
ourselves up for the balance of the year.
The interpretation of this is simplicity itself: CEO Williams is fully aware of the concerns among current
holders that WRLG may need to raise extra capital. This would have been the perfect opportunity to put
those worries to rest, a simple and direct answer to a simple question. Instead, we got a long word salad
about how he and his team are focused on the mine ramp-up and this and that and the other. If you’re
telling me that he’s focused on the mine ramp-up but has no idea about the cash position at the company
required to execute on that ramp-up, I have a bridge to sell you. This is the same WRLG that just saw 39m
warrants with a C$1.00 strike price expire worthless in mid-May. This is the same WRLG that on May 15th
filed a Short Form Base Shelf Prospectus that makes
the raising of capital via placement a lot easier (and
allows the company to use the LIFE option which
avoids putting the shares under escrow for 121 days).
If all goes well, the ramp-up continues smoothly, the
cheques arrive from the smelter middlemen promptly
and the gold price remains strong I honestly don’t
think WRLG needs to raise more capital. But the
important word there is “need”, as it’s not the same as
“want”. WRLG is now under pressure to secure its
future, it will also have backers looking for a last
5
146.1 753.4
580.72
29.61 903.61 848.3
407.74
698.52
88.63
822.81
796.32
987.54
834.24
719.53
50
45
40
35
30
25
20
15
10
5
0
-5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
cash&eq
working cap
source: company filings, IKN ests
WRLG: Shares out (m)
868.41 20.25 744.65 851.481 371.512 641.322 532.962 83.172
878.813 74.343 10.843
714.293 907.693 549.214 69.214 044 044
500
450
400
350
300
250
200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company financials, IKN ests

opportunity to get a cheap “thanks to sponsoring us” final entry before the mine moves through the gears
and becomes fully cash flow positive. That’s where we are today and that’s why I’m now best-guessing we
see a final equity placement from the company and a share count of around 440m shares out come the end
of 2026 (chart above right). If I were a CEO with the choice between comfort and risk, with only retail
moaners and online keyboard warriors (e.g. me) complaining, I’d wait until the company AGM were behind
me (June 10th, in nine days’ time), make sure the board and management are voted up and all agenda points
are approved, then move to raise the C$20m I need to fully assure its finances as Q2 becomes Q3. It
wouldn’t be too difficult to frame it as “getting over a final hump” and we peanut gallery dwellers will get
bitter and twisted about it, instos and Giustras that have done the math and know WRLG is ready to re-rate
as all financial concerns fade into the past will enjoy the opportunity.
And this is why 1) I’m not particularly concerned about any modest final raise and 2) will use the window as
an opportunity to buy another slug of shares. Agreed, 2025 and 2026 to date haven’t gone perfectly for
WRLG, the commissioning and ramp phase have been slow and the resulting share price slump was not why I
bought when I did. Let’s also note my error in wading in and adding in late April, as announced in IKN883, as
I should have exercised a little more patience and bought at the 70c line, rather than the 80c line. But what
we do know now thanks to the 1q26 financials along with the logical and under-promising near-term
guidance from the company are some simple truths about WRLG:
 They are bringing enough muck to surface: This is by far the most important factor, it’s the one that did
for Pure Gold and with WRLG in Q1 running its mill at 572 tonnes per day and telling us that currently it’s
running at 685tpd in Q2, that tells us it has its mining logistics worked out.
 Grade will improve: The concern from the raw Q1 number of 3.63 g/t grade is mine dilution and a
company being forced to mine out rock it doesn’t want to mine in order to get the vein to surface. That
doesn’t seem to be the case and with the news that 4477 will improve head grade making sense on
timing, once that begins to climb toward the resource average this operation will begin to churn out 10k
and 12k oz quarters easily.
 Money may be somewhat tight, but the payback schedule will improve. The debt profile will be easy to
cover once production moves toward nameplate capacity, they could even get by without raising more
money, but if they announce a placement on June 11th and insist it’s a “final hump”, I’ll believe them.
You guys know me, I’m as untrusting of a mining CEOs words as anyone and unafraid to call BS to their
faces, but in this case, and although he’s made several mistake of style as well as substances (that Peter
Schiff promotion deal, so help us all), I have to agree with CEO Williams. This mining company is not going to
be a financial trainwreck. Madsen has that history and a bad rep, it’s natural to be concerned when WRLG
has fallen behind on its timeline and may need an extra capital injection to reach positive free cash flow. The
fact is, careful and steady incremental commissioning and ramp-up is working at the mine, operating profits
are already being booked so give it six months, nobody will remember the tight period of mid-2026.
As such, I’m a happy holder of what is already a meaningful position in West Red Lake Gold (WRLG.v) but, if
the announcement of a placement in the near future causes a share price dump. I will become opportunistic
and add more.
Buying Kobrea Exploration (KBX.cn)
It took almost two months from the time we first got news that drill assays were pending to the arrival of the
assay results, in itself a bad sign, but on Tuesday morning we got the NR (4) and…
6

...yes indeed, they were as suspected. The presentation of the data in the NR was dryly amusing too, as once
you’d opened “Kobrea Confirms Copper-Gold-Molybdenum Porphyry System in Initial Drill Program at the El
Perdido Project - Mendoza Province, Argentina” you had to scroll down to page five of seven to actually see
the drill assay numbers:
With the best will in the world, when your best hole of four is 65m of 0.11% copper you don’t have the next
Filo de Sol on your hands. Therefore and despite the tardiness of the assays having flagged the poor results,
we got the drop on the NR as seen in the above price chart last week and the stock, recently trading in a 30c
to 40c range, dropped well under the 20c line before closing the week at 20c.
Which begs the question as to why this is a buy today, so here are four reasons:
 It has plenty left to explore: The reason we started following this stock closely and made it part of the
Watch List isn’t due to one exploratory round of drill results in one corner of a project, it’s because the
company has smart brains trust (Paul Johnson et al) and has first foot advantage in The Western
Malargüe Mining District (WMMD), the region of Mendozas province carved out by a newly pro-mining
provincial government and prime country to explore for large metal deposits. KBX secured seven Projects
(yup, count’em up) zones covering 73,334 hectares and that’s not a big target zone, it’s enormous. El
Perdido, zone that gave us last week’s dusters, was the first to get its drill permit and naturally KBX stuck
the diamond drills in it first and while of course the company would have preferred to have hit pay dirt
first time around at its first target El Perdido, those dusters are far from the end of the story.
 It has money: As at end January 31st KBX enjoyed a treasury position of C$7.4m, that’s a healthy
position for one so small. The company burned close to $2m in its final 2025 quarter (to Jan 31st) but a
lot of that was the one-time cost of putting in an access road, the drilling line item came in at just over
$300k. Long story short, KBX has plenty of ammo to aim at the next target it decides to drill and there’s
every reason to expect its current cash position last it all this year easily and probably well into 2027.
They’re not depended on the vagaries of the capital markets, so no dilutive placement and no extra drag
on the share price in the meantime.
 It’s the same company as last year: Well, the same with one failed drill pad location added, but you know
what I mean. Same people, same land, same comfortable treasury, the main difference is the discounted
entry point and as many recent copper explorecos show, it will only take one good drill cut in this location
to get the market buzzing about your stock. High risk yes, high reward possible.
 It’s cheap: The up-to-date share count is 53.272m shares out, along with just over 30m warrants at a
weighted average price of 34c, so no real overhang there at our entry price. Therefore at this weekend's
20c share price KBX runs a market cap of C$10.65m. That's a low cost exploreco in this current market
by any measure, but it's extremely cheap when we account for that $7m treasury position. Add in the
large and prospective terrain it controls and this stock is the antithesis of the zombie junior, it's merely
priced like one this weekend.
Bottom line: Since opening soft coverage on KBX, we've been interested in how its program goes in the
relatively new and highly prospective WMMD region of Mendoza province. As the project developed and the
first drills went in a plan emerged to see if there could be a very cheap entry point available if the first assays
came back without wowing the audience and when that April NR dropped, it wasn't too difficult to read
between the lines and see the pain. That's what transpired last week and we now have KBX at a much
cheaper price. However, this company is far from dead and in fact, I'd consider it no more or less risky than
at any point in 2025 or 2026. We're now moving into the Andean winter and KBX will surely close down its
operations, so the fallow months to come mean we're not going to get any newsflow of great worth for the
time being. We get to pick our spot and buy shares when others get bored of their losing non-performer, with
20c or perhaps even below a likely price. For that we get a treasury full of cash an a company that can pick
7

and choose from multiple targets for its next drill program, one that should kick off around September this
year (drill permits allowing). At that point the merry-go-round starts again and while there may be a few
people put off by the fact KBX hit dusters at its first attempt, the prospectivity of the zone along with the
proven brains trust at the company should be enough to see the stock float upward, even before the next
core gets shipped to the assay labs (let alone returns). That assuming the copper market stays as buoyant as
it has been.
This is a risk-adjusted bet, one on a company
trading at a significant discount but with
everything to play for in a region of the world
that's ripe for the picking. Every junior speculator
knows about the San Juan region of Argentina and
what its rocks contain, those are the people
ignoring the fact that Mendoza has the same
geology but has only very recently allowed juniors
in to explore and develop potential programs on
interesting targets. KBX is at the front of this
queue and while I'm fully aware of the high risks
involved in buying what is essentially a drill play,
the potential rewards are great indeed. At 20x
cheaper than Mogotes Metals (MOG.v), I like the odds here and will buy my first small tranche of Kobrea
Exploration (KBX.cn this week, with a view to adding steadily when cheap prices show over the Andean
winter/Northern summer period. After that, we'll see if they can hit a zone of metal.
Stocks to Follow
A positive week for the Stocks to Follow list, writing those words is always a pleasant start to these notes. Of
the 19 stocks listed, six were week-over-week losers (MARI.to, ECU.v, RPX.v, KBX.cn, BPAG.v, MENE.v) and
notably, three of those are the Watch List candidates currently carrying no money. Two others were
unchanged (LMS.v, MIRL.cn) and that implies eleven winners, which means I’m not listing them. As for big
movers, strangely the only two double figures percentage moves were to the downside via the drops in
Kobrea (KBX.cn down 35.5%) and Element 29 (ECU.v down 10.4%).
With the addition of IMPACT Silver (IPT.v) to the list, we’re now up to 19 open positions. Eleven of those are
in the green, six are in the red (four trades, two watch list) and the other two are unchanged.
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$3.19 298.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.65 331.8% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$8.35 1.1% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.87 135.6% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$3.25 132.1% 2nd tgt U$5 hit, hold for buyout
Element 29 ECU.v STR BUY C$1.31 10-May-26 C$1.38 5.3% Copper exploreco in Peru
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.70 -14.6% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$27.97 24.8% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.24 -3.4% starter position taken
IMPACT Silver IPT.v SPEC BUY C$0.36 24-May-26 C$0.36 0.0% Silver producer
Xali Gold XGC.v SPEC BUY C$0.28 2-Mar-26 C$0.28 0.0% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.23 187.5% 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$0.135 68.8% top fundy value, illiquid
8

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$0.185 8.8% gold dev Canada
Kobrea Expl KBX.cn BUYING C$0.325 3-May-26 C$0.20 -38.5% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.88 -9.3% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.175 -61.1% 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:
IMPACT Silver (IPT.v): POSITION OPENED. There were only two ways of getting a 36c price on IPT
over the last four days of last week; either very early or very late. I used the former, fished the rest of the
week for more at the same price, thought hard about adding at 38c and decided not to, didn’t get any during
the Friday close either because I’d gone swimming with the kids by then. If you paid a little more for yours I
wouldn’t fret it in the slightest, the idea here is to be on-board when the hype machine starts to push the
price up in 10c steps and a penny or two either way won’t make a big difference. Be clear that I’m in the
market for some more, as long as the price is right.
[MONDAY UPDATE: Though hard about buying some at 35c this morning, but by the time I’d decided to do
something about it the price had gone. Closed 36c after another late day drop, I’ll buy more tomorrow
Tuesday at under 36c if offered]
Kobrea Exploration (KBX.cn): BUYING. A quick line to back up what you can see above, as the drop in
KBX has happened and the price is now right for a small speculative entry. Plenty more on this trade idea in
the main fundies section above.
Element 29 (ECU.v): Why did this drop the way it did? The best guess is the market’s attention span and I
still think I got a good price at C$1.31. Zero worries about this “drop”, consider it a buying opportunity.
Marimaca Copper (MARI.to): They’re not exactly complaints, but I’m starting to receive a few gripes
about the inaction seen in MARI recently. Which at a prima facie level is fair enough, the copper sector has
been hot recently and there are plenty of stocks making big speculative moves all while MARI flatlines.
However, I am quick to defend this stock and this trade and not merely because it’s a big winner to date. For
one thing, it’s at a moment in its development track where one of only two things can happen and neither of
those are going to make news or create vibes until after the fact. There is the potential for second level
news, e.g. more drill results and clear evidence of resource expansion at Pampa Medina, but when it comes
right down to it there are only two things that can happen here, 1) a buyout or 2) a financing deal to develop
MOD. As such, it makes sense that things are quiet. The other factor is this company’s track record of
keeping its nose to the grindstone and not playing the big marketing and pumpo game. This doesn’t aid its
9

low profile and those with a memory may recall how MARI went through a long period of relative inertia in
2024 and 2025 before bursting to life around this time last year and doubling its share price in quick
measure.
All that is a long-winded way of saying that I’m 100% calm and relaxed about holding MARI through this
calm period. Quality will out in the end, MOD is still one of the most obvious copper mines in waiting and in
Pampa Medina, they have a second project on their hands which could be anything, up to and including
World Class and on the scale of the much-vaunted Vicuña system.
Xali Gold (XGC.v): The NR out of XGC on Thursday morning underscores the time it will need to get to the
market moving development stage, which is why we’re happy to wait for our price to appear before adding to
what is still a toehold position (quasi Watch List. Entitled “Xali Gold Completes Baseline Studies on the Pico
Machay Gold Project in Peru” (8), it sets the scene like this…
Vancouver, British Columbia, May 28th, 2026. Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the
“Company”) is pleased to announce the completion of the baseline studies required for the Ficha
Técnica Ambiental - Drilling Permit (“FTA”) on its Pico Machay Gold Project (“Pico Machay” or the
“Project”).
…goes on to explain the next steps:
“…to finalize the baseline studies and prepare
the FTA application, which is expected to be
submitted to the DGAAM (General Directorate of
Mining Environmental Affairs) of MINEM (Ministry
of Energy and Mines in Peru) by or near the end
of June.”
So to be clear, that’s another month before even
putting the paperwork in for a drill permit in Peru
just before a new President enacts their top-to-
bottom changes in the national government and
public sector, invariably involving wholesale
personnel changes in all government ministries, in a
country that even in the best of times has an
infamous reputation for red tape and snail’s pace
bureaucracy when it comes to permit emissions.
BP Silver Corp (BPAG.v): A bit like KBX, your author put BPAG on the Watch List rather than making an
immediate purchase because its price looked propped
and there was a decent chance it would drop, allowing a
better value entry point for us retail grunts (or at least
me). That’s now come to pass and last week the stock
broke under the 90c line in the sand and traded there all
week, closing Friday at 88c
We also got BPAG’s quarter filed to SEDAR last week.
Born in late September 2025, it's still early days for this
company and our standard tracking charts woild look a
bit silly, so no visual aids today but we can say the
quarter came in all neat and tidy with no issues spotted.
They had C$9.83m in cash, virtually zero on liabilities
and a burn rate of around C$1.2m, so it's fair to say the
BPAG structure is cashed up nicely and will remain so even after the drills begin to turn. We also have an
accurate share count of 62.389m as at March 31st (which we knew would be up from the 50.66m as at end
2025, but it's good to know by how much. Since quarter-end, BPAG has sold another 1.46m units in
placements at a Loonie a pop, so the share count is 63.85m and the treasury duly topped up by the same
number (basically another quarter's worth of burn).
Orecap Inv (OCI.v): A topsy-turvy week for the OCI asset book:
10

OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.12 12.01 4.8
ARIC.v 10.631 0.72 7.65 3.1
XXIX.v 23.637 0.13 3.07 1.2
AUME.v 42.75 0.07 2.99 1.2
MERG.v 1.025 0.91 0.93 0.4
MERG warrant 0.5125 0.46 0.24 0.1
ZIGY.cse 4.942 1.15 5.68 2.3
KLDC.v 40.040 0.385 15.42 6.2
subtotal 47.99 19.3
Est.cash 0.25 0.1
Total 48.24 19.4c
At 248.332 S/O
To the downside, Kirkland LDC (KLDC.v) dropped by 10c (-20.6%) on the back of its second set of drill
results out of Mirado, which were good-not-great. The other bigger loser on the week was Awalé (ARIC.v)
which dropped by 9c and between those two, OCI lost 2c/share equity value.
To the upside, Stardust Metal (ZIGY.cn) is suddenly all the rage and moved up another 32c as the
momentum and realization of what McGarry means to neighbour, privco Gold Candle, spreads around the
market. ZIGY was a 50c stock two weeks ago and has added a cool 130% since then.
The net result was a near 2c drop to the liquid-ish asset tracking table but oddly enough, this was the week
OCI decided to trade higher and start closing that wide arbitrage, spending all week bouncing between 13.5c
and 14c before settling for the weekend on the former. This stock is now a triple since we started
accumulating it and that’s a good thing, but it’s only going to take one or two big winners for it to go a lot
higher.
Rio2 Ltd (RIO.to): A quick retrospective on the RIO.to
month of May, because it was good. Up in absolute terms
and versus the GDX benchmark (chart above), we also got
new coverage on the stock from NBC, when on Thursday
evening NBC initiated on Rio2 with an Outperform rating
and a C$5.50 price target. I’ve read the report and in my
opinion, analyst Don DeMarco has done a thorough job,
hitting every salient point in the 26 page note (and you
know my mail address). It’s worth noting that NBC isn’t
opening coverage from obligation, it wasn’t part of the
recent placement syndicate and that’s another small
feather in the cap of RIO.to, we’re now at the point when
brokerages are getting asked why they aren’t paying
attention to this growth story and feel obliged to react, instead of playing the back-scratchy game.
RPX Gold (RPX.v): More infill drill assays from RPX on Thursday (5), with gold numbers that make for good
headlines (e.g. 30.12 g/t over 3.39m, the type of vein we now know exists at the Surluga project zone.
However, these are infill results as seen in this screenshot excerpt (right), with the new drill assays at the red
stars. Infill drilling is important, it’s necessary and with PFS
on its mind, the company needs to convert as many
inferred ounces into M+I as possible. It’s also about better
understanding the deposit that we, here sitting in the
bleachers and the peanut gallery, already assume is there
because we're not geologists working up an MRE in 2026
and a PFS in 2027, we just want the share price to go up
and that only happens if you tell us something new.
This is the issue RPX has to navigate in 2026, it's also why
RPX is on my Watch List because any purchase is only
going to happen at a deeper value price.
11

The Copper Basket
After twenty-one weeks of 2026, The Copper Basket shows a gain of 38.02% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 292.271 1794.54 6.14 124.9%
2 Aldebaran Res. ALDE.v 3.67 185.358 582.02 3.14 -14.4%
3 Los Andes Copper LA.v 9.20 30.392 422.45 13.90 51.1%
4 Pecoy Copper PCU.v 1.32 209.489 387.55 1.85 40.2%
5 Hot Chili HCH.v 1.33 202.2 374.07 1.85 39.1%
6 Andina Copper ANDC.v 0.56 273.361 344.43 1.26 125.0%
7 Surge Copper SURG.v 0.475 385.7 312.42 0.81 70.5%
8 Element 29 Res ECU.v 1.20 187.989 259.42 1.38 15.0%
9 Hercules Metals BIG.v 0.74 342.898 253.74 0.74 0.0%
10 American Eagle AE.v 0.56 204.923 229.51 1.12 100.0%
11 Copper Giant CGNT.v 0.49 210.239 151.37 0.72 46.9%
12 Fitzroy Min FTZ.v 0.48 327.178 142.32 0.435 -9.4%
13 Metal Energy MERG.v 0.64 45.2 41.13 0.91 42.2%
14 Algo Grande Copper ALGR.v 0.53 42.34 27.52 0.65 22.6%
15 Kobrea Exp KBX.cse 0.51 53.272 10.65 0.20 -60.8%
NB: All stocks in CAD$ Portfolio avg 38.02%
The positive week seen by The Copper Basket is notable for the fact that it puts our basket average at a new
2026 high, in other words it’s now fully recuperated from the hit taken in March when the Iranian conflict
began, something we cannot say about the other tracking baskets (Producer, TinyCap) and shows the
continued appetite for copper stories out there. This week saw nine winners (FDY.to, ALDE.v, PCU.v, HCH.v,
BIG.v, SURG.v, ANDC.v, AE.v, CGNT.v), one unchanged
The Copper Basket 2026, weekly evolution
stock (ALGR.v) and five losers (LA.v, ECU.v, FTZ.v, 45%
MERG.v, KBX.cn) and plenty of big moves among the 40%
35%
list, as well. To the upside we applaud Aldebaran
30%
(ALDE.v up 19.4%), Hercules (BIG.v up 13.9%), Hot 25%
Chili (HCH.v up 10.8%), Copper Giant (CGNT.v up 20%
15%
10.8%) and Faraday (FDY.to up 10.4%), while to the
10%
downside we hiss and boo at Kobrea (KBX.cn down 5%
35.5%) and Element 29 (ECU.v down 10.4%). 0%
As for copper, aside a quick temporary dip and
immediate recovery midweek, the price stuck at the
same U$6.40/lb level for the near-dated futures contract
that we saw the week before, so with UNCH the
main dynamic I though we could zoom out with this
week’s chart and take in the long view for the metal,
if only to provide a little perspective. This three-year
chart (right) shows the initial speculative move in
mid-2024, then the build-up to the infamous Trump
Dump in late July last year, when his decision to
exclude raw copper imports from his list of tariffs
caught the market off-guard and saw the price
dump 23% in a week (the biggest percentage drop
ever for copper, if memory serves). But since then
we’ve seen the price recover and hit new heights, so
while this weeklies chart doesn’t capture the ATH
psike over U$6.60/lb we saw a couple of weeks ago,
the trend is most definitely on show.
Which brings us to this week’s carefully curated copper commentary, as the whole Trump Tariff malarkey is
back on the agenda. Your author has made mention of this in a couple of recent editions, we’ve seen Comex
12
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13
source: IKN calcs

stocks start to click up again after a period of flat-lining, we also featured that move by Trafi to withdraw
30kmt or 50kmt of its copper stocks from LME in IKN887 last week that’s clearly connected to the upcoming
tariffs issue (Trafigura doesn’t do things just for the fun of it or to help others). Sure enough the trade papers
are now picking up on the issue, delivering their takes and offering op-eds, so it’s fun* to compare coverage
from the usual suspects. Unsurprisingly, Bloomberg goes for the drama queen angle (6):
Copper’s giant tariff trade is back and squeezing global market
Here’s a paragraph that sets the tone…
The on-off threat of import tariffs from President Donald Trump has dominated the copper market over the past
year, often driving prices on New York’s Comex above global benchmarks and creating a massive opportunity for
traders to profit by shipping metal to the US.
…and makes it sound like a slam-dunk one-way trade set-up, bless them. They even get a comment out of a
Trafi guy (after the fact, of course). Worth reading the entire note, of course. Meanwhile and also as you’d
expect from a smarter brain on metals, house mancrush Andy Home of Reuters offers a more nuanced view
in (7), “Copper braces for another round of US tariff roulette”. As is often the case with a Home op-ed, this
one needs a full read and it’s difficult to offer a snippet here to capture the essence, so please use that link
and read the whole thing, but here’s how he sets the scene…
The deadline for a U.S. decision on whether to impose tariffs on refined copper imports is looming at
the end of next month.
The market reaction is a widening in the arbitrage between the CME's U.S. duty-paid copper contract
and the London Metal Exchange's (LME) international price .
The rising premium for U.S. delivery is drawing more metal into the United States, tightening up
availability everywhere else.
If all this sounds familiar, it's because the copper market was in exactly the same state of nervous
anticipation this time last year.
U.S. President Donald Trump ended up confounding expectations by imposing tariffs on copper
products but not on refined metal.
Left on the table was the option of phasing in refined copper tariffs from next year. A decision is due
by the end of June.
…and this excerpt towards the end makes it clear there’s a lot at stake:
As with other metals tariffs, the stated aim is to reinvigorate U.S. production capacity and in that
regard the country still has only two primary copper smelters with ⁠no signs of that changing any time
soon.
Thanks to last year's import surge, the country's import dependency rose to 57% from 45% in 2024,
according to the United States Geological Survey.
On those metrics the case for tariffs looks strong given the parameters of the Section 232 national
security investigation.
But as the copper market has found out to its cost, second-guessing the Trump ⁠administration is a
hazardous business.
As for a personal view, we know copper’s main bottleneck in The USA is its smelting capacity, so slapping
tariffs on finished copper risks denying supply to end users in the country. On the other hand, that inventory
build is real and physical, not just a speculative trade on a bunch of binary numbers in a Wall St computer.
It’s latent supply, ready to feed the US manufacturing sector (and aside housing and Teslas, be clear-eyed
about those data centers when considering that angle). My call is that a copper tariff other than those
established last year on semi-finished copper products and derivative is a dangerous path that could damage
downstream growth, help fuel inflation and hit US GDP but, as Andy Home points out, the application of
standard logic on this admin’s decisions can be costly. Put a gun to my head and I’d take the under on
copper this summer, expecting Trump not to widen tariffs. If so that would cause a temporary sell-off in the
metal, though surely not one as sharp as last year’s. Keep that in mind when laying your bets on explorecos
because it’s been on mine.
*Well, fun for a nerd like me.
Moving on and switching gears, in other sector news we have a new flurry of supply concerns on the news
Thursday that Chile’s April copper production came in at under 400,000mt. Here’s an example headline (8),
plenty more to choose from:
Chile Copper Output Falls Sharply in April
Here’s the body of another (9):
13

Chile’s copper output fell 13.8% year-on-year in April, with the world’s largest copper producer turning
out just 399,954 metric tons against 464,056 a year earlier. The drop erased more than 64,000 metric
tons of supply from a single month.
Statistics agency INE pinned the decline on “a high base of comparison and low ore grades at major
companies in the sector.” That framing matters. Low ore grades are not an operational blip, they
reflect the gradual exhaustion of existing deposits, a problem that does not resolve in a quarter.
There’s nothing factually incorrect in the numbers of course, but the way the market latched on to the data
without taking a closer look was interesting. Here’s another (10), with Bloomberg looking for a way to spin
the headline as negatively as possible and coming up with "Copper production in Chile hits its lowest level for
an April since 2003" and word gymnastics aside that’s fair enough, I get it, however, there’s nothing really
new here, as seen by the INE data on the subject running since 2018 (11):
Chile: Copper production per month
600,000
550,000
500,000
450,000
400,000
350,000
300,000
14
81-ene 81-nuj 81-von 91-rba 91-pes 02-bef 02-luj 02-cid 12-yam 12-tco 22-ram 22-oga 32-ene 32-nuj 32-von 42-rba 42-pes 52-bef 52-luj 52-cid
mt Cu
source: Chile INE
The decline is nothing new, however it’s not the first time copper production has dipped under the 400kmt
line in recent years. Equally, I didn’t see many media channels talking up the second best production month
since Covid, that was December 2025. As for April, it happens to be one of the softer months for production
in Chile for cultural reasons as much as grade or tonnage. Chileans get a long weekend for Easter, they also
get a day off on May 1st which often smears into a multi-day workers’ holiday and affects productivity the last
week of April. And finally, INE is right to point to April 2025 as an unusually productive quarter for copper
and a tough nut to crack this year. There are the issues at El Teniente to take into consideration, as that
mine is going to take some time to get back to full production after its telluric event last summer, plus a
massive and multi-million dollar maintenance project currently underway at the underground Chuquicamata
mine, scheduled and planned for several years to happen in 2026. That should be over with soon, which will
bring Chuqui back to full production going forward.
Chile: Copper production per month, Jan'24 to date
570,634 183,024 693,734 705,804 266,444 206,154 978,344 696,074 582,874 280,394 667,684 485,624
427,793
464,774 650,464 475,684 497,524 223,544 346,324 746,654 243,854 478,154 217,314
462,873
884,434
459,993
600,000 567,129
540,263 550,000 500,000
450,000
400,000
350,000
42-ene 42-bef 42-ram 42-rba 42-yam 42-nuj 42-luj 42-oga 42-pes 42-tco 42-von 42-cid 52-ene 52-bef 52-ram 52-rba 52-yam 52-nuj 52-luj 52-oga 52-pes 52-tco 52-von 52-cid 62-ene 62-bef 62-ram 62-rba
mt Cu
source: Chile INE
I’m not underplaying the drop-off in copper production in Chile, that long-term chart above has the trend
clear for all to see. I am, however, interested in the way the market is jumping on any supply data and
spinning it to suit a current narrative.

Bottom line: The headlines on Chile’s production miss this week might catch your attention and may make for
some shouty posts on your social media of choice, but they won’t move the market. The trend is the thing,
there’s nothing new here, it’s baked in already. Signal over noise, every time. Now for our regular weekly
world copper inventories update, data from Codelco (12):
 The small moves continue, with the world waiting for its next cue from inventory data and not
getting one. On the week, overall stocks dropped by a modest 7,155 metric tonnes (mt) to close
Friday at 1,144,826mt.
 The main move was at SHFE, which covered 7,033mt of the aggregate drop on the week (i.e.
nearly all of it). Its stocks stand at 176,414mt this weekend.
 The LME added 3,975mt to its stocks total, so Trafigura’s wholesale withdrawal can go whistle.
This weekend’s total stands at 389,425mt.
 Finally, it’s worth nothing that despite the renewed media focus on what’s happening at Comex
we didn’t see that much of a move this week. Yes, stocks rose dramatically in 2025, then the last
few weeks have seen a pick-up in the pace after a boring Q1 (up 45,762mt since IKN880), we’ll
see what happens in a June that may become frothy and speculative, but this week was a quiet
one with just 3,853mt added. Such is the way of these things.
Our dedicated SHFE chart adds another week of New Normal to the list. If 2026 continues to be an unusually
average year, we’d expect a gradual draw down of inventory over the Northern summer months and after
that, we’ll see.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
15
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for a few notes on Basket component stocks:
Los Andes Copper (LA.v): The main takeaway from the company’s 1q26 financial and MD&A filing on
Friday is “still nothing doing”, LA’s future is still stymied by the ongoing legal challenges to the development
of Vizcachitas made by the local community. However, there was one interesting wrinkle in the note 12
subsequent events:
Mr. Montt is, of course, the guy who was nominated by then President-Elect Kast to be his Mining Minister
but seriously embarrassed the incoming admin by announcing his retirement as CEO of LA.v and his new job
before Kast had the opportunity of making his cabinet announcement. The result was that Montt lost his
chance to be Minister and also lost his job at LA.v, but it seems he won’t be crying about that too much as
181,190 shares of the company are worth over C$2.5m at this weekend’s closing price, a nice little golden
parachute to be sure. Once again, shareholders of a junior pay for the pleasure of sponsoring managerial
ineptitude and let’s be clear, it’s a near certainty that Mr. Montt has already turned those papers into cash.
Andina Copper (ANDC.v): Subject of a big run up in 2025 and 2026, it’s worth noting the reaction to
ANDC’s latest drill assay NR last Thursday May 28th entitled “Andina Copper Drills New Porphyry Copper
System at Piuquenes North” (13). It uses the tried-and-tested formula of teasing a couple of drill holes using
“we hit what we were looking for”, IP maps and sexy core photos along with the message “Assay results for

both PIU12 and PIU13 are pending”, in other words it’s a NR announcing there will be a NR soon. On
previous occasions, ANDC has used this technique to build interest and momentum, but on this occasion…
….not a lot happened. It’s a sign of a company that’s out of its explosive price building stage and now needs
to deliver substantive news to move its stock further, not just splashy headlines and sequins.
Surge Copper (SURG.v): This NR from SURG (14) requires some comment:
May 29, 2026 – Vancouver, British Columbia – Surge Copper Corp. (TSXV: SURG) (OTCQB:
SRGXF) (Frankfurt: G6D2) (“Surge” or the “Company”) announces that it has adopted a shareholder
rights plan (the “Rights Plan”) effective as of May 29, 2026, pursuant to a shareholder rights plan
agreement entered into with Computershare Investor Services Inc., as rights agent.
Once upon a time, the announcement of the adoption of shareholder rights meant something, used seriously
at a time when the company was almost certainly coming under scrutiny by prospective acquirers. These
days all that may apply, but only may. The inference of all the above is still there, but this device is overused
as a way of arm-waving far too often by companies that don’t have a real chance of getting bought out. So in
this case and the SURG announcement of what adds up to a classic shareholder rights move, are we at the
stage where it needs to fend off serious bids? With Centerra and African rainbow on aboard and a PFS due to
arrive, I don’t think so unless African Rainbow is suddenly keen on turning its winning equity position into a
trade that would weigh on its balance sheet for ten years before seeing any benefit. So colour me cynical if
you like, but this looks like arm-waving.
Aldebaran (ALDE.v): The rollercoaster continues at ALDE, this chart is just for the calendar month of May:
Get the timing perfect on those trades and you could have turned $10k into $14,400 pre commish. As for
why ALDE is so volatile, its free float is relatively small as much of the shares are locked up by long-term
backers, so it only takes one medium-sized holder to leave or the same-sized player to enter and you end up
with a chart that looks like the above.
American Eagle (AE.v): One of many explorecos to file its 1q26 financials last week, AE finds itself in
excellent financial position as it kicks off the intensive spend period at NAK. The BC winter quarter has the
lowest activity of the year on site, so burn dropped to a minimum and along with the $22m or so its raised
from placement, AE closed the quarter with C$44m treasury, effectively its working capital number. After
quarter's end, AE raised another $10.9m by closing the second part of the placement, plus another half
million or so from warrants exercises. They're going to burn through money starting this quarter with the
16

extensive 2026 drill program, but by the same token $55m or so will last them plenty of time, theoretically to
2028 if they don't accelerate. It's also worth noting this detail:
With the latest exercise, AE.v has no warrants left outstanding and there aren't many junior explorecos
dependent on the capital market raisings in that position.
Hercules Metals (BIG.v): After saying that about AE, it’s only fair to point out that BIG.v is another one of
the few:
That’s a lot of share out for sure, but the lack of derivates is an advantage and it’s only right to point it out
after stating same about AE.v. A definite plus point for BIG.v.
As for real news from BIG.v, last week saw the stock rally well on the back of this NR (15) entitled “HER-25-
25 Intersects Margins of a New Blind Copper Porphyry System at the Southern Flats Zone, Hercules Project,
Idaho” and it’s somewhat ironic to see BIG.v rally on the back of a lost hole, what with the company’s woeful
record for losing holes at the project, but here we are. This time the buzz is being created by the assays
returned by the last metres of HER-25-25, as the company interprets that (deep breath “…177 m of 0.66%
CuEq (0.56% Cu, 92 ppm Mo, 2.2 g/t Ag, 0.031 g/t Au)
within 271 m of 0.51% CuEq (0.43% Cu, 75 ppm Mo, 2.6
g/t Ag, 0.024 g/t Au)…” (exhale) as the top of a big and
as-yet untouched porphyry at the extended site. To wit,
BIG is now drilling a new hole into the supposed sweet
spot, HER 26-01 and the whole buzz is being created by
combo. This drill map (right) included in the NR makes my
word salad more intelligible.
Three observations:
 The drill hole codes suggest BIG has been sitting
on Hole 25-25’s results until it could get hole 26-
01 underway.
 This isn’t the first time BIG has flattered to
deceive on its implied forecasts
 These holes are deep
I wish them luck but won’t buy until they have some real
results to offer, not just conjecture. This company has a
bad case of boy-cried-wolf-itis, it’s also heavily promoted
to the masses online.
The Producer Basket
After twenty-one weeks of 2026, the Producer Basket shows a gain of 4.37% to level stakes:
17

company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 118.59 109.81 10.0%
2 Agnico Eagle AEM 169.53 500.989 91.76 183.15 8.0%
3 Barrick B 43.55 1705.994 72.59 42.55 -2.3%
4 Wheaton PM WPM 117.52 454.037 60.21 132.60 12.8%
5 Alamos Gold AGI 38.58 419.947 17.13 40.80 5.8%
6 Lundin Gold LUG.to 114.02 241.833 16.47 92.05 -19.3%
7 IAMGOLD IAG 16.49 588.8 10.53 17.88 8.4%
8 Eldorado Gold EGO 35.92 198.571 6.72 33.83 -5.8%
9 B2Gold Corp BTG 4.51 1343.243 6.39 4.76 5.5%
10 Americas G & S USAS 5.11 318.26 1.96 6.16 20.5%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 4.37%
The PM producers returned to winning ways last week, with GDX up 5.3%, GDXJ up 6.9%, all ten of our
Producer Basket were winners and due to our bias towards the Tier 2 names, we caught up to the GDX
benchmark and this weekend, we’re ahead by 0.03%. As for the component stocks, the best moves came
from IAMGOLD (IAG up 8.2%), Lundin Gold (LUG.to up 8.0%) and Eldorado Gold (EGO up 8.0%) and
notably, two of those three are clear underperformers 2026 YTD.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Only one company note for Producer Basket stocks this weekend; what with the Q1 financials and ensuing
price moves we’ve done a lot on these companies in the last few weeks and it’s not the real focus of this
publication. However, the news from Lundin Gold (LUG.to) deserves a special heads-up.
Lundin Gold (LUG.to): The deal between LUG and the newly formed Lundin royaltyco, LunR, closed last
week, in which LunR gets the life of mine silver stream for Fruta del Norte (and environs) production while
LUG.to gets 50.5m shares of LunR, currently valued by the market at C$1.1Bn (with a B). Now here’s the fun
bit, as announced by LUG on Thursday (16)
The Board of Directors has declared a special dividend-in-kind to distribute all of the Consideration
Shares to eligible Lundin Gold shareholders. The
dividend will be distributed on a pro rata basis. Each
eligible Lundin Gold shareholder is anticipated to
receive approximately one Consideration Share for
every five Lundin Gold common shares held.
In simple terms, if you own C$460 worth of shares of
LUG as at June 4th (i.e. this coming Thursday), you get
a free share of LUNR.v worth C$21.89, that’s a nice
4.8% bonus. LUG was up 8.0% last week and one of
the better moves on our list, but if we plot it against
GDXJ there’s no special extra move on the news of this
bonus payment. I’d expect LUG to be popular again this
coming week. About time this one started to show some
life in 2026.
18
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13
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 ts13
source: IKN calcs

The TinyCaps List
After twenty-one weeks of 2026, the TinyCaps show a loss of 3.90% 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 55.29 0.265 23.3%
Sranan Gold SRAN.cn 0.30 60.42 7.55 0.125 -58.3%
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 15.62 0.135 -3.6%
Silver Wolf SWLF.v 0.135 62.18 9.02 0.145 7.4%
Trifecta Gold TG.v 0.195 47.7 10.49 0.22 12.8%
Viva Gold VAU.v 0.19 182 26.39 0.145 -23.7%
Prices in CAD$, data from TSXV basket avg -3.90%
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.
Another relatively quiet week at the tiny end of the sector, TinyCaps, 2026 weekly tracker
with our representative basket improving by a little but still 20%
underwater for the year. There were three winners 15%
10%
(SWLF.v, TG.v, VAU.v), three losers (CANX.v, SRAN.cn,
5%
RDU.v) and no fewer than four unchanged stocks (AUME.v,
0%
ENDR.v, LMS.v, PRCG.cn) on the week, that’s what happens
-5%
when the world only wants big liquid mining stocks.
-10%
-15%
Radius Gold (RDU.v): Another month, another NR with
no permit for Tierra Roja involved. This time RDU
announces (17) a new appointment:
Dr. Longridge is a structural and economic geologist with over 15 years of international experience across the
mining lifecycle. He has a strong track record in leading exploration programs, target generation, technical
execution, and project advancement with both junior exploration companies and major mining groups.
Dr. Longridge most recently served as Principal Structural Geologist at Teck Resources Limited, where he
worked on the Zafranal project and district in southern Peru, among other deposits. His previous roles include
Vice President of Exploration at Canterra Minerals Corporation in Newfoundland, Senior Structural Geologist at
CSA Global Consultants Canada, and Exploration Manager at Bushveld Minerals Limited in South Africa.
Credit where due, that’s the type of CV you want from your new expert when the idea is to develop a copper
project in the South of Peru (Zafranal and all that). However, before Dr Longridge can apply his undoubted
knowledge to any drill core from Tierra Roja the company is going to need permission to drill the thing. We’ve
mentioned it more than once, but it’s now 20 months since RDU told us this about the Tierra Roja permitting
process (8): “Radius plans to start the permitting process immediately and expects to have drill permits in
less than 6 months.” The most recent news on the process came in mid-March, with “Advances Permitting” in
the headline and some-or-other phraseology about the company being at a “final step” of the process. That
was two and a half months ago and, as we’re now about to see a change of government in Peru, I wouldn’t
hold my breath about the next two and a half, either.
19
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, TSX data

NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Colombia: The round one election result
We now have clarity, a second round run-off and can handicap what’s set to happen in three weeks’ time, on
June 21st in the second round run-off. First up, the preliminary (though highly accurate) results from
yesterday’s Presidential election:
 Abelardo De la Espriella: 43.74%
 Iván Cepeda: 40.90%
 Paloma Valencia: 6.92%
 Sergio Fajardo: 4.26%
 Claudia López: 0.95%
 Santiago Botero: 0.87%
 Seven other candidates total aggregate 0.57%
With that and as expected, Abelardo De la Espriella and Iván Cepeda move forward to the second round to
decide who becomes President of Colombia for the next four year period. However, far less expected is the
result of the election, first and foremost the way in which support for Paloma Valencia, the right wing
candidate chosen to represent the Álvaro Uribe party and standard right wing politics, collapsed in the final
weeks of the campaign. Her performance on the campaign trail was already being criticized with a couple of
weeks to go but even last week, when the writing seemed to be on the wall, she was managing to poll within
ten points of the big winner, Abelardo De la Espriella. This means that in the last week, a mass exodus of
support took place with Colombians on the right of the spectrum realizing that the only way of beating
Cepeda and the left would be to rally round a single candidate.
This is less about the qualities or otherwise of Abelardo De la Espriella (DLE), who is a polemic and
controversial character who’s been on the Colombia media scene for at least ten years and always ready to
cause a media scandal in the name of his political position. It’s more about the effective campaign run by
Iván Cepeda, who managed to do roughly the same thing as DLE on the right and suck votes away from the
other lefty/centre-left/centrist candidates (mostly Claudia López, but also Sergio Fajardo), his 40.9% score
would have looked far more impressive if Paloma Valencia had kept the last ten points or so from moving
away. In effect, Colombians brought forward the second round fight and made R1 into a two horse race,
which means it’s now all about getting the seven points or nine points that’s missing and making it across thr
50%+1 votes in three weeks’ time. On that, it’s a mistake to simply add Paloma Valencia’s 6.92% to DLE’s
score and assume 100% of righties will vote that way, the near 7% of “Paloma Holdouts” (let’s call them)
include plenty of people who cannot stand DLE and will not vote for him under any circumstances. That’s
partly DLE’s character, partly his very right wing politics but what it does do is open the field to Iván Cepeda,
who can move to the centre and try to capture as many “pick the least worst” undecided voters.
Essentially, what we saw Sunday was the hard vote for both candidates and the election will now be decided
by the 15% or so of floating voters and in that, this election is very similar to all modern day elections in the
country. Here’s a reminder of the typical scenario:
 2022: Petro elected, 50.4% of 2nd round vote
 2018: Duque elected, 54% of 2nd round vote
 2014: Santos elected, 51% of 2nd round vote
Whether left or right, Colombian Presidential elections are invariably settled in the run-off and with both left
and right having clearly defined bases of at least 40%, it’s the floaters who decide the deal. This time around,
we know DLE won’t get all the Paloma Valencia votes, he should pick up at least half, then at least half of the
Fajardo 4%, plus all the 0.87% assigned to Santiago Botero (who ran on a slightly bizarre “I love the far right
wing paramilitary gangs” platform and got 200,000 people to agree with him). That will be enough and once
no-shows and spoiled ballots are factored in, I’d expect DLE to win round two with around 53% of valid
20

votes. That might not sound like a resounding victory to you, but it’s more than enough for me to make a
confident forecast: DLE will be the next President of Colombia.
That’s good news for investment capital of course, FDI tends to like its LatAm governments rightwing and the
result was greeted with glee and euphoria by capital markets today Monday, with the Colombian Peso up 3%,
across the board sovereign debt rallies and equities of all shapes and sizes up 5%, 8%, 10% and other
numbers besides. As for mining, the first impressions are bound to be good and assuming he wins in three
weeks’ time, DLE will enjoy the standard honeymoon period and make business-friendly promises of all sorts.
That said, don’t fall for the trap of believing Colombia is about to throw its doors open and become a
permitting paradise for mining companies, it’s still very much a regional risk and those zones that were
difficult for miners will remain so. We should also note that DLE will have to navigate a Congress from a
minority position, with few direct representatives in both upper and lower houses. That means he will have to
form pacts and alliances with other right wing entities (start with Alvaro Uribe’s CD party) as well as do deals
with the centre and even the left in order to get anything, even the mildest of reforms, through Congress. His
is a weaker political position than other high-profile “outsider righties” in the region such as Bukele of El
Salvador or Milei of Argentina, he has very little chance of pushing through deep legal reforms as President.
But all that’s for another day, first we go through the run-off process and for the next few weeks, even
months, expect Colombia to be championed as the next great frontier and hot investment zone for junior
mining. We wish DLE the best of fortune.
Bolivia: Worse not better
The latest in the Bolivia protests is more of the same, but the number of roadblocks is now up to over 60 and
this weekend, the three main social groups leading the protests, namely the COB Mineworkers’ Union, the
“Ponchos Rojos” (representing rural zones, mostly in the North) and the Federación Túpac Katari (the most
powerful organization in El Alto city) all resolving to broaden the protests, keep all road blocks in place and
add more. Thanks to Congress passing a law amendment, President Rodrigo Paz now has more powers to
use the army to break up roadblocks and this weekend called the protest groups to the negotiation table “for
the last time”, but he would be risking a lot by sending in the army to break through roadblocks as any
operation would almost certainly become a direct and violent confrontation, that alone enough to bring more
pressure on him to resign.
Three weeks ago in IKN886 we used phrases such as “…be in no doubt that the current government is under
serious pressure” and “…the social uprising over the entire country is not to be taken lightly”, to describe the
mood in Bolivia, that’s turned out to be sadly accurate. Both sides refuse to budge, but the Pax government
has everything to lose at this point and the La Paz/El Alto conurbation is rapidly running out of essential
supplies, with prices for many food items doubling (e.g. chicken, the (wry amusement reading about a
middle class family being forced to eat fried egg with white rice, one of the symbolic “poor people’s meals” in
Andean society (as FWIW it’s a personal fave)
The Peru election mess: The final countdown
Last week we noted the IPSOS poll that put Keiko Fujimori slightly ahead of Roberto Sánchez as we enter the
final lap of this election campaign, this weekend is the cut-off for poll results and three more major surveys
point in the same direction:
 CPI: Keiko Fujimori 32.5%, Roberto Sánchez 29.1%
 IEP: Keiko Fujimori 36%, Roberto Sánchez 30%
 IPSOS: Keiko Fujimori 51.4%, Roberto Sánchez 48.6% (VALID VOTES)
Both CPI and IEP also had similar numbers to last week’s IPSOS for don’t knows and won’t voters, meanwhile
the last IPSOS poll (the pollster that got round one right on the button) puts the valid vote total (i.e.
subtracts the no-shows and spoiled ballots) 2.8% in favour of Keiko and right on the edge of the purported
margin of errors of +/-2.8%. We also saw the only live head-to-head debate between the two candidates on
Sunday which was, unsurprisingly, more heat than light. Keiko is the slick and polished presentation package
at this point and brought zero surprises to the table, which is probably a good thing. Meanwhile, Sánchez
tried to make himself “presidentiable” (as they say down this way) but the hard left wing rhetoric he used to
win through in Round One made him an easy target for Keiko. She didn’t land a KO punch at any moment
but caused him enough discomfort to keep him on the defensive and not allow him to play the role as the
great leader.
21

The last week of campaigning has also seen the inevitable shift to the centre from both candidates and
strangely, the President of Peru’s Central Bank, Julio Velarde, has become something of a lightning rod and
symbol of what Peru may/may not vote for next weekend. Velarde attracted plenty of attention in round one
when Roberto Sánchez singled him out as an example of the evils perpetrated on rank and file Peruvians by
the Capitalist machine and vowed to fire Velarde from his job if he became President. Sure enough, last week
that tune changed and now Sánchez says (18) that after consulting his team and jailed ex-President Pedro
Castillo, he would happily ratify Velarde in his job. Incidentally, Velarde has “coincidentally” raised his public
profile in recent weeks, for example last week giving a keynote speech (19) at the biannual 16th Symposium
of the SNMPE, Peru’s main mining chamber of commerce. He was hitting plenty of populist talking points too,
telling those assembled that there was U$47Bn worth of investment waiting to move into the country’s
copper sector if only they’d allow permits to flow and stop worrying about the small brown people forced to
live next to the big holes in the ground, a move that could more than double production and “beat the
Chileans” (that one always goes down well in Peru).
Bottom line: At this stage, Keiko is warm-not-hot favourite to win her election at the fifth time of asking
(seriously), mostly because she’s up against the only candidate she could possibly beat in the run-off.
Peruvians always seem to end up having to choose between bad or worse, this time around is the most
pronounced I can remember. In 2021 the country was willing to give Pedro Castillo a chance as an unknown
quantity against the much hated Keiko, this time the country looks ready to “swallow a toad” (as they say
round those parts when having to do something against better judgment). To be honest I get it and if I were
a voter I’d also do the same, but I’d also vouchsafe that very few people who vote for Keiko on Sunday will
be out on the streets celebrating if she eventually wins. Warning you now folks, retail investors and CEOS
exposed to Peru alike, if Keiko wins the capital markets will applaud the result but Peru will also become a far
more corrupt country a couple of years down the line…ugh, los Fujis in power again, wouldn’t impose that
band of thieves on my worst enemies.
Market Watching
Mene Inc (MENE.v) 1q26 financials
Here’s one I promised a few weeks ago when our only non-mining holding here at The IKN Weekly, the
online 24kt gold jewelry sales company Mene Inc (MENE.v), filed its 2025 annuals as we didn’t have long to
wait until the 1q26 numbers dropped and as the thought process went, they’d provide better insight to what
we suspected was a change in corporate strategy. Indeed that seems to have been confirmed so, via the
Usual Suspect charts and a few company specific
metrics, let’s take a look at what seems to be
changing at MENE because finally, there’s real
reason to believe this company is coming out of its
holding pattern and could become the massive
winner your author has suspect it could be and yes,
this means it’s back as a potential purchase.
We’ll start with the boring stuff, though it’s probably
the most important because even through its
extended fallow period the company’s attitude
towards maintaining a strong balance sheet has
been the difference between persevering in this
trade and throwing in the towel. After its initial growth spurt, MENE hit an extended period of inertia but its
financial strength meant it could put in a series of “breakeven at best” quarters without feeling any pressure
from liabilities.
We go back to 2023 to provide context and the time MENE ran a larger asset book, as well as borrowings.
When the new CEO Vincent Gladu was appointed in September 2023, he went re-structuring the company,
did a deal with a Canadian bank to use held precious metal as collateral, and cleaned up the sheets, so these
days, liabilities are at an absolute minimum but liquidity is kept in good shape
22

Indeed, the last few quarters have seen a growing trend at MENE, that of collecting cash, which grew to
+C$12.4m as at end 1q26 (below left). The combo of low liabilities and cash collection shows on the equity
line item, too (below right).
Regarding inventories, we again see the change in strategy in late 2023, when finished goods were shipped
to a bank vault in exchange for a cheap credit line. Since then the physical has been paid down and the
company now runs a tight ship, bringing in raw precious metal (nearly always gold, a little platinum) to
manufacture its pieces.
MENE: Inventories per qtr
23
458.21
177.11 534.41 616.51
509.5
372.5 452.6 433.7 740.8 988.6 53.7 755.6 818.6 230.7
20
18
16
14
12
10
8
6
4
2
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
MENE.v: Assets, per qtr
40
35
30
25
20 15
10
5
0
C$m
Raw Mat. Work in Prog
Finished Goods Supplies
source: company filings
Bottom line to the balance sheet: It’s taken longer than I expected but the work done at a structural level is
now paying off, MENE.v is a leaner and meaner
machine that ties up less capital in operations. It can
bring in the physical metal it needs on demand, which
is converted into finished pieces and delivered to
customers quickly and more efficiently. Along with the
other main change to its operations that we’re about
to see, that has allowed it to start accruing cash
organically for the first time since beginning
operations back in 2019 (chart right).
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
MENE.v: Liabilities Breakdown per qtr
$m 22
cash inventories ST Inv other 20
18
16
14
12
10 8
6
4
2
0
source: company filings, IKN ests
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: company filings/IKN ests
srallod
fo
snoillim
other liab
borrowings
MENE.v: Cash & inventory
12.4
10.4
5.5 8.1 6.9 6.6 5.3 7.4 6.3 7.0 7.8
1.9 1.6
2.61 0.91 9.81 6.7 9.8 4.9 7.01 1.11 5.01 2.01 2.01 9.9
5.9
25
20
15 10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
$m MENE.v: Equity per qtr
inventories
cash
source: MENE filings, IKN ests
289.61 752.71 91.71 189.51 518.51 711.61 542.61 77.71 228.71 31.71 326.71 260.91 366.02
22
20
18
16
14 12 10
8
6
4 2
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source company filings/IKN ests
srallod
fo
snoillim
MENE.v: Cash position
20
18
16
14
12
10
8
6
4
2
0
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
$m
source: MENE filings, IKN ests

We now move to operations and begin with data on sales in gold-by-weight and units which, in general
terms, have seen a notable slowdown in the last few quarters. The biggest period of the year is Q4
(Christmas and all that) and MENE only managed to move 50kg gold in 4q25, compared to between 69kg and
73kg for the preceding three Q4s. The same trend is evident in the Q3 periods, but the stand-out is the low
28kg gold moved in 1q26, our latest quarter.
MENE: Precious metals sales in Kg, per qtr
It’s much the same story with customer orders,, with the worst Q4 on record (3,649) followed by its worst
ever quarter since its first ever operating quarter, way back in Q1 2018 when it was just setting up and sold
to less than a thousand customers. The main reason for this slowdown is surely the price of gold, with the
raw material doing what we know it’s done and putting jewelry pieces out of reach for more people, but we
also note a clear shift in strategy at the company which has affected order numbers.
That’s the physical business covered, now for a look at revenues (below left) and costs (below right), with an
eye not only to the latest 1q26 numbers but also to the key 4q25 results as well. Revenues for 4q25 were
good, at C$9.723m they were in fact a company record and that was driven, obviously, by the hike in the
price of gold. As for 1q26, at C$6.29m it was down considerably on the same period of 2025 and considering
Q1 is normally the second best quarter of the year for jewelry retail operation (Valentine’s Day and Mother’s
Day are good sales moments in North America), that wasn’t a good result.
At this point you may be wondering how lower sales, lower orders and lower revenues make this company
the newly attractive option mentioned in the top paragraph of this note, so it’s time for some better
developments. MENE splits costs into two main categories, with COGS reflecting the cost of buying in the raw
material (i.e. 24kt gold) and Operating Expenses being the labour and admin charges taken by the company
to turn that gold into trinkets, store, send etc. Here we see a change for the better, as while it can’t do
anything about the price it pays for the metal, it can cut operating expenditures and has done so notably, its
YoY metrics dropping at a time when most companies have been suffering from inflationary pressure. In
some quarters MENE has increased spending, for example advertising (below left) has crept higher, though
admittedly it’s still low for this type of company. MENE still relies heavily on word of mouth and repeat orders.
In others, for example distribution, the company has found ways of cutting costs hard and that helps drive
cash through the books and toward the bottom line.
24
37 84 54 96 54 85 24 37 54 24 83 05
82
80
70
60
50
40 30 20
10
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: MENE filings
)tP
ronim
htiw( uA
gK
MENE: Customer orders, per qtr
8394 0563 5443 7974 8573 4353 4342 0304 1903 4062 8852 9463 4312
6000
5000
4000
3000 2000
1000
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: MENE filings
MENE: Revenues per qtr
251.7 389.4 392.4 268.6 928.4 464.6 883.5
911.9
933.7 826.5 509.5
327.9
92.6
10
9
8 7
6
5
4 3 2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m MENE.v: Costs breakdown
source: company filings
315.1
924.5
334.1
394.3
996.1
343.3
893.2
591.5
1.2
396.3
401.2
277.4
894.0
985.3
840.4
872.6
969.1
716.5
449.1
480.4
7187.1
211.4
352.2
569.5
174.1
517.3
12
10 8
6
4
2
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
$m
COGS operating exp
source: company filings,IKN ests

The net result is a costs breakdown that looks like this…
MENE.v: Opex breakdown, per qtr
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
25
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
advertising&promo personnel rel.exp
professional fees dist.centre/process
stock-based comp G&A
forex (gain) loss technology & dev
D&A
source: company filings, IKN ests
…and once those, plus raw metals COGS, are subtracted from the revenues we get this chart:
MENE.v: Gross profit
327.1 94.1
59.0
766.1 631.1 296.1 997.1
148.2
227.1 445.1 397.1
857.3
575.2
4
3.5
3
2.5
2
1.5
1
0.5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
$m
source: MENE filings, IKN ests
This is a more interesting a positive dynamic, as despite low end sale for the key Q4 period and straight-shot
low sales in 1q26, gross profits have been better. Why so? This is why:
MENE: Gross profit margin, per qtr
%42
%03
%22 %42 %42 %62
%33 %13
%32 %72
%03 %93 %14
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
MENE.v: Advertising expenses, per qtr
0.6
0.5
0.4
0.3
0.2
0.1
0
source: MENE filings
This chart points us to the single biggest change at MENE in recent quarters and it can be summed up in one
simple sentence: MENE IS CHARGING MORE FOR ITS JEWELRY. What’s more, that’s a good thing. Back
when it run by founder and ex-CEO Roy Sebag, MENE’s policy was to charge as small a premium to the price
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m MENE.v: Distribution expenses, per qtr
1
0.8
0.6
0.4
0.2
0
source: company filings
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: company filings

of 24kt gold as possible, making each piece a “store of value” proposition for purchasers. CEO Vincent Gladu
has taken two and half years to change that strategy, first ensuring a solid financial backdrop (see balance
sheet) before the recent second step, clicking up the prices charged for each piece to improve gross margin.
The result is in those gross profit numbers for MENE, but most importantly it shows here:
MENE.v: Net profit
2
1.5
1
0.5
0
-0.5
-1
-1.5
-2
26
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: MENE filings
Previously, MENE was a “breakeven at best” entity across a calendar year, typically showing neutral operating
profits and small post-tax losses, with the occasional winning quarter when it didn’t have to buy a lot of gold
to replenish stocks. That’s now changed and the combo of…
 Lower unit operating costs
 Lower financial costs
 More efficient “just-in-time” gold purchases
 Higher mark-ups on pieces
…has changed the company as a business, with MENE reporting three successive quarters of net profits for
the first time ever. Admittedly the 3q25 number was tiny, but net income in 4q25 (C$1.555m) and 1q26
(C$1.166m) totals C$2.7m for the six month period and with the business model now tweaked to aim for
continued profitability from a rock solid financial base, that looks cheap to me. But most importantly, what
MENE now has is a scalable business model (underlined and bold-typed for a good reason), one that can now
expand and provide predictable retail profit margins that deliver hard cash to treasury on a quarterly basis.
With 260.76m shares out (110.34m Class A shares mostly held by the founders, 150.42m Class B shares for
us poles) and a share price of C$0.175 this weekend, MENE.v is a C$45.6m company that, for the first time in
a long time, offers good reason to consider as an investment. Over the years I've probably given too much
leeway to this stock and for a good couple of years it's just sat there as a line item at the bottom of the
Stocks to Follow list, not doing much and not attracting much comment from your author. That looks like it's
finally changing, as the more business-centric model, with less emphasis on sales volumes and more on
capturing better margins and keeping that cash via a strict eye on costs, has turned MENE into a regular
profit-making entity for the first time ever. From here, it could roll out a strategy to increase sales, it could
even afford a more aggressive advertising budget thanks to its profit and cash accrual, that can expand sales
back to where they used to sit.
Take for example 4q21, when NMENE sold 98kg of gold via 6,584 customer orders, but its gross margin was
just 24%. If they'd run a 41% margin, that would have been C$11m and even before its recent cost-cutting
drive and the gold price hike, would have made MENE into a profitable company back then. Even if sales stay
low this new structure means the company will be profitable, not merely self-sustaining, but a move back to
higher sales levels will make MERNE into a real moneyspinner for the first time in its existence and start to
deliver on the promise we saw way back when. Over the years I've slowly added small tranches of stock to
my original MENE holding, but as from now I'm going to sharpen the pace of those small purchases. Anything
under 20c looks good to me from here.
Conclusion
IKN888 is done, we close bullet points and a final thought on this week’s new trade:

 If West Red Lake Gold (WRLG.v) does what I expect it to do and runs a placement, you’ll hear the
howls of derision rain down from the social media bleachers. Personally, I’ll use it for what it would be,
an excellent buying opportunity.
 I had a feeling it would pay to wait until Mene Inc (MENE.v) reported its Q1 before putting together a
new look at this under-performer and sure enough, the corporate strategy to bake in bigger margins is
now evident as a trend. With its solid baseline and established operation, all it needs to do now is scale
and its initial promise will finally start showing through. I’m going to add some more.
 The feedback from last week’s IMPACT Silver (IPT.v) contained a wide range of views, from supportive
to full-scale rejection, but at some point even a numbskull like me has to admit that a mediocre silver
miner is going to make a hatful of money with silver trading at U$70/oz and above. IPOT fits the bill
and its propensity to shoot higher and much higher at a moment’s notice means it’s time to buy while
nobody’s looking.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://economicweekly.substack.com/p/economic-weekly-may-29-2026
(2) https://westredlakegold.com/west-red-lake-gold-reports-q1-2026-financial-results-and-operations-summary/
(3) https://event.choruscall.com/mediaframe/webcast.html?webcastid=AK5rmp5m
(4) https://www.newsfilecorp.com/release/298779/Kobrea-Confirms-CopperGoldMolybdenum-Porphyry-System-in-Initial-Drill-Program-at-
the-El-Perdido-Project-Mendoza-Province-Argentina
(5) https://www.rpxgold.com/wp-content/uploads/2026/05/RPX_Drilling_PressRelease_20260527.pdf
(6) https://www.mining.com/web/coppers-giant-tariff-trade-is-back-and-squeezing-global-market/
(7) https://www.reuters.com/commentary/reuters-open-interest/copper-braces-another-round-us-tariff-roulette-2026-05-28/
(8) https://www.tradingview.com/news/te_news:555011:0-chile-copper-output-falls-sharply-in-april/
(9) https://thedeepdive.ca/chile-copper-output-slides-13-8-in-april-as-ore-grades-bite/
(10) https://www.bloomberg.com/news/articles/2026-05-29/chile-produccion-de-cobre-cae-a-minimo-de-23-anos-para-abril
(11) https://www.ine.gob.cl/sala-de-prensa/prensa/general/noticia/2026/05/29/%C3%ADndice-de-producci%C3%B3n-industrial-
disminuy%C3%B3-4-7-interanualmente-en-abril-de-2026
(12) https://trackercl1.fidelizador.com/LA9EFD53BG10EC5516H62EA537DJA9EF60C4C5KA9EFD53B9DFA6E93E5F8F7B36324
(13) https://andinacopper.com/news/news-2026/andina-copper-drills-new-porphyry-copper-system-at-piuquenes2026-05-28-030003
(14) https://surgecopper.com/news-releases/surge-copper-announces-adoption-of-shareholder-rights-plan/
(15) https://www.herculesmetals.com/news-release/?qmodStoryID=8358326510598013
(16) https://lundingold.com/news/lundin-gold-announces-closing-of-silver-stream-for-122848/
(17) https://radiusgold.com/news/radius-gold-appoints-dr-luke-longridge-to-the-board-and-grants-stock-option/
(18) https://peru21.pe/politica/roberto-sanchez-insiste-en-que-mantendra-julio-velarde-en-el-bcr-pese-los-insultos-de-la-primera-vuelta/
(19) https://elcomercio.pe/economia/velarde-hay-una-inversion-de-cobre-cercana-a-us47000-millones-que-podriamos-tener-noticia/
27

Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
28

Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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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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